The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-04-02 00:00:00

THE LIVERPOOL STANDARD

RAILWAY INTELLIGENCE.

GLASGOW, DLTNIFRIES, AND CARLISLE

RAILWAY.

On Saturday week, a very important meeting was held
in the Clarendon-rooms, South John-street, in compli-
ance with the following circular :
" 7, India-buildings, Liverpool.
21st March, 1844.
" Sir,—l beg leave respectfully to request your attend-
ance as a shareholder in the Edinburgh and Glasgow, or
Kilmarnock and Ayr Railway Company, at a meeting to
be held at the Clarendon-rooms, on Saturday next, at
twelve o'clock, of parties friendly to the proposed rail-
way from Glasgow to Carlisle, by Dumfries, to meet the
chairman and a deputation from Glasgow of the promo-
ters of the proposed line.
" I am, sir, your most obedient servant,
" M. WOTHERSPOON."
The attendance was numerous and highly influential.
JOHN CROSSFIELD, Esq., was requested to take the

chair.
The CHAIRMAN opened the proceedings by observing,
that any person who had travelled by the old coach route
from Dumfries, by Sanquhar up to Kilmarnock, must
have observed how nicely it went by the river Nith, and
how admirably nature seemed to have adapted it for the
construction of a railway. If the engineers could make
the line according to the plan laid down, it would be an
admirable line; and he understood it was open whether
to make the branch which went on to Monkton. The
chairman concluded by requesting Mr. Leadbetter to lay
the details of the projected line before the meeting.
Mr. LE ADBETTER said he attended the present meet-
ing as chairman of the provisional committee appointed
by the company now forming for carrying a line of rail-
way from Glasgow to Carlisle yid Dumfries; and as that
undertaking was very much identified with the interests,
both positive and negative, of the Ayrshire Company and
the Edinburgh and Glasgow Company, it had been thought
desirable that the friends of those companies should be
called together, along with some gentlemen not interested
in any of them, but who, at the same time, might be de-
sirous of promoting this line of railway communication
between Glasgow and Carlisle. Perhaps he should be
able to make the subject better understood if he addressed
himself, in the first instance, to the gentlemen interested
in those two companies, and afterwards to the gentlemen
who only felt an interest in the present propoidd line.
First, with regard to the Ayrshire company, of whom he
was happy to see so many present. To them he would
take the liberty of saying, that in his opinion it would
admit of very little doubt that the proposed line must be
a very beneficial undertaking in respect of their company.
It was proposed that the line from Carlisle should termi-
nate either at Kilmarnock or Monkton ; and by so termi-
nating, the whole of the English traffic, before reaching
Glasgow, would have to pass over from 33 to 36 miles of
their railway. (Hear, hear.) The plans had been laid
down alternately—for the terminus to be either at Kil-
marnock or Monkton ; because it was a question of con-
siderable interest to the company that the line should
reach the seaports as early as possible, for a considerable
revenue was expected to be derived from the large mine-
ral district round Cumnock, in the conveyance of its coal
and ironstone, which were of the most valuable kinds,
but which had never been wrought, owing to the want of
proper means of transit to a profitable market. (Cries of
" Hear, hear.") The gentlemen in that district of coun-
try were therefore most desirous that the railway should
be the means of reaching the seaports as soon as possible.
(Hear.) The engineer had suggested, and indeed it had
been under the consideration of the parliamentary com-
missioners, that the line might go down from Cumnock
to Monkton, or that it might go straight on to Kilmar-
nock ; but he (Mr. Leadbetter) thought the probabilities
were that there would be a main line to Kilmarnock with
a branch to Monkton, because it was a very important
element in the question, that the main line to Kilmarnock
shortened the distance to Glasgow two miles and a half—
(hear, hear, hear)—a point not to be lost sight of when
the advantages of this line came to be considered in rela-
tion to the Caledonian line, of which he should speak
hereafter. Under all the circumstances, therefore, he
thought there could be no doubt. as regarded the Ayrshire
interest, that this was an undertaking which deserved their
most strenuous support. (Hear.) The directors of the
Glasgow and Ayr Company, indeed, feeling the impor-
tance of the undertaking to their company, called a meet-
ing of their shareholders last Wednesday (March 20),
who approved of a resolution, recommended by them, to
subscribe the sum of £200,000 towards this undertaking.
(Applause.) He had also the pleasure of stating that the
public of Glasgow had come forward independently, and
subscribed towards it a sum of no less than £120,000
more, in the course of two or three days ; therefore so far
as the Ayrshire Company and the public generally of
Glasgow were concerned, the undertaking received their
support. Then, with regard to the Edinburgh and Glas-
gow Company, upon whose account their shareholders in
Liverpool had been invited to the meeting. It was per-
haps known to nearly the whole of the meeting, that the
Caledonian line proposed to go through rather a moun-
tainous country to reach Lanark, and there diverge by
branches, one to Glasgow and another to Edinburgh. It
happened, by that divergence, and by taking the line fur-
ther than the parliamentary commissioners report, that
they were enabled to shorten the distance between Edin-
burgh and Glasgow, and to form thereby a competing line
between those two cities. Perhaps some of the gentlemen
who might not have seen the plan of the Caledonian line
would wish to look at it. (The plan was here submitted.)
The distance by the Edinburgh line was 46 miles, at pre-
sent, and with a mile more arising out of its extension
into the heart of the 'airy. it womb-be 41 wales iniegqititi
Now this line. forming this two branches of the ;stark,
