The Sun.
London, England, 1838-10-08 00:00:00

THE SUN, LONDON, MONDAY, OCTOBER 8, 104

CORN-LAW FALLACIES, WITH THE

ANSWERS

(Continued from The San of Wednesday.)
" T. F." is fighting against windmills. All the
advocates of a free trade in corn, from Mr. Ricardo down-
wards, allow that there should be a duty on the importation of
corn equivalent to the burdens exclusively borne by agricul-
ture. Neither is it true that there are duties on manufactures
to the amount he states ; the highest is that on silk, amounting
to thirty per cent. The duties on most manufactures are
trifling. .._There is no use in discussing what no one contro.
yints.—lrorning Chronicle, Oct. 4, 1838.
ANSWER.—Tie man calling himself a political economist,
who at this time of day maintains that any possible excess
of taxation inflicted by the landowners on themselves, could
make it within the limits of manly sense, decency, orjustice,
that they should therefore recover the difference by a tax
which causes a pure loss of fifty times the amount to the
rest of the community,—holds up the name of a useful
science to contempt, and ranks himself in one of .'
classes proverbially least qualified for the direction of other
men's affairs if they can hinder it.
If the landowner should say to the manufacturer, " I
find I have overcharged myself half-a-crown in the account
between us, and therefore I will take the key of your strong
box, the shoes off your horse's feet, or the pin out of the
fly-wheel of your manufactory, and sell it for old iron to
pay myself the difference ;" this would be an example of
the plan proposed and acted on. But of such stuff are the
managers of the world made. Let us hope the working
classes are going to freshen the breed. The " higher
orders" have bred in-and-in, till they are not able to shut
their mouths to keep their teeth from being stolen.
But the assertion made is utterly without foundation.
Which of " the advocates of a free trade in corn," chooses
to lie under the stigma imputed ? It is time that every
man who ever risked the name, should answer "yes" or
" no" to this question.

C two

92 —The indissoluble connexion between the prolongation
of the existence of the agricultural interest, and mercantile
prosperity, involves a balancing of first principles too intricate
for the judgment of our opponents to receive. —Hull Packet,
28th September, 1838.

A.—h does indeed. For " Pgricultural interest," read
" dishonest agricultural interest." Why cannot the agri-
cultural interest live without plundering, like other people?
But there is a worse rod in pickle for the plunderers than
has ever come yet ; and that Kill be, when the aoTicultu-
rists themselves, as is not far off, discover that they are
losers by the fraud.

93.—Can Hull flourish, if the farmers and gentry of the
Riding are ruined ?-7d.

A. Can Hull flourish, if the farmers and gentry of
the 'tiding do not rob ?" should have been the question put.
Who are these " gentry" who must be ruined if they do
not rob? and why does not Mr. MCMANUS march against
them, as against any lesser culprits ?

94.—Annihilation to home agriculture does not deserve a
;hcught, I'ecause, say our blind antagonists, " Hull derives
ittle benefir frnn the agriculturists."—ld.

A.—Nobody wants to annihilate home agriculture, but
the imposthumatous part of it, which supports itself by
drawing fifty times the amount from the nerves and mar-
row of honest neighbours. A pleasant object, truly, for
which the merchants and seamen of Hull should see their
honest trade stopped at the Custom-house.

95. —Ours is not the "contracted, " but the enlarged po-
licy that realizes the interests of all classes, and finds in the
Co7n-l-ws a happy medium, calculated to prolong that pros-
perity which has blessed the country during their existence,
Id.

ged fools the people of Hull must be, if they
shut up shop fer this. Why should not they as well re-
alize the interests of all classes by laying a tax on home-
grown corn, and find it a happy medium ?

96.---" Live and let live," is a patriotic and Christian motto,
and while we have a pen to wield, the columns of the Hull
Packet shall expose the insanity of sacrificing any portion of
the community, as the sure earnest of impending national de-
struction.—ld.

comes it that the agricultural interest can
only " live" by robbery ? What sort of a " portion of the
community" is it, which can only exist by being kept fifty
times over by the others? Why do not the manufacturers
.and commercial people set up the plea, that they
can only "live" by taxing home-grown corn, and try what
the cry of " Live and let live" will do towards satisfying
their opponents ? The men who cry " Live and let live,"
have got their hand into our pockets, and show no sign of
meaning to take it out.

97.—Capital is ours, and with it the people can command
corn from all lands.—ld.

A.—That is, when the home enemy will let them. We
need no Bonaparte to thin the docks with Milan and Ber-
lin decrees. We have got him at home, in the shape of a
landed aristocracy.

