The Express.
London, England, 1860-02-17 00:00:00

THE EUDOET.

The following letter has been addressed by the
Chancellor of the Exchequer to Mr. Glyn, Y.P.

" Downing-street, Feb. 16, 1860.
" My dear Mr. 61 I think the suggestion which you
have conveyed to me that contract notes, like receipt& under
40.. shouldbe exempt from stamp is is very good ow • sad
it likewise seems clear that :the law should be so altered se
to permit the transactions which are known". time-bargains.
• I will avail myself of this opportunity to mention certain
points chiefly, though not exclusively, with reopen to such
of the resolution" now before the House of Commons as
impose what I may call collectively, foe convenience, the new
penny charges.
" I. These resolutions differ broadly from those which
relate to the imposition or removal of Customs duty with
respect to the time when they take effect. For immediate
practical purposes the former have the force of law when the
resolution itself has bees adopted. The latter will have no
effect whatever until bills shall have been brought in, shall
have passed through all their clomps, and shall have re-
ceived the royal assent. Indeed, as most of these changes
will be hud In the form of stamp duties, a further interval
for the preparation of the stamps, and for various executory
ouvengentents, will inigenersl be required. Even ;the preli-
minary arrangements themselves cannot be proposed until
the greater questions of Custom and Itzetae shall have been
submitted to the judgment of the House of Commons. In
this part, therefore, of the subject there is ample time for the
consideration of details.
"2. It is Kbytes important to recollect that, from their
nature, all those resolutions which contemplate increased or
new charges cannot in general fully explain the measures of
which they are to be the basis. The salutary rules of the
House of Commons require that for the greater security of
the subject all new taxes shall first be submitted, not in the
shape of bills, which admit of clear and lull detail, but in the
Asps of resolutions which are intended to state the general
outfine only. Unless this be borne in mind such resolutions
must of necessity create uneasiness, as they cannot set forth
the exemptions or the modifications with which the applica-
nts of the general principle is usually accompanied. The
place for the consideration of all these is the subsequent com-
mittee on the bill. It is, on the other hand, necessary that
the resolutions should be drawn so largely as to include
everything which might come within their range; for by
the rules of parliament, 1111 you we'l know, charge may be
limited, but cannot be increased or extended, in the discus-
dons on the bilL _ _ .

. I hen no doubt that in the adjustment of these penny
and minor charge' we shall find many details requiting con-
sideration. At the present moment the course most favour.
able to the progress of public business won' I be that those
gentlemen who ars immediately concerned should, If they
think fit, make known to me, in writing, the modifiostiona
which they may thing most necessary, end should set forth
whatever they may think the extreme mesa iu which the
application of the general mill would ha productive of Moon.
'science to trade. I should thus ha enabled to bring to-
gether the results of mach general experience, and should be
prepared to enter advantageously into personal exeminations
• little later.

" 4. With weep* however, to one or two of the measures,
I ma reentioa the peril rule by which the government
to be pilled.
" (a) As respecti the registration due of one penny tips
imports sad ezparts, I compute that its average =omit will
be aboat ls. 10d. up& the hundred pounds, while it will be
levied on the snipe' papers. In particular oases it will he
lower, and in some others higher • but speaking generally,
I should regari f per mat. as the mexinmai,, and I do not
think it ran be limed necessery for the purposes of emoti-
on of adjustment in any ore to any It so far as to make
It equal to per mat. I aatielpate free" it • material im-
provement infant stalletiee of oar external Made. In fixing
the details of the charge we shall have to consider the num-
ber sod oomplication of the entries, se well as the values of
the pods.
" (b) In the charges upon certain operation' performed
with respect to goods in warehouses the government stand
upon • twofold principle,juit, I think, in both its pave. The
first is. that the very heavy 0311 t of the warehousing erne=
to the maim, as it Y manersted with certain operation", sip-
Melly upon wines sad spirits, may be equitably reviewed, and
moderate charges imposed upon such operation' ia relief of
the department against the co.t to which it Is put. The
second is that by means of • charge as removals we propose
to lay the ground for • system of island bonding
on priaai-
pies which will be fair and equal as between inland Lawns and
ports which hays the privilege of warehooaing with respect
to article' that they do not import. As to the partiouLar
rates to be flied, I think that they will require to be carefully
considered in detail.

