The Daily Times.
Liverpool, Merseyside, England, 1860-03-02 00:00:00

* Stare Sada

The Liverpool Share Market, to-day, was less
active, and prices scarcely sustained yesterday's
level, owing to a fidgetty feeling amongst the
speculators with regard to Italian politics. At
the close the tone was dull with a flattening
tendency. The day's transactions included—
Caledonian, 93ti ; Great Western, 69y .M ; Lan-
cashire and Yorkshire, 99 t ; London and
North Western, 98-I k I 8 ; Manchester, Sheffield,
and Lincoln, 414 y ; Midland, 1091 ; North British,
621 ; North Staffordshire, 3 5-16 id. • South
Eastern, 27 6 15-16 ; Buffalo and Lake Huron, s_;
Great Western Birmingham, 10 3-16; Bank of
Liverpool, 20q.

CLOSING PRICES

Sales after
Railways. Closing Prices. 3 o'clock.
Birkenhead&CheshireJn. 721 xd 73
Caledonian
Chester and Holyhead 5l 511
Eastern Counties
Great Northern ... lO6. xd 107
Great Western
Lancashire & Yorkshire 99 xd 998 99+ k
London & North Western 97-7-, xd '9B .973
Ditto 3-shares
Manchester, Shef., & Lin 4l •414 411 1 1,- I
Midland Stock
0 ei
North British
~ .i
North Staffordshire -16 xd 3 a-16d
Nt. Eastern—Berwick .
Do. York and N. Midland 764 xd 77
Do. Leeds Northern
South Eastein 26 13-16 26+ 26+
Dutch Rhenish ...... 5 1-16 5d
Gt. W. of Canada
Ditto new shares
Great Luxembourg
Grand Trunk of Canada 8 11-16 8 13-16
Buffalo and Lake Huron. 4z 53
1
Lombardo-Venetian .... 11 2p ,
Great Ship lO/6 11/6

6entrall Vrahrt ark&
DYEWOODS. —4O tons indirect Campeachy
Logwood, at £6 SS. per ton. _ _

DRYSALTERIES, &C. 75 casks Oporto Red
Argols, at 50s. Small sales of brown Tartar, at
115 s. 150 tons Rio Hache Divi Divi, at £l4
ss. to £l4 7s. 6d. 150 bags Palermo Shumac, at
12s to 14s. 6d. 50 bags' Syrian Madder Roots,
at 40s. Small Sales of Gum Gedda, at 28s. to
28s. 6d. No transactions in Brimstone reported.
17 tons inferior Smyrna Valonia, at 14 12s. 6d.
800 bags Myrabolams, at 10s. to 12s. 100 bags
Eiilattlivuaini,-aPtzsVer lb hrltagftitilliefrhet,
at 395. for 41 per cent.

OILS, B,7c.—Palm, £45 10s. to £46. Tallow
steady. Olive oil in good demand, to arrive as
well as on the spot. Stocks very light. 120
barrels medium Rosin at 6s. 55 barrels Spirits
Turpentine at 365. to 365. 6d. per cwt. Linseed
Oil, 28s. to 28s. 6d. per cwt.
At the auctions to-day; 220 cases, about 220
bags and 20 casks of Para India .Rubber were
offered, and all sold—fine at 2s. 4d., middling at
ls. 101 l to 2s. 2d., and Negrohead at ls. 80. to
Is. 9d.; also 40 bags Ceara scrap at ls. 94-d.
per lb.

SUGAR.— The business is confined to 240 hhds.
Foreign West India (indirect) from the quay, the price
of which has not transpired, nor has any thing takep
place in Molasses.
Rum.-45 puncheons have changed hands at about
the late currency.
COFFEE.—We have no transactions to notice in; 1100
bags Bahia Cocoa are reported at 455. per cwt.
Rim.— The bnsiness is confined to 1000 pockets
middling old Bengal at 125., and 450 bags at 1 Is. 3d.
220 bags Sago Flower' all faults, at 14s. 3d. per cwt.
for first-class damaged.

Agritulturii htarket.
At the Liverpool Agricultural Market, to-day,
the following prices ruled :

6. d. 2. d. s. d. s. d
Hay, old
Ditto, new
Ditto, clover 0 0 ... 0 0 Do. whiterocks 3 2 ... 3 4
Green Clover 0 0 ... 0 0 Do. Balehaw . 0 0 ... 0 0
Vetches .. . ... 0 0 0 0 Do. Beldrnms. 0 0 ... 0 0
Straw, wheat. 0 ... 0 71 Do. cattle
Ditto, oat
Ditto, barley.. 0 0 ... 0 0 Carrots
Oats, in straw. 0 0 ... 0 0 Mangelwurzel 30 0 ...32 0
Potatos, flukes 3 9 4 0 Manure 5 6 ... 7 6

LONDON, THURSDAY EVENING.

