The Press.
London, England, 1855-11-17 00:00:00

THE PRESS.

AN AMERICAN "NON SEQUITUR."
Tin New York Times publishes an article demon-
strating very satisfactorily the immense progress
made by the Canadas during the last twenty-five
years. That progress has been mainly owing to the
introduction of British capital for the extension of
water communication. The canal enterprises are
paying commercially, but it would be impossible to
estimate the benefits they have afforded to our
North American provinces, by affording an outlet for
their produce. Tried by every test, the New York
journal finds that the growth of the Canadas in
" material progress and well-being almost rival any-
" thing in that line that democratic America can ex-
" hibit." The advance made by West, or British,
Canada has been most marked. The population of
this province in 1829 was only 196,000, in 1854 it
had risen to 1,327,000. The increased value of
property was proportionably greater. The total
assessable value of all property in the province was
in 1829 only 2,500,0001.; in 1854 it amounted to
50,000,0001. The export of wheat from West
Canada in 1838 amounted to 296,020 bushels; in
1852 it amounted to 5,496,718 bushels, an increase of
more than eighteenfold in fourteen years. The total
exports of both Canadas were in value 2,082,5671. ia
1831; and in 1853 they reached 13,945,6841. By
this criterion, says the American journalist, the
wealth and commerce of the Canadas must have in-
creased nearly sevenfold in the space of seventeen
years. He continues :
From all these factr it is evident that our brethren
beyond the Lakes and St. Lawrence have notheen slumber.
ing and idling in these latter days ; and that in population,
agriculture, commerce, and opulence, the growth of Canada
has been unprecedentedly rapid and vigorous for a colony

and province.
The admission is very satisfactory from an
American journalist; and when the writer goes on to
say that all Americans must "take a peculiar inte-
" rest in the prosperity and welfare of Canada," we
infer it must be on account of the natural connection
between the two countries, and from their commer-
cial relations, which must make one nation share in
the prosperity of the other. We are even prompted
to suppose that the Yankee writer may feel some
pleasure in seeing that our North American provinces
thrive so well under British rule and protection.
But no such thing. The United States people
rejoice in the prosperity of Canada only from
believing,
that the more rapidly Canada progresses in opulence and
power the sooner will she break the bond which binds her
in dependence to the mother country, and come with her
wealth and her strength to seek admittance into the
American Union.
This is actually the conclusion of the New York
journalist. How perverted must be the mental
faculty which arrives at such judgment from such
facts ! Because Canada has thriven unprecedentedl
under British sovereignty, she must be anxious to
escape from its beneficent protection. Can a more
glaring " non sequitur" be imagined?

glaratt au Otitg

FRIDAY EVENING.
THE English Funds have suffered some depression
this week, and Consols are nearly one per cent.
lower than when we last wrote. The decline is to be
attributed to the greater demand for money which
has prevailed, to the near approach of the day for
the payment of the 10 per cent. instalment on the
English Loan and the 15 per cent. instalment on
the Turkish Loan, and to the anticipation that a new
loan to a considerable amount will be thrown on the
market immediately on the meeting of Parliament.
The new channels thus open for the employment of
capital has the effect of rendering money tighter for
commercial purposes ; and as there seems no present
probability of the existing rate of discount being
lowered, capitalists speculate that, unless some de-
cided change in the political situation should occur,
money securities must fall to a lower figure than
that at which they stand at present.
Consols for money which opened on Monday at
R/ria f dropped to 88i fat the close. On Tuesday
they slightly drooped, and on Wednesday declined a,
low as 87i ; but as the Governor and Deputy-
Governor of the Bank of England had an interview
with the Chancellor of the Exchequer on Tuesday,
with the view, as supposed, of obtaining an extension
of the bank note circulation, and it was stated on
Wednesday afternoon that the Government had
acceded to their request, a reaction took place, and
Consols advanced to 88i 11. Consideration, however,
greatly damped the sanguine anticipations at first
formed, as, supposing that the extension related
merely t) filling up a portion of that void caused in
our bank-note circulation by the decline in the issue
of the country banks, it would merely add half a
million to the fourteen millions which the Bank of

