The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-04-17 00:00:00

FACTS RELATIVE TO SOUTH AUSTRALIA.

The late commissioners have, since the year 1836, raised
about £300,000 by the sale of lands, and also £BO,OOO on loan,
secured upon the future revenues of the infant colony to be
established by them, of which latter sum they deposited
£20,000 in the hands of trustees, named by the Lords of the
Treasury, as a security against the colony beeoming at any
future time chargeable to the British nation. This was done
previous to a ship or surveyor sailing from England in 1836;
£35,000 was also previously raised by the sale of lands, in
conformity with the act of parliament.
Col. Light founded the colony at Adelaide in 1836, where,
by the last accounts, there are 12,000 persons in a state of
progressive prosperity. The annualrevenue, calculated to the
quarter ending June 30, 1839, amounted to £17,500. There have
been 51,396 tons of shipping entered Port Adelaide since 1836,
of which upwards of 20,000 tons came from Great Britain,
and there is now advertised upwards of 2,000 tons for South
Australia, to sail in the present month (April) from the port of
London alone. This has been accomplished by the com-
missioners, after five years' anxious, zealous, and gratuitous
services, without the national purse being called upon to ad-
vance one penny. Six or seven of the commissioners requested,
early in December last, an audience with Lord John Russell,
which was not granted ; but they were dismissed without the
least previous notice, by Lord John Russell, on the 23d Dec.
without allowing them to remain in office until the 31st of
that month, so as to be enabled to make their annual report
aeo fhtoh three
immediatelyperson s with
took salariesn o
ss possession
soi
to the House of Commons to that date, as required by act of
ParhaFne having ; Lord John Russell having appointed a new
commissionh w
fon£l7thpeerfuncl
an-
num
e
raised by the credit and character of the unpaid commission-
ers ;* two of the new commissioners being
gentlemen wholly
unacquainted and unconnected with the affairs of South
Australia.

* The only commissioner who received compensation was
the chairman, Col. Torrens ; who has, it seems, obtained
from £2,000 to £3,000 for the part he took under the late
commission, respecting which, and some other like interest-
ing matter, will appear from the papers moved for by Lord
Eiiot,andordered by the House of Commons, on the 29th
ult. to be produced forthwith.

The Trinidad papers, the latest date of which is the 11th
of February, state, that the trade and revenue of the island
t
were fast increasing ; and to prove it, the papers iv
amount of custom-house duties received for the year 1839,e
which was £16,469 16s, which, compared with the year 1838,
showed an increase of £4,508.25. The amount of colonial
taxes received, after discharging all charges of the custom-
house establishment, officers' salaries, &c. for the same
period, was £14,189 16s ; which compared with 1838,
showed an increase of £4,548 2s 6d. The amount of ton-
nage of shipping for the year 1839 was 49,167 ; and this,
when compared with 1838, showed an increase of 1764 tons.
The amount of American tonnage (not including British
possession) was 10,179; compared with the year 1838, showed
an increase of 4396 tons.

