The Liverpool Standard and General Commercial Advertiser. — Liverpool, Merseyside, England, 1848-01-04 00:00:00

TO CORRESPONDENTS. .Ith" wi: shop of London's letter on the ;t : His lordship assumes the cer- tainty of its appearance amongst as to thcii 'duties in prepaia s he places first in the hat of tion - for it. A w predisposing causes, and next intemperance and insufficiency of wholesome food. His lordship strongly urges upon his clergy that they co-operate with local authorities in precau tionary measures, and disabuse the minds of the poor from the apprehension of contagion. The latter part of the letter is occupied with suggestions with respect to what may be more strictly termed clerical duties. contemporary is again at fault. The gentleman alludes is not " an unbeneficed clergyman of the motives of " Senex," we are that some of the arrangements with _re better left to the order and discre tion of the officiating minister; and with reference to these, if they are annoying to our correspondent, he is called to 11 not be 'slow to extend .e think i. % duties be difficult to point out half a dozen parties whose gains in the hey day of the fever have not been fully balanced by subsequent losses. To some in dividual houses the corn trade of the year 1847 has been fully as disastrous as the cotton trade or the manufacturing business. It is, however, consola tory to us, as a community, that, at least, we have secured an ample supply of the necessaries of life in the country, which, added to a favourable har vest at home, renders the prospect of food at rea sonable prices a matter of certainty in the year which is before us. THE CURRENCY.—Thus far our disasters are attributable to direct causes—the failure of our potato crop, and the consequent necessity of large importations of food from abroad, a short crop of cotton, and the effect of a reduction in our com mercial tariff. But a still greater disturbing cause has exhibited itself in our system of currency, which has shewn itself incapable of sustaining the pressure upon it of a period of crisis and unusually extensive importation. To this cause we have to .ntences from the letter pungent, and M many lling ; but we th tbt Eilitrpool &tanbarb. early Subscription : Idvance, 15s. On Credit, TUESDAY MORNING, JAN. 4, 1848 ng at Manchester, this day appears to have been well ea, an( mediate reducticm - in the duty, unless we would 3h to see our trade with China reduced to a mere idow, and the price of tea enhanced, from an the cas r our prese We are glad to lean attribute the vast place during propert' policy is continued that the tradesmen of the vn are in motion, and that a meeting on the bject is to be called under the auspices of our rthy chief magistrate. We hope all other towns .ble movement, wh a year which has been to those aged in commercial pursuits one of the most on record, it may be worth while, for Istrous Irish loan . Importation of foreign corn, in fifteen months, on a sudden Estimated loss by the failures of , mercantile firms, assumed in the aggregate_to amount to £30,000, 000. One-third actual loss thereon Falling off in the cotton trade in 1847, compared with 1846, as shown by our comparative statement arrives epreciation which has taken the year in nearly every description of in railway shares; funded, and other stocks, and even a portion of the losses which have been sustained in cotton, corn, sugar, and other merchandize, and of that total want of confidence which has prostrated so many of our leading com mercial firms. Upon this subject the circular of Messrs. Haywood, M‘Viccar, and Co., of this town, contains some very valuable remarks : chief disturbing cause in the cotton market throughout the year. To examine whether it is right to sacrifice everything to a principle is a duty which the legislature of the country is now about to undertake. The import- consequence that the rocks on which so many have been shipwrecked should be clearly marked out for the future guidance of those who hereafter have to sail in such troubled seas. " Had the bank law been relaxed in May and a high rate of interest then fixed, some think much evil would have been prevented ; others say, that as the price of uld ilso tend to improve I corn was then very high and 1 rge arrivals were pouring ld have to he naid for in ;old, the refusal to grant th© assistance asked was a a deaf ear should have been turned to all representations throughout September and the greater Dart of October, is a question we think of grave _importance. The times were very different ;—a hood harrest at home bad reduced the price of wheat 50 per cent below the quotations of May ; prices, in fact, were lower here than in foreign ports, and consequently the fear of any additional export of bullion for fresh purchases of corn need not to have been felt. The want of confidence naturally following the failures of those engaged in the corn trade, and the drooping condition of all other branches of business, were such as might have been materially counteracted by some relaxation in the working of the bill, and the minds of people would at least have been tranquiized. That the progress of such a state of things should have been allowed to go on, for even a mnth . or six weeks, when a timely interference, perhaps, might have obviated a great portion of the mischief, is a matter only to be accounted for by the obstinacy of those who sacrifice everything to a theory. To suppose that an earlier relaxation of the bill, with a high rate of interest fixed, would have given a stimulus to speculation appears a fallacy. Distrust prevented many foreign orders from being executed which would have corrected the exchanges, and prices were forced down suddenly to a runious extent both for the raw material and manufactured goods, when, had a milder system been pursued, the fall would have been gradual and less overwhelming. Indeed the conse quences of the relaxation of the bill when it did take place, at the eleventh hour, proved incoWestibly, not only what benefits an earlier suspension would have realized, but also what uncalled for misery and confisca tion it might have prevented." THE PROSPECTS OF 1848,—Upon this head we adhere to the view, which we had previously enter tained, that we have still a further period of ing to undergo. The whole fabric of our com mercial body is too completely disorganized, and out of joint, to be restored to health, except after passing through a process of purgation, under which it is probable that many parties, at present far removed above suspicion, are, in all probability, doomed to sink. We quote a somewhat opposite opinion, container Ale very able circular of Messrs. Dufay, Collins, and Co., to which we have already referred. These gentlemen say— " It is a notorious fact, that it has taken the country a long time to right itself after every crisis. Seven years have been named as having been requisite for that pur pose after that of 1825. The present crisis has been more violent than almost any other; but the effects will be of comparatively short duration. In 1825, about 120 coun try banks failed, and were mostly in a deplorable state of insolvency. Great distress was caused thereby to the in dustrious classes and shopkeepers, amongst whom the _ _ _ _ notes issued these banks were circulating. In 1847, more than double the above number of failures of mer cantile firms took place; but the losses fell chiefly upon the commercial community, leaving the working classes comparatively untouched. It is, indeed, a question whe ther the great fall, which has been caused by the crisis in all articles of provision, (the bulk of which is consumed by the working classes,) has not, on the whole, benefitted rather than injured them. " When we know, for instance, that rice has been sold during the crisis for the mere freight which it has cost to bring it ; when we know that nearly all descriptions of produce have declined thirty to forty per cent. in price, and that onr import merchants are now making enormous sacrifices in disposing thereof, we naturally ask, do these losses confer no good upon any one ? 