It

of the Government of the country. eminent characters had expressed opiwas grateful to him to reflect that he had, nions of this nature, they had been very by his conduct then, done his part towards inconsistent in their conduct. For howits preservation. As to what had been ever warmly they might have contended introduced on the subject of special juries, against these informations when engaged he could not perceive how that was at all against the Crown Officers, there was, he connected with the object of the noble believed, no instance of their refusing kim baron's motion; but he would remind their assistance whenever he invited it in the House, that if any alteration was at carrying on the same ex officio informatempted in the present mode of regulating tions-A laugh.) After all the statespecial juries, the same principle would ments which had been made of the rigour equally apply to some change in the sys- exercised by virtue of the late Act, only tem of summoning common juries, who one person had been held to bail, and it were all returned at the discretion of the was in that aggravated case of an imSheriff. (Hear! hear!) He did not mediate republication of the libel, which know the meaning of this exclamation, had been already noticed. He recollectbut he could assure Noble Lords he ed well, that when he was Attorney-Gespoke for the purpose of being heard. (A│neral, a singular mode of doing the same laugh.) It was his decided opinion, that thing was practised. As the prosecutor the mere fact of the number of prosecu- of a libel, he was obliged to state the li tions having increased, by a considerable bellous matter in the record, and this renumber, in the last ten years, was not a cord of the indictment was in many insufficient ground for inducing them to ac- stances, itself immediately published, and cede to the motion of the noble lord. He the CIRCULATION OF THE LIBEL must do that Noble Lord the justice to THUS INGENIOUSLY EXTENDED. say, that he had, when the late act re- (A laugh.) It was impossible not to be specting ex officio informations was first amused at the contrivance, but it was an introduced, given to it his strongest oppo- evil which imperiously required a remedy. sition. He himself unquestionably had With respect to the circumstance of The approved of it, possibly from prejudice, Morning Post, he was desirous of stating and from the esteem in which he held its that the principle which governed him, authors. He knew well that the person on those occasions, was to prosecute al who now filled the office of Attorney-Ge- the parties implicated in the publication neral, for whom he felt the most sincere of the libel, and he had uniformly found, respect, had been greatly misrepresented. that, by extinguishing the papers, he got This, however, he did not lament-it was rid of the authors. Thinking as he did, the natural consequence of the authority that those who were charged with the ju which he exercised, and it was also the dicial administration of the laws were enprivilege of a free people to view with titled to their support, and ought not to be distrust, and even with dislike, the ne- wantonly subjected to suspicion and recessary exercise of that authority. At proach, without some plain and specific the same time he must say, that a great ground being laid for entertaining any deal of misconception prevailed in the motion that should be attended with such public mind on the subject, and that if an effect; and thinking also, that no such well and truly understood, it would ap-ground had been adduced, and that to pear that no public officer holding the same trust had ever displayed a larger portion of mildness and forbearance.It would be seen that he was THE MOST FORBEARING PROSECUTOR IN THE KINGDOM. (Hear! hear!) His trust was of a description which it was not under the circumstances of the responsibility which he incurred, probable, it possible, that he should venture to abuse it. Much had been said by the Noble Lord (Lord Holland) of the great Legal Authorities that had set themselves against the general principle of ex officio informations, but he must observe, that if those

accede to it would only be to unhinge the public mind and create unfounded alarms, be felt himself under the necessity of resisting the motion.

COMMERCIAL CREDIT.

Report from the Select Committee on the State of Commercial Credit, laid before the House of Commons, 6 March, 1811.

The Select Committee appointed to enquire into the State of Commercial Credit, and who were directed to report the same as it should appear to them, together with

not been able to pay the Manufacturers, when the bills became due; these bills were therefore returned upon the manu

distress-many of those houses that were the original causes of the evil are gone to Bankruptcy long ago; but they have created this evil upon the manufacturers of whom they purchased the goods; that the manufacturers have their property locked up in bankrupts' estates; that part of it will be lost no doubt, but yet that in the course of nine, twelve or fifteen months, a considerable part of the capital will return to the manufacturers; but while they are deprived of it, they go on with the greatest difficulty; many of the weaker have been broken down. That the manufacturers of goods who have capitals still feel great distress from this cause, and it is that class of people that it would be desirable to relieve, because a little aid from government would enable them to go on with their business, though on a li

