The Sun.
London, England, 1845-09-29 00:00:00

MITCHAM.

Lawrence, c Houghton, b Brockwell
Richardson, b Gardner l6
T. Sewell, c Denison, b Brockwell 29
Russell run out
W. Chadbaud, b Gardiner
A. Chadbaud, b Paul
Stovell, c Gardiner
Sutton, c Brockwell, b Gardiner
Lunt, c Whyting, b Gardiner
Sherman, not out
H. Hoare, Esq., b Brockwell..
Byes 6, wide (Gardiner 2, Paul 1, Brockwell 1) 4.. lO
Surrey, therefore, won by one run. 90

4

THE CURRENCY AT MALTA.
(From a Malta Paper.)
It was with the greatest satisfaction that we learnt of the
. renewal for the rest of the present and the whole of the en-
suing year, of the convention between the banks and mer-
chants to receive the Sicilian dollar at 4s. 2d., and also the
Maria Theresa dollar at the same rate, and the Spanish dollar
at 43. 4d.

We bail this measure as an example of uniformity of action
between the British and native merchants, which we trust
will be followed in future on all similar occasions, whence no
little good must result to this community. We hail it as a
proof that the bank committees know far better what is bene-
ficial to these inhabitants, even in regard to so extended,
complicated, and widely-ramified a subject as that of the
currency of the island, than my Lord Stanley with all his
under-secretaries. We had it as a legal act of self-defence
against a Ministerial act of spoliation, adopted in a manner to
convince the Minister that there are men in this colony, as
well as at home, who have the courage constitutionally to
resist acts of robbery which at home would not be suffered for
a moment. But above all do we hail it as a conclusive proof
that this island can never be well governed until it enjoys a
real Council of Government, effectively representing tine in-
habitants, and actuated by a sense of what the public good
requires. Neither would such a council be wanting here for
any length of time, were the English to join with the Maltese
in endeavouring to obtain it ; for a greater anomaly does
not exist on earth than that the British subject on his arrival
at Malta should possess fewer of the rights his birth entitles
him to than he does even in a province of Turkey.
But, returning to our subject, some of our contemporaries
are advocating, as a standard of currency, the coinage of a
colonial dollar. The idea is singularly absurd! If the pro- I
posed dollar were to be of standard silver passing at ILS
intrinsic value, it would immediately disappear from circ,i-
lation. Every dormant capital would be replaced by it; or t
of Malta it would be everywhere saleable; it would get d's-
persed in other countries where it was not current, and
where, there being no incitement to send it back again to
Malta, it would infallibly get melted down, and converted
into the ordinary uses of bullion. If, on the contrary, such
dollar were to be of an intrinsic value sufficiently less
than its nominal one to keep it in the island, we should
then find ourselves where we are at present with the
British silver, obliged to D.,. +" mesnicimimc fer qve
Al* we wont -ft.:±l2v2l,.BgAu-
tu which vro pay
for them, for surely no one would sell us dollars for less than
what it would cost him to replace them. This in sub-
stance would be taxing Malta in favour of the mother
country, as is attempted to be done at present. For the-
alloy of the coin would be gained by England, and lost by
us in purchasing dollies for, or in paying for, articles from
abroad—in which operations we could only pass them at
their real value, against the foreign coin or the goods repre-
senting foreign coin at a nominal one. To the extent of tit!,
loss everything would rise in price, and this would be equi-
valent to having a cut rency at a discount, or in all operations
except between the people and the Government; or, in other
words, it would be having a local standard of currency men-
mired by a foreign standard, so that the real standard after
all would be the foreign coin, or articles imported represent-
ing it, and with the additional disadvantage, that the foreign
coin not being current in the island, there would not be, as
my Lord Stanley calls it, free access to it at all times, and
therefore we should have to pay something more for it, for
no one would keep it on hand for us without at least getting
interest on his money. We pity the want of intellect of any
one who cannot understand the absolute necessity in a place
which is all the year round purchasing articles for cash from
neighbouring States, of having a coin that is current in these
States.

But, above all, what a precious currency would be that
e., the colonial dollar) which could neither be expanded
nor contracted—to which no addition could be made when a
want of circulating medium was experienced, and which had
no outlet when too abundant ? We should wish our contem-
poraries to tell us•what amount of colonial coinage they would
recommend to be put into circulation, stating to us the data
on which that amount is calculated. To do this, however,
we apprehend that they would have to go into a sea of ave-
rages and statistics. with which they have never troubled
their heads, and which would only end in showing the ab-
surdity of the idea of a colonial coinage.

