The Sun.
London, England, 1865-02-03 00:00:00

Leer-is Chamber of Commerce•

The an' anal meeting of this institution was held
on Wecliiesday at the Town-hall, Leeds. Mr. D.
Luptora, the president of the chamber, was in the
chair, and among those present were Sir J. W.
Ramrsden, M.P., Mr. G. S. Beecroft, M.P., and Mr.
E. 'Baines, M.P.

The Secretary (Mr. W. Hirst) read a long report
-from the Council of the Chamber. The report dealt
with the various subjects which the chamber had
entertained during the year. Among them
the pattern post, the statute of frauds, the were
extra
duty on bonded goods, the corn duties by weight,
the sugar duties, the registration of partnerships,
the County Courts Amendment Bill, the Factory.
Acts Extension Bill, the railway schemes interest-
ing Leeds, the railway rates between Leeds and
London, and numerous other subjects. On the
question of foreign tariffs the council thus reported :
For some years
past an opinion has been gene-
ral that the mutual action of the Foreign-office and
the Board of Trade has not been satisfactory.
Three years ago the chamber issued a circular on
the subject, which was sent to all other cham-
bers and to some influential members of Parlia-
ment. The proposal then made was that the
Foreign-office should comprise a department speci-
ally devoted to the care of our commercial interests
abroad, and which should be presided over by a per-
manent Under-Secretary. The subject has each
year been brought before the Associated Chambers,
and at their last meeting a resolution was passed re-
questing Mr. W. E. Foster, M.P., to move for a
select committee of the House of Commons to in-
quire into the whole question. This committee was
granted, and in its report it recommended the esta-
blishment of such a special department. The Coun-
cil is glad to learn from a speech of Mr. Milner
Gibson, as reported in the newspapers, that this re-
commendation will be followed out by her Majesty's
Government, and the Council confidently hopes for
good results from it. The Council has great satis-
faction in saying that during the past year much
greater attention has been paid by her Majesty's
Government to the wishes of commercial bodies than
has ever before been the case. This was particularly
shown by its sending down to the manufacturing
districts Mr. Herries, Secretary of the Legation at
Turin, and Mr. Ward, Charge d'Affaires at Ham-
burg. The Council, along with some members of the
Chamber engaged in foreign commerce, had inter-
views with both these gentlemen and the wishes of
the Council were explained to them. The Chamber
has repeatedly recommended this course to her Ma-
jesty's Government, and it trusts that the precedent
will be followed in other instances. There has been
no material change to report as to the tariffs of other
countries, The Prussian commercial treaty with
France has, however, been accepted by all the States
composing the Zollverein, and will shortly come
into operation. The Council has every reason to
believe that it will at once—so far as the rates of duty
are concerned, be applied to the productions of this
country. In Spain and Portugal there are few signs
of the adoption of a liberal fiscal policy. As regards
Austria, the Council entertain great hopes that a
change is near at hand. The Associated Chambers
have taken vigorous action in this matter, and they
deputed Mr. Allhusen, of - Newcastle, to represent
them in Austria on his visit to that country in the
early part of the year. Afterwards they issued an
address to the Austrian Chambers of Commerce,
pointing out the benefits which this country had
reaped from its recent commercial policy. The ad-
dress was drawn up by Mr. Wurtzburg, assisted by
a sub-committee appointed by the association, and
there is every reason to believe that it has been very
successful in drawing attention to the desirableness
of a thorough change of policy in Austria. In Russia
also there are marked signsthat boththe Government
and the people are beginning to understand this
question better ; and here, also, a change is sooner or
later certain. Considering the great population of
that empire—its immense production of raw material
and other articles suitable for the consumption of
this country—a liberal tariff there would be produc-
tive of the happiest results. If Austria and Russia
join France, the Zollverein, Italy, Holland, Belgium
and Switzeiland, in a nearer approach to free trade,
there is no doubt that the other States will be com-
pelled to follow, or see themselves altogether iso-
3ated. The progress of sound commercial prin-
ciples is slow, but it-is certain. The Council cannot
on this occasion offer the same congratulations on
the state of trade in this town which it was able to
do last year. It has suffered from several causes.
