The Sun.
London, England, 1844-06-25 00:00:00

BANK CHARTER.

On the motion for the Order of the Day for going into
Committee upon the Bank Charter Bill being put,
Alderman THOMPSON said he entirely concurred
in the principle of the Bill introduced by the Right Hon.
Gentleman ; but the question was, whether the restric-
tions contained in this Bill were necessary to carry out
that principle. In his opinion they were not. For in-
stance, the Bank of England was restricted to fourteen
millions in its issues, because it was supposed that was
the capital of that establishment. But he could show
that the real capital of the Bank was sixteen and a half
millions, and they ought to be allowed to issue to that
amount. He thought it was a very hard thing if per-
sons who could give undoubted security on the loan of
money, should be refused it if they wanted it to carry on
their speculations. He had been led to believe that a
discretionary power had been vested in the First Lord of
the Treasury, the Chancellor of the Exchequer, and the
Master of the Mint, to meet emergencies. There was
no objection to the separation of the banking and issuing

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bank of issue ceasing to issue its notes. If a flank issuing
99,000/. ceased to issue to that amount, the issuing of
the Bank of England was limited to 80,000/., thus con-
tracting the power of the Bank 30,000/. Ile thought it
right to make those objections ; he made them, however,
as a Member of Parliament, and not as a member of the
Court of Directors of the Bank of England.
Mr. W. WILLIAMS was not surprised at the dislike
of the Hon. Gentleman, to see the power of the Bank of
England had been curtailed, and that he wished that a
power to issue sixteen and a half millions had been left
to them. He knew that the Right Hon. Gentleman who
introduced this Bill would be pressed by influence on all
sides. He looked on this Bill as the complement of
the Bill of 1819. While the banks had the power of
unlimited circulation, there was no class in the country
whether high or low which did not feel the effects of it.
These was unsteadiness and uncertainty in everything,
there was fluctuation from high prices to low prices.
He, therefore, looked on this measure as oae of the
greatest importance. The excessive circulation of the
Bank of England paper had encouraged speculation—it
made the country a vast exporting country. But the
foreign exchanges were soon turned against them, and
they were obliged to correct them by a large export of
bullion. In 1824, the Bank of England had over
14,000,000/. in its coffers; in December, 1825, it had lost
the whole of that bullion. The Hon. Gentleman went
on to quote the evidence of Mr. Norman, given before
the Bank Committee, to the effect that in eighteen
months no less than Nix and a half millions had been ab-
stracted from the Bank. The consequence was, that
prices rose. and the greatest sacrifices were
obliged to be made. The fact was, that
gold would not keep company with paper.—(A laugh.)
Perhaps in the first coming into operation the Bill
might not have the effect which he anticipated, but he
maintained that in the first three years of its operation
it would bring into circulation a greater amount of
bullion and paper together than had been since 1819.
Our gold and silver circulation of the present time
amounted to no more than thirty millions, whereas in
France, which had much less commerce, there was a
circulation of 100,000,000 in gold and silver. Why
should the circulation of this country, which had the
balance of trade so largely in its favour, have so inferior a
circulation ? He attributed it to the effect of the paper
currency, which sent the bullion out of the country. In
the letters of Daniel Hardcastle, published in the Times,
it was proved that during thirty years this country lost
230,000,000/. by that process alone. There could be no
doubt that the debt had been borrowed in a depreciated
currency, and was now being paid in gold. The Hon.
Gentleman then referred to the report of the Bullion
Committee in 1810, of which Mr. Horner was the
Chairman, and which showed that so great had been the
depreciation of the currency, in consequence of the in-
creased circulation of Bank paper, that it was thought
necessary by the Legislature to double the salaries of
all the officers of State, all persons in Government em-
ployment, and all persons in every avocation of life. He
was surprised that his Hon. Friend, the Member for
Lambeth—recollecting the effects of the measures relat-
ing to the Bank circulation in 1818, afterwards altered
in 1822, and recollecting the condition in which
the Bank was in 1824, and the disastrous events
which followed—could persist in his opposition to this
Bill.—(Hear.) He then read extracts from the evidence
of Mr. Richards, the Governor of the Bank of England,
before the Committee of the House of Commons in 1832,
to show what had been at that period the consequences
of the restricted circulation, which required the inter-
vention of the Government to prevent the most disas-
trous effects upon all the interests of the country. On
a previous occasion a Minister of the Crown stated that,
in consequence of the state of the circulation, the country
was within twenty-four hours' of barter. To re-
medy these evils, Mr. Canning, in 1822, brought in his
Bill, which he described figurat►vely as creating a column
of paper raised upon a basis of gold. But the result
showed that the eloquent statesman was very much mis-
taken. The consequences of all those fluctuations from
high to low circulation, were productive of the greatest
evils and distress. The depression which was occasioned
by those changes was the cause of the people of this
country 'going to the American and other foreign funds
for the more safe investment of their money. Nothing
could have stood up against those constant fluctuations ;
the changes and uncertainty in wages, employment, and
profits, could never have been stood up against but by
the industry and energy of the people of this c nintry.
They all remembered the condition into which the Bank
of Engl ind brought itself in 1838 and 1839, when, if it
had not been for the Bank of France coming to the as-
sistance of the Bank of England, the latter would
have been bankrupt. If it had not been for the
assistance of the East India Company, and more
especially of the Bank of France, the Bank of
England must have stopped payment in October, 1839.
At that time the circulation was 25,000,000 L, and now