98. But money cannot remain with us if we are to traffic
with it for bread, and famine would be of frequent occur..
rence.—ld.

A.—How is it to remain with you, if you traffic with
it for hemp ? Why does not the Hull Packet shut up
the port ? He may depend on it there is nothing but mis-
chief going on till he does.

99.—T0 send capital out of the country to be employed
against our manufactures, is to swallow up thousands of the
industrious classes of society, and rip up the bowels of the
empire. lc/-
A.—What does the writer mean, by "sending capital
out of the country to be employed against our manufac-
tures?" He has passed a law to prohibit your manufactures
being exchanged. He has clapped a stopper on you, from
the merchant to the cabin-boy ; you are all laid fast, like
whalers in the ice, looking at one another for his pleasure.
In sober sadness, what long enduring ears mankind were
born with, that in a town which lifts by commerce, men
will shut up their counting-houses and see their children
go a•begging, for such trivial talk as this.

100.—Whether Mr. JOSEPH STURGE and his coadjutors are
to be enriched at the expense of the people of England, is
the question.—ld.
A.—Whether the landowners and their coadjutors are
to be enriched at the expense of the people of England, is
the question. Mr. JOSEPH STURGE is an honest trader,
and an boniest man. He keeps his hands from picking
and stealing, which is more than the others do.

Wt.—Beggar the agricultural interest, and throw the
Church on it exclusive!) for support, by repealing the Corn-
laws, and the decay of the Establishment must follow. All
who are resolved to maintain a Church Establishment are
thus enrolled as the supporters of the Corn-laws.
A.—To this, then, it comes at last. Like other mis-
chiefs, it resolves itself into the Church Establishment.
Like Spain and Portugal, we are to be poor and beggarly,
and submit to be thrust down in the scale of nations, because
we have a priesthood. There are those will thank the
Packet for his demonstration. 'Thank God, we have got
the " greatest enormity in Europe" pitted agairbt the trade
and commerce of the country ; which is something.

102. We wish our antagonists would substitute original
thoughts for cant, and dip occasionally into the book of com-
mon sense, rather than submit their upper stories to inebria-
tion, by quaffing draughts from the poisoned chalice of politi-
cal economists, who, as far as all sound principles are con-
cerned, are up to the chin in " the gall of bitterness."—ld.
A.—What more is to be said ? It is agreed. There is
no doubt that the political economists have been blunderers
par excellence, and ought not to he trusted a step further
than they show cause. But it is an awful thing to be at
war with the efforts of human reason on any subject, and
be given over to the belief that nobody has " sound prin-
ciples" out of our own little den of tYeves.

