The Sun.
London, England, 1847-05-11 00:00:00

THE SUN, LONDON, TUESDAY MORNING, MAY 11, 1847.

ure; hut 1-e eaiee tat if the Bill had been in-
- eed before 1836 or 1839, that the disturbances
t.„-h then took place, would have really occurred; and
e would show that by the records of their own House.
he bullion in the Benk at the commencement of the
'effieul ie s in the former year, was 8,000,000/., which,
-1 the ceur=e of one month, it fell to 3,900,000/. Now,
the Bank had been controled (that was the word)
le same results would have followed. The Hon.
:entleman then read a statement of the amount of
and the amount of circulation of the Bank of
-,-..ngiand during those period:, which, he said, amply,
mpletely. and indubitably proved, that had the Bank
Let of 184-4 been then in operation, it would have had
n ) effect in preventing er mitigating the embarrassments
which then occurred. Then with retard to controlling
the exercise of the discretion of the Bank, this Act would
not have prevented the evil of 1836. During the drain
of 1809, the Bank was obliged to raise its discount to 6
per cent , and it was only by the agency of the Bank of
France that it was saved from stopping payment. Now,
Si e what would have been the result if the Act of 1844
had been nen in operation. The circulation of the
Batik would have been nearly the same as it really
Was. It appeared therefore perfectly clear that the Act of
1844 would have operated no sensible difference in 1836
or 1839. Now, with rt gard to the fluctuation of notes,
with regard to the bullion in the Bauk, that was another
part of the olfice of. that Act ; but it would appear from
the facts he had before him that this relative proportion
hal never been meintained. On the 21st of September,
1344, after the passing of the Act, the builion in the
Bank was 15.100 0001., and the circulation was
20,600,000/ But at the close of the year the bullion
wls 14 800.0001, end the circulation fell to 20,100,000/.
In January to, 1845, the bullion was 14,500.000/. and the
circulation 20.600.0001., and three months after the bul-
lion rose to 16,900.000/, while the circulation remained
ex icily the same. So that while the bullion increased two
millions the circulation remained the same as it was
at the previous return. Now, he wanted to know, if
this Act had no power to control the fluctuation? All
must own that it had failed in the objects which it pro-
fessed ; then how could it be proposed to retain it any
longer on the statute book ? They all knew the pre-
sent state or affairs. bordering, as they did, on bank-
ruptc‘ ; and the way in which the Bank of England was
fettered from giving relief in this emergency. With
these facts, therefore, before them, he wanted to know
what plea could be argued for the continuance of this
Act. It had failed in every respect ; it had failed in
exercising any control in the discretionary power of the
B Ink of England; and it had equally failed in regulating
the prop. u-tion between the fluctuation of notes and bullion.
All he desired was, to convey to the House, that this
subject was one upon which there could be no second
(pinion with sane and substantial men. He thought
the Hon. Member for Birmingham should not mingle
n-lta this subject, maters which were not connected ;
fuel, he would ask Hon. Members, generally, to
1) .1c to L ,mbard-street. If the Bill had not
pr elueed the benefits it pretended to do,
were they to endure the inconveniences it had pro-
duced? When they could not have a perfect metallic
currency they must consider that they had a perfectly
w.e-thleee currency, and they should not pretend to give
the country what no Government could do. In conclu-
sin, he hoped that the House would not arrive at a
crude opinion on this q 'cation. He had shown the
House that the measure of 1844 was only a delusion,
which did nut in the slight-st degree alter what was in-
jurious, but permitted the Government to exercise an
injurious influence.
Sir ROBERT PEEL said that the Hon. Gentleman
who had last addressed the House had left this question
in the hands of the House. Unfortunately he has not
tone so. I think we are discussing the principle and
practice of the currency question in the most incen-
venient manner that we can do. The Right Hon. Gen-
tleman the Chancellor of the Exchequer, makes a pro-
eesition of which, I must say, I cordially approve. An
Hon. Friend of mine attempts an amendment, and he
ha.i not an opportunity of explaining himself before
tar re is another proposal, therefore it is very improbable
:eat the Heelsu cell come to any satisfactory cenclusion.
(,n the subject. Before the House forms any opinion on
the propriety of taking same new course with respect to
ne currency, I hope we shall look at the matter on all
sides on the present occasion. I wish the House to
eoesider whether or no this is a small molification of the
Bill of 1844, or whether those wlso press for the present
measure do not seek to open the door for some subver-
sion of that measure. My Honourable Friend near
me proposes that the Chancellor of the Exchequer
should give them an assurance that he will not dress
upon the Bank in case of deficiency. Suppose the Right
lion. Gentleman can give an assurance that he will not
require the assistance of the Bank, that will be no mo •
difieation ; but then the Hon. Gentleman will not ob
jest. That is the proposition of the Hon. Gentleman
who leads the van of the opposition to this measure.
Mr. MASTERII AN explained that it was to the
banking department that he referred.
Su. ROBERT PEEL: I do not agree with the Hon.
Member for Montrose that there should be an unre-
stricted circulation of notes, but I believe that the pay-
ing of notes would have the desired effect. Then came
the member for Lancashire, who proposed that for a
time bankers should be allowed to issue one pound notes
to be withdrawn. When that permission is given he
may depend upon it the arrangement will not be a tem-
perary one. He would find it extremely diffi-
c.ilt to arrange the matter afterwards. He said
he objected to unconvertible paper. " I have an
idea," he said, " of the amount, but still I am' in
favour of cotivertible paper. That was the third. Then
there was the fourth—the member for Warwickshire
( r. Ne wdegate.) The Hon. Gentleman said he mus
(Let:neck deprecate any palliative, or partial measure
(Hear, hear.) He said there was no more in repealin:
the act of 1844, as the act of 1844 was a natural conse•
qur'nce of the act of 1819, which, he said, was a miser.
able failure.
Mr. NEWDEGATE rose amid loud cries of
" Order." He said—l distinctly stated that that
seas the answer which the Right Honourable
Bi.ronet gave me in answer to my question in 1844
and that as ha admitted it was a failure, I thought
w,,u10 take 11;s authority on the subject, and I did so.
Sir R. PEEL—Did not the Hon. Gentleman say that the
repeal of the Act of 1344, alone would be merely delusive, and
that an attempt to increase the standard imposed by the Act of
I'l9, was utterly impossible; that the country could not bear
the standard of 1819, and that some entirely new plan must be
introduced.
Mr. NE WDEGATE rose again, and said—The Right Hon.
Gentleman has misunderstood me in this respect. I said that
the proposition of the Hon. Gentleman, the Member for Mont-
rose, for a strictly convertible bullion coin was incompatible
with the standard at present adopted.
Sir R. PEEL—Then did the Hon. Member admit that the
standard of I 19 could be managed ? Did he not say that he had
often heard that it was a new thing to talk of the injury
caused by the Bill of 1819? Did he not ask me if the standard
of 1819 had not added to the public burdens? Did he not
say that the evils cawed by the measure in 1819 remained,
arid that it was not too late to bring consolation to the families
of these who might be no more—(laughter)—but who had
been injured, and that we must reverse the standard of 1819 ?
(Laughter.)
Nir. NEWDEGATE again rose amidst loud cries of
" Order, chair ;" but he proceeded to say—l stated that 1
heard it said that the injury inflicted upon the sufferers of
1819 was merely temporary—that it fell with them.
I said that I did not believe that. (Laughter.)
Sir R. PEEL—I think we are much nearer approaching to
a clear understanding than at the time I commenced.—(Re-
newed laughter)—and I must say that I rejoice that the ar-
guments which I thought fell upon my ear, were not intended
to be understood by the Hon. Gentleman as he spoke them.—
(Laughter.) I rejoice et the willingness that there seems on
the part of the Hon. Gentlemen to admit them when they are
to linger affected by subsequent events. I rejoice that he is
in favour of the standard of 1819 —( Hear, hear, and laughter)
—that the Hon. Gentleman occupied that intermediate posi-
tion between an unwillingness to advance the standard of 1819,
and a readiness to alter it.—(Roars of laughter.) That
was the proposition made by the Noble Lord (George
Bentinek), and the Honourable Gentleman the Member for
Shrewsbury, namely, an alteration of the Bill of 1819, they
were in favour of a convertible paper currency, but they
thought that the evils from which we are at present suffering
may be cured be the simple repeal of the Act of 1844 ; but be-
fore we repeal the Act of 1844, or before we make any modifi-
cation of it, 1. t us well consider the evils under which this
c iuntry is labouring; let us well consider whether or no we
desire to obtain some improvement of the present state of our
finance—whether or no we are not incurring the risk of a sub-
s epent aggravation of the evil ? I don't want any better
risseription of the present condition of the country, and
the real nature of the pressure with which we
have to deal than that which I find in the able statement of
the Hon. Gentleman the Member for Huntingdon. He says
this e 'entry is suffering from unexpected scarcity of provi-
sions. Now that is the fact. A calamity, of which none of
us calculated has arisen. The Noble Lord (J. Russell)
calculated that the loss of capital in this country, in conse-
qu-nce of the failure of the potato crop, and of the failure of
the crops on which we in this country depend, for instance, has
been 16,000 000/. sterling —(Hear.) What must be the
enact of the abstraction of capital to the amount of 16,000,0001.?
but, above all, when it is caused by such a calamity as the
scarcity of food. It is not merely the loss of capital, but it is
the calamity which has caused it.—(Hear, hear.) Is it not