it was upwards of 35,000,000/. Who got the advantage ?
why foreign countries. He thanked the House for
allowing him to make this statement. He would put it
to the House whether something should not be done to
prevent this country going as a mendicant to the Bank
of France. If the House allowed its paper currency
still to continue as it was now, they might depend upon
it ruin must eventually. come. He thought the present
measure was a most comprehensive one, and be should
therefore give it his support.
Mr. MASTERMAN urged on the Government the
re-consideration of the question of the contraction of
the issue upon securities by the Bank. At least he
trusted that they would shorten the time for that con-
traction. He thought country bankers ought to have
more time to return their averages.
Mr. MUNTZ said, that after thirty years of blunder-
ing, according to the speech of the Hon. Member for
Coventry, they had got into Paradise, but he had for-
gotten to state what that Paradise was. It was being
heavily taxed, and pressed down with a property-tax.—
(Laughter.) Subject to a corn tax, your labourers
starving, and being beaten by the other markets of the
world. The Hon. Member then proceeded at some
length to argue that there ought to be a relative value
between gold, silver, and corn, and concluded by moving
that the House should go into Committee on the Bill
that day six months..
Sir R. PEEL said he thought the House would not
countenance the present attempt of the Hon. Member
(Mr, Muntz) to go into Committee. In former stages of
the Bill, the principle of the measure hal been thoroughly
discussed ; and yet the Hon. Gentleman had not com-
bated the measure of the Government when those oppor •
tunities offered, but had' taken advantage of the
present occasion to reply to speeches made six or
seven weeks ago. The Honourable Member for
Birmingham professed to be in favour of a
metallic standard, but still for so using and abusing it
that the man who gave one hundred hard sovereigns for
stock would in a few days find that that stock would
bring to him no more than ninety-five pounds. As an
advocate of a metallic standard his (Mr. Muntz's) views
were absurd and impracticable ; such as be was sure,
though Hon. Members might in courtesy listen to, they
would never adopt. He (Sir R. Peel) thought it best to
say at once that it was impossible for the Government to
accede to the alterations which from various quarters
had been proposed. Still there were some modifications
which the Government had thought it its duty to agree
to, and especially one as to the issues of private bankers,
which it was proposed should now be ruled by the
average of the twelve weeks preceding the announce-
ment of this measure. Regarding the issue of private
banks all the Government required was that they should
confine their issue within the maximum, and instead of a
week a month's average would be allowed. On the 10th
of October the limitation of issues would commence. He
hoped the dread of a penalty and the fear of exposure
would prevent any danger of excessive issue from taking
place. With these explanations he hoped the House
would now proceed to the consideration of the Bill in
Committee.—(Hear.)

Mr. HLTME said the chief danger of the proposed
plan was the permission of the legal tender system to
continue. When bullion began to disappear from the
coffers of the Bank of England the country bankers just
at that moment became clamorous in their demand for
gold, and thus embarrassments would be generated. He
did not wish to waste the time of the House by useless
discussion, and, therefore, if the Right Hon. Baronet
told him he had considered the legal tender clause and
come to a determination thereupon, ;whatever his course
might be, he (Mr. Hume) would not press his amend-
ment. Ho wished to know whether the Right Hon.
Gentleman meant to continue that clause ?
Sir ROBERT PEEL said he did not mean to disturb
unnecessarily the existing state of things and create a
shock in the monetary affairs of this country. The pre-
sent legal tender clause would, therefore, be continued.
Mr. WALLACE supported the amendment, and
thought the measure of the Right Hon. Baronet would
be ruinous to the kingdom both in its foreign and do-
mestic relations. A worse time could not be selected
for such a change, as they were on the eve of a bad har-
vest ; and what with a deficiency of corn, and a deranged
currency, the condition of this country would he feared,
be disastrous in the extreme.—(Hear.)

Mr. BARNARD said a few words which were not
audible in the gallery.
Gen. JOIINSON said they wore living under an arti-
ficial system, and he considered that under such a
system, an exclusively gold currency would be impossi-
ble. They were trying to procure low prices in con-
junction with high taxes—(Hear, hear) which would be
found impracticable. However, there seemed to be
nobody to oppose the plan ; it was supported by the
country gentleman, who, lie predicted would eventually
suffer from it.

