Of all banks, carried on by joint-stock companies, those of Scotland approach nearer to theoretical perfection than any others with which we have any acquaintance. The imperfections by which they are limited have been forced upon them by the jealousy which their success has inspired or by unwise legislation. The only parties who have ever lost by their means have been their shareholders. Now no way has ever yet been found of preventing single traders, or companies of them, from deferring payments or becoming bankrupts altogether. Some are of opinion that where the co-partners in any joint-stock business are numerous, public auditors should be appointed to audit their accounts annually, to prevent false representations from being made to the shareholders. Such a measure might be beneficial, but if so, it should be extended to other companies or societies as well as banks. The one pound note in Scotland has been particularly found fault with by controversialists south of the Tweed. But, if we look narrowly into the question, it is not one merely between paper and gold, but partly at least between one kind of paper and another.

Guing into a shop in London and making purchase of articles to be · sent to one's address, it accords with our own experience, without

our being known to any one in the establishment, so far as we were aware, to have our cheque, though to no great amount, on our London banker thankfully received. We understood that such paper was not likely to be cashed immediately, but being endorsed, it was transferred in payment to some one else, and thus for the time became a sort of currency, having a limited circulation. At the very best, we should not suppose paper, such as this, to be worthy of the same reliance as the small rote, or notes, of a bank that has stood for half a century. Every one knows that commerce is largely carried on by what may be called mercantile paper, on which the same reliance can scarcely be placed as on bank paper. Better, it may be said, have an end put to all these insubstantial means for effecting exchanges and employ solid metal, silver or gold. Without arguing the point, it may be enough to say that this never will be wholly done, paper of some sort or other will continue to be used to subserve the purposes of trade, and if we are shut out from paper of the best description, other paper of an inferior nature will be resorted to, more or less, gold being less convenient and being also objectionable from its costliness.

It seems strange, on first thoughts, though on tracing the history of money capable of being explained, that several Governments should permit such liberties to their subjects in the circulation of paper as money, and yet display extreme jealousy in meddling with the coinage. It may be said that, in every country without exception, gold, silver or copper requires the royal or republican stamp before it can pass current as money. Without objecting to the notes of private bankers or companies, where nothing better can be bai, immense advantage to a nation would be secured, were its Government to issue notes adapted to its social requirements and trade. The benefits to the three united kingdoms of England, Scotland and Ireland, had they a paper circulation in common, would be immense. Nor to this can we see any objection, provided that the obligation were entered into and ordinarily fulfilled of converting the paper, thus issued on the credit of the country, at some appointed centre or centres, even though, to preverit either spontaneous or concerted pressure for payment, some limitations in respect to time were imposed. Such an engagement on the part of Government would be quite practicable, and, if adhered to, the notes thus issued, whatever might be their amount, would never become greatly depreciated. What is of equal importance, no greater amount of paper than is necessary could be kept afloat, if an over-issue should take place, or if in the vicissitudes of trade a smaller amount of currency should be required than at some previous period. Whenever such paper should begin to sink in value, it would find its way back to the source whence it came, in order that it might be redeemed. This would not require Governments, in addition to their many other duties, to become dealers in money. Banks might continue to go on just as they do at present, with this limitation, that they should not any more issue paper notes. Th: notes they did business with could be had from Government on giving sufficient security and at a permanent moderate interest. We have already said that the present tendencies in the United States of America are in this direction, and we believe that, from many concurrent circumstances, its realization will be effected in other countries at no very distant future.

By a national paper money, provided it were convertible without difficulty or long delay, two burning questions of the present day

concerning the currency, if not wholly disposed of, would be put in a hopeful way towards a settlement. We refer to bi-metallists and the extreme school of bullionists. The beau ideal of the latter is that, for every note in circulation, an equivalent amount of gold should be lodged in the coffers of the bank that issues it. Such an object is neither fully attainable, nor were it so, is it, for a variety of reasons, desirable. The bi-metallisis derive their present strength from the well-known fact that the present supply of gold is unequal to the existing demand for it, and whilst there is very little or no prospect of its annual yield being very much enlarged, the requirements of it, for the uses of mankind, are vastly on the increase. America, as well as several nations on the continent of Europe, has come to the determination of imitating England in making gold its exclusive standard of value. If this purpose were carried out by several of the strongest and richest nations, others would find it very inconvenient to refuse to follow in their wake. An extra supply of gold would thus require to be kept in hand. But whence is it to come? The bi-metallists, finding no satisfactory answer to this question, advise the adoption of silver to the same immunities as gold, determining by law thit their relative value shall continue, in all time to come, the same as it is found to be at present. But one might as well attempt to regulate by law the phases of the moon or the vicissitudes of the seasons. During particular periods the difference between equal weights of gold and silver, as marketable commodities, has been pretty nearly unifɔrm, but this is a mere accident and cannot be depended on continuing. The present tendency of gold is upwards, and that of silver in the oppusite direction. For this reason then, apart from many other considerations, we cannot assume a double standard of valus, nor constitute either of two variable metals a legal tender, according to option. As far as we are able to judge, the fairest prospect we have of rendering such gold, as we can obtain, sufficient for all the purposes of trade, is to resort to paper in our domestic transactions, asfar as we can with safety. Gold cannot be dispensed with in settling the balance for or against us, in our foreign commerce. A certain amount of it must absolutely be kept in reserve at home; how much or how little must be determined by experience and other considerations.

