1845; and, as previously seen, it is now prolonged till 1855. Previously to 1833, the notes of the country banks were made payable in gold; but it was then enacted that they might be paid either in gold or in Bank of England notes. In fact, Bank of England notes are now legal tender everywhere except at the Bank and her branches.

The Bank of England is the Government bank, transacting for it all the banking business of the nation, receiving the produce of the taxes, loans, &c., and paying the interest of the public debt, the drafts of the Treasury and other public departments, transferring stock, &c.

The Bank of England, and the private banks of the metropolis, do not give interest on deposits; but it is generally given by the London joint-stock banks and by the banks in other parts of the country. The issues of the Bank of England are chiefly made in advances to Government upon the security of exchequer bills, &c. ; but, in periods of distress, or when credit is shaken, she has frequently advanced very large sums to the merchants. She discounts no bills of above three months' date.

Scotch Banks.-The Act of 1708, limiting the number of partners in English banks to six, did not extend to Scotland; and most of the banks that have been established in that country have numerous bodies of partners. The Bank of Scotland was founded in 1695, and the Royal Bank in 1727, since which time about 30 other establishments have been formed for the issue of notes. Owing partly to the superior stability derived from their extensive proprietary, but more, perhaps, to the less risk attending the business of banking in Scotland, bankruptcies have been very rare among the Scotch banks. They have long enjoyed the unlimited confidence of the public; and, from their receiving small sums (107.) as deposits, and paying interest upon them at about 1 per cent. below the market rate, they have contributed much to diffuse a spirit of economy, and to increase accumulation. One-pound notes were issued by the Bank of Scotland in 1704; and their issue has been thence continued to the present day, the Act prohibiting their circulation in England not having extended to Scotland. For many years past very little gold coin has been seen in Scotland. The Scotch banks make their advances partly by discount of bills, and partly by what are termed cash accounts, or cash credits. The latter is a very convenient method of issue. A cash account is a credit given by the bank to an individual for a certain sum, which he may draw out wholly or partially as he pleases, replacing it in the same way, being charged interest only on the portion he withdraws. The Scotch banks draw on London at 20 days' date.

Irish Banks.-The Bank of Ireland was established in 1783, and the same restriction as to the number of partners in other banks that formerly prevailed in England was enacted in its favour. Owing to that and other causes, the bankruptcies of private banks have been more frequent in Ireland than in England. In 1821 this restriction was repealed, as respects all parts of the country more than 50 Irish miles from Dublin. Since that period several banking companies, with large bodies of partners, have been set on foot in different parts of the country of these, the Provincial Bank, founded on the Scotch model, is among the most flourishing. We subjoin

An Account of the Notes in Circulation of the Bank of England, and of other Banks of Issue in England and Wales, Scotland, and Ireland, during the Year 1853.

NOTE.-Monthly returns of the circulation and bullion of the Bank of England are not now made to the Stamp Office. Since the Act of 7 and 8 Vict. c. 32, came into operation, in August, 1814, weekly returns only of the state of the Issue Department and of the Banking Department have been made for the purpose of publication in the Gazette.

An Account of the Quarterly Averages of the Weekly Liabilities and Assets of the Bank of England, from the 17th May, 1845, to 24th January, 1846.

£.

17th May, 1845

21,465,000

15,32,000

14th June,

21,644,000

15,572,000

12th July,

"

9th Aug.

6th Sept..

4th Oct,

"
"

£. £. £. 24,470,000 15,800,000 40,360,000 37,206,000 24,363,000 16,106,000 40,46,000 21,801,000 15,416,000 37,217.000 24,151,000 16,236,000 40,387,000 21,832,000 15,505,000 37.337,000 24,338,000 16,208,000 40,546,000 22,095,000 17,107,000 37,202,000 24,518,000 15,986,000 40,504,000 22,210,000 14.885,000 37,095,000 24,982,000 15,561,000 40,543,000 1st Nov. 22,338,000 15,038,000 37,376,000 25,768,000 15,030,000 40,798,000 29th Nov. 22,278,000 15,544,000 37,822,000 26,814,000 14,379,000 41,193,000 27th Dec. 22,151,000 16,112,000 38,263,000 27,770,000 13,742,000 41,512,000 24th Jan. 1846 21,880,000 16,612,000 38,492,000 23,377,000 13,371,000 41,748,000

£. 36,994,000

Those who wish for full accounts of the circulation, bullion, &c., of the Bank of England, for a lengthened series of years, may refer to the article on that establishment in the Commercial Dictionary. It would take up too much space to give a list of all the English joint stock and private banks, with the maximum authorized issue of each (See Supp. to Commercial Dictionary); but we may give the following statements with respect to Scotch and Irish Banks::

An Account of the Scotch Banks empowered to Issue Notes, specifying the Maximum Authorized Issue of each, under the 8 and 9 Vict. c. 38, with other particulars.

An Account of the Irish Banks empowered to Issue Notes, specifying the Maximum Authorized Issue of each, under the 8 and 9 Vict. c. 37, with other particulars.

