EXCHEQUER BILLS IN 1793.

Mr. M'Dowall, member for Glasgow, on his return to London from that city, in April, 1793, stated to the Committee of the House of Commons (of which he happened to be a member), "that all the commercial houses and manufacturers there were in the greatest distress from the stagnation of commercial credit, and the total want of private confidence." On the motion of Mr. Pitt, shortly after, the House of Commons passed a resolution, followed by an Act, allowing five millions pounds sterling to be issued by Exchequer Bills in aid of private credit, to bear interest at the rate of twopence halfpenny per day on the £100, in sums of not less than £4,000 on the deposit of goods of double the value of the amount asked; the goods to be lodged in warehouses to the satisfaction of the principal officers of Customs or Excise at Glasgow, Edinburgh, or Leith, in Scotland, or certain other ports in England.

The very first intimation of the intention of the legislature to support the merchants, operated all over the country like a charm, and in a great degree superseded the necessity of the relief, by an almost instantaneous restoration of mutual confidence. The entire number of applicants for advances was 332, and the entire amount applied for was only £3,855,624. The applications by forty-five parties for £1,215,000 were withdrawn, and forty-nine applications for £438,324 were rejected, as not coming within the intention of the Act, or otherwise; so that the whole amount that was actually advanced was £2,202,200, to 238 applicants, as follows; thus:London, £989,700; Glasgow, £319,730; Manchester, £246,500; Liverpool, £137,020; Bristol, £41,500; Leith, £25,750; Paisley, £31,000; Dundee, £16,000; Edinburgh, Perth, and Banff, £4,000 each; and to other places, £383,000. Every farthing of these advances were repaid, together with interest, amounting to £13,033, or £4,348 beyond the expenses of management; and, of the 238 parties who were assisted, only two became bankrupt. Long before the end of the year confidence was perfectly restored, and the facility of raising money, both in London and in the country, had become as great as it usually is in a healthy state of the commercial system. The following letters were written by a commercial correspondent in Glasgow, whose sound sense and genuine veracity was undoubted. The one during the distress was as follows:

:

"The distress began to be felt here in a few days after it began in London, in the month of February last (1793), but we had no

failures till the 28th of March, when the banking-house of Murdoch, Robertson & Co. were made bankrupts, for about £115,000. This was followed by the banking-house of A. G. & A. Thompson, who owed about £47,000. The first will pay every shilling to their creditors, and it is supposed that the last will do so also. One or two more of the country banks in the West of Scotland were under temporary difficulties, but made no pause; and having got assistance, they went on, and as all the other banks did, drew on their funds, and lessened their engagements. Some of the banks here did certainly continue to discount some bills, but in a less degree than formerly. All of the banks were under the necessity of allowing many of such bills as they held to be renewed at two or three months date, either in whole or in part, according to circumstances; which, in fact, was the same thing as a new discount. In this way all our banks have been going on to this hour, by making renewals when they could not obtain payment, endeavouring to lessen the amount at every renewal, so as gradually to draw in their funds."

Another letter from the same party after the distress, dated 9th December, 1793, is as follows with reference to the commercial crisis— "The truth is, that most of us are of opinion that the late stagnation has been exceedingly useful to our trade, and that if it does not proceed too far, it will be attended with the most beneficial consequences to men of real capital. For, previous thereto, the sales were so rapid, the returns so quick, and money so abundant, that much business was established upon little better than mere paper speculation, or circulation alone, which is now at an end. The wages of our labourers, too, had got to such a height that we must, in all probability, have been gradually undermined in foreign markets by foreign manufacturers; and, if this had once occurred, it would have been much more difficult to recover from than any temporary shock like the present. Besides, these high wages occasioned much idleness and dissipation, and much of the time of our workmen was consequently spent in ale-houses, where they became politicians and government-mongers, restless and discontented."

"Upon the whole, therefore, we may say with truth, that all which has hitherto happened has been for the best."

REPORT OF THE COUNCIL

OF THE

Glasgow Archæological Society.

SESSION 1861 62.

TO BE SUBMITTED TO THE ANNUAL GENERAL MEETING OF THE SOCIETY, TO BE HELD ON 1ST DECEMBER, 1862.

GLASGOW:

PRINTED BY JAMES MACNAB, 11 MILLER STREET.

MDCCCLXII.

FIFTH ANNUAL REPORT

OF THE

Council of the Glasgow Archæological Society.

DURING the Session which has just closed the following interesting Papers were read at the usual Monthly Meetings of the Society:I." On Monumental Brasses," by the Rev. R. S. Oldham, M.A. II." On the Remains of a Vitrified Fort or Site on the Island of Cumbrae, with Notes on the Vitrified Forts of Berigonium, Glen Nevis, Craig Phadrick and Bute," by Wm. Keddie, Esq.

III." On the Norwegian Invasion of Scotland in 1263," by Hugh Tennent, Esq., of Errol.

IV." On Partick in the Olden Times," by James Napier, Esq.

The Meetings were also enlivened from time to time by the exhibition of objects of antiquarian interest, accompanied by short verbal communications, eliciting conversation and discussion.

The Second Part of the Transactions has at length been completed and distributed to the Members. The delay in the publication of this Part has been caused by exceptional circumstances, which, it is hoped, will not in future intervene. The Council intend to proceed at once with printing Part III. of the Transactions; and in future the Transactions will be published with the least possible delay. The Council feel confident that in this way the usefulness of the Society will be promoted, and the general interest in its proceedings be greatly enhanced.

In the beginning of this year the Society having been invited by the Council of the Philosophical Society to co-operate with that and other learned Societies in Glasgow with the view of obtaining suitable permanent accommodation for these Societies, appointed two Members as their representatives in a joint committee, charged with the furtherance of that object. That committee have not as yet agreed upon