The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-05 00:00:00

ST. PATRICK'S INSURANCE COMPANY.

The adjourned Meeting of the Proprietors of this Coni-
pail, which was held on 3aturday last in Dublin, has been
further adjourns d to Sattinley next, October the Ith, in
consequence of the opinions submitted to Counsel not being
ready. From this statement it should seem that the Share-
holders have still some hoped of getting out of the scrape,
at least as to future and individual liabilities. Ooe thing
is morally certain, that Counsel's opinion will not assist the
thing an iota, for every body knows—and indeed it has been
very lately gravely so asserted from the highest seat of law
in this country—that legal opinions may be had favourable
to any cause, inasmuch as that Opinion can only be given
on the case as submitted by the parties interested in the re-
sult they seek. Perhaps, if' each party Were content to take
the opinion obtained on their opponent's case, the matter
would become a little nearer the truth. These unfortunate
Shareholders may, however, take what opinions they please ;
it is impossible they can shake off the responsibility with
which they have clothed themselves under their. Act of
Parliament, They may consult that fine animal, Daniel
O'Connell, or any other of the lights of the law of the
Four Courts: hut the law, as to be laid flown by the
Judge—and the fact, to be decided by the Jury—wil. soon
put the matter beyond dispute. How the Director§ may
be able to satisfy the Shareholders as to the management of
the business of this Company is a question of indeed serious
import. The available means of the Company, according
to the last showing, did not amount to above 11,0001., which
sum is subject to 1000,000/. of risks, besides various
averages and other outstanding known claims. Now mark
the sequel! On the books of Lloyd's this very day, is the
following letter from their (Lloyds) agent at Dontathadee :
—" 30th September, 1826—Sir,—I beg to inform you
that the ship on shore on the Copeland Island is the
George, of London. John Duparcq, master, from An-
tigua to Belfast : part of her cargo will be saved if
the weather becomes moderate, but the vessel, I fear, will
be a total wreck." Now the Directors of the St. Patrick's
Insurance Company have underwritten several thousand
pounds upon this very ship and cargo, a soon at once nearly
sufficient, if the weather did not moderate, to absorb
nearly the whole of their balance in hand, leaving the
losses that may occur upon the 1,000,000/. of risks, the
averages, and other outstanding known claims, to be paid
by those Shareholders whose individual funds.may prove
of sufficient magnitude for the purpose. The unfortunate
persons composing this Company have indeed a melancholy
prospect before them; and this loss coming at the present
juncture, will at leasthave theeffect ofopeningtheir eyes as to
the management of their concerns, while its influence cannot
be lost upon the public at large, at least upon that part of
it which is interested in the prosperity of commerce, as in-
volved in the great question of Marine Insurance. If the
George ha:l been insured at Lloyd's, the distribution of '
the loss among a variety of individuals would not have
been felt; whereas, in falling upon a Company doing
business greatly beyond its capital—as all Marine Insur-
ance Compa&ts have been doing—is of itself sufficient,
if no other cause existed, nearly to effect its ruin. What
proof can be more striking of the necessity that exists for
Marine Insurance being intrusted to individual capitalists?
One fact, offering so decided an example as this, is worth
a thousand supposititious cases. One word further in sup-
port of this opinion :—A merchant insures his ship or cargo
with individuals: in the event of a loss or average, he may
perhaps accidentally meet with one or two captious names
upon his policy who are disposed for litigation, while from
all the rest he gets his money immediately. In the case of
insuring with a Company, one such objection has the effect
of staying the whole amount of his insurance until it is
removed. Z.

ORIGIN OF THE BUBBLE MANIA.

TO THE EDITOR OF THE BRITISH PRESS.

