The Express.
London, England, 1855-12-31 00:00:00

THE PIPRESS, MONDAY EVENING, DECEMBER 31, 1855.

THE TRADE OF 1855.

is &sleet two years is puny dee thereat sossmace•
arm whisk has eaoassed throegh the pi,. In 1864,
the somemption of almost all sodas sabjeot to
daty haply ineressol ; and in 181111, dmegh the im-
ports he detained, the consumption has bees gene-
rally sooty as great se in 1854. In timber of every
kind time bas hem a falling off in the assumption
of the year of nearly one-third. In wise the de-
alias is ame-fiftesath t in coffee and in sqpir—wholly
in the lest two mouthe—there is a very destine
in woos there is an imam ; in tsa *mow
increase ; bat the feet most noticeable in twat to
oar trade is the relation intermits:NV el
several priasipal grades and the the
former .havisg declined math more dm latter,
or destined while eaosamptios his ematiemed as great
as ever. It is this relation, as espirinimg the prommt
high prises and the necessity for huge future pro-
duction, that is worthy of especial seam.
Thus our imports and exports of cotton in eleven
months were

Trade is now a very sempashosive torah and has
been extended from the heelmardog whisk it origi-
nally signified to embrace meat ell the lasiesse of
society. As time has avenged. It hes bore aisle
that we so all orally mad seigroolly doposienti
sad of this rood fiaradarn
mg main, II the Mara ri=7Brti 01:11
all barn and sellers of semooffities or miervA.l6lses
aad the term trade, which fiseignated the
burr of theme who appeared on the berdersl
sufficing patriarchal estates, and payed their
refuse or superfluities to sell elerieses, has
nano for
become in actual use the general
a great multitude of our cocupatior, and es
indication of the °tradition of society. We
mention this to remind those who sometimes ear at
trade—for such are still to be found—that it ass
now entirely lost the ignoble characterieties of its
origin, and is become the life and stosath of
modern society. Free trade is not, aa is sessetimes
supposed, free pedlaring, but free boron, and is now
a necessity for all 'anon/. In countries not so fox
advanced as our own, future improvement is with
most confidence exported from extending trade, and
numerous societies of trial mollifier and numerous
companies or commondite are the mane generally
employed on the Continent, for there developing re-
sources, increasing mutual dependence, and stimula-
ting into greater activity the desire of gaining wealth
by reciprocal services. Under this enlarged upset
trade la worthy of en anneal and special notice, which,
is its original and restricted meaning, might be
bestowed with equal propriety on shoemaking or
tailoring.
The year commenced under very unfavourable
auspices. America had sabred a great collapse. Her
harvest was the worst she had known for a long
=• speculation had less erosive, is some cans
jest ; and in the @stemma ef 1864 a great re-
striction began on all her Miley with us, which
war in fall force at the seerreeruit of 1856, sad
continued through the first half of the year. Isjudi.
thou shipments to Australia, and a sesswhat peal.
Este expenditure in the colonies, heipertielly wasted
their resources; and the great trade with them in the
latter part of 1863 and the greater ,aft et 1864 had
begun sensibly to &aline, and the dsWM untried
far into 1865.
In the first swath of the year there was a worst.'
doable falling off in the imports, the extent of water
onset be better indicated than by the fact that*,
hipping entered inwards was about 190,000 tower
nearly two-fifths lees than in the first month of 1884.
In the exports there was also a considerable decline.
In February similar phenomena showed themselves ;
the imports—at least the landings as recorded by
the Custom-house—continued to decline, though the
tonnage entered inwards began to increase; and the
exports fell off, u compared with the same rata of
1854, from 7,600,0001. to 5,000,0001. The severe weaker
of the early part of the year sufficed in part to ex-
plain the great decline; but the fall force of this cir-
cumstance was not allowed for, and then were, as we
well remember, gloomy apprehensions expressed that
the exports of the year would at its aloes exhibit a
decline of 20,000,0001. We have now arrived at the
end, and most of the sinister auguries then indulged
in have been happily falsified.
The imports of the year on the whole, it is true,
judging by the tonnage, have fallen off considerably.
