§ London,12th February, 1811
§ AT a Meeting of Merchants and others, convened for the purpose of taking into consideration the Difficulties and Distress, to which the Mercantile and Manufacturing Bodies of this Country are exposed; and the best Remedy that, under the Circumstances, can be applied;
| PRESENT. | |
| Sir J. Shaw, bart. | J. J. Angerstein, esq. |
| Jas. Maryat, esq. | J. Staniforth. |
| John Tunno, | J. Inglis. |
| Jer. Harman, | Tho. Reid. |
| Thomson Bonar, | Wm. Porter. |
§ And the Deputies from Glasgow and Paisley:
§ Resolved, That this meeting is strongly impressed with a sense of the very great difficulties and distress to which the mercantile and manufacturing bodies of every part of this kingdom are subjected, and which threaten the most destructive consequences to the merchant, and to every class of manufacturers and others dependent on them.
§ That this distress, which in the origin was considered to be attributable to the imprudently extensive speculations of 259 some individuals, to those new markets in South America, which had recently been opened, has, in the opinion of this meeting, been in a certain degree occasioned by circumstances of a different nature, and far more extensive influence; and such as, this meeting trust, will, upon inquiry, be found to justify an expectation of relief from the assistance of parliament, under the sanction of the lords commissioners of his majesty's treasury.
§ That the system of warehousing goods for re-exportation (without payment of duty) having been brought into complete operation by the construction of the West-India and London dock warehouses, and of similar receptacles for merchandize in the principal out-ports, the events which have occurred during the last two years have tended to make Great Britain the emporium of the trade not only of the peninsula, but also of the Brazils, of the Spanish settlements in South America, St. Domingo, the conquered colonies of Guadaloupe, Martinique, &c. but even of countries under the direct influence of the enemy, whose traders have been anxious to avail themselves of the protection of British laws and of the honour of British merchants. And thus it has, from these simultaneous and co-operating causes, happened, that in a short space of time, goods have been brought to this country, in amount beyond all precedent, and all calculation. That the power, wealth, and high character of the nation, have in fact contributed to produce a most alarming evil. And the measures of the enemy having been especially directed to the preventing the exportation of the immense quantities of merchandize of all descriptions thus accumulated, the consequences are, that the goods are become a burthen, and the advances to the owners on account, and the payment of freight and insurance, have become grievous, in such a degree as to threaten the most solid and respectable houses with all the evils of insolvency.
§ That it has been the effect of this combination of circumstances, to produce a general distrust and want of confidence, whereby the evil has been incalculably aggravated, and is daily extending; so that, unless some immediate and effectual remedy be provided, the consequences will, in the opinion of this meeting, certainly prove of a fatal description to the trade and manufactures of this city, and the kingdom at large, and every interest dependant upon them.
260§ That this meeting therefore consider it as incumbent on them, to submit these deeply interesting matters to the consideration of the lords commissioners of his Majesty's treasury; humbly soliciting that relief may be afforded by a loan of exchequer bills', as was done in a similar case of commercial difficulty (but of a much less alarming extent) in the year 1793, for such period, and with such regulations, as under all the circumstances herein set forth, shall appear to be just and expedient.
| That Messrs. | Tho. Reid. |
| J. J. Angerstein. | |
| John Tunno. | |
| John Inglis. |
§ The above Report was ordered to be taken into consideration on Monday next.