The Budget; a Series of Letters, published at intervals, addressed to Lord John Russell, Sir Robert Peel, Lord Stanley, and Lord Eliot, on Import Duties, Commercial Reform, Colonization, and the Condition of England.By R. Torrens, Esq., F.R.S.The Edinburgh Review.No. CLVII. Article, Free Trade and Retaliation.The Westminster Review.No. LXXVIII. Article, Colonel Torrens on Free Trade.
The Budget; a Series of Letters, published at intervals, addressed to Lord John Russell, Sir Robert Peel, Lord Stanley, and Lord Eliot, on Import Duties, Commercial Reform, Colonization, and the Condition of England.By R. Torrens, Esq., F.R.S.
The Edinburgh Review.No. CLVII. Article, Free Trade and Retaliation.
The Westminster Review.No. LXXVIII. Article, Colonel Torrens on Free Trade.
Our readers are not, in general, unacquainted with the public character and literary reputation of Colonel Torrens. He is, we believe, a self-taught political economist; and, like Colonel Thompson, early achieved distinction in a branch of moral science not considered particularly akin to military pursuits. But in his recent labours, he has very seriously damaged his reputation, by attempting to bolster up a policy whose influence on the welfare of the nation has been of the most deadly and pernicious kind; and we therefore advert to the letters called theBudget, more with the view of showing that they have been analysed, and their mischievous principles thoroughly refuted, than with any intention of entering at large into the discussion.
It was, we believe, in the autumn of 1841, immediately following the accession of the present Government to office, that Colonel Torrens commenced the publication of his letters called theBudget. The two first were addressed to Lord John Russell, and professed to show that the commercial propositions of the late Whig Government would, if adopted, have altered the value of money, increased the pressure of taxation, and aggravated the distress of the people. The third letter was on commercial reform, addressed to Sir Robert Peel. The remainder of the series were on colonization and taxation, on the expediency of adopting differential duties, &c.; concluding with one on the condition of England, and on the means of removing the causes of distress; which was afterwards followed by aPostscript, in which the author, addressing Sir Robert Peel, said—
"I would beg to submit to your consideration what appears to me to amount to a mathematical demonstration, that a reduction of the duties upon foreign production, unaccompanied by a corresponding mitigation of the duties imposed by foreign countries upon British goods, would cause a further decline of prices, of profits, and of wages, and would render it doubtful whether the taxes could be collected, and faith with the public credit or maintained."
"I would beg to submit to your consideration what appears to me to amount to a mathematical demonstration, that a reduction of the duties upon foreign production, unaccompanied by a corresponding mitigation of the duties imposed by foreign countries upon British goods, would cause a further decline of prices, of profits, and of wages, and would render it doubtful whether the taxes could be collected, and faith with the public credit or maintained."
Opinions like these, coming from a man considered to be of some little authority in economical science, were certainly important. The time was serious—the crisis really alarming. A new Government had come into power, and it was thought and expected were about to effect great changes. Even theQuarterly Review, alarmed by the aspect of affairs, came round, in the winter of 1841, to advocate commercial reform. At this critical period Colonel Torrens stepped forward. What his motives were we do not know; though we know that men neither harsh nor uncharitable, and with some opportunities of judging, considered that Colonel Torrens, soured by political disappointments and personal feeling, had permitted himself to be biassed by hopes of patronage from the new Government. The pamphlets composing theBudgetonly appeared at intervals: but so far as they were then published, did attract considerable attention; the mere supporters of pure monopoly did not, of course, understand them: but that body who may be appropriately enough termedmiddle men, were not unaware of the value of such support as that afforded by Colonel Torrens, in staring off changes which seemed inevitable. Sir Robert Peel, too, was then in the very midst of his lesson-taking; and as he deeply studied Mr Hume's Import Duties Report, before he brought out his new Tariff, we need not consider it to be very discreditable to him, that he read the pamphlets of Colonel Torrens before he tried his diplomatic commercial policy.
At all events, one of the chief arguments with which Sir Robert Peel and Mr Gladstone justified the great omissions of the new Tariff, was the fact that the Government was engaged in negotiations with other countries in order to obtain treaties of reciprocity. The utter failure of these efforts Sir Robert Peel has repeatedly confessed, accompanied with a sigh over the inutility of the attempt; and the last time that he adverted, in the House of Commons, to the authority of ColonelTorrens (he was citing thePostscriptto theLetteraddressed to himself) it was with the kind of manner which indicated want of confidence in the guide who had misled him. Whether or no, however, he had relied on that authority in his negotiations with other countries during his futile attempts to obtain commercial treaties, this much is certain enough, that Colonel Torrens did what he could to strengthen the old notion, that it was of no use for us to enlarge our markets unless other countries did so also at the same time and in the same way; and in condemning all reduction of import duties that was not based on "reciprocity," he certainly added all the weight of his authority to prop up a system whose injurious influence has affected the very vitality of our social state, and whose overthrow will yet require no small amount of moral force to effect.