The greater part of the ironworks in this district
were standing all summer, owing to a dispute be-
tween the master and the men. The financial crisis
in London has also to a great extent restricted busi-
ness. This was accompanied by the suspension of the
Leeds Banking Company, followed by several heavy
failures. The Council need not particularise the dis-
graceful state of things then disclosed. The orga-
nised systein of forgery and the negotiation of ac-
commodation bills which appear to have been adopted
might well create astonishment, and it is discredit- I
able to the laws of the country that nearly all con-
cerned in this nefarious system should have escaped
punishment. It is a question worth consideration,
whether the time has not come when it is necessary
to appoint a public prosecutor, whose duty it
should be to bring to justice the perpetrators of such
frauds, instead of leaving them entirely to the chance
action of private individuals. Under the circum-
stances detailed, it can hardly be deemed strange that
a general feeling of uneasiness should be entertained.
This, however, very soon subsided; for a calm exa-
mination of all the circumstances of the case showed
the great soundness of the general trade of this town.
The failures were confined almost altogether to
parties either heavily involved with the bank as share-
holders, or whose whole business transactions were
based on the assistance given by this bank in advances
or in the negotiation of fictitious bills. No house
of standing or reputation failed, and in a very short
time confidence in the general stability and sound-
ness of the trade of this town and neighbourhood
was restored. The Council believe this confidence
was strictly warranted. There are strong evidences
that the productions of this district have not been
in excess of the legitimate demand for them, and that
the late dullness of trade must be attributed to gene-
ral rather than to local causes. The Council is glad
to see that already business has considerably revived,
and hopes that in all its varied branches the trade of
this district will soon enjoy its former prosperity."
Mr. BA INES then addressed the meeting. He con-
gratulated the Chamber upon the success which had
attended the steps taken by them with reference to
the fire insurance duty, the pattern post, an amend-
ment of the Bankruptcy Act, the Austrian tariff, the
opening of a commercial department at the Foreign
Office, and a reduction of the sugar duties. lle also
tbserved that the extension of the Factory Act to
warehouses had been so mitigated as to draw the
sting of the measure in that respect. In one point
"IY had the Chamber failed, and that was in at-
tempting to obtain a reduction of the extra duty of
One-quarter per cent, on goods transmitted to the
Leeds bo
ntung warehouses. But out of that future
ration of whether
g°°(l
might arise, for it had led already to the conside-
th
to Leeds could
not navigation of the river Aire up
e SO opened that vessels of 300
tons could come
though u
irto the town, whereas vessels of
only 150 toos.colu
give Leeds for manyeaeh it at present. That would
purposes all the advantages of
Le
a seaport, and make
the centre for the distri-
bution of foreign products the whole of the
West Riding. lie thought
the
success which had
attended the operations of h
Chamber of
Commerce during the past year ought
thtoei
aotbj objects ;
them to continue steadily to pursuge
but he thought they would not forget threncourage
thing was due to the Associated Chambers of scoraome-
merce, that little commercial parliament, Which had
been very useful in connection with some very it,.
portant matters. (Hear.) On the subject of bank-
ruptcy he (Mr. Baines) was not • competent to pro-
nounce an opinion ; but Scotch merchants said that

they were satisfied with the existing Scotch system,
because it worked well and was very simple. The
power, however, to punish a fraudulent bankrupt
was not quite so satisfactory as the machinery for
collecting the assets of a bankrupt. But he hoped
the Bankruptcy Act for England, which was a scan-
dal to the Legislature, would be amended, so that
some fair and effectual mode might be arrived at of

securing the rights of ereditors against those whom
they had trusted. (Hear.) The hon. member went
on
to mention the zeal and perseverance which had
been shown by Mr. W. E. Forster, M .P ~ in get-
ting a commercial department in the Foreign-office.
He said it was intended still to keep up communi-
cation with the Board of Trade on the subject, in
the hope that further important improvements
might be effected. He was sorry to have to
speak of the disastrous and disgraceful circum-
stances which had attended the stoppage of the
Leeds Banking Company. He deeply . lamented
the events which had occurred, and he could
not but ask, had-this Chamber done all it could and
ought to do to prevent other directors of that kind?
It was only so many persons as they could count
on their ten fingers who really had been culprits. It
was not the tradesmen of Leeds who had participated
in the mischief, but there were certain persons going
on in a most reckless manner, and altogether un-
checked who brought about the calamity. He was
travelling in Germany at the time of the bank failure,
and he was told that one of the largest creditors was
a man whom nobody in Germany would have trusted
with £5. (Hear.) So that something had been known
in Germany which was not known in Leeds. In Ger-
many they suspected that wrong operations were going
on ; they knew that forged bills were going through
the bank. But it had occurred to him (Mr. Baines)
whether it was not the moral duty of those who
knew these things to have revealed them. Still, it
was a delicate position in which a banker was placed.