would, he was satisfied, be under 60 miles; consequently,
it would afford, with a little reduction of fares, the great-
est facilities for carrying on the trade between the two
cities, and therefore the Edinburgh and Glasgow railway
interest would be very materially affected. (Hear.) He
should mention that there was a part of the Caledonian
plan to push the line so as to intersect the Edinburgh and
Glasgow line, for the purpose of carrying it to Stirling
and Perth, thus making a great line to the North. Ac-
cording to the views of the Edinburgh and Glasgow board,
it would appear that they had had it in contemplation to
carry their line to Stirling, thereby giving them the ad-
vantage of the traffic from Edinburgh and Glasgow going
on their line before it diverged to Stirling. By this pro-
posed plan of the Glasgow and Carlisle line. and the last
line, all the traffic going to the north of Scotland must
necessarily, according to their views and wishes,—and
they were now about to realise them,—go along the Edin-
burgh and Glasgow railway from each of these lines. By
the Caledonian plan all this interest was cut off, so that,
as regarded the Edinburgh and Glasgow railway interest,
it was obvious that the Caledonian scheme, if carried into
effect, would very materially injure their undertaking. It
was upon that account that the board of directors of the
Edinburgh and Glasgow line had taken it upon themselves
to pass the resolutions, which he presumed were in the
possession of every gentleman present, expressing the
views which he (Mr. Leadbetter) had now been unfolding
in a summary manner, and calling upon the shareholders
to support the west line via Dumfries. (Hear.) With
regard to the undertaking as affecting the interests of
Scotland, and those of gentlemen who took an interest in
it, he begged to say that the parliamentary commissioners
appointed by government to examine the various lines
projected into Scotland four years ago had reported upon
the best line of railway communication with Edinburgh
and Glasgow ; they were not directed to inquire whether
the east line, or the west line, or the central line, or the
Caledonian line, was the best relatively to each other ;
but their instructions were specifically to report which
was the best line of railway communication with Edin-
burgh and Glasgow. To that duty they were tied down,
and consequently, as to the evidence that came before
them, there might be three lines in motion—the east line,
the central line, and line by Dumfries, which he (Mr.
Leadbetter) advocated. These three lines were submitted
to the engineers and to Sir Frederick Smith, but the com-
missioners could not make their report otherwise than
they bad, which was for the central line proposing to
unite Edinburgh and Glasgow with Carlisle • and presu-
ming that only one line would be carried into Scotland,
the commissioners came, necessarily, to that conclusion,
because their instructions were only to point out the best
communication with those towns. (hear, hear.) But
since that period very considerable advances had been
made in the railway system throughout the country, and
the opinion had been growing in Scotland, and among the
railway public generally, that the interests of Scotland
required two lines of communication with England, which
were naturally pointed out by the great trunk lines pass-
ing through England, one upon the east coast and the
other upon the west coast. (Hear, hear.) The meeting
knew that an act was being carried through parliament
for a line to Carlisle upon the west coast, and they knew
also that a line would be opened to Newcastle upon the
east coast in May or June next, so that the east vast line
into Scotland, and the west coast line, would be elonga-
tions of those two great trunks down to Edinburgh and
Glasgow. (Hear, hear.) With regard to the' character
and nature of the country through which the two lines
passed, he need hardly say that they run through the
very finest parts of the south of Scotland. (Hear.) The
present line passed through Dumfries-shire, up the Nith,
a fine fertile district, and through Ayrshire, one of the
finest counties in Scotland ; and upon both lines the po-
pulation was very considerable. Upon the line through
Dumfries the population was dense, and the county
abounded in agricultural and mineral wealth, thereby
offering a considerable revenue from intermediate or local
traffic. Those who had travelled by the mail coach along
the Caledonian line must well remember the character of
the country through which they passed : it was sterile,
thinly populated, and offered great engineering difficulties.
(Hear, hear.) The expense of making the Caledonian
line, too, would greatly exceed that of making the line by
Dumfries ; and so much was this point apparent to the
parliamentary commissioners, that they stated that the
line by the Nith and Ayrshire was superior in this respect
to the central. The only advantage, indeed, which the
central line held out was that it shortened the distance to
Glasgow, according to the commissioners' report, twenty_
four miles; but the west line by Dumfries had much more
favourable gradients, and the engineer statedthatthe
journey could accomplishedbeadditional
in
expense,t h e sam
o that, as re-
garded public convenience, the one was equally time as by the
central line without l
as
favour-
ably placed as the other; whilst the line by Dumfries
promised those who took an interest in it a much greater
beneficial result. (Hear, hear.) It had happened, un-
fortunately for this undertaking, that it was late in being
brought forward. The Caledonian line, on the other
hand, had been in the field for two or three years, and in
communication with the Grand Junction, the North
Union, and other lines going northward, whose support
it had obtained, in the hope of getting their share of the
Edinburgh traffic. By means of the 'proposed branch to
Ed nburgh, these companies expected a great portion of
the traffic which would otherwise go along the east line ;
and in that hope gentlemen connected with them had
been in London doing all they could to get the North

