Part I., published in 1830, as a handsome new building, "one of the most

convenient, both for the buyers and sellers, that can be found in any part of the world." "For the mode of raising the funds for its erection and support (well worth the attention of all corporate bodies)" we are referred to an Appendix IV. which was to appear at the end of Part II., to be published in December, 1831.[2]

Diligent search in contemporary records showed no trace of the elaborate ceremony described in the tradition current among enthusiasts, though the _Mercury_ of the 5th October, 1822, announced in its advertisement column that the opening would take place on Saturday, 12th October, 1822.

The following week the _Mercury_ chronicles the handing over by the Committee of the keys of the new Market to the butchers. "A large crowd gathered in the square, of whom only a few succeeded in entering the enclosure. A speech was made by one of the Committee, to which one of the butchers made a reply. The band of the East Regiment took part and the church bells rang till five in the evening."

The next issue of Notes seems to have been to pay off the floating debt. On 14th June, 1820, the States authorised the issue of 4,000 L1 Notes for this purpose. In recommending this course the Finance Committee makes some interesting reflections. "Respecting the floating debt, which consists of sums payable at times more or less distant, it would be easy to discharge it by L1 Notes put into circulation as need requires. The extinction of the whole of the floating debt could thus be brought about without the necessity of new loans. If loans should be raised it would be necessary to provide for payment both of the principal and of the interest. If, on the contrary, recourse is had to L1 Notes, the interest alone which would have been paid will suffice."

On 23rd June, 1821, the States authorise the issue of 580 L1 Notes to buy a house whose site is wanted for the new Market.

On 15th September of the same year the issue is authorised of 4,500 L1 Notes to diminish the interest-bearing debt of the States. In recommending this, the Finance Committee remarks:--"The States could increase the number [of Notes in circulation] without danger up to 10,000 in payment of the debt, and the Committee recommends this course as most advantageous to the States' finance, as well as to the public, who, far from making the slightest difficulty in taking them, look for them with eagerness."

On 30th June, 1824, on the united recommendation of the Market and Finance Committees, 5,000 L1 Notes are issued to pay off the L5,000 originally paid for the Market in 1817 (see p. 11). "By this means the interest of L200 (_sic_) a year will be saved and applied moreover every year to withdraw from circulation L1 Notes issued for the construction of the Market."

On 29th March, 1826, a further issue is authorised for the purpose of Elizabeth College and Parochial Schools, provided that the total number of Notes in circulation shall not exceed L20,000. In summoning the States on this occasion, the Bailiff, Daniel de Lisle Brock,[3] expresses the opinion that paper money is of great use to the States. There is no inconvenience because the Notes are issued with great care.

This statement as to great care is borne out by the words of the resolution passed 12th May, 1826, authorising the issue of L5 Notes, not exceeding L8,000 worth, voted for the Isle of Sark and other purposes. After asking Nicolas Maingy, Jean Lukis and Daniel de Lisle "to sign the said Notes in the name and under the guarantee of the States," it goes on to say, "and in default of one or other of these gentlemen through absence or illness, the States authorise the remainder of the three, the Finance Committee and M. le Superviseur to choose conjointly another reputable person for the signature of the said Notes. Which said Finance Committee Supervisor and those authorised to sign are charged and requested to watch over and be present at (_veiller et assister a_) the destruction of the said Notes at the times fixed for their repayment."

Extra precautions seem to have been taken 28th June, 1826, when another issue, not exceeding L2,000 worth of L5 Notes was authorised. For we find that "The States appoint Josias le Marchant, Pierre le Cocq, Jurats, and the Rev. Thomas Grut, a Special Committee, whose duty it is to see to the liquidation of all the anticipations at the times fixed by the States, and where these anticipations consist in Notes of one or five pounds to see to the destruction of the very Notes or of earlier Notes to the same amount. Which Committee is commanded to make a report to the States at least once each year certifying the liquidation and destruction of the said anticipations and of the said Notes."

Further care is shown by the fact that on 26th March, 1828, the States appointed the Finance Committee "to replace the used and worn-out Notes by new Notes, payable at the same time as the destroyed notes would have been." Testimony is borne by this wear and tear to the extent to which the Notes circulated.

Plans for the improvements in Rue de la Fontaine, a street adjoining the Markets, being adopted on 15th November, 1827, an issue of L1 Notes up to L11,000 was authorised to be cancelled by the proceeds of rents.

In 1828 and 1829 issues of Notes were authorised for various purposes, including L8,500 for the College and L11,000 in connection with the Rue de la Fontaine scheme.

At one of the sittings of the States in the year 1829, William Collings, a member of the Finance Committee, stated that there were 48,183 Notes in circulation.

On 18th March, 1834, L1,000 was voted for cholera precautions, to be raised either at 3 per cent. interest or in L1 Notes. The latter course seems to have been adopted.

From the foregoing it will be noticed that during the 20 years over L80,000 worth of Notes were authorised by the States to be issued. These were mostly of the value of L1, though some L5 Notes were authorised.

In 1837 there were still in circulation 55,000, which in that year were reduced, as will be seen in a subsequent chapter, by 15,000.

It may be asked whether there is any evidence that the Notes were destroyed as directed. From various sources we found records of at least 18,000 being destroyed. For instance, in the _Gazette_ of 3rd March, 1827, there is the following:--

"Market Accounts for 1826. Notes to Bearer of L1 destroyed. 22 March, 1826 L400 7 November, 1826 L420 1 March, 1827 L122 ----- L942

Total of Notes issued for the Market, L11,296 " " destroyed " " 3,626 ------- Leaving in circulation L7,670."

FOOTNOTES:

[1] This purchase was in itself an interesting piece of municipal history. "By an Order in Council," says Jacob in his _Annals of British Norman Isles_, p. 153, "the Meat Market Company were to be allowed by the States, certain duties on all the cattle killed, so long as they remained proprietors of the Market; but the States were allowed at any future time to take the same into their own possession on the payment of what the proprietors had advanced. The States did this on the 10th April, 1817, at an expense of L5,000." (See p. 16.)

[2] We have been unsuccessful in our efforts to obtain Part II. either in Guernsey or in London, and wonder whether it was ever published.

[3] Daniel de Lisle Brock was Bailiff from 24th May, 1821, to 12th January, 1843.