'Yes, upon the working man, who will be enabled thereby to live cheaper and to pay the debts which he has incurred in previous years, if, as we anticipate, and now confidently expect, he will find full employment in 1848. The agricultural population has not suffered during 1846-7, the very high prices realised for wheat, &c., in 1846, and during the first six months of 1847, having afforded to them more than a compensation for the deficient harvest in 1846. It is no torious that there is more money circulating in the agri cultural counties now than formerly, a fact which our bankers here are not only aware of, but have seriously felt when money was scarce. " Taking all these circumstances in consideration, we cannot come to any other conclusion than that the country will overcome the drawbacks of the two preceding years in a comparatively short time, should it be blessed, as is ge nerally assumed, with an ample supply of food and cotton. The DIFFICULTIES we have laboured under, and the pro bable losses we have sustained in 1846-7, will be apparent from the following figures : Invested in railways, in 1846-7, _ at present unprofitable £87,885,0001 10,000t000 Sources of I difficulties emergency, and before the trade under the new law had settled into regular channels, 33,000,000 10,000,000 9,219 ; 862 This amount, large as it may appear, particularly to our more distant friends, is based upon something like sure data, and does not by any means include all the losses and depreciation of property, which have been sustained in Great Britain during the last two years. The loss and de preciation of railway property and that in funds, Exchequer bills, &c. &c., has been estimated by some at the enormous sum of £376,868,1421 ! The loss is, however, in a great measure, imaginary ; when times mend the said property will rise ; as all persons who have such property merely as an investment, and those who are able to hold it will gradually (with the return of better times) be put in some thing like the same position as they were in previous to 1847. The means and patience of the railway shareholders will, we are afraid, be severely tried before that period We cannot, of course, deny the truth of that portion of the above statement which refers to the prospect of the market value of property gradually regaining its former position, or something nearly approaching to it. But we must not lay the flat tering unction to our souls, that this restorative process is likely to be so speedy as is represented by the writer of the circular. We have to bear in mind, that at the commencement of the recent crisis we had prices of produce, and securities of all kinds, inordinately high, owing to the extremely law rates of interest at which money had been pro curable ; and it is greatly to be doubted whether we shall, for some years to come, see investments made at the prices which were current two years ago. We have just reason to doubt, also, whether, pending the promised return to high prices of such property, thousands of individuals by whom it is at present held, will not have to realise at serious losses. The available capital of our mercantile classes has been seriously diminished by the shock which credit has experienced ; and, to place these classes in a position to resume their ordinary avo cations, railway, and other stock, involving calls for additional money, will have to be got rid of at any sacrifice, and fixed property of every kind will have to be converted into cash. We must get rid of our dead weight, and contract_our engagements to the limit of our readily available means for we may make up our minds as to the fact, that for some years to come mere credit will not be suffi cient to enable the community to conduct commer cial operations on anything like a large scale. A revival of trade, however, to some extent, in the year upon which we have entered may be safely depended upon; but it must be a gradual one. Moreover, it must be dependent to a considerable extent upon a removal of the influencing causes of our recent sufferings. Few men of substantial capital will be willing to incur the hazard of em barking in any large operations, whilst a monetary system is in operation, which in an hour, and with out permitting the community to place themselves in a posture of defence, is capable of being con verted into an instrumentality of ruin so extensive as that from which we trust we are about to emerge. Once more we repeat that the watchwords of all parties engaged in commercial operations must be prudence, caution, and a distrust of merely seem ing prosperity. THE noble thoroughfare, Shaw-street, which runs from the top of Islington to Everton-ter race, forming a portion of an almost uninterrupted line of communication between our north-eastern and south-eastern outskirts, has for years past been regarded as one of the finest of our suburban streets, For its general salubrity and central posi tion, it was selected as the site of our Collegiate Institution ; and three years ago, to protect the property and character of the street from deteriora tion, an arrangement was made with the owner of the land on its east side, Mr. Shaw, by which the unbuilt upon space from St. Augustine's Church to Everton Village was laid out in terraces and walks, for the use, and, we believe in part, at the expense of owners and occupiers of the opposite houses. The land on the west side, not as yet built upon, was also originally understood to be secured to the depth of fifty yards for the erection of houses and offices, &c., on the same scale as those already in being ; and when the whole should have been completed, it was fully anticipated that in Shaw-street we should have the best and hand somest thoroughfare in the town, many of the existing houses having, it is known, cost upwards of £4,000 in building. - We regret to find that this anticipation is-likely to be frustrated, and the street defaced and deprived of its respectability, by the erection in it of un sightly and, we fear, unhealthy courts and terrace cottages, unless such a depreciation of the existing y can be prevented by the exertion of its Already a portion of the back land has the year which we are just com nee over a few of its most impor- iew of comparing the antici- at its commence s experienced. The first article , ration in such a notice is that of hich may be regarded as the of this port and district. We corn -a the year with a stock unusually reduced in iantity, being only 545,790 bales in the entire n, against 1,055,270 bales at the commence it of the preceding year. Of these quantities held in Liverpool at the commencement of 1846, 5.480 bales, and at the corresponding period of -les. Along with this diminu _ prospect of a short crop merica, which was estimated to produce from ' - 0 000.000 bales, but which onlyreached nt. with Of vhich we set out rich claims our atte COTTO kingdo WOOL, V are had th )0,000 bales. The import into the United King -1 in the year up to the commencement of 1847 20 bales against 1,856,860 bales pantities, Liverpool received was only Of these Yainst 1,650,826 in 1845. With an active demand for manufactured goods or home