Colonel SIBTHORP objected to the limitation of the
circulation of notes; the one pound notes were called
dirty paper; but he had always found them very useful
paper.—(Laughter.) He had every confidence in the
Right Hon. Baronet, and in his knowledge of this ques-
tion, but he could not see that there was any reason for
limiting the paper circulation of the country. Great as
he believed the talent of the Right Hon. Baronet to be,
he thought his present measure a somewhat wild one.
Mr. HUME explained that he had never been an ad-
vocate of a paper currency.
After a few words from Sir R. PEEL, in answer to
a question from Mr. MORRIS,
Mr. MUNTZ said the Right Hon. Baronet had
charged him with cheating or robbing; he did not know
whether he meant anything personal—(Laughter)—but
his exertions were on behalf of the poor, to prevent
them from being cheated and robbed, as by the Hon.
Baronet's corn-law, along with his money-law, they
certainly would be.—(Hear, hear.)
Sir WALTER JAMES questioned the Right Hon.
Baronet's definition of a pound, which he took as
the basis of his principles. But if the correctness of the
Right Hon. Baronet's premises were granted, the jus-

could not be denied. Lie had
ea, aLtAint.on to the subject, but had not been
u ',119 mind upon it, and he.shouicl decline

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!,krity Motion 187
The *Zotisa their went into Committee, Mr. GREENE
in the Chair.
Clause 1 will agreed to.
Un elau,e 2 being proposed •
Me. NEIVDF:GATE roe to bring forward the
motion of which he had given notice.To judge from
the effect of 1819, it was impossible not to ce•nclude that
the effeet of this measure would be an increase of
prices at least to the amount of twenty per Cent. Taking
into account the increase of population, since that period
it was evident that the Bill must operate very seriously
to the injury of the working classes.—(Hear, hear.)
The exchanges would be turned against this country.
There were two ways in which the adverse exchanges
operated. First there must be an exportation of bullion
to meet the foreign demand, and then there must be a
large drain of gold from the Bank to meat the demands
of the country occasioned by the panic necessarily
arising from the same cause. The House had just
divided, arid he had found himself in a minority of
eighteen, but if this Act were in operation, to its ap-
pointed term, and it should then be proposed to renew
the measure, the minority would be much larger. He
solemnly protested against the measure as not adapted
to the circumstances of the country. The very restric-
tien the clause imposed on the issue of securities com-
pelled him to divide the Committee upon the question
that the blank be tilled up on the clause with the words
22 millions instead of 14 millions, the former sum being
the average of the last twenty-three years.
Sir P. PEEL could not but think that gentleman had
greatly mistaken this question. They seemed to think
that this measure restricted the Bank to issuing
14,000,000/. ; it did no such thing ; for when the Bill
passel there ;gas nothing to restrain the Banking De-
partment from issuing 22,000,000/. or 24,003,C OJI, or even
23,000,000/. If power was given to issue 22,000,0001. on
securities, it would leave money to issue on bullion. The
Ilor. Member proposed that the Bank should issue
22,000,0001. on securities ; if it did so, it would be ruined
directly, because it would have no bullion to meet its
issues. He considered the whole of the Hon. Gentle-
man's speech as directed not against this measure, but a
metallic standard, and to say that the old metallic stan-
dard was to be kept up in the present condition of the
country, was to state that which was impossible. He
felt sure his lion. Friend would not press his amendment.
Mr. GISBORNE wished to ask if the Bank was to
have the power of issuing Bank post bills to an un-
limited extent.

Sir R. PEEL' said that as to these bills they would
be regulated by the general principles of. the measure.
Mr. M. PHILIPS was of opinion that the measure
of the Right' Hon. Baronet would have the effect of
maintaining steadiness of price, and it was therefore a
measure which would confer great benefit on the
country. He felt that it was the duty of every member
who was in any way connected with those places in
which labour was largely employed to give this Bill
their fullest and best support.
Mr. H. PALMER argued that it would be impossible
for the Bank always to have it in its power to provide
gold for any demand which might be made upon them
in respect of Bank of England notes in circu-
lation. Speculations of all sorts, and the gold
requisite at certain times for the purchase of
corn, would preclude the possibility of this.
If the circulation was to be confined to 14,000,0004 they
would rue the day that ever they passed it.
Mr. KEMBLE should vote against the amendment.

Mr. C. WOOD supported the
Mr. NEWDEG ATE replied, withdrawing his amend-
ment.—The clause was then agreed to.

The House then resumed, the Chairman reported pro-
gress, and obtained leave to sit again on Thursday.
The Education Bill was read a second time, and
ordered to be committed on Thursday.
The Salmon Fisheries (Scotland) Bill was read a third
time and passed.

The otlier orders of the day were then disposed of,
and the llouse adjourned at Ten minutes past One.