their Observations thereon, from time to time, to the House, met, and examined a variety of Witnesses; and have agreed upon the following Report:-Your Com-facturers, which created a great deal of mittee directed its attention to three points; -First-The extent of the difficulties and embarrassments which are at present experienced by the trading part of the community-Second-The causes to which the same should be ascribed ;—and,-Third -The expediency, with a view to the present and future interests of the Merchants and Manufacturers, and of the public, of any assistance being afforded by Parliament. Your Committee found, that Memorials had been presented to his Majesty's Treasury, towards the latter end of the last and the beginning of the present year, stating the great embarrassments and distress which were felt amongst the Manufacturers in the Cotton Trade in Glasgow and Paisley and their vicinity, and praying for public assistance; that the same were confirmed by the representation of a meeting held in the City of Lon-mited scale; but still they would be ena don, on the 12th of February, which sent a deputation to wait upon the Chancellor of the Exchequer, with a Copy of the Resolutions adopted at that meeting. These Resolutions your Committee have inserted in the Appendix to this Report.-Your Committee found, by the evidence of the witnesses which they examined, that those statements and representations were founded on fact. It appeared to your Committee, that the principal part of the distress which was complained of, had arisen out of great and extensive speculations, which commenced upon the opening of the South American markets in the Brazils and elsewhere, to the adventures of British Merchants. Mr. Garden, the Chairman of the Chamber of Commerce and Manufacture at Glasgow, said-" That in Glasgow and the neighbourhood the distress began among the manufacturing body of the peo-vanced money upon those bills of the merple, and it has pressed more severely upon them hitherto, than on any other class. That it began about the month of October or beginning of November last: The cause of it appeared to him to be this; That a set of Merchants in London, Liverpool, and Glasgow, conceiving that the markets of South America would consume a vast quantity of our manufactures, entered into a project of very extensive exports to those Countries and to the West India Islands, chiefly intended for the Spa-ness; a want of confidence on the part of nish Colonies; these expeditions not meet ing a ready market, those Exporters have

bled to retain a certain proportion of their work people or labourers; whereas, if they get no kind of relief, they must be broken down also; and the labourers, with their families, must be left without means of subsistence. That this distress still presses very heavily upon them, the export merchants not being able to pay the manufacturers, for the goods they have taken. That in the course of trade great quantities of goods from Scotland were sold by agents in London; those agents gave a temporary accommodation to the manufacturer, but nothing more; when the merchants could not pay those bills which they had given for goods, the bills went back upon the manufacturers.-That there is this chain of connection between the manufacturing body and the upper classes of merchants, the Banks in Scotland having discounted or ad

chants for the manufacturers; those bills having gone back, the manufacturers are not able to take them up; the capitals of the Banks are therefore taken up also, and they are not able to give the regular accommodation which they had been used to do to their customers. In this situation of things, too, a want of confidence arises in the banks themselves, when they see people breaking down around them, they become timid and afraid of transacting any busi

the banks naturally creates distress among the upper classes of merchants, who are