British railway bill sent to a committee. Now he (Mr
Leadbetter) could not see how the Grand Junction Com-
pany, the North Union, or the Preston and Lancaster,
could have any interest in favour of one line over the
other, unless they hoped to get a share of the Edinburgh
trade. If the North British line was carried through, of
which there was no doubt, as their capital was ready and
everything arranged to go next session for a bill to con-
nect Berwick and Newcastle, it was obvious that the peo-
ple of Glasgow would not be satisfied with having all their
intercourse with England carried on by way of Edin-
bu.gh. The question then was, which was the line to
pay those taking an interest in it, and he was disposed
upon every consideration to say that the line by Dumfries
and Ayrshire was the one; and if the capital to make it
was subscribed, which he hoped it would be, and if the
Caledonian succeeded in raising theirs, which he hoped
they would not, parliament would be called upon to de-
cide which was the line that ought to be executed. Upon
that point perhaps there might be a question of some im-
portance, namely, the nature of the contest between the
two companies. He would mention, then, that any diffi-
culty of this sort would in some degree be obviated by the
adoption of a standing order this session, by which all
competing lines were sent to a select committee—thereby
keeping free from all local bias and feeling in the deter-
mination of the question. There could not, therefore, be
any very great expense, whilst there would be an impar-
tial tribunal. He hoped the result of this meeting would
be a feeling favourable towards this undertaking, as one
that would strengthen more and more the commercial re-
lations already existing between the two cities of Liver-
pool and Glasgow, and that it would lead to the public
taking an interest in a line which promised so well to
those who might engage in it, and so well for the interests
of the country at large. (Hear.)
The CHAIRMAN expressed the obligations he felt to
Mr. Leadbetter for the information he had afforded ; and
remarked that he had not spoken upon the short distance
of railway there would be to make—only 92 miles, which
was a very important feature in the case.
Mr. LEADBETTER was much obliged to the Chairman
for being reminded of this point. The line to be made was
only 92 miles long ; and upon the authority of the engi-
neer he could state that the expense would amount to
only £13,000 per mile, which would require £1,200,000.
But it had been thought desirable, as the condition of
subscription, that interest at the rate of 4 per cent. should
be paid to the shareholders from the passing of the bill to
the opening of the line ; and with the view of meeting that
£lOO,OOO was added, which would make the total capital
required £1,300,000. The Caledonian line was 112 miles
long ; for its completion there was required a capital of
£1,800,000. (Hear.) In their prospectus the directors
of that company stated that they had £600,000 subscribed ;
he (Mr. Leadbetter) did not know in what proportions
that sum was subscribed. He then impressed upon the
meeting the necessity of contributing their subscriptions
as early as possible •, and he described the gradients upon
the line in detail, shewing how much more favourable they
were than those upon the Caledonian line. With regard
to the revenue to be derived no estimate had as yet been
framed ; but relying upon the statements published by the
Parliamentary Commissioners, it would yield a return of
£8 per cent.
Mr. LOGIE said the statements of the Commissioners
were contained in the appendix to their report, and were
as follows :
The Port of Dumfries extends from Sarkmouth to
Carsethorn, along the coast, included Annan ; and its im-
ports are soft goods, timber, slates, coals, swine, lime.
iron, dry-saltery, foreign produce, sheet lead, herrings,
whiskey,' salt, tallow, hemp, wine, and other goods ; and
its exports are grain, potatoes and other farm produce,
bacon, wool, house timbers, and general goods to Liver-
pool and America. Annan has at present 31 vessels, in
all 1,540 tons, exclusive of its share in steamers ; and its
manufactures are mule spinning, weaving for the manu-
facturers of Carlisle, ship-building, rope-works, cooper-
age, and the manufactures of flour, &c. &c.. fisheries, &c.
The landward parishes are agricultural and pastoral, and
their general manufactures are weaving for Carlisle. Dum-
fries has at present 54 vessels, in all 3,421 tons, evclusive
of the steamers ; and its manufactures are tanning, ho-
siery, weaving, cabinet-making, ship building, curing ba-
con to a great extent, the manufacture of flour, barley,
breweries, salmon fishing, and basket-makingextensively.
Closeburn, the property of Sir C. Monteath, abounds in
extensive lime-works, and in the use of coal for these
works, and are brought from Mansfield; a distance of 28
miles, in common carts ; there is also a woollen manufac-
tory for spinning. Kier has also lime-works, and the coal
for them is conveyed 20 miles in the same manner. Lead
Hills, and its neighbour Wanlock Head, manufacture
from the ore 1,200 tons lead annually, and require 20,000
carts of coals annually, which, at 10 cwt. to each cart,
makes 19,000 tons in all. Sanquhar and Kirkconnell
abound in coal, and their manufactures are extensive in
carpets, tartans, weaving and flowering muslin, and nearly
the whole of which are carried to Glasgow and Ayr. Port
