The Northern Daily Times. — Liverpool, Merseyside, England, 1856-01-29 00:00:00

stances, there were some lines that had risen, while the great majority had fallen. It was a consolation to know that some of them were well conducted, and that because they were so managed, they enjoyed the public confidence, and prospered ; and that instead of following the general downward course, they had risen, even in the present time. He saw no reason why the same management should not be applied to all (hear, hear), and it was to enlist the co-operation of the gentlemen of Liverpool and Manchester in bringing about that end that he appeared before them. The distrust of the public in railways% he believed, arose in a great measure from the opinion that there was no distinction made between the capital and revenue accounts, and, if that opinion were true (and he feared they all too well knew that it was true) a more fatal error in management could not by possibility have been committed. If a person built a house, or shop, or manufactory, and after building it, closed his capital account as it was called, and then traded for a year, and ending that he had not been successful, took a few thou. sands from the capital account to persuade himself and his friends that he was trading profitably—such an instance In trading as that would be a parallel case to the manage ment in railways in taking money out of the capital account for those expenses that ought to be provided out of revenue. (Hear, hear.) Therefore, they should come to the conclusion, that unless a distinction was made, apparent to the whole kingdom, that capital was not applied to revenue accounts for revenue purposes, the public confidence would not be given to railways, and they could not arrest the downward movement that had been so long going on. (Hear, hear.) He would quote from the Daily News of the 21st inst., the statistics of a few French railways in comparison with some English lines, because they spoke in terms not to be misunderstood by any body. On the - 31st of January, 1855, there were thirty-one British railways worth 124,839,0261., and they Were now worth only 89,620,5161., being a depreciation of upwards of 29,000,0001. in the market value of thos( securities. At the same period there were thirty-on French railways which were worth 31,122,000/. and they Were now worth, at market price, 60,517,3101., or nearly double their cost, and paying ou an average a dividend of 102 per cent., after deducting the sums necessary for the ultimate redemption of the stock. They could not then, In a national point of view, overestimate the importance of setting this great question right—(hear, hear)—because many men, who were considered wiser than their neigh bours, prided themselves that they did not hold a single share, whilst they did not hesitate to embark in any foreign adventure of the same kind ; and, if that system Which drained the capital of the country were not checked, the most disast rous resu l ts would be produced on their position at home. It caused a drain of gold from the country, and the consequence, was that the balance in the books was diminished, the rate of discount and of interest in every transaction rose, the exchange was against them, the "bank screw" was applied, prices were "crushed down," and ruin spread in every direction—such ruin as that which followed the crisis in 1847, and again recently in the year which they had witnessed. The question then was not one of private but of national safety, and as the wel fare of the country depended upon it, it should be met in an honest way. (Hear, hear.) The question which the chairman had introduced, was one of the highest import ance in railway matters, namely, the question of exten sion, and in dealing with it, he (Mr. Malin's) would merely :say, that if extension had ruined the railway system they could not now set it right, and that if it were an evil, it was a minor one compared with the course pursued, in regard to a great portion of the traffic which was taken, not at a profit, but at a great loss. The figures which he should have to lay before them, would prove that to be the case. The obj 3ct which they wished to bring about, was described very accurately in the city article of the Times the day after the meeting in London, but in the comments which were made in a leader of the Times the day following, it was attributed to him that he considered 4 per cent. sufficient remuneration for share. holders in railway property. Now, he neither said nor meant anything of the kind, and as probably they had not read his letter, in reply which the Times inserted, they wo uld permit him again to repeat his explanation. (Hear, 1 2 e ar.) His view was, that 4 per cent., or the common Interest of money, was as much one of th e charges of con eating railway s , as th e men ' s wages th e y em pl o y e d, an d t hat the at mh"; managers in making their calculation of the cost 0 , en they ca n do any work, carrying passengers or g '" d s , should make provision for that common interest of money, as one of the necessary charges to be made on all the traffic, and that when they had paid that common interest ' any thing that was over was a profit ; but he ne ver meant to have it supposed for one moment, that he considered 4 per cent. adequate remuneration on the un dertakings. (Hear, hear.) He though 6 per cent. a fair a nd moderate profit to look for, and if they went much far ther beyond that, the other evil of further extensions would be incurred. Referring again to the question of interest and cost, they found that the total cost of the construction of the railways in the kingdom had been at the rate of 35,0001. per mile, and that the traffic on the lines was 2,567/. per mile. If they took the com mon interest on that outlay they would find it to come to 1771/. simply for interest on the cost of construction, so that almost two-thirds of the total earnings of the line were et the present time absorbed in the cost of construction, Heaving for other expenses and indispensable charges only little more than 7961. per mile. That sum was not suffi cient, and the consequence was that some shareholders had to go without any dividend at all, while those in the best lines only received up to four per cent. It was difficult to imagine how such a state of things had come about, but he was inclined to think that instead of having too little management they had too much of it ; and they had so much competition one line against the other, cutting down the charges to the lowest figure, that he was satisfied that great part of the traffic was carried at such a loss as to swamp the large profits which he believed was made upon mach of the passenger and ordinary traffic. (Hear, hear.) T he est of running a train from Liverpool to London Mr. Stephel7son calculated at Is. 3d. a m il e , an d when they recollected that he fare was ii. 175., and f or th e express 21..75., which left a w:.`le margin , they should be a s t on i s h e d how any loss had arisen ; ,;ut if they investi gate d the matter a little closer they would see it in its true light. They were not, however, to despair, but they should say to their directors, " You shall not make ducks and drakes of our property. See what your expenses are for your traffic, and if you do not get remuneration enough leave it alone." (Hear, hear.) They would be much better off Without the traffic, if they could not get a profit on it. 