and rapidly increasing population, will cause this city to tread fast upon the skirts of the great metropolis. Gradually, with the increase of wealth and the expansion of productive power, will come that dignity, and calm, reflective, weighty influence which accompanies the footsteps of commerce there. Increasing solidity will accompany increasing resources. The feverish impulse and spasmodic graspings which mark American commerce, instead of being thought "smart," will be reprobated as dangerous; and constancy to one pursuit, calmness and thoughtfulness in commercial operations, and moderation in the accumulation of wealth, will not only be theoretically approved, but will be indispensable to success in business, a sine qua non in the attaining and maintaining the confidence of the commercial world.

By "facilities for business," I mean those usages, customs, and resources, which enable the merchant to transact the largest amount of business to the best advantage, and with the smallest amount of capital and labor.

In London there is a larger amount of accumulated capital waiting for temporary employment than in any other place in the world. The enor mous sums constantly lying in the Bank of England, and the large depos its held by private bankers, on customers' accounts, and on account of country banks and colonial and foreign capitalists, are constantly at the service of those having adequate security to offer, and requiring amounts for limited periods. The system universally prevailing in London, of settling the largest payments, and, in fact, all the ordinary operations of business, by checks, causes those vast monetary transfers to be made without the employment of circulating medium at all, except for retail purposes. A merchant has £50,000 worth of goods to sell, which he disposes of through his broker, to probably one hundred purchasers. Each purchaser pays his broker in a check on his banker; the broker, at four o'clock, pays in the whole of these checks to his banker, and hands the merchant a check for the entire amount, who, in his turn, pays it in to his banker The bankers, every day at four o'clock, meet at the "clearing house," and exchange checks, settling up matters amongst themselves. Thus the receipt and payment of £50,000 three times over, is arranged without the employment of circulating medium at all.

Here we may remark, en passant, on one of the business facilities this method of payment affords. A broker or wholesale dealer, through the week, has bought or sold a parcel of goods to the amount of £20,000, for payment on Saturday following, which is a common mode of arranging cash transactions. The broker has to pay £20,000, receive delivery or ders for the goods, hand those delivery orders over to perhaps a dozen customers, and receive from them the amount in payment. But probably the broker has not more than £2,000 balance at his banker's; how is he then to pay £20,000 to obtain the orders for the goods, so that he, in his turn, may receive payment? He gives his check, crossed to the banker with whom his merchant keeps his account; which he knows will not be collected until four o'clock on the same day. In the mean time, he delivers orders to his purchasers for the goods, receives their checks, pays them in with his other receipts, at four o'clock, to his banker, who carries them to his credit, so that his own check is, of course, amply covered, and his account stands square. Had this facility not existed, the broker could not have made the transfers without a sum equal to £20,000, in his possession.

By giving his check "crossed" for the amount, he knows that it cannot go in to his banker's except through the banker of the person he pays it to, and therefore will not be presented for payment until after four o'clock of the same day. In the mean time, as we have seen, he gathers in his receipts from his customers, and they go in to his banker's during the day, in their turn to be collected and arranged by the collecting clerks of the various banks meeting at the clearing house at half-past four. Thus the broker obtains, for one day, the use of £20,000.

Again, the mode of paying all sums by crossed checks, has the advantage of quickness, correctness, and security; quickness, because a check is more rapidly given than the same quantity of money would be counted out; correctness, because the clerk records and verifies any error in amount that may have been paid, avoids the risk of mistakes in counting money, and the check acts at once as a receipt and a perpetual record for the payment; security, because a crossed check is useless to any one except the merchant to whom it is payable through the banker to whom it is crossed. Thus, for instance, Thompson & Co. have twenty or thirty sums to pay to as many persons; they give checks for each amount on their bankers, Glyn, Halifax, Mills & Co., and across the face of each check they draw two lines, between which they write the name of the banker with whom the house they owe it to keeps its account, if they know it; if not, they simply write "& Co.," leaving their clerk to fill up the name when he pays it away. Supposing this clerk to go out with these checks and lose them, or to be fraudulently disposed, and wishful to abscond with so large an amount; in either case the checks are useless, as the bankers on whom they are drawn, will only pay them when presented by the banker to whom they are crossed; and that banker will carry the money only to the credit of the party to whom the check is payable, and who, of course, is their cus tomer. Thus, a clerk may have £100,000 of crossed checks, absolutely valueless, except to the person to whom they are payable; valueless, even to that person, except when paid into and presented by his banker, so that the security is complete.