2. WEIGHTS AND MEASURES.-The inconvenience attending the use of weights and measures of the same denomination, but of different magnitudes, was early remarked; and there is hardly a country in which efforts have not been made to reduce them to the same uniform system. Numerous Acts of Parliament have been passed having this object in view, and enjoining the use of the same weights and measures under very severe penalties. But, owing to the inveteracy of ancient customs, and the difficulty of enforcing the new regulations, these statutes have always had a very limited influence, and the greatest diversity has continued to prevail, except in lineal measures. But the statute 5 Geo. IV. cap. 74, seems to have at length effected what former statutes had failed of accomplishing. It is, perhaps, indebted for its success, in this respect, to the limited nature of the changes which it introduced. It made no alteration in the lineal measures previously in use; neither did it affect the previously existing system of weights. The measures of capacity are the only ones which it changed. The wine gallon formerly contained 231 cubic inches, and the ale gallon 282; but these have been both superseded by the imperial gallon, which contains 277 cubic inches.

Our ancient historians tell us that a new, or rather a revised, standard of lineal measure was introduced by Henry I., who ordered that the ulna or ancient ell, which corresponds to the modern yard, should be made of the exact length of his own arm, and that the other measures of length should be raised upon it. This standard has been maintained without any sensible variation. In 1742, the Royal Society had a yard made, from a very careful comparison of the standard ells or yards of the reigns of Henry VII. and Elizabeth, kept at the Exchequer. In 1758 an exact copy was made of the Royal Society's yard; and this copy having been examined by a committee of the House of Commons, and reported by them to be equal to the standard yard, it was marked as such. This identical yard is declared by the Act 5 Geo. IV. cap. 74, to be the standard of lineal measure in Great Britain; and provision is made in the Act for its recovery, in the event of its being lost, by declaring that its length is to that of a pendulum vibrating seconds in the latitude of London as 36 to 39-1393 inches.

Among mechanics, the inch is usually divided into eighths; but in scientific investigations it is mostly divided into tenths, hundredths, &c. A degree of the equator contains 69:15 English miles. The English foot 3048 metres of France 984 feet of Berlin = 1.064 feet of Hamburgh =927 feet of Lisbon = 972 Rhineland feet = -8727 feet of Russia = 1.078 feet of Spain 9638 feet of Vienna, &c.

Superficial Measure, deduced from the Standard Yard.

The imperial acre is to the Scotch acre as 1 to 1-261, and the Irish, or plantation, acre contains 1 acre 2 roods and 19 poles; hence 30 Irish are equal to 49 imperial acres, or the imperial acre is to the Irish acre as I to 1.62. One imperial acre =4046 hectares of France = 1.561 morgen of Prussia = 7025 joch of Austria, &c. 2. Measures of Capacity.-Imperial Liquid and Dry Measure, deduced from the Standard Gallon, containing 10 lbs. weight of Distilled Water, at the temperature of 62°, barometer 30 inches.

The old wine gallon contained 231, and the old ale gallon 282, cubic inches. The dimensions of the imperial bushel are-the outer diameter 19 inches, the inner diameter 18 inches, and the depth 8 inches. The Winchester bushel, which used

- 2.76

to be the most common measure for corn in England, contained 2,150-42 cubic inches, being about part less than the imperial bushel. The quarter of 8 bushels standard measure = 2.907 hectolitres of France = 5.29 bushels of Berlin bushels of Hamburgh = 4.728 metzen of Vienna 1:45 chetwerts of Russia, &c. 3. Measures of Weight.-Troy Weight, deduced from the Standard Troy Pound of 5,760 grains.

Gold, silver, platina, jewels, &c. are weighed by troy weight. It is likewise used in ascertaining the strength of spirituous liquors, and other philosophical experi- ments, and for comparing different weights with each other.

=

=

=

The pound troy = 373 202 grammes of France 755 lbs. of Amsterdam 1.597 marcs of Berlin 77 lbs. of Hamburgh 3732 kilogrammes (French) 9116 lbs. of Russia 1.622 marcs of Spain 1.33 marcs of Vienna, &c. A carat is a weight of 4 troy grains. When this term is applied to gold, it denotes its degree of fineness. Any quantity of gold is supposed to be divided into 24 parts or carats: if the whole mass be pure, it is said to be 24 carats fine; if there be 23 parts of pure metal and 1 part of alloy, it is called gold of 23 carats fine; and so on.

Diamond Weight.

Diamonds and pearls are also weighed by carats of four grains; but 5 diamond grains are only equal to 4 troy grains. This weight is nearly the same all over the globe,-1 oz. troy is equal to 150 diamond carats.

20 troy grains
3 scruples

8 drams

12 ounces

Apothecaries' Weight.

1 scruple

1 dram.

1 ounce.

1 pound, 5,760 troy grains.

The apothecaries' pound and ounce are the same as the troy pound and ounce, but the smaller divisions are different. This weight is used in medical prescriptions only.

Apothecaries' Fluid Measure.

Avoirdupois Weight, deduced from the Imperial Standard Pound of 7,000 Troy

Grains.

The statute of 5 and 6 Will. IV. cap. 63, enacts, that all articles sold by weight are to be sold by avoirdupois weight, except gold, silver, platina, diamonds, or other precious stones, which may be sold by troy weight; and drugs, which, when sold by