The Northern Daily Times.
Liverpool, Merseyside, England, 1856-07-14 00:00:00

the most eventful and threatening moments in

our histo

Look at our position in 1838, with

3,000,0001. of gold in the coffers of the Bank of

England. Tetanus assumed tho dimensions of an

epidemic among Bullionists in that fear. But

look at us in 1841, when we imbibed the doctrine
of Free Trade, and at the close of 1843, when we
had uo less than 15,000,0001. of the precious metal

in reserve. From that moment we experienced
no dearth of bullion until 1846, which was a year
of unusual suffering, and it appears to have been

designed to show us the extraordinary value of

the new economic principles we had espoused ;
for, notwithstanding the enormous prices we had
to pay for corn in 1817. and the large quantities
imported, we found ourselves in December, 1848,
with no less than 17,000,0001. of bullion. And it
has taken a war of the greatest naagnituele, and of

two years duration, to bring upon us the exhausta-
tion we experienced in one year of scarcity fol.

lowed by positive famine.

There is much in this brief retrospect to ad-
monish both France and England. The French
have before them, as we already stated, a brilliant
and glorious career. We have simply a commercial
race to run, in which, if we may judge from the
earliest and latest hours of unbroken Free Trade, a
short supply of gold will be among the least of our
difficulties. We may employ a large share of our
bullion in developing the resources of India and
our Colonies, and in advances to Continental
States, for railways and other enterprises, but
these are reproductive works, which will give
greater facilities for the accumulation of metallic
treasure. The efflux of gold is much more rapid

than its influx, owing to the want of a more
expeditious transit for the bulk of exchangeable

commodities. The opening of railways and canals,
traversing the immense regions with which we now
trade, will render the use of gold far less necessary

than it is at present. To the prosecution of these

nterprises, and a large expansion of unrestricted

commerce, Great Britain looks for the maintenance
of that power, and internal contentment she has so

long enjoyed. France, in a spirit of honourable
rivalry, hopes to eclipse us within a more limited

itele. She looks to the wants of her people with

earnestness of a lofty patriotism, but she views

the future with the wildness of political speculation,
which seldom provides for great necessities, and
can rarely bear the strain of incidental rebuffs.
Her difficulty now is a threatened want of bullion
and commercial activity, and the course taken is to
forbid the introduction of foreign capital for
internal works, and the adoption of Free Trade by
inches, whilst the increased pressure upon her

resources has assumed an enlarged and positive
character, which admits of no parley. We hailed
with delight the recent modifications of the French
tariff ; but such measures are wholly out of pro•

portion with the weight which they are meant to
bear; and we see nothing for France but a closer
approximation to, if not a bold adoption of, those

principles which are our sole hope at the presen

CABINET CouNmE.—A council was summoned to meet
at four o'clock on Saturday afternoon, at the Foreign

Office, Downing-street. All the ministers were present

with the exception of Lord Granville

THE ADMIFULTY.— It is strongly reported in some
quarters that Lord Lyons will shortly come home from
th 9 Mediterranean, and succeed Sir Charles Wood as
First Lord of the Admiralty. It is high time that some-
body were in command of the ship at Whitehall, to
preserve discipline amongst the lawyers and soldiers
that political partisanship has inflicted upon the Board
of Naval administration of the country.—United Service

Gazette

THE CommANDER-IN-CHIEF.--We are not, we believe,
premature in announcing that Viscount Hardinge has
tendered his resignation, and that his connection with
the Horse Guards has formally, as well as virtually,
terminated. Although we rejoice to say the gallant
veteran is progressing favourably towards recovery, it is
not likely that his health will, for some time at least,
permit his attention to business ; and appreciating the
necessity for vigilance and vigour at head quarters in
the present transition state of our military administra-
tion, he has placed the command of the army at the
disposal of her Majesty.