1103

England is already authorised to issue without any
basis of bullion. The effect would be scarcely
appreciable even in the first instance, and would very
shortly be entirely unfelt.
On Thursday morning, accordingly, the advance
after business hours on Wednesday was not main-
tained. Consols for money sank to 1471, and re.
mewed dull at that quotation to the close. Today
the news of Omer Pashas success in Georgia—
though extremely satisfactory, as showing that Tur-
key may be made a firm defence against Russian
aggression—failed to animate the market ; and, after
some trifling fluctuations, Consols sank to the figure
of the preceding day---88i for money, and 881 for
the 11th December account. Exchequer Bills, not-
withstanding the recent advance in the rate of
interest, are heavy, and were done to-day at 10s. to
7s. discount. Turkish Stock continues in a lifeless
condition, the last quotations for the Six per Celts.
being 804, and for the Four per Cent. Scrip 31
discount. The last quotation of the French Rentes
indicated heaviness, the Three per Cents. being
641. 38c. Foreign Funds have been exceedingly dull,
and we have to note a general decline in nearly all
descriptions of Shares. Great Western were to-day
sold at 484, and London and North-Western at 93.
The Bank return in last night's Gszette shows a
small decline in the stock of bullion, the total
amount being 11,234,438!., as compared with
11,299,034/. of the week previous. The loss is only
noticeable as showing that, notwithstanding gold
arrivals, the Bank is barely enabled to maintain its
stock of bullion. The item " Other Securities"
shows a considerable decrease, the amount in the
last return being 17,879,5041., as compared with
18,355,5481. This would seem to show that there
has been less pressure on the Bank for accommoda-
tion, but we believe, as has been stated in a morning
journal, that the Direction has been scrupulous in its
discount of Mincing-lane paper. We drew attention
several weeks back to the speculation veinal pre-
vailed in Colonial produce, and particularly in sugar.
Prices have since then considerably advanced, but
with only the effect of still further stimulating
speculative dealings. Whether the parties who have
been active in these operations will clear themselves
through the excessive rates now prevailing, or will
tempt fortune too far, yet remains to be proved.
The excitement in the Sugar Market during last
week communicated itself to the Tea Market at the
beginning of the week, large purchases having been
entered into at a great advance. Common congou
was quoted 94d. to 10.1. Coffee also advanced, the
native Ceylon kinds having realised 565. per cwt.
Rice was dearer on account of the upward move-
ment in corn, which on Monday advanced from 2s.
to 3s. per quarter.
The strike at Manchester is a most unfortunate
occurrence at the present time. That the masters
should have been driven to the necessity of reducing
the wages of their hands at the approach of winter, and
in fon° of the dearest seasons, all things considered,
which has been known for many years, is an unfavor-
able indication of the state of trade in the great cotton
manufacture. The high rate of interest which pre-
vails has probably an adverse influence on this par-
ticular branch of trade.
The commercial advices from New York are un-
favorable as regards the Stock Market, an average
decline of four or five per cent. having occurred in
the principal railway and other securities. This was
mainly attributable to the accounts received of the
further advance in the rate of discount at London
and Paris. In the Money Market a considerable
pressure was observable, arising rather from dis-
trust than any other cause, the commercial demand
not being excessive. For short first-rate paper eight
per cent. was readily paid, while the general range
was from nine to twelve per cent.
The following paragraph from the Times gives, we
apprehend, ajust view of the communications between
the Bank Direction and the Chancellor of the Exche-
quer :
While it is quite probable that the Government propose
giving effect to the provisions of the Bank Charter Act foe
enlarging the bank issues on securities to the extent of
two-thirds of the lapsed country notes, it is certain that
most exaggerated and erroneous opinions are promulgated
of the effects of the measure, which is simple in charactes
and limited in scope. The authorised issue of the Bank
of England on securities was fixed by the act of 1514 at
14,000,0001., and that of the country backs at 14,048,0001
Of this amount of country issues, portions, making an aggro
gate of 700,0001., have been gradually dropped, owing is
the extinction of some banks and the adoption by others
of the issues of the Bank of England; and although the
many modifying circumstances which arise forbid the
expectation of precise correspondence in the results,
it( is the case that the average internal circulation
of the notes of the Bank of England, which was in 11143-4
20,000,0001., amounted in P 444 to 20,700,0001., while that
of the country banks had decreased in a more than cor-
responding ratio. It is obvious that if the groundwork on
which Sir Robert Peel filed the credit paper of the Bank
of England at 14,000,0; 01., and that of the country banks
at 5,048,000/., was sound, the resuscitation of the portion
which has lapsed is not only safe, but is necessary to the
full operation of the bill. It will, therefore, create no