Sin,—" People who have glass windows should not
throw stones,' says the old proverb. The Editor of the
Times should have thought of this before he charged Mr.
Barber Beaumont with being connected with " the
thottaasmi-and-liftioth Mining Association." The. Editor
never made a worse hit. Mr. Barber Beaumont has not

only proved that he never had any connexion with any
Mining Association, but that he had not trafficked in the
shares of any of the modern Companies. He rated that
he was well aware of the pernicious objects and conse-
quences of most of them, and had opposed and exposed
them as well as he was able. But he did more : by a sim-
ple reference to facts and dates, without comment, he de-
veloped the primly: mobile of all the late delusions. By
these it appears clearly that the Editorial paragraphs of the
7'imrs for the Alliance Insurance Company were the first
exciting cause. The Editor in this day's Times says, " We
have merely to say that every one of the three charges
which he prefers is utterly without foundation," and then
he sets forth three charges which nobody did prefer.
Nobody said that Mr. Carden conducted the Times, but
that he was the principal proprietor. It was not asserted
that the Burying-ground Company graced the columns of
the Times; nor was it said that the price of the Alliance
Shares was inserted in the 7'imes in a way different from
the notification of all other stocks, &c., but that the price
was incorporated with those of the public stocks in a way
that had never been done for any insurance-office before or
since. (See the report in the Times.) The Editor may call
the " imputations grossly, and, we must think, wilfully
incorrect," but a reference to the Public Stock Lists for
1425 will show who is incorrect better than the free use of
epithets. I may say the same thing by the Editorial ar-
ticles in question : he says, they contained a " mere naked
description of public and notorious proceedings." Are such
lines as the following mere naked description, or are
they powerful excitements?—" This new Company will
extend its operations gradually over the whole of Europe."
" Tenders of capital to an almost unlimited amount were
received." These were the avant-couriers of this Belle
Alliance. In a fortnight after was announced the actual
presence of " the new Insurance Company," of which he
says, " The shares are already at a premium of 101., and
numerous orders have been received from the Continent,
particularly from Germany." Think of that " already !"
What must they be before the numerous orders from the
Continent could he satisfied ? But the grand excitement
was produced on March IS. Then it was declared, " The
magnitude of the undertaking separates it widely from any
similar one which has before existed, and gives to the project
a certain degree of public importance ;" that the Directors
" are selected from the principal mercantile and banking
Arras ju the city ;". that Is will be " extended over the
whole of Europe ;" and then how cheap.! only " a deposit
of 101. a share," and " in all probability no other demand
will be made." Now comes the master-stroke. " Five
per cent. on the profits is " to be laid out in the pur-
chase or redemption of shares, provided they can be purchased
or redeemed at or below a premium of 901. a share !!!" that
is, below a premium of out. on 101. paid—a question of doubt
therefore whether they could be re-purchased at so low a
price ! Here was an enchanting prospect. They bore 101. pre-
mium the day the subscription was opened. In a week or
two this premium was raised to 201. happy was the man
who could buy these shares at only 201. premium, and
thrice happy he who had subscribed in time to receive
them without premium at all. Both parties were pleased.
The man who had put down his name for 100 shares was
pleased to find that the 1000/. he hail undertaken to pay
produced him 3,0001. in cash, without any actual advance
on his part ; and the man who had paid 3,0001. hugged
himself on getting possession of a stock which was to be
redeemed at 100/. for la, and therefore would give him
10,0001. for 3,0001. The only sorrowful were those who
neglected the golden opportunity of subscribing or buying
in time—a negligence which they repaired by their avidity
in subscribing to the numerous schemes which were ra-
pidly constructed to gratify their desire. The excitement
was electric. It is an undoubted fact that it began with
the Alliance Company; and his evident that the manner
in which it was brought out in the Times, and the
im-
plied return of 100/. for 101., and the daily exhibit of the
premium on these shares in the price-lists of the public
funds produced it.
" The Shareholding public" have the facts be4'ore them,
and they will judge to whom they are indebted for their
losses; they will also consider whether the Times had not
better have " shown up" some of their ftiends, who have
made princely fortunes by the bubble mania, than have
misrepresented a Gentleman who has kept aloof from such
unholy sins.—l am, &c.
, Oct. 4,1816. FILMS ACHATES.

NE,FMARERT FIRST OCTOBER MEETING;

Newm.tasev, Ti:Esnst NtoaliT.
The Course Wei Well attended by the nobility, but of
general company there was little; indeed the weather was
se excessively hot (particularly yesterday), votwithstautt•
ing the Heath is so extensive and airy, that many reftalussi
I from attending on that account. We noticed
The [Puke of Grafton, Mike of Portland, Al.arrOis of
berry, Marques or Bader. Marquis of Titchfield, ga.tatiosirt
Earl or Chesterfield, Earl of Jersey, Viscount L, then, Viscroune
Anson, Viscount ainwich, Lard I. Futuor, Loyd G. Bentinekt
Sir John Shelley, Hon. Colonel Anion, Hoe. T. Dunedmbe, Ga.
neral Grosvenor. Sir J. Byng: Colonels Uth f, ..nd Synge;
Mew, Oreallle, Scott, Hamsbottoni, Mills, Thornhill, Batson,
Wyndham, ikc.
Pheasant shooting commenced yesterday, to which we
attribute the tron-littendanCe of many of our regular vizi-
tt.rs.

