The Express.
London, England, 1852-10-12 00:00:00

COMMERCIAL INTELLIGENCE.

NEw Vous:, SEPT. 29.
We have no alteration to notice in the demand for go-
imminent stocks and other leading securities. The demand
for money, which was manifest( d in the latter part of the
week just ended, caused a decline in the speculative
stocks; but this wu no more than could have been antici-
pated.

Although there has been but little demand for enhance
en Europe, rates are steady. Bills on London sold at 1101
to 11011 and 110}, principally at 1106; Pane, 4.121 e.
4.131; Amsterdam, 401 to 411 ; Frankfurt, 401 to 41; Bre-
men, 791 to 791 ; llaniburgh, 34 to 364.
Corfu:4.-111e market continues to uronp, and some isles
have to-day been made at le. decline. The tut•l
Cons reported on 'Change "are Gill halts, at prices too irre-
gular to permit a correct range of quotations. The prin-
cipal holders await the nest and sue-eeding steamer from
Liverpool, and there appears to be but one opinion es to
the tenor of their &deices. As buyers, however, alto anti-
cipate a considerable advance, wo may reasonably question
the policy of waiting fur these ;u counts to sell on. We still
omit quotations, although W. I'. Wright, in his circular,
gives the tullowing:

Mobile and New Orleans
Uplands. Kends. sadleeu-
Ordinary —. 9 to 94 9to 91 91 to
lfiddling
Middling fair lO4 to 111 11 to 11 to 11'
Yale
Good fair
The accounts relative to the growing crop ate as usual at
this season of the year extremely contradictory, and it is
yet too early to form a correct opinion as to the quantity
likely to he brought to market. The New .Orleans Cora.
merciat Bu.7etios of the latest date has the following:—
" We have dishearteniag reports lr.trn several sections of
the cotton region. It is stated that its many places the pro-
mise of a superabundant crop, so apparent a month ego,
hoe been destroyed. Tho new ravager—which seems as
bad as the boll or army worm—is described as appearing
in the shape of a bug or fly, which penetrates hods fully
matured, causing them to rot, and utterly destroying them,
We leant from a gentleman from Mississippi soil the irate.
nor of Louisiana, that in the Itheianas the cotton crop
will be considerably injured by the rot, and that the
Name may be said of Tennis, Concordia, and most of
the cotton growing river parishes. In Wilkinson, Amite,
Jefferson, Adams, and Claiborne counties, Mississippi,
the damago is said to have been very esti:l3.4re ;
and planters of experience and judgment apprehend a lon
of one-fourth of the crop in the sections affected, even if it
he not greater. There is something singular about this
rot. From what we hear, it appears to he confined to rlants
raised from what has been called the improved seed—the
Prolific, the Peruvian, the Prout, and other kinds. The
produce of the old Mexican is not at all affected. Adjoin-
ing fields present the greatest contrasts imaginable—one
field, from the old seed, will be entirely free from injury,
while the other, from the Prolific, or other fancy descrip-
I time, will be almost entirely ruined."
FLOC/L.—The trade for the Eastern states opened more
active on Monday, and with quite limited receipts; the
market improved and common to straight sold freely at
4 dole. 374 c. ; mixed and straight Michigan, Indiana and
common to good Ohio and favorite state at 4 dole. 371 c. to
4 dole. 60 e. The export demand is quiet at present quo-
tallow. Canadian in bond of fresh ground samples is
wanted at 4 dole. 371 e. to 4 dole. 44 c. Of Southern the
stock is light, and the market firm at 4 dole. 10 c. to 4 doh.
624 e. for Baltimore, Alexandria' Georgetown, &c. Rye
flour is scarce at 3 doll. 974 c. to 4 dole. Corn meal is sell-
ing at 3 dots. 371 c. for Western and 3 dole. 75 c. for Jersey.
OILLIN.—For wheat of good quality buyers are readily
found at our quotations. The stuck in store and a large
portion of the daily receipts are of common qualities, and
sell with difficulty. The late sales have been of lied Ohio
at 96c. to 961 e.; white, 104 c. to 10Gc.; mixed, le3c. to
103 e.; white Michigan, 103 c. to 104 e.; Canadian, in bond,
94e. to 97c. Rye remains scarce, and in small lots brings
86e. Barley is quiet at 80c. to 83c. Oats sell freely; for
good samples of River and State, 45c. to 48c. Corn is in
more demand and with moderate receipts is held a trifle
higher. Western mixed selling at 69tc. to 70c., and un-
sound, 68c. to 69c. Southern flat and Northern round yel-
low are scarce and nominal.

