The Northern Daily Times.
Liverpool, Merseyside, England, 1857-02-17 00:00:00

MONETARY AND COMMERCIAL,

LIVERPOOL, Monday Evening.
tiihe Cotton Market has been much excited since
h..ee.,!catrerdwatol.odfaythe Persia, and large operations were
at the top quotations of Saturday.
Vie sales to•day are estimated at 20,000 bales, one
half
of which were on speculation and for export.
The total sales since Thursday are 50,000 bales.
The .
dil . Liverpool Share Market was rather inactive.
c;ll,ng the earlier part of the day, and prices
tralgtillstl3',.declined, closing, however, steadily. The
9. "euons were as follows :—Blackburn, Sl5 16
911 Easter
Chester and Holyhead, 69 ; Caledonian, 311 ;
, stern Counties, 9i ; Lancashire and Yorkshire,
iyiB i i ; London and North Western, 107:1 f,' , ;
leciliehester, Sheffield, and Lincolnshire, 36 587 1 ;
Eas'it:l4'2Bl3i.32,-7,-; North British, 10 5-16 ; North.
4i„ , ;Dover, -, 4a 4:
223 7 -4- 7 2. Dutch Rhenish,
Wu P; Gnd Trunk of Canada, 121 ; Great
loevern of Canada, 25k ; Liverpool Borough Bank,
follov‘1,9; Liverpool Commercial Bank, 121. The
Iliaekking were the closing prices :
Lc,,ahire,adtoeuria_aatinndd Birkenhead
Nsteur"rn .....
9 .. 9 1-16
69 .. 694
lio.ly—laead • 3ll
.. 31i
18
... 18!
;,,--zern Uounties 9: ... 915-16
__At Lancashire .. ......... 24a ... 241
i•at Northern . ...... •- •
231 ... 231
Great Dia') is, ;hares
... 10
1,1„... Western
.. 68:
ti;:rialaire and Yorkshire Stock
toildP3o, Crosby, and Southport .
klr, on
and North Western Stock
1.._,,e eater, Sheffield, and Lincoln
and Srock
82! .. 83
t,orrth British •
R.,,"
„,,11__Stoffordshire
. •
5 xd 41(1 i'e4)t,lo,is_Ealterri and Dover 22 11-16 2'2_
13 .. 13!
liol,`,' II North Eastern
1,,r,',_11. t uteri) Berwick • 21f:- .. 211
1.4 and North Midland
4capital Stock
blilt
and °4 bake ato,
(1,..- "cern'

.. ...... li

11 p._

441 western of Canada 5-16 p.
253:16.. 25!
Great iitto New Shares 27 215 .16 p.
74 • •
rIN ..
At I.r
.. d.
unk of Canada
,(104e Nranchester Share Market the business.
L'el,e..,daY was at the following quotations .
ti-t; "),119 ; Sheffield, 35! ; Midlands, 83i k ; East
iticitire, 24 7-18.
4er,reeo,4l°lleY Market continues to exhibit a certain
erttie°C tightness rather at variance with the
the iilpated results of the principles enumerated by
,4comeclget• There is a brisk demand for discount
littir7lnodation, and the maximum rate of the
htlair, end of the week has been exceeded. The
to d,;eBB doing in the Public Funds and Securities
hoti-Y-was to a fair extent, but a slight decline is
opteeable in the prices paid. Consols for money
eloipeal at 731 to 73 declined to 751 to 754, and
the at about the same figure. For the account
kettriess Paid to day were 73a to 731. The tran
Ales afr,er official hours were at 934 to 93i.
e
n°lll4l difficult to trace the source fro m.whence
a,etinuous demand for Money arises, there can
C(lttestion that it is fully explained by the
C e
otit,se trade which is being carried on.—
°f tOsted with former periods, the commerce
n so country was seldom—perhaps never—
stead ; flourishing a condition, for it is of a
The
e and bona fide character, and is
A'he ntirely free from unsafe speculation.
litaine;n,nBequence is, that although profits are
tlitee—sned by the high quotations charged for
there,nt, the merchants and others engaged
ore in are doing well, and the announcement
totie„leroantile failure is an affair of rare occur-
ekere'is„,While caution thus continues to be
Preserve a healthy state of business will be
_n
eettai„ ed, but from indications manifested
.
tAse ". quarters there is a prospect, in the
eio4 Off Meney becoming cheaper, of an exten-
ertosiltheetilative engagements. The drain of
03 Past will no doubt remain unabated,
by the overland mail, telegraphed from
k`hare Porting little alteration in the Indian
Illges, while the Money Market, at Calcutta
11414 enlbuY are represented as being even more
f
1111%,-,?llrable than before. Large shipments o
et,al, therefore, will still be made, while. to
'4Chi%4l,lEO, notwithstanding the slight
.deeline in
et.tZieuange at Shanghai, remittances will be
~r(4,-', as there is, and will be, a large balance of
;ilk-Ettitae,rbe discharged by English consignees.
r the ea are coming forward very freely,
°llr most part, must be paid in silver, although
DortelsoUractures, to a small extent, may be ex-
je in exchange. Under these circumstances
qii °lukelY to be sent to the Continent, and in
s ails it may be mentioned that not only
,4`±ir 4,r,,nt 600,000/. of the 800,0001. recently re-
INW-1 'r°l3ll Australia been absorbed, but with-
-1'0.411 from the Bank have recommenced ; a
cit'ird4 about 82 0001. having been taken away on
837 In the course of a few weeks, however,
ty-ilLPlica will arrive from the Antipodes,
""la means the metallic reserves in the
lihea establishnt may be maintained at a
%n tehtp,el4lme point,
4.4"d0n Railway Share Market to-day
as but little doing, and prices show a
44,1!),1vs official closing quotations were as
klili4ortaiathe' Nottingham, and East Junction.. 41
Pistl„blirgh *** • •
4400 Glasgow
et 1, Unties '
... 9 9 13-16 15-16
NtlZe!!tabire_ ****
•"•• • • •