'When he considered the practical wisdom for which Liverpool men were distinguished he was astonished that they should hive allowed such a state of things to arise. and he could only find a solution for it in this way—that the active mind of Liverpool and Manchester was at work against the passive mind of Liverpool and Manchester ; that was, that in both places there Were so many men who had a direct interest In the carrying at low rates, because of the nature of their business, that they were ever at work in the matter, and so the active mind prevailed over the passive mind, or the men of bu s i ness over those shareholders who sat at home in peace and ease. He had no doubt, throiwever:thHat y they could comb a t th e evil, and would et' h disclaimed the shad ow of hostility to the L n o m nd p o . n and e North Western Railway or the G reat Western Company, ,or any other line. 7 He looked upon shareholders on great body of men who had a common interest, and he trusted that that feeling would henceforth inspire them ail, and the evils which they deplored be thereby abated. (Hear, hear.) The magnitude of those evils would be found in the amount of the deterioration in the value of their property. He would give one instance. The London oad. North Western, though it in nine years increased its ~%pital by 132 per cent., or from 14,073,118 1 . in 1846, to 39, 074,652/. in 1853, it had reduced its dividend, al though traffic' bad tripled itself in amount. (Hear, hear.) He found, c •kpin, that in 1849 the a verage o f a p assen ger amoun t e d to 3'. l ltd. ; in 1854 it was on l y 2s. B,}d.,and they would t 'horefore see that when these reductions were made, with ou t at the same time reducing the interest and the cost of wor;:ing' all: the loss should f a ll on th e shareholders. (H ear .) T he shoulders of the cu'lltlarY chairman had remarkc'd, in ,opening the meeting, on the evil of making branch liCes but when they recollected that one of the most valuable branch lines in the kingdom —the Trent Valley —was the work of a man so reputed for wisdom, and so high in pubiic confidence as the late Sir Robert Peel, they could not wonder that all the world should follow in the footsteps of a man who had been almost worshipped in his jtime. However much the evil was to be regretted, it was one which could not have been prevented; nor did ho believe it was injthe power of man now to atop the construction of additional railways, :or wherever there was a block of country so far from 9.l,4tation as to be debarred of its advantages, its inhabitants would move heaven and earth, until they got a railway to pass through their district, and bring them into communication with the rest of the world, and chiefly its markets. The chairman would say, " let them make it at their own cost." (Hear, hear.) It was a good maxim, and if shareholders had the power of legis lating they might order it, but there was no law to prevent other people helping them, and he was afraid the evil would still go on. They would recollect that a little before the Trent-Valley line was made, railways were puzzled how to dispose of their profits, and that it was upon that occasion that Sir Robert Peel brought in his celebrated law, to give government the power of purchas ing them at a valuation, when they paid ten per cent. That law almost set the country wild in the impulse which it gave to railway property, and the consequence vi as, that power was sought for and obtained, for the making of branch lines and extension in every direction. At that time, in 1846, the gross earnings of the London and North Western railway, was 2,082,9661. That was earned by 220 locomotive engines, and they had a dividend of ten per cent, and a considerable surplus behind. In nine years afterwards, in 1854, the gross traffic was only 2,770,7071, although triple amount of work was done, and triple the number of engines employed ; or in other words, it was earned by 653, instead of 220, engines. In 1846, the net earnings of each engine were 5,2611; in 1854, the gross earnings were only 4,2541; showing a difference of 1,0071 upon the earnings of each engine—the one, too, being nett, and the other gross; although, as they knew, the power of the engines had been greatly increased between the one period and the other. In 1846, the length of road to be maintained was 381 miles, the charge for the year being 90,8101. or 2381. per mile: in 1854, there were 639 miles, the charge for which was 107.6181. or 1681. per mile, being 70/. less than in 1846, although the traffic had increased, and with it, of course, an enormous increase in wear and tear. He could not say whether it was true. but there was a sum of 441,0001. charged against the capital, and it was believed by many persons that it went to the " renewal of way." (Hear, hear.) He believed that one of the greatest evils of the traffic was, that it was carried on at present by great monopolies. Certain per sons had the exclusive privilege of sending goods in a particular direction, and a friend of his who was taking an active part in this movement, complained to him that, having to send 1,500 bales of Manchester goods from Lon don, he could only do it through one particular house, and on payment to it of one shilling a bale. He considered. and he was sure the meeting would agree with hi-n, that the railway should be open to all parties, and if " people " were to " bleed by the nose."— (laughter)—for its use, the company and not a third party should have the benefit of all it performed. (Hear, hear.) Another thing which should be taken into account was the canal interest, for no doubt they were aware that their dividends, which originally had been generally ten per cent, had been brought very low through the competition between railways and canals. He had had some commu nication with the heads of that interest, and he believed there would be no objection on their part to meet railway proprietors in a fair spirit in order that each might get from the public such fair remuneration for work performed as each was entitled to. Not to weary them further with figures he would, if they pleased, proceed to consider the remedy proposed, and which would be found embodied in the resolutions passed at the meeting in London, and pub lished in the Times. Mr. Malins here read the resolutions and continued :,The custom of auditing railway accounts at the end of each half year he believed to be very useless It was not the practice which they adopted in private business, but, on the contrary, they looked at their bills before they paid them. They hoped to see a most rigid system of audit and control brought about before accounts were paid, and a mode of dealing with the accounts adopted, that it would be impossible to put that which belonged to revenue accounts to capital, and vice versa. The trouble which would arise from dealing in that way with capital and revenue might be considerable, but noth ing as compared to the benefit which would arise from it; and, therefore, be thought they could not too seriously turn their attention to the question, and give all the aid in their power in bringing about so desirable and needed a change in railway management. The question of deterio ration to the rails was one of the utmost consequence; it was one which, as Mr. Stephenson remarked, after a given time, was a new expense, like salaries to their servants,and therefore it should,be borne in the same way. and not by funds brought overito future years, but every year bear its own proper proportion of the expense. If it were not so their managers would ibe mistaken in the amount which it would cost to carry on the work, and as a consequence they would continue to carry at a loss. Again, Mr. Stephenson had calculated that a saving of /d. on each train mile run would give them a total saving of 80,0001. per annum, and a farthing additional on each passenger carried during the year would give them 160,0001. —both together being nearly a quarter of a milllion. It was not, therefore, with great things they would have to deal, but it was with small and apparently petty charges, and if they did that, and saw that no traffic was taken at a loss, they would soon restore rail vay property to its true value. In conclusion Mr. Malins again dwelt on the importance of the subject of railway reform in a national and private point of view, and observed that he had come to Liverpool to ask the people of it and Manchester for their co-operation and aid in the movement. If they thought it was not of such importance as to deserve that aid he would regret it, because