We are far indeed, from undervaluing treaties of reciprocity; but to make them asine qua nonin the policy of a country whose condition is that of an overflowing population, a deficient supply of the first necessaries of life, and a contracted market for its artificial productions, is an error of the first magnitude. Therefore, though not attaching primary importance to theBudgetof Colonel Torrens, or believing that it could ultimately have any great effect in retarding the effectual settlement of the great question, it was not without some feeling of satisfaction that we perused the able article in the lastEdinburgh Review, in which his delusions are completely set at rest. We quite agree with the writer (Mr Senior, it is said) that "if theBudgetwere to remain unanswered, it would be proclaimed in all the strongholds of monopoly to which British literature penetrates—in Parliament, in Congress, in theAlgemeine Zeitung, and in the councils of the Zollverein—that Adam Smith and the modern economists had been refuted by Colonel Torrens; that free trade is good only where reciprocity is perfect; that a nation can augment its wealth by restraining a trade that was previously free; can protect itself against such conduct on the part of its neighbours only by retaliation: and if it neglect this retaliatory policy, that it will be punished for its liberality by a progressive decrease of prices, of wages, and of profits, and an increase of taxation."
The identity of Colonel Torrens's propositions with the exploded "Mercantile Theory" is very satisfactorily established by the Edinburgh reviewer; and it is certainly humbling to see a man of his ability coming forward to revive doctrines which had well nigh gone down to oblivion. On the subject where Colonel Torrens conceives himself strongest, the distribution of the precious metals, the reviewer has given a very able reply, though some points are left for future amplification and discussion; and, as a whole, if there be any young political economist whose head theBudgethas puzzled, the article in theEdinburgh Reviewwill be found a very sufficient antidote. With this, and another able article on the same subject in the lastWestminster Review(in fact, two articles of theWestminsterrelate to the subject—one is on Colonel Torrens, the other on Free Trade and Colonization), we may very safely leave theBudgetto the oblivion into which it has sunk; and, meantime, the novice will not go far astray who adheres to the "golden rule" of political economy, propounded by the London merchants in 1820, and re-echoed by Sir Robert Peel in 1842: "The maxim of buying in the cheapest market, and selling in the dearest, which regulates every merchant in his individual dealings, is strictly applicable as the best rule for every nation. As a matter of mere diplomacy, it may sometimes answer to hold out the removal of particular prohibitions or high duties as depending on corresponding concessions; but it does not follow that we should maintain our restrictions where the desired concessions cannot be obtained; for our restrictions would not be the less prejudicial to our capital and industry, because other governments persisted in preserving impolitic regulations."
CAPTAIN JAMES CLARKE ROSS AND THE ANTARCTIC EXPEDITION.
All the newspapers have quoted an account from theLiterary Gazetteof the Antarctic Expedition, under the command of Captain James Ross. It was composed of two vessels, theErebus, Captain Ross, and theTerror, Captain Crozier, and left England on the 29th of September, 1839. During the outward voyage to Australia, scientific observation was daily and sedulously attended to; experiments were made on the temperature and specific gravity of the sea; geological and geographical investigations were made at all available points, especially at Kerguelen's Land; and both here, as well as during the expedition, magnetic observation and experiment formed a specific subject of attention. This was a main object during 1840, the expedition remaining at the Auckland Islands for this purpose; and it was not till the 1st of January, 1841, that it entered the antarctic circle. Their subsequent adventures, deeply interesting as they are from the perils which they encountered, and the spirit and perseverance with which they were met, come hardly within our sphere to report. After an absence of four years, the expedition, as mentioned in last week'sEconomist, has returned to England, and the acquisitions to natural history, geology, geography, but above all towards the elucidation of the grand mystery of terrestrial magnetism, raise this voyage to a pre-eminent rank among the greatest achievements of British courage, intelligence, and enterprise.
