The Northern Daily Times.
Liverpool, Merseyside, England, 1856-08-08 00:00:00

,o—the prominent feature of the present century—
Jaye, sooner or later, caused a crisis, which never yet failed to
carry with it its own remedy, and to establish business on a
firmer and safer basis ; of this California and Australia
have given the latest proofs, too fresh in the
memory of merchants to require any further comment,
The present crisis in our trade would probably have occurred a
year or two ago, but for the late war between the great powers
of Europe causing a steady rise in all Breadstuffs, which was
pushed by speculation far beyond the limits justified by the
exigencies of actual want. The principal drawback on our
trade we consider to be, thA circumstance of bills not being
negotiable here. The communication with C sicutta by land
not allowing the transmission of specie, all funds have to be
sent by sea before the estimated due dates of the vessels for
the purchase of whose cargoes these funds are intended. We
take this opportunity of expressing our regret that hitherto
Government has apparently taken no other interest in this
province but to realise the greatest possible amount of revenue,
doing little or nothing for the improvement or• even the pre-
servation of our port. A regular monthly steam communi-
cation with Calcutta has been kept up for five or six months
yearly, offering the only opportunities for the transmis-
sion of funds, except the casual chances of sailing vessels.
It is to he hoped that a regular line of steamers
between this and Calcutta may soon be set on foot.
The establishment of a bank here would be the first great step
to facilitate our trade, and to lay the foundation of a more
sound and safe mode of business. As soon as bills can be
realised here, the principal obstacle to executing limited orders
will be removed. Hitherto the agent, when his limits allowed
him to eff.'ct a charter, leaving at the same time sufficient
margin for buying the rice, had to write to Calcutta for• funds,
and in case of the market advancing in the meantime, had
either to pay the difference himself or to keep the chartered
vessel on his own account. Limited orders, therefore, seldom
lead to business, and the consequence was that all adventures
had to be entered into months before the season opened ;
charters had to be effected, funds to be laid down, and the
transaction once entered into so far, had to be carried out.
regardless of prices. Herein we have to look for one of the
orineipal reasons of prices this season not having been affected,
'n the slightest degree, by the successive reports of falling
at home ; with but very few exceptions, the
anven tures entered into could not be redressed or
cancelled, the demand continued, and prices, with
decreasing supplies, reached a point before unknown.
Another circumstance which materially contributed to
the rise in prices, since the middle of March, was
the want of labour, in consequence of cholera, which,
although making its appearance in some degree every year
durinz, the months of April and May, visited our province very
severely throughout this season, spreading, with great violence,
amongst the labourers—Coolies—who left in such numbers
that large quantities of the crop could not be unhusked and
be made available for shipment ; the supplies in consequence,
began to fill off, at a time when the largest quantities are
generally brought to market, and the season closed fully two
months sooner than calcu'ated upon, leaving large stocks of
paddy in the intetior. With regard to the establishment of
a hank here, it is hardly necessary to point out the advantages
which this place offers to an institution of the kind;
it would command nearly the whole of the monetary
transactions of the place: and the amount of funds
required is such as to give the transactions of a
bank ample scope. Calculating the exports from Akyab during
the last ten years, at prices which we estimate to be about the
average of the season, we find that the following amounts in
specie rupees were required to purchase the same :-
1841-47 1847.48 1848.49 1849 51 1850-51
- 12,89,750 15 35.4'6 11,18.536 16.72 890 22,74,080
1851-52 1852-53 1853-54 1854 55 1855-56
Co.'s 13s ..26,89,995 31,5,4,780 35,54,376 73,31,150 85,13,375
The project of establishing a bank here has been already
entertained by monied men on the Continent ; it is to be
hoped that it will soon be carried into effect. The enormous
losses on this season's shipments, at an average of £3 per ton
giving the sum of £458,412, and the depressed state of the
in Europe for our article, wibout any reasonable
grounds for an early improvement, will debar even the most
sanguine from entering into this trade next season with
a view of speculating on the merits of the article or
its position. Cleaners and shipowners will for the first
ho our exclusive customers, provided the former do not
find ample opportunities during the summer, when the
bulk of the shipments from this coast arrives at
home, to satisfy their wants for a long time to come,
at rates which they expect to be below what they would
have to pay here next season, and the latter—shipowners—
will not think of sending their shins out here, even with tair
prospects of realising a good freight on cargoes on ships'
account, should they meet with paying freights at home or
elsewhere. The extraordinarily low prices of rice in Europe,
as compared with those of wheat and flour, although partly
attributable to the circumstance that large quantities of rice
were expected from the East, which depressed the markets,
may, on the other hand, be taken as proof that the consumption
of rice is still of a very circumscribed nature as compared with
that of wheat, and that certain districts and certain classes only
have been using it more extensively as a substitute, in some
measure, for wheat and rye. Arracan cargo rice at 98 9,1 per
cwt, converted into meal, stands in about 29s 64 per sack of
2301 b, whilst good flour costs 60s per sack of 2801 b. Bread,
of six parts flour and one part rice meal, gives a compound
which is scarcely to be distinguished from pure wheaten bread,
and which makes the bread, at the above prices, 6-1 per cent.
cheaper. A mixture of flour and rice meal, in the proportion of 6
to 1, has been tried by bakers in England. Should this become
a regular and universal practice, England alone would con-
sume about 400,000 tons rice per annum in the admixture
with flour. Could rice, like wheat, be manufactured into an
article of food, which could be bought by the poorer classes
ready made like bread, it would long since have become of
vast importance, and herein, we think, is to be found the
principal reason why its value is generally out of proportion
with that of wheat and flour. We subjoin a table of the total
exports of rice from Akyab during the last ten seasons, from
lit November to 31st October, showing at the same time the
exports to Europe only during the same periods. In May,
June, July, and August last-year we exported 54,583 tons, of
which 51,962 tons to Europe; during May this year 10,197
tons, all to Europe, whilst in the next three months the exports
will not reach beyond 2,000 tone, and little or nothing can be
exported in September and October. This falling off of
exports in May, June, July, and August this year is mainly
attributable to want of labour to unhusk the paddy, owing to
cholera. There is no doubt that large quantities of paddy
remain in the interior, which cannot be converted into rice
until after the rains in September and October. The high
prices realised by the natives will give another stimulus to
increase production, but with regard to prices next season we
hardly venture to express an opinion. That the same, with
large stocks of paddy remaining over, and with prospects of
another large crop, will be reduced materially, is to be
expected, particularly as under present circumstances but few
ships and orders will bo sent out from Europe.

markets

Co.'s Rs

markets

OF BICE Flioll AICYAB DURING THE LAST TEN

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