The official accounts made up to the end of Novembirr
inform us—and the comparison for the whole year
will be only favourably disturbed to a slight degree
by what has arrived in December—that the tonnage
of the shipping entered inwards in the 11 months of
1865, which were five dais short of the previous
years, was 6.327,006 against 7,366,308 in 1864, and
7,269,603 in 1853. A great portion of the falling off
was due to our own excellent harvests; and the im-
port of nearly 1,700,000 quarters lees grain and flour
in 1855 than in 1854, and of 3,500,000 quarters less
than in 1853, supposing every six quarters to require
a ton, goes a long way to explain the decline of the
tonnage entering inwards in 1853. But there was
also a falling off in the imports of cotton (though not
to a great extent), of wool, silk, tea, sugar, timber,
6:e. The decline. on the whole, though considerable,
wee much less thin was anticipated from the returns
of the first month of the year.
The exports at the end of the eleventh month—and
we have good ressoo to believe that they continued
large to the end of the year--show a decline of nearly
3,600,0001. as compared to 1854, and of nearly
5,600,0001. as compared to 1853. Through a great
part of those two years trade, under the influence of
the gold discoveries, was very largely expanded.
Between 1632 and 1853 the exports increased
20,000,0001.: a similar increase year by year
was impossible ; and it tells favourably for
1r415. The declared value of oar exports,
when it comes to be officially stated, will
be nearly 16,000,0001. more than the great exports
of 1952. But for the circumstance alleged by high
suttority—the authority of the manufacturers them-
selves—that exports are very often increased by diffi-
culties at home, and especially by a contracted money
market, it might be regarded es a gratifying indica-
tes for the future that trade was mach more ex-
panded in the latter than in the early months of the
year, when the tonnage entered outwards declined,
white at the end of the eleventh month it was
7,860,750 in 1855, against 7,401,848 in 1854, and
ageinat 7,068,068 in 1833. Notwithstanding the
war, which has cat off our direct trade with Eris,
and notwithstanding the curtailment of our trade
with America and Australia, the nation, as indicated
by its exports and imports, has sot been much lea
flourishing in 1855 than is 1854.
We can in one case, however, trace a beneficial in-
flame of the war over our exports. To Turkey,
Elyria, Palestine, Egypt, Malta, and Balak:ava, the
value of our exports in the ten months of which offi-
cial accounts have been published was, in 1853,
3,41.9,0001 ; in 1854, 4,816,0001.; and in 1833,
8,919,0001. Since 1853, therefore, and chiefly in
consequence of the armies and civilisation of the
West having overflowed into the East, our exports
thither have multiplied almost three-fold. Nor will
this increase be wholly temporary. Both a taste
for the products of the West, and the means
of purcha-iag them, will to a great extent
continue, and one cause queues of the war
we may devoutly believe will be—whenever peace
shall again be restored—a great expan.ion of social
communication, and a great increase of the trade of
the different countries of the world.
On one point the figures we have quoted might be
delssive without a further explanation. The imports
of greia and Boar have been leek because our own
harvests have been relatively owe abundant.
Throughout the year the price of grain has been re-
ma,kably high. At no time within the recollection
of the present generation have the agriculturists had
such large crops to sell, and obtained for them such
high prices, as in the autumn of 1654 and in 1855.
The harvest of the former year which came to
market in the first three quarters of 1855 WWI an un-
usually large one, and the harvest of 1855 was, on
the whole, above an average. Hops were extraor-
dinarily abundant, and except grass in the spring eel
species of agricultural produce was deficient. Never
did the farmers grow so much; and to find equallyl
high prices continue for upwards of two years we
must go back to 1930, a period of political convulsions
and great reforms, commencing in the distress of the
people occasioned by the dearness of food. Now,
however, there is no discontent, for the scarcity pro-
ceeds from a different cause. Then it was imme-
diately and chiefly political, the result of restrictions ;
now it is rather the consequence of freedom permit-
ting exertion and promoting consumption—of an
almost universal increase of trade, begetting a larger
demand for food than agriculture was prepared to
comply with. The comparative dearth is general,
and, if somewhat aggravated by the war, is not caused
by it. It comes in the course of nature, and
ROW only very prejudiced or very silly people sup-
pose it can be improved by regulations. It is well
know., indeed, and all may be grateful for the fact,
that the high price has stimulated agricultural exer-
tions, and that now the farmers and their labourers
are doing aU in their power to increase the produce
Next year, and secure us against dearth. The de-
cline noticed in oar imports, then, so far as it is the
result of our own excellent h ts, is a sign, sot of
decay, bat of that renovated strength which
from extended agricultural labour and improve=
cultural skill.