FRICIOHTS.—Ihere is but little offering, and we do not
observe any alteration in rates. We quote—To Liverpool,
cotton per lb. 3-16 d.; flour and meal per barrel Is 3d, to
Is. 41a.; heavy goods per ton 150. to 170. 6d.; grain in
bulk, per bushel 3d. To London—Tobacco per hhd. 251.
to 30.. ; flour per bbl. 2s. to 3s. ; turpentine per 2Solbs.
2e. 3d. ; meuurement goods per tou 251. to 30.. ; heavy
goods, oil, &c , 20e. to 255. ; cheese 250.; beef per tierce 4s.
to {s. 6d. ; of cake per bbl. 2s.

CANADA.

At the sitting of the Legislative Assembly on the
20th nit.:

Mr. Youso asked permission to make some explanations
penensl to himself, which being granted, he proceeded to
say that he begged to state to the house that on Saturday
evening last he had tendered to his Excellency the Goner-
nor-General his appointment of executive councillor and
his office of Chief Commissioner of Public Works, and
that the same had been accepted. Ile stated also that he
had his Excellency the Oovernor-General's gracious
permission to make any explanations to the boom
as to the causes which have led to his resigna-
tion. Early in last October, when actively engaged in
business, he was called upon by his honourable friend the
Provincial Secretary, and very unexpectedly offered a
seat in the cabinet, then about being formed, as Chief
Commisiolier of Public Works. This offer he promptly
declined, stating that the sacrifice to him was too great;
but, an its being mentioned, that he had always taken so
deep an interest in public improvements, and, had given
much attention to public matters, and that an opportunity
would be thus afforded him of better carrying out his
views, be agreed to consider the matter, and having coma
to the conclusion, that he might be of some service to the
country, he concluded to accept the offer alter ascertaining
who were the parties composing the cabinet, whoa. views
on g I subjects being known to him, he was satisfied
on finding that all were free, and that no pledges, as he
understood, were given. From that time up to the 13th
inst., the utmost harmony prevailed in the cabinet on the
various questions of policy submitted. At that time the
future commercial policy of the country was discussed, and
a memorandum embracing that policy brought forward by
the inspector-general, on Saturday, which having received
the sanction of his Excellency the Governor. General, he
had at once tendered his resignation in the following terms:
Quebec, Saturday, Sept. IS, 1352.
Sir,—The memorandum of the Inspector General on the
future commercial policy of the country, and the adoption
of that policy by the government, places me in the una-
voidable position of considering how far I can, under the
circumstances, retain my relation to the Governor-General
as one of his advisers. I understand that it is the inten-
tion of the government to pursue towards the United States
a retaliatory policy which is to be carried out—first, by
charging a higher toll on American than on Canadian ves-
sels and their cargoes, in passing through the Welland
Canal ; secondly, by levying a higher rate of duties on
sugar, molasses, salt, tea, cotton, and woollen geode, and
on MD, hardware, leather, glass, and paper manufactures,
than the flame articles will be chargeable with, if imported
by the Gulf of the St. Lawrence. This policy. delays for an
indefinite period the making free the navigation of the St.
Lawrence between Quebec and MontreaLto American vessels.
It also involves the like delay in the commencement of the
canal to connect the St. Lawrence with Lake Champlain.
By charging a higher rate of toll to American vessels and
cargoes, the American trade will be forced from Oswego
and Ogdensburg to Buffalo, and the canal and railroad con-
nected with it. Whatever might be the advantages of reel-
! procity in trade with the United States, far greater advan-
tages would result to Canadian commerce, by opening the
St. Lawrence, abolishing agricultural duties, arranging for
a reciprocal trade with the liritish West Indies, and con-
structing a canal to connect the St. Lawrence with Lake
Champlain, than could result from any retaliatory policy
against the United States. Such a retaliatory policy cannot
fail to be undentood by the American people, and the
establishment of an aggressive commercial policy
between the taco countries, while it may be Pre'
ductive of other immediate and remote evils, will,
in my opinion, be subversive of the vat increase of
trade which would follow the policy I have recommended.
Il entered the government as an avowed hived of free
trade. Mr views have been the result of some years of ac-
tion and reflection, and wet., well known to my mileage°
on entering the ministry. To a _tendon free trade in order
to carry out a retaliatory policy which I am satisfied will
the cud he most injurious, it. a sacrifice of principle I an
not prcpar d to make, and a sacrifice which, hail I sup-
posed it would have been required from me, would, without
hesitation, have prevented rue becoming a member of the
government. Under these circumstances, 1 have the

