The Daily Times.
Liverpool, Merseyside, England, 1860-02-23 00:00:00

CLOSING PRICES.

Sates after
Railways. Closing Prices. 3 o'clock.
Birkenhead 731 731
Caledonian Stock
Eastern Counties
Grent Northern Stock lOBl 1004
Great Westerns
Lancashire & Yorkshire lOO 1001
London & North Western 991
Ditto 4-shares -16d
Manchcsttr, Shef., & Lin 4Ol 402
Midland Stock lll3 111/
4
North British Stock - 011 •
North Staffordshire 3;- 3d ---
Nt.Eastern Ber. e. Stock. 953 96
York capital Stock 79 494. •
Leeds Stock
South Eastern - 26 11-16
Dutch Rhenish
Great Luxembourg ..7 1-16 7 3-16 ---
Grand Trunk of Canada 84 8 15-16 ---
Gt. W. of Canada 12 5-16 12 7-16 --
Ditto new shares 8,1- 8d --
Buff. .& Lake Huron 5-1 sa
Lombardo-Venetian
Great Ship 12/3-12/9

The LIVERPOOL ,GENERAL PRODUCE, MARKET
to-day has been steady without animation: guyar:
The sales comprise 160 hogsheads Demerara at
38s. 3d. to 41s. 6d., with. 320 bags grainy at
445. 9d., 25 hogsheads Porto Rico at 40s. 9d., and
2,000 mats unclayed Manilla, from the quay at
335. 6d. per cwt. Molasses : Nothing has taken
place. _Rum About-70 puncheons Demerara
have changed , hands without alteration in
prices. et?trec : There is nothing further to.
notice. Rice : The sales are confined to 60
tierces Carolina, to arrive, at 235. 9d. per cwt.
Dyettood.s.-25 tons *Honduras Logwood, at £5
ss. Small sales of Limawood, at £l4 7s. 6d. 50
tons 'St. Domingo Logwood, at £:4 12s. 6d. per
ton. Drysalteries, casks French Brown
Tartar, at 112 s. 6d. 1 ton Tartaric Acid, at 2s.
IRA: lb. 000 bag. P.A.tet tau Ounitte, at 110.
14s. 3d. 100 bags Baltimore Bark, at Bs. 6d.
20 hhds. Philadelphia, at 9s. 9d. 8 chests Gar-
net Shellac, at 201 s. 50 chests fine Orange, at
180 s., and 25 chests by private, at 185 s. 1,500
bales wrecked Gambier, at 12s. to 12s. 6d.
100 bales sound, at 18s. 180 serons damaged
Gum Arabic, at 235. 6d. to 245. No further sales
in Brimstone reported. Nitrate of Soda, 14s. 6d.
to 16s. 6d. 300 bags inferior 3 per cent. Calcutta
Saltpetre on private terms. Pot Ashes, 31s. ;
Pearls, 345. Oils, (ST. 1 Palm, £45 10s. to £46.
Tallow market continues cleared of Petersburg
Y.C. ; Odessa sells in retail at 61s. ; with South
American at same price. sales of fine American
Lard at 60s. to 61s. Linseed Oil, 28s. Lisbon
Seed at 38s. to 38s. -6d. 1,500 barrels Basin :
common at 4s. 6d. ' • low to fine medium at ss. -to
10s. 114 barrels Spirits of Turpentine, on the
spot, at 365.; to 365. 6d. from the.:cpray ; and 75
barrels, to arrive, at 365. 6d. per cwt.
The LIVERPOOL AGRICULTURAL PRODUCE
MARKET to-day transacted business at the fol-
lowing prices :-
s. d. E. d. s. d. s.
Hay, old
Ditto, new
Ditto, clover 0 144.... 011 Do..whiterocks 3 0 3 2
Green Clover 0 0 ... 0 0 Do. Balshaw . 0 0 ... 0 0
Vetches
Straw, wheat
Ditto, oat - 0 6 0 6 Turnips 31 0 ...33 0
Ditto,: barley.. 0 0 ... 0 0 Carrots
Oats, in straw. 0 0 ... 0 0 Mangclwurzel27 0 _2B 0
Potatos. flukes 311 ... 4 1 Manure 5 6 ... 7 6

ST. JOHN'S PROVISIONS MARKET. Business was
transacted at the following prices :