To thi abundant, of our own iv:cultural products

11164.
Laporte 7,201,196 .. 6,984,383
Yap
1,029,801 .. 1,096,085
- -
Loring for here esselapnes . 5,172,596 .. 6,938,497
But our °assumption in 1866 has best at the rate
of 8,800 bales per week more than in 1854 ; and
making allowance for the large arrivals in December,
the excess of eonsomption over supply is very great,
drawing on the previous stock and Wiring the mar-
kets with a very small supply. This great activity
in our cotton manufacture continues, notwithstanding
the strike in Manchester; and we have evidence, in
the large increase of exports of cotton from the United
States to France-98,470 bales since Sept. 1 this year
against 61,480 last year ; and to the ports of Northern
Europe-33,419 bales this year against 19,372 in 1864,
that a great consumption is also taking place abroad.
The large crop of the United States, now estimated
at 3,800,000 bake, will not suffice for the general
I wants; and the large demand on India, the Brazils,
and other places, which they have met in 1856, they
I will be required to meet even more extensively in
1858.
Oar imports of wool in 1856, for eleven months,
have been 84,810,1871b5., and our exports
28,191,8041b5., leaving us 68,818,3831b5. for con-
sumption against 67,120,0001b1. last year. Now,
ear manufacture of woollens for home cassunp-
tine, including the clothing of the
has been particularly active, and though our
have not -been equal to last year they have
large ; and edam our own Soaks be mare than usually
productive of wool, or something should happen
check coonniptiao, additional supplies will be re-
quired in the ensuing year. Besides the foreign wool
exported, the export of home grown wool has in-
creased from 8 to 11 and to 16 million pounds in the
eleven monthsof 1853,1854, and 1855, showing us that
other nations, like ourselves, are making great ad-
vances in manufactures.
So of raw silk oar imports and exports were, in
1854. .
lbs. lbr.
Imports
Exports

I,

~1

according to the Bank return of Jansen 6-was
13,834,6671.; and, except that a large sum was ab-
stymied at the end of January and beginning of
February on account of the French loan, it cantina-
oectancreased an the rule till June 30, when it
T
18,018,6761.; and from that period till sow it
has, es the rule, emidnuoisly dsed. The
detains in the imports noticed lathe early part of the
year bad kos&t
_the Wawa of payments in oar
imam and toliqd, Me debts geld game hither eon-
tinully. The active trade in the latter half of the
leg:Littbee gnat theme's dexports, is to be paid for
r while the intetheed imports are meetly
based with reedy reamey, and the great expendi-
ture of the govethment &breed led to a totally dent
coesequeees, and the bullion flowed out in payment
of our own liabilities Mabee faster than it had flowed
in. By the Bank return of the 22d inst. the bullion
was reduced to 10,981,7454 or 3,000,0001. below the
amt at the beginning of the year, and 7,000,0001.
befell the amount in June. To find a period when
Os balks was reduced equally low we must go back
Is Ibs year 1847, and in all the intervening period
Iheth that thee to this the bullion bas never been
labs 1,000,0001. as low as ir, is now. This
b s my unexpected result, for since 1847 large
of Californian and Australian gold have
Cilliptis ed into Europe, and there was at one time
II Word apprehension that all the currencies of the
iambi, to the deranimenent of all pekes, would be
moped by rid. But its use, or the demand for it,
ehal extension of trade, has extended as rapidly as
production, or more rapidly, and we have now
km gold at our command than before the discovery
et those long-bidden treasures.
The value of money has undergone changes in the
year similar to the changes in the amount of gold.