a fact that this calam,ty has occurred in other countries in the
northern parts of Europe ? How it was that so little calcula-
ti,n was made in the customs of last year I know not. Whether
the state of the atmospheric influence which caused the failure
of the potato crop has affected some other descriptions of vege-
table produce I know not ; but what we all know is that in our

own and other countres in Europe, after the harvest had been
Bath-red in, there appeared no prescience of the calamity
whennine:•htfeo,llowed ; not even in this country only, but in ether
from which in scarce years we are accus-
Iled to draw supplies. France is suffering, i 3 Holland and and so
Belgium, and as I have said
in other countrip •
thel north of Europe—all along the
b I.,ks of the Rhinsel`a:nartv portion of the crops have failed.
Even the counties
ps_peurrthern-parts of Europe have
parted with thineirencnrsoegnence particular) rye—and lam told tht
the pressure,
shaeittrernely great upon theme;
a.,.d that those countries who
us with grain,
are suffering severely themselves°;senairnseuarP,Ptihieedrefore, we are in
from the want of
this condition—not only are we
are informed by
food, which has led to great distress,inhoutnntgeweh
aathamounted to
the Nobie Lord, that the loss of
a similar
16.000,00 M. ; but, concurrently with tjat,
misfit-tune had visited other counpotrnietsheinunittheed northern
par s of Europe, and are dependent u
our comm to supplies, Why, what an effect this mutsttet for
UpOrl comm .rce ! Do not talk of the failure of free traadee,
when there could not have been any other result than that
which has occurred.—( Hear.) bit net quite clear that the
a',i.ity 01 this country and of other countries to consume must
have been materially impaired by the superior necessity which
his befallen us, by having to devote the whole of our available
means to purchase food? Therel)re the consumers here and
in other countries of Europe have been compelled to devote
their surplus revenues to the purchase of the means of ex-
istence. Then, says the Honourable Gentleman, there
never was a year in which speculation ran so high
as in 1843'. If men will speculate, and will run
nut, depend upon it, whatever Legislative, enactments
must pa,s, they must suffer the consequences—(Hear, hear)
—it is inevitable. But, says the Honourable Gentleman, " I
don't deny the great importance of railways. I admit that
railwar may be the foundation of future prosperity ;" but this,
I say, that ,f the capital of the country ordinarily applied to
commerce is in extravagart, quantities lucked up in railways,
then there would arise a severe pressure in consequence—
(Hear, hear;) and in addition to the failure in food, you have
had speculations running riot so far as railways are concerned,