Religious Worship.—Church Property.—The following Parliamentary Return has just been printed, entitled, "A Return of the amount applied by Parliament during each year since 1800, in aid of the religious worship of the Church of England, of the Church of Scotland, of the Church of Rome, and of the Protestant Dissenters in England, Scotland, and Ireland, respectively, whether by way of augmentation of the income of the ministers of each religious persuasion, or for the erection and endowment of churches and chapels, or for any other purposes connected with the religious instruction of each such section of the population of the United Kingdom, with a summary of the whole amount applied during the above period in aid of the religions worship of each of the above classes." The abstract of sums paid to the Established Church shows that the total was 5,207,546l.which is divided in the following manner:—Church of England, 2,935,646l.; Church of Scotland, 522,082l.; Church of Ireland, 1,749,818l.Church of Rome.—The total sum paid to the Church of Rome is set forth at 365,607l.1s. 2d. comprised in the following two items;—Augmentation of incomes (including Maynooth College), 362,893l.8s. 1d.; erection and repairs of chapels, 2,113l.13s. 1d. Protestant Dissenters.—The total sum is 1,019,647l.13s. 11d. in England and Ireland. The recapitulation shows the following three sums:—Established Church, 5,207,546l.; Church of Rome, 365,607l.; and Protestant Dissenters, 1,019,647l.The sums were advanced from 1800 to 1842.
Imperishable Bread.—On Wednesday, in the mayor's private room, at the Town hall, Liverpool, a box of bread was opened which was packed at Rio Janeiro nearly two years ago, and proved as sound, sweet, and in all respects as good, as on the day when it was enclosed. This bread is manufactured of a mixture in certain proportions of rice, meal, and wheat flour.
St George's Chapel, Windsor.—The extensive alterations and embellishments which have been in progress since the early part of May last (from which period the chapel has been closed), at an outlay of several thousands of pounds, throughout the interior of this sacred edifice, having been brought to a close, it was reopened for Divine service on Thursday.
Father Mathew.—Father Mathew, after finishing his labours in the metropolis, went to Norwich, where he met the Bishop, who, in an earnest and eloquent speech, in St Andrew's hall, on Thursday week, introduced the reverend gentleman to that locality, and very warmly eulogized his conduct. Mr Gurney, the well-known Norwich banker, occupied the chair on this occasion, and seconded the Bishop in his patronage and approbation of the great temperance movement. After remaining at Norwich two or three days, Father Mathew started for Ireland, taking Birmingham and Liverpool in his way.
Importation of Fruit from Antwerp.—On Thursday, the steam-packetAntwerpen, Captain Jackson, arrived at the St Katherine's Steam Packet Wharf, after an expeditious passage, from Antwerp. The continental orchards continue to supply our fruit markets with large supplies, theAntwerpenhaving brought 4,000 packages, or nearly 2,800 bushels of pears, apples, plums, and filberts. Advices were received by theAntwerpenthat another extensive importation of fruit from Antwerp may be expected at the St Katherine's Steam Packet Wharf this day (Saturday), by the steam-packetPrincess Victoria, Capt. Pierce.
Lieut. Holman, the Blind Traveller.—This celebrated tourist and writer took his departure from Malta, on the 3rd of September, for Naples. He will afterwards proceed to the Roman States, and then to Trieste. During the few days of his residence in this island the greatest hospitality has been shown him. The veteran traveller had the honour of dining with his excellency the Governor, and with Admiral Sir E. Owen. Amidst all the vicissitudes of his perilous life and increasing age, he still maintains the same unabated thirst for travel, and his mental and bodily faculties appear to grow in activity and strength in the inverse ratio of his declining life and honoured grey hairs.
Railway from Worcester to Cardiff.—It is proposed, by means of this new line, to connect the population of the north of England and the midland counties with the districts of South Wales and the south of Ireland. It will commence at the Taff Vale Railway, pass through Wales, cross the Severn, and unite with the Birmingham and Gloucester Railway at Worcester. The cost will be 1,500,000l.
French Opinions on Spanish Events.—The French journals are loud in condemning the poor Barcelonese for the very same acts which drew down the applause of these same journals a week ago. The following remarks from theNationalrender any of our own useless:—"It must be admitted that the French journals appreciate in a strange way the deplorable events in Spain. Some soldiers revolt at Madrid, without going any length of insurrection, or at all endangering the Government. General Narvaez comes, and without consulting Government or any one else, shoots eight non-commissioned officers. Straight our Ministerial journals exclaim, What an act of vigour! Vigour if you will; but where is the humanity, the wisdom, the justice? Then behold Barcelona, of which the people some weeks ago rose against the established and constitutional Government. What heroes! exclaimed the French Ministerial papers. Now they do the same thing, rising against a provisional and extra-constitutional Government. What brigands! exclaim the Ministerial writers. A few weeks back a Spanish Government defended itself with violence against those who attacked it. Regiments fired rounds of musketry, and the cannons of forts bombarded the rebellious towns. The French Ministerialists forthwith pronounced the Spanish Regent as a malefactor, and devoted him to the execration of the civilized world. Now, another Government, without the same right, follows precisely the same course as the one overthrown. It defends itself, fires, bombards, and pours forth grape from behind walls upon insurgent bands in the street. This same conduct is glorified as firm, as legitimate, as what not. The system of political morality changes, it seems, with men and with seasons. What was infamy in Espartero and Zurbano, is heroism and glory in Narvaez and Prim. What is more infamous than all this is the press, that thus displays itself in the light of a moral weathercock, shifting round to every wind."
