The sums raised by these companies were not large; in general only 5 per cent, on their proposed capital. There were also various companies formed in 1825, for mining in Eng and they were to the number of 30 and upwards; but they proved in general abortions, with the exception of the British Iron Company (with works chiefly in Staffordshire), which has drawn a large sun from its shareholders. The following extract from the Share List for the 12th of October, 1833, published by Mr. Edmonds, broker, gives an account of the exising mining companies, the number of shares in each; the sums paid on account of such shares; and their selling price, &c. It is an instructive commentary on the prospectuses and prices of 1826. MINIUM, OR RED OXIDE OF LEAD, a tasteless powder of an intense red colour, often inclining to orange, and very heavy; its specific gravity being 8-94. It is extensively used in the arts. MOCHA, the principal port in the Red Sea frequented by Europeans, in that part of Arabia called Yemen, about 40 miles to the north of the Strait of Bab-el-mandeb, lat. 13° 19' 30" N., lon. 43° 20′ E. Population variously estimated; but may, perhaps, amount to from 5,000 to 7,000. It is encircled with walls, and indifferently fortified. Its appearance from the sea is imposing. Mocha is situated on the margin of a dry sandy plain. It is built close to the shore, between 2 points of land which project and form a bay. Vessels drawing from 10 to 12 feet water may anchor within this bay at about a mile from the town; but large ships anchor without the bay in the roads, in 5 or 7 fathoms water-the grand mosque bearing E.S.E., and the fort to the south of the town S. by E., distant about two miles from the shore. The great article of export from Mocha is coffee, which is universally admitted to be of the finest quality. It is not possible to form any very accurate estimate of the quantity exported; but we believe it may be taken at 10,000 tons, or perhaps more. The greater portion is sent to Djidda and Suez; but there is a pretty large export to Bombay, and other parts of India, whence some is sent to Europe; occasionally, however, the exports from Mocha and Hodeida, direct for Europe, are very considerable. Besides coffee, the principal articles of export are, dates, adjoue, or paste made of dates, myrrh, gum Arabic, olibanum, senna (cassia senna), sharks' fins, tragacanth, horns and hides of the rhinoceros, balm of Gilead, ivory, gold dust, civet, alões, sagapenum, &c. The principal articles of import are, rice, piece goods, iron and hardware, &c. The ivory, gold dust, and civet, met with at Mocha, are brought from the opposite coast of Abyssinia; whence are also brought slaves, ghee, &c. The greater part of the foreign trade of Mocha is transacted by the Banians; and it is much safer to deal with them than with either Turks or Arabs. Europeans pay a duty of 3 per cent. ad valorem on all goods imported by them from Europe, India, or China; the duty being levied on the amount of the sales. The buyer pays brokerage, cooley and boat hire. All kinds of foreign goods are sold on credit, and the payment is made in 3 instalments, or at a certain day, according as may have been agreed on. Coffee is always paid for in ready money. On the sale of other goods, the produce of the country, a credit is given; or if ready money be paid, a discount is allowed at the rate of 9 per cent. When goods are discharging, the master must furnish the Custom-house officer with a manifest, or account of the marks, numbers, and contents of each package. He then opens two or three bales, taken at random; and if they correspond with the account delivered, no further examination is made; but if they do not correspond, the whole bales are opened, and double duty is charged upon the excess. The quantities being thus ascertained, their value is learned from the account of sales rendered by the seller, and the duty charged accordingly. In this respect there is nothing to object to at Mocha; but a good deal of extortion is practised in the exaction of port charges, presents, &c., which may, however, be defeated by proper firmness. The port charges on ships, or three-mast vessels, may amount to about 400 Mocha dollars, and those on brigs to about half as much. Provisions are plentiful and cheap; but water is dear: that in the vicinity being brackish and unwholesome, whatever is used for drinking, by all but the poorest persons, is brought from Mosa, about 20 miles off. Fish are abundant and cheap, but not very good. Money-The current coins of the country are carats and commassees: 7 carats 1 commassee; 60 commassees = 1 Spanish dollar; 100 Spanish dollars 124 Mocha dollars. Weights and Measures.-The commercial weights are 15 Vakias = 1 Rottolo 1 lb. 2 oz. avoird. 40 Vakias = 1 Maund = 3 lbs. avoird. 