30 MINUTES OF EVIDENCE BEFORE SELECT COMMITTEE Mr.
And according to the system in general offices, it would be, how much ?â€”
Two shillings and eight-pence.
There the saving upon 21s.
for six months would be, how much?â€”Eight
24 May 1838.
You say that your establishment has been based upon the plan of the Paris one ?â€”Entirely.
Is there more than one establishment upon the Mont de Piete system in Paris ?â€”Only
one, there are not any private pawnbrokers in Paris.
Is one competent to the business of an immense city ?â€”Yes
; the busiÂ¬ ness of the poor is done by out-door agents, who receive payments from the persons and deposit them in the establishment.
In country parts of Ireland, are the sales usually attended by bond fide persons, or by a class called jobbers ?â€”In
country parts of Ireland they are attended by bona fide purchasers.
Can you state the yearly income from the Mont dc Pi6tc at Limerick?â€”At
present we are making between 1,100 /.
Is that after payment of all expenses ?â€”No.
To what extent of capital would your present machinery be sufficient?â€”I
should calculate that the present staff would work a stock of 12,000/.
Can you state the amount of your net yearly income ?â€”In
the first year of a concern like ours there can be nothing like profit, because the first month's receipt was only 6 /.
profit; it is the same with every pawnbroker; we cannot till we have been 12 months at work have the machine in such motion as will show what profit the capital sum will pay.
Archibald Douglas, called in; and Examined.
WHAT office do you hold at present?â€”That
â€” and secretary to the Limerick Mont de Piete.
How long have you held that office ?â€”In
the latter part of 1835 I was requested by Mr.
Barrington, as my time was not fully occupied, to organize the establishment generally, as the buildings were then approaching completion.
What have you done to organize the establishment?â€”The
first step I took was to collect funds, which was the most important thing; the first conÂ¬ sideration was to advertise, through the public press, that debentures would be issued of the Limerick Mont de Piet6, bearing interest at six per cent, per annum, for all monies sought to be invested in its funds.
What sum did you raise in that way ?â€”That
call was responded to by about Â£,500 /.
being very speedily paid into the Provincial Bank of Ireland to the credit of the directors of the Mont de Piete.
Was that paid in by speculators, or by persons who were anxious to promote the benevolent object which Mr.
Barrington had in view ?â€”-In
some instances it was done by persons who were anxious to promote the benevolent object which Mr.
Barrington had in view; but, in most instances, it was clone by persons who were desirous of deriving a better rate of interest for the money they had to spare, than they could get in other investments, namely, six per cent.
What was the nature of the security given to them ?â€”The
nature of the security was by debentures, which secured to the party lending money the repayment of the money out of the capital stock and funds of the establishment, a copy of which I lay before the Committee,
[The Witness delivered in the same, which is as follows :] " No.
, Mont de Piet6, or Charitable Pawn Office; Â£.
at six per cent;
For the support of Barrington's Hospital and City of Limerick Infirmary.
, Trustees of the Mont de Piete or Charitable Pawn Office for the support of Barrington's Hospital and City of Limerick Infirmary, acknowledge to have received this day for the use of the said establishment, from of
, the sum of ; in consideration whereof we hereby, on behalf of Sflid esta-blishrnent/undertake that the said principal sum of shall he repaid out of the capital stock, funds and property of the said establishment to the