The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-07-02 00:00:00

July 2, 1844.

THE BANK CHARTER BILL.

; A deputation from the committee of joint-stock banks
had an interview at half-past two o'clock on Friday with
Sir Robert Peel for the purpose of proposing their amend-
ments to the Bank Charier Act.
The deputation consisted of Messrs. Jos. Walker,
Vincent Stuckey, J. W. Gilbart, Daniel Robertson, and
Oliver V.le.
Mr. Walker stated the different points ass;gned by the
joint-stock banks, and Sir Robert Peel very corteously
consented to the following important modifications ;-
1. That instead of the averages of the two years as
originally proposed, the maximum of the future circula-
tion, shall be regulated by the average of the circulation
during the three months, February, March, and April,
Previous to the announcement of the mea-ure in parrament.
2. That the future maximum shall be taken upon a
Monthly, instead of a weekly average, so that if a bank
should exceed its limits in one week, it may reduce it in
the following weeks.
3. That the word " place " in clause thirteen, be omit-
ted, so as to allow banks to open new branches, provided
they do not exceed the fixed amount of their circulation.
4. That the act shall not come into operation so far as
the country bankers are concerned, until the 25th October,
The period when the bankers' annual licenses are renewed.
The deputation urged Sir Robert to permit, that when a
nnion took place between two joint stock banks, or a joint-
!trek and a private bank, the united bank might issue to
ttl united amount of their previous circulations. But to
of is he objected, on the ground that the whole circulation
the country might then fall into the hands of a few
rim companies.
Mr. Walker expressed the satisfaction of the deputation
at the concessions which had been so handsomely made,
and still entertained a hope that Sir Robert would
reconsider the subject of the union between joint-stock
and bankers, as he considered such unions might
o
distress
prevent banking failures that would inflict great
on the country. Mr. Walker expressed the
satisfaction of the deputation with that part of the bill
:1121? placed the joint-stock banks in London upon an
aTe:."tY with other banks, in regard to the right of accept-

Ti;
h.,,. e concessions made by Sir Robert. Peel will add above
",1 million to the country circulation, and by the
Monthly, instead of the weekly average, the danger of
incurring penalties will be wholly avoided. We have no
doubt the banking in'erest generally throughout the coun-
try will feel greatly obliged to the joint-stock banking corn-
Mittee for having obtained these important modifications,
and we apprehend that the bill will now pass through
Parliament without any opposition.

IF FREE TRADE RENDERED CORN CHEAPER,
WOULD THE WORKING CLASS BE BENE-
FITED?

SUPPOSE (which we have shown could not ultimately
be the case) that in consequence of the unrestricted ad-
mission of foreign grain, the price of subsistence is Per-
manently lowered to the British consumer—will any
benefit thence in the end accrue to the working classes of
Great Britain? If, indeed, they could succeed in main-
taining their money wages at the same level, they would
be very great gainers indeed by the changes ; although
the withering effect of the distruction of the agricultural
classes would, in the end, come to react on this temporary
Prosperity of the manufacturing classes. But could the
Manufacturing operatives, or any class of labourers, keep
their money wages up at the present level if a permanent
reduction in the price of the necessaries of life had taken
Place? Nothing is clearer than that they could not.
The Money rate of wages, wholly independent of the price
of Provisions from year to year, is entirely regulated by
it, other things being equal. from ten years to ten years.
If by the free importation of foreign grain, the money
Price of it is reduced one-half, the ultimate result will be,
that wages will fall one-half, also. It is impossible it can
he otherwise ; for even if the reduction did not ensue
from any other cause, it would inevitably be brought
about by the great impulse eiven to population, and con-
sequent multiplication of labourers under the influence of
Undiminished money wages, and augmented ease of cir-
cumstances, and an increased durable fall in the price of
the necessaries of life.
Past history and present experience alike concur in
demonstrating this important fact. In the time of the
Norman Conquest, the price of wheat was from three
Shillings and sixpence to five shillings a quarter; but
nevertheless the labourers had not half the command of
the necessaries and conveniences of life they have now—
for the
money wages of labour were a halfpenny a-day
prow remainder of the year, and a penny in harvest.
Russia than in this country ; but are the Polish and Rus-
-'ll Peasants half so comfortably fed, lodged, or clothed,
as corresponding classes in this country ? Every one
knows that, so far from being so, or obtaining any benefit
Whatever from the cheap price of provisions in their own
country, they are, in truth, the most miserable labourers
111 Europe, and feed upon scanty meals of rye-bread, in
the midst of the splendid wheat crops which they raise
for the more opulent consumers in this country. In the
southern provinces of Russia, wheat is often only ten,
sometimes but five shillings a quarter. from the total
' Want of any market. But what is the consequence?
Why. that wages are so low, that the Cossack horseman
sets Only eight shillings and sixpence a-year of pay from
government. Wheat and provisions of all sorts are much
taper in Ireland than in Great Britain; but, never-
. theeless, the Irish labourers do not enjoy one-third of
comforts or necessaries of life which fall to the lot of
their brethren on this side of the Channel. Their wages
are sixpence a-day. Thence it is, that when once they have
got out of Ireland, so few will ever return to it. Provi-
sions of all sorts are extravagantly dear in every part of
America, Canada, and Australia ; but, high as they are,
the wages of labour, from the rapid growth of these
colonies, are still high( r, and the condition of the labour-
ing classes is beyond all precedent prosperous and com-
fortable. The mere necessaries of life are sold almost for
nothing in Hindostan arid China ; but, so far from
obtaining any benefit from that low rate of prices, the
labouring classes are so poor as to taste hardly anything
but rice and water ; and wages are so low, seldom exceed-
ing twopence a-day, that every sea-boy, toot soldier, and
horseman has two, and every native three attendants to
wait upon his person. Examples of this sort prove how
extremely ill founded is the common opinion that perma-
nent low prices must necessarily produce comfort to the
working classes, and tend to show that Dr. Adam Smith
Was much nearer the mark when he said, " High prices
and plenty, are prosperity : low prices and want, are
misery."—From Mr. Alison's Pamphlet on Free Trade
and Protection.