of Urr has 27 vessels, in all 1,384 tons, besides coasters
and foreigners.
As the gradients Mr. LOGIE read the following :
" From the table of gradients you will observe that the
Line by Beattock is about 24 miles shorter than the Line
by Cummuck ; in this respect, the Beattock Line is de-
cidedly preferable, and were there no other elements for
consideration, the question would be easily settled. On
the other hand, the summit to be surmounted on the
Cummock Line is 597 feet (which is the natural summit
of the country), while the summit on the Beattock Line
is 965 feet (which is obtained by cutting upwards of 40
feet below the natural summit), making a difference in fa-
vour of the Cumnock Line of 368 feet ; and if the natu-
ral summits of the country are looked to, of 400 feet.
Looking again to the table of gradients, you will observe
Unit on the Beattock*Line.abe ruling gradient is 1 in 113,
and,it is in length nearly seven miles'. On the Cumnock'
Line the ruling gradient is 1 in 130, and it is in length
54 miles.
As to population, Mr. LOGIE read
" As to the population and wealth of the country tra-
versed, you will observe from the map that the Line by
Beattock, passes near to no town of consequence except
Lanark and Hamilton, The popul tion in its route from
Glasgow to Gretna, is about 58,000. Then as to the line
by Cumnock you will observe that it passes through
Paisley, Kilmarnock, Dumfries and Annan, besides the
populous districts of Renfrewshire and Ayrshire. The
population on this route is about 167,000, or about three
times the amount of that by the Beattock route, and that
is of the parishes actually passed through. These numbers
are from the census of 1831. Since that time I have no
doubt that the population on the Cumnock route has in-
creased to a much greater extent than on the Beattock
route."
He concluded by reading the following from Mr. Miller's
report :
My own conviction rather is, however, that two coast
lines will ultimately be required for the accommodation of
the rapidly increasing population of Scotland : and I can-
not divest myself of the feeling, that the public hereafter
would have great cause to regret the adoption of any infe-
rior central line, although it might present in the first in-
stance the apparent advantage of affording an immediate
connexion to both sides of the island.
" Looking, therefore, to the question of which of the
two lines now surveyed affords the greatest facilities for
railway communication between Glasgow and Carlisle,
and the country generally, between these two places, I
have no hesitation, for the reasons brought out in the com-
parisons already made, in giving the preference to the line
by Cumnock.
" The reasons in favour of it are-Ist. The line to be
made is shorter : 2(1. The summit to be overcome is
lower : 3d. The gradients are superior : 4th. The capital
required less : sth. The expense of formation less : 6th.
The population accommodated greater : 7th. The districts
traversed wealthier.
" The reason against it is, that the total length between
Glasgow and Carlisle is much greater."
Mr. A. F. JONES alluded to the statement of the Cale-
donian line being 24 miles shorter to Edinburgh, and
asked whether the commissioners had not allowed a cer-
tain portion of ascent to be equal to a given distance—
being so much in favour of the line by Dumfries ?
Mr. LEADBETTER replied that the difference was in the
distance only ; and the gradients in the line via Dumfries
were so much more favourable that the journey would be
accomplished within the same time.
Mr. JONES asked whether the commissioners did not
allow a certain amount of distance to be equivelent to a
specific rise?
Mr. LEADBETTER replied that they did, but he could
scarcely explain the principle upon which the Commis-
sioners made the calculation. It was founded, however,
upon an average of the actual distance and the equivalent
distance. He ought to mention, perhaps, that the parlia-
mentary survey, which was what the Commissioners had
gone upon, was what engineers called a " flying survey,"
and be had no doubt that a more careful examination of
the line which would take place in the summer would
cause a very considerable improvement in it. With re-
gard to the landed proprietors upon it, the company stood
favourably. Lord Eglinton had consented to act as pre-
sident, and Lord James Stuart brother to the Marquis of
Bute, and a large proprietor of land in Ayrshire, had con-
sented to act as deputy-governor ; the directors had also
had an interview with the Portland family, and expected
their concurrence and support, The Duke of Buccleuch
bad given permission to go over his estate with the view
of finding a pass for the line not so near his residence at
Drumlanrig as the Parliamentary line, by which his ob-
jections would probably he overcome.
Some conversation followed with respect to the several
landed proprietors who had taken an interest in the line,
in the course of which it was stated that Mr. Dennistoun,
brother to the member for Glasgow, had subscribed for
100 shares •, and that altogether 17,000 shares bad been
subscribed for, making in the whole one-third of the ca-
pital.—lt was then agreed that when any further informa-
tion had to be communicated, Mr. Wotherspoon should
convene another meeting.—The proceedings terminated
by a vote of thatks to Mr. Leadbetter for his able exposi-
tion, and to Mr. Crossfield for his courteous conduct in
the chair.

