CHAPTER III

MUNICIPAL ENTERPRISE--THE ISSUE OF NOTES

"_Guernsey should make up only one great family whose interests are common. Only by union and concord can she enjoy firm and lasting prosperity._"

Although, as we shall see, the first notes that were issued were not for the Market, it is interesting to find that there is some foundation for the tradition identifying them with it. The plan was first suggested in connection with a scheme for the enlarging of the Market.

This was a much needed improvement. "Humanity cries out, every Saturday," reports a States Committee, "against the crush, which it is difficult to get out of; and every day of the week against the lack of shelter for the people who, often arriving wet or heated, remain exposed for whole hours to wind and rain, to the severity of cold and to the heat of the sun."

A Committee, appointed 12th April, 1815, to consider the question, having brought in a scheme for enlarging the Market, recommended the issue of State Notes. The Bailiff submitted the following resolution for the consideration of the States at their meeting on 29th March, 1816:--"Whether in order to meet the expenditure it would not be desirable to issue State Notes of One Pound each (_Billets des Etats d'une Livre Sterling_) up to L6,000, the States undertaking not to issue any, under any pretext whatever, beyond the said sum before having previously cancelled the said L6,000."

Notwithstanding the Committee's opinion that the enlargement of the Market could not be recommended without this issue, and the precautions suggested for the issue of the Notes, the States rejected the proposition.

However, the promoters of the idea appear to have been nothing daunted, and to have met with success on their second attempt. For we find that on the 17th October of the same year the Finance Committee reported that L5,000 was wanted for roads, and a monument to the late Governor, while only L1,000 was in hand. They recommended that the remaining L4,000 should be raised by State Notes of L1, 1,500 of which should be payable on 15th April, 1817, or any Saturday after by the Receiver of the Duty, 1,250 on 15th October, 1817, and 1,250 on 15th April, 1818.

"In this manner, without increasing the debt of the States, we can easily succeed in finishing the works undertaken, leaving moreover in the coffers sufficient money for the other needs of the States."

The States agreed to this and appointed a Committee of three (Nicolas Maingy, Senior, Jean Lukis and Daniel de Lisle), who were exclusively charged with the duty of issuing the Notes, taking all the precautions they thought necessary. They were to pay them out on the order of M. le Superviseur (Jean Guille), and to receive them back from the Receiver of the Duty when paid in, in order to cancel them.

These Notes seem to have served their purpose; for in the record of the decisions of the States on the 18th June, 1818, is found the following entry:--"The said States unanimously authorise the issue of new Notes up to L1,250, to be put at the disposal of Jean Guille, Esq., Jurat, for the needs of the State; and they ask the said gentlemen, Daniel de Lisle, Nicolas Maingy and Jean Lukis, kindly to help in the matter. Which Notes shall be payable at a fixed time to be determined by the States' Committee named for this purpose at the time of the last issue of Notes."

The need for enlarging and covering the Market was meanwhile being more and more pressed, the site and certain buildings having been purchased on 10th April, 1817, for L5,000, which was borrowed at 4-1/2 per cent.[1] A Committee reported on this subject to the meeting of the States on 6th October, 1819. In their recommendation they proposed "the issue of Notes of L1 sterling, payable at different times on the receipt of the part of the Duty left at the disposal of the States." Notwithstanding the pathetic appeal already recorded, the proposal of the Committee to enlarge and to cover the Market was lost by a majority of one.

The advocates for improving the Market, however, persevered, and presented to the States Meeting of 12th May, 1820, five plans. The plan of John Savery Brock at a cost of L5,500 was agreed to by a majority of 19 to 10.

The following quotation from the Committee's report shows the benefits which they considered would arise from their scheme for raising the L5,500 required.

"The means of meeting this would be to apply to it the sums now in litigation with the town L1,000

Twenty-shilling Notes put at the disposal of the Committee 4,500 ------- L5,500

But provision must be made for the repayment of the Notes issued, and the means recommended by your Committee are as follows--

"The 36 shops, built for butchers according to the plan recommended, would produce at L5 sterling per annum L180

From this must be deducted L20 for hiring the house at the corner and L10 for repairs 30 ------ L150

The States should grant for 10 years after the first year 300 ------ This would give an income of L450

This sum would be spent each year in paying off and cancelling as many Notes.

"Thus, at the end of ten years, all the Notes would be cancelled and the States would be in possession of an income of L150 per annum, which would be a return for the L3,000 spent by them.

"Looked at from all sides the scheme shows nothing but the greatest advantage for the public and for the States. It should please those who have at heart the diminution of the debt, since the States in addition to the L1,000 set aside for this purpose, take a further L300 out of their treasury in order to increase their income (_en prenant 300l. de plus sur leurs epargnes pour accroitre leur revenu_)."

Thus it appears that the money for building the Meat Market, still standing, was raised without a loan, the States paying off the Notes at the rate of L450 a year as the duty on spirits and the rents came in. The Market is described in Jacob's _Annals of the British Norman Isles_,