and 1 think in the course of last year applications were
made to Parliament which if they had been acceded to
would have required capital amounting to 340,000,0001 (as we
understood) for their construction.—( Hear.) Is there no
course concurrently with those to which I have referred, to add
to our difficulties ? There has been a failure in that most
im-
portant material of manuiacture, the cotton crop ; it has fallen
short far beyond any reasonable calculations, and the cinse-
quence of its failure has been an enormous increase in the
price of that material, which is one of the most important ele-
ments of our manufacture ; and therefore we are at this mo-
ment suffering from an insufficient supply of food. and an enor-
Inous amount of capital locked up in railways. You may think
it advisable to throw the blame upon the Bank charter of 1844,
but if you had an inconvertible currency, or any modification
of paper and metal, depend upon it, there is no one country in
the world, exposed to the triple operation of such calamities,
which would not feel the greatest pressure, which no increase
of bank-notes could remedy. 1 assure the Noble Lord that
no consideration of person's.' consistency would induce me to
throw any difficulties in the way of an alteration in the law, if
my experience taught me that it was necessary, and fdr which
after all Parliament was as responsible as myself. No, I as-
sure the Noble Lord that I claim the same privilege which I
exercised upon the corn law, if experience convinces me that
the interest of the country—in matters of this kind, where no
political principle is involved—require a modification of a
law which I myself have proposed, no personal feeling would
sway me to offer any opposition to such a step. Now, Sir,
with respect to the Act of 1844. The Book Charter was
about to expire, it was necessary to make some new regula-
tions ; those proposed by me were not adopted without five
years of protracted inquiry. The Committee on joint-stock
banks, which sat during the years 1636 and 1837, collected
the evidence of some of the highest authorities in the country.
and it was upon their testimony that this Act was constructed,
and it was not one of a mere speculative character upon the
currency of the country, without any experience of the past
evils. On the close of the war in 1819, the Honourable
Gentleman says, I dwelt upon the prosperity of the
country, and the triumphs of our army, and our sta •
bility of faith, but I did so as an inducement to the
House of Parliament to sanction the fulfilment of the
promise held out that on the close of the war and the return of
peace, cash payments should be resumed. I did call on the
people to fulfil those engagements. But did the Hon. Gen-
tleman, when preparing himself upon this subject, forget to
read the history of the years fourteen, fifteen, and sixteen ? Is
he aware that from the period of 1819, which followed the
resumption of cash payments, no less than 240 private banks
failed in this country, and why so? because on the return of
peace they were unable to meet their engagements, and the
altered position of the money market led to such a state, with
which the present, grievous as it is, is nothing to be compared.
Are we to restore the law of 1844, that is to say,
shall there be an unlimited issue on the part of the
Bank ? Shall there be, on the part of the Bank, a right to
issue notes upon their own discretion. We have been told of
what took place in 1837 and 1638 ; then the bullion was re-
duced to 600,000/. If you do consent to repeal this Act, and
restore the old state of things, you have not the slightest ses
curity against a return of these disasters which took place in
1836 and 1839. The main object of that Act was to prevent,
in times of difficulty, the temptation, which it is so easy to fall
into, that of giving accommodation and purchasing temporary
ease,
whichan
aggravating the commercial pres-
sure arthse demand for gold in exchange for
d ledafter t wod
paper. It is of the utmost consequence that you
should not be exposed to these other difficulties of a de-
mand for gold. At present there is not the least panic ; there
is not the least doubt as to the solvency of the Bank. There
is, to be sure, severe pressure, but that is all. But what
would be the state of things if there was an apprehension
as to the solvency of the Bank ? What would be the
state of things supposing this Act had not passed, and it bad
been in the power of every country bank to foster the spirit
of speculation which existed ? It is said that the object of the
Act of 1844 was to introduce a machine which would work
itself. Why, that is perfectly trus with respect to the
issue of the Bank. The issue is a machine which works
itself. I almost regret that it has not been separated
from the Bank altogether. It might have been so, and then
we could not have heard anything more about these different
departments of the Bank, which were wholly repealed, and
had no reference to each other. But the reason it was not so,
was on account of the expense which the erection of a good
office would occasion. The Right Hon. Baronet proceeded to
say, that the Hon. Gentleman said be had told the House
what the Bank had done in 1837, 1838, and 1839 ; and he did
not actually venture to prophesy ; but he gave the House the
assurance, that if the Act of 1844 had been in operation in
these years-1837, 1838, and 1839—there would have
been no amount of difficulty felt. Well, it would have
been difficult to see what would have been the consequences of
an Act which, five years afterwards came into operation. But
one element, which the Hon. Gentleman had quite neglected
in his calculation, was the country circulation. Let them take
that as it existed about the year 1823. In November of 1823,
the amount of bullion in the Bank of England was 13,760,000!.,
and in November of 1825 it had fallen to 3,012,000/. ; but
between the November of 1823 and the November of 1825.
the country bank paper had increased from 4,000,0001. to
8,000,000/. Again, in the year 1834, the amount of bullion
was 9,948,0001., and in 1837 it was fallen to 4,000,090/. ;
but during the same period, when the amount of bullion
had fallen from nine millions to four millions,
the circulation of the country bank paper had
increased ,from 10,000,000/. to 11,000,00(1. in 1837 ; and
in the month of August, when the country was in the middle
of the crisis, the country bank circulation had actually in-
creased to 12,000,000 t. In 1838, the amount of bullion was
9,732,000/. ; and in 1839, it was 4,344.000/. ; but the country
banks circulation was at that time 11,740,000/. But the Hon.
Gentleman omitted from his calculation the whole of the issue
of country paper, and, moreover, he disregarded the very
principle on which the whole rested—namely, the foreign
exchanges. At least the Hoe. Gentleman must admit
that the country bank paper was a material element
in his calculation. But what then was the object of the Act
of 1844? The object of it was expressly to prevent this very
evil by imposing a limitation on the issue of the country bank
paper ; but if that was its purpose, if there was no other pur-
pose, then it gave the Bank of England a direct control over
the paper currency. Something had fallen from Hors. Mem.
