The Northern Daily Times.
Liverpool, Merseyside, England, 1856-05-22 00:00:00

EM n *~

THURSDAY, ~IIAY 22, 1856

THE Parliamentary Session may be said to be
over. The supplies have been voter!, and the
Budget has been agreed to a division. The
ABERDEEN war a dry historical record, tud the
F4II..:ERsToN peace is on its trial. The people or
England have hailed the advent of the world's
repose, with a fervour becoming a Christian
nation, and will protest, it is hoped, with one
voice, against another rash and useless effusion
of blood, as the most heinous crime on the
part of those who may again involve us
in such an unholy pursuit. The burdens
which the last two years have thrown upon the
laud, will cause posterity to denounce us for our
folly and scout our memory, while they recount the
hundreds of millions of debt we shall have left
them to pay from their daily toil. A few millions
more added to our national debt would absorb
three-fourths of the labour of twice the population
we now have, when added to the natural increase
which must take place in the ordinary expense of
governing the larger number of people, and let us
take heed not to plunge our children into the dis-
honour of repudiation or bondage of irredeemable
indebtness. Those learned in financial matters
tell us that there is no way in which a state can
wipe away its obligations except by laying down
the cash. All attempts at clearing off the great
fiscal debits have
.failed, and further efforts will
prove futile.

Sir CORNWALL LEWIS speaks conclusively on
this head. He says—" It
.is a sanguine delusion
" to expect that any mysterious self-Ictina sinking

"fund can be formed by which the debt of a
0 country can ever be diminished. Public debt,
" like private debt, can be extinguished only by
" the application of money. In the case of a nation,
" that money can be raised only by taxation.
" There is only one resource to which an honest

Legislature can resort in our position—viz , to

raise a surplus'revenue by taxation, and annually
to apply it to the extinction of the debt. All

" other contrivances of financiers—all pretended
" sinking funds, however ingeniously formed or
" concealed under specious phrases, will be found
"in practice delusive and disappointing." These
words should never be forgotten by the Go-
vernment and the people to whom they were
addressed ; for how can they excuse oil,
selves if we continue heaping debt on the subject
and his children, which we believe no nation can
ever pay off? We can conceive no more reckless
or dishonourable course. The present generation
find it difficult to keep faith with the public
creditor, and we should see, that that which is as
much :as we can accomplish, is not increased to
more than those who are to come after us can
perform.

A purely moral view of these weighty national
questions will probably be thought out of place
in these columns, still the wish is to impress on
all classes the propriety of holding the blessings
of peace with all our might, now that we have
them, and to set their faces against every man,
no matter what his station may be, who by word
or deed would venture to entangle us in
another war. We can afford to wait for
au enemy, and have no right, therefore,
to keep up armaments which will lead the
crafty statesman of other countries to revive
the cry, " the British are coming," and
thereby fleece their wretched and duped country-
men out of millions a year for the support of idle
soldiery ! Europe needs honesty in the adminis-
tration of public affairs. There is by far too much
diplomacy in the councils of the Old World,
There are too many living without labour, and too
many who cannot get labour to live. And wherever
this state of things exists, war becomes an agreeable
and profitable pastime with the t .vo fag ends of soci-
ety, and to guard against its terrible consequences
those who follow a life of industry, and hope to
pass their days in peace, should bestir themselves,
and see that employment in the great wealth-
producing pursuits of peace is not checked or
interfered with by any portion of the machinery
of State, or the fallacies of party or their leaders,
Give us plenty of employment for our ships,
looms, ploughs, and millions of hands, and there
will be few found to take up arms except
the safety of their country required them
to draw the sword. If we neglect to
supply this want, we may rest assured that war
will be our lot. Large armies cannot be kept face
to face in Europe for any length of tint', without
leading to bloodshed. Russia has always been
compelled to find work for her troops, and when
France has failed to do so, her army have found
employment for themselves.
Experience has taught us so much, and time will
show us that England cannot be made one great
barrack, without provoking hostilities abroad,
or

anarchy at home. We must have
far different employment for our labour to
State parades, and some more productive use for
our capital, than subscribing for loans to supply a
military chest. France, according to Sir CORN-
WALL LEWIS'S showing, has only added 8,274,519/.
to her military and naval expenditure since 1852.
Her taxation ❑ow amounts to 11. 17s. 7d per head,
on a population of 35,781,628, whilst Great Britain
has augmented her navy and army charges to the
extent of 35,467,7711., and the rate of tax-
ation has been advanced from 1/. 19s. 4d.,
ss. Od. per head, on a population
of 28,628,000 since 1852. Now, he should like to
be informed how we are to compete, in nuinerical
strength, with any military nation? Thu only
course left open to us in to reduce the money
drains upon the people to the Continental level.
We must go back at once to the rate of taxation
paid by France. That country must reduce its
expenditure—and without delay, and we must
follow in her wake. There is nothing whatever

to 31.