ULSTER RATLWAY.—A prospectus will be issued forth-
with, for continuation of the Dublin and Drogheda Rail-
way to join the Ulster Railway at Portadown. The in-
creasing receipts of the latter company, together with the
above intelligence, has caused a buoyancy in the stock of
the company, and shares were on Friday sold at £3l.—
Banner of Ulster.

THE LANCASTER AND CARLISLE RAILWAY.—On
Monday last, the surveyors commenced marking out the
line which, in all probability, will be that adopted for the
continuation of the railway from Lancaster to Carlisle.
They started from the engine-house ; and the route staked
out is directly across the turnpike-road, thence behind
Greenfield, and above the Bath Houses. The canal will
be crossed at some distance from the aqueduct bridge;
and a slanting bridge is to be built over the Lune, com-
mencing about the Ladies' Walk, and to come out near
Skerton Mill. It will then be carried through a portion
of Slyne, and will be about half a mile from Kendal. The
statement, that it was intended to take the line through

the Kendal Fields, and then to cross the Lune near the
Ford, is wholly without foundation. The bill has passed
the House of Commons, and the sanction of the Lords
will be obtained after the Easter recess, when the works
will be immediately proceeded with.—Lancaster Guaran.
AWFLL DEATII.-Mr. T. Hutchinson, the eminent
railway contractor, met his death last week on his way
from the Sedgefield station of the Stockton and Darling-
ton Railway to the village of Morden. where he lived. He
had a few glasses of whisky at the Sedgefield station, which
is a public-house, and in less than half•an-hour after he
had left to walk home he was found with his head just
within the rails, and an engine with a train of 35 waggons
had gone over his neck, right shoulder, and arm, which
killed him in a moment. He has left a widow and six
children.

SHEFFIELD AND MANCHESTER RAILWAY.—A half-
yearly meeting of this company was held at the Cutler's
Hall, Sheffield. on Wednesday last—John Parker, M.P.
in the chair. The Chairman said that the Directors con-
fidently anticipate that the whole of the line will be ready
for opening to the public in the early part of next year.
The Directors also expressed a hope that a junction will
be made between their Station and that of the Manchester
and Birmingham Company, also connecting them with the
Manchester and Liverpool Station. The prospect of the
Ashton branch was favourable ; and though the bill for
the formation of a branch from Penistone to Barnsley had
been thrown out in the standing orders committee of the
House of Commons, the Directors felt assured that it
would pass the house next year. The report of the Di-
rectors was agreed to.

THE BANK CHARTER.

TO THE EDITOR OF THE TIMES.

Sir,—Experience seems to have decided that the exist-

ing law which regulates the currency, restricting the paper
circulation to notes of the value of £5 and upwards,
making those of the Bank of England convertible into
cash at the will of the holders, and those of all other bank-
ing establishments so convertible either into cash or the
notes of the Bank of England, is the most safe and conve-
nient system that has as yet been acted upon ; yet, not-
withstanding, the charge of conducting the pecuniary in-
terests of the kingdom through the medium of the Bank
of England has, at periods of excitement, produced by po-
litical events, as well as from overtrading, proved to be
attended with considerable difficulty in the transactions of
commercial men, threatening convulsion and the destruc-
tion of mercantile confidence.