The ENGLISH STOCK MARKET to-day was
rather wanting in activity, though generally firm
in tone, the protracted sitting of the Bank
directors having in some degree operated as a
check to business. Consols are now quoted
944 for Money, and 944 to 95 for the Account.
Bank Stock has been dealt in at 230 f and 229 f ;
Reduced Three per Cents., 95 f ; Five per Cent.
Annuities, 1091 ; India Stock, 221 and 219;
Ditto Debentures, 9Th ; Enfaced Rupee Paper,
98f and 971 •, the Five-and-a-Half per Cents.
Ditto, 104 and 1031 ; and Exchequer Bills, 23
and 26 pm. for all.

The following appeared in a portion of our
impression of yesterday :
The English funds have been steady at a fractional
improvement, caused by the partial recovery on the Paris
Bourse. Nog of the parcels of gold recently withdrawn
from the Bank have been for transmission to Spain.
During the month of February, notwithstanding the
important financial and commercial announcements of
the period, the range of consols has been unusually
limited, the difference between the highest and lowest
prices being 11 per cent. The general result has been
to establish an improvement of per cent.—Times.
The funds advanced 4 per cent. this morning, in an-
swer to the rise of nearly per cent. at Paris yesterday.
A relapse followed ; but at the close the market was
again steady, at an, improvement of k per cent., the
ris Bourse to-day, being reported firm. The uncer-
tainty attaching to continental politici and to foreign
securities is stimulating investments in our home rail-
ways. The demand for money is slightly more active,
partly in preparation for the bills maturing on the 3rd
and 4th. About £16,000 in bar gold was taken from
the Bank, to-day, for exporiation.—Daily News.

FUNPS.-CLOSING PRICES
Consols, Money
, Account . . . . • . •
Exchequer Bills 23 6
Bank Stock 229 31
Three per Cents
The RAILWAY SHARE MARKET to-dayg con-
tinued firm, though business was not conducted

on an important scale; Great Northern are
quoted I- per cent. higher. Caledonian, Great
Western, and London and North-Western have
advanced each 4 per cent. South Easterns are
firmer.
The following appeared in a portion of our
impression of yesterday :
The railway market retains a vet), favourable appear-
ance, the completion of the settlement showing
extensive investments in small amounts by the public,
which gradually absorb the 'stock held :fob. some time
past on speculation. The floating supplos continue
very limited. The A and B stocks of the Gnat Northern
Railway, taken together, are now worth about 8 per cent.
more than the ordinary stock, by the division by which
they were formed.

RAILWAY SHARES.-CLOSING PRICES.
Ambergate, Not., & Eastern Junctn. 61 61
Caledonians : " . ' 93 931
Dutch Rhenish
Eastern Counties 561 56+
East Lancashire
Edinburgh and Glasgow, ac. . .
Great Northern' lOB . 109
?, „ A lOl 102
Great Westerns
Great Western of Canada. .12 7-16 12 9-16
Grand Trunk of Canada B- 81
Great Southern and Western . . lll 113
Lancashire and Yorkshire . ; .
London "and-North-western . .
London and South-western. . .
Leeds Northern . ' . ! ...
Manchester, Sheff., and Lincolnshire 41-t
Midland Stock lO9l 1091
North British
North Staffordshire.
South Eastern and Dover . . . • 894 891

York, Newcastle, and Berwick . . 92* 93

York' and North Midland . . . 76 2 77
The FOREIGN SECURITIES MARKET to-day has
been moderately active, but there is a tendency to
heaviness in some descriptions ; Original Turkish
are, however, supported at 791-, and the New
Sixes are now quoted x div. at 63 and 622.
Mexican Threes have fallen s per cent. ;
Brazilian and Spanish, are rather lower. New
India Fire per Cent. Lean is marked 104 to
Canada, Scrip is at 2to 3 pm. Turkey Bank
Shares are to 3 dis.,aand Ocean Marine 34 to
prem. The price for French Rentes at a quarter
past twelve on' the Paris Bourse was 68f. 15c.,
and subsequenty 68f. 10c., showing no alteration.

The GENERAL PRODUCE MARKET to-day was
generally dull. - .
SUGAR.—The mark et continues inactive, but
prices are unaltered to-day.
COFFEE remains firm.
COCOA has sold with spirit. Grenada sold at
595. to 695., which was a considerable advance.