At its commencement the minimum rate of discount
d the Bank of England was 5 per cent., and as the
gold increased it was reduced-on April 5, to 4!;
on May 3, to 4; and on June 14, ton. By the end of the
month the gold la the Bank had reached the maxi-
mum, Old uses allervnirds began to decline, and ma
it west awq the este of discount was raised to 4 per
mot. on liegh 6, to 4t on Sept. 18, to 5 on Sept. 27,
to 51 on Oat., and to 6 or 7 for bills of more than
60 days. The Bank showed at the ante time a great
distrust dim dated paper, by excluding from die-
gaunt all bills of mere than 05 days. At no time
slue 1847 bee each a high rate of discount prevailed,
mt Mb diluent been evincedlour great money
illipliehtiell el the stability d u
These changes in the value of money have operated
unfavourably for trade. The successive redaction of
interest is the early part of the year stimulated en-
-1 teepees and speculation. Reliance was plena as
the rate of discount continuing low, and engagements
were entered into which became onerous sad min-
now as the rate was sueosesively sad rapidly raised
in the autumn. An equable and steady money market
-as the demand for capital appears throughout the
year to have been tolerably equable and steady-
would have increased the stability of trade and the
profits of the manufacturers. Between the demands
of their customers, which have been also pretty
equable and steady, and these changes in the supply
5,889,00 3,874,574
of capital, there is no perceptible connexion, and
- they
must seek, we believe, beyond trade for the ex-
Thus we have left foe home consumption upwards planation of them.
of 2,000,000 lbs. less than in 1854. Accordingly the On this account, it is of some consequence to trace
monthly circular of Mr. Eaton informs as that at the action of trade and the action of the government
the end of November the stook of silk sold and un- in bringing about the loss of bullion. It was not
sold was on 28,000, 3,856 bales, or between one- wholly due to trade. The private securities in
seventh and one-eighth lees in 1855 than in 1864. the Bank on June 16, were 12,399,7041., and on
Turning from materials for our industry, of which December 22, 19,204,1231., an increase of no
these are specimens, to articles of consumption : Tea leas then 6,804,41 W. The public securities
was imported in 1853 and 1854 to an enormous were at the former period 12,681,0681., and
amount, nearly 71,000,000 lbs. in the former and at the latter 9,929,1971. Remembering that by the
nearly 86,000,000 lbs. in the latter; but in the pre- late anthotieed increase of the circulation 476,0004
sent year the importations have fallen off nearly one• has been transferred from the banking to the issue
twelftb. Nevertheless the consumption has increased, department, and ought to be added to this sum,
and is 2,000,000 lb.. more than in 1854. At the making it 10,404,1971., the government securities at
same time the export of tea, in coeseqnence of Russia the end of the year will be less by 2,276,8711. than
having obtained her supplies through England and in the month of June. Trade, therefore, has appa-
Holland, has been 13,000,000 lbs. in 1855, against n
ready carried off all the gold from the Bask, ad is
8,000,000 lbs. in 1854, and 6,600,000 lbs. in apparently itself the cause of the stringency of the
1853. Thus, although consumption has not in this money market, from which it suffers. But the go-
ease actually overtaken the large previous imports, vernment had been in the market for a loan, and
it has been, comparatively to last year, mach greater had carried off 16,000,0001. of the capital usually
in proportion than the "apply. The tea market, too, available for trade, and being supplied from this
illustrates a principle that in all our future desert,- source, had no occasion to borrow from.the Bank.
does and close calculations of trade must be kept Other governments have also been supplied with
steadily in view-namely, the demand and coesump- capital usually reserved for trade. Since Mr. Glad-
lion of other countries. To the United States, on the stone's accession to the Exchequer, too, the govern-
average of the three years 1845-48, the exports of tea ment has kept on an average 4,000,0001. less
from China were 19,000,000 lbs.; and on the average public money in deposit with the Bank than
lof the three years 1852.54 they were 33,000,000 lb.. before that period. At this moment, when the divi-
lln the same interval our own imports have increased dends are about to be paid, though the deposing are in-
I from about 65,000,000 lbs. to 76,000,000 1b.., exam- creased by a portion of the loan, they amount only to
pitying not only the competition of the two nations, 5,344,7631. against 6,560,4141. at this period last year,
but the great increase in the production and exports and 11,167,0001. at the close of 1853. Though trade,
of China to supply both them and all other nations, therefore, has made apparently the only demands on
The same is true of coffee and other commodities, of the Bank, the government has in fact drawn very
which the consumption is everywhere increasing. largely on the available capital of the country, and
Of sagar--takingour statement from the circular of bykeeping down its deposits, of which the Bank
Messrs. Carey and Browne-the total imports of 1866 enioyed tile use without paying any interest, has
were 361,000 tone, against 475,000 tons in 1854 ; the borne harder on it than trade, which has borrowed
consumption was 400,000 tons, against 402.000 tons; at a very high rats of interest an additional 6,000,0001.
