The Sun.
London, England, 1824-03-20 00:00:00

[NEW TIMES.]

-
Our Readers are aware of the anxiety which
has been so long expressed for the arrival of M.
Hurtado, the
person charged by the Executive
Authority of the new Republic of Colombia to
investigate the money transactions of the late M.
Zea. By an Express received yesterday after-
noon from Falmouth, we learn the arrival of the
Lord Sidmouth packet from Jamaica, on board of
which M. Ilurtado is positively asserted to be.--
This news excited a great bustle on the Stock
Exchange. It was concluded that at whatever
price M. Hurtado might ultimately agree to
take the Old Bonds they would only be
received in part of a New Loan : and ac-
cordingly no less than three lists of Subscribers
to such anticipated Loan were prepared, at
the head of which respectively stand the firms of
Messrs. B. A. Goldschmidt, Messrs. ltougemont
and Behrends, and Messrs. Isaac L. Goldsmid.
We of course feel no other interest in a matter of
this kind than what arises from our regret that
British capital should not be applied principally
to British purposes. As to the system of bor-
rowing two millions to pay off one, it speaks for
itself ; and any remarks of ours could not make
it clearer. However, M. Hurtado's schemes will
not be singular; a number of new Loans we
learn are in contemplation, and will be brought
out as fast as catching titles can be invented for
them.

CHAMBER OF COMMERCE.

REPORT OF THE COMMITTEE.

That from certain documents to which r)ur Committee have
had access, the advantages to be derived from the establish-
ment of a Chamber of Commerce in the City of London appear
to have engaged the attention of several of its leading mercan-
tile characters for some time past.

In the year 1.817 private meetings were held, at which the
subject was considered and discussed, the expediency of form-
ing such an Institution was unanimously admitted, and the
propriety of convening a general meeting of merchants, bankers
:ship-owners, and others, at some convenient period, for the pur_
pose of carrying the objects into effect, was determined upon.
, From a variety of circumstances, none of which, however, have
been influenced by any change of opinion as. to the expediency
of the measure, the convening of a general meeting has been
the manufactures,
objects
o f
which navigation,
shall
b e
and c
hitherto suspended ; the delay has nevertheless operated to
give additional force to the sentiments which now so generally
yrevall in- favour of,the. forming of an Association of Merchantg
and
othershi commerce interested
t e stre Metropolis,la tile trade,
to promote the interests of those classes of the community
general, and of the commerce of the port of London in ' in
par_
ucular. _

In the expectation that much' useful information might be
acquired from the several Chambers of Commerce, and other
mercantile associations already established in the princi-
pal ports and manufacturing districts of the,.United Empire,
your Cominittee applied for, and obtained, the rules and regu-
lations by which niost of them are governed, accompanied by
detailed reports
.of their respective proceedings : from these
much highly important and valuable information has been
collected ; and your Committee take the earliest opportunity
of expressing their sense of obligation towards those gentlemen
who have
been instrumental in procuring it for .them, and also
to the respective "officers of the several establishments in the
following places, for the
readiness with which they have fur-
nished the • desired information, " viz. Glasgow,
Greenock, Edinburgh,' Leith, Newcastle, Liverpool, Bristol,
Manchester, Birmingham, and Plymouth.
In the consideration of the subject, your Committee have de-
rived much assistance from the proCeedings de tailed in those docu-
'men ts ; they furnish conslasive evidence of Most imortant advan-
tages having been .derived by the commercial interests through
the medium of those institutions,, and establish proofs beyond
Contradiction in support of an extension of the system to other
parts of the United Kingdom.
Your Committee, in the course of their investigation, found.
reason to regret that the Merchants and others connected with
the commerce of the metro-
polis, impressed as they appear to
have been with the inn,
,ortance of the benefits to be derived.
from such an association,
,should not more zealouslY. and effec-
tively have exerted themselves to secure those advantages. to
the city of London. An institution comprising in itself an
union of every. description of mercantile interest, posseSsing a
practical aegttaintance with the trade and navigation Of the em-
pire, and an intimate
knowledge of all that locally concerns the
port of London, cannot fail to be attended with great and peculiar
advantages.,
Placed near the seat of Government, it would be ready to
furnish to his Majesty's Ministers accurate and practical in-
formation on all points Connected with the commerce of the
empire, and to submit,
as occasions arise, such suggestions as
may contribute to improve the regulations, and the municipal
and fiscal lavisaffeeting the trade, manufactures, .and naviga-
tion of the. united
.kingdoni ; it may also point out such re-
straints and burtlenS appearing to operate Nutiously upon any
branch of our commerce. •
• In looking for a•• period favourable to the establishment of
such an 'institution, it Would be difficult to find one in which it
promised to contribute more to the public advantage than the
present. The attention of the Legislature, and of his Majesty's
Government, has lately been particularly, drawn to the sub-
jects of commerce, trade, and navigation. The defects under
which the system arising out of our code of commercial law has
long laboured, have been clearly demonstrated'i•and the invalu-
able labours of the Parliamentary Committees on foreign trade
liaire led to the enactment of laws distinguished,by a more en-
larged and enlightened policy, -which • have thus given a new
character and improved principle to the commerce of the coun-
try, as well as in its mercantile relations with foreign states.
Important advantages have also resulted from the inquiries of
the Commissioners into the branches of the revenue of the
Customs and excise, by which great relief and new facilities in
the operations of trade, have been afforded, and remedial mea-
sure§ are in progress in respect to the fiscal. regulations by which
those branches of the revenue are governed. In the further pro-
secution of similar objects of great national importance, such
an institution :mist be of value to the Government itself. The
Board of Trade and other of the public departments would
find it advantageousto possess the means, as occurrences might
require, of resorting to those who, from their habits and expe-
rience, would he qualified to afford the best information, and
which, being furnished by an associated public body embracing
in itself so many interests, would not be exposed to thesuspi,
cion of interested or partial motives, both entitle their opinions
to respect, and aid most powerfully in resisting importunities
which have for their object undue protection in favour of parti-
cular classes, or the establishing of regulations for partial pur-
poses in matters of commerce, manufactures, or navigation : a
system whiCh has been the source of all those restraints falsely
called protections, that, up to a recent period.), had by degrees
so interwov6nitself with our commercial legislation, as deeply
to affect the best interests Of the British empire.
The association would. likewise afford an easy 'mode of con-
veying to the councils-of the nation the deliberate opinion of the
great mercantile • body upon any public commercial question
which might come • under its consideration, and, if required,
'furnish immediate ,;evidence on any particular points to either
"of the. }rouses of ParliaMent. Merchants and others desiToos,
of making representations to his Majesty's Government, or to
the.Boarcls of Revenue, touching commercial matters of itn-
pOrtance, might avail themselves of the practical knowledge so
respectable and useful a body would be supposed to possess,
and resort to it, in the first instance, for information and adVice.
The Chamber might, in many cases, remove misconceptions,
satisfy. parties by explanation, and thereby render such repre.
sentations unnecessary i Whereas, in cases in which it might be
expedient to memorialize the Government, the applicants might