bers in reference to the conduct of the directors of the Bank
of England, but he must say he gave them credit for honour •
able conduct and integrity. The Bank was a great
institution; it held great and exclusive monopolies ;
it held an exclusive privilege within sixty-five miles of the
metropolis, of issuing paper. It excluded all others entirely
from competition with it. Such was its position,_ just that it
might have a control over the paper circulation.Tbe Bank of
England would tell them that the country paper exercised a
material influence. The Act of 1844 contemplated that in
its provisions; it reposed confidence in the Hank directors,
and they were proud both of the Act and the confidence re
posed in them. The Honourable Member for Huntingdon him-
self stated that the Bank of England exercised a material
influence on the country circulation and exerted considerable
control. But the Honourable Gentleman had the memorial
of the Bank directors. Why that was before the House in
1844. The Honourable Gentleman asked why the House did
not follow the suggestion made in that document ? That sugs
gestion was discussed. The House discussed it, and thought
right to give the Bank a discretionary power.
But supposing that the Government had foreseen this pressure
on the Bank, and that it could not give the accommodation
which was required to the commercial interests of the country
—supposing that the Government in that case gave the Bank
the privilege of issuing three millions on additional securities,
did they suppose, on the slightest apprehension or appearance
of pressure, the Government would be appealed to far
the exercise of such a privilege to the manifest in-
jury and inconvenience of the trading interests of the
country. He was, therefore, not inclined to take such a
course because he felt that Parliament alone should decide the
grounds on which any such a relaxation should be made.—
( Hear, hear.) It was after the fullsit consideration of the
question, and after the memorial which bad been presented, he
believed by the Hon. Member for the city of London (Mr.
Masterman) had been discussed, that he (Sir Robert Peel)
recommended the House to take the matter into its hands.
Parliament refused to give the Government the discretion
sought, and he thought it was the Hon. Member for the city
of London that made the motion for the power to be given to
the Government founded on the memorial which he had pre-
sented.
Mr. MASTERMAN said that he had had a good deal to do
with preparing the memorial, and had suggested the idea, but
he made no motion on it.
Sir ROBERT PEEL—WeII, after due consideration, the
information which I bad derived from various sources on this
question,from what I had learned of banking in the United
States, and the proceedings of the country banks, I felt it my
duty to propose the Act of 1844. I entirely agree' with the
course which has been taken by the present Government, and
at the same time I cannot but feel that the pressure is most
severe and the danger great. But the pressure is
not alone confined to this country, but has extended to other
nations, and it might be expected even to be still more severe.
I am glad, however, to hear the Chancellor of the Ex-
chequer say, that there are prospects of improvement. I
deeply lament the present state of the money market, and the
consequent embarrassment to trade and commerce. I quite
admit that no prudential adherence to principle should be
allowed to interfere with the granting relish and if the re-
laxation of the provisions of the Bill of 1844, would give that
relief, I would have no objection to it. But it is my firm
belief, with all the information I have gathered on the subject,
that the temporary issue of two millions of paper, without in-
creasing the real capital of the country, would not be efficacious
for relief. Whether by the issuing of more paper, or the in-
creasing of the rates of Exchequer-bills, I have great appre-
hension that the tendency would be only to increase still further
the difficulty. At the present time there was a gradual in-
crease of the importation of gold, and he trusted the
Bank would do everything in its power to extend its accoin-
moda'ion. I think the Bank may be considered
perfectly safe with ten millions of gold in its coffers. There is
also at the present time from thirty to forty millions of gold cir-
culating in the country. a circulation which I maintain is the
foundation of the Scottish and Irish Banks, and constituting
at the same time the security of the Bank of England. That
gold was capital, and if they choose they might under appre-
hension and dread of pressure, relax the system and part with
this money. And this principle of action, if good for you, is
also good for other countries. The Hon. Member for
tiuntinedon, has referred to the case of Fiance as not
suffering from this pressure; but he should bear in mind that
the proportion of gold in circulation was as 80 to 30 millions.
But supposing this was reversed ? Do you suppose that the
Government, or the Bank of France, would be in such a po-
sition as they were now, or that the difficulty of a scarcity in
provisions would have been so easily dealt with. Sir, Ido
hope that we may be enabled to pass through the present diffi-
culty without a necessity for any measure which shall deprive
us of all the advantages we at present possess. I do
implore the House not to tamper now with prin-
ciples which have been, with great difficulty, re-established.
After all the experience we have had from the year,l797 to
1819; and, depend upon it, if you do purchase a present re-
lease by endangering the convertibility of paper, my belief is,
that you will inflict a severe blow on the prosperity of this
country, and do more to shake confidence in property and in
the value of property than any other course that can be taken ;
you relinquish the advantages of past experience, on account
of a mere temporary pressure, and forego the essential welfare
of all classes of the empire, and more particularly of that class
to whom the fixity of your circulating medium ought to be
the same sure source of a command of the necessaries of life.
(Chrieenncip.l)..
of
the
ennot take any other course, because
tlys:nrteanisy nn one other left open than that of adhering to
the
by put
experience
and
durtreiry whieh have been sanotioned
nay ,for
storing
gg etvheeryersitsetpiogin
smtaytepoowf etrhitoogps.l-
- Mirquis of GRANBY rose, but was interrupted by
Lord J. RUSSELLe,iots?ota
Iveswould
very
ry permit
desirablethe
them
:boat his rusted that the Noble Lord
discussion that evening, as it
RightP"
hsliittrounna.trdebehyooluidda
Friend's resolution
thatyu night
should be agreed to, for if it we
at he could not ac-
it would not be passed before theweasW
The Marquis of GRANBY
cede to the proposition of the Noble Loyrd.
After a few words from the CHANCELLOR of the EX-
CHEQUER,
Lord G. BENTINCK said there was a considerable degree
of interest felt in this discussion throughout the country, cud
many Hon. Gentlemen wished to express their opinions upon it.
of
Hon. Gentleman the Chancellorthe Exchequer
The resolution might be considered as virtually agreed to, and
the Right
genients
might
persons to advance the loan as though the
to be made with the
act upon the measure with respect to the arran
measure were actually carried