the export was 17,300 tons, against 26,000 tons ; As the action of the government, both by its loan and
leaving us at the end of the year with a stock of its reduction of deposits, is an unusual circumstance,
72,000 tons, against 127,000 at the end of last year: and the demands of trade en usual circumstance, we]
another example of consumption, though somewhat cannot conclude that trade is so much to blame for 1
lees than in 1854, having gone greatly a-head of the the stringency of the money market as at first view
supply. The above statement includes sugar of all appears. Trade has, in fact, been sacrificed to a con-1
kinds ; and it appears from a general statement of trol over the currency exercised by the banker of the
the stocks on the continent, that the total stock there government.
of unrefined sugar was at the end of 18.55 only Money was comparatively plentifal and cheap in
74,500 tone, compared to 171,000 tons at the end of the first half, and comparatively scarce and dear in
1854. Our own diminished supply, as these gentle- the latter half of the year. The decline in the
men remark, is mote the consequence of the large amount of bullion was partly due to a decline in the
quantities taken by France, Spain, Portugal and the imports from the United States and Australia, bat
United States, than of any ailure in the usual sources more due to the great quantity taken abroad foe the
of our supply. service of government and to exchange for the silver,
In the isms manner, though our consumption of nearly 8,000,0001., purchased in Europe to send to
wine fell off in the year one-fifteenth, or from China and the East Indies,eitherdireot from England,
6,640,000 gallons to 6,180,000 gallons, the imports whence 6,409,889/. we' sent, or from the continent,
fell off from 9,600,000 gallons to 7,100,000 gallons, from which was forwarded by our means 1,524,2401.
or nearly one-fourth, indicating very distinctly the If our money has been so deficient in 18.55, after the
necessity of an increased supply. We quote these large harvest of 1864 and the small im-
only as illustrations of the general feat that the ire- ports of grain of all kinds already noticed,
AuscoeDlNG OF Mn. HLADLAY, THE POSTMASTER
ports of the year have been small in comparison to what would it have been had the harvests of 1864 and
or
.Nswceerta crow-Tires.-Asrainfal interest has been
our imports of late, while consumption has been very 1856 been deficient, and we had been obliged to im-
Newcastle by the a nding of Mr. Charles
little keened. We have small stocks of other nom- poet an additional 3,000,000 quarters of wheat alone? excited in
Headlam, the postmaster, who has held the office only a few
modifies as well as of bullion ; and as the commodi- To have had, in the present etate of our monetary laws,
sue. Mr. Bland, one of the superintendent* of this die
tics we posses" are the real tests of our wealth, we to send an additional 8,000,0001. of gold abroad to 7
must be considered, though our exertions have been purchase food in 1855, would have inflicted on us a trict, is now let charge of the department, and it has been
great, to be poorer at the close of the year than at great calamity. asoertained that the deficiency M Mr. Headlam's accounts
its commencement. We are able to produce more, From the high rate of discount which has prevailed does not exceed a few Misdeed pounds. The amount am
but we shall require to purchase more. Oar large since September, together with the high price of foodsttitehe public weinllt
ositaffeenrenwo
expenditure, the large expenditure of other nations, re med. Thee discovery b7"his -wraseties. s°e
ont
-both hostile to tare Prate-1854i especially the surety to MARCO Ilitt who had givenap:m. to withdraw,
and the greatly extended sphere of enjoyments now latter half, will not be a year of great gains and when it beams necessary to square the accounts. The sp-
common to the millions, and everywhere rapidly ex- great savings. There is little or no new capital to pointatent of Poldloboter is now vested ba thi'D•ke of
tending, indicate, as one of the first laws now imposed invest in speculation. As in 1854, the banking, or Argyll, as Postmaster-General, and not as formerly in the
on society, the necessity of increasing the production money lending interest, has flourished is 1855, Los Semene Treasury, oa the nomination of members of
and several pa Mr. Headlam's successor, a gentleman of
of all desirable commodities. though other interests complain ;
This, indeed, is a stringent law laid down for us, new banking establishments-three in the metro- applaud-then& mow belag to appeases, ens from the
apparently by all the circumstances of society. polie-have been started. At the same time there Post-Moe department, according to merit, and not from
Everywhere there is deficiency and a rise in price, is and has been nothing, at least in England, bearing local oonnezions. The defaulting postmaster is cousin of
which is the means of making the necessity of the character of very undue speculation. With the Mr. Seradiliainsied....P. fur Newcastle, and only son of elder-
greater production apparent, while it is the tone- exception of the late dub at sugar, which has given re e,„ited profession'`so heims town,rativeostaadan, 1114 bead
diate cause of men striving, as in the case of our own wealth to a few at the expense of the masy, and the is deservedly
esteemed byaU damn of his fellow•citisens.