1104

surprise if it be found that Sir Cornewall Lewis has ex•
pressed to the Bank Directors a desire that an additional
issue on securities to the extent of about 500,0001. should
be made by the Issue Department. It may be assumed
that the suggestion would proceed from the Government,
because, in the tirat place, they would be pecuniarily the
greatest gainers by the operation, being entitled to the
yearly profit of the additional issue ; and in the next, the
Bank, who never found it expedient to apply for such an
extension when they were far more closely pressed, are
not likely to invite it now that they are in an easier posi•
tion than for several weeks past, and have the prospect of
an increased reserve, which has invariably occurred in the
close of the last quarter of the year, from the action of the
incoming revenue. Hence the application on their part
will have been merely ministerial.

BRITISH Ft
OFFIC

B per Cent. Consols
Ditto for Account
3 per Cents Reduced
8 per Cents
Long Annuities
Bank Stock, 7 per Cent
Omnium
Exch. Bills, 20. per diem:
India Rondo, (1,0001.) 1

NDS. —Closing Prices.
AL QUOTATION.
Mond. Tuead. Wed. Thurs. Friday
88 088! 71
87 87e IS7I
8} I 88 188 7 88 7i,
i 8 7-113
2075 209
374 4 3
2d

87; 8
88 i
87 6;
87;

I -
120 iii

4 9

8 7d
4d

FOREIGN FUNDS.
•
Per Cent. Mond. Tuesd. Wed.
Brazilian b 199 8t 934
Danish ' 5 1001 1
Dtoh. (Ka 12 Grul )21 831
Frenoh 3 ''," c 55! c (i,
Do. 4l •AOf 90c i'
Do. Bank S lk
.8
41

safe

ftoc
—f.,

;:60ei

Mexican
Peruvian

Bee 4
5
8
4

05
—38 k
31 d

8j d

altapolitan glarhtts.

(Reportedsxclusively for "THE Passe.")
CORN-EXCHANGE Very moderate supplies of English
wheat have been received up to our market this week. For
all kinds the demand has ruled brisk, at an advance in the
quotations of from 26 to 3s per quarter. Foreign wheat has
come slowly to hand, and the sale for that article has been
steady, at Is per quarter more money. Floating cargoes of
grain have sold on higher terms. The few samples of barley on
offer have produced is to 28 per quarter advance. Malt has
moved off briskly, at 2s per quarter above last week's currency.
There has been a slight itnprovementln the demand for oats, at
extreme rates. Botn beans and peas have changed hands
steadily, at very full prices. There has been a good demand for
flour, at 2s per sack and barrel more money—the top price of
English being now 778 per 2601ba.
ENGLISH—Wheat, Essex and Kent white, 70s to 05s; red,
84s to 91a; Norfolk and Lincoln red, 63e to e9s. Malting barley,
408 to 46. ; grinding ditto, 30s to 40r; oistilling, .31)s to 425.
Malt, 648 to 82s. Feed oats, 26s to 325; potato, 27s to 84s.
Rye, 508 to 528. Tick beans, 41a to 475; pigeon, 48s to 575.
Grey peas, 438 to 488; maple, 42s to 48s; white boilers, 50e to
508 per quarter. Town-matte flour, 75a to 778 ; country marks,
61a to 65a per 2801bs.
ARRIVALS THIS WEEK.
Wheat. Barley. Malt. Oats. Flour.
English .8420 tao 2930 .. e 0 .. 2940
Irish
Foreign
4650 bls.