The Jockey Club dinner was well attended, there being,
present about twenty members, including his Grace she
Duke of Portland, Earl of Jersey, Marquis of QueensbeM,
Lard Lowther, Lord John Fitzroy, &c. Mr. Canvas
had a dinner party, consisting of the Duke of Grafton, NZ
John Shelley, and a select few. Lord Anson had also a
dinner party.
Very little has been done upon the !bakes of next year,
several of the influential betting gentlemen declining to
begin their books till after the present or the next Meeting.
when the accotiritS for the Doncaster St. Leger will be
brought to a dose. Nothing unpleasant has transphed.
respecting them.
A match is made for Thursday between Mr. Petfit's
Vivian Grey (carrying fist. /Ib.) and Mt. Orevitle's f. by
Whalebone (carrying Bst. 41b.), for GO sows. each, to rata
the T.Y.C.
The following is the conclusion of to-day's sport, Wbiabl
was rather indifferent :
Match, 100. T. V. C. Bst. 41b. each.
Mr. Wyndham's f. by Whalebone. dam by Teddy
Col. Synge's c. Number Nip, by Whalebone
Betting, 5 to 4 (MI Mr. ii'yndham's.
This match claimed but little notice, end nn bets of etewelluteete
were made upon it. The winner took the lead, made her owe Pere
ning, anti woo easy by half a length. She was rode by Asaidle
and Number Nip by Conolly.
Sweepstakes of 100 vies. each. h. ft.; colts Bst. 71b,; fillies lst. 41k.
'l'. Y. C.
General Grosvenor's ch. f. Spite, by Tiresiat 1
Duke of Gratton's be. c. Danon. by Amwlls
Sir J. Shelley's I Scornful. by Wuful pa
Mr. Howell's 1. by Grey Walton P 4
Betting, 3 to 1 on Spite.
This race excited considerable interest, both homes being known
as detennined rogues, particularly Spite; the good opinion, how..
ever, entertained of Sam Day's jockeyship, induced a great many
to back her largely at the above-quoted odds. They started well
together, but no sooner were they gone than they began to
sides and Pgere in ; in this way they trent the ground, till neat=
cords, when Spite made ',strong attempt to bolt out of the Course.,
by which she lost ground considerably, and had it not been for the
intrepidity of Sam Day, and the severe punishment he admiuis.
tered at the moment, the race would have been irretrievably lost to
him ; his promptitude and skill, howevei, brought her up, sad
getting well laid in, he won the race in a surprisingly clever man.
ner by two lengths. Buckle rode Daemon.
Match, 200, h. ft. D. M.
Duke of Rutland's Adeliza. Bu. !alb.
Lore Anson's Noureddin, 7st. llb.
Betting, 2 to 1 on Adeliza.
Lord Anson'a made the first running, and kept it to the cords,
when Adeliza came out, passed him, and won the match easy by
a length and a half; rode by Robinson, Noureddin by yawl;
Buckle.
Fifty Gainey', free for any horse, &c. ; 4 yrs carrying ist. lib. $
b yrs, fiat. 510.; 6 yrs, tist. 111 b.; and aged, list. B. C.l four
intim
Mr. Wyndham's b. e. Chateaux Margstrx—Addy, 4 yes - 1
Duke of Portland's be. c. Mortgage, 4 yrs
Mr. Petigrave's ch. g. Quiz, 6 yrs er.
Mr. Pevtit's be. f. RigMarole, 4 yrs
Betting-7 to 4on Mortgage.
This was the only good race of the day. Mortgage came off Lad
made steady running to the bushes, when Chateaux Margaux got
up to him, and round the land* it was 10 to I that Chateaux Ilar.
gnu* would win in a canter; but at the Duke's Stand the appear-
awe of the contest changed a little; Mortgage kept straggling Mad,
and, gaining ground, got up within two lengths of Chateaux Mar-
gaux, keeping so until they weee. within about twenty yawl/ at
'Mime, viten brlet loose iihdYnaga gland push for the Plata, bus
could not bead his opponent, who beat him the four miles by a
neelt only—the winner rode by young Buckle, and :Mortgage by
Conolly.