CORN LAWS

TO THE EDITOR OF THE SUN.
SIR,--I have observed with much satisfeetibre and good
hope of ultimate success, the ttigbrous discussion, and search.
ing exposure yon have brought fo bear on the all.importar
subject of the Corn-laws, in your Liberal Paper. It
my purpose to enter at any length on this vital and extensive
subject, which at present very deservedly occupies so large a
share of public attention, clearly manifesting its paramount
importance in their estimation, but merely to make a few re-
marks on some points, which, if they have not been overlooked
in the controversy, have escaped my notice. To get at the
truth, and to obtain just and correct views on the subject, which
has been purposely enveloped in mystery, ought to be the aim
of all. Truth is a mighty weapon, even in weak hands and
those who have her on their side, so far from shunning' dis-
th
cussions, or dreading the light, will court inquiry ; and nothing
can be mere unreasonable than to refuse or evade a strict in-
tvreesat. guant ou
dn
voefr
stahrey
wimatter.tilas s u
mAesdi t
contempt,is,
than much
t u
answer easier
arguments with reason, when these are well founded, the abet-
tors of this indefensible scheme of taxation, have lost their
way through weakness, and become revilers rather than rea-
sorters. But this momentous subject has awakened the atten-
tion and active inquiries of the community, so completely,
it cannot now be slurred over or much longer postponed, that
to
tos
with-
out the risk of shaking society to its foundation. It would
appal the stoutest heart to contemplate the frightful conse-
quences of a crop deficient to any considerable extent, under
our present Corn-law despotism. A people may be kept long
inignorance, and consequently submissive to the most unjust
hardships ; but once let in the light on them, and they cannot
be brought back again to the same ignorance and quiescent
submission. No one who has his senses about him, can doubt
that a spirit of inquiry on this interesting subject, is now fairly
abroad ; stimulated, as it is likely tube, by the probable high pricey
of bread during the ensuing spring and summer, which impera-
tively calls for the prudent anticipation of the Government and
Legislature, to look the impending evil fairly in the face, to
meet it in time, lest the gathering storm should burst
sud-
denly on our heads.
If the present crop, as seems generally expected, should
turn out only a little short of an average produce, no fitter
time for dispassionately considering the matter can occur. If
we wait for the calamity of real deficiency, against which there
is no security, the angry feelings of the multitude, inflamed
under the miseries of dear bread, would at once sweep away
the Corn- laws with the violence of whirlwind ; and under such
circumstances of general and wild excitement, who can foresee
where the consequences might end. Must then the peace of
the country be hazarded, that the affluence of landlords and
beneficed clergy should be maintained in times of common
calamity, while the industrious and poorer classes are suffering
the pressure of want ? It is to be regretted that the interest of
these two classes alone are at variance with that of all the rest
of the community, more especially the last, the appointed
teachers and comforters of the distressed.
It is also to be suspected, the consideration of stipend, which
unluckily increases with the increase of dearth, has so identified
the clergy with the landed interest, that an ex-Moderator of
the General Assembly, at a public meeting, boasted that of
the Established Clergy of Scotland, not more than half-a-dozen
belonged to the Liberals ; that is, to the cause of the people.
This is an exaggeration ; but there can be no doubt of their
zealous partizanship, and active agency in the Tory cause.
Before adverting more directly to some points in this con-
troversy, it may be as well to state, that I have been for many
years, both before and since the present Corn-laws, a cultiva-
tor of the soil, having firmed a property of my own, uniting
the character of landlord and tenant ; and am old enough to
remember the severe dearth, almost amounting to famine, in
the years 1799 and 1800, when the loaf was Is. Bd., oatmeal,
2s. 6d. the peck, and potatoes a guinea and half a boil. In
1816 or 1817. scarcity was also considerable, although nothing
equal to the former period ; it however excited a meal mob in
the district where I then lived, and as a Justice of the Peace,
along with another Magistrate, I was called out to put it
doe n. Matters went to such a length, that we were obliged
to get the assistance of a detachment of yeomanry. The
crowd pressed so hard upon us, that when rye were considering
the necessity of reading the Riot Act, we addressed a ring-
leader on the danger of his conduct; he immediately replied,
it was a matter of no importance whether ha died from starva-
tion or by the sabres of the cavalry. (Lord Chatham once
said he could easily put down any insurrection but the insur-
rection of the belly). So circumstanced, I have been led to
reflect much on the subject in all its bearings; and have ar-
rived at the conclusion of its pernicious influence on the
comforts and contentment of the great mass of the
people; who, under tile pressure of the high price of
bread, occasioned, as they now perfectly understand, by our
our Corn-law regulations, grumble at their own hard lot, and
grudge the east and affluence of the lords of the soil, arising
out of such unfair dealing by them. The advocates of the
system ask triumphantly, would you make this country de-
pendent for daily food or, foreign States, who, in the event of
war, might choose to starve us? The answer has been given
by stating, not a hypothetical case, depending on a train of
reasoning, but a well-established fact, that of Holland, a
country of narrow extent, but densely peopled, who find it ad-
vantageous to occupy a. considerable breadth of their soil in
every produce, but by throwing open their ports to all the
world for the importation of grain, have not only never suf-
fered want themselves, but have been often able, from their
accumulated stores, to supply the wants of others ; and no
nation has been oftener involved in war. But were there
anything in this argument, are we to submit year after year
to severe privations for the possible contingency of being a
little put about the first year of a war ?
It has also been objected, that the repeal would throw our
inferior lands out of cultivation. This is a visionary evil. If
soils were naturally unfertile, or rendered so from being too long
under the plough, so as not to repay, the cost of cultivation,
what would a judicious, practical farmer do, if left to himself
and not a tenant-at-will—the bane of all good farmings ? He
would adopt the alternate system of husbandry; that is, he
would lay it off in grabs, till it recovered its injudicious treat-
ment. Without either compulsion or controul I practised
this system of alternate husbandry for twenty years on good
land, and found it the most beneficial that could be adopted.
These objectors surely don't mean to say that lands laid off to
grass, rearing and feeding stock, are unproductive. On the
contrary, they are like money at compound interest, an accu-
mulating treasure; and when again ploughed up will make a
grateful return for such mild treatment, and become a resource
against scanty crops, the effect of which is usually most felt
the second Tear.
Again, it has been said, that all the supplies we could
obtain in case of a failure of our own crop, would be a mere
drop in the bucket. If this were true, it is jolt the. result of
our suicidal Corn-laws, and an unanswerable argument for
open ports, under which there would always be a store ready
to supply our wants in a time of, need. On this point a very
important consideration is apt to be overlooked. It is not the
absolute price of bread here of which our manufacturers so
justly complain, but its relative price, as compared with that
paid by their rival on the Continent. Suppose a free impor-
tation to reduce our price a third, from ninepenco to sixpence;
this of itself would be a great relief to our workmen, but far
from the whole gain to them ; for the inevitable consequence
would be, if not just a proportional, at any rate a considerable,
rise of the price abroad. This is just what is wanted
by our operatives--a fair field and no favour. However free
importation might be, the expense attending the conveyance
nt, srt the shape
must oe
ever
efrr freight, t , a
sln a-
so an
uf r
a nc
eagency,article so bulky
in
sufficient protection to the home grower, when combined with
the unavoidable rise that must take place at the foreign ports.
But the most startling and odious effect of the withering
impost is, its tendency to impair the bounties of charity and
benevolence, whether voluntary or the result of assessment.
These virtues, however estimable, are necessarily restrained
within certain bounds, but are farther limited by the Corn-
laws Suppose an individual voluntarily disposed, or a society
compelled by assessment, to give a certain quantity of bread
to the workhouse, the paupers of a soup kitchen, or the family
of a band-loom weaver struggling for existence; it is evident
that by this tax, not only is the power of bestowing diminished,
but the dole to these suffering people curtailed. This view
of the matter might be useful to the Oastlers, and other
sticklers for the poor, as well as the inconsiderate opposers of
the Poor-law Amendment Bill.

