The Northern Daily Times.
Liverpool, Merseyside, England, 1856-06-02 00:00:00

THE NORTHERN TIMES.---LIVERPOOL, MONDAY.

?thing elsntsamNbe atid of them may be taken
for granted. The fact is; we have admitted Mr.
CRAMPTON'S guilt, and he ought to have been
recalled long since. He is not the man that
ought to have been selected for such an important
post.
He had not male one-half of his retreat
good on the recruiting question, before we
find the veracity of the allegations contained
in his official despatches brought before the
American Senate, and declared by a number of
gentlemen who had heard our Representative
repudiate in the most unqualified terms, the very
expressions he has since used, with regard to
Central America. Mr. CRAMPTON, when writing to
his government on the 31st March last, says :
" Mr. CLAYTON has on various occasons since, in
" conversation with me, stated that he considered
" Ruatan a British possession as much as Jamaica
"or any other British West India Island." In
answer to this assertion, Mr. CLAYTON called wit-
nesses to prove that he had said nothing of
the sort, and read to the Senate a letter
of Mr. CRAMPTON'S, dated the 12th of Janu-
ary, 1851, in which our Minister says :—" The
" dependencies of British Honduras are, in my
" opinion, distinctly enumerated in the treaty of
" 1786." The New York papers in commenting on
these prevarications say :—" Mr. CLAYTON'S expose

"in the Senate of the falsehood of CRAMPTON'S
" official letter of the 31st of March last, was corn-

" pletely overwhelming. Of the genuineness of
" CRAMPTON'S letter, there is no doubt, for it is
" published in the official Blue Book, a copy
"of which we have examined. There can be
" no doubt here that CRAMPTON stands convicted of

` a glaring and positive falsehood." How will Lord
CLARENDON meet these most serious charges?
The FOREIGN SECRETARY has already, we are told,
forwarded a despatch " declining to re-call Mr.
" CRAMPTON, or to yield on the Central American
" question." The policy of the British Govern-
ment has, no doubt, been faithfully shadowed
forth by the London Times in its repeatedly
expressed wish to refer the whole matter to arbi-
tration. But what is there for arbitors to consider ?
Lord JOHN RUSSELL has declared that we do not
lay claim to any rights of sovereignty whatever
in Central America ; and Mr. CRAMPTON has stated,
in the name of this country, that the dependencies
of British Honduras are distinctly enumerated in
the teaty of 1786 ! Surely, then, we do not want
another International Congress to interpret the
plain English employed by Lord JOHN RUSSELL in
his despatches, or to read treaties which it appears
Mr. CRAMPTON can understand ! It is a positive
insult to the States to ask them to adopt any such
course. They have recognised the independence
of the American citizens in Nicaragua, as they did
in the case of Texas; and as the PRESIDENT has
intimated that his Cabinet will enforce the
observance of the neutrality law, any interference
on the part of foreign countries between the
belligerents at Greytown will set the world once
more in a blaze. We hope Mr. CRAMPTON has
foreseen all this, and advised his Government in
due time of the dangers which were impending
over his country. In another place we give the
intelligence brought by the steamship America'
which is of the most. momentous character.