is ropiest re to miler nay teeignatiso is his Ma- 1
40:-noIth, GOveroar-fieneral 0 my Ake as Executive
sad Mee that ef Chief Conatindener of l'otalie
/N— have the Ineour to be, sir, yeer roost obedient
.Jost! Youno."
Fresh
is addi•ioe to this letter, M
of r. Ifirsoj rood
II a nof~te of
aa rano of his manmade. the of zeoutive
Rao sad Chief Couissiooor of PAalU'es Meeks. Mr.
1,,,,g 04
Will to say that from thismen eiereeepostlenes it
pea b. wee that the overnt lisil dotersined es
we a retaliatory policy against lb* United Statte, to
...„4,,,,are of the Caited
the advantages to Caates DM leaving grained re-
I. re tir hrlieeed that sed& of
aro aaerai." • • re of reeirreity were very mina overrated, and
171.,4, ,n,,,,,,,prehertsion on the su4set weidaid, he would
spa shit were the whole exportset Canada is 1&1. They
palace of the mine.
Tha produce el the seas
fie produce of the furred
na paper et aerieulttue, say &annals
ad 'kit pe.ducts
pi roamer of agriculture, aiy vegeta-
*IPA
thi waste of .r.....t., totasero, sod hal-
-8,947 0 9
NM
;hr rroilere of nialwatacturea
ilk produce of other &nicks

Total ezports £1,017,8136 3 3
viet gamins from Canada wife of two kinds ; tint, of
*bon .ire sold in bond in the U oiled States, and do
;:a ray any duty, and next, of goods which do pay duty.
pi •', forme r were wheat and dour, which artich s, in
teal sold as high in New York as American flour or wheat,
of the stew quality—this he proved by referring to the
No. For: In es (arrest °I Ist, sth. and 11th September,
eel stated that such was the invariable result, within a very
foe extra charges in bonded warehouse.
not see why it ahoutii be otherwise ; both the United
lulus and Canada had a surplus of wheat and flour. The
ghee of this surplus to both countries is determined by the
ginse at which it sells in the market to which it wan rent,
as the c!iarite of transport. lice, and as there was no len-
pelosent in taking 'lust in bond through the United States
fru fonodo, more than there seas from Oswego, he could
Rat ov why the war yu.,lity of flour and wheat should
am sell in New loth id the same price, both being ruled
by value for 'sport, nor why the price of the SLOW
reality of wheat at Toronto should not sell as high as in
Oswego, minus the freight to thweeo. The value of dour
sad wheat exported in Is of was iiii,o32L 19s. 7d., leaving
603.5.'131. 3.. tor, which pnib Oily paid duty in the States—
of this amount there son 321),Stii. Ild. value of tim-
ber. No. the Americus V, ogle were obliged to buy our
Lister; thil had uot enoutth of their own, and whether
they put to. 30, or 50 rr cent. duty, the effect was not to
Laninsb coo.uudition, but to increase the pries to them-
mires. sod raise the value .i pine land in the Staten. Sup-
pler the price of 1.000 het vat hoard in Canada to he 10 dole.,
freight to Albany 1 dol., duty 2 dole., the Americans had to
pot 13 doh. 1.. r what they could get at 11 dole. but for the
duty, but in either case the Canadian got the 10 dole.
as a gi aeral principle, the CO2Stlatf rid the duty,
sad he had no hesitation in saying that ands bad trot
eaormotolv, by delay, in her attempts to obtain reci-
procity. when ter true policy was, and is, to give up
legging, and pursue a course dictated by her own is-
terest., to open the St. Lawrence, free to all nations,
slo:oh the to.less agricultural duties; construct a canal
to min rt Lake Champlain with the St. Lawrence ;
arrange ly bill for reciprocal trade with the British
West ladies and Neerfountnand, and encourage macaw-
two by admitting free of duty all articles required in their
meducaon. This would be a Canadian policy, and should
be pursued whether the Americans give les reciprocity or
sot. Instead of doing this, however, the government pro-
pose to charge a higher rate of toli on American vessels and
ann. pawing the Welland Canal, than will be charged to
Cicadae vessels, and on imports into Canada inland from
the Undid Staten, they propose to levy a duty of 121 per
teat. more on 'opt., salt, and molasses • 71 per cent. os
aim. sad.", per cent. on cotton and woollen goods, and ow
leather. glass, paper, iron, and hardware! this avowedly
war n retaliatory policy against the United States for net
manor reciprocity, the advantages of which measure are
moth essegersted. Now the United States would scarcely
bei the i dean of this blow of the Inspector-1G I. The
parties who would feel it were the merchants of Ogden-
bent end Cowego, mar bent customers, to whose enter-
prise Canada is indebted for the preprint own of the
Wenscd Canal. Again, a blow was le M Meek at As
tinted States by placing heavier tales ea kiwis lAIO
Una by the River St. Lawrence. This tan e be
by the consumer, and would not affect the but
lowed fall almost exclusively on the farmers of nor
Crude. What have they done to deserve this ? The at-
foals lest year of imports of the articles referred to, is
IVA, were .
el. Propmed Duty.
Muscovado sultan .... 60.637 18 7 13 per cent.
defined do. ... •... 8,585 11 8 12 do.
Tee
Salt
Molasses
Coma goods 234,1380 010 6 do.
Leather 39,927 710 6 do.
Glasser 9,873 13 10 6 do.
l'aper

