Pawnbrokers arc restricted in their business as regards loans under £10, by the statute 35 and 36 Viet., c. 93, which repealed all the prior statutes, and defined new offenses. and it also extends to "leaving`-shops." The statute requires them to take out a license (for which they pay £7 10s.). end keep exhibited outside their names and business, fixes the rate of interest, and makes it necessary that a table of interest should be put up in a conspicuous part of the shop, to keep books with correct entries of the name and place of abode of the owners of goo4, etc. If the owner of goods has just cause to suspect that such goods have been pawned at a particular shop, the justices of the peace may grant a search warrant, and if found. the goods maybe restored to the owners. Pawn brokers are expressly prohibited from taking in pledge linen, apparel, or unfinished goods, intrusted to any person to wash, manufacture, make up, etc., and also any goods under circumstances which should have aroused their suspicions. Goods which have been in pledge for a year may be sold, and the pawnbroker may bid for them if done openly. If the duplicate is lost, the owner of the goods may obtain a fresh one on verify ing the fact of his being the owner before a justice of the peace. If the money borrowed be tendered with interest within the year, the pawnbroker is bound to deliver them up, otherwise a justice of the peace may IT order compel him to do so. The mode of selling forfeited goods is prescribed by the statue, for all pledges above 10s. to be by auction— the catalogues to contain the names of the pawnbrokers, and the month when the goods were pawned, and the number entered in the pawnbroker's books. The result of the sales is to be entered in the books of the pawnbroker and auctioneer, and the surplus is to be paid on request to the owner of the goods if claimed within three years. In the case of pledges below 10s., the pawnbroker becomes the absolute owner after 12 months. Pawnbrokers are not to take goods in pawn from persons tinder the infinenee of drink, or under the age of 12. In case of penalties imposed on pawnbrokers for offenses against
the act, the complainant. if the party aggrieved, and then only. generally gets half. In case of fire the pawnbroker is liable to the owner for the value of the goods (afterdeduct ing the amount of loan and profit), and 25 per cent on the amount of the loan; but this only if the claim be made within 12 months after the pawning.
only greatest pawnbroking establishment in the world is the Mont de Picte of Paris. It trades with borrowed capital, and with the profits of former years temporarily capital ized. Recent statistics are not at hand; but it has been reported to receive in one year 1,431,575 pledges, valued at £1,030,371, including renewals, and the average charge was about 15 per cent per annum. Taking one of the largest offices m England out of London, we find that in one year it received 142,835 pledges, valued at .C36.560, includ ing. renewals, and the average charge was 25 per cent per annum. Various circuit' sauces render the difference between the rates really much less than these figures indicate; still there is no doubt that the interest charged ou small loans is lower at the Mont de Ptak of Paris than in the pawnbroking offices an this country; but this con venience is limited by the fact of the French establishment taking no loans under 3 francs.
What used to be called in England the " dolly shop," and in Scotland the " wee pawn" system was carried on by brokers, ostensibly buying and selling. They received articles as bought; there being a distinct understanding that the seller was to have an opportunity of repurchasing within a limited time, at an understood increase of price. The general understanding was. a penny a shilling a week; a month being usually allowed to redeem the article. The " wee" broker was commonly resorted to because the article was below the regular dealer's class of goods. The "wee pawn" was happily abolished in Scotland 10 or 12 years ago.