THE Bank of England, in reducing the mini►num
rate of discount to five per cent., has committed a
grievous banking and commercial wrong, to accom-
plish a dubious political object. The Bank
Directors have no such discretion vested in them
by their constituents, or the supporters of the
Charter Act, as that they have just exercised.
When they hold only a certain amount of bullion,
or when gold is likely to leave the country by
means of a great expansion of trade, or a return to
a state of war, the law laid down for their govern-
ment limits them to raising the rate of interest,
making money scarce and dear, and causing a
" fall generally in the prices of all commodities, to
" bring back gold." When the gentlemen in the
Bank parlour depart from this well defined line of
action, they become innovators, and adopt the
course which " senseless currency and banking
" reformers would pursue." The nominal
reduction previously made in the rates of
discount had the desired and ordinary
effect it is true. The seven per cent. minimum
caused the gold to run away from us with unpre-
cedented rapidity. Out of many millions of gold
received within the last two years, the Bank
could only catch a few stray thousands now and
again. But the inoperative reduction from 6 and
7 to a uniform rate of 6 per cent, had the opposite
effect. In the very first week of its trial it led to
an increase of 740,2601. in the Bank's bullion
reserve, and an increase of 945,2851. in the unem-
ployed notes ! This incouraging fact is nothing
more than we have led our readers to anticipate
from a sane and re-assuring line of banking
policy.
Delivering bullion from the grasp of "protection"
has had just the same effect upon gold that the
removal of high prohibitive duties has had upon
commerce. As a commodity the yellow metal has
partially regained its freedom of action, and has
returned with greater readiness to the source of
supply. But who ever heard of the Banks
Directory's venturing to lower, even in name, the
rates of discount while they had 19,331,9151. of
notes in circulation, and only 9,938,8751. of gold in
their coffers ! Was there ever such a profanation
of the Bullionist's philosophy and law ? The
spirit of hererolito weakness must surely be
reigning in the forum of Threadneedle-street.
Casting aside both theory and practice in such
stupendous matters will never do for " Mercator,''
TOORE, Sir CORNWALL LEWIS, WILSON, and all the
other great and little people who love to write
and talk about banking and currency. The Lon
don Times will be outrageous at such a sur.
render of great principles in obedience to popular
clamour. Fancy the Banks attempting to encour.
age "over-trading, over-production, and specula
" tion " with only 9,938,8751. of gold in their
vaults ! Such " reckless buoyancy," and at such a
moment, is really monstrous. Why, as far as the

possession of bullion goes, we have only 1,626,8751.
more of the precious metal than we had on
the memorable and ever to be lamented 25th of
October, 1847, when the Bank's minimum rate of
discount was 8 per cent.
Such things as commercial rates of discount
would be bad enough for money jobbers if
we had DO old war taxation to provide for,
and no fresh scenes of bloodshed to appre-
hend ; but, with these things bearing upon,
and before us, the conduct of the Bank Di-
rectors must appear positively suicidal in
the eyes of Bullionists and usury mongers. It
will be useless to talk to them of political
necessities or formal diplomatic designs. What
have they to say to Whigs being charged with
being the earliest advocates and present defenders
of extortionate rates of interest for money ? or the
obvious propriety of allowing England to feel her
legs before war with the Anglo-Saxon race in the
IV ew World is proclaimed ? The Bullionist scribes
who declare th© Bank to be right in their present
course, can only do so on political grounds, and

consequently, we cannot be at a loss to know what
they mean. That low rates of discount will add to
the Bank's ‘. capital," both in the increase of
their gold, and unemployed notes, is certain;
and it only remains to be seen whether
the concession so long denied to trade and com-
merce, has now been made to favour the domestic
and foreign poliey of any particular school of
politicians. We have spoken of the reductions
which have been made, as merely nominal changes,
so far as the trader is concerned, and we must leave
those who require legitimate accommodation to
decide how far we are right by their daily experi-
ence of the actual state of the money market.

MONETARY AND COMMERCIAL.

LIVERPOOL, SATURDAY EVENING

There was an active enquiry for Cotton to-day,
and a large business was done, the sales reaching
10,000 bales, 3,000 of which were taken for specu-
lation. Prices were firm, and the market steady.
The Liverpool Share Market has been quiet, and
the transactions have not been large. Prices
were barely so good, and closed as under :
Aberdeen, 131 1311. Chester and Birkenhead, 151
16. Caledonian, 34 308. Chester and Holyhead,
15416. Eastern Counties; 101 101. East Lanca-
shire, 198 20. Great Northern. 231 241. Ditto A,
99 101. Great Western, 601 611. Lancashire and
Yorkshire Stock, 924 93. Liverpool, Crosby and
Southport, 171 171. London and North Western
Stock, 1021 1021. Manchester Sheffield, and Lin-
coln, 29! 29 Ditto Pref., 11!?-, 111. Ditto New 6
per cent. Pref., a 4p. Midland Stock, 781 79.
North British, 81 9. North Staffordshire, 6 skd.
South Eastern and Dover, 218 211. York, New-
castle, and Berwick, 201- 204. York and North
Midland, 291 291. Leeds Capital Stock, 174175.
Buffalo and Lake Huron, 1 lip. Dutch Rhenish,
1 7-18 1 9-10 p. Great Western of Canada, 251
261. Ditto New Shares, 3 31p. Great Luxem-
bourg, 8 1-16 Bd.
The !latest advices from the Marseilles grain
market report a steady state of business, with a
slight recovery in wheat. Galatz wheat is 44f per
hectolitre, ioumelia ditto 33f 50c , Salonica do.
40f to 40f 50e, and white Spanish 45f. Rye was
not - Id prices were not

o muell in leg
firm. Oats were sou

r at -2,

22f for Brittany

barley was in demand at

improved rates
report a dull state in the grain ma
siderable difficult
reduction, so es to induce