• s. d. s. d.
Beef lt 0 6 6. 0 8
Mutton
Veal
Lamb, fore qr „ 15 0 „ 0 0
„ hind qr 12 0 „ 0 0
Fresh Pork „ 0 6 „ 0 7
Lobsters „ 1 0 „ 1 4
Salmon
Cod Fish
SolcS
Bret - „ 0 0
Turbot
Haddocks
Fresh Butter „ 1 2 „ 1 7
Salt ditto
Grapes, for „ 2 0 „ 2 6
Do. Eng „ 0-6„0 0
Cherries „ 0 0 „ 0 0
Damsons „ 0 0 „ 0 0
Eggs 11124 7 4 „ 0
Peas, ift peck 0 0 „ 0 0
Potatoes, ip peek 0 8 „ 1 4
Asparagus, 4 100 0 0„ 0 0

_ -
s. d. s.
Fowls, couple 2 6 3 0
Ducks
Rabbits, c'ple 1 10 „ 2 0
Pigeons, „ 1 0„ 1 4
Grouse, 11 brace 0 0 „ 0 0
Partridges per br.o 0 „ 0 0
Black Game „ 0 0„ 0 0
Pheasants,Vbrce 0. 0 „ 0 0
Snipes 1 0 „ 0 0
Currants, r. &w. 0 0 „ 0 0
Gooseberries,p. qto 0 „ 0 0
Strawberries,tloo. 0 „ 0 0
Larks l5l doz 1 0 „ 1 3
Geese each 4 0 „ 6 0
Turkeys „ 4 0„ 7 0
Hares
Cucumbers, each 0 0 „ 0 0
Apricots, per doz.° 0 „ 0 0
Peaches, each ... 0 0 „ 0 0
Nectarines do—. 0 0 „ 0 0
Pines, for., each 0 0 „ 0 0
Do. Eng „ 6 0 „ 8 0
Filberts, per lb. 1 6 „ 2 0

LONDON, WEDNESDAY EVENING.

The MARKET FOR ENGLISH SECURITIES to-day
was pervaded by a satisfltetory feeling, which has
resulted in a further rise of 1 per cent. in the value
of Consols. ' The progress of the debate, which
is favourably viewed, and an expectation that the
Bank may possibly reduce the rate of discount
to-morrow, combined with the easiness of money
and the improvement on the Paris Bourse, appear
to be the chief causes of the increased firmness.
Consols,for money are .95 to e, and-94 to for
account. Bank gtock has been dealt in at 231
and 230; Reduced Three per Cents., 951 and A ;
India Debentures, 97:4 and b ; Enfaced Rupee
Paper, 98 and 98; the leive-and-a-Half per Cent.
ditto, 104 and 103 t ; and Exchequer Bills of
£l,OOO, 245. and 275. prem.
The ENGLISH RAILWAY MARKET to-day was
firm. The,general transactions have been rather
'more numerous than of late, and prices in all
cases are sustained. Great Westerns, Caledo-
nians, and South-Easterns have improved about
tis. per share. Eastern Counties may be cen-
sidered a shade better. The traffic returns of
the London and North Western Railway for the
week are £70,080, being an increase of £3,989.

The MARKET FOR FOREIGN SECURITIES to-
day was quiet. Prices have been sully supported

„

INDIA AND CHINA.

The Bombay Overland Mail, with dates to the
26th January, has arrived.
The following. is from the summary of the
Gazette of that date ;--

The China ..Expedition now engages all our
thoughts in India. A feeling approaching to
enthusiasm has been excited in favour of a war,
which—if we are to trust the statements brought
by the last China mail of the formidable prepara-
tions that are being made to, resist the advance of
the British, an army of 120,000 men being sta-
tioned at the junction of the canals with the
Grand Road to Pekin—seems likely to be more
prolific of glory. and gain than the generality of
Chinese campaigns. Volunteering is going
briskly forwards, our latest, news from Calcutta
informing us that the Lahore liegiment of Light
Horse has offered its services in addition to the
regiments previously named ; and we have heard
words of reproach uttered against the Home
authorities on account .of letters from head-quar-
ters which confidently assert that the force pro-
posed to be sent by the Indian Government has
been very greatly reduced by the orders from Eng-
land. It is to be hoped, however, that an army of
15,000 English troops, with 10,000 or 12,000
French, will be quite sufficient •to bring the
Chinese to reason. The only danger is of certain
eventualities (that long and awkward word), of
which the possibility of a collision with our allies
does not least occupy the attention of politician.
On this side of India some dissatisfaction is
caused by the intimation that the two Bombay
native regiments, now under orders, are only to
garrison Canton, and must not hope to go to the
front.

