In Indigo, there is little alteration; it is expected that the ensuing sale will consist of 6000 to 7000 chests. The very contradictory accounts from the Hop districts as to the effect of the late heavy rains, have caused a continual fluctuation in the estimate of the duty; it has been stated as high as 165,000., it has now declined to 150,000. The market has been unusually active for the time of year. The continuance of fine weather during the harvest has made the Corn market exceedingly dull; the best qualities of new Wheat have suf fered a reduction of 6s. to 8s., and of old of 5s. per quarter. Flour also may be quoted at 5s. per sack lower. Old Barley has met with ready sale, at prices up to 36s.; no new Barley offered. Oats, of all descriptions, are 1s. per quarter cheaper; Beans, 2s., and White Peas, Is. About 800 barrels of fresh Canada Flour lately sold by auction at 30s. to 32s. per barrel. There has been but little fluctuation in Government Securities during the month; and in Foreign Stock, it has been almost confined to Portuguese, which declined considerably when it became apparent that the arrival of Don Pedro in Portugal had not excited that degree of enthusiasm in his favour that had been anticipated. The evident disinclination of Don Miguel's naval commander to come to action with the inferior force under Sartorius, has, however, induced a further confidence in the canse of the Constitutionalists, and caused these securities to rally a little. Subjoined are the closing prices in the Money Market on the 25th ult: ENGLISH FUNDS. Three per Cent. Consols, 83 five-eighths, threequarters.-Three per Cent. Consols for the Account, 83 five-eighths, three-quarters. -Three per Cent. Reduced, 84 three-eighths. - Three and a Half per Cent. Reduced, 92 one-eighth.New Three and a Half per Cent. 91 threeeighths. Four per Cent. (1826), 101 three-quarters, 102.-India Stock, 199, 200.-Bank Stock, 189, 190.-Exchequer Bills, 11, 12.-India Bonds, 4, 5.-Long Annuities 16 three-quarters, thirteen-sixteenths. FOREIGN FUNDS. Belgian Loan, 75 half, 6.-Brazilian Five per Cent. 48 half, 49.-Chilian, 15, 16.-Colombian (1824), Six per Cent. 11 half, 12 half-Danish Three per Cent. 69 half.-Dutch Two and a Half per Cent. 43 seven-eighths.-French Five per Cent. 98, 99.-French Three per Cent. 69 half, 69 half.-Greek Five per Cent. 26.-Mexican Six per Cent. 27 half, 28 half.-Portuguese Five per Cent. 47 half, 48 half.-Portuguese New Loan, 4 half dis.-Russian Five per Cent. 100 half, 101. Spanish Five per Cent. 13 three-quarters, 14. SHARES. Anglo-Mexican Mines, 67. 10s., 77. 10s.—United Mexican Mines, 21. 15s., 3. 5s.- Colombian Mines, 6., 7.-Del Monte, 167. 10s., 174. 10s.Imp. Brazil, 47, 494.-Bolanos, 190, 195.-Canada Company, 47, 48. Cldy. Clear Cidy. 30.02 N.W. N.W. Clear Cldy. Cldy. Fair Cirrostrat.cumulus .04 THE NEW MONTHLY MAGAZINE. OCTOBER 1, 1832. HISTORICAL REGISTER. Excursions in India-Tales of Many Climes -Zohrab, the Hostage-The Elements, a Poem-The Life of Andrew Marvell, the celebrated Patriot-Fort Risbane; or Three Days' Quarantine-Caracalla, a Tragedy-Advice to Emigrants-Statistical Sketches of Upper Canada-Hints on Emigration to Upper Canada-Sermons, by the Rev. Plumpton Wilson, LL.B.Example; or Family Scenes-Knowledge for the People-Lectiones Latina-Initia Latina in usum Scholæ Grammaticæ Levishamæ-Exercises on the Anabasis of Xenophon to be rendered into Xenophontic Greek - Catechism of Latin Grammar-Latin Delectus, for the use of the Edinburgh Academy - Simonis's Smaller Hebrew Chaldee Lexicon-The Academic Correspondent and Magazine of Education-Prize Letters to Students -The Pilgrim of Erin, and other Poems -The Isle of Wight, and other PoemsA Treatise on Chemistry-The Blue Bag; or, Toryana-Rudiments of the Primary Forces of Cravity, &c.-The New Gil Blas-Elements of the Theory of Mechanics - Family Classical Library, No. XXXIII.-The Anatomy and Physiology of the Organ of Hearing-Five Minutes' Advice on the Care of the Teeth-Counsels to the Young-Loudon's Encyclopædia of Cottage, Farm, and Villa Architecture-The Destinies of Man-Songs of the Sea Nymphs; Scenes of Fairy Land, &c.-Speech of G. R. Robinson, Esq. on the Trade, &c. of the British Empire A Letter to the Right Hon. Lord Brougham-Letters for the Press-The Entomological Magazine-Musical Publications THE DRAMA FINE ARTS FOREIGN VARIETIES 434 452 454 455 458 459 460 465 Bank of England.-Immediately before the prorogation of Parliament Lord Althorp laid upon the Table of the House of Commons the Report of the Secret Committee which had been appointed to inquire into the affairs of the Bank of England. The Report was, as he stated, not intended to be final, for in it the Committee pronounced no opinion as to the main question submitted for their consideration. But let the Report speak for itself. It is as follows: The Secret Committee appointed to inquire into the expediency of renewing the Charter of the Bank of England, and into the system on which banks of issue in England and Wales are conducted; and to whom the petition of certain directors of joint-stock banking companies in England was referred; and who were empowered to report the minutes of evidence taken before them-have agreed upon the following report : Oct.