)m Gal

itinue to

d con

bug sales, un
shippers to b

S at a

the freights are low

Accounts from St. Petersburg to the 2nd instant
state that the Grain Market continued active, and
there was an advance in prices. Wheat of the best
quality was in demand at 30 roubles 50 kopecks to
32r. per tschetwert; rye 22r. 75k., and linseed was
sought after and sold for 20r. 75k. assig. The
demand for Tallow has not diminished, and fine
qualities for candles, to be delivered immediately,
have been sold at 134 silver roubles per berkowitz,
and contracts for August have been concluded at
133 roubles. The price of tallow is thus advancing,
and speculators for the fall have not succeeded.
They, however, continue their efforts to lower the
rates of hemp, but the Russian holders of stock
maintain the former rates with firmness.

The imports of the precious metals this week are
again codsiderable, being not much less than the
large arrivals last week, while the exports are com-
paratively insignificant. The items are as follows :
From New York, per Persia, 1,431,365 dols ; from
Port Philip, per Stebonheath, 61,959 ounces of
gold; from Sydney, per Light of the Age, gold
valued at 80,000/ ; from Port Philip, per Rox-
burgh Castle, 39,776 ozs. of gold ; from Sydney,
per La Hogue, gold valued at 100,0001 ; and from
Philadelphia, per City of Baltimore, 2,000,000 doll;
making a total of about 1,273,2941. The exports
for the week comprise 2,2231., ex Sultan, for the
Peninsula, besides some large withdrawls from
the bank.

The official return of the exports of bullion from
the port of London for the week ending Thursday
last is as follows :—Gold coin, Hamburg 325 oz. ;
bars, Belgium, 2,000 oz. Silver coin—Hamburg,
2001. ; Belgium, 12,400 oz. ; bars, Belgium, 4,060
oz ; Hamburg, 1,000 oz ; Hurbury, 73,200 oz
In London this morning Consols opened
for money, and the 4th of June at 041
to 8, and they declined to 944-, sellers ;
but they afterwards recovered and left off at
944 to a. For the 10th July they opened at
958 to 1, and closed at a decline of I. The scrip of
the new loan closed at 2 p.m. The depression it)
the early part of the day was caused, not so much
by the American difficulty, as by some extensive
sales on French account; and by a strong rumour
that a new loan will be announced by France in a
day or two Railway Shares have nearly all
drooped, but the market closed tolerably steady,
considering the state of feeling upon the American
question. The other markets present no particu
lar features. They are lower, but close steady.
The French Three per Cents on the Paris Bourse
at noon were 8 lower than yesterday. In reference
to the feverish state of the market, Mr. W. Avens
in his circular says :
All our markets have again been depressed to a great
extent, from the same cause which has hitherto neutralized
the tendency to improvement created by a reduction in the
rate of discount, namely the embarrassments with the United
States. At the present moment the downward movement
does not seem likely to be arrested, as it is anticipated that
the packet due to-morrow may bring intelligence of an un-
favourable character. But, on mature consideration, it appears
in the highest degree probable that the existing alarm or
rather uneasiness, is greatly exaggerated. In the first place,
the alleged recognition of Walker by the United States Go-
vernment is stated on no reliable authority, and it may turn
out wholly unfounded ; and in the next, whatever the rolitical
partizans of the President may do to push the Republic into a