he knew that without that support nothing could he done in the matter; but he trusted that they would think otherwise, and that they would not cease in their co-operation until the great end proposed to them was accomplished. (Cheers.) Mr. Wrigley, of Manchester then came forward for the purpose of offering a few observations upon the subject then under discussion. He said it was only on the previous night that he had heacd that there was to be a meeting in Liverpool on that day. Had he known that there would be a meeting held in Manchester in order that the shareholders in railways in that district might have expressed their opinion on the subject, he should have reserved himself for that day, but as such was not the case, he felt it to be his duty to attend the meeting, and to give his, and he might say the opinions of many others of the town to which he belonged, on the subject. He had read with considerable interest the reports of the speech of the meeting held in London a few days since, for the purpose of establishing a Railway Reform Association, and of the necessity of such an association, but few could doubt. He might say that he felt a peculiar interest in the subject, as for seven years he had been a director of a company, and it was some years sihce he retired, and had endeavoured to withdraw his money from such a source, and he would assure the meet ing that when he did retire, it was from sheer disgust at the way in which the business of the company was conducted' (Hear, hear.) There was: such a want of moral principle in all their transactions, and the mode in which the busi ness was conducted was so shameful, that since he had withdrawn from the company he had been endeavouring to quit himself of railway stock altogether, but he had been unable to do so from the great:losses he would have to sus tain ; and he attended that meeting in the expectation that the association would devise some means by which to restrain or check the present system of railway manage ment. (Rear, hear.) If the present system was not put a stop to, all interest in railways would be stopped, and ruination would follow. There was one striking feature in the railways of the present day, and that was, that the shareholders were under the controul of the officials, and there was an utter want of power on the part of the share holders, which prevented them from taking the management of their own affairs into their own hands, and unless some , steps were taken to remedy the evil, the power would grow so strong, that the officials would think that they had nothing to do but to vote their own salaries. Much had had been said about railway directors, and no small amount of blame had been cast upon them as a body, but he would not join in the censures upon them all, because he believed that there were some very honest men amongst them who could act impartially, and who would bring to bear their influence on railway matters I therefore it was that he would not join i n th e common censures on all. He believed . !tat railway di rectors were what ra i lway shareholders made The shareholders had been too unmind ful of their own interests, as they had not attended to the meetings as they should have done, and therefore they had h r d o right to cast a ll t h e bl ame on the the prosperity of the railwayeo ntentedwitthhewmhseielvhesthtoeyhweaerrien directors. They con nected, and hav e b een blinded as to how the dividend g wa o s f raised: They were content so that they d saw that the shares rose in the market. He would allude one l subject, and p o a u t o i ffi si ce. What that was the men who filled the motive, he would ask, had the Eastern etheComany for placing the gentleman in the position he (Cries of "Question.") He was speaking to the then held question —he was adverting, and was about to show the effects of railway government on railway shareholders. He would ask them was it to benefit the shareholders that he was placed in that position P He was inclined to think not, but because he was an adept—he had had great experience in railway matters, and knew how to go to work. He might be wrong in his conclusions as ho might be right. He would not oecupy much of their time, but there was one point to which be would allude, as it had been referred to by Mr. Malin's : he alluded to what he said relative to the general management of railways. He (Mr. M.) would wish us to Interfere in the minutest details of railway management. Mr. Melina wished it to be understood that he meant the shareholders should require the directors to do so. Air. Wrigley thought it would be out of the power of the shareholders to give such power. There were certain great principles which an association might confine itself to, by saying that they may do this or that, which might be advantageous. He would admit the truth as to what the chairman had said with regard to the branch railways—it was to that that he attri buted the whole mismavagement. As for constructing these branch lines, great expenses were incurred, which expenses were taken from the capital. That would account for all. He did hope when he came to that meeting that something definite would have been proposed, and that steps would be Olen to remove the monster evil, and that something specific would have been said in the resolutions will regard to keeping of the accounts, and for separating the capital from the revenue, and have it so arranged that the dividend that was paid should be paid out of the revenue and not out of the capital. (near, hear.) He believed that Mr. Malins relied much upon the auditing of the accounts, but, for his part, he had no faith in that mode, for railway shareholders were not adepts in accounts that no auditor, whatever amount of ability he might possess, could detect them, or prevent them taking the money and using it if they had it in their hands. In the month of February, 1855, he had addressed a letter to the Times on this subject, and the mode he suggested— The Chairman thought that these observations and sug gestions had better come after the resolution had been put. They were not at all applicable at that stage of the pro ceedings. Mr. Wrigley wished to know what end the association had in view, for if it merely depended on the proper auditing of accounts, then he fJr one should not have anything to do with it. The Chairman said he would read the resolution it was proposed should be adopted by that meeting, which was to the effect that that meeting fully approve of the formation of a railway reform association, and pledges itself to support it with its best influence and power; that from the mismanagement that had existed it had become the duty of the shareholders to in. vestigate and disc'ver the evils, and remove them. He said he would move that that resolution be adopted. Mr. Guest seconded the resolution. Mr. G. Maxwell said there could not be a doubt but that the subject they had met to discuss, was one of the greatest importance, and he only regretted the smallness of the members present, which was to be attributed to its not being generally known that such a meeting was going to be held, and he was very sorry that more pains had not been taken to make it known ; for, had such been the case, a much larger number of gentlemen, deeply interested in the subject, would, he was sure, have been in attendance. He should he afraid, not that the resolution would not be carried, but that it might be thought that the meeting was not sufficiently influential for them to adopt the resolution, without having more information on the objects, and it would have a much better effect. He would suggest that a committee should be selected from that meeting, with a view of drawing up a series of resolutions, to be submitted to a larger meeting, to be held at some subsequent period. The resolution would be carried, but it would not be in presence of such a meeting as the subject demanded. He condemned the whole system of railway management, as it was done by managers and lawyers, who took all the