The CHANCELLOR of the EXCHEQUER repeated the
necessity of proceeding with the measure immediately.
After a few words from Lord G. BENTINCY,
The motion for the adjournment was withdrawn, and the
original resolution was agreed to.
Tht House then resumed, and the report was ordered to be
brought up tomorrow.

HEALTH OF TOWNS BILL.
Mr. SPOONER wished to know what course was proposed
to be adopted with respect to the Health of Towns Bill ?
Lord MORPETH hoped that he would be able to proceed
with his measure as soon as possible. The great pressure of
the public business in the House had prevented that measure
being brought forward. Several Gentlemen had proposed to
him that some portion of the measure should be proceeded
with. In accordance with those opinions, the Government
had come to the conclusion to confine the operation of the
measure to the country corporations formed under the municipal
Corporations Act. The metropolis would be reserved for a
separate Bill. Power was proposed to be given to other cor-
porations to apply fer the powers to be granted under this
Act. Oxford and Cambridge would be included under the
operation of the Act. Gas and water-works would be en-
abled to be purchased by the authority of the Act. The
Government proposed to waive the right of the Crown to the
appointment of any of the Commissioners. If the House would
allow him to read the Bill a second time, pro forma, in order
that the altered Bill might be brought before the House, he
would pledge himself not to bring the measure forward again
until after the Whitsuntide holidays.—( Cries of " No, so. ')
The Service of Heirs (Scotland) Bill, the Heritable Secu-
rities (Scotland) Bill, and the Crown Estates (Scotland) Bill,
went through Committee.
The Naval Service of Boys Bill was read a third time.
The report on the Poor Relief Supervision (Leland) Bill
was brought up, and ordered to be read a third time on Friday.
The Poor Removal (England and Scotland) Bill went
through Committee.
SUPPLY REPORT.
The report of the Committee of Supply was brought up
and agreed to.