thus deprived of the usual accommodation In some instances payments have been or means of negociation; that therefore much quicker, perhaps by the return of persons who are possessed of solid pro- the same ship; and he mentioned that perty have not the same means of obtain there have even been instances of ships ing credit that they usually have had, and returning within four or five months. very far from it-this want of confidence The usual date of bills given by the merin the banks makes them distrustful of every chant to the manufacturer is six or nine bodyand the merchants have felt great in- months, but in some cases it may be exconvenience in consequence. The witness tended to twelve months; in cases where said, he understands that some of the the goods are sold by an agent in London, banks at Glasgow and in that neighbour- that agent interposes his credit, and gives hood do little business, they will rather an accommodation to the maunfacturer accumulate their capital, and wait the re- sooner, if he requires it, taking his chance sult of the present situation of things; this of payment from the merchant. That the want of confidence creates general distress distresses were immediately and in the among very respectable merchants.-That first instance occasioned by the want of the intercourse of credit among the mer- payment for those that were vended; but chants themselves, was much broken down at the same time the want of a market is by means of these circumstances, even certainly a part of the cause. The markets where the merchants are solvent.-That of South America having been for a time there is considerable injury to the manu- overstocked, there is no great demand at facturer, from being obliged to stop his present; and even though there were a work; his machinery gets out of order, demand, in the present situation of things his workmen get dispersed through the with the want of confidence and the want country, and he cannot collect them again, of credit, it would be difficult for the mabut at considerable trouble and expence; nufacturers to know to whom to sell with and when it is understood that his business safety; that is chiefly occasioned by the is stopped, he loses his custom, and when want of payments for the goods sold that he begins again it is almost the same as will in some measure come round in the beginning a new business; it is therefore course of twelve months, and then the ma extremely important that the manufac- nufacturer will have his own capital again. turer should go on, though on a limited-That there has been a very considerscale. That in his opinion the demandable supply of this sort of manufactures would in a great measure come round to sent to the peninsula, which was in them again; that the home trade and a great measure with a view to their some other markets are still open to them; being sent to the Spanish colonies; that he has always seen in his experience that the same failure of payment hapof 30 years, that a glut in a market is fol- pened in some degree, in respect of lowed by a brisk demand; for no person those goods, as those sent to South Amewill supply the markets or adventure at all rica; that one considerable house in Lonwhen they are overstocked; hence the don connected with this trade, which stopmarket becomes exhausted, and of course ped or made a pause within the last two a very good demand arises afterwards. or three weeks, had sent a great quantity The markets of South America and the to Cadiz; and they informed the witness West India Islands are overstocked at pre- that the last account they had was, that sent, but they will naturally come round, the goods would all be sold in this and and the home trade always takes off a cer- the next mouth, by which means they tain quantity, so that he had no doubt in should be able to make a handsome divisix or twelve months this increased de- dend to their creditors; but their bills mand will do more than take off what is having gone back on the manufacturers, on hand now, or what will be manufac- they are depressed in the mean time.— tured in the mean time, which will be a That there had been a great fall in the very limited quantity indeed.--That if price of the manufacture; that when he there was no particular glut in the market, left Glasgow, there were some articles of from the time of the shipping of the goods, manufacture which had fallen perhaps till the payment could be commanded in 40 or 50 per cent; but he understands this country, he should conceive would be from communications since that, the fall twelve or fifteen months; it may in some is greater, because the distress is become instances be sooner, but, generally speak- more general. With respect to the failing, he should conceive about that time. ures that had happened, there are several

houses which will probably pay very been any failures among the more conlarge dividends; and indeed there are se- siderable and best established houses of maveral of the houses in Glasgow that he al-nufacture in Lancashire, yet that great dis ludes to which stopped payment, have un-tress and embarrasment must already be felt dertaken to pay their creditors in full, in by many, and that some parliamentary as a certain time; one who had more than sistance would be of most essential advan200,000l. of bills out, has undertaken to tage.-Your Committee think it right to re pay his creditors in 3, 4, 8, 12, and 16 fer to the returns of the export of the Cotton months, and probably he will do it; but Manufactures in the following years, to in the mean time, the manufacturers can- shew the state and progress of the trade not command a shilling of this money; in this article of manufacture, up to the that the failure of those houses, before he period when this distress began to be sø left Glasgow, had amounted to from one strongly felt. The official value of cotton to two millions; one house (the same to manufactures exported from Great Britain, which the witness alluded before) has in the year ending 5 January, 1808, was failed since that time for 519,000l. they 9,846,8891.; in the year ending 5 January have undertaken to pay in full.-That the 1809, 12,835,8031.; in the year ending 5 failures of the export houses certainly January, 1810, was 18,616,723.; and in arose from their having gone greatly be- the three quarters ending 10 October yond their capital, having exported goods 1810, 12,761,1364.-It appeared to your to a far greater extent; but he under- Committee, that there had been no want stood many of those houses were not with- of a disposition on the part of the Banks out capital, and some even had large ca- in Scotland to give their accommodation; pital, but being disappointed in the markets, that they had liberally applied it as far as it was found that they could not make was possible; but that it was impossible their returns so quickly as their bills be- they could continue their aid, as they had came due: there are houses of that descrip- their capital already locked up in an imtion in Liverpool, and some in Glasgow. mense number of bills, the payment of Being asked, as to the amount of failures which was suspended.-Your Committed on the present occasion, as compared with also found, that great distress was felt in a those in 1793? he said, "The proportion quarter which was much connected with of failures will be always something in this trade, namely, amongst the Importers proportion to the extent of the trade, (which of Produce from the foreign West India has increased wonderfully since 1793); Islands, and from South America.-That and of course the failures now are to a great parts of the returns for the manumuch larger amount than they were at factures which were exported to those that period."-Your Committee having parts of the world, came home in sugars given this full extract from the evidence and coffee; which not being entitled to of Mr. Garden, have to state, that it was sale in the home market, there were no in general confirmed by the evidence of immediate means of realizing their value. Messrs. I. and R. Mackerell, and Mr. Henry-These representations of the distress Fulton, muslin-manufacturers at Paisley; and that evidence in a great degree to a similar import was given to the Committee by Sir Robert Peel. With regard to the state of the manufactures in Lancashire, he stated, that the price of goods had fallen 40, 50, and in some instances 60 per cent.: that the greatest manufacturers had been obliged to reduce the quantity of their work by one third, others one-half, and others again had been obliged to discharge their workmen alto gether; and that even those which were Continued in employment, were continued at a very reduced rate of wages, amount ing to not more. than one half of their ordinary payment that under these circumstances great distress was felt amongst the workmen, and though there had not