A general order, dated Camp Peeplee, January
14th, makes the welcome announcement that a
corps of Irregular Cavalry, four troops in strength,
is to be formed for service in China, consisting of
volunteers from the regiments of that branch of
the service. The corps will be commanded by
Major Fane, of the- Madras Infantry, with Lieu-
tenant R. G. Hope Johnstone, of the 13th Bom-
bay Infantry (who has been acting as Deputy
Assistant Adjutant Generatto the Chief of the
Staff in India), as second in command. , It is
singular that two infantry officers shOUld he
chosen to lead a cavalry corps—as if we had no
good cavalry officers in India, who have done
dashing service in the campaign of 1857, or in
the pursuit of Tantia Tepee. The same general
order, which will be found elsewhere, names the
officers of the staff.

Sir Henry Somerset has taken passages to
England for himself and family, by the mail
which leaves Bombay on March 27th.
The following notice appears in General Or-
ders :

".officers who may ho desirous of doing duty with
regiments of Native Infantry or Irregular Cavalry pro-
ceeding to China, are required to apply at once through
their commanding officers, to the Adjutant-General of
the Army, at head-quarters." . ,
Long before this paper reaches England we
may hope that there will be instantaneous :0113T_
munication by the submarine cable, at
heardica on
tweon Bombay and Alexandria.
Tuesday, Jan. 17, that the c
!,I\rat'up to the
ccssfully laid as tiot ito
Ilusac:2;iously.expected
hour of going to pavb4s the
reached
us. It re-
message from Aden has not 0 ,
at home to 'do
mains now only for t1.1.e,z rtn, _
a Alexandria by
their part by unpin yicidi„ will be secured to
the electric wire
anstrongest of all boudii.
England by the ablet VZ:1" been sue-

THE DAY'S NEWS.

In the House of Commons yesterday afternoon
the Chancellor of the Exchequer stated, in answer
to Mr. Newdegate, that the proposed reduction and
abolition of import duties, pursuant to articles 5 and
6 of the treaty with France, are to take effect as
regards the produce of France and her depen7
dencies7 alone ; and, as to what were the inten-
tions of the Government with regard to the duties
on the products of other countries, he could not state
anything. Several bills were forwarded another
stage. Mr. Digby Seymour obtained leave to
introduce a bill to amend the jurisdiction of the
High Court of Admiralty. The petition against
the election for King's County was withdrawn.
There is likely to be a Congress on the Italian
question, after-all. The proposal proceeds from
the Cabinet of St. Petersburg. The Autocrat
has never been understood to be favourable to the
patched-up arrangement which the French
Emperor, controlling Sardinia, and setting Austria
at defiance, has appeared to be so content with.
Prussia join Russia in this new proposal for a
Congress, which is to consist of the five Great,
Powers—France, Austria, Russia, Prussia, and
England. It is by no means certain, however,
that either France or England will comply.
It will be seen by one of our latest telegrams
from Paris, that the ()Pinion is becoming preva-
lent, both in civil and military circles, that
France is drifting into another war with Austria.
Well informed military men are of opinion that
war is certain to tweak out again this spring ;
and there would seem to be evident indications of
it in certain departments of the Government. The
question thus very naturally arises, how would
our commercial treaty be affected by such an
event? If coal, for instance, is a munition of war,
how would we stand with Austria or with any
other power that may have to operate in resist-
ance of France, whilst supplying their enemy
with such a munition ? In the present critical
position of France there is certainly a strong
reason why we should keep ourselves as neutral
as possible.
It is evident, in the words of the Times, that
"the bra. 1. imrovia.l ...a Pontifical
Courts is widening every day,. and begins to re-
mind us very forcibly of an earlier period of our
own history, when a King who had signalised
himself in the ranks of Rome, and from whom
our Sovereigns even now derive the title of 1)c-
-fender' of another and a purer faith, was led step
by step to dispute the jurisdiction, to.deny the
power, and to silence the Ministers of Rome."
This is not, however, the first time that the ex-
ample Of our Henry the Eighth has been sug-
gested, as that which Napoleon 111, was appa-
rently resolved to emulate. But his Imperial
Majesty will do so under very different circum-
stances ; and probably with very dissimilar
aims. There is no religious question at issue in
the present contest,—it is altogether a political
one. The French Emperor wants to be the poli-
tical Pope—leaving his Holiness to continue the
religious one. Not only the whole priesthood of
his own empire, and of all the rest of Europe,
are determinedly opposed to this, but all the peo-
ple, also, over whom they possess any religious
influence. What is to be the issue of the con-
flict cannot,' perhaps, at present, be easily
foretold. But there is no reason to hope for any
such religious results as took place in our own
country.