Statistics of the Metropolitan Police.—By a return just issued in compliance with an order of the House of Commons relative to the City and Metropolitan Police Force, it appears that there are 20 superintendents in the metropolitan division, receiving from 200l.to 600l.per annum; 110 inspectors, whose salaries vary from 80l.to 200l.per annum; 465 sergeants, with incomes ranging from 60l.to 80l.per annum; and 3,790 constables, receiving from 44l.to 81l.per annum, including clothing and 40 pounds of coal weekly throughout the year. The amount paid on this account during the past year, including 3,620l.for superannuation and retiring allowances to officers and constables late of Bow-street horse patrol, and Thames police, amounted to 295,754l.In this is likewise included a sum of 9,721l.received from theatres, fairs, and races. The number of district surgeons is 60, and the amount paid for books, &c., is 757l.The total rate received during the past year from the various wards in the City of London and its liberties, for the maintenance of the City Police Force, is put down at 41,714l., and the expenditure at 41,315l., the gross pay, irrespective of other charges to the force, amounting to 29,800l.
Loss of the United States Steam Frigate "Missouri," at Gibraltar, by Fire.—The superb American steam frigateMissouri, which was conveying the Hon. Caleb Cushing, American minister at China, to Alexandra, whilst at anchor in Gibraltar bay, on the 26th ult., was entirely consumed by fire. The fire broke out in the night, and raged with such determined fury as to baffle all the efforts of the crew, as well as that of the assistance sent from her Majesty's shipMalabar, and from the garrison. The magazines were flooded soon after the commencement of the fire; and, although a great many shells burst, yet, very fortunately, no accident happened to any of the crew. This splendid steamer was 2,600 tons and 600 horse power, and is said to have cost 600,000 dollars.
The Alleged Arrest of the Murderer of Mr Dadd.—The following are the remarks ofGalignani's Messengeron the report in the English papers that Dadd was arrested at Fontainbleau:—"The above statement has been partially rumoured in town for the last two days, but not in a shape to warrant our publishing it in theMessenger. The police have been everywhere active in their researches for the fugitive; and we perceive, by theCourrier de Lyons, that, on Thursday night, all the hotels in that city were visited by their agents, in pursuit of two Englishmen, one of them supposed to be the unfortunate lunatic. These individuals had, however, quitted the town on their way to Geneva, previously to the visit of the police."
The Cartoons.—We understand that several of the prize cartoons, and a selection of some of the most interesting of the works of the unsuccessful competitors, have been removed from Westminster hall to the gallery of the Pantechnicon, Belgrave square, for further exhibition.
Mackerel.—The Halifax papers state that the coast of Nova Scotia is now visited by mackerel and herrings in larger quantities than ever were known at this season. In the straits of Canso the people are taking them with seines, a circumstance without a parralel for the last 30 years.
TheJournal des Chemins de Fersays:—"An inventor announces that he has found a composition which will reduce to a mere trifle the price of rails for railroads. He replaces the iron by a combination of Kaolin clay (that used for making pottery and china) with a certain metallic substance, which gives a body so hard as to wear out iron, without being injured by it in turn."
DOMESTIC.
Friday Night.—We are still without the arrival of the Indian Mail, nor has any explanation of its detention transpired, except that which we mentioned last week. No serious apprehension exists for its safety, as similar detentions, of even much greater duration, have been experienced in the arrival of the September Mail in former years, as a consequence of the monsoon.
In Manchester, during the week, the market has been somewhat flatter in goods suited for the Eastern markets, in consequence of merchants being anxious to receive their advices by the Indian Mail before extending their transactions materially at present prices. In the Yorkshire woollen markets a fair trade continues to be done; and in Bradford a very active demand has arisen for the goods peculiar to that neighbourhood. In the Scotch seats of manufactures, both woollen and cotton, the trade has considerably improved, especially in the demand for tartans of all kinds, in which there is a very active and brisk trade. In the iron districts, the trade continues without change since our last: most of the works are full of orders, at low prices. In the coal districts, in Northumberland and Durham, trade is without any improvement whatever, and this trade, as well as their shipping, is in the most depressed condition.