TEA remains quiet, in the face of the large
public sales to commence to-morrow.
Ruxt.---,Jamaica sold at 3s. 10d., which shows
a decline of 2d.

RICE low ; whitel Bengal sold at 10s.
SALTPETRE continues dull of sale.

The TALLOW MARKET to-day was firm.
Petersburg Y.C. on the spot is quoted 60s. 3d. to
60s. 6d. ; March, 60s. 3d. to 60s. 6d. ; April to
June, 565. ; Oct. to Dec., 535. 6d.
The COLONIAL WOOL SALES have commenced
this week with rather a numerous attendance of
both English and foreign buyers, and the biddings
on the whole have ruled steady. Good and fine
parcels changed hands at-an advance of Id. to
id. per lb., compared to those realised the pre-
vious series. In the value of other descriptions no
change to notice. Messrs. Jacomb and Son were
the selling brokers.
THE STEAM SHIP MARKET looks more hopeful
now than for a long preceding period. Screw
Steamers have been in some demand for coal
charters, the rates of freight in this branch of
employment having undergone considerable
improvement. ' Steamers for Baltic and other
voyages have been in demand. A few time
charters are attainable for medium 'and smaller
class of Screw Steamers. In the purchasing
department fair demand is felt for different descrip-
tions of Steam Vessels. Several screws have
changed owners, although the aggregate tonnage
disposed of last month was only moderate ; and
the prices realised offered but little improve-
ment on those lately ruling. The number of
steamers at present on sale is much under what
it was six months since, Some builders at
the outports are well in hand with contracts for
new ships ; and similar engagements are pending
with London and provincial houses, so that there
is some prospect of building establishments gene-
rally getting into more active employment.
Should political affairs become more reassured, it
is anticipated that the advance of the season will
produce improved demand for steam property.
In other respects the present aspect of commercial
affairs leads to favourable contlusions.

The MINING MARKET to-day continued quiet.
In the Stock Exchange, East Basset shares were
inquired for, and have been dealt in at 158 and
160. Stray Park are marked 331 ; Wheal
Clifford, 335 ex div. ; and Devon Great Consols,
455. The other transactions have been chiefly in
shares in Lady Bertha, Wheal Ludcott, North
Downs, Ding Dong, Wheal Nelson, Wheal Unity,
North Roskear, and cam Brea mines. Foreign
Mining shares were very quiet. Kapunda
(South Australia) have been dealt in at 1 prem.
Great Northern Copper (South Australia) are
quoted par tog prem. At a sale of mining shares,
by Mr. T. P. Thomas, at Garraway's Coffee-house,
yesterday, the following prices were realised :-
20 Buller and Basset, at £1 lls. ; 50 Wheal Unity,
at £1 19s. 6d. ; 20 North Great Work, at £7 ;
50 Roundhill, at 7s. ; 1 West Caradon, at £B2 ;
25 Tamar Consols, at £3 3s. ; 20 Pendeen
Consols, at £4 lls. ; 30 Gawton United, at Bs. ;
40 Wheal Edward, at £1 12s. 6d. ; 50 Sortridge
Consols, at 12s. 6d. ; 20 Great North Tolgus, at
£3 ; 50 North Wheal Providence, at £2 ss. ; 50
Pelyn Wood, at 19s. 6d. ; 30 East Wheal Russell,
at 11-1,-; 150 West Par Consols, at 7s. 6d. ; 25
Kelly Bray, at £3 12s. 6d. ; 5 Stray Park, at
£33 10s. ; 50 Tolcarne, at ..E4, 10s. ; 20 Great
Fortune, at £4 ss. ; 5 West Rosewarne, at 6s. ;
25 Wheal Grenville, at 31-; 30 East Tamar, at
12s. ; 5 Carvannal, at £1 lOs. 23 Treweatha, at
£1 ; 10 North Busy, at £11; 20 Wheal Lewis, at
£4 10s. ; 10 North Crofty, at £lO.
The METROPOLITAN CATTLE MARKET to-day
was not very largely supplied with Beasts, yet it
was difficult to effect a clearance. Prices on the
average were about the same as on Monday. The
demand for Sheep was very small ; prices were
rather lower, and several remained unsold. Calves
were not quite so deir as of late. Our foreign
supply consisted of 70 Beasts, 500 Sheep, and
111 Calves. The number of mulch Cows was 152.
Per stone of Blbs. a. d. s. d. Per stone of 81bs. s. d. s. d.
Best Scots, Heref'd 4 8 5 0 Best Dns Bti-bds Sh
lit§Wl94llQl3)4 1,,0 4 § 8U5.144V-`5281L : • 5 2 5-4
Calves 4 -6 5 8 Ewes & 2nd quality. 4 4 4 8
Pigs 4 0 5 0 Do, do. Shorn —
Best D'ns & i-breds 5 6 5 8 Lambs'
Beasts at market, 922 ; Sheep and Lambs, 3,070 ;Calves, 143 •
Pigs, 165.

