The Sun.
London, England, 1862-08-02 00:00:00

THE LONDON FREIGHT MARKET.

(From the Circular of Messrs. Seymour, Peacock, and Co.)
The freight market has improved since the date of our
last circular, tonnage being in more request at advanced
rates,

The American `War continues to exercise an important
influence on freights. The continuance of the struggle
causes the gradual withdraw .1 of American shipping from
competition, the production of tonnage being wholly un-
important, and the flag being neglected in many trades
where it was a formidable competitor with our Mercantile
Marine. If the war go on high freights will probably con-
tinue to rule in China, and, as the season opens, enhanced
rates may be fairly anticipated at all the Indian ports. On
the other hand, if peace be happily established the demand
for tonnage at the Southern Cotton ports will be so enor-
mously heavy that its influence will maintain freights for
a time in every direction ; thus we may anticipate a pros-
perous season for shipping under either eventuality.
The recent successes of the Confederates excite hopes of
European intervention, by a recognition of the Southern
States; and although such a course would not necessarily
terminate the war, its effect upon the position of the con-
tending nations would tend materially to that result.
The suicidal policy of the Federal Government in adopt-
ing protectionist tariffs to fetter that commerce by which
alone the people can sustain the burdens imposed by the
war must result in still further disaster. It seems extraor-
dinary that Federal statesmen (if, indeed, real statesman-
ship exist in the Northern States !) have not profited by
the marvellous results of the free trade system in this
country. The independence of the South and the conse-
quent opening of a direct trade between the Confederate
States and Europe, would go far towards the establishment
of an enlightened commercial policy between the old coun-
tries and the whole American Continent.

The Peruvian guano trade will probably require less
tonnage during the eemainder of the year than during the
past six months, owing to the heavy engagements already
made. The contractors for England have taken up about
115,000 tons of shipping, in addition to which about 40,000
tons of guano is in process of reshipment for England out
of the stocks in America. The Continental agents have
also supplied themselveswith ample tonnage for the present,
and but for the competition for shipping, occasioned by the
chartering business being in several hands, we should
have lower freights than are now current. The orders
now current on our market are very limited. For
United Kingdom 755. was paid a few days since for a ship
of 2,652 tons register, but the rate now offered is reduced
to 705., the commissions upcn these charters being 10 per
cent. For Spain the contractors have completed their pre-
sent requirements at 21 dols. For Antwerp 755. is still
offered with 71 per cent. commissions, and we hold exclu-
sive orders at 755. Cowes for orders to Hamburg or Rot-
terdam, ships to arrive at Callao about June or July next
year preferred, and for Rotterdam direct we can take a few
vessels under 650 tons register going out direct or via
Brazils or other reasonably direct ports.
Chartering in the long trades is active, and rates are
fully maintained. From the rice ports we fixed last week
at 80s. to U.K. or continent, up to 900 tons register, and
the same rate is still current; even 85s. can be
had for small ships. From Java, 85s. is offered. Cal-
cutta, 5 guineas on the round, &c. Outward freights
to the East are also firm, with a tendency upwards. Salt
freights from Liverpool to Calcutta have advanced 9s. per
ton, since the Ist ult., the rate then current being 21s.
against 30s. paid this week. Coal freights to India have
not yet advanced to any material extent, but tonnage offers
very sparingly, and as the demand is improving we may
look for higher rates. The public coal contracts taken last
month comprised 31,500 tons, viz., 9,000 tons for Galle,
6,000 tons for Singapore, 9,000 tons for Alexandria, and
1,000 tons for Gibraltar, all for the service of the Penin-
sular and Oriental Company ; 5,000 tons for Madras, for
account of the Council of India; and 1,500 tons for Corfu;
for the Admiralty. To• day the Peninsular and Oriental
Company receive tenders for 5,000 tors for Bombay.
The transport service absorbed a large amount of tonnage
during last month. The competition for the troops to India
was considerable, and in many instances very low rates
were accepted. The vessels accepted comprised the follow-
ing :---for Calcutta, Middlesex, £8 Is 10d; Adamant, £8
4s and £8 18 ; Conflict, £8 4s 6d ; Newcastle, £8 9s; St.
Lawrence, £8 lls 7d ; Blenheim, £8 16s 5d ; Dartmouth,
£9 4s 3d ; Copenhagen, £lO 8s 6d. For Madras--Mauri-
tius, £7 10s 5d for 400 men; Sydenham, £9 10s.