NORTHERN

abroad t

is there any

o call for a lavish military expenditure; nor
king in the general condition of this
country to justify or sustain it, now that the

excitement of war has passed away.

The prospects of trade, as a whole, were never
more gloomy. We are thrown back on our old
markets with crippled means. Mercantile men

are at last aware of the risk they run in entering
on any large engagements, while the CHANCELLOIt

of the EXCHEQUER continues a borrower, in any
form, in the money market. The bullion reserves,
rest, unemployed notes, and public deposits, are
not in the most flourishing condition, as shown in
the last returns of the Bank of England. Aud
the Ministry of the day, as well as all the
other classes who owe theirifinordinate wealth
to great commercial crashes; will find that
merchants and traders are not to be so
easily caught in a sudden revulsion as thdy
were only a short time since. They are begin-
ning t 3 play the game of the bullionist, and
although they may be constrained to accept
accommodation at from 6 to 1 per cent. dis
count, they take it in very small doses, and they
leave Government to make up deficiencies
in revenue, and industry to look after
itself. The merchant will not buy more than he
can sell on the instant, nor will the manufacturer
risk one pound in the employment of labour while
the Money Market is little more than a political
gambling-house. Setting aside, therefore, all the
moral views of war, and allowing largely for the
innumerable blessings of peace, it would be
difficult to discover the grounds on which those who
believe the CHANCELLOR of the EXCHEQUER will
realise all he promises in his Budget,
rest their hopes. We know there is a
proverb—si lodano gli uomini modesti, and we
hope Sir CORNWALL LEVIS, who is the most modest
of financiers, will not be overlooked in these days
of universal praise. Should he obtain 67,000,0001.
of revenue this year, the right honourable baronet
will be entitled to an earldom, but the next quarterly
returns of the public income will disclose much to
enlighten both the Cabinet and the country.

TIMES.---LIVERPOOL, THURSDAY.

MONETARY AND COMMERCIAL

LIVERPOOL, WEDNESDAY tVENIY(.

The sales of cotton to-day have been 6,000 bales,
of which 500 were taken for speculation and export.
The tone of the market was rather more firm, and
prices were steady.
The Liverpool Share Market opened steady and
improved, arid subsequently became easier, but
rallied again before the close, and prices left off
at the highest point, as under :—Aberdeen, 13k 13i.
Chester and Birkenhead, 15/ 16. Caledonian, 301
30/. Chester and Holyhead, 15/ 16. Eastern
Counties 10k 101. East Lancashire, 19'8 19i1. Great
Northern, 23/ 241. Ditto A, 98 10k. Great Western,
61 611. Lancashire and Yorkshire Stock, 91 91k.
Liverpool, Crosby and Southport, 17 171. London
and North Western Stock, 1021 1021. Manchester
Sheffield, and Lincoln, 201 29a Ditto Pref., Llft 114.
Ditto New 6 per cent. Pref., 4-4 p. Midland
Stock, 771 778. North British, 82( 81 North
Staffordshire, 64 50. South Eastern and Dover,
21 7-16 211. York, Newcastle, and Berwick,
2O 204. York and North Midland, 28/ 284.
Leeds Capital Stock, 16i 161 Buffalo and Lake
Huron, 11 lip. Dutch Rhenish, la I 11-16 p. Great
Western of Canada, 264 261. Ditto New Shares,
81 31p. Ditto 2nd issue, 3,1, 31p. Great
Luxembourg, 74 Tad.