UNION BANK OF AUSTRALIA.
Yeste:day the half-yearly meeting of the shareholders
in this Bank was held at the office, 38, Old Broad-street.
The secretary having read the report, which stated tjiat,
owing to a sum of 15,0001. having been transferred from
the net produce on trade for the purpose of covering
doubtful debts, the dividend for the shareholders would
be consequently lessened, the Chairman said, that owing
to the great distress which prevailed in the colony, it
was a matter of surprise that they were enabled to lay
even such a favourable report before the shareholders.
The Directors, anxious to protect the interests of the
Bank, had issued directions to their several agents to be
particularly cautious in all transactions at the branch
banks. By the last accounts from Australia it appeared
that the commercial and agricultural prospects of that
colony were much more cheering than they had been
when the last meeting took place. He felt happy, under
all the circumstances of the case, to state that a divi-
dend -at the rate of 6 per cent. per annum would be de-
clared upon the last half year. In reply to a question
from a proprietor, he stated that at Sydney the rate of
interest at which they discounted was, for short bills
6 per cent., and for long bills 8 per cent. ; at other
branches the rate of discount was 8 and 10 per cent. A
ballot for the election of Directors took- place, when
Messrs. Gardner and Buckle were unanimously re-
elected, and the meeting separated.

COLOMBIAN MINING COMPANY.

A special general meeting of the Shareholders in this
Company was held yesterday, at the office, 44, Fins-
bury-square, for the purpose of increasing the capital—
a step rendered necessary by the acquisition of the pro-
perty called Ventongimps, which adjoins the Company's
mines in Cornwall. Mr. P. Stainsby in the chair.
On the motion of Mr. G. W. Scorr, seconded by Mr.
THOMAS, it was unanimously resolved, that 1,200 new
shares of 5/. each be issued ; and the Directors were
empowered to issue certificates for the same, each certi-
ficate to represent three shares, in such form as they
may deem expedient. The sum of a per share on such
new shares to be paid, by three instalments of IL each,
on the 26th of July, 26th of September, and 26th of Ja-
nuary next, but no certificates for new shares to be issued
until all such instalments are paid.

MR. GLADSTONE'S .BILL ON
RAILWAYS.

Prints have just been issued of " A Bill to attach
certain conditions to the construction of future Railways,
authorised or to be authorised by any Act of the pre-
sent or succeeding sessions of Parliament, and the other
purposes in relation to railways," brought in by Mr.
Gladstone and Mr. Greene, and ordered by the House
of Commons to be printed, 20th June, 1844.
This Bill comprises 48 clauses. The preamble recites
that " It is expedient that the establishment of new lines
of railway should not be authorised, unless such con-
ditions as are hereinafter contained for the benefit of
the public." Clause 1. enacts that " Bills of future
railways shall be liable to revision ; and that above the
clear usual profits divisible upon the subscribed and
paid-up on capital stock of any new line of railway,
track, or branch, to be established after the Ist January
next after passing of the Act for such railway.
" Upon the average of the three then last preceding years,
shall equal or exceed the rate of ten pounds for every hun-
dred pounds of such paid-up capital stock, it shall be lawful
for the Lords of the Committee of Privy Council for Trade
and Plantations, upon giving to the said Company one ca-
lendar month's notice in writing of their intention to revise
the scale of tolls, fares, and charges limited by the Act or
Acts relating to the said railway, and to fix such new scale
of tolls, fares, and charges applicable to such different classes
and kinds of passengers, goods, and other traffic, as in the
judgment of the Lords of the said Committee, assuming the
same quantities and kinds of traffic to continue, shall be
likely to reduce the said divisible profits to the said rate of
ten pounds in the hundred."

Clauses 2 and following ones provide for deduction, by
Lords of said Committee, for amount of losses by any
bad main:gement of the Company, from amount of the
sum to be paid to Company in respect of such guarantee.
Revised scale of toll, fares, and charges, as fixed by the
Lords, to take effect on being published in the London
Gaz2tte. This revised scale may be raised by Board of
Trade, but not lowered, without consent of the Company,
for seven years. No Company, while under such revi-
sion of its affairs, tolls, &c., to increase its capital. Board
of Trade may, institute regulations as to the Company's
traffic. As to option of purchase, clause 7 enacts
" That whatever may be the rate of divisible profits in
any such railway, it shall be lawful for the Lords of the said
Committee, if they shall think fit, at any time after the ex-
piration of the said term of fifteen years, to purchase any
such railway, with all its hereditaments, stock, and appur-
tenances, in the name and behalf of her Majesty, upon giving
to the said Company one calendar month's notice in writing
of their intention, and upon payment of a sum equal to
twenty-five years' purchase of the said annual divisible
profits, estimated on the average of the three then next pre-
ceding years ; provided always, that if the average rate of
profit for the said three years shall exceed the rate of ten
pounds in the hundred, it shall be taken at only ten pounds
in the hundred, for the purpose of calculating thereon the
amount of such purchase money."
Clause 8 provides the mode in which, when the profits
have been reduced by revision, the average is to be
calculated.