DRAINAGE OF LANDS BILL.
This Bill was read a third time and passed.
AGRICULTURAL STATISTICS BILL.
The second reading of this Bill was postponed till Monday
next.

HOUSE OF COMMONS COSTS TAXATION BILL.
This Bill was read a second time, and ordered to be com-
mitted.

The other orders of the day were then disposed of, and the
Rouse adjourned at a Quarter-past One.

LLOYD'S SHIPPING.
LONDON, MAY 10.—Wind N.E., light pleasant breeze, and
fine clear weather.

DEAL, MAY 9.—Wind S.W., strong; P.M. S.S.W., mode-
rate—Arrd. Emma, Ellboun., South Seas; Gunfes, Bom-
bay ; Milford, Calcutta ; Edward Thorpe, California ; Nestor,
Wright, Demerara; Margaret Evans, Tinker, New York.
Arrived from the River, Harris Castle, Port Philip ; Ada,
Jamaica; Flounce, Havannah ; Emma Isadora, Boston ;
New Phcenia, Jamaica; Fantome, ditto.
OFF DOVER, MAY B.—Wind W.; 9tb, S.W.—Arrd. 7th,
Lord Hungerford, Calcutta.
OFF BEACIIY HEAD, MAY 6.—Johannas Tackens, New
Orleans, for Bremen.

SounramrroN, MAy B.—Arrd. Tay steamer, West Indies.
FALAtouTH, MAY B.—Wind N.W. to S.W.; 9th, S.S. W.—
Arrd. 7th, Pathfinder, Noakes, Bombay and St. Helena, and
sailed for London; Eth, Ocean, Briar, Matanzas.
CORK, MAY 6.—Wind S.S.E.;
.7th, S.—Arrd., 6th In-
vincible, Newman, Malta; 7th, Prince George, Foster, Callao ;
Shamrock, IN isemen, Bahia ; Flounce, Putt, New Orleans ;
Hortense, Means, Norfolk; Charles Walton, Baker, Balti-
more; Brazilian, New York ; Reliance, Newfoundland ;
Hunter, Purcell, ditto. Std. 6th, Lady Flora Hastings,
Quebec; Principi Radili, New York.
OFF DARTMOUTH, MAY 9.—Wind S.W.—Maria,
Christiana; Yap, Rio Janeiro, for Altona.
PORTSMOUTH, MAY B.—Wind W.S.W., squally; 9th, S.E.
to W.S.W.—SId. Hendrick, Hudson, New York.
CLYDE, MAY 7.—Sld. Trumfante, Havannah ; 8, Tha-
lestris, Guadaloupe ; Timehall, Newfoundland.
DUBLIN, MAY.7.—Wind S.S.E.; 8, S. to E.—Arrd. Bevis,
Doine, New Orleans; Express, Sanders, New York.
KINGSTOWN, MAY 7.—Wnid S.E.; 8, E.—Sld. Cape Bre-
ton. Montreal.

WATERFORD, MAY 7.—Wind S.E. to S.W.; 8, S.W. to
S.S.W.—Arrd. 7th, Oceanus, Smith, New Orleans; Ann
Kenney, Baldwin, Charleston, for Liverpool ; Caroline E.
Plett, Pettiman, New York.

DEAL MAY B.—Arrd. Cairo, Hogg, Porto Rico.
OFF DUNGXNESS, MAY 6.—Argo, Bremer, Canton, for
Bremen.

OFF THE WIGHT, MAY 6.—lndia, China.
OFF PORTLAND, MAY B.—Crest, Bahia; Norden, Wulff,
Pernambuco, both for Stockholm.
PORT TALBOT, MAY 7.—The Frank, of llayle, went el
shore this morning, but is expected off after lightening.
WISEEACII, Mir 9.—lt blew hard yesterday from S.E.,
with heavy squalls; at 9 A M. it flew to S.W., and increased
to a heavy gale.
SWANSEA, MAY 9.—Wind S.W.—Arrd. Countess of Bec-
tivy ( ?), Perrie, Cuba.

.
LxvzarooL, MAy 9.—Wind W., moderate.—Arrd. 7th,
Isabella, Demerara ; Bth, Columbian, Philadelphia; Ex -
celsion, New Orleans ; Yorkshire, John R. Skiddy, Her-
quenot, Sea and Alpine, New York ; Carlos, Boston ; 9th,
Mary Indrie, Calcutta ; Elizabeth Jane, Colombo ; Eco-
nomist, Antigua ; Suffolk and Venice, Philadelphia. Std.
7th, Mary Pollock, Quebec ; Bth. Tom Moore, Rio Janeiro
and Bombay ; Prince Victoria, Maranham : Coroner, Bar-
badoes ; Cm•mr, Aridad Bolivar, Hanover, Charleston ;
North Star, Philadelphia ; Rainbow, New York; Prince of
Waterloo, Queen Pomare, Sabroan, and Tay, Quebec.
DEAL, MAY B.—Arrd. Palmerston, Sydney, New South
Wales ; India, China ; Asiatic, Calcutta ; Familier, Batea,
for Stockholm.

KINSALE, MAY 7.—Wind S.E.—Arrd. San Jacinto, Allen,
Baltimore.

