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all the subscribers. And since these shares the present subscribers, until the general will be negociable, they can never fall under meeting, at which meeting the Directors the par of their trust value, while the half- will be appointed for one year, and from yearly devidends alone must raise them, and whose number a Governor and Deputy. keep them for ever after above par. Governor will be chosen annually.
If such a system of perfect security can 7th. The Directors will not be eligible be proved far more beneficial to the subscri. unless they hold ten shares, nor will their bers than those which are less secure, it election be fixed by the number of votes, will require no broker to effect the sale of but by the amount of shares held by the its shares at par, since they will probably electors. double in value hereafter.
sth. The Trustees will continue in office, The Capital of this Company will consist and always hold the same value in money of £2,100,000 sterling, in 20,000 shares of or goods against their own responsibility to £ 105 each, of which 12,000 shares are pre- the public; for which purpose they will engaged, for which a full value must be appoint a Secretary to keep their accounts. paid, before any transfer can be admitted. The Directors will manage all the affairs of
Annexed is a brief sketch of its design, the Company through the Secretaries. constitution, and government : viz.
9th. The officers of this Company (ex1st. To restore and to uphold private and cept the Trustee Secretary) will be appointed public credit.
to their respective offices by the Directors 2d. To create, lend, and borrow money only. for that purpose, at a fair profit, upon the 10th. The Cashier will accept all drafts warrants of goods, which must be however for which a full value has been received considered of a superior value, including either in town or country, payable at the charges, commission, &c.
Bank of England, and for which the Trus. 3rd. To increase the currency (or rather tees will provide accordingly. to provide the means of its expansion) 11th. The functionaries will be accountathrough the medium of its branches by the ble to each other individually, and to the issue and negociation of paper money, paya. Proprietors collectively, for errors of acble all over the kingdom on demand, at the counts, which cannot pass unnoticed under par of gold; and with an interest attached the proposed system of management. to it which will progressively increase its 12th. The stock and cash accounts, will value, and promote an extension of the embrace all the transactions of the Comcountry currency, without interfering with pany, and may be balanced daily, the counthe banking interest, either by the issue of try accounts excepted; which will be probank notes, or the discount of bills. bably settled monthly.
4th. The shares will be signed by both 13th. If any shares should remain unsold the Secretaries, and by one of the Trustees; after the 31st of October, they will either and to prevent forgeries, a circular will be be subdivided into £2. sterling value at addressed to all the bankers in the king, a higher price to increase the currency, or dom, to establish the identity of their signa- be kept in stock for the benefit of the Subtures.
scribers, as the sales will then be closed, 5th. The Trustees will consist of Three after which the Company will complete its London Bankers and three other gentlemen, organization and prepare for business. who will be entitled to their usual commis- 14th. The Committee reserve to themsion on their sale of shares, of whose elec- selve the power of making such additions tion due notice will be given.
and amendments to this Prospectus as they 6th. The organization of this Institution conceive necessary, prior to the General iş left provisionally with the Secretary by Meeting of Subscribers, to be held early in November, for their approval and for the interfere in political struggles, though often election of Directors and Trustees.
invited to do so; that their invariable answer All the Farmers, Bankers and Manufac- was, “We are fairly paid for our labour, we turers in this kingdom, will be greatly inte- are protected by Government, and do not rested in the success of this Institution. wish to mix in the turmoil of societies of a The regular annuitants alone may complain political nature.” Since that Act was reof higher prices, but even that will be neu- pealed their condition has become deplorable; tralized by the more active and profitable that they are without clothing, bedding furemployment of capital, and consequently niture, or a sufficiency of the common neby the increased value of money.
cessaries of life. The Witness observed to In conclusion: these shares can never your Committee, that, if the Operative manfall below their subscribed value, and may ufacturers were properly paid for their increase greatly hereafter, as the profits labour, it would be greatly beneficial to will not be small, nor the means to secure Agriculture, by making them greater consuthern difficult of access.
mers of agricultural produce; and further, The Committee in apportioning the shares, that a repeal of the corn laws would be the will be desirous to distribute them among ruin of the Manufacturer, inasmuch as it such classes of the community as are most would necessarily ruin the shopkeepers who likely to promote the future interests of the depend on the farmers, and whose ruin would establishment.
involve that of the Manufacturer, and his Form of Application.
dependents. And your Committee feel themTo the Secretary of the British Agricul- selves bound to observe, that many of the
tural Loan Company, 11, Waterloo witnesses examined by them, especially Place, London.
operative weavers, have concurred in the
opinion thus elaborately stated by Mr. Hale I will thank you to insert my name for on the necessity for the maintenance of
Shares in the British Agricultural Loan British Agriculture. Company.