LONDON AVERAGES DECLARED ON FRED CY—Wheat,
8,818 quarters, Bis bd ; barley, 8,013 quarters, 41s 3d; oats,
6,905 quarters, 28a Id ; rye, 23 quarters, 54s ; beans, 676
quarters, 49s 71; peas, 274 quarters, 34a 2d.
IMPERIAL WEEKLY AVERAGES—Wheat, 80s 3d; bar-
ley, 39* 6d ; oats, 28a 4d ; rye, bus 2d ; beaus, bLi Ild; peas,
515 4d.
THE SIX WEEKS' AVERAGES—Wheat, 7Ps 2d; barley,
288 6d; oats, 269 44;
.rye, bOs 9d ; beans, bOs fid ; peas,
49, dd.
ENGLISH GRAIN SOLD LAST WEEK—Wheat, 118,730;
barley, 77,242; oats, 11,684; rye, 489; beans, 4,993 ; peas, 2,536
quarters.
TEA—There has been an extensive business doing in our
market this week, and in some instances prices have advanced Id
per lb. The transactions have amounted to nearly 40,000 packages.
Congou, 91d to 2s 61; Niug Yong and Oolong, lid to
Is 9d ; Scuchong, 9d to 25 8d ; Flowery Pekoe, is 44 to 35 ed ;
Caper, is to is 4d; Scented Caper, is 4d to is :id ; Orange Pekoe,
Is 241 to 15 Bili; Scented Orange Pekoe, Is 9d to 2s 94 ;
Tortulkay, 71 to is 3d ; Hyson Skin, 7d to is 60; Hyson, is rid
to 3s lid; Young Hyson, 104 to 3s; Imperial, Is to 2s 8d;
Gunpowder, Is to 3s Bd; Assam, Is 9d to 4s 4d per lb. Up to
Saturday last duty was paid on 41,373,7341b5, against 39,771,8601bs
in 1834.
SUGAR—The quantity of sugar brought forward this week
has been very moderate; but we have bad several imports
from France. The business doing is comparatively small, and
inferior parcels have changed hands on rather lowa* terms.
Reline: goods have realised 73s to 80s per cwt. The total
clearances to the 10th inst. were 051,072 owts, against
6,143,119 ewts last year.
MOLASSES—Our market is firm, at from 275 to 30. per cwt.
The supply offering is
COFFEE—There has been some excitement in the trade, and
the value of good ord native Ceylon has advanced to 36s
per cwt. Plantation kinds have realised Is to 2s per owt more