When

When I was first in business in London, I was accustomed to pay in specie or bank notes, and to collect accounts in the same currency. the amounts were very large, I was uneasy until the paying or collecting clerk came in, lest the temptation of possessing so much available money should be too much for his honesty, and induce him to abscond. Fre. quently I was in the habit of calling for large sums personally, rather than trust a clerk, which, of course, profitlessly occupied my own more valuable time. But of late years, from the admirable system of paying in "crossed checks," I could send the humblest clerk I had, to pay and receive thousands of pounds, without the slightest fear; the moneys he paid being only available to my clients and their bankers; the moneys he received, being only available to me through my bankers.

One wintry day in London, a clerk had been out collecting money, and, in returning to the counting-house, fell upon a piece of slippery pavement. His pocket-book flew out, and was instantly picked up and conveyed away by some of the dexterous thieves always prowling about that metropolis. It contained eight checks crossed to my bankers, and payable to me or bearer, amounting, in the aggregate, to £12,500 sterling. The poor fellow came home in sad affright. I was not, however, in the least alarmed, for I was aware that nothing could be made of them. I found that they

had fallen into most expert hands. The low Jews of Houndsditch and Petticoat lane had them offered, but they could do nothing with them; they knew the several bankers on whom they were drawn would not pay them unless they were presented by my bankers, to whom they were crossed. If they had handed them in to my bankers for presentation, they would, of course, have passed them to my credit, and, probably, apprehended the person holding them. In the case of one check, a man presented it for payment to Messrs. Jones, Lloyd & Co., on whom it was drawn, representing himself to come from my bankers; but all he took by his movement was a narrow escape from being taken himself, and the loss of the check, which Jones, Lloyd & Co. retained, and sent to the bankers.

In three days, all the checks were offered to be restored for twenty pounds, finally for twenty shillings, which I refused to give, when they were all restored per post, except the one attempted to be cashed at Jones, Lloyd & Co.'s.

Merchants in London will frequently take their check books and sign twenty or thirty blank checks, draw two lines across them all, and leave them out for their clerks to fill up with the proper amounts, and pay away during their absence. Frequently large amounts are collected and paid away by clerks in whom they place no particular confidence, without their supervision, simply because the checks passing through those clerks' hands, are of no possible use to them, and cannot be misconverted. But those merchants would as soon think of flying as of trusting to those same clerks, in such a manner, either specie, notes, or uncrossed checks, which might be presented by any one at the bank counter. In many houses turning over a million sterling per annum, there is never more available currency seen by the clerks, than five or ten pounds of petty cash; in fact, there is seldom more than that sum about the office. Many merchants and brokers instruct their clerks to refuse to take any payment except "crossed checks" from town houses, such is their conviction of the security, facility, and exactness, this system imparts to their business.

Such a system, it will be said, causes some risk in taking checks from parties who have no funds to meet them. In my experience, I have only known one or two cases of a check being given without adequate funds to meet it; such a thing is regarded as the death-blow of a man's credit. Of course his checks are ever after declined, and the majority of houses will refuse to transact business with him at all, even for cash. Thus it rarely happens that a dishonored check occurs. At times a person cannot pay when called upon; but, in this case, he gives a check for part, and arranges for the rest. He never attempts to overdraw his account with his banker. If he has security to offer, money is always procurable; but the London bankers never permit "overdraws" of their customers' accounts. Their customers, therefore, never attempt to give checks beyond their balances.

It is astonishing the relief which this system of payment affords to the merchant. It enables him safely to trust so very much more to clerks with confidence than he could otherwise do. It enables him to dispense with money-counting and keeping, and devolves the risk and responsibility of that upon his banker. It, of course, leaves his mind and time more free to guide and reflect upon the leading and weighty operations of his business, by pushing a troublesome but indispensable portion of detail,

with safety, upon subordinates, who, having nothing else to attend to, perform it more efficiently than he himself could do.

Again, in combination with monetary advantages, the WAREHOUSING SYSTEM of London offers singular facilities for the safe extension of business to a large amount, with comparatively little labor, and the employment of a much smaller capital than the same amount of business would require anywhere else.

In the vast warehouses of that great metropolis, belonging to various wealthy companies, and covering acres upon acres of ground, surrounding the numerous docks, and lining the crowded Thames on both sides, are stored the products and interchange of every clime. The wines of the sunny, vine-growing regions of Europe and Africa, the silks and cottons of Europe, India, and America, the sugars, coffees, and spices of tropical regions, the vast imports from China, the multitude of American articles of merchandise, and portions of all that earth has of luxury, food, or clothing, are stored in ample vaults and warehouses, rendered nearly fire-proof in their structure, and into which fire or candle is not allowed to enter, except under severe regulations.