--"-`c) As respects the proposed charge; upon oontrect notes
and dock warrants, we snail have to ornaider carefully the
definition proper for the drat with respect to the ordinary
coarse of trade; and as rsepeots the latter, I bare no bents.
tion in dams that if we end the charge of threepence likely
to mount in a large umber of instances to a serious bunks
we shelf not hesitate to reduce it.

"5. Leaving the subject al the new or penny charger, I
subjoin information whiub I ought, but fur the premolars of
other matter, to have conveyed on Friday night with respect
to certain articles rubject to excise at home, which are to be
imported from abroad on altered terms. The proposed
changes will take effect for the foreign artiolsonly at the time
when the duty on the domestic production is reduced or re-
moved. The duties of customs will not be removed from
satiates of paper until the Ist of July, and the duty on foreign
hops will not be reduced to 14s. until the Ist of January.
6. Lastly. With respect to desires which have been ex-
mend is various quarters for further changes in the French
eartanm laws, over end above those which are ocespreimuded
is the treaty. Them cannot, I apprehend, be made the sub •
jest of aay tozerausitati.he which can affect the course of
parliament with regard to the treaty itself. But, Mamma
astir' governuout cave proposed to parliament various me..
vane favourebe to French commerce, in addition to those
whietk the tre.ty contains, they will, if those mermen shall
be adopted by parliament, feel no sinealty whatever la
making tepreeentatiot a to the French government
dray demand which may ewer in hunt° be rasaena so
far at hoist as to recommend it to favourable consideration,
" I minas sir, yonr's Aaterely.
"G. C. CO's, Req., xi'. W. E. OLAIXITOMI."

Ship letter begs will be wade up for Melbourne
sad Auuk,rod, 1.. b, ie.& by the ellemer Sep% white le W
bleu Liverpool ea the 64 proxies.

JURA72B.

•

COTTON.—Lmaroot., Pas. 16.—Although the market
hes ham rather slew to-day mime ewer to be pretty well
supported. The trade still aratimese to Mu Mu very
scarlaity. TM min are 7,000 bales, of mid& MOO an
tor export aad epsoulatioa.

WOOL AND WORBTED.—Bnanronc, Pan. 16.
There Is no ohmage to report in the wool market. Bales are
limited chisay to the immediate requirements of buyers.
Pricer remain firm, at about last week a quotations. In nibs
and broken there is no change ; the disproportion between
bag and short wools was never greater than it is at the pre-
en t time. The yarn market a very quiet. The export
holies, have reseed to operate, and the demand for home um-
stunption is very slack. Under these circumstances pukes
are hardly so firmly meinteined as they wow, and in some
instances buyers have been able to effect purclumes at lower
prioes. The piece market is no way improved. The American
houses are doing nothing, sad the 11011211-1311 d• merchant.
are doing but very little. The budget le regarded with great
favour in the market, as another great step in that policy
under which England and her trade have so proeparea
during the lace 17 or 18 yam. Both the Chamber of Com.
mace and the Bradford Town Conseil have adopted petidoes
in favour of the new treaty with France; and, if need be,
the mercantile men of the district will pronounce an =air
Skiable verdict la favour of the budget, es a whole, regard-
ing It ea a grand measure ia 'deemed the free-trade cease.

CORN.—litainarmax, Pea. 111.—At Gloomier and
Worcester markets, on the 11th, the wheat trade ruled firm,
bat no advance could be obtained on any description. Barley
la. per quarter dearer. Oats 6d. per quarter cheaper.
Beans held for rather more money. Peas tending upwerde.
During the present week, wheat has sold readily at a rise of
le. to 2s. per quarter. Per, le. • barley, 6d. ; and oats, 3d.
per quarter higher. Besse la favour of seller. At Wolver-
hampton, yesterday, there was as increued supply of wheat,
which was taken very elowly at as improvement of le. per
quarter. At this day's market there wee a large quantity of
wheat offering, and the trade closed dull at an advance of la.
per quarter. Barley 6d. per quarter dearer, and oats held for
• similar improvement. Beene quite as high. Peas le.
higher.