and foreign consumption, we should long ro have seen our mills brought to a stand, from tof the raw material to work up. Cir conspired together to prevent er supplied some of our —we may say most of them ; and wand was limited by the pressure upon lulation, caused by the high The manufacturer was thus 4 bales cumstar h an issue n mark )we• e ha it home de ns or o e of provisions d not only to in price which would otherwise have Short time of working was exten d to ; and the weekly average con mp tion of the year was thus reduced to 22,000 les, against 30,7 consumption of raw ie same nate advanc n pla 50 bales per week in the year _eceding ; which, wiih an average importation uring 1847, would have produced an accumulation _ of stock to the extent of nearly actual stock, how ' - --' _ ,50,000 bales, The zr,with which we closed the year, only 452,000 Dales; and it is therefore very clear that had the spinners worked at the average rate of 1846, we should some time ago have been with- hus been created between eculator on the one hand, and the has been productive of ruinous *,on to wo on with ich has The conte, Anner on the oti losses to the forme the prices of On the . 3rd December, 1846, middling and fair" bowed cotton s 51d. to 71d. per lb., or from 21d. to 3d. per lb. me period of the preceding past year the highest rates er the prices of the ar. In January of ;re obtair . mt in the following months, up ) August, the tendency of the market was towards decline, although the utmost pertinacity was used __y the holders to sustain full rates. After August, however, it became evident that the manufacturers could not proceed without a large reduction ; and from this period up to November prices receded, until, at the end of that month, a fall of 22d. per lb. _ . iling boweds and Orleans being 4d. to 4d. for the former, and 4d. to 41d. Durin the past month there has been a rally in favour of the holders of id. to id. per lb. on the ordinary and middling qualities of American, other descriptions remaining unaffected. The loss to which importers and speculators have bad to submit during the latter part of the year cannot be put down at less than three or four pounds per bale; or, upon an average weekly con sumption of 22,000 bales, the aggregate sacrifice of the trade, allowing for the reduced price at which the more recent importations have been purchased, cannot have been much less than £50,000 per week, which will account for a large portion of the com mercial disasters which have befallen our com munity. _ _ _ It must not be imagined that the loss in this de has fallen altogether, or even mainly upon -ntile class. The spinner, the manu arer, and the operative have alike had to endure (ere suffering and loss. By a calculation made by ,ne writer of the annual circular of Messrs. Dufay, Collins, and Co., of Manchester, we find that the e merca total estimated value of the cotton goods manu factured in 1847, is set down £32,467,000 against £42,482,298 in 1846, and £45,729,088 in 1845. Deducting the cost of the raw material used in the three years, we have the sums to be distributed in the three years, as interest on capital, profit to the spinner and manufacturer, and wages, as follows, viz., in 1845, £34,927,719; in 1846, £30,018,518 ; and in 1847, only £20,798,686, The cotton manu facturing community have, therefore, been sufferers in 1847 to the extent of over nine millions as com pared with their receipts for labour and employ -1 in 1846. and fourteen millions as 'mot of capit compared With their receipts in 1845. The condition in which our producing and in dustrial classes have been placed during the past year is further shown from an analysis contained in the same circular of the mode in which our cotton manufactures have been distributed during the past as compared with former years. In 1845 we exported in yarns 25.89 per cent. of the total manufacture ; in 1846, 29.98 per cent.; and in 1847, 30.79 per cent. We exported of goods in 1845, 41.88 per cent. ; in 1846, 40.85 per cent.; and in 1847, 49.49 per cent. We had, therefore, left for home consumption 32.23 per cent. in 1845 ; 2R.26 per cent. in 1846 ; and in 1847, only 20.41 per cent., being a falling off of nearly 12 per cent. in the last year, as compared with 1845, in a production reduced to less than two-thirds of its average amount. Our exports during the past year have been less than those of the previous one by 40,355,069 lbs. of cotton yarn. and 122,079,938 yards of plain calico, with other articles in the same proportion. But for the large increase which has taken place in our exports to America, a much larger deficiency would have been exhibited. THE CORN TRADE.—This disastrous state of things, however, has by no means been confined to the cotton trade. In the early part of the year we had become large importers of foreign grain ; and, from July, 1846, to November, 1847, we find that we had entered for consumption, of grain of all kinds, 15,751,650 quarters, the amount paid for which is probably not an exaggerated one, if set down at thirty millions sterling. Of this commodity the prices have fluctuated very greatly, wheat having, at one time of the year been close upon 120 s. per quarter, which is, at the present period, not sale able at above one-half that rate. At the com mencement of this period of excessive importation, it is indisputable that immense profits were made by importers and speculators ; but, so far as the Liverpool trade is concerned, we believe it would le me pro per been covered with terraced cottages, in which one family is made to live in a ground floor of two apartinents, and another to occupy the terrace por tion above. But a further desecration awaits the street. Plans, we learn, have last week been sent in, which the health committee have been com pelled to . pass, for the erection of terrace cottages, in the front of the street, at the Islington end, opposite the new Baptist chapel, and nearly oppo site the Collegiate Institution. Nearer to the Everton road, and opposite to the land laid out with walks as gardens, it is proposed to form a , court of houses, with an entrance to the front of the street, with cellars constructed to be let off separately. The effect of these erections upon the value of the property in the locality, and the respec• tability of the street, as a place of residence for our gentry and merchants, must be very apparent. We are not at all about to question the perfect right of the owners of the plots of land, proposed to be built upon as above, to deal with their property as they may think proper, keeping, however, within the regulations of the building act. We are not cognizant of any engagement entered into by them to conform their erections to the character of the remainder of the street. But we may suggest the existence of a moral obligation upon them to ab stain as much as possible from any course calculated directly to injure the property of their neighbours. They might for a moment place themselves in the position of some of the owners of the property, which their buildings will depreciate, and ask themselves what would be their own feelings in such a case—whether they would not regard it as a piece of cruelty on the part of a neighbour to per severe in the execution of a project calculated to inflict such widely-spread and serious injury. We trust that these gentlemen will reconsider the pro priety of proceeding with the buildings proposed and that should the owners of property and the residents in Shaw-street approach them, as we urge them to do, with proposals for an arrange ment of any difficulties which may exist between them, such