A currency without elasticity is hardly any currency at
all. It cannot meet the varying wants of the community.
The elasticity of a currency is produced, generally, by the
representatives of value being common to all countries, so
that supplies can be had from abroad and locally by banks
and capitalists. This elasticity can never be wanting where
the standard is gold at the generally established rates in bul-
lion markets. In Malta, it is insured by the currency in the
island of certain foreign silver coins. To tie Malta down to
a certain amount of a local currency, would be like setting a
man to run a race in a suit of armour. We do not think it
necessary to follow the subject though its other ramifications,
in order to show that a local coin cannot possibly meet the
wants of the island.
The following is the new convention between the banks
and the mercantile classes :

" THE NEW MONETARY CONVENTION OF THE BANKS AND
MERCHANTS, &C., OF MALTA.
_ _

" We, the undersigned, presidents, directors, and share-
holders, of the Anglo-Maltese and Malta Banks, and others,
merchants and traders, in this island, feeling the inconve-
nience which arises to commerce from the legal valuation of
the Spanish and Sicilian dollar established by the proclama-
tions of the 18th of July, 1844, and 16th of July, 1845, whilst
British silver money continues an unlimited legal tender
(although, as compared with the legal valuation of the sa'd
coins, it is of 10 per cent. inferior worth), have resolved
continue the agreement of the 4th of March last, reciprocally
to receive the said Sicilian dollar at 4s. 2d. each, or 30 sari
of Malta currency, and to extend the same, to receive reci-
procally the Spanish pillar dollar at 4s. 4d., or 31 tali and
4 grains each, and the Maria Theresa dollar at 48. 2d., or
30 tali each. This agreement to hold good until the 31st
December, 1846, unless the British or local Government
should, by an authentic and legal act, ordain that no one
shall be compelled to receive, in any one payment, more than
40s. of British silver, in which case the present agreement
shall be considered cancelled and of no effect at the expira-
tion of thirty days from the date of such authentic act of
Government.
" And it is further understood, that unless this imeemer
be signed by the majority of the shareholders of the two
banks, and by the majority of those who signed the agree-
ment of the 4th March last, it shall not be binding on the
undersigned.
" (Signed by the President and Directors of the Anglo-
Maltese Bank.)—Samuel Christian, President; John
Grant, director; S. Rose, director; Giov. Batta Vella,
director ; Agostino Portelli, director ; Giov. Batta Din-
-00110, director; Francesco S. Bugeja, director; Alex-
ander Davidson, director; Raphael Ferro, director;
Thom as Corlett, director.
" (Signed by the President, Vice-President, and Directors
of the Malta Bank.)—Biagio Tagliaferro, Presideniteet.!
John Robinson, Vice-Presidente ;
V.
S.
EYnallod'Fli li •
tore; Per Proc. G. Buttigieg, direttore
ig"%rettor:;
Thomas Corlett, direttore; Nicola Atvo y, _
n and Semi,
Emmanuele Zammit, direttore ;
direttore ; W. Leonard, direttore ;Dll'aviphsaoel Ferro, diret-
tore • Rosario Messina, direttore ; Thomas Southwood,
•
di retlore."
[Here follow the signatures of a considerable number of
merchants, auctioneers, dealers, shopkeepers, brokers, in-
surance agents, shipchandlers, innkeepers, and other British,
native, and foreign traders.]

WALTIIam FAlR.—Thursday and Friday this
fair was held. On Thursday there was a splendid show of
cattle, but few or no purchasers, although the prices were
very low. Yesterday, which was the " pleasure-day," the
fair was crowded, and proved very lucrative to all who em-
barked in the speculation. On that occasion was presented
everything calculated to please the taste of those who pa-
tronised the fair, which was studded with booths filled with
actors, wonderful exhibitions, wild beasts, and-pugilists. Be-
sides which, there were innumerable tents supplied with sub-
stantives in the shape of eating and drinking. Amongst the
varied attractions, gingerbread stalls held a most prominent
and alluring position, and so numerous were they, that many
vendors of gingerbread kings and queens and other great per-
sonages were compelled to go away without being enabled to
obtain a bite for their migratory establishments. On the
whole, the fair proved equally profitable to the lessors and.
lessees of the ground.