-VOL. XXXVI. NO. CXLII. BRITAIN. "Your Committee have applied themselves to the inquiry which the House has committed to them, by calling for all the accounts which appeared to them necessary for the purpose of elucidating the affairs of the Bank of England, ascertaining the principles on which it regulates and have examined evidence, for the purpose of the issue of its notes, and conducts its general transactions. They feel bound to state, that the Directors of the Bank of England have afforded to them every facility in their power, and have most readily and candidly answered every question which has been put to them, and produced every account which has been called for. The Committee have also examined such witnesses as appeared to them, from their practical knowledge and experience, most likely to afford information on the important subjects under their consideration, who have all been ready to give the Committee the most ample information. "The principal points to which they have directed their attention, are "First. Whether the paper circulation of the 3 c metropolis should be confined, as at present, to the issues of one bank, and that a commercial company; or whether a competition of different banks of issue, each consisting of an unlimited number of partners, should be permitted. "Secondly. If it should be deemed expedient that the paper circulation of the metropolis should be confined, as at present, to the issues of one bank, how far the whole of the exclusive privileges possessed by the Bank of England were necessary to effect this object. "Thirdly. What checks can be provided to secure for the public a proper management of banks of issue, and especially whether it would be expedient and safe to compel them periodically to publish their accounts. "With respect to the circulation of paper in the country, the Committee have examined First, into the effect produced by the establishment of the branch banks of the Bank of England; and secondly, into the expediency of encouraging the establishment of joint stock banks of issue in the country. quiry is instituted for the purpose of deciding whether the Bank Charter shall be renewed or not, and a periodical publication during the course of its ordinary transactions. "Of the ample means of the Bank of England to meet all its engagements, and of the high credit which it has always possessed, and which it continues to deserve, no man who reads the evidence taken before this Committee can for a moment doubt; for it appears that, in addition to the surplus left in the hands of the Bank itself, amounting to 2,880,0001. the capital on which interest is paid to the proprietors, and for which the State is debtor to the Bank, amounts to 14,553,000., making no less a sum than 17,433,000/. over and above all its liabilities. "11th August, 1832." Though the foregoing Report was presented early in August, it was not printed and ready for delivery until after the end of that month. The public are in some "On all these, and on some collateral points, character of the Report by the full pubdegree compensated for the defective more or less information will be found in the minutes of evidence; but on no one of them is it so complete as to justify the Committee in giving a decided opinion. "The period of the Session at which the Committee commenced their labours, the importance and extent of the subject, and the approaching close of the Session, will sufficiently account to the House for the limited progress of the inquiry, and for the incompleteness of the materials which have been collected, for the purpose of forming an opinion. They have thought it better, therefore, to submit the whole of the evidence which they have taken, with a very few exceptions, to the consideration of the House. "In their opinion, no public inconvenience will arise from this publication. The only parts of the evidence which they have thought it neces sary to suppress, are those which relate merely to the private interests of individuals. "The House will perceive that the Committee have presented, as part of the evidence which they have taken, the actual amount of bullion at different times in the hands of the Bank of England. This information has never before been given to the public. It is, however, very essential to a complete knowledge of the subject; and if it had been suppressed by the Committee, many parts of the evidence would have been unintelligible, and a false impression would have been produced in the minds of the public, that the Bank were not as well provided with bullion as is desirable, which might have a very injurious effect. The House will, however, observe, that the Bank is amply provided with bullion at the present time; and it does