proposals will be met in a proper and conciliatory spirit. That such it collision of interests should be per mitted to occur at all, or that property to so large an amount as is sunk in Shaw-street should be exposed to the peril with which it is threatened by the proposal to erect these low class build= ings in its neighbourhood, is much to be deplo red ; and we would strongly urge upon the Health Committee, since it is plain they do not now pos sess the necessary powers to protect such property, and at the same time the health of respectable lo calities, from depreciation, that they ought to seek to strengthen their hands. It strikes us most forcibly that the erection of more cellar residences in any part of the town should not be permitted. Medical men,"we are assured, would equally con demn as unwholesome and dangerous such terrace cottages as we observe springing up in various parts of the town, Let the Health Committee put a stop to any further buildings of the two descrip tions, and it will soon be found that the land in those streets which we would preserve respectable, is worth too much to enable any builder, who seeks a profit on his outlay, to cover it with cottages or courts. If such a course cannot be adopted, we must seek for powers to secure uniformity of building in the new streets, or the town will never rise from its present unhealthy condition and rag ged irregular appearance. THERE are occasions in which the wisest of us must humble ourselves to receive instruction from parties, whose capacity to judge of our position we are usually inclined to set down as much inferior to our own. This great commercial country appears just now to have fallen upon one of those occasions. We have for twelve months past been growing in fancied greatness. We have been dictating to the world a new commercial policy. We have arrogated to ourselves the possession of the only substantial basis of sound commercial operations—a perfect metallic currency. Yet with these two boasted specifics in operation, we behold ourselves pros trated in credit, sunk in insolvency and ruin, with the realized fruits of years of enterprise slipping from within our grasp, not by solitary thousands, but by hundreds of millions at one fell swoop. The idol Gold, which we have set up as our god, has turned out a veritable King Stork, which is devouring its worshippers and subjects, and trampl ing beneath its feet those statesmen and the trading and industrious classes, for the security of whose monuments of thought and toil it was set up as the only protector. The following remarks on our position, which we extract from the New York Morning Express, of Nov. 19th, possess a force and originality, which render them most worthy of the attentive perusal of Englishmen. We give the article entire: — "The part that Gold and Silver are playing, just now, in this world's affairs, would be ludicrous if it was not so serious in its effects upon the trade and commerce of the world. England, just now, it is presumable, and it can hardly be denied, owes the United States. It is very certain that she has on hand large amounts of our produce and cotton, and that in the face of starvation in Ireland, if not in her own manufacturing districts, she has nearly annihilated the money-value of our corn, grain, and pro duce in general, and more particularly of cotton. But, notwithstanding all this, two millions of our specie have just gone from us to that England, and, in consequence of it, stocks fall in value here, and all sorts of property and of labour are also threatened with a corresponding fall. The extraordinary spectacle is presented of our peo ple stripping themselves of the precious metals to put in the possession of a people that owe us, or have our pro ductions on hand, and productions necessary to them, for a large amount. " The way this extraordinary state of things is brought about ip clear enough,—but there is none the less of the extraordinary in it, because we know how it is done. To bring back the specie England has lost, England breaks her own merchants, and annihilates the value of all other property save that of the precious metals. Gold and sil ver have been set up in England as the only thing need ful,—of more value, even than beef, pork, corn or wheat, or cotton to clothe the people with. England having about annihilated all other property save that of the pre cious metals, these metals of course rush there, where they are in such extraordinary demand. It is but of little avail that we have on hand English obligations, or credits, or everything that the people of England want to eat, because the precious metals have been made the only thing really in demand. " Now such a spectacle is, to a certain extent, ludicrous, —for of what real abstract value the precious metals are, save as trinkets or as metals, it will puzzle even the most profound political economists to define. Nobody, when hungry, has any doubt of the value of a bushel of wheat, or when cold, of a cotton shirt or jacket. The world is convulsed, however, in the march and counter march of these precious metals. Millions come over here in the steam-ships, and millions are now going back, without any real bona fide reason, thoughfor well-known apparent • cause. All property and labour, of course are effected by these extraordinary peregrinations of eagles, and sover eigns. and Spanish dollars,—and there is hardly a being in the United States that will not suffer by these marches of their majesties. It is well, perhaps, then, that they are called Sovereigns and Eagles "But what is the use of all this talk ? What do you propose as a remedy ? What would you do, if you had the power, to save mankind from these afflicting fluctua tions ? Well ! these are very hard questions, and when we are wiser we will try to solve them. Meanwhile, we have about come to the conclusion that in this world we too much idolize and deify these precious metals, in mak ing them the basis of all business, and of all credit and confidence." Is there any exaggeration here of our position, or indeed of that of the two countries ? We have im ported more largely of American produce during the past year than in any within memory. America has in return imported largely of our own manu factures. Yet the industry of both countries is being paralysed by the process in which their mutual indebtedness is being discharged. We have had to send specie—the King Stork which we have set up—to the United States to pay for the corn and cotton which we have bought; and now we have to " break our merchants, and annihilate the value of all other property save that of the precious metals," to get it back again ! With our three per cents. at 95 to 100, and our railway stocks at 50 per cent. premium, we contracted responsi bilities, which we are sacrificing three per cents. at 85, and railway stock at 50 per cent. discount to pay off. We are buying back every sovereign we shipped for corn at thirty or forty shillings each in our depreciated securities and manufactures. It is true enough, as hinted by our transatlantic contemporary, that the converse of the operation will have to , take place. America will be called upon to protect herself and her citizens from the effects of this , " march and countermarch of the precious metals." Amerip is importing from us just now more largely than she is exporting to our markets; and such a course must shortly impover ish her very seriously. What then must be the alternative of America ? We give it in the striking language of another transatlantic contemporary, the Boston Courier `• We are now (he remarks) brought into this position ; the bulk