A telegraphic despatch from Berlin states that
the new measures taken to prevent the negociation
of foreign securities on the Bourse had produced a
great sensation amongst the operators.
Letters from Geneva, of the 17th inst., mention
that the great council of that republic and canton
have voted the negociation of a loan of 6,000,000 f
in four per cent rentes. The produce of this loan
is intended to pay a subvention of 2,000,000 f for
the completion of the Lyons and Geneva railway
as a work of public utility. The railway company
take their portion of the loan at 90f per cent, and
the other four millions have been negociatect at the
rate of 80f by the new International and General
Swiss Bank of Credit. The financial position of
the canton of Geneva is considered to be very
prosperous; the funds are classed amongst the
firmest in Europe, and the annual budget of the
republic exhibits an excess of receipts over the
expenditure, which is to be applied to the mortgag-
ing of the loan.

The Dutch Minister of Finance has published
the statement of receipts into the Treasury during
the four first months of 1856, which exhibit a total
of 18,701,768 florins, against 17,654,853 during the
corresponding period of 1855. The increase has
been chiefly in the direct imports, customs, and
navigation dues, upon some indirect taxes, and in
the postal department.

The weekly trade report from Antwerp states
that business has been remarkably steady, and
transactions to a fair amount concluded in the
chief articles imported. The public sales of cotton
during the week ranged from 43c to 69e per kilo
for mixed sorts, among which were 150 bales
Louisiana ; good ordinary realised 31e to 32c;
middling, 34c to 25c ; and good middling, 351 c
to 36c per kilo. The imports comprised 2,756
bales New Orleans, and 656 New York. The
market for coffee was quiet, with sales of 1,200
bags St. Domingo in first hands. The arrival of
the mail from Rio Janeiro gave great satisfaction,
but prices made no advance at the close of the
woek. Batavia sorts were in demand at 351 e to
361 c, for St. Domingo 334 c to 34c ; Brazil 25c to
26c, and ditto superior quality 28c to 31c per half
kilo. The arrivals from Holland included 1,163
bags. In wool there was a rise in quotations, and
the imports comprised 1,508 bales Buenos Ayres,
92 ditto Monte Video, and 79 bales England, and
235 bales La Plata, which were sold at advanced
prices.

At the adjourned court of the proprietors of East
India Stock held this day, Lieutenant-Colonel
Sykes in the chair, the resolution for the grant of
5,0001. a year to the Earl of Dalhousie, late Gover-
nor General of India, agreed to at the last meeting,
was again submitted for confirmation. The
feeling of opposition was but faintly displayed on
this occasion, so that, after a few observations
from Mr. Twining, the chairman, Mr. Lewin, and
Mr. Jones, the original motion was carried with
only four dissentients, and the court adjourned.
The Funds, though retaining much firmness,
were quoted slightly lower this morning, the recent
rise having induced further reactions. The reduc-
tion, however, did not exceed per cent, and in tho
afternoon, there was a sudden advance, the closing
quotations being fully a per cent above the best
rates of yesterday. The final prices of the day
were 94 9.16 to 94 11-16. The market thus
closed this evening, at the extreme point
of the late rise. This improvement was
chiefly occasioned by a report that the long
expected abrogation of the seven per cent charge,
in respect to bills having between sixty and nine-
five days to run, is likely to be decided upon by
the directors of the Bank of England, at their
weekly meeting to-morrow. It is certain, also, that
the Money Market to-day is decidedly easier.
With the completion of the Government Loan
operation, a very free supply has come into the
market ; thus, in Lombard-street and elsewhere
first-class bills could have been discounted to-day
to airy extent at a slight reduction from the Bank
rates. The closing quotations of the Paris Bourse
did not reach the city this evening. The scrip of
the new loan was quoted at four o'clock at 1! to 2
premium. The Corn Market to-day was flat,
owing to the fine weather, but an inquiry on
French account tended to prevent any actual
decline in prices. The country markets held yes-
terday were flat. In the French markets the late
rise has received a check. The Indigo sales, which
have passed off with much flatness, closed to-day.
The Railway Share Market to-day was generally
rather firmer, especially in the afternoon.
Towards the close an upward tendency was shown.
At the close of the day, Railway Shares were
quoted as under :—Caledonian, 601 61. Eastern
Countics;Oh 1.01. East Lancashire, 76 78. Great
Northern, 951 96. 1)0. A, 794 801. Great Western,
611 611. Lancashire and Yorkshire, 90:-4- 91-k.
London and North Western, 1029 104. Manches.
ter, Sheffield, and Lincolnshire, 29i 291. Midland
Stock, 77-4 778. North British, 35 36. South
Eastern and Dover, 711 72. York, Newcastle, and
Berwick, 80 81. York and North Midland, 57
671.