10 Maunds1 Frazel 30 lbs. avoird. There is also a small maund of only 30 vakias: 1 Mocha bahar = 16] Bombay maunds; 1 Mocha bahar 13 Surat maunds 15-123 seers. Grain is measured by the kellah, 40 of which = 1 tomand, about 170 lbs. avoirdupois. The liquid measures are 16 vakias 1 nusseah; 8 nusseahs=1 cuda, about 2 English wine gallons. The long measures are the guz=25 English inches; the hand covid 18 inches, and the long iron covid=27 inches. In compiling this article, we made use of Milburn's Oriental Commerce, and Elmore's Directory. Niebuhr has given a plan of the port of Mocha in his Voyage en Arabie, tome i. p. 318. ed. Amst. 1776. He has also given some details as to its trade in his Description de l'Arabie, p. 191. But the best account we have seen of Mocha is in Hamilton's Account of the East Indies (vol. i. pp. 40-52), an accurate and valuable work. Burckhardt did not visit Mocha; which is much to be regretted. MOGADORE, a sea-port town on the west coast of Morocco, lat. 31° 50' N., lon. 9° 20' W. Population about 10,000. It is indifferently fortified; the country in the immediate vicinity is low, flat, sandy, and unproductive. Water is scarce and rather dear; being either rain water collected and preserved in cisterns, or brought from a river about 1 mile distant. The port is formed by a small island lying to the southward of the town; but as there is not more than 10 or 12 feet water in it at ebb tide, large ships anchor without, the long battery bearing E. distant 1 mile. The city of Morocco derives its most considerable supplies of European articles from Mogadore, from which it is distant about 4 days' journey (caravan travelling). The principal imports are, English woollen and cotton stuffs and hardware, German linens, tin, copper, earthenware, mirrors, glass, sugar, pepper, paper, and a variety of other articles. The exports principally consist of sweet and bitter almonds, gum Arabic, and other gums, bees' wax, cow and calf skins, ivory, ostrich feathers, gold dust, olive oil, dates, &c. Money.-Accounts are kept in nutkeels of 10 ounces; the ounce being divided into 4 blankeels, and the blankeel into 24 fluce. From their proportion to the Spanish dollar, the blankeel may be valued at Id., the ounce at 4d., and the nutkeel or ducat at 3s. 4d. Weights and Measures.-The commercial pound is generally regulated by the weight of 20 Spanish dollars; and, therefore, 100 lbs. Mogadore weight, or the quintal, = 119 lbs. avoirdupois. The market pound for provisions is 50 per cent. heavier, or 1 lb. 12 oz. avoirdupois. The corn measures are for the most part similar to those of Spain, but there are considerable discrepancies. The cubit, or canna, = 21 English inches, is the principal long measure. The most ample details with respect to the trade of Mogadore, and the trade and productions of Morocco in general, may be found in Jackson's Account of Morocco, c. 6, 7. and 13.; see also Kelly's Cambist. MOHAIR (Ger. Mohr; Fr. Moire; It. Moerro; Sp. Mue, Muer), the hair of a variety of the common goat, famous for being soft and fine as silk, and of a silvery whiteness. It is not produced any where but in the vicinity of Angora, in Asia Minor. The exportation of this valuable and beautiful article, unless in the shape of yarn, was formerly prohibited; but it may now be exported unspun. The production, preparation, and sale of mohair have long engrossed the principal attention of the inhabitants of Angora; and it used to form an important article of Venetian commerce.—It is manufactured into camlets and other expensive stuffs. Hitherto but little has been imported into England.-(See, for further particulars, Tournefort, Voyage du Levant, tome ii. p. 463., where there is a figure of the goat; and Urquhart on Turkey and its Resources, p. 184.) MOLASSES, OR MELASSES (Fr. Sirop de Sucre, Melasses; Ger. Syrup; It. Mielazzo di zucchero; Sp. Miel de azucar, Chancaca; Port. Melasso, Assucar liquido; Rus. Patoka sacharnaja), the uncrystallisable part of the juice of the sugar cane, separated from the sugar during its manufacture. It is of a brown or black colour, thick, and viscid; has a peculiar odour, and a sweet empyreumatic taste. Molasses imported from the West India colonies and the Mauritius is charged, on being entered for home consumption, with a duty of 9s. a cwt. It is not, however, used in its original state, but is purchased by the sugarbakers, who, when it is of an ordinary degree of strength, extract from it a coarse, soft species of sugar called bastards, and treacle. But it is obvious, inasmuch as the duty on molasses is fixed, that the duty on the sugar extracted from it will vary indirectly according to the quantity of saccharine matter which it contains; and we understand that, in consequence, molasses is frequently imported so rich as to yield excellent crystallised sugar. We do not know whether the practice has been carried to such an extent as materially to injure the revenue; but it seems pretty clear that the duty ought to be made to depend, in part at least, on the quality of the molasses, or on the quantity of saccharine matter which it contains, as well as on the weight. It is difficult,-unless advantage has been taken of the way in which the duty is assessed, to elude the sugar duties,-to account for the increased mportation of molasses. About 8 gallons of proof spirit may, it is said, be obtained from a cwt. of molasses, such as has recently been imported; but this depends, of course, wholly on the richness of the molasses. Part of the refuse that remains after refining muscovado sugar, is a sweet syrup, which, as well as the syrup that remains after boiling molasses to obtain bastards, is called treacle. But the treacle obtained from the former is always preferred to that obtained from the latter, and fetches 28. per cwt. more. Molasses is sometimes used in preparing the coarser sort of preserves; and on the ContiLent it is extensively used in the manufacture of tobacco. Account of the Quantities of Molasses imported, exported, and entered for Home Consumption since 1820, with the Rates of Duty thereon, and the Produce of the Duty.