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And what effect was produced by such an immense addition to the stock of the precious metals? Frightened, and not without reason, at the possible consequences, some countries, heretofore anxious to attract and retain gold in circulation, even at great sacrifices, showed a feverish anxiety to banish it altogether. In July 1850, Holland demonetised the gold ten florin piece and the Guillaume. Portugal prohibited any gold from having a current value except English sovereigns. Belgium demonetised its gold circulation. Russia prohibited the export of silver; and France, alarmed but less hasty, issued a commission to inquire into the question. A decided change seemed to have taken place in the current value of gold and silver coins. Whilst for years past gold had always borne a small premium, now, for the first time, silver acquired the ascendency. But with all this England did not move. The rate of interest, it is true, fell for a short time to the lowest possible limit, but no legislative step was taken. Nor was it needed, for it was not long before the plethora of gold entirely vanished. An immense expansion of trade all over the world, the Russian war, the Indian mutinies, the Chinese war, railways and public works, soon absorbed all the supplies, the rate of interest rose higher than ever, and we heard no more of gold losing its ancient supremacy.

As might be imagined, California and Australia became more populous upon the discovery of their great treasures. As by magic, desert and savage places were converted into populous and thriving cities. In 1850, the population of California was 92,000. In a very short time shoals of immigrants from Europe, Asia, and America swelled it, and in 1870 it was 560,000. Not long ago California was not even named among the states of the great Republic; in 1870, it exported 11,000,000l. of bullion and other merchandise. And so it was with Victoria. In 1850, her population was 76,000; in 1877, it was 860,787. Her navigation suddenly swelled to enormous proportions. In 1851, the shipping entered and cleared was 195,000 tons; in 1877, it was 1,874,000 tons; and her exports, which in 1850 amounted to 744,000l., in 1877 were valued at 15,157,6871.4 Large fortunes have been the present time 1 part of gold is worth 14 of silver; in the French, 1 part of gold is equal to 15 of silver; ard in the countries where the silver standard prevails, the proportion varies from 1 to 15 to 153. See Lords' Committee on the Resumption of Cash Payments (1819), and Seyd, Bullion and Foreign Exchanges, p. 162 (1868).

The chief Victoria gold districts were those of Bendigo, those of the district of the Owen River, and those of Creswick's Creek. A license fee or royalty of 308. per month for the privilege of mining was imposed upon each person by proclamation on August 16, 1851. The usual rate of pay to a working miner varied at the different gold fields between 158. and 3Cs. per day. Miners conducted their operations under a copartnery system. A number varying from three to six individuals agreed to co-operate on equal terms in the various duties connected with excavating, transporting, and washing. A division of proceeds took place either occasionally or after the working out of a claim.

realised by the early settlers in both California and Australia, but in time trade and manufactures assumed a normal condition.

When deep sinking was introduced, the expenses and delay rendered necessary a larger number in the copartnery, for the sake both of larger means and a more effective staff. Those undertakings soon assumed the form of companies, with a stock consisting, besides the chances of gold, of some little plant, as slabs windlass, &c., and which were divisible into a fixed number of shares. These shares were transferable, and, to meet the circumstances of all, were divisible. As the sinking proceeded its stock acquired value, and becoming marketable was the subject of constant traffic. The estimated population of the various gold fields of Victoria in 1852 was 35,000, in 1853, 73,000, and in 1854. 100,000. A large influx of Chinese and other Asiatic races took place. A tax of 107. per head was imposed on every Chinese arriving, but proved a complete failure, for its effect was to compel vessels from China to repair in the first instance to South Australia, whence their passengers proceeded overland to the gold fields. The exports of gold from Victoria were as follows:

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CHAPTER X.

CHAMBERS OF COMMERCE AND COMMERCIAL LAWS.

Chambers of Commerce.--International Commercial Law.-Assimilation of Mercantile Laws.-Royal Commission on the Mercantile Laws of the United Kingdom.

SETTING aside for the present the many economic questions suggested by the gold discoveries, let us turn our attention to a series of legal reforms passed from time to time which removed many hindrances to commerce and industry and imparted greater security to trade and better encouragement to the investment of capital. There is indeed much to amend in the British system of legislation. The laws are often defective in enunciation, altogether wanting in method, and suffering from cumbrousness of language. Happy it is that any evils thereby resulting have been greatly remedied, and their inconvenience has been greatly modified, by the possession of the all-essential requisite, especially in a commercial country, of a scrupulous and impartial administration of justice.

For some of the best reforms in our commercial laws we are indebted to the Chambers of Commerce, which are ever ready to expose the evils and inconveniences under which trade may be labouring. Chambers of Commerce have long been in existence. One existed at Marseilles as far back as the fifteenth century. One was established at Dunkerque in 1700, and when more recently a Council-General of Commerce was formed in Paris, composed of six councillors of state and twelve merchants or traders delegated by the principal commercial towns in the kingdom, several other Chambers of Commerce were established which placed themselves in direct relation with the central Council. In 1852 the Chambers of Commerce in France received a formal organisation, and their principal functions are to give to the Government advice and information on industrial and commercial subjects, to suggest the means of increasing the industry and commerce of their respective districts, or of improving commercial legislation; and to suggest the execution of works which may be required for the public service, or which may tend to the

increase of trade or commerce, such as the construction of harbours, the deepening of rivers, the formation of railways, and the like.