,qt 4 .uire
I); Qt.% '• • 9- ... 98
1;,,,,tt0, ern .. 93 .. 93;1.
to:ttliVeE. • • • ••• ...... . ........... .. 4 . 79 .. 80
L:tattl,.. %ern.. . .
68 .. 681,
1:14' Isrore aad Yorkshire ' 98f .. 99
1_41104 them
"Ittr, Itild x •
Manes and orth Western . ..... 1071 ..107:.:',-
‘,liie44ter South Western
so hill
et' Sheffield, and Lincolnshire .. 354 .. 36
R., rth 14_, pck
...
82/ .. 83
il_ettiirl'ish . .. •• .. ..
Turk' ktaistere alli Dover.
rit
ewt_.,
Ti 5,11,14 krotiet end Berwick
kiliue bus. 14 Midland ..
0 l'ath 'flees done after official hours was trifling,
OW er . '
,'•tat °Mau lower rites were current, viz :
,„ora n_ ... . 634.. 634
ti't Ltb'uutitiefi ....
kneatii• easbire •
• •
~atm. Ire ....
Ili a'1„(1 Yorkshire
4i'tl g'' 4effield, and Lincolnshire 351.• 36
111 to
fi'tlth it' 83 ..
Ea
Igh .
414 : .
'Nor), • • . .
toll ,z pre; and Darer
tep,l4 4,lce Markets continue quiet, both here
li,,,"tted „Tion. In Sugar ,t) moderate business is
Ai,gotcm ':`‘ late rates, and rather large males must
'‘i ()lit 1110offee, at, 53s to 549 6d per cwt for Rio.
45,, ~00
te: as
aga Rice have been sold tart Liverpool
hal* aY, at full rates. Other ioles of
1 tat,„,' Colonial Produce remain in much the
,'tithe sari as last reported
hatelt)rly .1a Corn Markets held to day have been
Llarkstlfre,:,''tended, and most articles of the trade
"zer,,,et.P,rt„'," a decline in prices. At the London
a IC in 1,1,181.1 Wheat being poor in quality, was
'lle 14.„111 The weather continues very fine.
;qr. ''R thin trade of the North of Ireland has,
lis nip. - weei.
r 44 - ger • 1,, been in a healthy state, but there
i,„ a Lice E...,,
akNetiv r•,r large transactions to report.
Mo' Pfer:ns are unchanged in price. Brown
',.'ip Ni ‘l,„' al tolerably fair supply, at Armagh,
qt ie, A ti, ',re 1,,, .
1, . 11,,•411 tv, "Yught up at rather a shade easier
n. Ran "o se ruling for the past few weeks.
14 4'1,4, but ther
sk,et p e Was but litte change noticeable in
il.fl, Ne lirchasers bought freely. Ballymena
Vile N4•!ie an average one as to quantity of Cloth,
1,4.1'11411141ij"ds moved off freely at former prices.
N,t'n.s,l4o offi"r Still remain rather dull. Coarse
Aja,Pee, 'I otPidly at the late advance, but the
tti:k er,kna ale' Sorts are less firm. Tows are still
ilii,Nttrll..eB toe,„reVily bought up. Home grown
s„-t, 0 kin ; t,`"arket in fair average quantity for
(.1:' tie last re have been no arrivals of foreign
141,44. 4ne; Common sorts are difficult of sale,
t!ii'-'1; lti.„,''.,,nus are in good, and even in brisk,
Lit'tshtilld 13„,-r lax is held from 50s to 55s per
, ollofolo 44'01 90s to 92s Orl per hlad. Spe-
vf4Witi era at Purchase at these rates just now,
it,,,Nith4 to ti very firm.
easesl,ii pate e advance in the price of Cotton
tlit tod' the krYarns have been proportionately
tlie e
1, eon
"'ceent of vlue in fine
••••eut of adm to sd pera
lb within the Yarns last