-(Papers published by Board of Trade.) In 1833, the consumption was, we understand, considerably larger. The imports of foreign molasses are quite inconsiderable. MONEY. When the division of labour was first introduced, commodities were directly bartered for each other. Those, for example, who had a surplus of corn and were in want of wine, endeavoured to find out those who were in the opposite circumstances, or who had a surplus of wine and wanted corn, and then exchanged the one for the other. It is obvious, however, that the power of changing, and, consequently, of dividing employments, must have been subjected to perpetual interruptions, so long as it was restricted to mere barter. A. carries produce to market, and B. is desirous to purchase it; but the produce belonging to B. is not suitable for A. C., again, would like to buy B.'s produce, but B. is already fully supplied with the equivalent C. has to offer. In such cases--and they must be of constant occurrence wherever money is not introduced-no direct exchange could take place between the parties; and it might be very difficult to bring it about indirectly." The extreme inconvenience attending such situations must early have forced themselves on the attention of every one. Efforts would, in consequence, be made to avoid them; and it would speedily appear that the best or rather the only way in which this could be effected, was to exchange either the whole or a part of one's surplus produce for some commodity of known value, and in general demand; and which, consequently, few persons would be inclined to refuse to accept as an equivalent for whatever they had to dispose of. After this commodity had begun to be employed as a means of exchanging other commodities, individuals would become willing to purchase a greater quantity of it than might be required to pay for the products they were desirous of immediately obtaining; knowing that should they, at any future period, want a further supply either of these or other articles, they would be able readily to procure them in exchange for this universally desired commodity. Though at first circulating slowly and with difficulty, it would, as the advantages arising from its use were better appreciated, begin to pass freely from hand to hand. Its value, as compared with other things, would thus come to be universally known; and it would at last be used, not only as the common medium of exchange, but as a standard by which to measure the value of other things. Now this commodity, whatever it may be, is money. An infinite variety of commodities have been used as money in different countries and periods. But none can be advantageously used as such, unless it possesses several very peculiar qualities. The slightest reflection on the purposes to which it is applied, must, indeed, be sufficient to convince every one that it is indispensable, or, at least, exceedingly desirable, that the commodity selected to serve as money should, (1) be divisible into the smallest portions; (2) that it should admit of being kept for an indefinite period without deteriorating; (3) that it should, by possessing great value in small bulk, be capable of being easily transported from place to place; (4) that one piece of money, of a certain denomination, should always be equal, in magnitude and quality, to every other piece of money of the same denomination; and (5) that its value should be comparatively steady, or as little subject to variation as possible. Without the first of these qualities, or the capacity of being divided into portions of every different magnitude and value, money, it is evident, would be of almost no use, and could only be exchanged for the few commodities that might happen to be of the same value as its indivisible portions, or as whole multiples of them: without the second, or the capacity of being kept or hoarded without deteriorating, no one would choose to exchange commodities for money, except only when he expected to be able speedily to re-exchange that money for something else: without the third, or facility of transportation, money could not be conveniently used in transactions between places at any considerable distance: without the fourth, or perfect sameness, it would be extremely difficult to appre ciate the value of different pieces of money: and without the fifth quality, or comparative steadiness of value, money could not serve as a standard by which to measure the value * The difficulties that would arise on such occasions, and the devices that would be adopted to overcome them, have been very well illustrated by Colonel Torrens, in his work on the "Production of Wealth," p. 291. 25 VOL. IL-R of other commodities; and no one would be disposed to exchange the produce of his indus try for an article that might shortly decline considerably in its power of purchasing. The union of the different qualities of comparative steadiness of value, divisibility, durability, facility of transportation, and perfect sameness, in the precious metals, doubtless, formed the irresistible reason that has induced every civilised community to employ thein as money. The value of gold and silver is certainly not invariable, but, generally speaking, it changes only by slow degrees; they are divisible into any number of parts, and have the singular property of being easily reunited, by means of fusion, without loss; they do not deteriorate by being kept; and, from their firm and compact texture, they are very difficult to wear. Their cost of production, especially that of gold, is so considerable, that they possess great value in small bulk, and can, of course, be transported