The BOROUGH HOP MARKET.—To-day fine
new Hops support yesterday's currency ; but
other kinds are very dull, and prices are rather
lower.

PROVINCIAL, &c., MARKETS, YESTERDAY.

MANCHESTER SHARE.—Great Westerns, 69!
Sheffields, 41-2-

GLASGOW IRON.—No. 1, 595. to 595. 6d. War-
rants, 595. 9d. to 60s. No. 3, 595. to 595. 3d. Market
firm at prices.
CO QN MARBETS.—MANCHESTER.—There was a
good attendance at this morning's market. The inquiry
for Wheat without activity, still, in the business trans-
acted, previous rates were fully supported. Flour also
sold slowly on former terms. Oats and Oatmeal in rather
better demand and were each a turn dearer. The same
may be said of Beans, Barley, and Indian Corn.—Coßs.
Red Wheat, 265. 3d. ; Barley, 16s. 6d. to 20s. ; Oats,
12s. to 14s. 9d.

CATTLE MARKETS.—DUBLIN : Supplies larger
than on this day week.. Best descriptions of Beef sold
about same as before, but second class and inferior
lower, and difficult to dispose of. Sheep more readily
sold, and in favour of the sellers. Price of beef, 60s. to
625. per cwt., and inferior Beasts 355. to 555. Best
Wedders, Mutton, 61d. to Btd. per lb. ; inferior and
Ewe, sd. to 6d. ; Veal, Bd. to 9d. GLASGOW : 1,003
Cattle, 1,563 sheep. The greater part of Cattle were
heavy and well furnished, although numbers were
small. Sales were very slowly effected. Sheep were
difficult to sell at late prices. Best Scotch Cattle, 60s.
to 625. ; Irish, 58s. to 60s. ; Inferior, 50s. to 558.,
Mutton, 7d. to Bd. per lb.

MR. GL AD ST ONE, THE_ BUD G ET, AND

THE CLERGY,.

We (London Guardian) have been favoured
with a copy of the following letter, addressed by
the Chancellor of the Exchequer to a clergyman
in Wales, on the question of the Budget:—
"Downing-street, Feb. 29, 1860.
"RVEREND SIR,—I agree with you, that the clergy
suffer hardship in regard to rating for the poor. But I
must remind you that a bill was introduced into Parlia-
ment in 1855 or 1856, by Mr. R. Phillimore, which
would have given them considerable relief ; and that the
reason of its not proceeding was, that the clergy them-
selves differed with regard to the expediency of acceptinc,
it. With respect to the income-tax, I understood you Co
ask that the clergy paying poor's rate may be exempted.
Such a proposal would simply produce a hundred
other claims of a similar nature, and besides being
in itself unjust, would break down the tax, and reTiire
the adoption of other and more costly means of raising a
revenue. I must remind you that the cause of the
income-tax is not to be found in the will of a ministry,
but in the will of the nation, which a few years ago was
content with an expenditure on supply services of 21
millions, but which now thinks fit to spend, on the same
services, 30 millions. There are two sources to which
we may look for the reduction of the income-tax. One
of them is reduction in our expenditure ; the other is
the increased productiveness of the indirect, taxes. But
in order that this latter source may be fully opened, it
is necessary to repeat from time to time the process by
which our indirect taxes have been raised to their pre-
sent efficacy--I mean the process of liberating trade, and
augmenting wages and profits through judicious diminu-
tions and abolition of duties on commodities. In 1853,
when the income-tax was renewed for seven years, Parlia-
ment adopted such provisions as it was thought could
fairly be enacted in relief of the clergy. That they feel
the pressure of the tax I can well believe ; but it is
desirable that they should understand its cause, and I
cannot say that I have observed on their part a general
desire to check expenditure, though undoubtedly no
class feel more severely the. pressure of the taxation
Which it causes, lam sorry It is your opinion that by

THE DAY'S NEWS.