In Great Britain, also, there have been for a considerable time several important Chambers of Commerce. Glasgow had one with royal charter dated 1783; Edinburgh one since 1785; and the Manchester Chamber was established in 1820. Even Hull had a Chamber of Commerce since 1837; yet Liverpool, one of the largest ports in the kingdom, had no such chamber. Twelve or more separate bodies, as the Shipowners' Association, the African, the West Indian, the East Indian and China, the Mexican and South American, the Mediterranean, and the Levant Associations, existed, but they were guided by party feelings, and, whilst they were contending for the advocacy of discordant views of commercial policy, they were not able to do much for the public good. A Chamber of Commerce embracing and representing all the dif ferent branches of trade was first proposed in a pamphlet on the subject, by the author of this work, in 1850, and after much labour the institution was established.

But the foundation of the Liverpool Chamber of Commerce is the more interesting from the fact that it gave rise to a great effort for the assimilation and consolidation of the mercantile law of the United Kingdom, and as far as possible of foreign countries also. When writing his work on the Commercial Laws of different states, which he exhibited in parallel columns,2 the author was impressed with the striking uniformity in many of their dictates. There are in truth in the codes and laws of commerce of all nations many fundamental principles which neither time nor space can essentially affect. They are great maxims of right and wrong, are eternal in their origin, and universal in their application. Nevertheless, diversity of language and phraseology have so disfigured this universal uniformity, and laws have been so largely amassed, that it has become almost impossible to distinguish what is uniform from what is dissimilar in all states. Nor is this a matter of slight importance. Commerce, it must be remembered, is essentially international. Whether a merchant forms a partnership; purchases, sells, or ships goods; effects an insurance, or becomes a bankrupt; in either case he may find himself affected by the mercantile law of other countries. Let such laws be dissimilar, let what is lawful in one country be illegal in another, let the procedure of the courts fail to afford the same protection, let the instruments used in one country be not equally

1 Chambers and Tribunals of Commerce, and proposed General Chamber of Commerce in Liverpool. London, 1849.

2 Commercial Law, its Principles and Administrations, or the Mercantile Law of Great Britain compared with the Codes and Laws of Commerce of Foreign Countries. London: Smith, Elder, & Co., 1850. International Commercial Lar, or second edition of the above. Stevens & Co., London, 1863.

recognised in another, and the results are extreme inconvenience, loss, and, in any case, endless confusion.

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The remedy for this great anomaly was suggested by the author, in his work on international commercial law. His Royal Highness the Prince Consort, to whom the suggestion was first communicated, at once recognised its utility. The Chambers of Commerce gave to the proposal their full concurrence. The Law Amendment Society co-operated with a view to its realisation, and on the 15th of November, 1852, a conference was held in London, presided over by Lord Brougham and the Earl of Harrowby, when it was resolved, That the mercantile laws of England, Ireland, and Scotland are scattered and disconnected, and in many instances dissimilar and even antagonistic, a state of things tending greatly to restrict and embarrass commerce by producing uncertainty, perplexity, and delay. That it is desirable that a well-digested and well-arranged body of mercantile law should be framed and established for the whole of the three kingdoms. That, dismissing all local and even national prejudices, the assimilation and improvement of the mercantile laws of the three kingdoms, and the improvement, and, where requisite, the assimilation of the procedure should be effected by selecting those principles and rules, wherever they may be found, which shall be deemed the best and most beneficial to the commercial classes and to the community at large, and that to this end it is necessary carefully to examine the mercantile laws and to have recourse to the experience of other countries. That it is desirable that this assimilation and improvement should be brought about by a general revision, amendment, and consolidation of the different branches of the mercantile law successively; but that while these larger measures are proceeding, much immediate relief might be afforded by a series of single Acts addressed to the more pressing and grievous evils; which Acts, by proper arrangements, might be made subservient to the ultimate object. That, while this work is going forward, it is important that no new measures of mercantile law should be introduced into Parliament, but such as may apply generally to the three kingdoms, or serve as steps towards a general assimilation. That a commission, consisting of members of both Houses of Parliament and members of the legal and commercial professions, appears the most effective means of obtaining the desired result.'

A deputation afterwards proceeded to the Earl of Derby, then the First Lord of the Treasury, on the subject, and, in compliance with their request, a royal commission was soon after appointed to inquire and ascertain how far the mercantile laws in the different parts of the United Kingdom of Great Britain and Ireland may be advantageously assimilated. And on the reports of such commission two Acts3 were passed which intro

19 & 20 Vict. c. 97, and 19 & 20 Vict. c. 60.

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