of our exports are diminished one-third, at least, in price, from what they were a year since; while imports are increasing, without a corresponding diminution in we import tbi; year than what it kit year, and that in the face of a decreasing demand and a falling in prices of what we have to export " Now, this state of things cannot long endure. We cannot pay for imports with exports of anything but specie, and our banks must contract and our currency. be reduced, in order to bring down prices low enough to save our specie and to send our wheat, cotton, &c., abroad in place of it. " We have, then, before us a very plain and easily understood state of things. We must contract at once until prices fall. Wages must fall—every article excep# money must become cheaper, and that must become dearer• until we are reduced to the scale of foreign prices. Eng land is contracting, in order to turn the specie tide in her favour; and we must contract, to prevent the drain fall ing too severely upon us. We are now coming to a trial of strength, to see which nation can gripe the hardest, and in many respects the odds are in our favour; but we shall not long keep our vantage ground, unless we begin and persevere in this necessary but disagreeable course." A most consoling sort of process for the produc ing classes of both countries must be this "trial of strength to see which nation can gripe the hardest" —this battle for the possession of the precious metals, in which " wages must fall, and every article except money must become cheaper," The British artizan will doubtless be grateful for the cheap loaf thus purchased from the American farmer; the British agriculturist, too, must make up his mind to bear his share of the result of the contest. The manufacturer and the manufacturing operative must also take their part in.this mutual " griping" between the two countries. After all, however, this doctrine of our American brother journalist is only remarkable, inasmuch as it is candidly enunciated. The same views as to the effect of Free Trade, carried on with a contracted convertible currency, has been again and again pro- claimed in our own columns. It is well urged by the apologists of our new system that as yet the circumstances under which we have been placed have prevented its full operation from being made known. The cultivators, of our soil have been saved from suffering, which would otherwise have been their lot, by a bounteous harvest and the griping exaction of the foreign grower, who has sought and been enabled to reap, in the general calamity of Europe, high• prices for his surplus supply. But this is not to last for another season. America cannot hold back both her produce and the precious metals. She must part with one to bring back the other; and we venture to predict a slight surprise to those who are just now flattering the British agriculturist upon Itikk 4 ‘ atinkkg" prkfaitiork in this first year of Free Trade, at the result of next year's working of their boasted system. Most emphatically we admit that the system in question has not had a fair trial. It will have one, however, before we are all a year older ; and we shall he most agreeably surprised if the result is not a startling one to all classes. WE beg to call the serious attention of our readers to a very able statistical statement, in another column,. of the moral and spiritual con dition of the inhabitants of Vauxhall district in this town. The table has been compiled by the Rev. Dr. Hume, the newly-appointed incumbent of the district, and reflects the very highest credit on his patient labours, and painstaking solicitude. The results which may be gathered from the docu ment, as regards the neglect of the means of grace and of education, are truly appalling, whilst many other facts relating to the people are equally distressing. We hope that no other district in the town would: present so unfavourable an aspect. A numerous and highly respectable meeting of the members of the late Conservative Association met at the Clarendon Rooms yesterday at 12 o'clock, when the report of the committee appointed on the 3d ult. was unanimously adopted, and the associa tion reorganized under the name of the Liverpool Constitutional Association, on the principles sub mitted, a copy of which we subjoin. LIVERPOOL CONSTITUTIONAL ASSOCIATION. "THE CHURCH, THE THRONE, AND THE PEOPLE." " SHIPS, COLONIES, AND COMMERCE." The objects of the association are— " To uphold all the great interests of the empire, whe ther in the United Kingdom, or in the Colonies.. " To vindicate the principles of the British Constitu tion, as generally held by William Pitt and George Canning,' securing for commerce, agriculture, manu factures, shipping, and railways, due encouragement, thereby procuring for the artizan, the peasant, the opera tive, and the merchant seaman, that fair reward for his labour which Englishmen have been used to enjoy. " To advocate the adoption of a sound and equal sys tem of taxation which shall combine the greatest return to the national exchequer, with the least pressure upon the English producer and consumer. " To promote national education based on religion, and to resist undue state interference with the educational rights of the church, as by law established. To uphold church principles, and defend the rights and liberties of the church, while respecting the just claims of all who dissent from her communion. " To promote, by all legal means, the election of mem bers of parliament for the borough, who will subscribe to, and uphold the principles of, the association, and conform to its rules and regulations in the prosecution of a canvass. "To promote by all legal means the election of such candidates for the Town Council as are members of the association, and to protect the welfare of the burgesses generally. "To watch the registration, and protect those entitled to the franchise from frivolous and vexatious objections. " The committee of the association to be chosen by the members, the same to consist of 24,—four to retire an nually, and not to be re-eligible for one year. " The chairman and secretary of the ward committees to be ex officio members of the general committee. " The general committee to draw up a code of rules and regulations for the guidance, and appoint the necessary officers required to conduct the business, of the assciation." We find that persons desirous to enrol their names as members are requested to notify the same to the secretary, in writing, or to the chairman or secretary of the ward in which they are resident, accompanied by a request that the same may be forwarded to the secretary of the general com mittee. Mr. Henry Buckmaster was appointed secretary, and we anticipate the best results from his election to so important an office. WE observe that a notice has been put upon the Council paper, by Mr. Samuel Holme, and will come on for discussion to-mb rrow, proposing to raise the sala r y o f the stipendiary magistrate, Mr. Rushton, from its present amount of £l3OO, to £l6OO per annum. Of course we are at present unaware of the grounds upon which Mr. Holme will endeavour to justify this increase. The same objections which we and others have formerly urged against a similar proposition exist now ; and we know of nothing which has occurred to weaken their force in the slightest degree. On the con trary, we conceive that the present state of affairs in the borough, and especially the increased expense to which we shall shortly be put, by the increase in the police force, rendered necessary to repress out rage in the outskirts of the town, and even in some of our least frequented