Clauses 9 to 24 enact that a company shall deliver up
a railway in a state of sufficient repair, and with a suf-
ficient working stock ;--amount of depreciation in stock
to be deducted from purchase-money. Interest upon
debts to be deducted in estimating the profits ;
mode of estimating divisible profits where railway
is under lease. Accounts to be kept and to be
open to the Board of Trade ;—Purchase-money to
be paid to the Directors. Receipt under the come
pany's seal for purchase-money to be a good discharge.
On payment of purchase-money, the railway and works
to vest in the Crown ; but contracts, &c., made with the
company to remain in force. Proviso—Leases or can.
tracts affecting the working of the railway ; actions, &c.,
not to abate. Differences to be settled by arbitrators,
who are to be appointed within fourteen days, and va-
cancies of arbitrators to be supplied. Appointment of
umpire. Bower of arbitrators to call for books, &c.
Board of Trade not to be personally liable.
Clause 25. " Companies to provide one cheap train,
each way, daily," has been proposed with ct degree of
considerate regard for the wants :10 tae interest's, and
we may add, the feelings, of the poor, of which we find it
difficult to say too much in commendation. The clause
is in these words :

" And whereas it is expedient to secure to the poorer
class of travellers the means of travelling by railway At
moderate fares, and in earriagea in which they may be pro-
tected from the weather; he it enacted, that on and after
the several days hereinafter Bpeclfied, all railway con,,,,puiest
which shall bave been Incorporated by etrty Act of the
present seasion, or which shall be bereaftr incorporated, q
which, by any Act of the present or any future sassi9,4;.llx,e,
obtained or shall obtain directly or unbirectli extia*

or amendment of the powers conferlta on them respectively
by their previous Acts, or have been or shall be authorised to
do any act unauthorised by the pro Visions of such previous
Acts, shall provide one train of carriages at least to travel
along their railway from one end to the
,ether of each trunk
branch, or junction line belonging to them, once at least'
each way, on every week day; by which they shall be bound
to convey such third-class passengers as may come to aisy of
the ordinary stations of the railway, under the obligations
contained in their several Acts of Parliathent, and also under
the following conditions (that is to say)
" Such train shall start at a convenient hour, to be from
time to time fixed by the directors, subject to the approval of
the Lords of the Committee of Privy Council for Trade 'and
Plantations:

" Such train shall travel at a rate of speed not less than
twelve miles an hour, including stoppages :
" Such train shall stop for taking up and setting down pas-
sengers at every station which it shall pass on the line :
" The carriages in which passengers shall be conveyed by
such train shall be provided with seats, and protected from
the weather, in a manner satisfactory to the Lords of the said
Committee :

" The fare or charge for each passenger by such train shall
not exceed one penny for each mile travelled by him or her :
"Each passenger by such train shall be allowed to take
with him half a hundred weight of luggage, not being mer-
chandise carried for hire, without extra charge; and any-
excess of luggage shall be charged by weight at a rate nut
exceeding the lowest rate of charge for passengers' luggage
by other trains.
" Children under three years of age, accompanying pas-
sengers by such train shall be taken without any charge, and
children of three years and upwards, but under twelve years
of age, at half the charge for an adult passenger.
" And with respect to all Railway Companies subject to
these obligations which shall be open on or before the Ist day
of October next, these obligations shall come into force on
the said Ist day of October; and with respect to all other
railways subject to this obligation, it shall come into force on
the day of opening of the railway, or the day after the last
day of the session in which the Act shall be passed, by reason
of which the Company will become subject thereunto, which
shall first happen.'
Subsequent clauses vest in Board of Trade a discre-
tionary control over these cheap trains, and a power of
allowing alternative arrangements ; enact that tax upon
receipts from passengers carried at ld. per mile, shall not
exceed half the amount of tax on general receipts ; that
certain companies shall convey military and police forces
at certain charges under sth and Bth Victoria, cap. 55;
and that railway companies shall afford additional faci-
lities for the transmission of mails under Ist and 2d Vic.,
cap. 98.

Clause 31 is very important, as it requires railway
companies to allow lines of electrical telegraph to be es-
tablished, as well as by private parties (to be open to the
public), as by order, and servants of the Lords of the
Board of Trade. Access to stations that will thereby
become requisite to be granted by company. Ap-
pointment of Inspectors by Board of Trade, provided for
under 3 and 4 Victoria, c. 97 continued ; and other
powers under same Act extended ; and some repealed.
Board of Trade may direct prosecutions to prevent Rail-
way Companies from contravening or exceeding the pro-
visions of their Acts ; due notice to be given to such
Companies. Such prosecutions to be under the Board of
Trade, and within one year after the offence. Companies
empowered to enter into engagements or contracts with
the Board of Trade, and may give security for the fulfil-
ment of engagements. Issue of loan-notes, and other
illegal securities, by Railway Companies prohibited ;
loan-notes already issued to be paid off when due ;
registry of loan-notes. Remedy for recovery of tithe-
.rent charged on railway land. The other clauses re-
gard mere working details, such asitervice of notice, &c.
ELECTION OF SHERIFFS.