•

writer :
There has been some difficulty amongst purchasers of
sugar in understanding the cause of the high price
maintained by this article of necessity for scme time
past. This is explained by Mr. Slidell's movement to
the Senate, on the subject of giving aid to the sugar
planters of the United States. Mr. S. stated a fact
ot no small importance to the country at large. lie
said that the sugar crop of Louisiana for several years
past has fallen off from four hundred and sixty or
seventy thousand hogsheads to probably this year
not more than one hundred and twenty thousand
hogsheads. One cause which gives rise to great
apprehensions on the part of the planters of
Louisiana is the supposed deterioration of the
cane. It cannot be planted from seed, but must be
reproduced from the cane itself, which germinates from
the eyes. It is necessary to introduce new plants, and to
do this conveniently, vessels must pass directly to where
the cane is to be planted. so as to avoid frequent handling,
which destroys the eyes ot the cane. The Senate, in view
of this information, very readily passed, on Mr. Slidell's
motion, a joint resolution to authorise vessels so to pass
without unloading at New Orleans. Mr. S. also asked
an enquiry, which was granted, that the Committee on
Agriculture report upon the expediency of making a
specific appropriation for the importation of seed sugar-
cane for gratuitous distribution to the planters of the
United States —National Intel.
In reference to the London Money and Stock
Market we quote the following from the Circular
nf 71,r1. NIT tronc : -
The enormous extent of specie to India and China by
the last steamer, amounting to the unprecedented sum of
810.323/, all of which, with the exception of about 42,0001
was in silver, affords, in conjuncture with some collateral
circumstances, a full explanation of the transfer of bullion
to the Continent, which has so much perplexed our mar-
kets in the present week. Among other evils of great
magni'ude caused by the recent inundations in th^ South
of France, was the entire destruction of the silk crop.
This catastrophe occurring at a time when the stock of
silks in this country were very low, and prices largely
advancin', naturally turned the attention of merchants in
a greater degree to the producing countries of the East ;
and consequently most extensive speculative orders were
immediately transmitted both to India, particularly Ben-
gal, and to China. The course of trade with those coun-
tries has for a long time required the transmission of
specie in payment for their produce ; and, of course, when
considerably increased orders, to be executed speedily,
were sent, it was necessary to forward also means of pay-
ment equal to the excess upon the ordinary transactions of
the trade. To obtain these means not only have the com-
mercial stocks of silver in this country been comparatively
exhausted, but the available supplies upon the continent
have been bought up, the payments for them being made
in gold. This will explain to some extent the Continental
demand for gold; but this solution is imperfect of itself.
Other causes of a collateral but scarcely less active
description, have combined with it to diminish our stock
of gold. One is, the gradual replacement of the
silver circulation in France by a gold currency, the ef&et
of which upon this country is constant, though silent ;
and another is the shipment of gold to Brazil and South
America, to liquidate balances created by an excess of
imports over exports. These shipments may only be
incidental and temporary; still they are an element in the
case. From these circumstances the inference is clear
that the falling cff in our bullion is exceptional ; and that
it will probably cease with the exceptional circumstances
that have led to it. The diminution during the last fort-
night has not exceeded £700,000, an amount too small to
create any real uneasiness, unless it were to
prove continuous, which we cannot anticipate,
hut even it should amount to one million pounds,
we must bear in mind the other side of the
account. We have had no considerably arrivals from
Australia for a month, and fully R5OO ,000 are now about
due; nearly £1.000,000 in sovereigns may be expected
from Turkey in the present month; the nest India
steamer due next week, will bring between £200,000 and
£300,000: and the next two or three steamers from the
United States, will also bring supplies, which in the
aggregate will exceed £',000,000. Altogether, we think
we rather underee our almost immediate supplies, when
we estimate them at £3,000,000 in the course of the next
fortnight or three weeks at the outside. Against a
present drain of .e 700,000, which may or may not be
increased to £1,000,000, we have then to put this prospec-
tive impart of 3,0 )0.000. These considerations satisfy
us that the uneasiness created by the unfavourable
returns of the Bank of England. and the Bank of France,
published yesterday, is somewhat irrational, and that it
will totally disappear as soon as the actual state of things
is better understood.
Our markets have been better to-day. Consols
opened at 95, and for a moment they went ir
lower ; but the tone then began to improve, and
though little or no business was done they left off
at an advance of a upon the opening prices, closing
at 9 to 90. Railways were flat at the opening ;
but like Consols they closed better all round.
Business was restricted by the approach of the
settlement, but the general temper of the market is
favourable to a recovery from the depression of the
last few days. The other markets presented
exactly the like features. Money is easy on the
whole, though there has been more tightness in
Lombard-street. It is not, however, the prevailing
• feature of the market. The allotment of the
MILITARY PROMOTIONS.—The following appointments I shares in the Ceylon Railway continues to give
much dissatisfaction. So strong is this feeling
are announced as about to be made: —His Royal Highness I that one firm, authorised brokers of the Company,
the Duke of Cambridge to be Inspector-General of have given notice that they have ceased all connec-
Infantry. Lord Rokeby to the Command and General tion with it, returned their allotments, and resigned
Supervision of the Guards. Sir Cohn Campbell to the their emolutnent ; while another have given notice
that they are investigating the allotments, and that
Command of the Division at Dover and Shorncliffe;
they will be guided in the course they may take by
Lord George Paget to the Command of the Calvary the results of the enquiry.
Brigade ; and Colonel Lord West and Colonel Cameron
On the present condition of the Money Market,
to the Command of Infantry Brigades at Dvrcr and
the Bankers' Circular of to-day has the following :
Shorneliffe. Sir Richard England to the Command of
The movements of bullion have again interrupted that
the Encampment at the Curragh, Kildare ; Colonel repose which so many had anticipated would result from
Parlby to the Command of a Calvary Brigade; and the termination of war, and the arrivals of gold from
Colonels Shirley and Storks to the command of Infantry
Brigades at the Curragh. Australia. We cautioned our readers a short time since
J against placing too much confidence in the mere arrivals
the Command of the Garrisoniajor-General Cochrane to of the precious metals into this country, from the fact
at Dublin ; Sir'
James that they were sent here as the centre of distribution to
various parts of the continent of Europe, into countries
Chatterton to the Command of a Cavalry Brigade ; and
where, as in England, gold was not a natural production,
Colonels Van Straubeuzee and CnnYnghame to the and where the possession of it can only be secured by the
Major-
Command of Infantry Brigades at Dublin. commercial and financial operations betweeen one country
and another. These operations have now become so rapid
General Mansel to Command the Brigade at Fermoy. in their influence, through telegraphic despatches and
Lord W. Paulet and the hon. Sir J. Y. Scarlett to Com. steam communication, that the foreign exchanges do not
mend Cavalry Brigades, and Colonels Spencer and La accurately indicate the movement of the pretcious rnietals,
w- and those who place implicit reliance upon hem wt. tre-
Tence to Command Infantry Brigades, at Aldershott. quently find themselves deceived. _ fit. has several times