r,H. VIII.] OF CAPITAL. 



tioned by the law in 1826, had only been established in 

 Ireland for eighteen months ; that already, by renewing the 

 notes of the farmers, they have afforded them the means of 

 fattening cattle, which was not done previously ; and that 

 when these banks shall have had time to operate sufficiently, 

 they will produce the best results, from the great facility 

 they afford of creating capital in a country in which it is 

 excessively scarce ; that they advance money at four per 

 cent., whilst the other banks demand six per cent.; that 

 they have already forced the Bank of Ireland to establish 

 branch-banks everywhere; and that there is no fear of 

 their failing, as the private banks have done, which have 

 thus brought ruin on the country. 



This statement is confirmed by that of Mr. Blacker, 

 the agent of many landowners in the province of Munster, 

 who adds, that the joint-stock banks can only affect the 

 farms of above fifty acres ; that they have already produced 

 a very great effect by loans to the farmers ; and that they 

 have acted indirectly upon agriculture, by favouring in the 

 north of Ireland a trade in linen, which, without these 

 banks, would not have attained a fifth of its present im- 

 portance. 



The Committee interrogated the witnesses as to what 

 lands would offer to English companies the greatest ad- 

 vantage for the application of their capital. The reply was, 

 that the lands already in cultivation were so badly ma- 

 naged, that it would be more advantageous to put them 

 in a good state of culture than to employ capital in drain- 

 ing the bog-lands ; although some of these have so little 

 depth, that it would cost only *Jl. per Irish acre to drain 

 them : others again thirty feet in depth, would cost 227. 

 per acre. 