Amongst the numerous publications which have recently
appealed on the subject of the currency, perhaps none is
entitled to more attention than the work, before us. The
author is practically acquainted with the details of the sub-
ject upon which he writes, having been for many years con-
nected with some of the principal banks in the kingdom, and
at present holding the situation of Sub-Manager of the
Newcastle-upon-Tyne Joint Stock Banking Company. Mr.
Bell gives a short but an exceedingly interesting history of
Banking from its establishment at Venice, in the middle of
the 12th century, to the present time ; he then explains the
general principles of banking, and treats of Joint Stock
Ranks in particular, illustrating, with much clearness, the
entire economy of such establishments. He considers Joint
Stock Banks as moral, religious, mercantile, and political
institutions. and gives some valuable hints and sound maxims
under all these heads. As a political institution he thus
speaks of the Bank of England
" Every bank that ministers to the wants of a government,
and is in turn protected by that government from the bank-
ruptcy which its imprudent management would otherwise in
many instances produce, becomes to all intents and purposes
a political engine, subserving the purposes of government
and exercising an undue and unconstitutional influence over
the fortunes of individuals and the operations of trade. The
history of the Bank of England from its commencement,
when the whole of its entire capital was advanced to
government, down to the present day, shows on the one
hand, that while they were ready at all times to make advances
of their capital to the government in lieu of certain privileges
and emoluments secured in their charter as the Bank of
the state, the government, on the other hand, were equally
ready to protect them from the bankruptcy and ruin which
the demand of the public creditor must inevitably have pro-
duced. Had the operations of the Bank of England exer-
cised no influence over the trade of the country farther than
its own legitimate business extended, the evils with which its
career has been marked would never have taken 'place, and
its capacity to do mischief might have been, by the united
efforts of other banks and result of the public experience,
gradually counteracted and curtailed. But so long as the
privilege of issuing an unlimited amount of paper is conti-
nued to her by act of parliament, and so long as the govern-
ment are prepared to render her imprudence subversive of
all national prosperity, by shielding her under a suspension
of cash payments, it is clear that successful competition on
the part of other banks is out of the question ; that the trade
of the country is laid under a necessity of alternate prospe-
rity and depression, ebbing and flowing, while the fortunes
of individuals embarked in commerce are constantly perilled
by the capricious exercise of her influence. While all the
notes of other banks are convertible into gold at the will of
the holder, and the public are at liberty toreceive or reject
them as they think proper, those of the Bank of England
are constituted a legal tender, and in all transactions, except
with the Bank itself, are a compulsory substitute for coin.
It is evident that in this view the Bank of England, over-
looking altogether the enormous and dangerous privilege
thus possessed, enjoys an immense superiority over all other
banking institutions. And it must be also evident, that
according to the prudent or imprudent manner in which the
issue of her notes is regulated, must be the advantage or
misfortune experienced by the commerce of the country.
The privilege of issuing an unlimited amount of paper, which
it can create at will, is one greatly magnified in its mischiev-
ous tendency by the additional privilege of holding and job-
bing in government stocks enjoyed by the Bank of England.
It is, in fact, stigmatized in the city of London as a great
abuse and evil, but it is much increased by the secret arts
and manoeuvres resorted to in the purchase or sale of the
stock for the purpose of concealing the operation. The po-
sition and privileges of the Bank of England not only invest
it with a great political character, but, from the magnitude
of its operations, and the extent of its issues, which are a
legal tender over the country, it exercises an indirect but
certain influence over every banking establishment in the
kingdom. It follows necessarily, that a political character
is imposed upon all banks, which is the more clear from the
fact, that whatever is the conduct of the Bank of England,
becomes more or less the conduct of every country bank."
Upon the political character of the Bank of England, and
is influence on' other banking establishments, the following
considerations are suggested :
" 1. The Bank of England is invested with a very dan-
gerous political character and power, and one of such mag-
nitude as ought not to he possessed by any corporate body.
2. This power has been frequently exercised to the injury of
trade and of private fortune, and ought, therefore, to be
withdrawn. 3. By placing the business of the government
and all the revenue of the country in the hands of one com-
pany, the goiernment acts illiberally, exclusively, and un-
justly, towards other banking establishments, because it is
the duty of a good government to distribute equal favour and
equal justice to all. 4. The bank herself is fettered by her
connection with the government. 'With respect to all the
other banks in the country, both public and private, it must
appear :-1. That a political character is foreign to their con-
stitution, and they ought, therefore, to be relieved from its
responsibility. 2. That they are fettered by the operations
of the Bank of England and their energies are cramped and
controlled by an establishment to which they ought to be
under no obligation. 3. That they are entitled to fair and
free competition with the Bank of England, and ought,
therefore, to possess an equal share of government ' pa-
tronage."
These observations are highly important and interesting
at the present moment. The above extracts show the ge-
neral character of Mr. Bell's publication. No banker should
be without a copy of it, and its contents ought to be care-
fully studied by every one engagedin mercantile transactions.

,i§bipplitg iintelligenre.

TUESDAY, APRIL 14.—Wind S.E. Fair

Aanivicv.—Alecto, :d.yshfOrd, from Jamaica, sailed Ist March—
William Brown, Fra'.sconia, and Canton, Gibson, from New Orleans
—Angelo, and Rose), from Mobile—Forrester, Parker. from New
York—Superb.lton, from Savannah. sailed 19th March. On
the 11th insti.nt, cAf Tuskar, spoke the England, for New York—
C G Van Agron, Schumaker, from Stralsund—Julia, Alwart, from
Rostock—Sophia, from Danzig—Perseverance, from Ostend—and
Bellona, from Odessa.

SAILED.— Garrick, Palmer, for New York—Shenandoah, West
for Philadelphia—Jessore, Puteram, for New Orleans—Jane, Hu.
deon, for Newfoundland—Royal William, Smith, for Calcutta—Ellen
Brooks, Lindsay, for Baltimore—James Dunn, Furze, for Smyrna—
Susanna, Malerly, for Narva—Elizabeth Mary Ann, Balt, for Na.
ples—Glenelra, Nawby, for Calcutta—Leila, Orfeur, for Leghorn—
Rob Roy, Albanese, for Malta—Mathew Bell, Jamieson, far Que-
bec—Loyalist, Skinner, for Picton, N. Sl—Lynx, Watson, for Lis-
bon—Jan Freetrtz, Smit, Hambro.

Helen, mers, Yapp, from Aux Cayes, off Falmouth, and pro.
ceeded to Ifambro'

Cambridge, Bursley, hence for New York, was spoken 29th Feb.
in lat. 41, long. 42
Medora, , hence for Havana, was spoken 27th Feb. in lat.
41, long 21
Argyleshire, Scott, from the Clyde, at Savannah
Jessamine, Jarvis, hence at Ancona
Syren, Burgess ; Triumph, Andrew; A.la-mode, Bartlett, and
Plicenix. Port, hence at Leghorn
Lapwing, Osborne, sailed from Leghorn for Liverpool Ist April
Reliance, Turner, and Isabel, Miller, hence at Genoa
Union, Vanderheyde, hence at Ostend •
Catherine Cornelia, Berg, hence at Texel
Brie Gebroeders. Piester, hence at Zwolle
Flora Reitzke, hence at Hambro'