"Provincial Bank of Ireland,
"Friday, September 9th, 1825.
"At a meeting of the Court—Present:—John Morris, Esq., in the chair; M. Attwood, Esq., M. P.; H. A. Douglas, Esq.; S. A. Madgan, Esq.; J. T. Thorp, Esq.; Jas. Brogdon, Esq., M. P.; J. R. Macqueen, Esq., M. P.; C. E. Prescott, Esq.; S. N. Ward, Esq.
"Resolved unanimously, That the cordial thanks of the Court are due to Messrs Medley, Montefiore, and Blount for the zeal and ability they have evinced in the management of the business committed to their care, the result of which has fully realised the expectations of the Court, and will conduce most essentially to the prosperity of the Company.
"The Chairman is requested to communicate the resolution to the gentlemen of the deputation on their return from Ireland."
1826 (5586 a.m.).—The diary begins with the prayer, "Renew in me, O Lord, the right spirit."
For the information of the general reader I quote a short statement from some historical records of the state of financial transactions in this and the previous year which will explain the importance of the entries Mr Montefiore made in these years, referring to monetary transactions.
On the 12th of January there is an entry stating "the Government will lend the merchants five millions of Exchequer Bills, and the Bank directors have agreed to advance the money. They will not fund till June or July, and then only five or six millions." "This," Mr Montefiore thinks, "is much in favour of stocks."
One of his acquaintance died suddenly at this time, an unfortunate event which he considered was the fatal result of large speculations.
"These two years," the historian says, "were characterised by an extraordinary activity in all departments of trade and commerce." Mr Huskisson, a minister who was a high authority on commercial matters, originated several important measures, especially those relating to the repeal of all duties on goods passing between Great Britain and Ireland, an alteration in the duties affecting the silk manufacture, and the repeal of the combination laws and of the law against the emigration of artisans; while the Executive formed commercial treaties, on the reciprocity system, with various countries in Europe, and, acknowledging the independence of the revolted Spanish colonies in America, drew them as additional customers into the British market.
Capital now so far exceeded the ordinary means of its employment, that many joint-stock companies were formed as a means of giving it a wider scope. Some of these associations professed objects which were by long established usage the proper business of individuals alone, and others involved hazardous and visionary projects to be carried into effect in remote countries. The depressed state of trade in 1821 and 1822 had led to a diminished importation and production of goods, and was succeeded by an advance of prices in 1823. The consequence was a sudden and unusually large demand and a powerful reaction of supply, which did not cease till production had far exceeded the bounds of moderation.