INDIGO.—The transactions in this article have not been on a more extensive scale in our market than last week, but a good demand continues for the home trade, and occasionally a small advance upon the last July rates is paid on such sorts suitable for that branch, but there is almost no demand for export, the consumption of the article in foreign countries being this year unusually slack. The shipments to Russia, since the opening of the season, amount to only 2,209 chests, against 3,439 chests during the same time last year. A public sale was held yesterday, in Liverpool, of about 400 chests of East India, and 120 serons of Caracas. Of the former about 100 chests were withdrawn by the poprietors, but the remainder, together with the serons, sold briskly for the home trade, at prices about 3d. to 4d. per lb. higher than the previous nominal value, and rather above that of the London market. There are now 6,070 chests declared for the quarterly sale on the 10th of October; a great portion of it consists of good shipping sorts. It is supposed that several thousand chests more will be declared upon arrival of the Indian Mail, now due.
COCHINEAL.—Only two small public sales were held this week, together of 97 serons. The first consisted of 30 serons Mexican, mostly silver, which sold at prices from 2d. to 3d. per lb. higher than those of last week. The lowest price for ordinary foxy silver was 4s. 4d. per lb. The second sale was held at higher prices still, in consequence of which the whole quantity was bought in.
COTTON.—The purchases at Liverpool, for this week, will again reach the large quantity of about 40,000 bales, of which a considerable proportion is on speculation. Prices have been extremely firm, without any decided advance, however, there not being much importance attached, or faith given, to the statements that the American crop has suffered, which have been received by the Halifax and New York steamers, up to 1st inst. from the latter place.
In this market, business by private contract is again trifling. At public sales there have been offered 714 bales American, and 3,796 bales Surat; the former were held considerably above the value, and only 30 bales good fair were sold at 43⁄4d. in bond. Of the Surat about 2,300 bales found buyers, from 27⁄8d. to 31⁄8d. for middling, to 33⁄8d. to 31⁄2d. for fair; a few lots superior went at 35⁄8d. for good fair, and 4d. per lb. for good. The prices paid show an advance of1⁄8d. to1⁄4d. a lb. upon the last public sales of 24th August, and sustain the previous market rates, though the highest advance was conceded reluctantly, and not in many instances; there are buyers for low-priced cotton of every description, but there is little of it offering.
SUGAR.—The purchases for home consumption have been upon a limited scale, and prices barely maintained. The same remark applies to foreign sugar. Only one cargo of Porto Rico sugar has been sold afloat, for a near port, at 18s., with conditions favourable to the buyer. At public sale 630 chests Bahia, and 120 chests, and 240 barrels Pernambuco, were almost entirely bought in at extreme rates: since when only about 170 chests of the brown Bahia have been placed at an average of 17s. 6d., and with 50 chests of the lowest white at 21s. to 21s. 6d.; by private contract 300 chests old yellow Havannah, of good quality, sold at 20s.
COFFEE.—The home demand remains good; good and fine Jamaica fetched previous rates; a parcel of Ceylon, of somewhat better quality than the common run, sold at 51s. to 52s., which is rather dearer: very good Singapore Java sold at 36s. to 40s. In foreign Coffee a cargo of St Domingo has been sold afloat for Flanders at 26s. 6d. Two others being held above that price without finding a buyer, they have been sent on unsold. On the spot the transactions in coffee for export by private contract are quite insignificant, and of 650 bags old St DomingoviaCape, only a small proportion sold at 28s. to 30s. for pale bold good ordinary.
RICE.—About 4,000 bags of Bengal offered at public sale sold from 10s. to 11s. per cwt., establishing a decline of 3d. per cwt.
SALTPETRE.—The market is sparingly supplied, and importers do not sell except upon extreme rates, which have been paid for about 3,000 bags, viz. from 23s. 6d. for very ordinary, to 25s. 6d. for good middling.
CASSIA LIGNEA.—For small parcels offering in public sale full prices have been paid; fine by private contract as high as 70s.
PIMENTO.—Fair quality has been sold 21⁄2d. to 25⁄8d., which is rather dearer.
TALLOW.—The demand on the spot is not improved and the price unaltered, 41s. 9d. to 42s.; for forward delivery there is rather more disposition to purchase.