LLMIZICK, MAY 7.—Wind S.E.—Arrd. John Dunlop,
Norris, Baltimore. Sld. Xanthus, Prince Edward's Island;
Levert t, Quebec ; and Erin, Baltimore.
GALWAY, MAY 4.—Arrd. Valhaller, Clare, Norfolk ; Lu-
callus, Lupkin, New York, sld. April 4 ; Arginow, Philadel-
phia. 4. Emilia, Baltimore; Barhara, Halifax. 5. Napoleon,
Monte Video. 6. Sailor, New York ; Russia, Boston.
DUNDIB, MAY 7.—The ketch Fanny, of this port, went
on the Abertay Sands last, night, and has broken up ; one
man drowned.
COWES, MAY B.—Wind S.W. to W.S.W., strong.—Arrd.
Ishanna, Clausen, Rio Grande, and ald. for Antwerp ;
Corinth, Smith, Matanzas.
TEIGN3101:111, MAY Haberdine, St. John's.
Newfoundland.

HARTLEPOOL, MAY 7.—A vessel, bottom up, keel appa-
rently about 90 feet long, was passed sth Inst. about 50 miles
to the eastward.

Sir Robert and Lady Peel gave a grand entertain-
ment on Saturday last to Major-General Sir Harry Smith,
G.C.8., and Lady Smith, at the Right Hon. Baronet's resi•
deuce in Whitehall-gardens. His Excellency Count Schem-
melpenich, Viscountess Hardinge, Lord Heytesbury, the
Earl and Countess of Haddington, Sir Andrew Barnard, the
Right Hon. Henry and Mrs. Fitzroy, the Right Hon. Henry
and Lady Harriet Corry, Sir Frederick and Lady Thesiger,
Mr. and Mrs. Young, Mrs. Hope, and a distinguished circle,
were among the guests. Lady Peel subsequently received a
numerous assembly of the members of the corps diplomatique
and leading nobility.
Viscount and Viscountess Palmerston entertained
Viscount and Viscountess Jocelyn, Lord and Lady Beauvale,
Lord and Lady Ashley, Sir Alexander and Lady Malet, the
Hon. W. Cooper, Colonel and Mrs. Windham and Miss
Windham, Mr. Repton, &c., at dinner on Saturday, at their
residence at Carlton-gardens. Her Ladyship, at a later
period of the evening, had a sol•ree, which was both fashion-
ably and numerously attended.
ROYAL NAVAL FEMALE SCHOOL.--The members
of this institution held their annual meeting on Saturday
last at Willis's Rooms. Earl Manners presided, supported
by several naval officers. According to the report there
were in the institution at Richmond eighty-two pupils,
fifty-five of whom paid each 121. per annum to the funds,
and twenty-seven each thirty guineas per annum. Of
the whole, five had lost both parents, and twenty-six
their fathers. At the last annual election eight candidates
out of forty had been elected, and ten had since succeeded
to vacancies. The sum of 3001. had been added to the
funded property, which now reaches 4,8501. ; and the
building fund bad been increased by the addition of 7001.
The total receipts, including a previous balance, were stated
to be 4,103/. Bs. 9d., and, deducting the expenditure, a
balance of 495/. 10s. 7d. remained. The report was ared
to, and some other business transacted, when the meeting
separated.
The Parliamentary reporters have contributed
nearly one hiindred guineas for the relief of the Irish.
We are authorised to state that it is the intention
of Sir George Grey to offer himself again as a candidate for
the representation of this borough, at the next general elec-
tion.—Deronport Independent.
PANAMA, MARCH 21.—The Pacific Steam Navi-
gation Company's steam-ship New Granada, from Callao,
arrived here on the 21st of March, bringing, in addition to
her usual passengers and cargo, the mails in continuation
with the company's steamer Chile, which left Valparaiso on
the 28th of February, from the undermentioned ports in
Chile, Bolivia, Peru, Ecuador, and New Granada, of the re-
spective dates as undermentioned:—Chile—Valparaiso, 28th
February ;Cequitnbo, Ist March ; kluasco, 2d ; Cossiagro, 2d.
Bolivia—Cobya, 4th. Peru— Iquique, sth ; Aries, 6th ;
Islay, 7th; Pisco, 9th; Callao, 1 lth ; Payta, 14th. Ecua-
dor—Guavaquil, 16th. New Granada—Buenaventura, 19th.
The Council of the College of Preceptors held a
meeting fur the transaction of business at their offices, 42,
Great Russell-street, when it appeared that within the last
few months 130 members have been added to the institution,
and many circumstances indicated the rising prosperity of
the society.
THE LORD LIEUTENANT'S lIEALTII.—DUBLIN,
MAY B.—The bulletins continue favourable. The one issued
this day states that his Excellency suffered leas from cough
last night, and feels better this morning.
The iron trade is still at the former prices for
cargoes of bar iron in Wales, nor has the state of the money
market yet been reported to have affected the business in that
quarter; but a considerable fall in pig iron has taken place
in the Clyde, where the quotation is not now higher than 68s.
per tan.—Leeds Mercury.
SHEPHERD'S BANKRUPTCT.—These bankrupts had
their first hearing on Thursday. They were extensive wine
merchants, had been in business about twelve or fourteen
years, and their failure excited a deal of surprise to those not
intimately acquainted with their dealings. Debts to the '
amount of 12,0001. were proved, besides the bankers' claim 1
of about 5,0001., which stands over. They owe the Exeter.
Bank 8,700/. and odd. The London creditors generally hay e
not yet proved their debts. It was rumoured that the estata
would pay about three shillings in the pound. The ban]: -
rupts' solicitor applied for an an allowance of 71. per week fi ,r
the two families. The court granted 51. Mr. Ralph Sarkis' rs
was appointed trade assignee.— Western Times.
THE ARMY.—Lieutenant G. Prohy has been ' ..e-
-stored to his commission in the 4.3 d Foot. It will be r a col-
lected that this officer absented himself some months since
Irons his corps for the purpose of visiting a sick broth air at
Rome, and in consequence of which his commissic el was
cancelled. The Commander-in-Chief has, however, t Aiken a
favourable view of the case, and Lieutenant Proby hi s been
permitted to return to his duty. It need scarcely be added,
that the punishment for absence witl.out leave is u :ually a
heavy one.
The Admiralty have given notice to all the depart-
ments under them, that her Majesty's birth-day is •
on the 27th init., when the usual holiday will he Abe kept
sated.
The Committee of the British Associati' Ja for the
relief of distress in Ireland and the Highlands, h: ire received
from the English at Florence, a remittance o i 2 ,0001, of
which 8001. was raised at a ball, and 200/. had hem pre-
vLuily remitted.
qpiriiiAnseittiiipToari:smCigllteeNdhiAm MEETING.—A dep.utatio' a waited
come
teointatok
upon 91e Mayor this afternoon, and preser.ted him with a re-
principal d sof
manufacturers,two iju
i ()wen aa:int:Coe
the inhabitants '
pro-
priety of petitionin ,P. •
be 5,1 . . i, parliament that the Corn B ill may not
euvinet:aticornnd.tsredri,dcemaacalilnstdinfiTof ttrelrshehetoii fpng auo rf
,
at
once agreed to call the day week as the day for meeting, and will probabl, • fix Tues i
its being held.—,.2falichest er Time:.

