TRANSACTIONS OF THE SECTIONS. 121 



the absorption of a large amount of the note cnrreucv hj the solvent banks, -with a 

 view to nialiiny their position inipregualjle. But this retention of notes, as it has 

 limited tlie amount of accommodation, has indirectly raised the rate of discoimt ; 

 and thus it follows that as lon;^- as the rate is hig-h the notes are hoarded, and as 

 long as the notes are hoarded the rate will be high. It is wortli the attention of 

 the Section to consider whether the contingency of such a dead-lock as the present 

 may not, concurrently with the restrictions of the Act of 1844, or independently of 

 them, be rendered more frequently imminent by the increased inducements in the 

 shape of high rates of interests offered to the public on deposit accounts. 



At all events, the present state of aftiiirs is without parallel. Once (in 1857) the 

 rate of discount touched 9 per cent., just before the relaxation of the Act. It has 

 stood on the present occasion for some weeks at 10 ; and miless British commerce 

 is now conducted under far more fixvourable circumstances than it could have been 

 nine years ago, the eilect must ultimately be ruinous to the trader — must speedily 

 be followed by a great rise in general prices^ and in all probability by a glut of 

 capital at no distant date. 



The discussion, however, of purely economical questions forms in effect the 

 least, but generally the most exciting, among the topics laid annually before this 

 Section. Its largest business lies, and will it may be hoped, constantly lie, in the 

 direction of statistical inquiry. 



The statistics published by the various Government Departments are annually 

 of increasing fulness, of larger importance, of improved method. Their utility 

 cannot be overrated, their value to those who are led to familiarize themselves 

 with these certain and unprejudiced witnesses is of the highest character. 



During the past year two papers have been issued, both I believe fi-om the Poor 

 Law Board, or at least compiled by means of its machiueiy, which have had a 

 considerable public interest. I allude to the returns of Live-Stock, and to the 

 Statistics of the Borough Franchises. The first of these is, we imderstand, to be 

 continued, and to be accompanied by general Agricultural Statistics. 



The origin, as we all know too well, of these returns of live-stock is to be found 

 in the instance of the Cattle Murrain. The preventive measures employed to 

 check the disease, and the scheme of compensation accorded to those whose" cattle 

 were sacrificed in order to sa^e those of other cattle owners, almost necessitated a 

 rough cattle census. Such a census has been taken in other countries for some 

 time past, and, in common with other agricultural statistics, has been regularly 

 supplied for Ireland. It is to be hoped that the prejudice which agriculturists 

 have entertained against the supply of these and similar returns will speedily be 

 obliterated. It may, I presume, be taken for granted that no Administration wishes 

 to use these facts for any other purpose than that of general information as to 

 the domestic resources of the nation at large. 



The value of agricultural statistics does not lie simph^ in the aid which they may 

 afford in indicating the probable course of the market.'and in saving it from need- 

 less fluctuations, but in suggesting what is the probable annual deficiency in supply 

 Many j^ears have passed since this country gi-ew enough food for its inhabitants. 

 That its prosperity may be uninterrupted, it will be necessary that it should rely 

 increasingly on foreign produce. That its people should be well fed, it is necessary 

 that every facility should be given for the growth and importation of live-stock and 

 meat. 



The Table of statistics giving information of the amount of cattle, sheep, and 

 pigs, on the 5th of March, 1866, on the presumption that the returns are accurate, 

 is singularly instructive. In drawing any inference on this subject, we should 

 treat Great Britain separately from Ireland, as the importation of cattle from this 

 part of the United Kingdom is more difficult than it would be from Belgium or 

 France, and nearly as difficult as from Denmark and the Elbe. In round numbers, 

 the population of Great Britain is about 24 millions. 



In one particular onlj^, that of sheep, is Great Britain on a general level with 

 other countries. There is nearly a sheep to every head of population. But^of 

 homed cattle there is only one to about every five ; of pigs only one to every nine. 

 Were the amotmt of horned cattle in France proportionate only to Great Britain, 

 France would have a little more than six millions ; in fact it has rather more than 