Into these warehouses, (the proprietors of which give bond to the Crown for the customs-duty chargeable on the goods warehoused,) are sent the products of every clime-the property of thousands of different merchants. When these goods are required for use, and to be removed from the warehouse, then the duties are paid to the crown. They may, however, lay ten or twenty years, or longer, without payment being required. They are always ready for export, without the trouble of obtaining drawback, if they are not required for home use. Such goods are frequently sold from hand to hand, many times over, without any payment of duties, &c., which, of course, is a simpler mode of doing business, and one requiring less capital than if the crown dues had been paid on arrival, and the goods removed to the private warehouses of the proprietors.

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The companies to whom these bonded and storage warehouses belong, are responsible for the safety of the goods themselves. Their officers, and the officers of the crown also, weigh or guage, tare and mark these goods, divide them into convenient portions, and having stored them in their separate apartments, they send to each owner A WARRANT OR WARRANTS" for his portion. Thus, on the landing of a cargo of tea from China, it is stored in the tea warehouse of some of the dock companies. The dock and crown officers jointly weigh and tare it, as landed, marking each package with the name of the ship in which it was imported, the gross weight, and the tare, together with a consecutive number, commencing at 1, for each ship, and going up to the highest number of chests. The chops of tea are each sorted out and placed by themselves, Congous, Souchong, Pekoes, Hysons, Gunpowders, &c., and a definite place in the warehouse assigned them. Warrants are then issued for every six chests of tea. These warrants specify upon the face of them, for instance, that the London Dock Company hold six chests of tea, entered as Souchong, imported by Baring, Brothers & Co., in the Alexander Baring, Captain Jones, from Macao, July 1st, 1844, marked B. B. & Co., number 200-205, each one weighing so much gross, taring so much, leaving so much nett weight. These teas the dock company engage to deliver to the holder of that warrant properly endorsed, upon demand.

From this system very great facilities are afforded:

1st. The merchant is not required to have large storehouses, attendants, servants, &c., with all the care and expense these entail.

2d. He holds his goods by these paper warrants as securely, and much more portably than if he had them in his own warehouse, where they would be liable to loss and pillage.

3d. There is no trouble or dispute about weighing or taring. These are done by official authorities, whose accuracy or honesty is never questioned, being disinterested parties. Consequently, all buying or selling is made on the basis of these official weights, for inaccuracy in which the dock companies are responsible.

4th. Not only does he avoid the care, expense, and trouble of warehousing, servants, and weighing, but he finds the transfer of these goods made with very great ease. If he sells a lot of tea, or a thousand lots, instead of having them actually carted from his warehouse to the purchaser's, he simply hands him the "warrants," and the bearer of the warrants becomes the possessor of the goods without further trouble. Probably these goods are sold a dozen times over during a season, before finally required for removal. Instead of the waste, trouble, and great expense of carting and recarting those goods a dozen times, the "warrants" are simply handed from hand to hand, the goods actually remaining in statu quo, in their original place of deposit.

I know many very large importing merchants who could take a visiter for miles, almost, of warehouse room, between high lanes and passages made with the piles of their own imports, who have a small, quiet, back parlor, at fifty pounds per annum, for an office, and a single staid, elderly clerk, with one or two young men as custom-house or out-door clerks, to transact the whole of their immense business. Their brokers will make sales to the extent of £50,000 for them in a day, and all the bustle perceivable, is one quiet clerk calling and taking away a bundle of warrants, for the various goods, and some following day calling again and leaving a crossed check for the amount, with his " account sales.' There are two brothers in London, who are amongst the largest importing merchants from China, who absolutely have neither office nor clerk in town. They themselves reside some miles in the country, and usually come in every day for an hour or two, visit their various brokers, stroll down to the dock warehouses to look at their imports, sign a check or two, or a bundle of war. rants for their brokers' use, and home again. An East India merchant who arrived in London by the overland mail, expressly to see the large importers, Messrs. J. & F. -, was surprised to find they had neither counting-house nor clerk, and that their names even were not in the directory! But, 5th. The great advantage afforded by the warehousing system of London, is the extraordinary facility it gives for obtaining advances upon imports, goods and stocks, a facility which enables the merchant, commission agent, wholesale and retail dealer, &c., to transact their business with a much less amount of capital than would be required without this mode; prevents those awful sacrifices of goods, which are so prevalent in New York, to obtain money to meet pressing engagements, during times of pressure; and enables the merchant, &c., at all times to keep his stock, his dead stock, in a form as readily available for obtaining loans or advances as though it were bills of exchange instead of bales of cloth, or hogsheads of sugar.

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Take, for instance, a commission merchant in London, and one in New