derive the advantage of such suggestions as the Chamber could
afford; and where conflicting pretensions of parties, involving:
commercial questions of a general character, shall appear dan-
gerous to the public interests, the Chamber might also advan-
tageously lend its assistance to conciliate or reduce those pre-
tensions within just and proper limits.
Your Committee, in the progress of their inquiries, have also
availed themselves of such information as they were able at the
moment to acquire, touching the Chambers of Commerce in
foreign Europe. They find that the establishments in France
and Rolland are in each country regulated and governed by
legislative enactments ; they are also invested with a power of
hearing and determining matters in dispute between parties re-
lating to trade and navigation, and of undertaking under certain
regulations, references which are confided to sworn arbitra-
tors, selected by the directors, or boards of management, of the
respective Chambers.
To the advantages which such a regulation presents in coun-
tries in which the parties engaged in any suit, whatever may be
its issue, are compelled to pay their own costs, your Committee
can in many cases bear testimony ; at the same time, they are
sensible that a system which unavoidably exposes parties to
have their differences adjusted by judges, some of whom
frequently have an indirect interest in the question propound-
ed, and of others who from local connexions and prejudices
must find it next to impossible to administer justice impar-
tially or with satisfaction to the litigants, is open to serious
objection.
It appears, indeed, to have been complained of, and the
facilities of appeal which exist in those countries frequently de-
prive the successful party of the benefit of the judgment he may
have obtained. An attempt has been made in some of the
British commercial associations to establish a regulation found-
ed upon a similar principle, with a view to the more speedy
and economical settlement of disputes arising out of commercial
transactions. Your Committee cannot but approve of that
principle, yet consider it in practice surrounded by great dif-
ficulties ; and they are confirmed in that opinion by the fact,
that the measure does not appear to have been actually brought
into practical operation by any of the institutions before refer-
red to. Some insurance companies, indeed, lately established
in the Metropolis, have adopted a regulation of the like de-
scription in the adjustment of disputed demands, the claimants
being entitled to the option of having them determined by
arbitration.