Yesterday a Common Hall was held for the Election
of Sheriffs for London and Middlesex.

Alderman William Hunter, (of Coleman-street
Ward) and Mr. Thomas Sydney of Ludgate-Hill, were
unanimously elected. The latter gentleman was pro-
posed by Mr. Dillon, of the house of James Morrison
and Co., and Mr. Obbard, the Deputy of
.the Ward in
which Mr. Sydney resides.
The two newly-elected officers, in returning thanks,
stated that they would do all in their power to convince
the Livery that the election had fallen upon persons who
were capable of estimating the honour conferred upon
them.

Mr. RICHARD TAYLOR said that as an old citizen he
should avail himself of a privilege which every one of
them possessed, of saying a few words on a subject not
irrelevant to the occasion on which they were assembled
—the administration of justice. He need not remind
them how intimately the office of sherK and the power
of the citizens to elect the sheriffs; was. connected with
the pure administration of justice ; and he had read
with so much satisfaction, a sentiment delivered very
recently by the present Lord Chief Baron, that he could
not forbear yielding to the wish to impress it upon the
minds of his fellow-citizens. " With respect to the ad-
ministration of justice," said Lord Chief Baron Pollock,
" he was satisfied that, so long as the people of this
country possessed that independence which he had seen
them evince on many occasions in thenssertion of their
own rights, the judges would never be found wanting in
the independent and impartial discharge of their duties."
—(Cheers.) Here there was a full recognition of the
all-important principle that the public spirit of the people
in the maintenance of their own rights was the best safe-
guard for the independent and impartial discharge even
of the highest judicial duties and he might at the pre-
sent time, remind them of the supreme zmportance of
the pure administration of justice, not only in England,
Scotland, and Wales, but also in Ireland.—(Applause
and murmurs of dissatisfaction.) They were all agreed,
no doubt, that here in England packed juries, partiality
in judges, attempts to put down the free expression of
opinion, and the cashiering of independent magistrates,
would be considered abominations net to be tolerated.
Why, then, if they were friends to union with Ireland,
were such things to be endured in the Sister Island ?
(Cries of " Hear," and strong expressipns of disappro-
bation.) " Gentlemen," said Mr. Taylor, "I shall con-
clude by merely expressing an earnest hope that a re-
quisition may be made to his Lordship for a Common
Hall, in which we may have a full opportunity of ex-
pressing our feelings on this important subject,—(" Hear,
hear," and " No, no.")
The Chamberlain, the Bridge-Masters, and the other
officers annually chosen by the Livery were elected.
THE CHAMBERLAIN'S ACCOUNTS OF THE CORPORATION

FUNDS, &C. &C.
The auditors of the City accounts handed in the fol-
lowing report, which contains an exact statement of the
Corporation finances :
" We, whose names are hereunto subscribed, elected
by the Livery of London, in Common Hall assembled,
on the 24th of June, 1843, auditors of the Chamberlain's
accounts of the Corporation and Gresham Fund, and of
the Bridge-Masters' accounts of the Bridge-house es-
tates, do report ;

" That the amount of the receipt and expenditure of
the Corporation of London, laid before us to audit, was
the twelfth annual account of Sir James Shaw, Bart.,
Chamberlain of this City, from the Ist of January to the
31st day of December, 1842, both inclusive, which we
carefully examined in detail, and find—
That the balance of cash upon the
account on the 31st December, 1841,

was
That the receipts of the year ending
31st December, 1842, including
6,5001. produced by the sale of
stock, and applied in the purchase
of freehold property, were 160,990 19 6
That the expenditure of the said year
as appears by the general vouchers
and documents laid before us by the
Chamberlain, amounted to 166,096 L
2s. 3id., (including 6,5002 paid for
freehold property before alluded to,
and 1,3961. 15s. I Id. applied in the
purchase of Government securities) 166,096 2 3}
Leaving a balance upon the account
on the 31st of December, 1842, of 16,451 9 4i
" A brief statement of the receipt and expenditure is
appended hereto (Appendix A).
" In the further prosecution of the examination re-
ferred to us, we found that certain debts, arrears of rents,
dues, and Government securities were due and belonging
to the Mayor and commonalty and citizens on the 31st
December, 1842, and that they were at the same period
answerable for debts, claims for interest, and other pay-
meats.