reluctant war with this country, the commercial element in
the States will shortly be roused into action on the side of
peace, and it will overbear at Washingt m the inadequate
reasons assigned fora rupture if they should be really prt seed
at the decisive moment. In short, considering the enormous
interests which, es yet, has not been heard in the United
States on the peaceful side of the question, there need be no
serious apprehensions of a hostile contest, while there is
every reason to anticipate that the present state of things
must cause both parties to hasten a solution. Indeed, some-
thing like a report is abroad that this is nearer the case
than is generally expected, for Lord Clarendon did not offer
to meet ➢7ir. Marcy upon it, half way across the Atlantic
without creating an impression that some proposal is under
official consideration to appoint ministers on both sides,
with full powers to effect an amicable arrangement. At all
events, it is satisfactory to know that there is a peace party
in the United States Cabinet, and that they are sure to be
supported by the strongest interests in both countries.
From such considerations as these it is fairly deducible that
the existing movement here, in relation to the price of
public Securities, is not justified by facts or probabilities,
and that there must be a reaction, although the market may
remain sensitive a few days longer.
In the Mincing-lane markets, during the past
week, very little business has been transacted. No
public sales having taken place on either Wednes-
day or Thursday, when the markets were closed.
Sugar, however, has been in fair demand, and an
advance to a slight extent was supported. Coffee
has ruled steady, but the business transacted in
this article has been very limited. The stock in
London, at the close of last week, amounted to
7,954 tons, against 6,920 tons at the corresponding
period of 1855. In rum a good business has been
done. Rice has also met a fair demand, and cotton
and tallow have been exceedingly quiet. The
public sales of colonial wool have shown no
important variation in the value of the various
qualities.

The following are the Gazette average prices of
Muscovado sugar, for the week ending May 27th,
1856, exclusive of custom's duties payable thereon,
on the importation thereof into Great Britain :
From the West Indies, 28s 3d per cwt ; from the
Mauritius, 28s 10d per cwt; from the East Indies,
31s 10id per cwt. Average price of the three
foregoing descriptions, 28s 6d per cwt.

MILITIA APPOINTMENTS.—The Gazette of Friday evening
publishes the following : —3rd Regiment of the Duke of
Lancaster's Own Militia—Ensign Henry Powys to be Lieu-
tenant, vice Earle; Ensign James Clarke Hicks to be
lieutenant; Ensign Edmund Cunliffe to be lieutenant;
William Style Doria, gent., to be ensign.
STRIKE ON THE LONDON AND NORTFI WESTERN RAIL-
WAY.—On Saturday a serious strike of the porters, num-
bering above 200, took place at the Waterloo station of
the London and North Western railway, which threatened
rerious derangement to the heavy traffic of that station.
The strike arose out of the recent appointment of traffic
manager, and a dislike to the superintendents of one of the
departments. After a parley, the obnoxious individuals
were removed, and other regulations agreed to as to pay
and labour. An emeute, on the part of the large establish-
ment of clerks, is also expected, in consequence of the g-eat
dissatisfaction felt at the reductions of salaries, which has
been proposed to many of the old hands, as well as young
men of the establishment, under a threat of bringing hands
from the cheap districts,
SUDDEN AND ACCIDENTAL DEATHS.--011 Friday night,
a sailor named George Hope, who lived in a court off
Redcress-street, died under the following circumstances :
He had been drinking very freely for some days past, and
on that evening he called for a pint of gin in a public
house in Mercer-court. The landlady supplied it to him
in a jug, thinking he was going to take it to his lodgings,
but he took it up, and before he could be prevented, drank
off nearly the whole. He was carried to bed, and died
about nine o'clock, although medical aid had been sent for
in the meantime.—The body of James Green, the master of
a flit, was picked up on Saturday. In had been in the
water about a month.—John Harkness, a person employed
about the docks, was accidentally drowned on Saturday.
Inquests will be held in the above cases this day.

LA.TEST INTELLIGENCE.

AGRICULTURAL EXHIBITION IN THE
FRENCH CAPITAL.

Our telegraphic despatches announce that the
Agricultural Exhibition of. Stock and Implements
opened yesterday, with great eclat, in the Champs
Ely3ees, as mentioned in the letter of Friday's
date from our own Parisian correspondent. The
details, even curt as they are, present matter of
interest to the general reader.

FRANCE.

(FROM OUR OWN CORRESPONDENT.)
PARIS, THURSDAY EVENTNO

The important news brought from America to
Liverpool, by the City of Baltimore, is the great
subject of conversation in political circles to-dsy.
The belief seems to be that the recognition of
Walker by the United States will lead to the most
serious complications on the part of the States, not
only with England, but with other

European

powers.
The Post

)rm which has

)een mu

e Government