David SMITH. J Month at Kalli Bay. I have been a month at Kalk Bay, a very pleasant month, in the salubrious spot the so-called upper ten annually visit, where they roam in search of health and strength, and where all the discrepancies impaired digestion is a victim to are supposed to be adjusted ; where overwork, late nights, lieated rooms, and rounds of delightful dissipation are accounted for ; where the young endeavour to retain their youth and vigour ; where the old rejuvenate, and where everybody and anybody, provided he is of the golden circle, may join and revel in the fashionable crowd.

As I said above, I have been at Kalk Bay, and a genial, kindly place it is; I spent the entire month of April there, and although to very many it would have appeared a social desert, the great men and women of our Cape earth having come and gone, I fuund it quite a fruitful and a smiling garden.

I stayed at Sandy Mount, a most comfortable and commodious dwelling, but why it is called Sandy Mount the very oldest inhabitant was unable to tell me; it had puzzled him exceedingly, and periodical headaches warned him no longer to attempt to solve so intricate a problem. It is doubtless called Sandy Mount because there is not a particle of sand about it, the soil is good honest stuff, suggestive of blooming cauliflowers and monster turnips, and it is almost a dead flat; but the law of inconsistencies, which prevails everywhere, has at last reached Kalk Bay, and although Sandy Mount exists as a very pleasant social institution, it is, nevertheless, no exception to the rule.

But I must most cordially aver that, of all climates I have experienced or have heard of, Kalk Bay is the happy possessor of about the very best. I have been there in summer, I have been there in winter ; I have enjoyed the delicious, invigorating, refreshing coolness of the former, and the grateful warmth of the latter season. I have experienced a climate where I have found no great extremes, and where, as near as can be, equality exists. Neither the heat of summer nor the cold of winter is excessive, the temperature being so beautifully modified by the sea.

I never went over the hills and far away, they seemed too bushy

and precipitous. I was told wondrous legends of the flowers which grew on their slopes and summits, and which were to be found in great glory in the mysterious plains beyond, but the specimens exhibited never realised the fabulous tales so graphically and enthusiastically retailed to me. Yet the flowers may exist and may bloom for ever, fairies and gnomes and all kinds of genial and happy spirits may make the verdant and rugged heights their home, but I must fairly confess I saw very many more fairies on the snowy and sunny beaches than I did on the hills, and much more substantial and to the purpose they appeared to be ; quite as ethereal and beautiful as any honest man on a sweet summer's evening would wish, and far in advance of the shadowy sprites which fit in the upper air in the gloaming.

It was not, however, for the beauties of the mountains or the loveliness of the fair wanderers who periodically visit Kalk Bay's delightful climate, that I went there. It was partially for renovation of health, mainly for fishing. I was very much more than gratified in this last particular, for the fishing was really excellent; rarely have I had time to spend even a day at Kalk Bay, but in the month accorded to me I had ample leisure to search and sound the limitless treasures contained in the fruitful waters which so happily wash its shores.

To a sportsman the variety of fish, size, description, colour, is one of its greatest charms. I was fortunate indeed in having the use of my good friend Mr. H. McNaughton's boat, who was kind enough to place it at my disposal as long as I wished, and in the little craft, admirably adapted for my purpose, I enjoyed many a day of most delightful sport. The boat, light as light could be, beautifully and strongly built, was unfortunately furnished with a pair of heavy ash oars, unwieldy weapons, totally unfit for the purpose for which they were intended, and to a man accustomed to scoops they seemed quite an iniquity; so I got my own special pair from town, light as a feather and strong as Samson, and with these perfect tools I propelled the little gig over the water to my perfect satisfaction. I very easily rowed to wherever I wished, and found in consequence many a verdant and teeming little spot I could not otherwise have discovered. Now, I again repeat, the beauty, the charm of the fishing off Kalk