power from the shareholders. If they had a mind to do any good, they must shake off the rest of the evil. In his time, he had been a director, and had seen a little. The mode by which the extensions were made, was scandalous. He con cluded by suggestint , an adjournment. In answer to a shareholder, Mr. Malins explained that the reason the meeting had been called together on so short a notice was, that the great railways were about holding their half-yearly meetings, and they were desirous of having the feeling of the share holders, in order to place it before the directors. In making the observations he bad done, he had endeavoured to be as brief as possible, and as he had so recently spoken on the same subject, to avoid repeating what he had already said. Having offered some few words in explanation of the origin of the association, he 'called upon shareholders to come forward and give the association their best support, as a subject of deep interest to them all was involved in it. The Chairman having declared the first resolution carried, proceeded to read the second, to the effect that the associ ation having discovered the evils in the present railway management, pledge themselves to endeavour to adopt means to prevent their recurrence. Mr. Wrigley hoped that the committee would understand that it was their imperative duty to see that steps were taken to compel the division of revenue and capital. The Chairman : That is a matter of detail for the asso ciation to take into consideration. Mr. Maxwell thought that the revenue accounts should be managed by a distinct class of men ; call them trustees, or by any other name, but 'et them he alone responsible. Mr. Healing said it appeared to him that if they were to form an association on so important a subject, it would be advisable to form a provisional committee, to confer with the council in London, and let there be a London meeting held in Manchester, and a committee appointed there. Let them all act together, and then they would represent all the principal railways in England, and have in their society men of influence, and names that were known throughout England. That would be the way to get refo m. (Hear, hear.) Mr. Maxwell would like to know the real footing on which Mr. Malins appeared in Liverpool. They should know whether he came there to solicit the support, and also how the formation of the association would apply to the provinces ? Mr. Malins said, that the committee in London had thought it exceedingly desirable that the association should be thoroughly organised before the half yearly meetings of the railways commenced. They came there for the purposa of asking for advice and support, knowing that it was only with union that they could have strength. (Hear, hear.) They did not contemplate carrying it out in London alone, but what they wanted was to have the best men from all parts of the kingdom. Mr. Withers agreed with the remarks made by Mr. Healing, and proposed the following gentlemen, with power to add to their number : The Chairman, Mr. G. Maxwell, Mr. A. M‘Grezor, Mr. Robert Moon, Mr. Richard Highfield, and Mr. A. Hislop, as the provisional committee for this town. Mr. G. Maxwelf proposed a vote of thanks to Mr. Malins, who briefly returned his thanks, when a similar compli ment was paid to the chairman, and the meeting broke up. The Committee immediately assembled for the purpose of dt.vising the necessary steps for carrying out the objects they bad in convening the meeting. NORTHERN TIMES.--LIVERPOOL, TUESDAY, JANUARY 29, 1850. POLITICAL ENTERTAINMENT IN MANCHESTER. SOIREE TO MESSRS. BRIGHT AND GIBSON LAST NIGHT. (FROM OUR OWN REPORTER.) A soiree was held in Manchester last night, in honour of the members for that city, the Right Hon. T. Milner Gibson. and Mr. John Bright. The entertainment took place in the Corn Exchange, and as usual with those annual demonstrations, was very numerously attended. Upwards of 1000 tickets were stated to have been issued, and the large room of the Corn Exchange was, accord ingly, completely filled. Among those on the platform, were Messrs. George: Wilson, James Heywood, M.P., William Brown, M.P., Joseph Crook, M.P., Major- General Thompson, M.P., and a very large number of other gentlemen. Precisely at six o'clock Mr. Wilson came upon the plat form, accompanied by the Right Hon. T. Milner Gibson and Mr. John Bright. The appearance of these gentle men was the signal for a burst of the most enthusiastic applause, which was again and again renewed with such fervour, that it was several minutes before silence was sufficiently restored to allow the business of the night to proceed. The chair was taken, amid loud applause, by George Wilson, Esq. _ The Chairman said they were assembled that night to do honour to the eminent services of the gentleman who was right honourable by the favour of the Queen, and the gentleman who was right honourable by favour of the people, the members for Manchester. (Cheers.) He denied that this was any merely formal annual assemblage, and contrasted it strongly and humourouslv with the occasions when,in the good old times, before 'the Reform Bill the ministerial member came to meet his constituents. Then a general declaration of opposition to reform, Catholic and Jewish Emancipation and every progressive measure, and a stout adherence to all antiquated class privileges, constituted the member's whole extent of political pro fession. Times were changed since that period, yet they had seen men elected by the pop u l ar vo i ce as t h e people's choice, with popular acclaim, who very easily yielded, were advised away, or won away, from the intrepid party among which he made his first appearance in parliament, and after a gradual decline, died as complete political hacks as ever were seen in the House of Commons. They had not met there that night to do honour to men of th..t stamp. (Hear, hear.) Not alone as members for Manchester, although Manchester might well teel proud of them, did they honour these men but because they were the leaders of a party in the House of Commons which was thoroughly upright and independent. (Cheers.) People were becoming heart-sick of party names. The war had made the country weary of the ministerial party. The Conservative party could not, even with Mr. Disraeli, and Lord Derby, and Mr. Walpole at their head, possibly sustain office. It was not from the party which followed Lord J. Russell that a permanent government could be expected, nor even from the ability of that party of which Sir J. Graham, Mr. Gladstone, Mr. S. Herbert, and Mr. Cardwell were mem bei s. He then turned to their own party—(cheers)—and he asked any man, even those who had complained of some or their past votes, to what otber party could they give their support ? (Hear, hear.) He expressed his approval of the course those members had pursued, and he believed that their future course should be to follow the same strict line of duty. What great measure which they had supported would not those around him approve of? (Hear, hear.) He reviewed the leading measures for which the country was chiefly indebted to the mem bers for Manchester, and called upon the meeting to agree with him in the approval of them. Every public speaker or journalist, who contended that the war did not injure the country, founded that declaration upon the exist ence of those great political measures of commercial freedom, for which the country was indebted to Colonel Thompson and the Manchester school- (Cheers.) He did not admit the assertion which had been often made, that the course these gentlemen pursued had caused the loss of their popu larity, and he pointed to the present meeting as a triumph ' ant denial of the assertion. The decision of that constitu ency for the next election was made. (Hear, and cheers.) They would extend to themselves as they had done, their unswerving confidence and support, and whatever virulence or misrepresentation they might he exposed to abroad, they should have the consolation of knowing that