He might very soon have an action for libel upon
him, and the exposure might be ascribed to his
rivalry. But certainly the representative of the com-
merce of Leeds should ask themselves whether it was
possible to do anything to prevent such a reckless
and miserable course as had been pursued by several
firms in Leeds, home and foreign, and also in one of
the banks in Leeds. (Hear.) There, was also to be
borne in mind the amount of money called up by the
various companies, and in his opinion it would be
much safer if such companies called up a larger pro-
portion of the capital than they had hitherto done.
In conclusion, he renewed the caution he gave last
year as to the state of fever and mania which then
existed in the local trade. He rejoiced to believe ,
that the trade of Leeds generally was as sound as
that of any town in the kingdom, but considering
the number of new companies there were of every
description, which called for funds to an undesirable
extent, it was necessary that the members of this
Chamber should inculcate prudence in all with whom
they were connected. (Hear.)
Mr. BEEcßorr next addressed the meeting. He
said on previous occasions they had had the plea-
surable satisfaction of congratulating themselves on
the increasing prosperity of the good old town, and
he much regretted that the Council could not to-day
offer similar congratulations. No doubt the trade of
the town had suffered from severe causes. The dis-
pute between the masters and the workmen in the
ironworks was a serious affair and greatly to be
lamented. With that part of the report which re-
ferred to the failure of the Leeds Banking Company
and stigmatised the mismanagement which lei to it,
every commercial man must concur, while all alike
must sympathise with the wide-spread misery which
the stoppage of the bank had occasioned. (Hear.)
The incomes of many of the fatherless and of the
widows had been entirely swept away, and many a
cheerful and happy home had been made desolate.
It was idle to blink the fact that a system of for-
gery had prevailed which proper vigilance must
have detected, if indeed, it has not been prevented
altogether by the knowledge ' that a more whole-
some control was exercised over the affairs of the
company. (Hear, hear.) Second only to this (if
second at all) had been the extent of accommoda-
tion bills with which the country had been inun-
dated under the sanction of the bank's endorsement;
and many of them, he was told, of that worst form
of accommodation bill for which just so much of
apparent consideration had passed as to baffle the
ordinary means of inquiry. (Hear, hear.) It was
to be regretted, too, that any of the perpetrators of
frauds like these should escape pnnishment; and if
further legislative measures were required to meet
such cases, it could scarcely be supposed that Par-
liament would be backward in supplying the want.
(Hear, hear.) It should, however, be recollected
that with general amendments of the law the con-
stitutional ftmctions of Parliament cease. (Hear,
hear.) It did not legislate for individual cases, and
still less could it supply defects of evidence. He
might observe that when the Leeds Banking Com-
pany stopped payment there was immense excite-
ment in London, and great alarm was created
generally in commercial circles. It was, no doubt,
the means of hastening the monetary panic which
was at that time looming in the distance ; but
sometimes good came out of evil, for the longer
the panic had been delayed the greater would have
been its severity. (Hear, hear.) The stoppage
of the bank came upon the world like a thunder-
clap, but as a thunderstorm usually cleared the
atmosphere, so they might hope that it would
prove to be a beacon and a warning for the future.
(Applause.) It was gratifying, however, to know
that, notwithstanding these drawbacks, the general
trade of the town and neighbourhood was healthy
and sound. (Hear, hear.) Although a general
feeling of uneasiness and alarm prevailed, it was- a
remarkable and most encouraging fact that in Leeds
-ne house of standing and reputation . failed, the
Leeds houses, as a rule, having exercised great pru-
dence. (Hear, hear.) Confidence had been restored,
for there were abundant evidences to prove that
there had been no reckless overtrading in the dis-
trict, and that the production had not been in excess
of the legitimate demand. (Hear, hear.) Having
taken some interest in the pattern post, he was
much gratified to learn that its usefulness had been
largely extended during the past year at reduced
rates. When it was first brought into operation the
Post-office authorities were greatly disappointed
with the results, but this arose simply frbm the pre-
posterous rates charged in comparison with the
rates charged by the book post. (Hear, hear.)