money.
cut:OA—This article is firm, and transactions have been re•
ported in fine red Trinidad at from 688 to 60s per cwt. Guaya-
quil has sold at 4se to 60s; Bahia and Para, 415 .IA to vie
per cwt.
BREAD—The prices of wheaten bread in the metropolis
are from lld to Hid; of household ditto, 9d to 104 d per albs
loaf.
SEEDS—Clover seed is in good request, at full quotations.
Canary and linseed are quite as dear an last week. In other
seeds very little is doing. Linseed cakes command from 13118 s
to 141 Ins ; and rape to., 71 106 to 81 per ton.
INDIUO—AII kinds are in fair request, at fully late rates.
COTTON—There is a good consumptive demand for all kinds,
but we have no improvement to notice in the quotations.
HEMP AND FLAX—Baltic hemp has sold to a fair extent,
at 43110 s to 444. per ton for Petersburg clean. The fiat market
is steady, tut we hove no improvement to notice in the quota-
tions. Jute and Coir goods are in request, at very full prima.
WOOL—The sales are progressing slowly, at the opening
prices. It, the private market so little is doing that the quota-
tions are almost nominal.
METALS—Scotch pig iron has advanced to 775, with a good
demand. Other kinds of iron are tolerably active. Tin and tin
plates command very full prices. Spelter, ou the spot, is worth
231 las per ton.
SPIRITS—We have to report a good demand for rum.
Proof Leewards, as Id to 3s 2d ; Eastindia, 2s lid to Is Id
per gallon. Brandy is tolerably firm, but not dearer. Malt
spirit, lls per gallon.
HOPS—A portion of the duty has been declared at 178,1181
las 7d—Canterbury being returned at 181,0111, and Worcester
12,3591. The show of hops is very large, and only a limited
business is doing, as fo.lows:—Mid and East Kent pockets,
Mile to 120 s; Weald ot Kents,7oB to 955; Sussex, Gas to 90s
per cwt. Parcels of foreign hops continue to arrive.
POTATOES—The supplies having fallen off, the trade is
brisk, as follows:—York Regents, 95s to Ills; Kent and Essex
do., 91s to 1108; Scotch ditto. ras to 95s per ton.

TALLOW—Our ammet is still very excited, and P, LC., on
the spot, has advanced to 73s per cwt. For forward delivery
there are buyers at 745. Town tallow, 72s net cash, with a very
limited supply on offer.
OlLS—Linseed oil has advanced to 44s 6d on the spot, and
46a for forward delivery. Repo is dull, at 69s to 62s bd. Sperm
is worth 1221 to 127/ 20s per tun. Turpentine is active, at37s Gd
to 40s for spirits, and I.s 6d to 12s per cwt for rough.
COALS—Eden Main, 225; Hatton, 20s 6d; Haswell, 235;
Hetton, 235; South Hetton, 22s 9d; Stewart's, 23s ; Russell's
Hetton, 22s dd ; Tees, 23s per ton.
- -

- • • -
METROPOLITAN CATTLE The supplies of beasts
having been on the increase, the demand for all kinds has ruled
heavy, and prices have given way 2,1 per bibs. Sheep have
oome slowly to band, yet the sale for all kinds has been heavy,
on lower terms. Calves and pigs have met a dull ioquiry.
Beef, from 3s 4d to Ss ; mutton, 3s 4d to (is; veal, 3s los to
58 4d; pork, 314 10d to 5s per bibs to sink the offal.

NEWGATE AND LEADENHALL--These markets have
been seasonably well supplied with each kind of meat, End the
trade generally has been inactive, as follows:—Beef, from Ss 2d
to 4s 6d ; mutton, Ss 2d to 4s Gd; Taal, 3a 8d to be; pork, 3a 10d
to be 4d per 81ba by the carouse.

QUININE DENTRIFICE, as recommended
by Messrs. Robinson and Underwood, surgeon dentists,
fo, cleansing and preseiving the teeth fruw COMB, toothache,
neuralgia, dc., the accumulation of tartar ; also fur purifying and
preserving the durability of all kinds of artificial teeth.—tiold,
wholesale and retail, by 'l'. BURDEN, chemist, 6, Store-street,
Bedford square ; and by all chemists and perfumers in the
kingdom. Price 2s. Ud. Spuri•nis imitations can be avoided by
observing the name of" Burden" on the label.

(ALDRIDGE'S BALM OF COLUMBIA,
v acknowledged for the last thirty )ears to be the must effec-
tual remedy produced for restoring the hair and isomoting the
growth of a hiskers and moustaches, has received recently most
distinguished patronage from the Ladies for the feature it pos-
sesses in not soiling the moat delicate headdress or bonnet. k or
children it is invaluable, forming the basis of a beautiful head of
hair. In bottles, 98. nd., es., anti Ile. Wholesale and retail, IS
Wellington•street North, Strand.