streets, render the pre sent a very unfit period to entertain any proposition, by which a further drain upon the public purse will be created. Perhaps, however, Mr. Holme may have some thing to urge, with which the public are as yet unacquainted; and we shall therefore wait patiently for an exposition of his views, before further com mitting ourselves to any decided course. If we could for a moment believe that public interest would be served by any change which would per sonally serve Mr. Rushton, no one would be more happy than ourselves to see it adopted. THE LT VERPOOL POLYTECHNIC SOCIETY, Yesterday evening the general monthly meeting of this society took place at the Royal Institution. The private business, namely, the receiving of the report of the re tiring council, and the election of officers for the ensuing season, occupied some time. In the theatre of the institution, after these preliminary matters, the chairman for:the year, W. Bennett, Esq., was duly introduced, and announced the names of the other officers. The following officers were declared elected :—Presi dent : Wm. Bennett, Esq. Vice-Presidents the Rev. A. Hume, L.L.D., and the Rev. Thomas Dwyer. Trea surer : Mr. C. J. Smith. Secretary : Mr. Salt. Council : Messrs. Boult, Clay, Forrest, Hobson, F. Horner, H. P. Herner, R. Mather, W. Milner, W. H. Peak, Thos. Spencer. LIGHTITOUSES Mr. J. A. FORREST then brought before the society " a. novel• mode of distinguishing lighthouses by night." Respectfully addressing the• president, members,• and strangers, he said : Having been lately successfully engaged with Messrs. Miller and Sons, of London, upon the Signal Glass for the Admiralty Lights, it occurred to me that something might be applied to lighthouses, that would improve the power of distinguishing them at night. The necessity of this has been Painfully brought before the public, in the loss of the " Stephen Whitney," and "The Frankfieldr the latter of which mistook the Smith Stack for the Sker;- ries.—The momentous interest of life and property which the subject- involves, are a sufficient apology for my press ing it upon your attention ; and if Pcmly gain the satis faction of bringing abler minds to bear upon this most important matter, I shall feel amply repaid. d • the tables which I shall now present to you of the principal British and Irish lighthouses, have been taken from the official statement issued by the-Admiralty. You will at once perceive that although they , have three dis tinguishing properties,—namely, revolving, intermitting, and coloured lights, that the fixed light is nearly 4 to 1. Now the plan I would set before you in this model, has ten distinguishing lights, which added to - the three they already possess, would give a power of 13- instead of 3. Theefficiency of these 10 is now the question before you. It would have been an easy matterto introduce the arithmetic of colours, bywhichtheydistinguish shopsby daylight ; but very few of these would give sufficient contrast, or power, and thus the theory, that would look beautiful on paper, would be found to be utterly useless when reduced to practice. There are two colours—light red and green — which we have proved in our late experiments on the Mersey, will carry furthest, and are in themselves a suffi cient contrast, so as to , prevent the possibility of mistake. Besides this, you have the constant presence of the white in each signal, which,. together with the simplicity of the geometric figures employed, would be a guarantee that its adoption would not injure the effect of any light-house at present established. There is another important prevision ; the lights being curvelar, you have the signal displaying itself at all possible positions that the ship might come in view. I have consulted a number of master seamen upon the subject, and they all agree that it would be a great advantage to possess such a system of lights, especially to coasters. That, during a heavy sea, as in the case of the Frankfizid, the vessel being frequently out of sight of the light, it is difficult to determine whe ther it is fixed or revolving. Many of the master sea men stated that the Admiralty signal lights, about to be enforced on all steamers belonging to this country, would be a -considerable benefit, as the lights of steam vessels have been frequently mistaken for those of a lighthouse. After the paper of Ml. Forrest, a vote of thanlo was passed to that gentleman, and another to the Chairman, and the meeting separated. PASTORAL AID SOCIETY. — We are authorised to state that the anniversary of the Church Pastoral Aid Society will be held on February Ifith, and that the Deputation will consist of the Rev. IL W. M'Grath, Rector of St. Anne's, Manchester, and several other clergymen. PRESENTATION.—On Saturday last, the Rev. Edward Jones, late curate of Christ Church, in this town, and brother of the Vicar of Holywell, was presented by , the congregation of Christ Church with a beautiful pocket communion service, withan appropriate inscription. The reverend gentleman has been appointed incumbent of St. Matthias 's Church, in this town. The Rev. W. M. Falloon, the estimable incumbent of St. John ' s, has just published an address to his congre gation, being his fourth annual appeal to them. The address is written in Mr. Falloon's usual earnest, em phatic, and affectionate style ; and whilst it is full of Scriptural precept, it abounds with the tenderest and most solemn aspirations for the temporal and eternal good of his flock. Mr. Falloon generally writes with almost apostolic fervour. No doubt every member of his u f d ar d e it . inonl proof of i' th il e m u fr e i h m ss i F n t i A ll st T e b ii r S E c s o ß s ta T o o e h il cY , t:nd s CONCERT.—MISS Atherton, who has for a series of years been the conductor of a musical academy in this town, takes her first concert this night week.; and we trust that that kindly feeling which is so universal in the musical world, will be evinced towards her, not less on account of her talent as a pianist, but her peculiar position, and her anxious and aspiring ex ertions. Mr. Thomas, of her Majesty's Theatre, a har pist highly celebrated, perhaps the first in the world, makes his second appearance here. Mr. Ryalls, Mrs. Pardy, and a galaxy of known talent are also•an nounced. . . We are pleased to hear that at St. Andrew's Church, on Sunday, after a sermon by the Rev. J. Jones, a collec tion was made (without previous notice) amounting to £3l, for the poor of the district. We have often thought a church collection was a very admirable mode of raising money for the poor of a district, because contributions thereby received are such as would not otherwise be obtained ; and the donors have the satisfaction of being assured that their money will be judiciously dispensed, through the kind assistance of the ministers and church wardens. We shall be glad to hear at these very pressing times to the poor, of this example being followed. TESTIMONIAL TO THE REV. DRUMNiOND ANDERSON• —On Monday evening, Dec. 27th, the teachers of St. Jude's School met the Rev. Dr. M'Neile and Rev. D. Anderson at Mr. W. T. Thompson's, Seymour-street. After tea Dr. M'Neile explained a portion of the 10th chapter of Hebrews, in his usual searching and practical style. The Rev. D . Anderson then engaged in prayer, after which Dr. M'Neile presented, in the name of the teachers, several valuable volumes of approved works to Mr. Anderson, containing the following inscription : " Presented to the Rev. Drummond Anderson, A.M., by the superintendent and teachers of St. Jude's Boys' Sun day School, as a small token of their affectionate regard for him as a faithful minister and kind friend. Heb. vi. chap. 11, 12. Liverpool, Dec. 27th, 1847." Mr. Ander son having expressed his gratitude in the most feelibg manner, the party separated about half -past nine o'clock. ST. THOMAS' CHURCH, T OX TETIL-PARK.