here their policy was understood, and their services appreciated. (Cheers.) The Chairman concluded by reading several letters of apalozy and sympathy, from Mr. Alexander Henry, and several other gentlemen. The Right Hon. T. Milner Gibson then came forward, and was received with vociferous applause. After a few prefatory observations, he declared himself now as he had ever been—a supporter of religious emancipation, and of political and commercial freedom. He declared that Parliament had taken retrograde measures of commercial policy last session by suspending the decline of the duty on tea, by raising the duties on sugar and coffee, and other measures. A state of war seemed to have had the effect of rendering the legislature incapable of engaging itself in the serious consideration of measures for the benefit of the people, measures of civil progress and domestic improvement. (Hear, hear.) He referred to the repeal of the newspaper stamp duty, which he declared was imperfect until they had also achieved the repeal of the duty on paper. The measure had, however, done considerable benefit to the country, even already. They had cheap and good papers extensively circulated, and he did not see that inundation of bad and mischievous publications with which it was predicted that the country would he inundated. The London journals always recorded the death of a cheap paper, but they did not record how many new ones had sprung into existence, and were flourishing, and they did not tell of the bankrupt state of some of the London journals. They could not expect the same circula tion here as in America, because the population had been neglected as regarded the means of acquiring knowledge. (Hear, hear.) He declared that war, or no war, he should endeavour to press upon the legislature the necessity of abolishing the duty upon paper. (Cheers.) The speaker then referred to the war. He said that from all he had heard there appeared a very good chance of peace at an early date. (Great cheering.) He had never been able to wander into the regions of imagina tion so far as to believe all they were told of the future designs of Russia, and the danger of Europe being over whelmed with a flood of northern invaders. He had never taken what he might call the hobgoblin view of the ques tion. (Laughter.) To tell him, especially after what they had seen, that Russia was going to swallow up Germany, with sixty millions of people, then France, then Spain, Sweden, and at last poor little England, was something he could not bring himself to believe. Neither did he believe that Russia could turn England out of the Indian empire. This had been called a war of freedom, but he denied that it was a war which could !promote the freedom of any European nation whatever. He had been lately travelling in France, Germany, and the north of Europe, and he never found any ;individual whatever who supposed that his liberty was, in the smallest degree, promoted, or could be promoted by the result of this war. He denied that there was in Germany the smallest feeling of gratitude to England for the share she was taking in the war, or that England was at all regarded as the defender of German.liberty. He was in favour, last year, of making peace upon the four points, and he thought peace might have been made honoi irably long ago. Aus tria, in May last, proposed a solution of the four points, to be submitted to Russia. but the English government tiElrathe French at the. Great would not allow it. Now, they were going to do just that very thing. He believed that the tustpotrh ooapartiesipbtn Europe, etn:s tsel whohautatri satisfied whichfir solution te o rhdwr o ewe k wad e ass looked sot thlno u uon p t ttti o o hho w n anee submitted—andtAwwh itsuhhe siiwrh principalbai a r e Ant tu r e osrstm,roi Austria a h ts the supporters, proposed believed securityone lf t i e o f view in. which it was regarded by n words used by the Exllibition, when he said :—" The most brilliant military success is but transient, what we wish is opinion." He looked upon these words as an invitation to Europe to mediate. Re argued that, even among the government, there was a desire, long since, for peace, which he exem plified by their offering the first great office at their disposal to an eminent member of the peace party, Mr. Sydney Herbert., who had just before declared that he believed the objects of the war attained. They next offrred that office, not to a furious war advocate but to Lord Stanley, a nobleman belonging to the party of Lord Derby, but who had distinguished himself in the House of Commons by able speeches, strongly of a peaceful character, and who had been remarkable from the commencement for the statesmanlike moderation with which he had treated the Russian question. He declared that the nations of Europe were all in favour of peace, and hoped they would accept the invitation of the Emperor of the French, and step forward with one accord, and put the utmost pressure upon the belligerents to desist from the war —a war which if it was necessary ever, which he did not believe —was proved to be unnecessary, for all had agreed upon the leading principle of the four points. (Cheers.) He alluded to the fact, that some parties seemed to be pre paring a second war for them, on the Asiatic question, and quotedmost humorous extract from a letter of the Rev. a Sydney Smith to the Countess Grey, amusingly deprecating any more wars on behalf of the general freedom of Furope. He replied to those who urged that the war should be con tinued because the fleets and armies had not achieved suffi cient. The fleets had not done what was expected, because there was so much bluster and , Emperor i t enhdeomu that tgfaooohyft ex pectation of utter impossibilities. Sir Charles Napier had been made a victim, and dismissed for not doing impossibilities, and risking , the British fleet , by attempting what his successor had failed to do : and now Admiral Dundas was also recalled. He quoted a passage from the Times to chew the trifling results of the efforts of the fleet during the last season. That gun boats would have much more success, as regarded the taking of walls and batteries, he said was denied by all experience. One of the exploits, of rather a baccanneering character, he declared was the burning last year, in the Gulf of Bothnia, of property which did not belong to Russia, but was actually the property of Englishmen, and for some part the property, or in a few days would h ave b een the property of the British government. (Laughter.) He stated as a fact that a large quantity of tar destroyed by Admiral Plum ridge, last year in the Gulf of Bothnia, was British proper and that a great part of it was about to eupp - liEd according to tender to the British government, for the 61 the British Dockyard, (Laughter.) This was what was called a brilliant feat of arms. (Laughter.) lie regretted that a British fleet should have pursued buccan eering practices towards private property, which he declared bad caused the English name, where it bad been once beloved to be now execrated. He had been told by Swedes that a stain had been brought upon the British arms by their de struction of the property of the poor and defenceless, and making war upon non-combatant citizens. He wished that a treaty were made embodying the principle proposed by the United States' Government, which would allow peaceful commerce to be pursued. But he regretted that a disposi tion was now shown even t o quarre l w ith th e United States. He deeply deprecat e d th e di sgrace f u l prac ti ce of sending agents into th e var i ous na ti ons o f t h e wor ld , i n violation of their municipal laws, for seducing their subjects to enlist in our army to fight battles in which their own country had no interest. He hoped parliament would visit this course with their severest reprehension. The right policy winch the government of England ought to have pursued with a view to the permanent interest of England, was lo observe the s•rictest rules with