RAILWAY. COMMITTEES,

HOUSE OF COMMONS.-(YESTERDAY
GROUP V.

The Committee met at twelve; Lord H. Vane in the chair.
WINDSOR AND SOUTE-WESTERN
(STAINES TO WINDSOR).
The Committee were occupied all the day with the clauses
of this Bill.

cultural Society, stated that he farmed upwards of 1,600
acres of land in Norfolk. They bred neither sheep nor cattle,
but got most of their stock from the north and west, but
preferred the Hereford beasts if there was not such a great
difficulty in obtaining them. In 1844 he bought seventy
beasts, and driving them the distance of two hundred miles
required a period of seventeen days, with four attendants,
the expense of whose service was 101. 45., the
keep of the cattle 59/. 103. ; the turnpikes cost
Is. 6d. each, and the whole amount paid for them alone
was Si. 55., which was on that occasion between 235. to 245.
each animal. A gentleman of the name of Thomas had
purchased two hundred beasts, the loss on which was up-
wards of 2001. from the driving, whereas he expected
o make a gain of 2001. To show the difference
et the expense in having the cattle brought by railway, he
had a drove brought by railway by a special train, at a
cost of 201. 10s.. and which was only two hours on the way.
In order to get them by road it would have required three
men at four shillings a day each. The turnpikes were
very heavy in that part of the country, so that one
shilling and sixpence a score would have to be paid
for the drove. The keep would be 8/., and the whole cost
would have been 19/. Bs., which with the loss in the condi-
tion and other expenses would not have been less than 90/.
He himself did not breed more than about 300 beasts, but he
fed from 2,500 to 3,000, and he might further add that
lately he had received a large number of bullocks from
Carlisle, a distance of about 340 miles, at an
expense of 20s. each, and they came to hand in a
period of twenty-five hours, in as fine a condition as they
left Carlisle. One of the greatest evils which was suffered by
the break of gauge arose from the necessity of transferring sheep
and cattle from the truck on one railway to the truck on the
other, especially sheep, and ho believed that it would be ad-
visable rather to drive them twenty. five miles, that was two
days' journey, at a considerable expense than endure that

Mr. HILDYARD here made an application to the Committee
for an authority to compel the attendance of Mr. Brown, an
important witness, who had refused to attend without such
compulsion.

Mr. Williams, of Cheltenham, stated that the supply of
coal to Cheltenham was about 70,000 tons, of which about
30,000 were Forest of Dean coal, while the rest were, he
believed, Derbyshire coal, all of which might be obtained
by the North-Western Railway.
Several other witnesses from Cheltenham deposed to the
advantage which the railway would be of to the town and its
neighbourhood.

Mr. Bishop, a butcher, at Tewkesbury, stated that he sent
a great number of carcases of lambs and sheep to the several
meat markets of London, upwards he believed of 500 a
month, and was assured that the meat lost from a halfpenny
to a penny per pound on being transferred from the carriages
of one gauge to the other.
Mr. Woodlands, an extensive land and estate agent, and
also a large farmer, also testified to the inconvenience which
arose from the break of gauge to the great traffic which
already passed, and which would be developed on the route
of the proposed line.
The Committee then adjourned.