BANK OF ENGLAND.-WEEKLY RETURN.

Pursuant to the Act 7th and 8th Victoria, c. 32 (1844), for Wednesday in each Week, during the THIRD QUARTER (July-September) of 1866.

CIRCULATION.-COUNTRY BANKS.

Average Amount of Promissory Notes in Circulation in ENGLAND and WALES
on Saturday, in each Week during the THIRD QUARTER (July-Sept.)
of 1866; and in SCOTLAND and IRELAND, at the Three Dates, as under.

FOREIGN EXCHANGES.-Quotations as under, LONDON on Paris, Hamburg & Calcutta; -and New York, Calcutta, Hong Kong & Sydney, on LONDON-with collateral cols.

AGRICULTURE, notices of the History of, in England, 1259-1400, by
Rogers (see Newmarch)

542

ARBITRATION in the Building Trade, beneficial effects of, at Wolver-
hampton

147

504

ARGYLL (The Duke of). On the Economic Condition of the High-
lands of Scotland

Statement of undisputed facts relative to the Highlands
Instances of inaccuracies in details in Professor Levi's paper (vol. xxviii,
p. 372)

Erroneous character of his general views as to the condition of the High-
lands, relative to their declining state and the development of sheep farming
Decrease of a population, apart from its economical condition, no sign of a
want of prosperity.

Increased rent and produce a sure sign of increase of wealth in a community
The old Highland clans lived in a constant scarcity and chance of famine
Explanation of the causes of such a condition; potatoes unknown, small
amount of land arable, no manuring or rotation of crops, &c.
Their principal means of subsistence, black-mail raids on the Lowlands
Account of the condition of the people in 1745, their habit of bleeding live
cattle, and mixing the blood with meal, &c.

504

504-5

505

506

506-7

607-8

508-9

509-10

510-11

Small numbers of the various clans as shown in the numbers in arms in the
Rebellion of 1745.

611-12

Increase of population in latter part of the eighteenth century from cessation
of civil war, and introduction of potatoes and inoculation
The subsequent emigration, not depopulation, but the natural consequence of
too rapid increase

512-13

513

Account of the wretched farming of Highland families (from the notes to
Mr. A. Campbell's poem "The Grampians Desolate ")
Extracts from Dr. John Walker's "History of the Highlands," 1808, showing
the emigration to have been the sequence of over increase of population
statistics of the increase in different parishes

513-15

515-24

516-17

wretched state of agriculture: division of farms into infield and out-

field

517-18

superfluous number of servants on Highland farms
necessity of a distinct division of farmers and labourers
Emigration began not with the poor, but with the middlemen or gentlemen
tacksmen

518-19

519-20

520

Great loss of the pasturage of the higher ranges under the old system
Superior mode of herding in the south of Scotland, to that in the Highlands.
The conversion of the mountains into sheep grazings, really a reclamation of
waste lands

The diminution of an agricultural population not peculiar to the Highlands,
and the richest parts of a country the most thinly peopled.
Delusion to suppose that the Highlands have become a mere grazing ground,
tillage having actually extended parallel with sheep farming
Statements showing the Highlands not to be in the hands of great capitalists,
but to possess a large middle class of farmers

The labouring classes separated from the ownership, but not (as stated by
Mill) from the occupancy of land

529

ARGYLL (The Duke of). On the Highlands of Scotland—contd.

Advantages both to landlords and tenants of the Scottish system of long
leases (nineteen years)

No remedy for Ireland but the replacement of her pauper cottier tenantry by
farmers with capital

The Highland distress confined to those parts where the sheep and dairy
farming have not yet been adopted.

Memorandum by Sir John McNeill on the comparative population of Scotland
and of the Highlands, number of poor, &c. in 1851-61
Summary of facts and conclusions

ARMIES, French and English, comparative details relative to the
budgets and accounts of (see Balfour on the Budgets of England and
France, passim)

ARMY, French, cost of, less than the smaller army of England
ASCHOUG (Professor), on treatment of children in Norway
AVERY (Thomas). On the Municipal Expenditure of the Borough of
Birmingham

Improvements and financial results of the government of the town by Com-
missioners till 1851.

Property transferred by them to the municipal corporation
Tables showing excessive augmentation of expenditure, 1835-64
Property now in the possession of the corporation

Increasing absorption of the improvement rate by the interest of the public

debt

PAGE

530-31

532

532

533-4

534-5

323-414

425-6

Poor rate, and how absorbed by the borough rate, as well as relief of the

poor

Rateable value of property, and amounts assessed to income tax, 1850-64
Population, income, and wealth of the United Kingdom, 1800-58
General conclusions

Tables of income and expenditure

BALFOUR (Major-General). On the Budgets and Accounts of Eng-
land and France

Preliminary remarks: the paper a contribution only as one of a series
Names of public officers who have improved the system of public accounts.
Explanation of the word budget, and of the scope of national accounting
derived from the Latin" bulga," a bag, its adoption from the English
by the French

a clear record of accounts the first object in public economy
Comparison between the financial systems of France and England

the French system of the strictest uniformity, and based on actual and
minute comparison of expected revenue and completed results
want of such comparison in the English budget, irregularity in different
branches, balances never closed, use of moneys for different purposes than
those for which granted, &c.