Mr William Wallis, a weaver, from the I remain, Sir,
same place, stated to your Committee, that Your obedient Servant, the great fall in wages has come upon them
since the repeal of the Spitalfields Act; that Dated 1835.
the weaver is now brought to live upon
EPSILON. less and coarser food than formerly ; that he N. B. The above mentioned Institution works 16 hours every day in the week to will be hereafter more minutely defined, and earn what is insufficient to purchase the its operations explained in the Monthly common necessaries of life, and that he has Numbers of the Agricultural and Industrial nothing wherewith he can make good the Magazine.
wear and tear of clothing, household goods, and utensils of trade.
Your Committee find, from the best comREPORT OF THE SELECT COMMITTEE
putations they have been referred to by the ON HAND-LOOM WEAVERS.
witnesses, that the number of hand-loom (Continued from page 32, Vol. II.) weavers in England, Scotland and Ireland,
and those dependent on their earnings for Mr. William Hale, many years a manu. support, is 840,000; and that, as a general facturer in Spitalfields, stated to your Com- summary of the evidence, and confirmation mittee, that before the repeal of the Spital- of the above, they cannot more truly depict fields Act, the weavers were comparatively the condition of the hand-loom weavers than well: off, and that they always declined to by giving what was stated to your Com
mittee, in evidence, by John Fielden, Esq., tion. That although there is a great difM. P., a Member of your Committee; namely. ference in the wages paid by different manu
“That a very great number of the weavers facturers for the same sort of work, in are unable to provide for themselves and some cases 50 per cent,) a grievance of which their families a sufficiency of food of the the witnesses complain and desire a remedy plainest and cheapest kind; that they are for, and although the masters paying the clothed in rags, and indisposed on this ac- better wages are sometimes disposed to incount to go to any place of worship, or to crease the number of their weavers, yet the send their children to the Sunday Schools; poverty of many weavers compels them to that they have scarcely anything like furni- work for the masters who pay the lowest ture in their houses ; that their beds and wages, being tied to them from being in their bedding are of the most wretched description, debt for money lent, which it was agreed and that many of them sleep upon straw; should be repaid to them by a small stopthat notwithstanding their want of food, page out of the weaver's wages every time clothing, furniture and bedding, they, for the he delivered in any finished work; which most part, have full employment; that their stoppage out of wages the weaver's poverty labour is excessive, not unfrequently 16 often induces him to entreat his master to hours a day; that this state of destitu- postpone. The tie is thus prolonged, fresh tion and excessive labour induces them loans are made before the previous ones are to drink ardent spirits to revive their droop- repaid, and the hold the low-paying master ing powers and allay their sorrows, where has on his weaver is thus continued. Anby their suffering is increased ; that their other difficulty the weaver has in changing poverty and wretchedness cause many to his employer is, that he is too poor to defray embezzle and sell the materials entrusted the expense of new gears and implements, to them to be worked up; and that to such such as the change requires, and to lose the an extent has this now gone, that there are time he necessarily must do in changing his now notoriously receiving-houses at which employer and his work. The case of these the weavers can exchange such embezzled weavers, therefore, appears to be hopeless, materials for spirits, victuals and money ; unless some measure of relief be enacted by and that there are manufacturers who buy the legislature. Many witnesses gave it as of these receivers the principal part of the their decided conviction that the poverty of west which they manufacture, thus destroy- the weavers had been the fruitful cause of ing the morals of the weavers, of the trades- trades' unions amongst other artizans, who, people with whom they deal, and even of the seeing the extreme destitution the weavers manufacturers themselves ; that this, it is were reduced to by successive reductions of said, requires a stronger legal remedy than wages, united for their mutual protection, that now in force to check it. Yet thei n- to avoid falling into the same wretched contelligent manufacturer, Mr. Makin, of Bolton, dition.” who suggested an amendment of the law,
(To be continued.) overpowered by his feelings, stated distinctly that he could not recommend such amend- Mr. T. Atwood's Letter is in type. ment of the law, unless it was accompanied It is requested that Subscriptions be by some measure that would secure better not paid to unknown individuals; if not into wages to the weaver for his labour. That, the Bank of M. Attwood, Esq. M. P. then to being placed in these deplorable circum- some Member of the Society. stances, they dreaded the operation of the Communications to be sent to the Secretary Poor Law Amendment Bill. The evidence post paid. of Philip Hallowell, of Bolton, on this point is deserving of the most serious considera- PRINTED BY W. NICOL, 51, PALL MALT.