SPO TINGR INTELLIGENCE.

TATTERSALL'S, THURSDAY.

THE LATE DERBY.
.Pursuant to the judge's order obtained on Monday last,
Iplot:lel Peel's solicitor, accompanied by Mr. Field, Mr.
aYor, and other veterinary surgeons, and several per-
-1.1,°115, for the purpose of identification, proceeded to Ep-
-734, yesterday, with the intent to see and examine Run-
Wag Rein. Full particulars of what took place we have
tiot been able to collect Lbut it is stated in the subscrip-
t:2'loom, that Mr. A Wood, the owner of the horse,
.(1" not at home," and, on application to the trainer,
p,rdr• Smith,) he refused to show the horse without an
Usuder from the owner, thus exposing himself to the
al
ref Penalty for contempt of court. The effect of this
usal was to increase the odds on Orlando from 5 to
„t2.4en several times in the early part of the day, to 3 to
~nered.

GOODWOOD STAKES.
9 to 1 agst The Duke of Richmond's Red Deer.
17 to 1 , Mr. Meiklam's The Best of Three—t.
20 to 1 ',
Mr. Johnstone's The Era—t.
20 to 1 ',
Mr.. Irwin's The Pride of Kildare.
20 to 1 :, Mr. Greville's Gunter.
25 1,, sir S. Spry's Subduer-25 to It.to 1 ~ The Duke of Richmond's The Currier.
25 to 1 „ Mr. Brooks' Ajax—t.
25 to 1 ~ Lord G. Bentinck's Croton Oil.
The betting Was too slack to require any comment.
ST. LEGER.
L 4 to 1 agst Mr. Salvin's The Cure.
5 ttoo 1 '' Mr. J. Day's Ugly Buck--t.
to ~,
~,
TmLhoreticitStkan Stanley's
Richmond's's li huri el —t • ,
10 1
33 to 1
33 to 1 Robinson'st Morp
~ Lord
We G. Bentinck eRt ehu__Dt_ . :.. e_ rt -. t .
's Devil to ra) T
Nothing
yesterday. the prices last betted at Newastle. Nothing
was done yesterday.

31 f DERBY, 1845.
40 to lagst eko
ter's e's Alarm—t.
t, Lord p
Exe Golden Fleece—t.
40 to 1
~ Mr. Columbus.
THE LATE OARS.
The following notice was stuck up yesterday in the
I,Beription-room at Hyde-park-corner:
Messrs. Tattersall are desired to state, that Mr.
`'Car, has
mare, Miss Julia, who ran in the Oaks this
e has been examined by a veterinary surgeon, by de-
°f: Mr. Forth, has pronounced her to be a four years
u this year.
" June 27, 1844."

The MANCHESTER, FRIDAY.
too attendance was so limited that the subscr
bets laid,
*eel:3l.llst fill up by giving the prices accepted during the
Liver „11 Public and private upon the candidates for the
to „: I'ool Cup ; but strange alterations may be expected
''' orrovt, when the weights will be on the tables.
LIVERPOOL CUP.
y. 25 to 1 on the field.
4' to 1 agst Parthian, by Jereed, out of Cyprian, 4
„i_Yrs old—t
`)t) to 1
,y to by Muley Moloch, 6 yrs old—t.
to 1 „ Yardley, by Sir Isaac. 4 yrs old—t.
.3
" to 1 Eboracum, by St. Nicholas, 5 yrs old—t.
40 to AAI „ Best of Three, by Inheritor, 3 yrs old—t.
gu to 1
~ What, by Jereed, 4 yrs old—t.

GOODWOOD COP.
ai
6,stto 1 agst The Squire, by The Saddler, 6 yrs old,
5113—ff.
ORLANDO V. RUNNING REIN.
4i 644. Z last offer on Tuesday was 50 to 25 on the letter

ST. LEGER.
11We have not beard one bet this week. At Neweastle
't,e following prices were booked :
6 agst The Cure, by Physician, out of Morsel.
to 1 The Princess, by Slane, dam by Phan-
tom. "
:to 1 „ Ithuriel, by Touchstone, out of Verbena.
1,0,1- Hornsby has sold Revoke to Earl Fitzwilham's
"'" to be put to the stud at Northampton.
Cry

Ittrockford, whose abilities as a calculator of odds were
odpualled, used to say, tbat five to four were the greatest
8 that the very best cause, pleaded by the very best
'4,ocate, ought to induce any man to bet in its favour.