I am, Sir, yours, &c.,
G. M.

Edinburgh, Oct. 3, 1838

MONEY AND CITY NEWS.

FROM THE MORNING PAPERS OF THIS DAY.)

TIM ES.—The aspect of the money-market wears a pecu-
liar appearance, the demand for it continuing in the transac-
tions of the Stock-Exchange, while in discounts the rate is
low. This arises probably from confining the advances which
are usually made at this period by the Bank of England to bills
of exchange, which leaves the floating Government securities
to find their own level, and applies the relief in aid of commer-
cial transactions. 'These advances are understood in the pre-
sent quarter to be much larger than common, and to amount to
about 1,200,0001. The Bank confine them, it seems, to prin-
cipals only, and do not make any advances on bills deposited by
the discount brokers. Considering the pressure at the Stock-
Exchange, the value of Government securities is extremely
well sustained. The purchases on account of the saving-banks
have it seems, been suspended, no great balance existing of
deposits over monies drawn out.
Money continues scarce on the Stock-Exchange to-day, and
has commanded the high rate of five per cent. on Exchequer
Bills. One explanation which has been current to-day is,
that much of the fib cling capital has been absorbed in the va-
rious American stocks and schemes lately introduced into this
country. The Funds were quiet, and Consols lefft off at 94
toi for Money, and 94h- buyers for Account. Bank Stock,
2073-to 2081 ; India Stock, 261 to 262 ; Exchequer Bills,
695. to 71s. prem.
Foreign securities were heavy, with little variation in prices.
Spanish Active with the May Coupons were 1q- to • Por-
tuguese Five per Cents, 331- to 341 ; the Three per &lats.,
211 to 22,4 ; Brazilian 79i to 8041 ; Mexican 23 to v ; Co-
lombian 244 to ; Dutch Twc-and•a- Half per Cents 53:4 to
54fr ; the Five per Cents 1004 to ; Danish 74i- to 751.
The Share Market remains with scarcely an alteration.
Great Western were 14 to 15 ; London and Birmingham 82
to 84 ; S.mthampton (New) 21 to 22 ; North Midleo,d 2 to
3 ; Manchester and BirminA,rham ato a premium ; South-
ampton (Old) 4 to 3 ; Brighton 24 to 2; Blackwall fi- to
dii.count ; Galvanized iron ft to premium.
Accounts from Bilboa mention that Espartero had ordered
a duty to be levied of 1 dollar per quintal upon all salt and
dried fish exported into the interior from that place by land.
The municipality had remonstrated, and declared that so heavy
an impost could be the ruin of the trade, hut that they were
o filing to conscnt to a duty of half a dollar.
By a vessel arrived at Cork, accounta from Monte Video of
the 25th of July have been received this m • They state
morning.