The subject, however, is one of considerable importance,
and your Committee entertain a confident opinion, that great
advantage might be derived from the nomination of referrees,
under suitable regulations, to whom recourse might be had,
particularly in questions involving matters of account and the
usages of commerce ; the subject may therefore usefully occupy
the consideration of the proposed Chamber of Commerce ; but
it should rather be entertained as one of the many measures of
improvement which will be well deserving of its attention, than
as constituting a fundamental rule in its formation.
The importance and utility of Chambers of Commerce have
been so far admitted by the highest authority, as to have led to
the incorporation of some of them by royal charter ; and as that
mark of fivour has been graciously conferred upon establish-
ments in some of our principal outports, your Committee con-
fidently hope that the same high and distinguished patronage
will not be withheld from the proposed Chamber of Commerce
in the City of London.
Your Committee, therefore, after diligent inquiry, and an at-
tentive consideration of all the circumstances before referred to,
have no hesitation in recommending the forming of such an
Institution, to be designated " The London Chamber of Com-
- tnerce ;" and that, as soon as the details shall have been finally
arranged and determined upon, the necessary application be
made through the proper channels to his Majesty, for a royal
charter of incorporation. A draught of rules and regulations,
recommended for the government of the chamber, have been
already prepared.
Your Committee are sensible that no measures of permanent
or of substantial efficacy can be successful without cordial union
and.co-operation:; that to give full effect to such an association,
it is indispensably necessary that it should receive the support
of the leading mercantile establidnents, and also unite the
talents and experience of the most eminent commercial charac-
ters of this metro.polis; that it should be conducted upon general
and liberal principles, free from every, influence of. party pre-
judices or distinction, and that its direction be selected from
those, connected with the several branches of commerce, manu..
factures, trade, and navigation, as well as acquainted with the
local business of the port of London. And in order effectually
to secure the permanent connection of the chamber with the
g-rmt commercial interests of the metropolis, it appears de-
sirable that the representatives in Parliament for the City
of London, and the heads of leading corporations and other in -
titutions connected with .its trade, should have seats at the.
Board of Directors during their continuance in office. Your
Committee have particularly in view—the Governor and Deputy
do4ernor of ihe Bank of England : the Chairman and Deputy
Chairman of the Hon. East India Company ; the Governor;
Sub, and Deputy Governor of the Royal Exchange Assurance
Corporation; the Governor, Sub, and Deputy Governor of the
London Assistance Corporation; the Governor and Senior
Consul of the Russia Company ; the Governor and Deputy
'Governor of the Levant Company ; the Sub. Governor and
Deputy Governor of the South Sea Company; the Governor
and Deputy Governor of the Eastland Company ; the Master
and Deputy Master of the Trinity Corporation; the Governor
and Deputy Governor of the Hudson's Bay Company; the
Chairman and Deputy Chairman of each of the following
Companies—West India Dock .Company, London Dock Com-
pany, Last India Dock Company, Commercial Dock Company,
East Country Dock CompanY, Surrey Canal Dock Company ;
the Chairman of the East India Trade Committee; the Chair.
man and Deputy Chairman of the West India Merchants; the.
Chairman and Deputy Chairman .of the Society of Merchants
trading to the Continent; the Chairman of the Wine and
Spirit:Trade Committee; the Chairman of the Committee of
the Ship Owners' Sociely ; the Chairman of the Society of Bri-
tish'North America Merchants; the Chair Man of the Coin-
mitte for Managing the Affairs at Lloyd's.
Your Committee are equally impressed with a necessity of
theimrnediate management being confided to hands every way
qualified for so important a trust. Upon such a selection many
Of the advantages to be derived from the association must de-
pend; whether that object may be best accomplished by
.ap-
pointing a managing director, or a committee of management,
who shall undertake the active superintendence, or whether the
duties may be assigned to the secretary alone, with equal ad-
vantage to the commercialinterestsi your Committee will not take
upon themselves to determine ; the office of secretary, however,
will be.one of honourabledistinction, from which no-gentleman,'
whatever be his mercantile station, need to shrink ; and who, in
accepting and fulfilling the duties of it; will render a most valu-
able service to his country.
In. conclusion, . your Committee beg to disavow most dis-
tinctly, that in the.recommendation they haye felt it. their duty
to make, any disrespect hat been intended to the mercantile
associations which already exist in the City of London, no
desire is:felt to interfere with their functions or particular ob-
jects ; nor. is there,; in, the opinion of your Committee, any
reason which shoUld prevent the respectable individuals who
compose those associations from enrolling their names'amongst
the members of the proposed Chamber of Commerce; their
cordial co-operationand Support the contrary, be anxi-
ously looked for in favour of an institution which is intended:
to •be 'an encouragement and support to every description of
mercantile interest. _ _

The objects of the Chamber will be general, and such as an
institution of a general ::character alone will be` qualified to
eff'ect.

its aim will be the improvement and extension of British
commerce in all its branches, and by those means to contribute
its aid in strengthening and extending the best foundations of
the permanent greatness, power, and prosperity of the United
Kingdom.

COURSE OF EXCHANGE, March 19.
nisi et dam
Ditto, at Sight
Itotterthii 9
Antwerp l2 .2
Hamburg!' 37. I,ls
A 1 tuna
Paris,3 I)ity's sight
Ditto
Bourtieaux, ditto
Berlin

Franhforton the Main
Petersburg! . 9
Vicuna lO 9
Trieste ... . 10 9
Madrid .
Cadiz
Bi
Barcelona
Seville..... 35f ...

Gibraltar
Leghorn" •
- Gehou
Malta ,45 38i
Palermo
Lisbon
Oporto . 5l
Itio Janeiro
Bahia 5O
Dublin .... Cork pri Cent.
BULLION ,

Portugal Gold,in Coin
Forign Gold, in 13:tis s 17 6
New Doubloons .. ..
New Dollars 0 4 9*
Silver iii Barb, Slat Ward 0 0 0
.. .4