five or six months. Manufacturers have shortened
production, not for want of demand so much as
through caution regarding the state of the market
for the raw material. Very fine Printing Cloths have
been in less demand, as the printers have on hands
a sufficient supply for the Spring trade ; but, ge-
nerally speaking, the demand is fair, and the
trade is sound and healthy. Some of the large
Scotch houses have been going upon a reduced
tariff of weavers' wages, which the operatives have
protested against The reduction is about one-
fifth of a penny in the yard for the filer descrip-
tions of cloth. A very active demand for Spirits
from retailers was experienced at the wholesale
houses in Belfast during the last few days, buyers
evidently expecting that a change in the duty
would be announced in the financial statement.
No change in rates, however, took place, and dis-
tillers' quotations remain the same. During the
excitement large quantities were taken out of bond;
the amount of duty paid on Wednesday, Thursday,
and Friday, reached to over 40,000!.
.The Provision
Trade has been quiet, and the Corn Market very
dull, showing a decline in prices.

The gross receipts of the eight Railways having
their termini in the Metropolis amounted, for the
week ending January 31, to 164,6147., and for the
corresponding week of last year to 158,8691., show-
ing an increase of 5,7457.
The traffic returns for Railways in the United
Kingdom, published for the week ending as above,
amounted to 393,!2851., and for the correspinding
week of 1850, to 369,6147., showing an increase of

It is at present thought that the shipments of
specie and bullion by the steamer Colombo, which
leaves Southampton on the 20th inst. with the
India mails, will amount to between 400,0001. and
500,0001., but some uncertainty as yet prevails.
This steamer, it must be remembed, takes out no
direct mail for China

A meeting of importers and dealers in Tea was
held to day at the London Tavern, in opposition
to the proposal of the Chancellor of the Exchequer
relative to the Tea duties. The feeling manifested
was one of indignation at the course pursued by
the Government, after the assurance given that the
duty should be reduced to the extent originally
stated immediately upon the cessation of war. It
is contended that the present measure. will benefit
neither the merchant nor consumer. Besides
which, in the present state of China, itis contended
that encourgement ought to be given to shippers.
The speeches made elicited general approbation,
The annual meeting of the Berlin Water Works
was held to-day ; Mr. Goshen in the chair, h ap-
peared from the report that the works were com-
pleted, and that although no profit had attended
this, it was expected that a surplus would remain
over the expenditure of the current year in favour
of the shareholders. As it was found advisable to
carry the works further, a resolution was passed
for issuing 00 000 of the company's 101 shares, at 5
per cent. discount, to the shareholders.
We understand that the Spanish Government
has removed the duty upon the importation
of Riee, owing to the high price of grain in that
country.

The proceedings at the Great Western Railway
meeting have excited considerable interest. The
poll is to be finally closed at eleven o'clock to mor-
row morning. _

It appears from the report just issued by the
directors of the Scinde Railway Company, that it
is contemplated to merge the Punjaub Rail-
way Company into the Scinde Railway Company,
in the event of the India authorities deciding
upon the consteuction of the extension in question.

With reference to the Market for Amerie7an Rail-
road Securities, Mr. E. P. Sattherthwaite reports
as follows :—" There has been a steady business in
American Securities in London during the past
week, without any material change in prices?'

,‘ AN ENQUIRY !ATTU THE ORIGIN' OF
THE LIVER POOL TO TVN DUES."