farmer', to produce more. Accordingly, it is sate- inclination to speculate in cotton which always pre. Tone DESTRUCTION ET Flax or STAINFIELD 1
factory to kcow that the recent rise of price in the veils, 1856 has been free from very objectionable HALL.-At en early hoar on Saturday morning lot, tea 1
general sugar market is imparting new life to our dealing. Whether it were the scarcity of capital, ancient mansion, which was situate near Darlings, In this
rieful area own West India planters, and is stimulating Mane- as indicated by the high eats of disootint, or the great ninety, and atonal Glens miles from Lincoln, Wti dile).
lion in the Brazils, Havanneli, and Porto Rico. uncertainty or events connected with the war, or the ~(4,,u7.:ciateiroank.emi!ldn
gettingabout two
ost oo'cilb.tcell
to with
lighta
red to beEen fire. It appears that the occupier, Themes
Whatever stands in the way of the necessity of now unosasing high price of food, or the employment of pig
extending production-whether it be the absurd energy in another direction which has kept mercan- his lamp, he felt the floor hot beneath lis feet. He tame
claims of some of our own landlords or of foreign tile men quiet, no wild enterprises have been begun, diately rang the bell for his servant, bat as he was longer
governments to regulate and restrict the industry of Credit fora considerable, period has been muck re- this *ma in mistiming, Mt' Greathata gave alarm t° all
the inmates, aad it was found that the chief domestic was
their farmers or their subjects-will certainly be re- stricted. It might be inferred, therefore, that thereg partially „dimmed. On descending, the lower pert of the
gardedas inimical to social welfare, and will have to are no large masses of paper afloat representing deal be a. mass
wereo f
red 76Th...1;r:0at
rapidly
faulty put down with some shame to the ignorant and many millions more capital than are in existence or oldwrailis. fir,piclij
faulty claimants by the overwhelming force of so- more future production than am be called forth. did the flumes extend, that fit tee iamates'had not time to
Maly, if it be not is proper time relinquished. The distrust of the Bank, however, which we have dregs themselves. Measeogas were despatched to Liacels
The subject of our trade is so large that we should noticed, and the general feeling of money leaders, for the fire elution, and they arrived between four
fill our journal with it alone were we to expatiate on contradict the inference. It ie perfectly 1 to et and
five
o'clock, by which time the entire building
every interesting particular, and we must content bills and drafts, which being discounted
eareeer come- from
eone teoPt °the bofirestunaws,wba; inl o'clockf:aps. on Saturday tdlii:gmtanke-
ourselves with noticing further only the influence money described as loans of capital, are always too aims was completely gutted, and all its previous mama
which the condition of the money market may lave vast in amounts to deserve this description. They are destroyed, ft was imprecate!' town anything except
man's loans of credit, drafts on future reduction based on
had over the whole. The real value of every
price of commodities hops as airy and unsubstantial for the staida few deeds and private papers of importance. Mr. °teethes'
income depends in part on the
measured by money, the plentitalness or scarcity of as the
.youthful maiden ; and we should think it a county. Mrs.. dreteatbwame
merchant is • weialthlfarmer, and was steward to the late Colossi
was" toeo Loa" doe attendinggentlemen
n the
htttltorp, se P 11 other I this
-
which is thus of considerable =pones°, to all. good sign of the prudence of 1855 and of the success obsequies of her sister, who died sardemy on Christmas day.