These results may in a great measure be imputed to the
nature and objects of the conflicting interests which are
intrusted to the care and management of the Bank Direc-
tors—viz., the public interests on the one hand, and those
of the Bank on the other. To preserve public confidence,
and to regulate the currency of the country, as well as our
foreign commercial intercourse, it is necessary that a con-
siderable stock of bullion should at all times be held by
the Bank, sufficient to meet any exigency that might arise
either from panic at home, or excessive speculative im-
portations from abroad, the last exceeding our ordinary
means for payment, and requiring provision to be made
for the deficiency in the precious metals. These impor-
tations have at times been rendered necessary by the par-
tial failure of our home corn crops, increasing the neces-
sity for the exportation of bullion, which, carried to ex-
cess, has caused general derangement in the trade of this
country and serious injury to the parties embarked in
such undertakings.
To check or to regulate such proceedings no effectual
provision for the protection of the public at present exists.
For that important object it is requisite that the Bank
should at all times possess a stock of bullion bearing a re-
lative proportion to their paper circulation • whilst it is
evidently for their interest that their stock of bullion should
be kept low, and their issues in proportion large, to enable
them to support their dividends. Thus, when periods of
panic have arisen, they have been nearly drained of their
bullion, and left with only limited or other unconvertible
resources to meet or provide for the large balance of their
paper circulation that remained in the hands of the public,
exposed to the risk of depreciation in value, attended with
great public inconvenience and derangement, to which it
might be found impossible to place bounds, and thus in-
volve the country in consequences to be deprecated, and,
if possible, provided against—of which, no doubt, the
Bank Directors are well aware,—whilst they must feel
themselves so circumstanced in the charge of such con-
flicting interests as to disable them from effectually pro-
viding against. Remedies for such difficulties have been
suggested, such as the issuing of small notes, and the pay-
ment for large amounts being made only in bullion, at the
market price, in place of corn ; but such would only act
as palliatives, producing both delay and inconvenience,
without striking at the root of the evil.
These conflicting difficulties become every day more
important and formidable from the progressive extension
of the trade of the country, caused by the growing wealth,
incited enterprise, and increasing intelligence, stimulated
by the extended beneficial markets for the consumption
and sale of our manufactures, found in our immense India
possessions, and growing facilities of our intercourse with
China ; whilst our exports to the markets of Europe, and
means for the payment of heavy supplies required for them,
are yearly becoming more narrowed by the extension of
home manufacture in these countries, rendered necessary
for the employment of their people and protection of their
general interests, leaving us at times with considerab'e
balances to pay to them and to the Uuited States, either
in bullion or through the medium of our transactions with
India and China, or both. Thus existing causes collec-
tively, as the scale extends, appear pregnant with hazard
at periods of panic, and therefore to call for efficient and
effectual means for either protection or remedy.
To renew the character of the Bank of England, and
consent to leave the practical charge of regulating-the pe.
cuniary Interests of the country in their hande, do appear
to me both unsafe and unsatisfactory, that it has now be-
come necessary that the whole system should be recast.
For the accomplishment of so important a national object,
the charge of their interest requires to be placed in other
hands. To withdraw them from the Bank might be
complained of as an injury inflicted on that body. I
would therefore humbly venture to propose in justice to
them, that their capital, now lent to the public at a low
rate of interest, should be repaid, for which the present
period is certainly fortunately favourable ' • and their
charter for all their banking purposes renewed, as conduct-
ed by other similar bodies, possessing, as they do, pro-
portionally large paid-up capitals, such as the Royal Bank
and Bank of Scotland, acting as banks of deposit, issuing
their notes and employing them in temporary loans, dis-
counts, and other banking transactions; their capitals
affording ample protection to the public for the safety of
their paper circulation.
To meet the exigences of the times, to strengthen con-
fidence, to regulate our monetary system; and to afford
given means of control over our transactions and pay-
ments to foreign countries, as ascertair_ed by the state of
the exchanges, and afford a check to unwholesome specu-
lation and overtrading, I propose the creation of a national
bank, to be established with the authority and under the
guarantee of Parliament, authorised to issue their promis-
tsoorbye note
payables of tihneeva as
cash value u e
at ofthe
e £wsi i
la nodt utpbwe abrodlsd;e
rtahs
,eas
ne
dn ot e
em-
ployed in the purchase of bullion to the extent of perhaps
one-half, and the remaining half invested in Exchequer-
bills and other public securities ; the profits arising there-
from to be applied to defray the expenses of conducting
the establishment. I propose that the amount of the
issues should always be strictly applied and preserved in
that proportion—that is, one-half to the purchase of bul-
lion and one-half to the purchase of Exchequer-bills and
other public securities ; and when it happened that an
excessive call for bullion arose to supply outward objects,
that in promotion to the extent of the call, for which pay-
ment would be received in their notes, the directors, in
the exercise of their discretion, should be authorised to
withdraw a similar sum from circulation by the sale of
securities to that extent. Thus, if 1,000,000 or more in
bullion was withdrawn from them for foreign purposes in
excess beyond•the ordinary demand, they should, if they
deemed it expedient, to dispose of securities to a similar
amount, thus withdrawing 2,000,000 or more, as the case
might be, of their notes from circulation, by which the
proportions between the stock of bullion and their notes
in circulation would thus be preserved. The extent of
their purchases of bullion would be governed by that of
the supply being paid for in notes, whilst the circulation
would be provided for in the most safe and satisfactory
manner, the stock of bullion would be held without ex-
pense to the public, whilst the object of the national es-
tablishment would not be profit, but protection to the in-
terests of the country, and those of the trading community
in particular.
The effect of such a process would be to narrow the
circulation, creating a scarcity of money, and making
more difficult all operations connected with overtrading,
checking excessive supply by enhancing the value of mo-
ney, restoring the exchanges to the natural relative value
of money here and elsewhere in the ordinary transactions
of business, thus arresting the excessive exportation of
the precious metals, and replacing the trade of the coun-
try in a sound and beneficial state.
I would propose that the directors of the bank should
be few in number, appointed by the crown, and not re-
movable but by the authority of parliament, upon grounds
of incapacity or other satisfactory causes ; that they
should be men known to possess an intimate practical
knowledge of the trading, manufacturing, and commercial
interests of the country, and in all respects unconnected
with trade, manufacture, or commerce, with ample remu-
neration for their services, which would require to be en-
tirely devoted to the duties attached to trusts of such high
responsibility.
With such an effective national establishment banking-
houses or companies would be left in possession, of all
their ordinary and existing channels for the beneficial
employment of capital, in the manner I have already
stated ; giving, in the exercise of their judgment and dia-
afforded usage,
by
cretion, general accommodation to the trading interests
of the country. This system has been found to be
eficiapro-
ductive of great and general advantage, affording accom-
modation to the trading interests of all classes in every
e a l to the
bipsaarnmtkoioenfrageitcheuoeslrtaactboleeludisneshttrodmye
establishments,
tuhsd,iec
derangepah
rt,
proving
fromhinne
gthelong-establishedexhiisgthilnygystem must be
bssupport
productive interests of the country ; therefore, any mea-
sureexpected to be followed by dangerous results.
In the exercise of these measures of accommodation,
the practice of issuing promissory notes has been carried to
a considerable, and in various instances to a dangerous ex-
tent, againstwhich it has been necessary to provide a guard,
so as that the evils causedbyexcessive issues on the one hand,
and undue or unboundedconfidenceon theotherrnightbe re-
strained and kept within prudent bounds. To effect so
important an object, it seems to be desirable that all
banking concerns issuing promissory notes payable on de-
mand should be required to register, with an authorised
party, the amount of capital employed in that business, a
certain proportion of which, suppose a fifth or sixth,
should be at all times kept invested by them in the pub-
lic funds, and perhaps it might also be desirable, for their
wan credit and safety, as well as the public's, that they
should likewise be required to keep, in proportion to the

'Ap►ril 2, 1841.