THE APPOINTMENTS FOR TO-MORROW.
Sweepstake* of 15 was. each, for 3yr ads. T. Y. G.
Duke of firatton'se. by Woful—Nectrir
General Orosvenor's Palfrey
Mr. Ramsbot:om's 'Waterman
Mr. Greville's Fawn
Mr. Rogers's Pasta
Mr. Batson's f. by Whalebone
Mr. Dilly's Wamba
Mr. Thornhill's Morel filly
The St. Leger Stakes, of 25 sort. each. D. I.
Mr. Mills's Panic
Lord Jersey's b. e. by Phantom—Blunder's dam
Duke of Portland's e. by Octavius
Duke of Grafton's b. c. Bolivar, by Comus
b. c. Saracen, by Selim
ch. c. Norman, by Abjer
ch. 1. Problem, by Merlin
- Goshawk
--- Paul Jones
Lrod Tavistock's Leeway, by Aladdin
Mr. Rogers's Monarch, by Comos
br. c. Jocko, by Ftlho
Lord Stradbrooke's br. c. Tollord-Trouble
-Mr. Pettit's b. c. The Baron (late Baron 51unchauses)
Lord O. Cavendi.di's b. e. by Allegro—Pagoda
Mr. Rush's Carthago, by Pioneer
Mr. Wilson's b. c. by Filho, d. by Camillus
Mr. Wyndham's b. f. Sister to Pinwire.
WEDNESDAY AFTERNOON.
The weather since our last has changed from excessive
heat to the other extreme, and those who have once en-
countered a cold or windy day on Newmarket-heath will
not easily forget it. The atmosphere hi gloomy, and ap.
pears to promise rain.
Lord Clinton has arrived, as also have several foreigners
of distinction.
The betting before the Rooms this morning has been
rather brisk en some of the Derby Horses, Tattler going
back, and one of Mr. Wyndham s, as might have beets
expected, has taken his place. We can only quote the ful•
lowing:—
Die REY.
29 to 1 agst Mr. Wyndham's Brother to Elfrid
25 to I *gat Cressida (taken)
• 25 to 1 apt Tattler (taken)
OARS.
10 to 1 °lathe Field.
IT. 1.140214
. alteratico.
The ilav's running came off thus:--
Sweepstake-a of lb rev. each, for 3 yr-olds, ast. 71b. and Mlles Sat.
41b. T.Y.C. The winner to be sold for NO. Ike.
Mr. Greville's Fawn - I
Mr. Botson's 1. by Whalebone - 2
Mr. Rogers's Pasta - 3
Duke of Grafton'. c. by Woful
General Grosvenor 's Palfrey .
Mr. Ram.bottom's Waterman
Mr. Dilly's Wamha
Mr. Thornhill's f. by Merlin—Morel
Won by a length easy.
The St. Leger States of 215 sort!. each foe 3 yr-olds colts, Bat. 71b.
fillies fist. 41b. D. I.
Mr. Rogers's Monarch . •
Lord Tavistock's Leeway - - . •
Duke of Graflon's Goshawk 3
Duke of Grafton's Problem . . a
51r. Rush's Carthago -
Mr. Wyndham's Sister to Pinwire . - •
After six false starts the race was beautifully contested, and aided
a dead best between Monarch and Leeway. Lord Tavistock and
Mr. Rogers then compromised, and Monarch walked over, as •
matter of form.