If it be true, as we see it stated; that "in the
coal trade between England and France, the
ships of both countries have, ever since the treaty
of 1820, been treated as absolutely the same in
the ports of either country, without any differ-
ence as to tonnage dues," it is easily accounted
for by the necessity there is for an abundant sup-
ply of that article. It is evidently for the interest
of France to encourage, by every meaas, the im-
portation' of English coal.

The Morning Herald says :—" The result of
the debate on Monday night is as great a surprise
as the Commercial Treaty itself. Both
were
e
unexpected. The Treaty dropped from
clouds. Everything about it has been ,
iprecipitatenful that
and irregular, and it is nothing
n Nv't Hllollld. have
the first great discussion more
turned out a surprise. Al-nris...nary success, than
astonished at their extt:tai:ou-naPie°ll:::orerity against
the Opposition at ther
colitemporary, "a surprise
them. But," adds oar
us hope it is not. But such
is not a defeat.'
i ' ry ominous of defeat. It show&
vteoe much reason to fear that some
:hesurbirPlsoenlys
Conservatives are flinching, —beguiled,
pof the
by the bewildering casnistries of Mr.
Gladstone ; or intimidated, it may be, by the
audacity of the spirit of Mammon. Most heartily
do we join in the assurance, that "the present
democratic tendencies of the House of Commons
are only to be checked by vigilance and union on
the part of Constitutionalists."
, The wholesale wine and spirit trade, at their

meeting in London, on Tuesday, unanimously
resolved, it appears, with respect to the wine
duties, " that, instead of a varying alcoholic test,
one uniform rate of duty upon all wines would
be the more simple plan, and at the same time•
more productive to the revenue, and more satis-
factory to both dealer and consumer."

THE discussion in the House of Commons ou the
Budget, so far, has certainly not developed any-
thing that is calculated to reconcile the country
te the great sacrifices it is called upon to make,
to enable Ministers to fulfil the Commercial Treaty
they have entered into with France. It may
have satisfied Manchester, and a few other great
manufacturing towns, which are expected to be-
benefitted under the new state of things,—bene--
fitted, we humbly think, very much at the expense •
of the rest of the country,—but among the great
body of the people, or, at any rate, among the
great body of the Income-tax payers, who are
not likely to derive any special compensation
whatever, there has nothing yet been explained,
that we can see, to afford any satisfaction, or any,
consolation, to them, under the increased bur,-
den they will be called upon to bear. It may
be quite true, that the division of Monday night,
whilst no mere party triumph, but an avowal of
a determination to support, at all hazards, a Imre
liberal commercial policy, may be regarded, im
the words of the Premier's own organ of the
press, as " giving assurance to a faithful ally that
the Commons of England are resolved to support
their Sovereign in 'the honourable observance of a.
solemn treaty." And to such an assurance, in.
itself, there could be no objection, provided only
that the said "solemn treaty" were entered into.
with the concurrence of Parliament, seeing that
its provisions cannot be carried into effect but by
Parliamentary legislation. This, however, is but
one side of the question. A Treaty of Commerce
with France—or any other friendly treaty with
that nation—cannot but be most desirable,generally
speaking ; only, in this particular instance, it is
so partialit gives such undue advantages toFrance
and involves such sacrifices on the part of Eng-
land, that the policy of it, at such a conjuncture
as the present, more especially, may well be
questioned by these who are patriotic enough to.
prefer their own country's interests to those of
any other.