" We have therefore directed a balance statement of
such assets and liabilities to be hereunto annexed (Ap-
pendix B), by which it is shown that there is a cash
balance in favour of the Corporation of 22,532/. 19s. 7id.,
after providing for all claims and demands upon them •
also 38,531/. 75.4 d. Three per Cents., and 21,073/. ss. Id.
Three-and-a-Half per Cent. Stock, exclusive of the value
of their freehold and leasehold estates.
" In reference to a recommendation made last year by
the auditors, ' that some efficient steps should be taken
to provide, as far as possible, against diminution of in-
come, on the falling in of certain extensive leasehold
property in the year 1867,' we have the satisfaction of
reporting that the subject has been considered by the
Corporation,'and a scheme having been approved of by
them, directions had been given to prepare an act of
Common Council in order to carry the same into effect.
" We also beg to notice that a, certain rent issuing out
of the manor of Holcut, in the county of Bedford, is still
considerably in arrear, notwithstanding the auditors di-
rected attention to the circumstance in their last report.
" The Gresham account laid before us for examination
was also the 12th annual account of Sir James Shaw,
Bart., as Chamberlain, of the produce and expenditure
of the City's moiety of the estate, held under the will of
Sir Thomas Gresham, Knt., being from the 10th of Oc-
tober, 1841, to the 10th of October, 1E42, which we have
also examined, and find

That the amount of cash in advance by
the Chamberlain, on the account
ending 10th October, 1841, was
That the expenditure of the said ac-
count far the year ending 10th Octo-
ber, 1842, amounted to
That the receipts of the said account in
the same period were 35,779 3 8
Lea Ting a balance to the credit of th•
account of
A brief statement of the receipts and expenditure
we have caused to be appended hereto (Appendix C.)
't We find that the City s moiety of the estate was in-
debted on the 10th of October, 1842, the sum of 30,0004
borrowed towards re-building the Royal Exchange after
its recent destruction by fire in the year 1838 ; and that
it wiAs also indebted to the Corporation 20,000 L; remain-
ing of the sum advanced to re-building the Exchange
after the fire, 1,6661.
"The account of the Bridge-house estates laid before us
to audit was the account of Joseph Watson and David
Gibbs, the Bridge-masters or wardens, from the Ist of
January to 31st of December, 1842, which we have slob
carefully examined, and find
" That the balance of cash is hand on 31st December,
1841, was .................................. . £1,850 15 41
That the rents at the land estates and
other receipts of the year ending 31st
Pecember, 1842, were

Making togethq £34,975 8 2i

That the disbursements of the saidyear, r : .
including the sum of 23,553 L 15s. 11d.
paid to the Chamberlain of London,
under %
thevilit 4th, C. 118,
ets4thGeo. 4th,
respecth,c
.5t
and
••-
of re-building. London-bridge and
rt-nairing Blackfriars- bridge, were... 33,888.13 10
e• Leaving a balance in hand on the 31st Dec.;1849, of
1,0861. 12s. 4id. In addition to the said isalationof cash
in hand, we found that there were other assets belonging
to the trust, on 31st Dec., 1842, exclusive of the value
of the Bridge-house estates ; viz., rents due at Christmas
1842, 14,2811. 15s. 81d., and 9,003 L 16s. 6d.;-Ctonsols in
the hands of the Accountant-General of the Court of
Chancery.
- •
" The auditors in concluding this their -report- beg to
express their most unqualified approval of the system of
accounts adopted by the Corporation, enabling them to
ascertain (with as little labour as is possible in transac-
tions of such magnitude), thecorrectness of the accounts,
as well as the exact position of the Corporation.
" And they cannot but record their satisfactien. at the
beautiful and accurate way in which the, acconnts are
kept, and their approbation of the attention and assi-
duity of the official gentlemen whose duty it is -to-pre-
pare, explain, and lay the same before them, • •
(Signed) " J. MARTIN DERMER.
RICHARD WALTER.
JAMES JARDINE.
W. SHEPHERD.
" Guildhall, May 17, 1844."
APPENDIX A.
A brief statement of the Corporation receipt and ea.
penditure for the year ending 31st Dec., 1842 ;t-- -
RECEIPT.
Balance on the last account . £21,556 12 411
Rents and quit rents
Renewing fines
Markets
Tolls, duties, and offices
Bequests
Brokers' rents and fines 3,833 0 0
Freedoms, &c 3,560 3 2
Interest on Government securities
.2,100 9 I
Casual sundry and incidental receipts "2,837 11 -1
Sale of Securities 6,500 0- 0

£18Y,547. 11 8

EXPENDITURE.
Charges on the Contra Rents, &c., viz.—
Charges in aid of public improvementsill,soo .0 0
Charges on the Corporation rental •7;546 .I. 1
Charges on the markets :8,879 .4 1
Charges on tolls, duties, &c. 22,0741 2 1 1
Charges on brokete rents 303 13 0
Payments in relief of a Counirßate on
the Inhabitants, viz.—
Magistracy expenses 7,850 8 5
Police expenses
Newgate Prison
House of Correction 6,801 14 11
Debtors' Prison 6,561 15 111
General prison expenses ' 19 4 6
Administration of criminal justice
Office of coroner ' 224 2 8
Civil government of the City 28,586 6 9
Conservancy of Thames and Medway 4,612 17 5
Magistracy of Southwark and Borough • -
Conipter
Charitable donations, &c. 9,296 8 0
Payment in respect of extinguishing the .
right of alienation of offices .
Bequests
Sundry and miscellaneous expenses 10,284 18 4
Interest and annuities
Purchase of securities
Purchase of property 6,500 0 0

166,096 2 8
Balance on the account, 31st Dec. 1842 16,451 9 4

4184,547 11 81
APPENDIX B. .
The Balance Statement of the Arrears of nen* Duties,
Government Securities, tic., due and belonging to the
Corporation of the City of London, on the 31st of
December, 1842, and of the Claims and other engage.
menu _chargeable on the Corporation at the same
perkxl.