In the House of Commons last night, Lord John
Russell moved for and obtained leave to introduce
his Reform Bill. He eloquently disclaimed any
intention of innovating, or of displacing, " the
ancient and glorious Constitution of the country."
His measure, he held, was at once a consequence
of the success of the Reform Bill of 1832, and the
true remedy for its defects and omissions. He
admitted that the propositions he had to submit
"would go only a certain height beyond the propo-
Salons of Mr. Disraeli." And, coming to details,
" they had thought it best to make the matter as
simple as possible, and to avoid the intro-
duction of fancy franehises hitherto unknown
to the Constitution, all of which are liable
to abuse." What he now proposed was, to
add to the county franchise an occupation
franchise of £lO per annum; and, when a
dwelling-house was attached to the land, it would
be necessary, to prevent fictitious votes, that
such dwelling-house should be of the value apart
of not less than £5. The franchise in boroughs
would be extended to £6, subject to the condition
of the payment of the poor-rates, but without the
necessity of the payment of the assessed taxes ;
—the franchise to be determined by the
gross, and not by the rated, value of the
possession. The effect of this would be to add
194,199 to the present number of electors in the
cities and boroughs of England and Wales, thus
raising the total number of voters from 440,776 to
634,975—which is equivalent to an increase upon
the former number of more than 44 per cent. The
character of the persons thus introduced, being
that of the working man, he Considered, would
remedy the defect of the first reform bill, " which
had thrown the almost exclusive power into the
hands of the middle classes." He admitted that
the proposed extension of the borough franchise
went lower than " the rent paid by the best
workmen." But he did not think there was
anything "extravagant" in that proposition !
As to the distribution of seats, "he defended the
retention of smaller constituencies as offering a
refuge for minent statesmen who might incur
the displeasure of larger bodies." His proposal
would take away one from all the boroughs
from which the bill of last year took
away one member—fifteen in number ; ,and, in
addition, one member would be lost to ten others
—making in all twenty-five seats to be disposed
of ; which he proposed to do by adding ten to the
counties, and fifteen to the boroughs. The list
of additions, it will be seen, includes one
respectively to South and to North Lancashire ;
to Birkenhead, Stalybridge, and Burnley, to
Manchester ; and to Liverpool. Thus at last
we behold the Reform Bill which is presented to
to Lvtd
Derby's bill as to justify his expulsion from
office, in order that the authors of this miserable
abortion might take his place ! Mr. Walpole
thought the proposal went too far in equalising the
county and borough franchises; Mr. Williams
thought the propositions would' disappoint the
country ; and Mr. Duncombe asked what had
become of the lodger's franchise. Mr. Cardwell
and the Lord-Advocate respectively introduced
similar bills for Ireland arid Scotland. The
second reading was fixed for the 19th instant.
The Times makes some astounding confessions
regarding the Reform Bill Lord John Russell
brought forward last night,—most astounding, at
least, when it is considered that, for the sake of
such. a measure, not only was a very able Admin-
istration upset last year, bilt great interests of
the country injured by the process. " Who,"
asks our contemporary, " believes that any
measure that is likely to be carried will have a
decided effect in the improvement of our Govern-
ment; and who is there who would not cheerfully
give up all the good he hopes on condition of
being delivered from all, the evil he fears from
the impending change ?" Then why, in the name
of reason, should the country have had a coalition
Cabinet foisted upon it, under the pretext of its
being indispensable to carry such a measure ?
" The first Reform Bill," it is continued, " was
sought as a means to an end for the sake of
changes which it was believed it would produce.
The second Reform Bill is sought for no ulterior
good, except delivering the public from the dis-
cussion of an unwelcome topic." Yet for such a
Bill, we say, was the excellent Administration of
Lord Derby hurled from its place, and those
whose only claim was their readiness to produce
such a Bill constituted a Ministry in its stead—a
Bill, it is now confessed, " sought for no ulterior
good," and never projected, we may take it for
granted, but as a mere party manoeuvre of the
Whig-Liberals.
A letter from the brother of Pr. Livingstone,
who is accompanying 1014 in his African expedir
tion, will be found in another column, addressed
to his friend, Mr. Clegg, of Manchester, giving a
most encouraging account of their discoveries of
new and abundant sources of supply of Cotton.
It is described as being of two kinds, native and
foreign. " The native," it is stated, "is short in
the staple, and feels more like Wool than Cotton.
The foreign appears to be of good quality, with
a staple from 4 inch to an inch in length. It is
perennial, and requires planting only once in
three years, while-the native has to be planted
annually in the highlands, yet the people prefer
the latter, because they say it makes the stronger
cloth." ‘rith these two kinds, it appears, the
country abounds ; and Mr, Clegg, who has
received several samples of them, declares that
they are " all exceedingly useful qualities." The
natives, it seems, themselves manufacture it into
cloth ; though, of course, in a rough way. But
they are ready, apparently, to grow us plenty of
the raw material, and take our manufactures of
it in return.