reference to the United States, and to do nothing to infringe their neutral ity, and do every thi ng t o cement those States to England by ties of mutual affection and common interest. (Cheers.) Having referred to the imprisonment of an English consul at Cologne for a violation of the laws of Prussia in enlisting men there, the speaker in an eloquent pero rat i on , expresse d a hope for peace, as the chief safeguard against Russian schemes, the only mode by which the Turkish question could ever be settled, and the means of promoting the real greatness of England, and the social and moral welfare of the English people. The speaker resumed his seat amidst enthusiastic cheering. Mr. Bright then presented himself, and was greeted with the most enerzetic bursts of applause, which were again and again renewed f r several minutes. When silence had,been at length, and with some difficulty, restored, the honourable gentleman proceeded to address the meeting. After some introductory observations, he said—l shall not, upon this occasion, ask you to travel back with me through the cir cumstances out of which this unhappy war has arisen, nor sha'l I invite you to listen to a narrative of the disasters by which it has been accompanied—nor shall I go into any of the horrible details with which, unfortunately, we have all been made too familiar. But I shall step at once to that which really is the matter which engages everybody's thoughts, the terms and the prospects of 'Pace. (Hear, hear.) Now. we probably are more free to discuss these matters than many of the people in th( country, . , for the war men—and, by an d . bye, it will he difficult to find any traces of them—(cheers and laughter)—the war men appeared to me to be exceedingly puzzled, and having blundered from the beginning, I do not suppose they ever will get entirely out of the mist. The objects of the war are always to be kept in view when you discuss the question of the terms which are proposed to put an end to the war. I agree entirely with my friend Mr. Gibson in saying that we must shut out from our view altogether the extraneous and monstrous propositions which have been so common, and confine myself strictly to the declaration of the Crown and of her Majesty's Ministers, and to the despatches which have been laid upon the table of the Howes of Parliament. Now the real object, as you will gather from these sources of the war, was that this country should enter into an alliance with France, and more recently with Sardinia, and should endeavour to secure Turkey from a suspected design upon the part of Russia to make a spoil of Turkey. Ido not believe it was intended that the Ottoman should rule for ever, but rather that if the Turk became a spoil he should not become only a Rusian spoil, but that he should become a general spoil in the interests of the balance of power. (Hear, hear, and laughter.) I do not now imagine that there is anybody here or employed out of doors, who will read what I am saying, who suppose that the freedom of any single human being, or of any country, has anything whatever to do with this war. (Hear, hear.) Yet you will find that the newspapers which have most pertinaciously supported this war, have insisted upon it, that some how or other—they never told us bow—freedom would come out of the confusion of this war. I believe that Poland will still form a portion of Russia, and Austria, and Prussia. I believe, for all this war has done. that Hungary will still remain annexed to, and dependent upon, the crown of Austria. I believe that, for all this war has done, Italy still may sigh for that liberty, which appears for ever to elude her grasp. And I think nobody will now say that the war was for the pur pose of crippling Russia. The time has gone by when national extermination, on a grand scale, could be carried out; and I think whatever the terms are, which were offered in April, or which are offered now, or are likely to be offered at any time, to the English Government, if they be concluded, Russia will remai 1, at the con clusion of the peace, one of the great powers of Europe, and its influence on Europe and in all the negociations and transactions of the European states will be pretty much at a par with that which she has exercised heretofore. (Hear, hear.) Well, as to the Ottoman rule, I confess that I don't like to talk about the condition of the Sultan. I have no wish that the Sultan should continue to rule in Constantinople, or that the Mahommedan power should be supreme. But lam sorry that under pretences, and with avowed objects of an oppo site character, the result of the interference of this country in Turkish affairs has been greatly to accelerate the ruin which must, before long, come upon the Turkish empire. That empire is just in the condition of a horse of which I once heard, when travelling in Scotland with my old friend General Thompson, who has come here to-night to attend this meeting. (Cheers.) It was a story of his of a ser vant who came to tell hia master that his horse was very sick, The master asked if the horse was lingering ? " Sir," was the reply, "it is lingeiing fast." (Cheers and laughter) I think that is just the condition of Turkey—it is lingering fast. (Cheers and laughter.) Now, lam not going to depreciate the terms of the peace which have been offered by Austria as between France, England, and Russia. I think the terms in themselves admirable, and chiefly because I have reason to believe that they will lead to pacification. (Hear, hear.) I do not think that they are admirable at all with regard to the thousand objects which the war party of our country have put forward. But so far as they will lead to peace, I like them, and I believe they are just as good for the avowed objects of the war as any terms which could by possibility be had by any number of combinations between France, England, and Russia. (Hear, hear.) The first of them was the Christian protectorate. Ido not reckon much of that. It certainly was not worth going to war for, because the Russian government was willing to have granted before the war, everything which was asked with regard to that point which they grant now. It was said that Russia should not have an exclusive protectorate, hut that somehow or other she should take the other powers into a general partnership—l suppose with a limited liability act in opera tion. (Hear, hear, and laughter.) The next is the question of the Principalities. It is a curious thing that sixty years ago the Empress Catherine, of Russia, who has been quoted as one of those Russian monarchs who proposed a policy of universal aggrandizement, she herself propo ' sed that Moldavia and Wallachia, and Bessarabia, since become provinces of Russia, should be formed into inde pendent states. That was, if I mistake not, disapproved of by the English government of the time. Now the same Moldavia and Wallachia, without Bessarabia, are to un dergo some such transformation. Then, the next question, is the question of the Danube. There are people who appear to think that ships are not allowed by Russia to go up the Danube, and some who have a dark suspicion that if shins do go up there, they arc never allowed to get back. (Laughter.) They seem to be quite unaware that, notwith standing all that the wise men of the newspapers [tell us, there is not a river in Europe whose traffic and commerce have increased in so great a ratio during the last ten years as the traffic of the river Danube. (Hear, hear.) But iu April last Russia offered—nay, agreed, that instead of having the sole control over the months of the Danube, there should be a joint commission, and I recollect that Lord John Russell wanted especially to contend that an Englishman should be upon it, sad that that joint commis sion should have conceded to them all the dutiee, which, by the treaty of Vienna, were originally conceded to Russia. Mr. Bright then considered all the other points which were now said to be gained, and which he contended were just equally as easy of