323

824

324-5

325-7

325

326

327-31

327-30

328-9

aid of the good state of the French accounts in preserving France
through its political convulsions

$29

great principle in French accounts that no minister can spend beyond
the credit he has obtained

advantages of the French budget being prepared so much earlier than
the English

Contrast between French and English accounts

English cash account

difference of 2,971,641. in the "cash account" and the certified
accounts of the public auditors, in the expenditure in the two services for
the last eight years.

333

the open French budgets superior to our system of losse estimates

$34

335-9

of army

and navy in the

336

337

accounts closed in France quite as early as in England, in spite of their
open budgets

Test of accuracy of French accounts.

338-9
339-41

two statements in the "Times" relative to concealed funds and war
material in the hands of the French Government shown to be unfounded
by the French accounts

Origin of the English forms of national accounts

389
341-5

a balance sheet impossible from the statements of our Paymaster-

General

342

- proposed remedy by taking both receipts and payments from the Exche
quer accounts

BALFOUR (Major-General). Budgets of England and France-contd.

Remedies for defects

immediate cash account at the close of the financial year, and a deferred
account comparing sums granted with actual expenditure
Confusion and complications from faulty mode of accounting

mode of using the excess over from one vote in the payment of the defi-
ciency on another and subsequent application to the Treasury for an
additional credit

our present account not one of income and expenditure, but of income
and issues

possibility of the Treasury making the expenditure on any particular
service less than the fact, to suit public opinion
Summary of complications, defects, and remedies

PAGE

351-2

352
353-60

354-5

358

$59-60

361-4

the French practical exactness with its delay, superior to our inaccurate
accounting.

362-3

Differences in details between English and French accounts.

364-9

Advantages of basing accounts on payments for services of the year, instead

of on payments within the year

369-76

Clearness and fulness of French accounts

The several distinctive budgets in use in France

examination of ministers in respect to their budgets by the Council of
State, and reports of the latter on them laid before the Chamber of
Deputies

Complete specifications in French, contrasted with indefinite entries in
English budgets

Want of separation in our budget of the army and navy stores
Exact details of army charges in different localities in French reports
Extra grants or credits: how obtained and applied

superiority of the French mode, shown as to the Mexico, Rome, and
China expeditions, in comparison to our indefinite grants for the war with
Russia, China, and Persia.

376-80

378-9

380-84

385-9

385-6

388-9

389-94

389-92

Defects observable in the latest English estimates

394-8

error of nearly a million in the article of provisions for the army, in
three years ending 1865

395

comparison of 1863-64 with 1866-67, the reduction of men not accounted
for in the saving of cost by above half-a-million of money.
Unnecessary withdrawal of cash from exchequer

Large accumulations against Paymaster-General, large balances to debit of
sub-accountants

Slow and defective audit in examining and passing expenditure

remarks and evidence of Sir II. Parnell, Sir R. Bromley, and Messrs.
Romilly and Macaulay in favour of prompt audits.

gradual tendency in late years to increase the amounts under each vote,

and so rendering the control of an independent audit less.
statement of the authority of the French Court of Accounts

special statements of cases in which the audit of expenditure since
1861 has been delayed

Course followed in allotment of French funds, and verification of accounts of
the War Department

Utility of exhibiting actual expenditure of stores in accounts, distinct from

amount invested in stores

statement by M. Monteloux as to the want of accounting for material
after once purchased with Government money; and the adoption of his
views by the French Government

the cost of the large army of France less than our smaller one.
Constitution of the War Departments of the two countries

- excessive number of changes in the office of war minister here from
political changes

want of sufficient responsibility in subordinates of the War Department

Efficient organisation of French departments, as shown in that of the army
the army peace and war establishments from 1846 to 1867
superior mode in France of reducing the numbers of the army.
Relative economy in administration of army expenditure in France and Eng-
land

Value of statistical compilations

recommendation of Dr. Farr relative to army statistics.

Conclusion: improvements summarised

Tables. Discrepancies in total amounts for army and navy services
French expenditure and credits opened, 1863-64

French revenues, special and extraordinary resources

French expenses, revenues of departments, progress of auditing the

army expenditure, 1849-66

French War Department disbursements, and strength of French army
Expenditure, 1848-64, certified by Audit Commissioners

BANK OF ENGLAND.

weekly account of the issue and banking departments:

Fourth quarter, 1865 189 Second quarter, 1866. 491