This is the title of a pamphlet of some 500 pages,
published by Richardson, Brothers, London. The
author has not given his name, and the whole
scope and tendency of the enquiry, shows that it is
the production of some one in the interest of the
[Anchester party, on whose behalf he has written
The author goes over all the legal bearings of the
ca. e. In noticing the grant made by the King, in
1382, to the mayor and good men of Liverpool upon
things for sale coming as well to the said town as
to the port of the same, " for six years to be laid out
about the paveage of the town aforesaid, and not
to other uses, and the term of the said six years
being completed, the said customs shall cease, and
be taken away." The author attempts to show
that they are similar to the Town Dues, and that
the imposition of the dues or customs by Edward
111. was arbitrary :
The imposition of these dues or customs by Edward
was arbitrary and illegal, because the power to levy
was no longer in the crown, having been abrogated by act
of parliament in the reign of Edward I. That whatever
right the King might claim, passed to the first duke by the
terms of his patent, and was exercised by that duke; and
was again granted when the duchy was revived in John of
Gaunt, who married the first duke's child.
Upon the second corollary it may he observed that the
patent constituting the Dukedom of Lancaster is, on the
face of it, of more limited comprehension than that con-
stituting the Earldom of Chester ; therefore that the duke
could not exercise lordship in Cheshire, especially as the
earldom was of prior creation ; and consequently that no
manor or lordship, " parcel of the Honour of Lancaster,"
could have any privileges extending further from the
Lancashire shore than to the middle of the river, which
lawyers call the medium "tuna.
The following were the sweeping conclusions by
the writer :
1. That the bounds of the county of Lancaster never
extended beyond the eastern and northern strand of the
Mersey.
2. That the earldom or dukedom of Lancaster never
legally possessed or exercised jurisdiction over the
river between strand and strand.

3 That the lordship of Liverpool being parcel of the
Honor of Lancaster, could not derive from that honor any
rights or appurtenances never thereto belonging, and
therefore did not extend beyond the limits of its own
strand.

4. Consequently that the river MerseyPs now, as it has
ever of right been, a Queen's highway, open to all ships
satisfying the customs and restrictions imposed by impe..
rial authority alone.
5. That the only custom of the nature of port dues ever
granted in farm, or sold by Charles I, was the custom of
anchorage and keytoll; which could be levied only within
the proper limits of the lordship. _ _

6. That the imposition of town dues, not being of earlier
origin, is invalid because contrary to the statute De
Tallagio concedendo, and that of 25 Edw. I. and to the
vital principle of the English constitution.
7. That the imposition, if valid, can be levied within
the limits of the lordship only.
B.That if leviable at all, these dues are leviable upon
burgess and non burgess alike.
The author winds 'up with the following pathetic
appeal :
I do not presume to offer any opinion upon the legal
value of the evidence upon which these conclusions are
based; but I venture to think that it has some historical
value. This will, I conceive, be apparent to any one who
considers how he would like to hold any private property
upon a similar tenure, or to defend his possession, unless
the costs of the defence were to be paid out of the estate.
It is to be hoped that any Liverpool man, whose mature
judgment condemns the imposition of the dues as invalid,
will exert himself to stay all further hostile proceedings,
and to arrange the early surrender of the alleged right.
Such a course may be offensive to a lawyer's esprit de
corps ; he may naturally be desirous of fighting out the
fight, from which he gains present respect and considera-
tion, and the hope of future fame, as the able and success
ful defender of such an important stake. But is not the
value of the stake overestimated ? The possession of the
revenue derived from the town dues creates a strong feel-
ing of indignation in the minds of those by whom they are
paid, but who do not participate in the advantages that
revenue confers, or at any rate whose participation is
very remote. Nor can this indignation excite surprise
when it meets with such general sympathy in Liverpool
itself, where the prevalent feeling is, that the duos are
" black mail," and should be abolished ; the only difference
of opinion between Liverpool and Manchester being
the mode in which that abolition shall be effected.
Under the inpression that the right to levy was
indefeasible not only in law but in honour, the
former has felt that an adequate compensation
should be given for the sacrifice of an estate, the
value of which has been greatly enhanced by the liberality
and foresight:of its owner. On that hypothesis I think
Liverpool was right ; but can any one who has perused
the preceding pages continue to uphold that position? If
not, his course is clear—to advocate the unconditional
surrender of that estate.
When this has been made, I believe it will be found
that the loss is not nearly so great as may at first appear
probable. The fear of losing the town dues has not only
led the authorities into much expenditure that otherwise