experienced in the trade of the Cotton Manufacturer and Exporter, and from the want of market for foreign colonial pro duce, were also confirmed by respectable merchants and traders in London; who also stated, that the embarrassments were felt in other branches of trade, not connected with foreign commerce or colonial produce.-It also appeared to your Com mittee, that one cause which might be considered as connected with and as at present aggravating the existing distress, was the extent to which the system of warehousing the goods of foreigners as well as native merchants, for exportation had been carried. On this point, the Committee refer to the evidence of Mr. Cock, Commercial and Public Agent for the Corporation of Liverpool, and General

felt in a considerable degree in some other branches of trade; but they have the satisfaction of stating, that from the evidence of a very extensive and experienced merchant, it does not appear that they are felt in the woollen trade, to such an extent as would at all justify a call upon Parliament for any extraordinary relief. That your Committee are warranted in stating, that there appeared a general concurrence of opinion amongst those of the witnesses who were examined, as to the expediency of affording Parliamen

Agent to the merchants of the town; who informed the Committee that," Since the opening of the West India and London Docks, Great Britain has under the provisions of the warehousing acts, become a free port, into which foreign goods of almost every description may be brought and safely deposited, and from whence they may be exported again without payment of importation duties. This country possessing peculiar advantages for foreign commerce, the consequence of such facility to introduce goods from all parts of the world has been, that the mer-tary relief in the manner in which it was chants of other countries, whether neu- afforded by the issue of Exchequer Bills trals, enemies or allies, have been eager to in the year 1793, although there was some avail themselves of every opportunity of difference as to the extent of benefit which sending their goods hither. From Spain might be expected to be derived from (for instance) such goods as have not such relief. And your Committee state it been imported on British account, the to be their decided opinion, that although Spanish merchants have been anxious to there are many circumstances at the send here for safety and for sale-the present time affecting the state of trade same remark applies to Portugal; in fact and commercial credit, which make a great we are now the exporters of Portugal difference between the present period and wines to that country-while importa- that of the year 1793; yet the distress is tions from Europe, not the result of a de- of such a nature and extent, as to make mand for them, have thus been occasioned, such Parliamentary relief highly expedient the markets of South America, both and necessary; and that it promises to be Portuguese and Spanish, have been thrown productive of extensive and important beopen to us, and the greater part of the nefit; that although in many cases such immense productions of those places (from aid may not be capable of effectually rewhich formerly we received but little pro-lieving the persons to whom it may be perty direct except bullion) now comes to fill the warehouses, and for a time to exhaust the capitals of the merchants of this country. Our conquests also have had the same tendency in addition to the produce of the old British Colonies, we now receive that of Martinique, Guadaloupe, St. Cruz, St. Thomas's, &c.; the greatest part of the produce of St. Domingo also now comes here, From Europe, the importations from places from which the British flag is excluded, have been immense-these causes cooperating at a period when the situation of the United States has prevented their ships from introducing into Europe that large proportion of West Indian and South American productions of which they would bave been the carriers, the effects have been more sensibly felt by our merchants." -Your Committee, upon the whole, think themselves justified in stating, that the embarrassments and distresses at present experienced are of an extensive nature; and though they are most severely felt amongst the manufacturers and merchants in those trades which have been more particularly specified; yet, that they are also

:

applied, from great losses arising from the state of circumstances; yet by affording. them time gradually to contract their operations, to call in their means, to withold from immediate sale articles which at present can fetch only most ruinous prices, and to keep up the employment of their machinery and their workmen, though upon a very reduced and limited scale; it will divide and spread the pressure of this distress over a larger space of time, and enable them to meet it with con sequences less ruinous to themselves, and less destructive to the interests of the community. That your Committee referred to the manner in which relief was afforded in the year 1793, and have found that the provisions of that measure which, as appears by the report of the Commis sioners appointed on that occasion, was attended with the happiest effects, and the most complete success, are embodied in the Act 33 Geo. III. cap. 29, and the Committee are of opinion, that similar provisions should be adopted with regard to the relief at present proposed; that the amount of Exchequer Bills to be issued should not be less, nor would the Committee re