coin in their coffers to be ready for any emergency
might occur, that the registrar of capital might be autl
rised occasionally to check and ascertain by such inquiri
extent or amount of their notes in circulation, a stock °f_t
as might be considered necessary for him to make, an,
with competent assistants provided for that Pur
Such a system might be expected to produce benett 101
consequences ; it would prevent or repress the eteatiPn it
speculative establishments with inadequate capitat;.._,
would confine the banking business to those of real caplT
and respectability, and thus give an assurance to the Pow
lic that their issues would be restricted to safe and PIZ
dent limits, such as would be found to be consistent WI;
the accommodation of the public and the safety 01
bankers, without causing any material disturbance in the
existing ordinary channels of business.
By such a national establishment as I have suggested'
the Bank of England would be immediately relieved from
the weight of their stock of bullion, and left in the 13°°.
session and control of their capital and note circulations
though necessarily on a more limited scale, to be ern.
ployed in beneficial banking business, for which London'
with her country connection, affords so ample a field. j
The conducting of the pecuniary public business 80"
the payment of the dividends it would be desirable to coo'
tinue in the hands of the Bank of England, under a stirr,
lation that a given proportion of the notes of the Natio
Bank should be used in these payments, such as Wort
be previously arranged. If changes in this departun
should on experience be found desirable, the Governtefll
would possess the power of making such as the public Pe
terest might be considered to require.
I think it would be found necessary and desirable t°
continue the exclusion of all promissory notes except tbif,„
of the National Bank and the Bank of England from
circulation of London and the immediate neighbourhoo"
but of this the London bankers would be the most to
l 7;
petent judges. The reasons for such a measure seem
be many and obvious ' • National Bank notes with the.;
of the Bank of England would be everywhere, in and Is
of London, a legal tender ; those of country banks vioe,,,
be payable in these or in cash, as at present ; whilst tfh
notes of the National Bank and of the O
Bank of ED'
would be payable in coin alone at the will of the holder!'
and in sums beyond a given amount in gold in ingots
the Mint price.
I do not mean that the measures I have ventured t°
suggest should be applied to private banking establish' de'
ments that did not issue promissory notes payable on
remain subject to the judgment and discretion
wand ; the banking confidence they were entitled to would
of their
customer.
From what I have stated it follows that no capital woubl
be required for the National Bank ; the national pal:
tee of parliament, and the regulated restrictions for 1;1
management of the business, the objects of which would
be few in number, and clearly defined, though in thee;
selves of vital importance, would afford the most clear so•
satisfactory security to the public, and demand their er
tire satisfaction.

I am, Sir, your most obedient servant,
JOHN GLADSTONE.

Carlton-gardens, Feb. 22.

THE COURT.

Her Majesty the Queen-Dowager visited the Qttfeeari
on Wednesday afternoon, at Buckingham Palace. 07
Royal Highness the Duche.t.s of Kent arrived soon after'
wards at Buckingham Palace, and joined the illustnou'
circle.

DEPARTURE OF PRINCE ALBERT FOR GERMANY<
Prince Albert left town on Thurlslay morning, about to
"
o'clock, by a special train, on tlaDover railway, to et
bark for the Continent, on his way to Saxe Coboursp
pay a visit of condolence to his relatives.
00
ARRIVAL OF THE QUEEN OF THE BELGIANS."''
Tuesday afternoon her Majesty the Queen of the Belol
arrived at Woolwich. On landing she was warmly.,f,e,:
corned by the Duchess of heat. 'His Majesty the
Of the Belgians accompanied the Queen to Ostend, as
on board the packet, but his departure for England WIC
delayed for a few days. or probably until after Prince Ai
bert has landed at Ostend, where he was expected ej
Thursday last. The Queen of the Belgians and her Rol.
Highness the Duchess of Kent were dressed in deer
mourning.
PRESENTATION OF GENERAL TOM THUMB TO TO!
QuEEN.—General Torn Thumb, whose appearance et,
cited so much interest in Liverpool a few weeks bae7
was presented to the Queen, at Buckingham Palace,°o
Saturday last. Her Majesty, Prince Albert, the Duch";
of Kent, and all the royal circle, expressed themse,.-
highly pleased with his diminutive yet pleasing and in',
asked
diffidence him
and many questions;;
eating appearance, his imitations of Napoleon, the stall;
g
answered The Queen
without
shoenans
s,
dwreboi
ness. Her Majesty enjoyed her surprise with smiiliefol
She took him by the hand and gave him some beau"de.
specimens of confectionery. Prince Albert was also
lighted with this wee specimen of humanity ; he took ,403
on his knee, and caressed him a good deal.

FASHIONS FOR APRIL.

