of bills, minus this or
some portion of this nominal premium. Nothing is more common than to
hear the new comer boast that he has sold his bill on England for 8 per
cent. premium, while in fact he has not received _par_ value. As by the
above changes 100 pounds sterling is shewn to be equal to 120 currency,
or 480 dollars, the rule of conversion, in the absence of a law, where
no understanding to the contrary existed, should be, _add one-fifth to
sterling money, and currency is obtained, or deduct one-sixth from
currency, and sterling is found._ An examination of the exchanges for
ten years has proved this to be correct.

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VI. THE CANADA COMPANY.

The Canada Company was incorporated by royal charter and Act of
Parliament in 1826. The following are extracts from the prospectus of
the Company:--

"The Canada Company have lands for sale in almost every part of the
province of Upper Canada, on terms which cannot fail to be highly
advantageous to the emigrant, as from the Company requiring only one-
fifth of the purchase-money to be paid in cash, and allowing the
remainder to be divided into five annual payments, bearing interest, the
settler, if industrious, is enabled to pay the balance from the produce
of the land.

"The lands of the Canada Company are of three descriptions, viz.--

Scattered reserves:
Blocks or tracts of land, of from 1,000 to 40,000 acres each;
The Huron tract, containing upwards of 1,000,000 acres.

"_Scattered reserves_. The scattered crown reserves are lots of land of
from 100 to 200 acres each, distributed through nearly every township in
the province, and partaking of the soil, climate, &c., of each
particular township. These lands are especially desirable for persons
who may have friends settled in their neighbourhood, and can be obtained
at prices varying from 8 shillings 9 pence to 25 shillings currency an
acre.

"_Blocks of Land._ The blocks or tracts lie entirely in that part of the
province situated to the westward of the head of Lake Ontario, and
contain lands which, for soil, climate, and powers of production, are
equal, and perhaps superior, to any on the continent of America. These
are worthy the attention of communities of emigrants, who from country,
relationship, religion, or any other bond, wish to settle together.

"The largest block of this kind in the Company's possession is the
township of Guelph, containing upwards of 40,000 ac