Many of the details of the Treaty with France
have already been shown" to be most objectionable ;
and some of them, it is more than probable, will
have to be altered, should ate Treaty be ratified.
by Parliament, and those fiscal changes be assented.
to which are involved in its provisions. But„
without going into particulars—confining our-
selves to that one great penalty which England'.
is to pay for it—we mean the Income-tax—surely
it ought to be a general, not a partial benefit,.
that should be secured, in return for such.
an infliction. That this is by no means
the case, however, is so palpable, as to
have already acquired for the CHANCELLOR
of the EXCHEQUER'S most notable scheme, the
cognomen of the ...iiiinchester Budget,—a designa-
tion certainly most appropriate,. when: it is
considered that it has mainly in view Manchester
•
interests,—not the interests of -Liverpool, or even
of London generally—and undoubtedly not the
interests of the country at large—but principally
if not wholly, those of Manchester and other
manufacturing towns. The policy of the whole'
proceeding, indeed, is a Manchester policy. The
Government sent a Manchester man to Paris to
concoct the treaty; and ho has taken care to
make it
.as thoroughly a piece of Manchester
manufacture as he possibly could.
Now, despite the disclaimers of Ministers, we
contend that the increased Income-tax is proposed
as an actual necessity under this treaty. They'
cannot make the concessions to France that it,
binds upon them, without the • increase of that
most obnoxious impost. " Great pains had been
taken," said the Duke of ARGYLL, in the House
of Lords the other evening, in answer to Lord
DERBY, " to connect the increase of the Income-
tax with the operation of this treaty ; but he
denied that the treaty had anything more to do
with the increased Income-tax than had our large
naval and military expenditure, which was not.
objected to by any party in that house. It was.
incorrect and unfair to speak of the operation
of this treaty and the increase of the Income-
tax as being specially connected with each other."
But, with all due deference to the Duke, we con-
tend that his position is altogether untenable.
The treaty has everything to do with the in-.
creased Income-tax, simply because it cannot be
carried into effect without it. It is true, our

large naval and military expenditure require an
augmentation of revenue; but it is the diminu-
tion of revenue which the treaty will occasion
that has called for an increased and continuous
Income-tax. Apart from the loss of revenue
which that treaty involves, and which the unne-
cessary repeal of the paper duty, at such a mo-
ment, so seriously aggravates, the large naval and
military expenditure could easily have been met,
tiny increase of the Income-tax what-
ever ;
,winle, at the same time, arrangements
`cOuld have been made at once for a diminution of
that tax, and its final extinction at no distant
day.

These are points which, of course, it is to the,
advantage of the Ministry to obscure and mystify
as much as possible. But they ought not to be
lost sight of by the country; and let us trust that
in the resumed debate on Mr. Du CANE'S motion
to-night, in the House of Commons, they will be
very prominently brought forward, and all the
weight given to them, by the Conservatives,
which their importance demands.
The whole case was so ably put by Lord

DERBY, in the House of Lords; on Monday night,
that the Conservative Opposition in the House of
• , , •
Commons, and the Conservative party throughout
the country generally, cannot do better than
adopt their noble chieftain's position with respect
to it. "I think," said the noble lord, ‘, it is a
question whether it is wise, with regard to our
financial regulations, to bind ourselves hand and
foot for ten years by the stipulations of the
treaty ; and next, however desirable it may be to
extend and increase our amicable relations with
France, whether this moment is the time to do it,
our
when we have an enormous deficit in our
when the
revenue, and when, in order to 0
treaty,we
supposed advantages of this „
point of fact,
itnaxation which has
must largely increase,,.amndo,f
make permanent, a sys.-
always hitherto- beenr
w
rh:reas, if you introduce
emergency and the
,peoUcnad.aorefnoreaslptalerbini:sohsmitel;
the amount of 10d. in
of your ordinary revenue which
found. peace, you
ofovtPie°r:nget rid of, and depriving yourselves
iitnatsimaepor
volt Can "
of the most powerful engine that you have for
the purpose of raising an extraordinary revenue in
time of war. I object to some of the articles in this
treaty on their own merits. I object to others not
on their own merits, but because, even if I thought
the financial calculations of the CilaNcELLon, of
the EXCHEQUER likely to be borne out, I conceive
that this is not the moment at which to enter into
such stipulations, and that if there were at this
moment. any means you could provide• in the
present state of the revenue as a substitute for
the loss about to be occasioned by this treaty, I
think they would be most; objectionable for the
present, and most dangerous for the future."