It will be seen by one of our telegrams that the
Morning Chronicle reiterates its statements
almost more positively than ever of the conclu-
sion of an Austro-Russian treaty. It appears,
however, that the treaty has been modified, so soas
to exclude Russia from the obligatio f
assist-
ing Austria in Italy, remain, if
has deemed requisite to enable he
France. But
possible, upon good terms
v in Italy, she is
though she is not to interferetria in any difficulty
bound to co-operate with. Aushe
—a stipulatihoenrwthenicoh Russia
that may occur countries on the
gary.
when certain persons
The' old proverb, t a
Danube, or the arffeas
not over honest fall out, others better inclined
Pi affairs toiftngli Hun

towards honesty come by their own, seems not
unlikely to meet with a verification, after all, in
the matter of the Italian difficulty. = The same
telegram that informed us Louis. Napoleon still
preferred his claim to the cession of Savoy, as-
sured us it was scarcely prObable that, under ally
circumstances, Victor Emmanuel would consent
to cede that territory, , unless Tuscany and the
Romagna were completely incorporated with his
dominions, which his Imperial Majesty was not
disposed to grant. Parma and Modena, the
Emperor is willing, may be annexed to Piedmont;
but Tuscany must choose a sovereign; who may
be any prince except the Prince de Carignan ;
and the Romagna must be ruled by a vicar, who
may be a member of the Sardinian royal family,
but who must acknowledge the suzerainty of,the
Pope, and pay a yearly tribute to the Holy See.
As this, however, does not come up to the re-
quirements of the Sardinian King, a rupture is
threatened, which may perhaps break up the
whole conspiracy, and bring out quite a new
Napoleonic " idea."
The Paris Constitiutonnel, in venturing upon
an analysis of the division on Mr. Du Cane's mo-
tion respecting the Budget, says that the vote of
the House was " the expression of a great idea,"
and rejoices that "the party of mistrust, preju-
dice, antiquated ideas, and sterile and egotistical
rivalry " have been defeated in England. This
is not at all amiss for the semi-official organ of a
despotic ruler ! The " antiquated ideas ' he acts
upon, however, are of a different kind. Des-
potism itself is a pretty antiquated thing ; and
a free people's "mistrust and prejudice," of one who
adopts it as his system of governance, can scarcely
be said to belong exclusively to modern " ideas."
It is certainly well that we have such a " party
of mistrust and prejudice" in this country,—so
long, at any rate, as there is a Buonaparte on a
neighbouring throne, whose subtle policy has to
be carefully watched, and his ambitious aims to
to be vigorously resisted.
The Morning Herald scouts the idea of any
Commercial Treaty of itself having the effect of
maintaining peaceful relations between France
and England. " Louis Napoleon," it is observed,
" has proved more than once that no consideration
on earth deters him from plunging the French
nation into war whenever he wishes it ; and we
should like to know what portion of the Treaty
it is which Mr. Bright or Mr. Cobden thinks
would deter the Emperor from making war against
this country if an occasion should arise. It is
certain that in that case he would get no protests
laid at the foot of the throne." Nor would
England, our contemporary thinks, be more
likely to be quiescent, should any casus
.belli
unfortunately happen to arise. " The temper of
the English with regard to French doings," it s
argued, "is such that they are always on the
extreme limit of reasonable sensitiveness, and at
the first blush of a hostile tone from France they
would throw aside all pecuniary considerations
and every shade of reciprocity. Their attention
would he clamorously directed, not to the loss of
trade and injury to commerce, but to the Channel
fleet, the Armstrong gun, and the Whitworth.
rifle." The important point, of course, under any
circumstances, must be to avoid all ocCasion.. of
quarrel. But the worst of it is, that the Buona-
partes, as we all but too well know, are rather
fond of giving such occasion,—it has been all
along the secret, indeed, of their greatness and
renown.

We give in another column a copy of the peti-
tion, of the Mercantile Marine Service Association
of Liverpool, which was presented to the House
of Commons by Mr. Horsfall on Tuesday evening.
This petition well deserves attentive consideration.
It appears that a deputation from the council of the
association is about to proceed to London to give
evidence in support of their representations before
the committee of the House of Commons, now sit-
ting to inquire into the state of the Shipping
Interest, and we have no doubt they will be pre-
pared to support their- case in a manner which
can scarcely fail to produce a strong impression
upon that committee.