not, therefore, appear to the Committee that this information being now given to the public can be productive of any injurious consequences. "The Committee, however, by no means wish it to be understood, from their having felt themselves called upon to include this evidence in their report, that they have formed any opinion as to the propriety of periodically publishing the affairs of this or any other bank of issue. There appears to be a difference between a publication of the affairs of the bank when an in lication of the evidence taken before the Committee. Amongst other matter we find in that evidence the following curious questions and answers: "Did any communication take place between the Bank and Government respecting an order in council to restrain payment in gold at that period, December, 1825 -Yes, it was suggested by the Bank. "What answer did his Majesty's Government give to that? They resisted it from first to last. "Did the Government suggest any other course in refusing the suggestion of the Bank -No; they left the Bank to act at its discretion, hoping that the panic would subside; and it is to be observed, that though our treasure was so much reduced, even much more reduced as we approached the crisis, we were at that period receiving gold, because we strained every nerve to get gold from the continent. Bullion came in, and the Mint coined; they worked double tides; in short, they were at work night and day; we were perpetually receiving gold from abroad, and coin from the Mint. "Was there a period in December, 1825, during which the Bank contemplated the great probability of being entirely exhausted of gold?—At the latter end of 1825, decidedly. "Do you recollect the lowest quantity of gold which the Bank possessed during any period of December, 1825 ?—No; I do not remember immediately, but it was miserably low. "Was it under the 1,300,000!. you have mentioned?-Unquestionably. "It was stated by the late Mr. Huskisson to a member of the House of Commons, that he, as a member of the Administration at that time, suggested to the Bank, that if their gold was exhausted, they should place a paper against their doors, stating that they had not gold to pay with, but might expect to have gold to recommence payment in a short period; do you recollect such a suggestion?-There was such a suggestion. "What would, in your opinion, have been the consequence of that paper placed against the doors of the Bank, without preparation to sup port commercial and financial credit-I hardly Average of Forgeries per know how to contemplate it. "The Bank of England issued 17. notes at that period; was that done to protect its remaining treasure-Decidedly, and it worked wonders; and it was by great good luck that we had the means of doing it, because one box containing a quantity of 17. notes had been overlooked, and they were forthcoming at the lucky moment. "Had there been no foresight in the preparation of those 1. notes-None whatever, I solemnly declare. "Do you think that issuing the 17. notes saved the Bank-As far as my judgment goes, it saved the credit of the country." By the evidence of Mr. Ward, and from facts that have otherwise transpired, there can be no doubt that the reduction of the Four per Cents. to a stock of 34 was entirely owing to the issues of the Bank. Several statements of account are appended to evidence by which it is materially elucidated. One of the most remarkable is the following estimated account of Profit derived by the Bank from Government Business. annum during the last Estimated profit There is also to be found amongst these addenda an account of the profits of the Bank for the year ending February 29th, 1832, which may be taken as a fair average of preceding years; it states the description of the securities held by the Bank, and the sources from which the said Profits have accrued. Interest on commercial bills £130,695 204,109 451,415 446,502 Allowance received for management of 251,896 60,684 Interest on loans on mortgages. 71,859 €1,689,176 We have likewise an Account of the amounts of the net annual profit of the Bank of England, in the years ending the 28th of February, 1829, 1830, 1831, and 1832, out of which interest is to be paid on the Capital Stock. £1,209,482 1829 930,786 29, 467,875 £4,544,980 The following is "An Account of the Average Loss per annum incurred by the Bank from Forgeries in the Public Funds, in the last Ten Years, and the actual Loss in each Year :" In the year 1822 . £12,676 Nil. 360,214 147,000 1823 1824 333,000 1825 -134,875 1826 972 10,996 10)402,040 Management of Life An It appears from the examination of Mr. Horsley Palmer, that since 1825 the Bank has adopted a fixed and a new principle for the regulation of their issues. They have considered it proper to keep in coin 3 c 2 and bullion a reserve equal to one-third of their liabilities-that is, to one-third of the aggregate of their notes in circulation and deposits, when the exchanges are at par, keeping a sum equal to the remaining