. i
. o
I

TIIE PADDINGTON STAGFII.—On Tuesday a hies'.
mg of the Proprietors of the Paddington Stages was held
at the Yorkshire Stingo, for the purpose of making some
arrangement to prevent furious driving, &c. The Meeting
was numerously attended. Several Resolutions were
adopted, the substance of which was, that the coach:acts
should be forbidden to drive their horses at a furious rate ;
that the coaches should proceed to and from the City with.
out stopping or turning round ; and that some officers
should be appointed, and stationed on the road, to informs
against those coachmen who disobeyed the rules and Terla
istions, and who should give information when the ends
misconducted themselves. The plan was submitted to lb*
Magistrates of the Mary-le-bone (lice, who approved alp .*
The officers who are now placed on the road were ateestia •
in, and presented with staves and hata,dailstte miaowed
with a cockade and gold lace.
-11111;4;

FRENCH MANUFACTURES.
A OA deal has recently beery some of the London new"-
, p;„pees, especially the Timer, on the tisilry experienced hy our cot-
-4011 manufacturers from tliese of firreign countries, and the thence
inevitable declension of the ntanufactnring prosperity of Great
Pettain ; and we see that tee same itloa has prevailed at a recent
meeting c?' the inhabitanta of Lanarkshire, held to consider the
rostreesea of the manufacturing population of that county. We
'have always felt very great distrust of the statements and reason-
Yrats adduced to bear out this view of the question ; and we have
lately had an opportunity of conversing with a gentleman just re.
tarried from a visit to France, where he took great pains to make
:,.mself acquainted with the state of the cotton manufacture.
Ilia statements tend strongly to confirm the scepticism we have
entertained as to the danger of rivalry from that quaver ; and
4' the subject is, at the present moment, one of considerable bite.
rest, we shell present our renders with a view et the facts which he
collected dining a six weeks' residence in France.
In the first place. li found the French manufacturers universally
-eoloplaining of the depression of trade. Their warehouses were
overstecked with goods, which they could not sell, even at the
reduced prices which prevailed ; so that it did not appear that they
were becinning to supply any of the markets to which the produce
of Etiglaili industry lias been heretofore sent. Indeed, from the
price- of the principal articles of French cotton manufacture, it did
rot at.pcae likely that they would speedily become very formidable
rivals. Our informant took with hint from this country a number
of sampl,:a of cotton cloth ; and, from a comparison of those with
what lie saw, as well as front the statements of the French menu-
facturirs (who, by the way, were all inclined to represent prices as
!steer tlg.n they really were), he was satisfied that, on the average,
and even in snch articles as common printing-cloths and ehittinga,
the French manufactures were full 50 per cent. dearer than the
English. In prints. too, though no duty is paid by the French
manufacturer, the prices appeared to be 10 or la per cent, higher
than English prints of email styles and quality. with the addition
or tbe duty with which the English manufacturer is chargeable.
' Nor are these differences very extraordinary, when the disadvan-
tages of' the French manufacturer are duly considered. In many of
- 'She processes of the cotton manufacture. especially in spinning, so
-groat a portion of the expense arises out of the original cost, and
the.wear and tear of machinery, that the price of that important ar-
.. Lido if ofgreat censequence in estimating the cost of production.
Chu informant ascertainod that the expense of erecting a factory of
a large site, and lilting it with machinery (mules) in the best and
most-judicious manner, was equal to four pounds sterling per spin-
dle, whilet a similar factory tn this country, with better machinery,
would not cost more titan two pounds per spindle. The price of
7.8 power-I. ems ( wretchedly constructed) was twenty guineas each,
ilt
Nat the price of good limns in this country does not exceed 111.
, the article of fuel, too, the French manulucturer labours under
-... cry great disadvantages. In Normandy, one of the great seats of
Vie french manufacture,
men the neighbourhood of Paris, the
oapense of working a steagine appeared to be two-and
'Orem as great to in the neighbourhood of Manchester.
Coder these circumstances (and we believe they will be found
to alp', pretty generally to ('on'inental manufactures). there is nut
much ground of apprehension that we shall be undersold in fo-
• reign Markets. Indeed, so flu from that being the case with re-
spect to France, large quantities of English goods and yarn, espe-
cially of fine qualities, in whirl) our manufacturers possess greater
advantages than in the articles we have mentioned, are yearly
smuggled into that country.
Somet' iag has Peon said in the newspapers, and we believe truly,
respecting a quantity of prints recently imported into this country.
It aught to be known, however. that those are chiefly, if cot en-
tirely. et one style (discharged Turkey reds), for the executing of
which &patent was taken out in this country, and an etzlusive pri-
vilege was, until very lately, enjoyed by the inventor, and one or
'two houses that had licences from him ; but there was no such mo-
rOpetly in Switzerland, and it therefore is not surprising that the
'Snits printers have produced patterns which find a sale in this
,:l to a u 7...— Manchester Meurer:4.