With . more enlightened views the authorities re-
duced the rates, and now the results were satisfac-
tory. Patterns were the pioneers, the ready avail-
able means by which all the- branches of our
industry are developed and fostered, and he had
not the slightest doubt but that year by year the
results would be found to be more and more satis-
factory. (Hear, hear.) It was much to be re-
gretted that the extra charges on inland bonding
were not abolished. (Hear, hear.) This difficulty
plbte me
eee
atmbaa ytd
eaada ocppootmrhtlp,ga
rat
anhtdei v
es lu this
yg sugtriflinggestion
d
teha could,
as
iit
3. . ,
be accomplished
velsmight
of
a thenm much
come
h larger
to
expense by deepening the river and enlarginga few
Lloecekdss.b
locks. Steamers earsnd sailing a2i ng vessels 0 tons
tonnage. He believed a similar scheme was proposed
about 30 years ago. The trade of the town was
then insignificant in comparison to its present mag-
nitude and importance. The commercial traffic of
the country was increasing so rapidly that the large
railway companies found great difficulty in meeting
the demands for conveyance. In proof of this he
might state that a short time before Christmas the
Camden-town station of the London and North-
Western Railway was for a week completely blocked
up with the pressure of traffic. (Hear, hear.) Well,
such being the case, water conveyance should be
made available wherever practicable, so as to relieve
the railways from a superabundance of the heavy
traffic of the country. He therefore ventured to
would hope that speedy measures be taken to
make Leeds a port. With its daily increasing trade
every facility for conveyance should be rendered
at the lowest possible cost. (Hear, hear.) The
town had a noble river, and therefore why not
utilise it for the public advantage ? (Hear, hear.)
He was informed that the locks between Castleford
and Wakefield were about being enlarged, so that
ea-going vessels of large burden could get up to
Wakefield. He
e would therefore venture to suggest
that Leeds ought not to be behind Wakefield in this
r7Pect• (Applau
0, PartnershiT, I,,se.')
As regarded the registration
Commonsr;e Was sorry to say that the House
a 8"
pass such a measurneot at present in the humour to
say one word as to the In the next place he would
Bill introduced last e
session
Courts Amendment
It was a direct encouragement
into the House of Lords.
trader, affordinc, him to the dishonest
more easily whiawashedgreater facilities for being
(Rear; hear.' rri_
, The pro-

posal to reduce the period from six years to one
year was unreasonable and absurd, and he (Mr.
Beecroft) did not think the period should be less
than three years. (Hear, hear.) It must, indeed,
be most gratifying to the Chamber to hear that at
last a commercial department was to be established
in the Foreign-office, to be specially devoted to the
care of our commercial interests abroad. (Hear,
hear.) The commercial community was much in-
debted to his hon. friend, Mr. Forster, the member
for Bradford, for his great exertions in endeavour-
ing to obtain that boon. (Hear, hear.) In conclu-
sion, he would only say that the flourishing revenue
of the nation was a proof of the sound prosperity of
the country, and that he looked forward to the time
—which he believed not to be far distant—when the
various branches of the trade of this district would
enjoy an unexampled prosperity. (Applause.)
Sir JOHN W. RAMSDEN congratulated the Cham-
ber on the great success which had attended their
labours during the past year ; but said it must be
obvious that for the Parliamentary action which
had been taken they were indebted to the zeal
and ability with which their views were always urged
upon the House of Commons and the Government
by their representatives. (Applause.) He was very
glad to hear that the reform of the bankruptcy law
was occupying the serious attention of the Chamber.
There was a special reason which at • this moment
should make that a topic of immediate importance.
At the present moment there was upon the wool-
sack a great law reformer--one who had made this
question of bankruptcy from the beginning his own.
They would remember that the Bill of 1861 was in-
troduced by Sir Richard Bethell, and introduced, he
(Sir John) believed, with the almost unanimous ap-
proval of the commercial community. That Bill,
unfortunately, did not pass into law in the same
form in which it was introduced. Now, there had
been several years' experience of the working of the
measure, and he was afraid it had not been found to
meet the expectations which were entertained when
it was passed. But they knew that the Lord Chan-
cellor was anxious and ready to complete his work.
He made an invitation to the country to support
him in carryinglhe reform of bankruptcy law to a
satisfactory conclusion, and he (Sir John) had no
doubt that during the present Session of Parliament
he would receive from those who are deeply in-
terested in this question the support which he needed.
Sir John concluded a short speech by stating the
willingness of his hon. colleague (Sir F. Crossley)
and himself to be of any use to the commercial
class whenever it was in their power to do so,
(Applause.)
The proceedings then terminated with the usual
vote of thanks.