RUM.—The demand is very limited, except for the finest qualities of Jamaica, and common are rather cheaper.
FOREIGN.
The accounts received from the United States up to the first of this month by theHiberniaandGreat Westernare favourable as regards commerce. The manufactories in the Union are reported to be in a state of considerable prosperity, notwithstanding which the demand for imports was increasing. The reports about the cotton crops were various; it was admitted that the weather had latterly been favourable. Large arrivals of wheat and flour were expected in the ports from the West.
The commercial reports received this week from the continent of Europe do not show any great activity in foreign markets, though the prices of Colonial produce are well maintained. Sugar was somewhat more in demand both at Antwerp and Hamburg. In Coffee there was rather less doing at both places.
PRICES CURRENT,Sept.16, 1843.
ENGLISH FUNDS.Pricesthis day.FOREIGN FUNDS.Pricesthis day.India Stock266Belgium Bonds1053 per Cent. RedShutBrazilian Bonds741⁄23 per Cent. Consols Money943⁄4Chilian Bonds, 6 per Cent.—31⁄2per Cent. Annuity, 1818—Columbian Bonds, 6 per Cent. 1824253⁄331⁄2per Cent. Red.ShutDutch, 5 per Cent.—New 31⁄2per Cent. Annuity102Ditto, 21⁄2per Cent. Exchange 12 Guil.521⁄8Long AnnuitiesShutMexican Bonds, 1837, 5 per Cent.34Annuities, terminable July, 1859—Peruvian Bonds, 6 per Cent.—India Bonds 3 per Cent.69s pmPortuguese 5 per Cent. Converted441⁄4Exchequer Bills 13⁄4d.69s pmDitto 3 per Cent. Ditto—3 per Cent. Consols for Account911⁄8Russian Bonds, 1822, 5 per Cent.1141⁄2Bank Stock for AccountShutSpanish Bonds, 5 per Cent. 1821, 1822181⁄8Ditto, Deferred11Ditto, Passive41⁄8
CORN MARKETS.
(From Messrs Gillies and Horne's Circular.)
Corn Exchange, Monday, Sept. 11.—The weather continued most beautiful here until yesterday, when we had some heavy thunder showers, and to-day is gloomy, damp and close. The wind, what little there is of it, is north. The arrivals during last week were moderate except of Foreign Wheat and Barley, of which of course there is yet some quantity to arrive. The new English Wheat coming soft in hand, is slow sale at 1s. to 2s. reduction—free Foreign finds buyers for mixing at last week's currency. Barley is dull sale at last week's rates. Oats are 6d. to 1s. lower. Some new Irish have appeared of fine quality. There is no change in Beans and Peas. Flour is the same as last week.
BRITISH.Per Qr.FOREIGN AND COLONIAL.Per Qr.Wheat, Essex, Kent, Suffolk, white59s to 61sWheat, White, Spanish, Tuscan52s to 59s—— Lothian, Fife, Angus, do.52s to 57s—— High mixed Danzig58s to 61s—— Inverness, Murray, &c.52s to 57s—— Mixed do.52s to 58s—— Essex, Kent, Suffolk, red54s to 57s—— Rostock, new57s to 60s—— Cambridge, Lincoln, red54s to 57s—— Red Hamburg52s to 55sBarley, English Malting, and Chevalier— ——— Polish Odessa48s to 52s—— Distiller's, English & Scotch— ——— Hard— ——— Coarse, for grinding, &c.28s to 30s—— Egyptian32s to 37sOats, Northumberland & Berwick21s to 23sBarley, Malting, &c.— ——— Lothian, Fife, Angus21s to 23s—— Distiller's, &c.28s ——— Murray, Ross21s to 23s—— Grinding, &c.28s to 29s—— Aberdeen and Banff21s to 23sOats, Brew, &c.21s to ——— Caithness21s to 23s—— Polands, &c.22s to ——— Cambridge, Lincoln, &c.20s to 23s—— Feed, &c.18s to ——— Irish17s to 19s—— Do, dried, Riga, &c.— 21s—— English, black18s to 21sRye, Dried— ——— Irish "17s to 21s—— Undried— ——— Potato, Scotch23s to 26sBeans, Horse30s to 34s—— " Irish19s to 22s—— Mediterranean26s to 29s—— Poland, Lincoln, &c.21s to 24sPeas, White34s to —Beans, Ticks30s to 31s—— Yellow— 35s—— Harrow31s to 34sFlour, French, per 280 lbs. nett weight— ——— Small32s to 34s—— American, per Bar. 196 lbs. nett weight— —Peas, White36s to 38s—— Danzig, &c. do. do.— ——— Boilers— ——— Canada, do. do.29s to 29sFlour, Town made Households50s to 53s—— Sour, do. do.— ——— Norfolk and Suffolk40s to 42s