with comparative facility; and an ounce of pure gold or silver, taken from the mines in any quarter of the world, is precisely equal, in point of quality, to an ounce of pure gold or silver dug from the mines in any other quarter. No wonder, therefore, when all the qualities necessary to constitute money are possessed in so eminent a degree by the precious metals, that they have been used as such, in civilised societies, from a very remote era. "They became universal money," as M. Turgot has observed, "not in consequence of any arbitrary agreement among men, or of the intervention of any law, but by the nature and force of things." When first used as money, the precious metals were in an unfashioned state, in bars or ingots. The parties having agreed about the quantity of metal to be given for a commodity, that quantity was then weighed off. But this, it is plain, must have been a tedious and troublesome process. Undoubtedly, however, the greatest obstacle that would be experienced in early ages to the use of gold and silver as money, would be found to consist in the diffi culty of determining the degree of their purity with sufficient precision; and the discovery of some means by which their weight and fineness might be readily and correctly ascertained, would be felt to be indispensable to their extensive use as money. Fortunately, these means were not long in being discovered. The fabrication of coins, or the practice of impressing pieces of the precious metals with a stamp indicating their weight and purity, belongs to the remotest antiquity.-(Goguet De l'Origine des Loix, &c. tome i. p. 269.) And it may safely be affirmed, that there have been very few inventions of greater utility, or that have done more to accelerate the progress of improvement. It is material, however, to observe, that the introduction and use of coined money make no change whatever in the principle on which exchanges were previously conducted. The coinage saves the trouble of weighing and assaying gold and silver, but it does nothing more. It declares the weight and purity of the metal in a coin; but the value of that metal or coin is in all cases determined by precisely the same principles which determine the value of other commodities, and would be as little affected by being recoined with a new denomination, as the burden of a ship by a change of her name. Inaccurate notions with respect to the influence of coinage seem to have given rise to the opinion, so long entertained, that coins were merely the signs of values! But it is clear they have no more claim to this designation than bars of iron or copper, sacks of wheat, or any other commodity. They exchange for other things, because they are desirable articles, and are possessed of real intrinsic value. A draft, check, or bill, may not improperly, perhaps, be regarded as the sign of the money to be given for it. But that money is nothing but a commodity; it is not a sign-it is the thing signified. Money, however, is not merely the universal equivalent, or marchandise banale, used by society it is also the standard used to compare the values of all sorts of products; and the stipulations in the great bulk of contracts and deeds, as to the delivery and disposal of property, have all reference to, and are commonly expressed in, quantities of money. It is plainly, therefore, of the utmost importance that its value should be preserved as invariable as possible. Owing, however, to improvements in the arts, the exhaustion of old mines and the discovery of new ones, the value of the precious metals is necessarily inconstant: though, if we except the effects produced in the 16th century by the discovery of the American mines, it does not appear to have varied so much at other times as might have been anticipated. Great mischief has, however, been repeatedly occasioned by the changes that have been made in most countries in the weight, and sometimes also in the purity, of coins; and since the impolicy of these changes has been recognised, similar, and perhaps still more extensive, disorders have sprung from the improper use of substitutes for coins. It is, indeed, quite obvious, that no change can take place in the value of money, without proportionally affecting the pecuniary conditions in all contracts and agreements. Much, however, of the influence of a change depends on its direction. An increase in the value of money is uniformly more prejudicial in a public point of view than its diminution: the latter, though injurious to individuals, may sometimes be productive of national advantage; but such can never be the case with the former.-(See my Principles of Political Economy, 2d ed. pp. 500-504.) No certain estimate can ever be formed of the quantity of money required to conduct the business of any country; this quantity being, in all cases, determined by the value of mo ney itself, the services it has to perform, and the devices used for economising its employment. Generally, however, it is very considerable; and when it consists wholly of gold and silver, it occasions a very heavy expense. There can, indeed, be no doubt that the wish to lessen this expense has been one of the chief causes that have led all civilized and commercial nations to fabricate a portion of their money of some less valuable material. Of the various substitutes resorted to for this purpose, paper is, in all respects, the most eligible. Its employment seems to have grown naturally out of the circumstances incident to an advancing society. When government