AMONG the several great national interests that
will be unfairly dealt with by the French Treaty,
and the Budget that is based upon it, there is
not one perhaps which occupies a more con-
spicuous place than the Shipping Interest ; and
it is one, be it remembered, that is of the most
vital importance to the welfare of the country—
to its safety and security. A good opportunity,
one would have thought, was offered to our
Government for obtaining some degree of justice
to this Interest by such a Treaty with France.
But it is evident that this consideration was
completely overlooked ; and if we wanted farther
evidence of the unfairness of such a neglect to-
wards a great Interest of the country, we had it
very forcibly given to us in the letter of one
of our townsmen to a London journal, which
we copied into our impression of yesterday. The
writer called to mind in his communication, it
would be seen, that when we amended our
navigation laws we gave up all reservations, not
only on goods, but on foreign shipping ; and that
since that time an Imperial decree of France has
annulled its prohibitory enaction relating to the
produce of Asia, Africa, and America, and substi-
tuted for such prohibition protective laws in
favour of French shipping. "A reference to the
tariff," it was observed; " will at once demonstrate
the fact that all foreign ships are liable to diffe-
rential duties on goods imported in other than
French ships, excepting those specially exempted
by treaty. These exemptions France extends to
all foreign ships trading between England and
France." The consequence of this is, that
American ships can carry goods to France to the
virtual exclusion Of British ships. 'There is,.for
instance, a differential duty on cotton imported
in a British ship from America or Liverpool,
which operates as an entire prohibition to
the -British shipowner. Very truly, therefore,
does the writer declare, that "if Article 3 is not
amended by negotiating additional articles, the
meet win be that Uavre will become a bonding
port for the produce of Asia, Africa, and America
for the supply of the Continent, and when it suits
France to abolish the differential duties on this
foreign produce imported from England in French
ships, the whole carrying will be monopolised by
French steamers, and this trade will be turned
into a nursery for French steamers, to the exclu-
sion. of British." This, then, will be one of the
perpetuated mischiefs of the Anglo-Gallic Treaty,
as far as the Shipping Interest is concerned;
and were there no other, it were surely

enough to condemn that measure as one of
great disadvantage, nay, of positive injury, to a
great maritime country like ours.
It were fortunate, perhaps, that at this moment
a Committee of Parliament should be sitting to
inquire into the condition of the British Shipping
Interest. Not but that there was evidence
enough already of the depresse4 state of that
Interest, owing to the influence of modern legis-
lation. But since not only is the mischief as
respects our trade with France to be perpetuated,
but to be aggravated, under the Treaty of Com-
merce that has just been entered into, it were of
some importance, perhaps, that such evidence
should be brought forward as may make an
impression at the present juncture, if not upon
the mind of the Legislature, yet upon that of the
country, in connection with the fiscal derange-
ments to which Parliament is now called upon
to commit itself. Before this Committee of
Inqniry, on Tuesday, Zr.ll pUN;$.4.lt, the eminent
shipowner, was called and examined at consider-
able length; and an abstract of his evidence will
be found in another part of this sheet. It is the
evidence, be it remembered, of a practical man—
of one who is thoroughly conversant with the
trade to which it refers—who is himself most
extensively engaged in its operations, and whose
reputation, at the same time, is such as to give
no ordinary weight to any testimony that he nay
testimony
will bear npon the subject. FePeqied7rs4le;,aged
seen, that be ‘4 had been for many
years
and a
in the shipping trade, both
asa
of his
merchant, and in thelnterest in
wholethe course
expe-
rience had never 107,1
as
Shippingwas
at the present
so depressed a condition
it were not a time to inflict
moment." Surely,
h an Interest. One would have
new injuries upon such
thought, in—ee
A that, on the contrary, it was just
the time when the opportunity should have been
taken advantage of, in entering into a Treaty
with such a country as France, to obtain some
justice for such an Interest in its intercourse with
French ports. To show, for instance, how inju-
riously the French differential duties upon cotton
operate against British Shipping, Mr. Durrnmt
mentioned that " a few days ago a gentleman
told him that he had engaged, or was about to