would have been avoided ; it has also crippled enterprise,
and prevented the equitable adjustment of local taxation.
The town dues abolished, the legislature cannot hesitate
to put the docks on the same footing as railways and other
public works, and render them liable to both poor's rate
an l borough ratei. The coffers of the corporation may
suffer to some extent, but to the community who reside in
the several townships in which the docks are constructed,
the relief will probably be greater than their share of the
benefits derived from the town dues. Above all other
advantages, will be the removal of a wrong, which is an
unfailing source of jealousy and angry feeling towards
Liverpool, and a cause of weakness to all. The unfriendly
position which Liverpool now holds in the estimation of
her neighbours is too well known ; remove the unfortunate
occasion of disunion, and the district watered by the
Mersey, South Lancashire and North Cheshire will be
the capital centre of the world's commerce, wielding
metropolltical influence, and growing together in unity
and prosperity !

Continerrtai Intelligence.

LIVERPOOL PRODUCE MARKET.—FEB. 16
SUGAR : The market since Friday has been rather quiet,
but without change in prices, the business being confined
to 300 bags Madras at 44s 61, and 90 hhds 60 barrels
Porto Rico at 53.; 91 to 54s 9d per cwt.
Rum : About 60 puncheons:l Demerara_are reported at
precious rates.

COFFEE : The transactions consist of 1,250 bags Rio at
53s to Ms 6d per cwt.
COCOA : 120 bags Bahia have realised 64s 6d per cwt.
RICE: There continues a fair demand, 1,000 bags Bailam
having been taken at 10s, 8.50 bags Bengal at lOs 6d to
13s 61, and 5,300 bags Arracan at 93 91 to 103 91 per cwt.
SHELL LAC: We have also to add 170 chests low orange
at 60s per owl.
LINSEED : 35 tons Bombay, for distant arrival, sold at
70s per quarter c. f. & i.

AGRICULTURAL PRODUCE MARKET.—FEn. 16.
Per stone, 201bs. Per 901 Gs. s. d. s. d.

s.
Hay, 01d...... 0
Ditto, new.. 0
Ditto, clover 0
Green Clover
Vetches 0
Straw, wheat 0
Ditto, oat ...... •
Ditto, barley
Oats, in straw „ I)

d. s. Po.atoes,geellings oto 4
6 to 08} Ditto, Kemps 4 2 to 4 6
O to 0 0 Ditto, Whiterocks 3 6 to 3 g
5i o 0 7,Ditto, Balshaws 36to 3 7:
• to 0 0 Ditto, Beldroms... 2 9 to 2 II
O to 0 0 Ditto, cattle ..
23 to 0 3 Per ton.
24 to 0 3:Turnips 04 n to 25 0
2 to 02} Carrots
O to 0 u Mangle worLel.... 25 0 t( 26 0
Manure r, 6 to 7 6

LIVERPOOL CATTLE MARBET.—FEB. 16.
We have no material difference to note in prices to-day,
although our supply might be °ailed small, buyers acting
very cautiously, and some beef was left unsold. Sheep
were cleared off, but with a dragging sale. The numbers
at market were—beasts, 1,572; and sheep, 5,343.

SHIPPING INTELLIGENCE.

LIVERPOOL, FEBRyAnv 17.
Mori WATFt a—Morn. 4 15 —Even. 4 41 —Height, 11 f±. 7 in

LIVERPOOL COTTON ISIARKET.—FEB. 16.
The cotton market continues very aotive, the trade and
speculators operating freely, and prices are firm at
Saturday's advance. The sales—including 600 Pernam.
bucos, 8d to 91 ' • 500 llahias, 7.id to Sid; 600 Maranhams,
Bid to 9/1 ; 500 Egyptians, 9d to 911; 1,500 Surats, s&d to Erstelling Amtserdarn Uncluien Tocopill a
61d—are reported 20,000 bales, of which 10,000 are on Eliza and Jane.. Dunkirk Cornelia . New Orleans
speculation and for export.

ARRIVED.

Feb. 15.

F(1). 16

gAILED.

iMeskani Vera Cruz
Gauntlet ...
Cal oline Brown ~r al ieleelzVerena Genoa
Oucanasta Callao; Feb. 16.
Trio Dun k irklehevaller Melbourne
Lucifer TrieatejGreat Britain (soli.) ....Melbourne

Feb. 15