L 611,170 6 6
if the import of them articles coutlased to be as great
this year as lam, the tax paid by Upper Canada would he
ewe 45.0001. per •31•11/11, but admitting that much of the
visa:, tea, sad salt may oome by the St. Lawrence, still
there Ma Um meant of American manufactured goods
Muth meld DM be obtained is England, reads that are
pertirelarly adapted to the coestry, which must he
height by the farmer, in the Caked States, and on all
reek that could not be elsewhere obtained, it rem midget
that** proposed duty would act se a direct tax. The
policy to be pursued was, to dimiaish ear taxation, set
t• ibC••••• it. It should be remembered that our public
weeks ben cost us 4,600.000 C, and that the mental in•
tweet which is paid on this debt amomts to 226,0001., Ws
skit 60.000 doh collected, leaving atom 01160001. to be
made up every year by duties as import& He thought
it was the duty if the government sad of the home to make
thew public weeks ppaay. The thrweisi epee of the St.
Menem, iadapesi.st of the AMMOIMS, to the ships of
ail satiate meld glee as enenemes impales to trade es
the St Law-ream. The Western people, about Neves mi.
ham, would thee have an equal 'menet In the demo
lament of the St. Lawrence route es oeseelves. The me"
itios of the Champlain Canal wield give as tie
cheapest sad beet mete from the West to New Toth wed
New kaalsed, and weed is his opinion vapidly augment
ear remme es mour sisals, sad gradually Mace datum on
la s.
is
Ye Yore() hers read a Meg *street ?rem • speech of Sir
&brat Peel, M which we asdaaessd his. le eastead that
it me the true policy not to plume rotrikttery mama
sad not " to punish other mreacries fee the WON they do
fli IS continuing high duties apes imp etedos of our pre-
dicts. He stated that these vises may met pima with the
house nee in the °sentry, bet the time we• ass about whoa
they would prevail. no step he lad lelelin had herniae*
min • seam of date es the erreelep et
be
beige, He felt the
deepest per lathiest is the dile ownetry. He
brew its remoras sad its sal It mai braebrae
theeght a most fatal blow wee AMP bo IPA at Its beet
Menem that he had easigaed.
lie. Vista., though am ready to make may Isedas to
the lutenist thus made, weed obi a kw memarft es the
policy of the 'revenant. lilillismosedis hied had Pisa
that the sanative of reelpeedtg bid bus agersitedlowl
be thought it beet to give 10 the= is dads It. Row,
the daemon" hetwees thus arsenal Nee to ii
erect of the Meths edam wWeb they remeidody O.
lashed to retiredly. Toe ble 01•11 pert heintuited do
ra_.l,test imperials to mdpodty so respected Upg
and as to aid lbo biaostable member said abet
pissiii„ ow set peprat to silt list the pies of
wheat wen opal es chi two dam of tie lips. A friend
bed jest put into hi heads • Maimiest, by which it ay-
peed that while, wheat was sell at 77 seats en
me side of the Us, it wm sell at 1111 NSW es
do Mbar. Bet wheat sad Ikea tom ad tie only
opine beat Omit to the United bias& Them is
the mite of MAK either el Weeds sr the prod.*.
at Wade. be aim duty es erbigh egyeared to seam
Sum tie pads of the Ceamtias eapiter. die moms
fm this tad wee that ia a large seamping peptides
lite that sidle Stile., the imports has Omit were sot
Urge piegb to de.) pip at all. Log year Candies
.opens pod to tie ir.aas MOAN lob. es Maks
that wimp *spend to the Udall Sibs Ho admitted
that, generally, the duty on Sew pall set he gristly
M% en the Canadian ex wire; bet seder dm pessat
Sem of duties in Ragland, it met ha some that
mmetiraes the United Staten beams tin bed pad, and
that thee the Canadian tepees" Wiry the duty.
Csaadien flour was of a very superior y, like Oa-
mire, and it would be a greet thing obtain fur it a
bee access le the Americas market. Theo believing
reciprocity to la thus ail lii=eap, dm seat maw
ties was, whether as
mem wee likely to
ehtais it. to free trade views weed with these of
the boa. member from Iliantreel ; but ho dissented alto-
gether from the views of Sir Robert Pad as respects 1 re-
ettrocity. lie believed that had Sir R. Peel taken the
alethtrat trouble—had he written Pe dispatch to the Am-
Meader at Washington, be wadi have obtained all he
mated. He believed, tem, that if at the present day we
were to el back to the time wham we removed the differ-
*atml duties net me Mem would be in favour of that
course. Now, he mieely wested to retssee our steps,
led to put eamelvas Is • patios to trust. To prove
that the taxation ee the pee* mail sit he Moreseed by
we policy the geverawt woe mew lemmlimeediag, he
would remark t at it was propeard (se wit sad/rated)
to ate duties off sugar, MANI" be.. Is Mb a 11116••
net as would give the St. LAWTON), rests ea whew
sane in duties; but the fact was that than
In sus be
brought at present by the St. Lammas ite by
44
my other mote. It must be reeollested. be? ..___._"
merely the Board of Trade of Montreal, 1111 t. °UM meili'm
el "'rade throughout the sera bad petittemed ger this
redaction of duties. •Th• pogsitiss (111 WO 1110111•1111001
was to reduce the present duties ea wages ins 6a mad 12
Err cent. to 7.. sad 124 per mat by the Vatted /Wee. an
f!• wily by the he Lowrance; and to make tee. Id. per
_ ,'''• am 5 per mat. bye the St. Lawrence, and 11. per lb.
"" Li Prr mat. by the United States. He thompt this
wan tarrying out what might properly be called • Cana-
!" Polii, and he esafemed he was • little adisibmi
a On- of the posithme taken by the hon. member the
eteeteral in his letter of resignation on that mealy. sue
!IMAM to the reciprocity that gentlemen spoke or Ma•
li•ilurig e °II the neat Indies. Now, what eat the mem-
I, oof thin redeem:My with the West Indies ? Why did
y.ee tate oar emu cheaper thin the United States ? Was
the not in feet • policy which the government now only