wage, in an enormous cotton speculation with
France, but it was a condition that the whole of
the cotton should be carried in American vessels,
because if it should be carried in English vessels
the operation of the differential duties would be
such as to prevent their obtaining any profit
whatever." Now here we have a case of virtual.
prohibition to British ships in French ports.
American vessels are preferred, because the
French navigation laws give to those vessels an
advantage over us. And surely, while making
such concessions as our Government have done to
the French in the present Treaty, it might have
been insisted upon,—and we have no doubt it
could have been obtained—that a partiality and
injustice so injurious to British shipping should.
at once be done away with.
It is not merely in a commercial point of
view that this is detrimental to a great Interest of
our country. The question is one vitally affect-
ing our national defences. Our Shipping Trade
has fallen into such a state as to have reacted in
no slight degree upon the Navy itself,—whereas,
as Mr. DUNBAR very forcibly added in his evi-
dence before the Committee to which we have
referred, but for that depression in British shipping
which the liberal measures of modern legislation
have inflicted; " the inducement for persons to
engage in the Shipping Trade could not have failed
to maintain the country in the high position she
had hitherto held,
.and, in point of fact, Lord.
PALMERSTON would have been in such a position
as to say, Not a single shot shall be fired against
England unless 1 choose to give permission."
Unfortunately, however, we are not now in a
position to enable either Lord PALMERSTON, or
any other Minister of the Crown, to assume
such an independent or defiant attitude, whatever
occasion may happen to arise for doing so.
With all the increase in the navy that is now
going on, at so great a cost to the country, it is
very questionable if our national defences will be
found equal to the emergency that may unfor-
tunately happen to arise, in the event of a rupture
either with France or any other great Continental
Power; whereas, had our mercantile marine
been encouraged and upheld, as it ought to have
been, we might, in our insular position, still have
been able to boast, as Englishmen could do of
old,—

"Come the three quarters of the world in arms,
And we shall shock them."

THE CHANCELLOR OF THE EXCHEQUER

AND THE CLERGY.

Mr. Gladstone's letter to a clergyman in Wales, in
reply to a remonstrance against the Income-tax, which
is just now going the round of the papers, by no means,
we think, states the case fairly. " The cause of this
tax," he says, "is not to be found in the will of a
ministry, but in the will of the nation, which now
thinks fit to spend £36,000,000 a-year on supply ser-
vices, instead of £.1,000,000." But then, instead of
maintaining
_less odious and oppressive taxes, or imposing
others less odious and oppressive than the Income-tax,
there are reductions of duties on luxuries, and things not
necessaries of life at all, thus increasing the deficit, and
giving an excuse for not only continaing, but aug-
menting the 'lncome-tax. The clergy can, without
any inconvenience, dispense with such things; but they
cannot escape from that most obnoxious tax. Besides,'
there is this gross anomaly in the case,—that the neces-
sity for those increased "supply services" bas been
occasioned by the menacing attitude of the very man, to
favour whom Mr. Gladstone is sacrificing revenue which
he has recourse to the Income-tax to mike up !
And, not c intent with making so unsatisfactory a
reply as this to his reverend correspondent, the right
hon. gentleman breaks out into the most miserable
taunt, that "he has not observed on the part of the
clergy any desire to check expenditure." Now this, we
contend, is not only a most gratuitous but a most unjust
imputation. The clergy, as a body, do all in their
power, we believe; to "check expenditure,"—most of
them, indeed, for the best of all reasons, that if they did
not, their scanty means would never hold out for their
subsistence. And they have calls upon them—calls of
humanity and of charity—far beyond that of most other
men, and which they often, no doubt, find it necessary
to make personal sacrifices to enable them to meet.
Such a body of men have certainly a strong claim to be
exempted from an impost like that of the Income-
tax. But, at any rate, when one of them, suffering
under so oppressive a burthen, respectfully submits his
grievance to the consideration of the Chancellor of tliN
Exchequer, he is at least entitled to a courteous reply,:rl.
he cannot deserve to be taunted with extravagance, and
to be made the medium through which his whole order
are to be most unjustly, and therefore most offensively
reflected upon. Think of a poor curate with only is
hundred pounds a-year being called upon to pay four or
fivelpounds Income-tax ! Or take a rector or a vicar
with even his two or three hundred a-year, which iS
already found insufficient to answer all the pressing 4114
generally unavoidable demands upon it, haying to pay
his ten or fifteen
.pounds a-year, as the ease may be, to
that inexorable impost ! They will, of necessity, it is
evident, have to "cheek expenditure " under such an
exaction ; yet one cannot but fear it will too often be' at
the sacrifice of means of doing substantial good,—
relieving the distressed, feeding the hungry, clothing the
naked, and reclaiming the vicious.

THE LATEST NEWS.

JBY BRITISH AND IRISH MAGNETIC TELEGRAPH.I

FRANCE.

THE FRENCH FUNDS.
PARIS, March 1.

The Bourse has been dull owing to the uncer-
tainty as to the contents of the Emperor's speech.
Relates has undergone no alteration, and closed at
68f. 15c.