Corn Exchange, Friday, Sept. 15.—The weather threatened to be stormy yesterday, the barometer fell, and we had some heavy drops of rain, but it has since cleared up, and to-day is 10 degrees warmer and beautifully clear, with the wind south east. In Ireland and Scotland there was a good deal of rain on Sunday and Monday, which (we understand) stopped the harvest work for the time, but we hope by this time they have it fine again. The new English Wheat comes to hand softer and lighter than at first; as usual after being stacked, the yield is much complained of, besides that many of the stacks got so soaked by the heavy rains of the 21st and 23rd of August, that the condition of the Wheat is sadly spoiled. The arrivals are moderate this week, except of Irish Oats, several small parcels of which are of the new crop; there is also a small parcel of new Scotch Barley in fine condition, and new Scotch Oats, also good. Almost all the Wheat has been entered at the 14s. duty; we believe it is over 300,000 qrs. New English Wheat is dull sale: Foreign, on the other hand, is more inquired for, and not to be purchased in any quantity except at 1s. advance. Barley is saleable in retail at Monday's prices. Oats are again 6d. cheaper than on Monday, except for very fine samples. The averages lead us to suppose that on the 21st instant the duty on Foreign Wheat will rise to 16s. per qr.; on Barley it will remain 6s.; on Oats 6s.; on Rye it will rise to 9s. 6d.; on Beans it will remain 10s. 6d.; and on Peas, 9s. 6d.
LONDON AVERAGES.For the week ending September 12.Wheat.Barley.Oats.Rye.Beans.Peas.4.113 qrs.345 qrs.25,600 qrs.50 qrs.147 qrs.132 qrs.51s. 6d.32s. 2d.18s. 9d.30s. 2d.30s. 2d.42s. 1d.
IMPERIAL AVERAGES.Wheat.Barley.Oats.Rye.Beans.Peas.Weeks endings.d.s.d.s.d.s.d.s.d.s.d.Aug. 10th609324215371319314— 17th6123211219387321337— 24th5993311215371326349— 31st56832112073183110339Sept. 7th5423111205311324321— 14th5303111197313319338Aggregate of six weeks5773282010346320338Duties till Sept. 20th inclu.On Grain from B. Possession15060608610696out of Europe200620061610Flour—Foreign, 9s. 0d. per 196lbs.—British possession, 1s. 2d. ditto.
PRICE OF SUGAR.
The average price of brown or Muscovado sugar for the week ending September 12, 1843, is 34s. 13⁄4d. per cwt., exclusive of the duties of Customs paid or payable thereon on the importation thereof into Great Britain.
SMITHFIELD MARKET.
Monday.—There was a considerable and beneficial improvement in trade to-day for everything, but not, however, permanent; at least, the causes which produced the change this morning would not authorise a different conclusion, and the salesmen of the market, although looking forward to a very fair state of things next Monday, do not anticipate that the improvement will last the next succeeding Monday. It appears that London is clear of meat, the which, with small supplies of everything to-day, is the sole immediate cause of the improvement, for, notwithstanding that the market was well attended by both town and country butchers and stock-takers, they, nevertheless, at the opening of the market, appeared disposed to purchase briskly, on the supposition, according to the returns of over-night, that the supplies were large, but when this statement was discovered to be erroneous they then bought freely, and higher prices were more readily given.
Friday.—In consequence of the supply of beasts on sale being large for the time of year, we have to report a very heavy demand for beef, and in some instances the quotations declined 2d. per 8 lbs. From Scotland nearly 200 lots were received fresh up. Prime old downs maintained their previous value; but that of all other kinds of sheep had a downward tendency. In lambs very little was doing, at barely Monday's quotations.Calves moved off heavily, at a reduction of 2d. per 8 lbs. The pork trade was unusually dull, at previous currencies. Milch cows sold slowly at from 16l.to 20l.each.
Prices per Stone.At Market.Monday.Friday.Monday.Friday.Beef3s0dto4s2d...2s8dto4s0dBeasts2,840800Mutton3s2dto4s4d...2s10dto4s4dCalves149373Veal3s6dto4s8d...3s6dto4s6dSheep and Lambs32,8409,210Pork3s6dto4s8d...3s0dto3s10dPigs410326Lamb4s0dto5s0d...3s4dto4s8dPrices of Hay and Straw, per load of 36 trusses.Hay, 3l.5s. 0d. to 4l.8s. 0d.Clover, 4l.4s. 0d. to 5l.8s. 0d.Straw, 1l.18s. 0d. to 2l.4s. 0d.