twothirds (or more) in marketable securities, public or private. They consider the increase or diminution of their discounts a bad mode of regulating their issues, and that the proper plan is to allow the issue to be regulated, as it were, spontaneously, "by the action of the Bank”—that is, contracted by the notes being returned for gold or silver for export (and cancelled), or enlarged by the notes being demanded (and issued) in return for gold and silver brought into the bullion office of the Bank. This may be all very well as respects the period since 1825, but it goes not a single inch to prove that the Directors of that great corporation may continue to be safely entrusted with irresponsible power. There is scarcely one unprejudiced or disinterested witness who approves of the present or late management of the Bank in respect to the currency, or who does not give, in referring to its constitution and practice, the strongest reasons for distrusting its discreet or skilful exercise of such a power. In the evidence of Mr. Easthope, he is quite explicit in showing that the interest or the views of the directors, as bankers, are often opposed to their interest or discretion as issuers of notes, or superintendents of a paper Mint, for the supply of the nation with money. The Committee give no opinion as to whether the Bank Charter should be renewed or not, and some disappointment has been expressed, as this omission will doubtless give rise to considerable discussion in Parliament. The Bank has issued the following notices : THE (1.) The Governor and Company of the Bank of England do hereby give notice that on and after the 7th instant they will be ready to receive applications for loans, upon the deposit bills of exchange, Exchequer bills, East India bonds, or other approved securities; such loans to be repaid on or before the 15th of October next, with interest, at the rate of 31. per cent. per annum, and to be for sums of not less than 2000. each. "Bank of England, Sept. 6, 1832." (2.) The Court of Directors of the Governor and Company of the Bank of England give notice that they have made an agreement with the Right Honourable the Lords Commissioners of his Majesty's Treasury to circulate Exchequer bills, made, or to be made forthwith, pursuant to an act of Parliament for that purpose now in force, to end on the 5th of April, 1833.* A General Meeting of the Proprietors of Bank Stock has been since held, for the purpose of declaring the half-yearly dividend of four per cent. After a rather heated discussion, caused by one of the Proprietors having moved that the reporters of the public press should be excluded, disclosures," but which was unanimously nega "as much mischief has arisen from the late tived, and a farther demand on the part of Mr. Young and others for publicity of the Bank affairs, the dividend was agreed to. A vote of confidence and approbation was passed to the Directors; and the Governor, in reply, stated, that since the late exposition of the evidence before the House of Commons the Bank had experienced no drain of gold. Respecting the motion that had been made for excluding the reporters, it had been made without the knowledge of the Directory, who had not the slightest objection to their presence or to conceal anything which the Court of Proprietors thought ought to be made public. COLONIES. WEST INDIES. (JAMAICA.) Earl Mulgrave arrived at Jamaica on the 26th July, in the Conway, and was sworn in on the 28th with the customary ceremonies. The colonial papers mention an alleged attempt to set fire to Kingston, but give no particulars. It is of course attributed to the slaves. The acrimony against the Ministers of Dissenting congregations had not at all subsided throughout the island, judging from manifestations in these papers. At a public meeting of the Colonial Union of the Northside parishes, Jamaica, held on the 28th July, the following resolution was unanimously agreed to :— "We, the undersigned, most solemnly declare, that we are resolved, at the hazard of our lives, not to suffer any Baptist or other Sectarian preacher or teacher, or any person professedly belonging to those sects, to preach or to teach in any house in towns, or in any districts of the country where the influence of the Colonial Union extends; and this we do-maintaining the purest loyalty to his Majesty King William the Fourth, as well as the highest veneration for the Established religion, in defence of social order, and in strict conformity with the laws for the preservation of the public peace-to shield this portion of his Majesty's island of Jamaica against insurrection and future destruction." It is difficult to read without laughter so lamentable an effusion of folly; in which men with reverence for religion, loyalty to the King, and respect for the laws in their mouths, declare themselves ready, at the hazard of their lives, to prevent the preaching of Christianity by men sanctioned by the King, and licensed by the law. |