—The usual examination of the infant school attached to this church was held on Thursday, 23rd December. The school-room was completely filled, for the most part, by the parents of the children, who appeared greatly pleased with the know. ledge displayed by their little ones, especially in Bible subjects, which justly occupy the chiefest and most promi nent place in the system of instruction adopted in the school. Much interest was excited by an object lesson on wheat. in which some of the naive answers of the children caused considerable amusement. We should be unjust to conclude this notice without naming Miss Hassalwood, the mistress, to whose unremitting care and attention such favourable results are mainly attributable. In connection with the same church was held, on Thursday last, a con gregational tea-party, in the school-room. It was well and respectably attended. After tea, the company were delighted, during the intervals of speaking, by some excel lent vocal music, performed by the members of St. Thomas' choir, which is entirely voluntary, being composed of school children and sunday-school teachers, under the superin tendence of Mr. C. Beckett, the master of the day-school, to whom, during the evening, there was presented, through the Rev. T. C. Cowan, incumbent of the church, a hand some Pocket-Bible, being a voluntary tribute of gratitude from the boys of St. Thomas' school. The piano was ably presided over by Mr. Williams, the organist, whose services on the occasion were, we understand, gratuitous. AMUSING CASE IN THE POLICE COURT.—After the usual heavy business of the day at this court yesterday, Mr. Davenport, a gentleman of long and respectable standing as a practitioner within its walls, and who has almost daily to make application to the magistrates for others, seized the opportunity to make one in behalf of himself. With a gravity which we scarcely thought he could command on such an occasion, he said,—Sir, —On Friday last, several cases of smuggling came before you, and a person named James Fowler appeared professionally in behalf of some of the accused. That person thought fit, on leaving the court, to appro priate to himself my hat, leaving his own in its place—and a very sorry one it is, as I believe—(ex hibiting it to the court.) Mr. Fowler's own hat was afterwards found, Sir, under the bench on which he had been sitting. Mr. Rushton (smiling) said that the affair would form a fine subject for an action between them (laughter) ; but what did Mr. Davenport ask for ? M r . Davenport said that he had written to Mr. Fowler, but had not yet recovered his beaver. He had received the following reply, which he handed up, and which Mr. Rushton read as follows :- 19, Grafton-street, Ist, January ? 1848.—Sir,—I was not aware that the hat I took out of the Police-court belonged to you. (I took it by mistake.) I presume it is so, as it is considerably larger than my own, and must, of necessity, belong to some in didual of a cranium of greater dimensions than mine. On sending up my hat, and the handkerchief that was along with it, yours (if it be yours) shall be delivered. — Yours obediently, " To Mr. Davenport, Dale-street." " J. FOWLER. Mr. Davenport said he considered this reply conveyed an insult.—Mr. Rushton repeated, What would you have me to do in such a case ? He says he will not detain it if you only send back his hat.—Mr. Davenport corn. plained of the necessity of going so far i • and besides, who knew how often he might go before he could find Mr. Fowler "at home."—Mr. Rushton said he might send , his office lad, and thus (as we understood him) all chance would be averted of " Greek meeting Greek" in tug of " legal" war. The matter here ended, Mr. Davenport sitting down and appearing to enjoy the merrirnent which the case had excited, LATEST INTELLIGENCE. (lIT EXPRESS.) THE WEST INDIAN MAIL The Royal mail steam-ship Severn reached Southamp ton on Sunday night, having made the passage from Bermuda in the incredibly short time of 13} days. She brings 693,418 dollars. The most important intelligence is from Barbadoes re lative to the West India Bank. The outward mail had apprised them of the stoppage of the firm of Barton, Irlam, and Higginson, of Liverpool, with whose affairs the bank was so deeply involved that they immediately suspended payments. The bank had previously suspended payments in specie for nearly a fortnight, but had continued to transact business as usual otherwise. The great difficulty which the West India colonies will have to encounter from the home failures is the want of a sufficient amount of specie to pay the labourers, and also for the cargoes of lumber and provisions brought in by the Americans, as the latter were declining to take bills upon England in the usual form. As respected Barbadoes, however, a very good feeling prevailed amongst the labourers up to the pe , riod - of the departure of the mail ; for on many of the pro perties, on being apprised of the circumstances, they had voluntarily offered to work for reduced wages, and for a time taken them out in provisions. In Jamaica sugar cultivation was nearly at a standstill r and dry weather had prevailed to an unusual extent. Not more than 30,000 hogsheads of sugar were expected to ix% shipped during the present year. MEXICO. The Severn brings advices from Vera Cruz down to the Ist ultimo. At that time assassinations were so common in that city that it was dangerous to be out after dark. They were committed without ceremony almost upon any one. A body of volunteers, to reinforce the American army, had arrived at Vera Cruz' a few days previous to the departure of the Severn. Their steam navy was extremely ineffective, and it had suffered a loss in consequence of the wreck of the Senator Buchannan, a war or troop steam vessel, off the island of Lobos. Since the Americans have gained a footing in the city of Vera , Cruz, several American journals have been established. They had conducted themselves extremely bad, it ap pears, upon the unoffending Mexicans, and had been guilty of atrocious- excesses. It was- affirmed by those who had frequent opportunities of knowing, that a great want of discipline existed in the American army, and the consequences were felt accordingly. ARRIVAL OF THE INDIAN. MAIL, The Overland Mai-reached London yesterday. The intelligence from the East Indies in particular was ex pected with much anxiety, in order to ascertain the full efitct which the accounts of the commercial failures at home would produce. It was previously known that Bombay would be comparatively little affected, and there fore the interest was concentrated more immediately on Calcutta. We have now the result of the intelligence fram England to the 7th of October, which .embraces the stoppage of the leading houses connected with India. From all that has yet transpired, there is no reason to believe that the influence of these failures had extended beyond their immediate connexions, for which full allowance has been given at home in all the calcula tions upon the subject. Upon the whole, therefore, as far as•they go, the accounts were more favourable than was anticipated. The money market at Calcutta, as a matter of course, was partially affected in consequence of the discredit of commercial paper, but the immediate ef fect of this state of things would be to force the shipment of produce, which would be