Bayless, Fan. 16.—We had a good supply of wheat, the
condition of which was better • at the wag of the market
arprices were asked, which Wanness, bat event-
a fair trade was done, in some oases at an advance of is.
a qr. Barley was in good supply and higher prime were
asked; a few lots ware add at an advance of is. a qr., but
generally last week's prune ally were obtained. Wheat,
best, 46e. to Ws. per qr. ; do. inklabig, 395. to 46e. per
qr.; do. inferior, 34e. to 39e. per qr. Barley, 33e. to
465. per qr. date, 23e. to 33e. per qr. Boma, 40s. to
48e. par qr. Pass, 42e. to 46e. per qr. Flour, fine (per
sack), 365. to 41a.; ditto, seconds, Ns. to 36e.
_ _ . .

IiANCHISTIIR, Fan. 16.—There bee been mere activity In
the trade here knee this day se'nnigbt, sad the tendency of
prior has been gemerally in favour of milers, though not to
any material extent. The foreign arrive!. at Liverpool are
only limited, bat moderate of oats and oatmeal from Ireland.
Oar Corn Exchange this morning wee well attended, but the
weather having become damp ceuaed the tredieoutanciuullyiet.
Wheat was only in limited demand, end may be le.
per quarter dearer. For dour there was y soy la-
g/AIM but it wee geas.ally held for 6.1. per eackniore
Oats ware rather dearer, bat owl:awl was without onaiZne%
value. Egyptian beans and Indian corn advanced Is. per
varier.

Nnw•na, Fin. 16.—At to-deje inarket there wee a good
demand far all grain. Fine qualities of wheat and barley
le. per qr. hinter than last week. Oats for seed inquired
for, at a further advance.
NIMBI:MT, FRB. 16.—We bad an increased eapply of
wheat, which fully maintained late rates. Barley mares
and an &dream of 2a. per qr. ass established. Oats, Mans:
sod peas dull.

UXBRIDGE, FEB. 16.-The supply of wheat la short, and
being improved in condition tells Doty at 2s. per qr. ad-
vance in pries. Spring corn is unchanged in
ZDINIIIIIOII FEB. 16.-We had in the market to-day
1416 era. wheal, 1,029 barley, 2,697 oats, and 319 beans.
Then were sold-Wheat, 1,387 qn. ; barley, 862; oats,
1,989; and beaus, 224 gni. As compared with last
wok-Wheat wee 4s. up on top, and Is. 2d. up on
average. Barley was Same as last on top, and la. 7d. up on
average. Oats were 17e. 6d. up on top, and 2d. up on average.
Beans were ls. 9d. up on top, and ls. 2d. up on average.
Prior pet imperial qr.:-Wheat, 40a. Od. to ILL Od. Barley,
31.. 3d. to 42.. 04. Oita, 22a. 04. to 48e. Od. Beans,
41s. 04. to 48.. Id. Weight of top-Wheat, 66111 a.; bar-
ley, 68e1be. ; oats, 461 be.; bean, Mks.
CATTLE.-EDINBI/102, Fan. 16.-The supply of sheep
this morning wee larger-the number 4,837, being 897 more
than last week. Sales were slowly effected, and prices in a
good many instances Is. a hod down. Top pries of the
best aged block-faced 'adder., Sid., corrent top, Bd.; cur-
rent price, 70.; ewes and inferior, from to 7ed. per lb.
The supply of cattle was also large, there being 836 or 103
mon than on this day week. Demand good, and price. much
the same, compared with those obtained last market. Top
price, Be.; carnet, 7e. 3d. to 7s. 6d. ; middling and inferior
from 6s. tole. 6d. per imperial step. Fed pigs, from 6e. 6d.
to 6.. per imperial stone; six to eight weeks old do., from
9.. to 13e. a head. Numbers in Inerket-Sheep, 4,837; fat
*Mt* 827 ; WI& cows, 101 ; pigs, 277.