becomes sufficiently powerful and intelligent to enforce the observance of contracts, individuals possessed of written promises from others, that they will pay certain sums at certain specified periods, begin to assign them to those to whom they are indebted; and when the subscribers are persons of fortune, and of whose solvency no doubt can be entertained, their obligations are readily accepted in payment of debts. But when the circulation of promises, or bills, in this way, has continued for a while, individuals begin to perceive that they may derive a profit by issuing them in such a form as to fit them for being readily used as a substitute for money in the ordinary transactions of life. Hence the origin of bank notes. An individual in whose wealth and discretion the public have confidence, being applied to for a loan, say of 5,000l., grants the applicant his bill or note, payable on demand, for that sum. Now, as this note passes, in consequence of the confidence placed in the issuer, currently from hand to hand as cash, it quite as useful to the borrower as if it had been gold; and supposing that the rate of interest is 5 per cent., it will yield, so long as it continues to circulate, a revenue of 250/. a year to the issuer. A banker who issues notes, coins, as it were, his credit. He derives the same revenue from the loan of his written promise to pay a certain sum, that he could derive from the loan of the sum itself, or of an equivalent amount of produce! And while he thus increases his own income, he, at the same time, contributes to increase the wealth of the public. The cheapest species of currency being substituted in the place of that which is most expensive, the superfluous coins are either used in the arts, or are exported in exchange for raw materials or manufactured goods, by the use of which both wealth and enjoyments are increased. Ever since the introduction of bills, almost all great commercial transactions have been carried on by means of paper only. Notes are also used to a very great extent in the ordinary business of society; and while they are readily exchangeable at the pleasure of the holder for coins, or for the precise quantities of gold or silver they profess to represent, their value is maintained on a par with the value of these metals; and all injurious fluctuations in the value of money are as effectually avoided as if it consisted wholly of the precious metals. In common mercantile language, the party who exchanges money for a commodity is said to buy; the party who exchanges a commodity for money being said to sell. Price, unless where the contrary is distinctly mentioned, always means the value of a commodity estimated or rated in money.—(For a further account of metallic money, see the article Corn; and for an account of paper money, see the article BANKS.) MONOPOLY. By this term is usually meant a graut from the Crown, or other competent authority, conveying to some one individual, or number of individuals, the sole right of buying, selling, making, importing, exporting, &c. some one commodity, or set of commodities. Such grants were very common previously to the accession of the House of Stuart, and were carried to a very oppressive and injurious extent during the reign of Queen Elizabeth. The grievance became at length so insupportable, that notwithstanding the opposition of government, which looked upon the power of granting monopolies as a very valuable part of the prerogative, they were abolished by the famous act of 1624, the 21 Jac. 1. c. 3. This act declares that all monopolies, grants, letters patent for the sole buying, selling, and making of goods and manufactures, shall be null and void. It excepts patents for fourteen years for the sole working or making of any new manufactures within the realm, to the true and first inventors of such manufactures, provided they be not contrary to law, nor mischievous to the state. It also excepts grants by act of parliament to any corporation, company, or society, for the enlargement of trade, and letters patent concerning the making of gunpowder, &c. This act effectually secured the freedom of industry in Great Britain; and has done more, perhaps, to excite the spirit of invention and industry, and to accelerate the progress of wealth, than any other in the statute book. MONTEVIDEO, a sea-port, and the capital of the republic of Uruguay, on the north bank of the Rio de la Plata, lat. 34° 54′ 11′′ S., long. 56° 13′ 18" W. Population variously estimated; but may probably be about 12,000. The town is built in the form of an amphitheatre, on a regular plan, and is well fortified. It has suffered much from the various revolutions to which it has been subject during the last 30 years. Montevideo is situated 2° 3′ 33′′ W. of Cape St. Mary, the northern limit of the embouchure of the La Plata. Vessels from the north bound to Montevideo generally make this cape, entering the river between it and the small island of Lobos, in from 14 to 17 fathomis. The course is thence nearly W. to the Isle of Flores, on which is light-house 112 feet above the level of the sea, with a revolving light. From Flores to Montevideo is 16 miles in a direct line, and the course W. by S. by compass. A light-house, 475 feet above the level of the sea, has been erected on the summit of the Montevideo, whence the town has its name. The latter is built on a projecting tongue of land, the port being on its S. side. This, which is the best on the La Plata, is a large circular basin open to the S. W.; ge |