attainment in April last, and among these was the only, thing which he considered worth a straw—and even that certainly was not worth nations going to war for, —that the different nations should unite in a treaty, by which they undertook to respect the territories of Turkey, and that none of these powers should. in any way whatever, assail the Turkish empire. Mr. Bright then proceeded to con sider the amount of losses by the war, and the amount of good which had been attained. He took the loss of men to England at 50,000 ; to France, 100,000 ; Turkey 100,000: and Russia, 250,000. It might be said that they should not consider the losses of Russia as any matter of regret—and when they abolished the decalogue and the sermon on the mount, and all such antiquated prejudices, then he would say, let them not sympathise with an enemy. The Rus sians died in a cause which appeared to them glorious— to repel the invaders of the west. Lord Palmerston con gratulated the people of England on the fact, that if the English army had suffered, the Russian army suffered still more. But he (Mr. Bright) was of opini on that 250,000 Russians reckoned for something on the tablets of the receding angel, and therefore he, as a pro fessing Christian man, in a consideration of the cost of the war, could not reject the Russians any more than the Turks, the French, or even the English, from his sympa thies. (Cheers.) He then considered the money lost, not alone in direct outlay, but also in the depression of trade, and increased taxation. Then he spoke of the moral evils which the war had entailed, and upon this subject he said—You have, for example, in your theatres, seen men i i getting up and cheering when it was announced that the Emperor of Russia had follow( d the fate appointed for all living. You have seen that publication which ministers to the fun and the laughter-loving propensities of the people, making admirable jokes, because the pale mos- ' senger struck not at a cottage but at a palace, and sum moned to his everlasting account the greatest monarch upon the face of the earth. (Cheers.) Was not that a theme which should have made men hold their peace, because that which struck him down will strike - ua down, and no man knows how seen. (Cheers.) Then look at the influence of this war upon your pulpits—(hear, hear)—upon your bishops, the supreme guardians of the religion revealed in those chapters which record the ser mon on the mount—ministers of the iEstablished Church, dissenting ministers in:great numbers. I say all this cannot take place without great moral less to the country. (He ar , hear.) I shall not dwell upon ;that point any longer, for sholdi be sorry to hurt the feelings of any man who, how ever wrong they may have acted in my e -- ' ' • acted I dare say, under the belief that, t hey wet, service to their country. (Hear, hear.) 'When the pas sion is over, perhaps they will review what. they have said and taught, and written. and may come to a mind more consistent to the office which they undertake, and to the solemn and sacred dale, which they profess to perform. (Cheers.) Then come to another sphere, the sphere of poetry—the poet, laureate for example. (Hear, hear, and cries of " Maud.') That gentleman whom I have never seen er met, I believe, but once acci dentally—is a gentleman of great refinement or manner and of mind, who has written poetry which will live as lone as our language. (Hear, hear.) And yet such is the pestilential influence of these scenes of carnage upon a mind so accomplished and so elevated as his, that he hai put forth a poem embodying sentiments which his friends regret that he should ever have spoken. I had an oppor tunity lately of reading a poem from another country, written by an American,' Lo ngfellow—(cheers) —a poem which speaks of the legends of the Indian tribes. Whist I turn from the poem of our poet - laureate. in whi c h I fi n d him descending. to slang of almost the coarsest character, I turn with delight to the exquisite poem which has come to us from the other:side of the Atlantic. (Cheers.) Now, take the tone of the ne'vspaper press. Those gentlemen who came out many o' twin every morning, a great num ber of them every week, do not scruple in the most violent manner to misrepresent the opinions, to attack the senti ments, and to vilify the motives of any 'ody who hap pens, as I have done, to oppose th e war. 'These gentlemen with a face of inconceivable effrontery, turn round if any body says a single word against them. (Hear, hear.) I suppose, at. any rate, I may speak once in two months, and say a little in my own defence, against those who attack me every morning. (Cheers) They have told you. and I suppose they have convinced the Lord Advo cate of Scotland, there are other means of convincing Lord Advocates, I know—(hear, hear, and laugh'er)— that the Russian Power was colossal, rine that not only Turkey was threatened—poor emaciated decrepid Turkey —but that robust France, and robust England were also threatened. There was no: a soul of' them who could write a sentence of English. I tell you, who believed it. But now they tell you, after two short campaigns, that this vast power which was to overrun Europe, was so utterly prostrated that it must came linen its knees and sue for peace. (Hear, hear, and cheers.) How to recon cile those differences, I (la not know; especially when it happens that Russia has taken, during the war, at least twice as many prisoners of the Allies, as the Allies have taken of Russia, and, notwithstanding, the Allies possess certain parts of Russia to the south, Russia possesses ten times more square miles belonging to the Allies, than the Allies do belonging to Russia. They have Kars. and in point of fact almost uncontested, the southern side of the Black Sea is theirs. I do not rejoice at this, but if I were editor of a news paper, or writer for one, and if I could not clearly set before the public the facts for and aeainst, so that they should kuow precisely what was going on—if I could not afford to do this. I would choose someot her way ofearn;ng my bread. (Hear, hear, and cheers.) I undertake to say that since the day when Ahab, at the bidding of 400 prophets, whose tongues Satan had filled with lies, went up to Rarnoth Gilead to battle, there has been no greater imposition practised on any people, than has been prac tised by those writers of the public press upon us. (Great cheering.) Mr. Bright then referred to the fact, that Lord John Russell, in the House of Commons, defended the system of interfering in the affairs of other countries. by referring to the balance of power, and declar ing that it had been the policy of this country since the days of William the Third, and entered into a very lengthened analysis of the wars in which this country was engaged, since that period, to show that that policy had only resulted in national detriment and injury. He contended, that pursuing that plan of national inter ference, and carrying on costly wars was absolutely death to the hopes of that class, for whom ragged schools and reformatories were necessary. He pointed as a con trast to the policy pursued by America, which he declared was a country, which if no accident happened to her, and no unforseen folly took possession of her people's minds, would be that country to which the people of England would hereafter, if they did not learn wisdom soon, look as the nation which, by a:wise policy had avoided the rocks and shoals upon which they were threatened to be stranded. He alluded to the statement in the Times of a projected coalition between Mr. Disraeli, Mr. Gladstone, and himself,observing that it was scarcely necessary for him to contradict it. But he took that opportunity of saying that he was satisfied the man who wrote that stater lent, whether he was a r rivy councillor or not, he did not know, had not the least shadow of a shade of foundation for it when he wrote it ; and more, he believed that the writer knew that every single syllable which he wrote in regard to that matter was an absolute and unmitigated falsehood. (Cheers.) Lord Palmerston had been trying to get up a coalition with Mr. Disraeli and Mr. Glad stun, not, by going tv those !srot.lcumor-pertiottatty, ULIL through their intimate friends. He (Mr. Bright), hoped he should have credit for this, that so far as his political conduct had gone, it had been free from all taint of far. Lion or intrigue. (Hear, hear, and cheers.) Mr. Bright then, in an eloquent peroration, vindicated the purity and integrity of his political career, and the disinterestedness of his objects, and resumed his seat amid renewed and long sustained applause. Our space has only allowed us to give the barest outline of an address which occupied close on two hours in delivery. General Thompson was next called for, and rose amid cordial applause. The gallant general hed only com menced to speak when our reporter was compelled to leave for the train. d in this reqpPct, )ing a TRADE REPORT.