(From the " London and Paris Ladies' Magatitse

Fashion."
The make of the new Spring redingotes and dress_lol:
with tight bodies, open in a lengthened cceer, soniettLin
resembling the straight waistcoat ; they are either Pirrei
without lacing or revers, or have a narrow revers forit
small dale ; or are with small collar forming longt.tether
V, with Anglaises, which should not be too wide. Ay
stylepre
serving s not
the
openingquite so
illingfhroonnt ttohetisiheowuladiestrs;,,t7titeiteanwilld.•
usejgcs
e Ifi-sdulfaCrealfTldl -tcrri otieuffnieHreenhicl uet1117;4""221 the idwafsrPtr,lfroe-:- nit IT1111:
lets of lace and work, wide at the top, and walk's"' 01
wards the bottom; different styles of ornament are 1
on these dresses, but the newest is the embroider)r
carneleon, which is produced by working with the %
shades of silk, matching those of which the most beet, j
ful Bros de Naples Cameleons are composed ; but this! rt
course, is confined to the shot silks. A new and t.
description of gimp is the passementerie byrinthi fA
e,
also Venetian gimp. In walking dresses, corsa. 914
l'Amazone are fashionable, with the little jackets ftio'
oovfetrhothsekiwttasisatr.e
mlandedinonpeenr aantdtheevesnieineg,s;dornessreevs
erios7fe,
satin, closing with ornaments of ribbon or guipureglo
or trimmed with Alencon lace; the corsages a cteurt nit
revers open to the waist. The loose sleeves a r ories.co
vriaa bonnemeiite
ornamented, ei
t. , with
xpteliceted7bdeerthoenepsremvaoLgotstiwioll
with puffings of muslin or pros de Naples, and fa!!e"'
them with brides, weds, or gimps. Ball dresses W 3
be with double and triple skirts ; a novel style or s°s•
menting them is with small scarfs of tulle illusion, 130
pended from the waist to the bottom of the skirt, wog
they are attached by bunches of flowers. The SP
bonnet are of Bros de Naples, in pale lilac, laPls,, urea
and blue ; some are made of white or light o°_,L°stblil
crapes, ornamented by long boquets of flowers or s":
flowering shrubs, half lilac, field daises, with letice-eriteo
blades of grass. Capotes of paille de riz are oroiri Pf,
with ruches, and fancy straws with bouillondes. 11°'
bonnets continue small, and with deep havo/ets• 0101
caps worn inside are of chiffonne, with sprigs of licit
small flowers.

SPORTING INTELLIGEN-CE'

BETTING AT MANCHESTER.

FRIDAY EYENING•,O
eboisaooucantbknodesdcd subscription
iopagtttistoi
Pharaoh at 12, and lastly at 11 to 1, it becoming Eli,'
a " point of law" which of the two had the "C oft
Cattonite at 15 to 1, and Red Deer at ten points 131,00
both in fashion. Sir Robert's friends again disinoo
wasfimmtog,henadtnbe'snyoteTaru.
sinutd:deag. :yßlds:uaiOr
tyap a;
supported
irtiMethbergerltnuehedidaParetetdo,
required the
i;ltom khPoaeffiefanwrgdocgiaesm3inef3t,H2wtsoalaftttselos4l'
to oi
cover the leader, 10 to 1 being taken on Pagan; 14'„
afterwards 12 to 1, laid in ponies agst Pharaoh, the
fluential layer accepting 250 to 200 between him and ~Asoi
Collet's horse, in strong force at 100's to 7. Hooetp.o"o
backed for a pony at 20 to 1. Yesterday a few " r
was invented °'
pt
birds" gave character to the room, but there Nsr.
much done. Pagan stood at 10 to 1 (offered)'
Robert at 100 to 6 (offered). Cattonite we did 0..00
named ; Tacita frequently, but 20 to 1 did not vitt
" fit." Haitoe at 33 to 1, and Young Lochinvar 011,1
and 34 to one were in request. 24 to 1 agst
to 1 agst General Pollock, and 50's to 1 " like $0,94
agst the Broken Down ; 16 to 1 agst Vin OrtioTeet
Emma, and Best Bower, in a " lot," may be ci
a fashionable offer also ; 6 to 1 agst Kent's lot.
DOINGS TO-DAY. ".
Them was but a medium attendance, and feed
ments made to insignificant figures.
TWO THOUSAND GUINEAS STAKES. •
106 ttoo 1
agst4wwasaslaoiffderedf
trheeelyUognlytßheufickelodn. Wl2etdonelaunoo
THE CUP. Olt ) :
believe, offered once agst Pagan ; but out of the r;noir.
was asked for in a leading Liverpool quvter.
opponents were shy, that we consider him all t 0
par with Pagan. Sir Robert again fell back; 1'
offered in the best of quarters.
11 to 1 agst Pharaoh (12 wanted)
114 1 Pagan (offered)
124 1 Cattonite (offered)
17 —1 Jamie Forest (offered freely) e 0)
20 1 --Alice Hawthorn (offered, 25 toy
20 1 Red Deer (offered freely)
20 1 Hooton (offered, 25 wanted)
22 1 ==.- Bramble
25 1 Merry Andrew
25 1 Prior (offered freely)
20 1 Sir Robert (offered)
25 1 Scalteen (nominal)
27 1 Tacita (offered, 30 taken)
27 1 Freedom (nominal)
27 1 Everton (30 taken)
27 1 Hooton (offered)
33 1 Young Lochinvar (taken)
35 1 General Pollock (offered)
40 1 Naworth (offered)
30 1 Newcourt (offered)
30 1 Glossy (offered)
50 1 Xanthus (nominal)
66 1 Quebec (nominal)
1000 —1 What (wanted.) dll scoores„:o4"6-10
Yesterday 300 to 10 agst Leander, and Bel 510
accepted on the Modern Antique. TnlYea nill,ool
for Rattan, and we think 54 would have
_,t It„4 tO
was booked agst " Scott's lot" also 15 galasg ; oil
Rein, and 500 to 10 twice laid agst
Voltri (taken).

OAKS.
A " dead letter.",

.....00°_........
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