When the rate of discount is very high, when capital of 1856, weld we baste that too many of thew drafts A more complete devastation can scarcely be imagined.
is scarce, or credit is bad--society is either actually have not been drawn. With Consols at 881, how- Mr. Onetham's son arrived in Lincoln partly dressed, net
is approaching. ever, yielding about 31. 9s cent. and 6 being able to save his clothes. Staisfield Hall was one of
hampered or a condition of difficulty
In the interest of all, theretute, the money market discount paid for the . Per ' • per cent. the meet ancient mansions in °newton is the cotton of
deserves much consideration. The import and ex- cannot
persuade ourselves that amongst those who Meg built dertag the reign of Henry VIIL, at** breari-
port of gold being free and our paper currency being have the best means of knowing and who influence leg up et Beeline s Priory. distant Mae ello Mike. Toe
limited by our gold, it must first be stated that the Bank directors Lb • ere isnot a conviction that the Bank ..ehitti.11:11:111"mn ea erwesever„, fre*"" and "atiPaillisotialjd of
ic
bullion in the BAr.k at the beginning
of the year--or , 'crew is not yet tight enough. In defiance of the high —----- -- - ' • Mr• Gmillaa w
seise sewn fa as Comity Fire OM*.

rate eidissemilmtip coutisemevery sedge to the amid
the year, sad thefecsegageila exteedve trassedines
must not be surprissildheeld low enemas' iodises
late sesenantile ellemesbeep alive didn't, sad mike
those who have sidle er 'spiral to lead very slaty
la their dealings. linsughout the year there has
been a considerable difference between the vales of
M ollestessssaeurities and of essunercial papa, sad the
ci individuals has fallen heavily cm all
estamerilal men. It was from no praisers of war or
taxation that one bank failed, and that the middle
slimes, as evinced by the conditien of commercial
paper and the complaints of the management of rail-
ways, have lost their faith in one another . Nor will
flanges in our political relatious, without moral im-
provement, restore confidence and raise credit to its
PgPram our brief history it is evident that our people
have lost none of their activity, and that it is not
always rightly directed. In fact, from the
progress
el trade, it would seem that their energies have
round and their industry stimulated by the war.
Por that, they have supplied soldiers and sailors,
stores and arms, and provided most of the men
necessary for the great work--(the foreign legion and
the assistance purchased bear only a small
to the whoa)—and in addition they have =el:
a greater business at home and abroad under the
name of trade than any similar number of men now
or ever before in the world performed. Their in-
dustry, as enlightened by knowledp,is unlimited. No
have their exertions been lessened in other directions.
It is true that the executive government and the
legislature, not being very efficient and skilful, have
done little more than the work essential—and this
they have done badly—for carrying on the war, and
procure by taxes the necessary funds; but it is net
true that the people have been otherwise idle. Ede.
cation, the improvement of criminals and the lessen-
ing of crime, the care of the public health, the re-
moval of public nuisances, the beautifying the metro-
polis and other towns, the extension of art and litera-
ture, have all been attended to; and while we have
carried on this vast war, and vast trade, our social
dattes have not been neglected. Considering them
tegether, we are more astonished than ever at the
vast power which Providence has bestowed on the
Ratios, and can butte y that for our own advantage,
and the advantage
he world, it may be wisely
I guided-

DIIBLDT, Dxc. 29.
The prembyterifula of Ireland have originated a
movement for the purpose of securing an daffiest re-
presentation of their interest in parliament. Mr. Kirk,
the member for Newry, is at present the only repre-
sentative of their communion, and, as a local paper
justly observes, the Irish presbyterians may point
with pride to his services.
An accident of a very melancholy character occurred
on Sunday last, at the famous cliffs of Kilkee, on the
western coast of Clue. The sea was running moun-
tains high, and dashing with great fury against the
base and sides of the cliffs, on the brow of which a
party of ladies and gentlemen had collected to enjoy
the grandeur of the scene. Two of the party, a Mr.
Pepper and Miss Smithwick, both, it was stated, from
Tipperary,rashly ventured down the side of the cliffs to
a place well.known to tourists as the amphitheatre, and
while endeavouring to approach the " puffing hole,'
through which columns of water rose every moment,
high into the air, they were swept from a ledge of
rock, and immediately engulphed in the boiling
surges. They vanished in a moment from the sight
of their companions and were carried into the wean,
their bodies not having since been discovered. It
was said that the unhappy pair were to have bean
married immediately after tho Christmas holidays,
and that the gentleman had attained the rank of
colonel in the East India Company's service.
Mr. Middleton Berny, of Ballynagall, in the
county of Westmeath, was taken ill while hunting
on Monday last, and expired in a few hours after.
The Master of the Rolls and a large party had just
assembled at the deceased gentleman's residence to
spend the holidays.
The individual in custody for the murder of Miss
Hinds has been removed from Newry to Cavan, for
the purpose of having further inquiry prosecuted.

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