more favourable on this side of the water. The Company's paper would also be- im mediately available for remittance, which is an-advantage possessed by none of the other colonies. The intelligence from China is of the most pacific cha racter. Accounts are given of a much better state of feeling at Canton, the factory residents having in a number of instances perambulated the city, and even gone outside of the walls without molestation. Trade had also some what improved. MALTA, DECEMBER 24 The Rt. Hon. R.llore O'Ferral, the new Governor, ar rived here on Saturday last, in the Oberon. He received a most hearty welcome. A dreadful accident occurred on board her 'Majesty's steamer Oberon on her passage out. She twice caught fire, and the men were beat to quarters ; her decks were cut up round the funnel, which became red-hot, and she was in some danger. She is obliged, of course, to repair damages. FRANCI The French Government received on Saturday intelli gence of the arrival of Abdel Kader at Toulon. The ex Emir, so runs the dispatch, hemmed in between the troops of the Emperor of Morocco And the cavalry of General Lamoriciere, surrendered to Monseigneur the Duc d'AurnAle, on the condition that he shall be allowed to fix his residence in Egypt. It was confidently expected that the ex-Emir would arrive in Paris on Sunday. A heavy fall of snow took place in Paris and its neigh bourhood on Saturday night. In the south of France and in Spain the snow had rendered the roads nearly im passable. The Archbishop of Canterbury is ill of influenza.. Dr. Ferguson is in daily attendance on his grace,. but no danger is apprehended. We deeply regret to hear of the death of the Rev. iaf ang t ;ro ( u the sly Slingsby Shafto, at his residence, Bu c k w orth R ec t or y, y • a Huntingdonshire, from fever, a few days ago. W e r e gr et liboe rill, oa t fl o m typhuss ember hrotr fever, 3.lr o . ratt ß ii o tD b h e eu r r t hra D ems u idre9insoceml bn S d l of his father, Whitworth Park, in this county.—Durham Chronicle. MYSTERIOUS.—At the recent ordination of the Lord Bishop of Rochester, the Rev. J. W. Harding, a literate person, was ordained priest, but not sworn to. canonical obedience. Mr, Harding publicly objected, before the other candidates, to the use of portions of the liturgy ; and yet ho was ordained priest ! What does this mean ? Mr. Harding was formerly at Oxford, but left the Uni versity without passing his examination. The rev. gen tleman is married to a near relative of Dr. Pusey, with whom he has recently been on a visit.—London Standard. LONDON CORN MARKET.—YESTERDAY. At this day's market there was only a moderate supply of English; Wheat; the dry samples were in good request, but the ill conditioned met only a slow sale, at the currency of this day week. In spite of the large arrival of Foreign Wheat a fair ex tent of business was transacted at late rates. Barrel Four firm, and the turn dearer. Indian Corn held firmly at the late ad vance. Malting Barley, as well as Malt, has again declined to Is. per quarter. In Beans and Peas we can quote no alteration. Since our last market day, and in addition to the reported arrivals, we have a liberal supply of English and foreign oats, and about half a dozen vessels are up from Ireland, making altogether a large show. Buyers continued to exercise great caution, and took only sparingly, at our previous currency. SMITHFIELD CATTLE MARKET. I' - - ESTER DAY. The beef trade was at late prices, and the supply was an average. The - mutton trade was tolerably firm, and previous prices were supported. The veal trade was steady at extreme currencies. MONEY MARKET- •YESTERDAY Public Securities were perfectly stationary for two hours after the time for commencing business, with scarcely a single tran saction. Consols for the opening remained at 85 *, but when the character of the intelligence from India transpired they were done at 854, and are now 85* ; Three per Cents. Re duced have been done at 85 841 ; Three-and-a-Quarter per Cents., at 864 *; and Bank Stock 188. As an evidence that money is still getting easier on first-class securities, Ex chequer-bills have improved to lls. 15s„ and India Bonds to ss. premium. THE COOPERING TRADE. A meeting of master coopers was held yesterday, at the Clarendon Rooms, when measures were resolved to be taken to forward their interests relative to the interference with their trade by the present and intended dock warehouses. The Observer anticipates—what is already 'pretty welt looked for—a considerable falling off in the revenue ac counts to be made up on Thursday. The property of the late John 'Tawell, the murderer, which had been confiscated to the crown, has been; re stored to his widow. Letters from Frankfort announce the stoppage of three large banking houses in that city—namely, J. F. Gontard and Sons, for £BO,OOO, and Lob Herz Flersheim and S. de Haber and Sons, each for about £150,000. The Austrians have entered the two duchies of Parma and Modena. The Duke of Lucca, or rather of Parma, succeeds, by virtue of the treaty of Vienna, to. the duchy of Parma, and has been invited to take the reins of government. - The Princess Adelaide, the sister of Louis P pia" -- 76, -- dred in Paris on Friday, after a few days' illness. Her death must have taken the public by surprise, as, although in disposed with the prevailing grippe, no serious conse quences were apprehended. By the death of the Princess Adelaide the King of the French loses a councillor upon whose judgment he was accustomed to place great reli ance. DREADFUL SUICIDES.—On Sunday morning, Mr. A. T. Williams, of the Stay Coff ee -h ouse, Cleveland-street, London, committed suicide by hanging himself. The house was closed soon after twelve o'clock p. m. on Sa turday and Mr. William s re ti re d to h i s b e d room. On h i s wife going up in about a quarter of an hour, she found the door fastened, and on breaking it open found her husband suspended from the bedstead. She screamed out, and 9 lodger got up and cut down the man, who was quite dead then being anxious to see Mrs. Williams, who ran down stairs almost frantic, he sought, and found her with her throat cut, and almost dead. A surgeon was procured, but the poor woman died in about half-an-hour. The Parties had never been known to quarrel. The husband was formerly a constable, and had entered on the house about ten months since, and was doing a good business. His spirits had not, however, for some time, been as buoyant as usual. LIVERPOOL: TUESDAY, JAN. 4, 1848 PRINTED AND PUBLISHED EVERY TUESDAY MORNING, By JOSHUA FLETCHER LACE of 53 Grove street, and LEONARD ADDISON, of 14, Great Orford-street, At No. 4, ST. GEORGE'S CRESCENT, LIVERPOOL. Orders for Advertisements received by Messrs. Newton and Co., Warwick-square; Barker and White, Fleet-street; Deacon, Walbroolc ;Re hell, Chancery-lane ; Charles Barker, Birchin-lane ; Joseph Thomas, 1, Finch-lane, Cornhill ,• den Hammond, 27, Lombard-street; Mitchell, 8, Red Lion court, Fleet-street; Lewis and Lowe 3 Castle-court, Corn hill ; at the London Commercial Coffee - house, Mincing-lane; at the Jerus a lem Coffee-house, Cornhill ; Chapter toffee house, Paternoster-row; North and South American Coffee. house, Threadneedle-street ; Parsons, 9, Ave-Maria-lane, London; Johnston and Co., Eden Quay, Dublin; Wheeler, Exchange-street, and C. H. Lewip, Market-street, Manches' ter; Haddock, and J. and W. Booth, Booksellers, Warring' ton ; Clarke, Pilot-office, Preston ; and Wright and Dahl , Herald-office, Birmingham ; Harthill and Salmond No * 11 Prince's-square, BucliatlaA-street, Glasgow. TIIE LIVERPOOL STANDARD. Jan. 4,184 g. Ch Tw tut ble