LUDLUM&
To amount remaining of
150,000/. borrowed
under the authority of
the Act for the re-
moval of Fleet-market £lO,OOO 0 0
To amount now owing
of the sum raised
under the Act for
making a street at
Holborn-bridge

For half a year's
_pay-
ment due to the Lon-
don-bridge Approaches
Fund ,
For annuities on lives
remaining unpaid
For interest on 10,000 L
remaining of the sum
borrowed- for the re-
moval efFleet-market 175 0 0
For ditto on the sum
borrowed Under the
Act for making a uew
street from Holborn-
bridge .
For compensation allow-
ances payable to late
Deputy Sea-coal Me-
ters, and others. 2,969 19

5,750 0 0

568 8 9

10,319 19 4

66,212 19 4
Cash balance in favour of the Corpora-
tion, 31st December, 1842 22,532 19 7}

£88,745 18 111

ASSETS.

Balance of cash in hand on 31st of Pe-

.C 16,451 9 41
comber, 1642
By arrears of rents, City
of London and Liber-
ties £19,294 17
By arrears of counties of
Middlesex and Surrey 4,797 6 11
By arrears of Irish quit
rents
By arrears of tenancies-
at-will
By arrears of City's pro-
bortion of the Fins-
ury estate
By arrears of markets,
tolls, duties, &c.
By arrears of brokers'
rents 4,892 0 0
By arrears of casual re-
ceipts
By arrears of freedoms
voted to be sold for
City's use
By arrears of fees on
the admission of free-

96 1 11

951 4 01

530 0 0

107 2 6

men
By arrears of interest on
Government securities 561 13 4

32,364 14 II

Debt from the fund for
lighting Blackfriars-
bridge .. 4,959 15 5
Debt from the fund for
improving the navi-
gation of the river
Thames 15,000 0 0

Debt from the City's
moiety of the Gres-
ham •,
estate

39,989 15 1

488,745 18 11*
GOVERNMENT SECURITIES ALSO BELONGING TO Tag

CORPORATION.

A capital of Consolidated Three per
Cent. Annuities 430,350 9 2
A capital of Reduced Three per Cent
Annuities B,lBO 15
A capital of Reduced Three-and-a-Half
per Cent. Annuities 91,b73 5 10
Note.—The above is exclusive of the value of the
Corporation estates.
APPENDIX C. '
A brief statement of the receipt and expertditure of
the City moiety of the estate of Sir Thouias Ureahaaa.
Knight, for the year ending 10th October, 1544
RECEIPTS.
A moiety of rent of Excise-offico 4500 0
Interest on stock 1 2
Sale of stock - Nal*. 2 6
Amount received on account of loan to- - • • -
wards building the Royal Exchange 30,000 0 0

£35,779 3 •
EXPENDITURE.
Balance overpaid on the last account £3so 18 14
Salaries to lecturers on divinity, geome-
try, astronomy, law, and music 463 • 0
Allowances to poor pensioners 5O 0 0
Allowances, clothing and coats to Alms-
men, and repairs to the alms-houses 806 5 3
Taxes. &c., in respect of the late Royal
Exchange
Salaries to clerk, Exchange keeper,
constables, &c.
Incidental charges and expenses
On account, building the new Gresham
. ••• 2,000 0 0
College
NEW ROYAL EXCHANGE.

338 11 4

Laying the first stone
On account of foundation and rebuilding 22,460 0 0
On account of carving and sculpture
On account of Architectural Commis-
sion
Interest on loan
Committee's expenses (3 years) 76 0 0
Snndry expenses • 11-8.9 6

:429,038 0 4
Balance on the account 10th Oct., 1842. 6,741 3
,4

£35,779 3 :43
(Signed) BENJAMIN SCOTTi--
Chamber of London, May 17th, 1844. -
A Court of Aldermen was held, after the pribeedialgs
at the Common Hall were terminated ; but nothing, of
any public interest occcrred.

•
IMPRISONMENT FOR DEBT.—There ire et remit,
in the town prison here, four mon for debt, whose onitied
amounts, exclusive of costs, do not amount to at wo
wonder we have a heavy county rate if eve town in
Glamorganshire keeps pace with Cardiff— •
shire Afer/iw.