1904.) 
On O@ober 25.6 100 sace ct oes- 12,900,310 
November 25 ..-..000-0 -«333502,090 
December 26.7 scien sa ss ad «| 125070;020 
Amount of Bank of England Netes of Two 
Pounds, and One Pound each. 
Oe Fanatic ajare's oss ales 0's 952705070 
February 25 ...006e00200e% 39208,000 
March 25 .. 391515750 
Pei emis s £155 <\cidip aise SEE es. F5201G92 00 
TAY BG io A8e ly tala allace ain visitan baie Og 100 
SUTIE  2ieiake wis-44 9 me's bin. p ee ay 2ZBO4GO9O 
Ql y 25 a vic cas wisiainieie +0 « 00/3 4088 5970 
POON BRT aie bis win. ce ¥p on ine 4:09 ALZXO IO 
September 26...0 ee eese re e+ 4,017,010 
October 25.2 o6 sacs asses 00 45371,020 
November 25.... 40s 4,429,240 
December 25... envecqev bs 4,504,160 
Ansunt of Bank of England Notes of Five 
Pounds each, ard upwards, including Bank 
Poft Bills, payable Seven Days after Sight. 
1304. 
On January 25 0... ee ee oe oe 139049,945 
February 25.2 .4+0-+-+ +000 12,890,360 
DAAC 2 Giciain ie od 0b ov oe TZ, BAZOOO 
April 25 6. seri a elilainn «le 0357365730 
May 25...ccerecose neces ee 135276, 110 
Amount of Bank of England Notes of Two 
Pounds, and One Potnd, each. 
Oni Janiaeyy 5, saais'- 6s 9 ass Se TEFL GO 
Rebradty, 25 seists an say's sie (s''4n03.0,690 
March 25 inlaws op aie > nei 0507020 
April 26-6 aos anes ceed os ve 459745950 
May 25 ...ccyoecscececnss 4,044,540 
———<_iio— 
To the Editor of the Monthly Magazine. 
SIR, 
S commerce is the great palladium 
of the wealth and profperity of the 
Britith empire, I beg leave to fubmit a 
few ideas on a fubje& connected therewith. 
{t is obvious, that as trade has pro- 
grefled, fo has the extent acd circulation 
of bills of exchange equally progreffcd. I 
fliall confine mytelf to Weft India and 
American bills. The cuftom of endorfers 
addreffing bilis ‘*in cafe of need,”’ as is 
ulual in European bills, has not obtained 
in thefe countries ; and there are circum- 
ftances there which operate unfavourably 
to its adoption. 
Bills from thefe parts, drawn on Lon- 
don, Liverpool, &c. are frequently re- 
mitted to a manufacturer, tradefman, or 
private individual. The fufpenfion of ac- 
ceptance is a general difappointment : 
the non-payment is to fome parties a par- 
ticular inconvenience. Here, the holder, 
if he has no rcfident corefpondent in whom 
he can place reliance, mutt apply to thofe 
who are confidered to have fuch. The 
bill is returned under proteft, while the 
party to whom the bill was remitted has 
to calcujate on fea-rifk, (involving new 
deay) legal expences, poftases, uncer- 
' Montrurty Mas. Ny. 122, . 
Remarks on Bills of Exchanges 
409 
tainty of reimburfement, and even if reo 
covered abroad, and faith‘ully remitted ; 
with of without damages, the anxious 
mind will not overlook fea-rifk on its re- 
turn, as connegted with further delay, un- 
certainty of the fate of the new remittance, 
and, finally the foivency of the friend at 
home, whom he has employed in the bus 
finefs. v 
It fhould be remembered, that bills 
drawa on Europe from the Welt Indies, 
&c. though well predicated, are liable 
to difhonour frem thofe rapid reyojutions 
and unforefeen incidents which muft ever 
attend the great wheel of commerce. A 
declaration of hoftilities has a certain tena 
dency to the ruin of many individuals ; 
a pacification has a fimilar tendency to 
others ; peculiar fagnation in any one 
ftaple branch of trade; the capture or 
Jois of a veflel, where, by a fingular fa- 
tality, the orders for infurance on the 
cargo have mifcarried, or arrived after the 
lofs has been announced; heavy claims 
cn underwriters; awaiting judicial deci- 
fions; and various other caufes, beyond 
the controul cf human wildom, may pros 
duce the fame effeét. 
Of the bills that are returned proteft-4 
oy non-payment, many have endorfes 
ments of feveral parties, fome of whona 
have correfpondents in the very town 
where the bills are addrefled ; which cor- 
refpondents would have readily interfered, 
for the honour of their friends, had they 
the means of knowing that fuch bills were 
difh: noured, and about to “be returned 
under proteft, with damages of from 10 
to 25 per cent. according to the cuftom of 
the place from whence they were drawn, 
I know an eminent merchant abroad, 
A, who divided his bufinefs between B 
and C, two merchants at an out-port. 
C, for reafons that are here immaterial, 
declined honouring the crafts ofA to 
a confiderable ext.nt, and they were ace 
cordingly returned, under proteft, for 
non-payment. Tne holders were not 
aware that the drawer correfponded alfa 
with B in the fame port, who at the mos 
ment polfefled funds of A, for general 
purpofes; but B was actually unapprifed 
of the ciresmftance of A’s bills on C be- 
ing protefted, till too late. Fortunately 
for the feveral endorfers, the drawer A 
was a refponfible man, and the diils were 
paid on demand, with the regular da- 
mages of the ccuaotry. ‘ 
To fome cf the holders of the bills 
in queftion they were remi:ted for invoices 
of goeds fhipped, and which I affure you 
are too generally much over due; to 
others, they were accempanicd with or. 
3H crs 