-MONDA COTTON : There has been a steady market for Cotton to day, the demand has been active, the supply ample, and prices are firm. The salrq, including 250 Pernambuco, ti4i to 7Z-d ; 140 Bahia, SZ-1 to 6A.1 ; 20 Maranham, 61c1 ; 400 Egyptian. 52 . 1 to 71d : 2,500 Surat, nd to 414 ; ere reported 12,000 bales, of which 5,000 are on speculation and for export. COTTON STATEMENT, - -rn rnost SEP r. 1, 1855 , TO JAN% G, 1850, --------- -, • P orts to Total Ex Receipts. Exports to Stock and on Foreign • Shipboard. Great Britain G 19,7. 0 329,40,1 2 507 CONCENTRATED LEMON JUICE : Small stock 13-16 d per degree. ROMAN VITRIOL, best make, 36s 6J, deliverable here, or in Manchester. MADDERS ,ellers at Good E.S.F's French, retailing at 44s THE ROYAL CHARTER We have received the following copy of the log of this vessel : Sailed, January 18th, 1856.-8 o'clock, passed lighthouse under steam, and tide with us. Off Point Lynas at 2.30 p.m. At Holyhead at 6 p.m., strong tide against us. At 6.30 set fore and aft canvas, seven to eight knots, wind south. Course S.W. by W. 19th.—Strong breezes from S.NV., heavy fsea rollinv, in from westward. At 9 a.m. Tuskar light bore IN.W. Wind changed to W. Continued beating down Channel under sail, ship working admirably. 20th.—Off Cork. Thick weather. Wind W.N.W. Course, S.W. by W. At noon wind N.E. At 1 p.m. hove up screw, and ran under canvas only 121 knots. At mid night wind hulled to W.N.W., with heat) , gales, Put ship under close-reefed topsails. Very heavy sea. Ship behaving very well. Under three close-reefed topsails and foresail only. Screw up. 21st —Gale increasing, and sea worse. Wind hauled to S.W. Wore ship, and stood to W.N.W. Keep on save tack till next morning. Much water coming on deck. Ship going 4 to 5 knots, being able to carry sail from size of ship, and having lower topsail yards fitted as they are when most ships must have laid to. 22ud.—Gale . continued terrific, and wind changed to W.N.W. ; wore ship and stood to S.W. Ship behaving very well, but storm so violent that great quantities of water came on deck. Four to five knots. 23rd.-5 a.m.—Wind changed to W.S.W., heavy cross seas, and blowing terrifically. 4 p.m.—Wore ship to N.W, and sea breaking over ship, and continuing so that night. Going through the water four to five knots. 24th.—Wind N.W. 6 a.m.—Gale and sea as bad as before. Gale continued, with every appearance of bad weather. At 8 p.m. wore ship, connected screw, and borelup for Plymouth. 25th,—Wind and weather the same. Running 13i knots. 26th.—Arrived at Plymouth, 3 a.m. COURT OF QUEEN'S BENCH.—JAN. 26. [Sittings in Banco.] THE QUEEN V. CAMPBELL.—In this case certain payments made by the guardians of the poor of Liverpool to the rector, the Rev. Mr. Campbell, had been disallowed by the auditor. The point rested upon'the construction of the sections of the 10th Geo. IV., c. 11, as to a table of fees payable to the rector, and which was to be fixed by certain commissioners for burials in cemeteries. A rule for a certiorari had been obtained for bringing up the order of the auditor.—Lord Campbell said the court had no power to alter these fees.— Rule discharged, but without costs. COURT FOR CROWN CASES.—JAN, 26. THE, QUEEN V. Mo —This was an indictment, charging the prisoner with having stole!? £5,000, the property of the Crown, he being at the time in the employ of the Crown. The prisoner was a collector of the inland revenue, in the county of Chester, and had become a defaulter to a large amount. When called . upon to pay t h e amount h e had coll ec t e d , as we ll as a previous sum of £3OO for excise duties, which be had not paid, he stated that he had only £250 in the world. It was objected, on the trial, that the evidence did not show a receipt, and misappropriation, of any particular sum of money, so as to make the pris o n er guilty o f steal i ng. The j u d ge who tried the case at th e Chester assizes, reserved the point whether th e conv i c ti on should be supported. It was now contended that the indictment ought to have charged the prisoner with embezzling specific sums on particular days. The Lord Chief Baron said that, to remove all difficulty about the oase, the court thought there was sufficient in the smaller sum of £3OO to justify a conviction, which would there fore be oonented• to 455. FARINA : Finest, 235, bags included ; fair, 22i ; dilivera here, or in Manchester, same terms. SAGO FLOUR : Very sick, at 265. PALM OIL : Anxious sellers, at 43s 10d. Stock, 3,800 tons. Fusin: Savanilla .C 5 10s, Puerto Cabello £5 17s 61 to £6, Cuba £8 to £8 103. BONE ASH : 100 tons, 70 per cent ofrared at auction to day ; no bid. SAFE % OWER : No prime berg. Wanted. CAMWOOD : £22, average 220 pieces ; q ua lity m id dl i rg. BICEROME : 100, less 5 per cent. PRUSSIATE dull at 12d to 12,0 best makes. MADDER ROOTS : Finest Turkey 53s to 545, and very dull ; Bombay 31s to 32s 6d. GALLS, BLUES : 723 6d to 758. Loowoonie dull. A cargo of Cimpeachy and two parcels of Jamaica in dock ; Honduras, £7. Pm IRON : Flat : 76s to 76s 61. A KNATTO : Approved imports, 10i1 to lld ; doubtful, 10d to 104-d. INDIA RUBBER : 105 tons, consisting of every descrip tion, for sale on Thursd a y next. GAMBIER : Retails at 16s. SUGAR OF LEAD: Scarce—brown, 363; white, 46s to 47s 6d. TALLOW : No selling. P. Y. C. at 583 to 583 6d on spot. _ - RAPE : Finest refined Pale, £5B, - Ouva OIL : Large stock, 3,500 tons. 40 tons Barbary £5l ; Seville, £5l 15a. sold, price not re p orted ; Galipoli, £54 ; Toranto, £53 10s ; Lisbon, NITRATE OF SODA : Steady at 17a 9d. TARTARS : The gross sales on, and since, Friday, are 3, or more than half the stock. The prices to day were 95s for Brown, to 1104 for Cream, 115 being now the price of the latter, though it offers to arrive at 112 s 6 1. TARTARIC ACID : 25 tons sold to day at is 6d t) 11 so for present, February and March deliveries. LARD : American retailing at 653 to 665. BERRIES: In more demand, and very small stocks. Gums : 200 serons of Common Geddes are for sale on Wednesday ; 48 serons are Ist class, and only thinly crusted ; remainder, about one fourth, each bag, blocky. Aatoor.s Red Oporto, 4Ss to 453, as in quality, Alarm : A few tons of best Scotch offer e d. ASHES : Ist Mont, Pots, 39$ ; Pearl, scarce, at 47, to 483. 65 tone BRIMiTONE : A ballast lot of 20 tons, Mid, 2nds Fold at £5 7s 61. Prices are lets, £5 12 3 6 d. ; 2nds, 09 ; 3rds, Se. to li g 9d the price on th e, spot. UMAC, : 1600: 150 bags Sicily of a f avor i te mark, at 12s 3d, bar rels Common A mer i can at 4s 3d to 4s 41 =,:zer SUGAR : Our market continues quiet; including Satur day's business, the sales in West India amount to 250 hhds., chiefly Demerara, at 38 s 9d to 42s 3d, and at 46s 6d per cwt. for grainy ; 260 bags yellow Dates, with all fault? also been di sposed of. ,hare MOLASSES, Rum, AND COFFEE : There is nothing to note: TEA : The market is moderately active, but prices are unchanged. RICE : Remains flat, and we have no transactions to report. SAGO FLOUR: 260 bags have been sold at 25s per oWt, for sound,