766 BEPOET— 1886. 



gardens, they found that the provision was nearly, though not quite, adequate. For 

 instance, Suffolk is fifth, both in labourers and allotments, and fourth in cottage- 

 gardens. Lincoln was first in population, and though only tenth in allotments, was 

 second only to Norfolk in cottage-gardens. AViltshire, which came only tenth in 

 labourers, was first in allotments ; but Kent showed a bad record, coming second 

 in population, but was twenty-sixth in allotments, and only eighteenth in cottage- 

 gardens. As to the size of the allotments, all parties agreed with Mr. Arch that it 

 should be in accordance with the ability to stock and cultivate it. The real point 

 to bear in mind was to endeavour to give the labourer an opportunity to rise from 

 his position to something a little above that, as was done by Lord Norton, Lord 

 Henniker, and Mr. Goring, who endeavoiu-ed to give the industrious labourer a 

 means of adding some other employment to that of a day labourer ; and, finally, to 

 become a small farmer. As to rent, the proper charge appeared to be that which 

 the land would fetch, if let for other pui-poses ; and it must be borne in mind that 

 to rent must be added all outgoings and also cost of collection, though as compared 

 with land let in farms there were no buildings to be erected or kept in repair. 

 Another important point was to afford .security to the tenant that he would neither 

 be capriciously evicted, nor evicted at all, without adequate and complete compen- 

 sation, so that every inducement might be offered to the occupier to bestow his 

 money and labour on the allotment. What was still sadly lacking in this country 

 was an adequate supply of milk for young children. The efforts of philanthropists 

 might with great advantage be devoted to promoting this consummation. Nothing 

 tended to attach a man so deeply to his country as an interest in its soil, and it 

 should be the object of statesmen and philanthropists alike to do all in their power 

 to give the cultivator of the soil a personal and pecuniary interest in it. 



MONDAY, SEPTEMBER 6. 



The following Papers were read : — 



1. One-pound Notes. By Professor J. S. Nicholson. 



The object of this paper is to discuss the effects of introducing with as little 

 disturbance as possible into the present system of currency in England one-pound- 

 notes. The subject being thus limited, it is necessary to assume that the pi-inciples 

 of the Bank Act of 1844 remain imdisturbed. Banknotes, according to that Act, 

 are regarded merely as a convenient form of currency, and not as a form of bankers' 

 credit. Why, then, should the English public not have the option, open to the 

 people of Scotland and Ireland, of using one-pound notes in place of sovereigns ? 

 The preference for these notes in Scotland is so strong that it must rest on a solid 

 foundation. The authorised issues of the Scotch banlts are about two and three 

 quarter millions, but the actual issues are about six millions, of which four millions 

 are one-pound notes. There is no gain, but some loss, on all issues beyond the 

 authorised maximum, so that there is no inducement for the banks to force their 

 issues. Still it may be admitted that in matters of currency the maxim quieta 

 non movere has much force, aud merely for convenience the adoption of one-pound 

 notes by England might not be advisable. But a stronger practical argument is 

 found in the state of the gold currency, which is notoriously under its nominal 

 value. Unless something is done, in a short time, we are threatened with a relapse 

 into a rudimentary system of currency by weight. The expense of restoration 

 might be met by issuing one-pound notes. There would be no danger of inconver- 

 tibility if all the gold withdrawn were used as a reserve after allowing for the 

 expense of restoration and meeting the gold coins at their real value. The only 

 change necessary in the Bank Act would be an extension of the limit of issues not 

 against gold. If, as the experience of Scotland renders probable, the notes issued 

 remained to a large extent in circulation, the wear and tear of coins would for the 

 future be much less, and it would be more easy to keep them up to the standard. 