proposed is toned ? If we were to tabs Wen Lana ea-
rst loom duties than American that was not
e* trade. Net was this policy oppase4 to the opening
of a areal between the St. Lawman sad Lake Chang-
e:. At present than were several antis diverging
the St. Lawrence. There was the St. Lawrence
and Champlain Railroad ; another read was about to be
opened from Caugheawaga, and a third one from Montreal
to Portland was nearly completed. Now, the trade through
every one of these routes paid toll through the Welland
and St. Lawrence Canals, and Montreal was thus at this
wont aompetiog with Ogdeashargh and Oswego, whose
trade only paid the Welled tolls. Now what was no.
posed was, that all vessel' that go through the Welland
Canal should pay both tolls. This would make a difference
of 211. per barrel en lour. Ills honest friend awned that
that world tun all the trade of the St. Lawrence to
Beale. Now, be did an believe that the American for-
warders would hare to reduce their charges by that Cu.,
and Canada would get more toll. The rest of carrying
Sole was made up of freight and tolls. The interest of the
forwarder was, of course, to keep the freight at its
111•140111111 and the tolls at the minimum. He was
not of opiates that this would destroy the trade, and
be was pupated to run a great risk for a great ob-
ject. Were ha of 4piaies, indeed, that this was not an
object of importanae, he might hesitate. Awl now
he would ask whether, if the canal from the St.
Lawrence to Lake Champlin were built, whether it
would not be an advantage to that nasal to make all ',snits
alike pay the tolls on the Welland ? Ilio hon. friend hail
spokes of his well known attachment to the doctrine of
free trade; but he would reply to that, that for fully three
years it had been known that he was in favour of adopting
this policy, in order to put Canada in a position to nego-
tiate, if, as at present it was said, she had nothing to give in
exchange for what she asked. The Americans et.tered our
eanals, though we were excluded from theirs, and we had
no
further favour to grant. Ile knew there would be a
great deal of boasting and loud talking on the other side,
about building another canal, but he had investigated the
whole subject, and he was certain they could not do so.
Ile was periectly confident that this policy would be suc-
cessful, lie knew he incurred a deep responsibility. Ile
know Lis political reputation was staked on this amendment,
but he only asked whet all American statesmen always ob-
tained, that unanimous support which was too often wanting
in Caned.. and England, as was shown in the latter country
on the rotary question. If his policy failed, his bus.
friend should have all the triumph ; but, if successful, he
should claim the credit for the government.