BOROUGH HOP-MARKET.
Monday.—There was no business whatever transacted during last week, and even the duty remains without fluctuation. In this state of inactivity the effects of the Metropolitan Total Abstinence movement was a topic of interest to the trade. As it appears that nearly 70,000 persons took the pledge, the consumption of malt liquor must seriously diminished, and the demand for Hops will consequently be very considerably decreased. It is fortunate, therefore, for the planters that this year's growth is not large, otherwise the prices would have been seriously low, and although that crop is not only about an average, yet from this diminished consumption, which is likely to progress, the value of the new will not be more than last year, and possibly even less. There have been a few small lots of 1843's at market, which go off very slowly.
Friday.—About ten pockets of new hops have been disposed of this week at from 7l.to 8l.per cwt. We are now almost daily expecting large supplied from Kent and Sussex, as picking is now going on rapidly. In old hops scarcely any business is doing, while the duty is called 150,000l.
LIVERPOOL COTTON MARKET.
Sept. 14.—A large amount of business has been transacted in cotton at this day's market. The sales, inclusive of 5,000 American bought on speculation, have consisted of 10,000 bales.
Sept. 15.—We have a fair inquiry for Cotton this morning, and there is no change whatever in the general temper of the market.
COAL MARKET.
Buddle's West Hartley, 15s.; Davison's West Hartley, 15s. 6d.; Fenham, 13s. 6d.; Hastings Hartley, 15s.; Holywell Main, 15s. 6d.; New Tanfield, 14s.; Ord's Redheugh, 12s. 6d.; Pontop Windsor, 12s. 6d.; Tanfield Moor, 16s. 6d.; West Pelton, 12s. 9d,; West Hartley, 15s. 6d.; West Wylam, 14s. 6d.; Wylam, 14s. 6d. Wall's End:—Clennell, 14s. 6d.; Clarke and Co, 14s.; Hilda, 15s. 6d.; Riddell's, 16s. 9d.; Braddyll's Hetton, l8s. 9d.; Haswell, 19s.; Hetton, 18s. 6d.; Lambton, 18s. 3d.; Morrison, 16s.; Russell's Hetton, 18s,; Stewart's, 18s. 6d.; Whitwell, 17s.; Cassop, 18s.; Hartlepool, 16s. 6d.; Heselden, 16s, 6d.; Quarrington, 17s.; Trimdon, 17s. 6d.; Adelaide, 18s.; Barrett, 16s. 9d.; Bowburn, 15s. 6d.; South Durham, 17s.; Tees, 17s. 9d.; Cowpen Hartley, 15s. 6d.; Lewis's Merthyr, 19s. 6d.; Killingworth, 16s. Fifty-nine ships arrived since last day.
Tuesday, September 12.
DECLARATIONS OF INSOLVENCY.
J. Halls, Wilkes street, Spitalfields, braid manufacturer.—J. Brooke, Liverpool, cupper.—J. Thorburn, Hillhouse, Yorkshire, warehouseman.—J. Allwright, Basingstoke, Hampshire, boot maker.—J. Bland, Leeds, eatinghouse keeper.—W.S. Lawrence, Essex place, Grange-road, Dalston, out of business.—T. Leete, Finedon, Northamptonshire, butcher.—W, Simpson, Elland Upper Edge, Yorkshire, woollen spinner.—D. M'George, Huddersfield, tea dealer.—W. Hall, Cockhill, Wiltshire, out of business.—T. Mercer, Wansdon house, Fulham, out of business.—W. Elliott, Berners street, Oxford street, waiter at an hotel.—C.T. Jones, Charles street, Berkeley square, out of business.—T. Price, Cardiff road, Monmouthshire, coal dealer.—W. Williams, Newport, Monmouthshire, out of business.—W.G. Still, High street, Poplar, hair dresser.—T. Cook, Giltspur street, City, tailor.—J. Mayson, Marlborough road, Old Kent road, commission agent.—D. Taylor, Meltham, Yorkshire, licensed tea dealer.—W.W. Greaves, Newark-upon-Trent, Nottinghamshire, corn dealer.—C.H. Balls, Beccles, Suffolk, chemist.—J. Chapman (commonly known as J. Fitzjames), Bridges street, Covent garden, comedian.
BANKRUPTCY ANNULLED.