Is no'

that the deputation sent to treat with Rivera h,id reached
Duregno, whence they informed him of the nature and obiect
of their nals,,ion, and were awaiting his reply. During the
errly part of the preceding, week much alerm was caused by the
appearance of a part of Rivera's force about a league from
Monte Video. The gates were shut and no communication
allowed with the country, but the alarm had gone off and mat-
ters bad returned to their usual st,ite. Paysander was still in
the possession of the Government. Lavalleja, who was in
command there, was defended on the river by a gunboat or
two lately sent by Rosas, the President. of Buenos Ayres. It
was not thought likely that Rivera could under these circum-
stances capture Paysander, but with that exception, and a
small circle round Monte Video, he was in possession of the
whole territory of the republic, which was governed in his
name, he having displaced all the Government authorities and
put in his own,

The blockade of Buenos Ayres continued, and was likely
to prove a long and tedious affair, unless the President, on
finding the French determined to persevere, should give way.
The general expectation was, that he would hold out to the
last extremity. The French admiral had just returned from
Rio, whither he had been solely on an excursion. The ex-
change on London at Monte Video was 43} to 44 ; and at
Buenos Ayres si. The Six per Cent. Stock was at 49 to 50.

CHRONICLE.—Shares on the whole are rather firmer,
and most of the railway undertakings have advanced a little.
The London Corn Market continues firm at the recent ad.
vances in price, but the quality of the grain is generally very
inferior in kind. Of superior old wheat there is exceedingly
little remaining in the country, either of home grown or
foreign corn ; not more, it is generally understood, than suffi-
cient for the seed for the wheat crop of the ensuing year.
The quantity of wheat required for the seed of each year is
usually taken at ten per cent. upon the foregoing crop, or
about 1,500,000 quarters for that purpose, to be taken from
the quantity produced in the present year—or, more pro-
perly, from the old stocks of superior corn. This, it is
reasoned, will leave the quantitiy of good bread corn very
deficient, although the wheat of the present season is so inferior
in quality that much old grain wilt be indispensable to the
millers for the purpose of making up, in many districts, a good
marketable flour. That the Corn Market does not rise in
price, and the duty fall in a corresponding degree, is attri-
buted in this manner to the inferior quality of the home-grown
corn, the average quality of the present crop being full 10 per
cent. inferior in quality and weight to the crop produced in the
general average of years. Thus a corn-merchant, In taking
off a quantity of wheat of the growth of the present season, is
obliged to make large allowances in price for the inferior weight
of the grain, as the loss by keeping for a number of months will
be untmially large. This, by ordinary observers, is not taken
generally into the account in estimating the propects of the
country with regard to the prices of corn for the ensuing year,
although the true price of wheat is now full 7s. per quarter
higher than appears in the quotations, as reckoned for the
difference between the qualities of the corn. There is
now wheat to be purchased at prices so various as from 50s.
to 74s- per quarter, and the true value of sound old English
wheat is not less than the latter sum ; and in this manner,
from the inferior quality of the greater part of the new wheat
offered for sale, the prices nominally are at least 7s. a quarter
lower than the true rate. Lest it should deceive parties that
that the price of corn has fallen since the opening of the ports,
and that the operation of the Corn-laws is not such as we have
formerly represented, in having prevented our receiving sup-
plies from abroad, we give the above reasons, as stated at
s tdrt than
of the w
sMark-lane, in proof that the price for sound marketable
corn has not declined since the opening of the ports, and that
the nominal fall in the quotations is no proof that the price of
bread,
of a proper and wholesome quality, will not be as high
b"lehirgeheeystein
have sboyfrewqhuiech foreignntlyshown
ctoornbeisthpereinveevnitteaci
from being freely sold, and, therefore, from being grown
abroad.
PO ST

rally —The Stock Markets remain, as they have, gene-
s Peaking, done the whole of the present week, free from
fluctuation.

II a
ITchee Fmbraernkch ed
so
lßailwayarge an S h aa rmeos,u
nt of property,
Bri shhavceapbietcaol imstes
a s:id drug in the market, and it is to be apprehended that a
heavy loss will be eventually sustained by them upon these
unpromising investments. We have already stated that the
decline which has taken place in the Paris market is attributed
chiefly to the injurious interference of the Government with
the proposed scale of charge of the respective Companies,
and the former are unfortunately not disposed, owing to the
defeat of their own plans in reference to the undertakings in
question, to remedy the mischief of which .they have been
the authors. The Chambers will, however, surely interpose.
It is highly probable that they will otherwise not be proceeded
with, as the calls on the shares will• never be paid up In
the face of a steady and hopeless depreciation. The price
here of the Paris, Rouen, and Havre is 2:1 dis. on 41. paid.
The letters received this morning from Liverpool give but
a gloomy account of the Cotton Market at that place. It ap-
pears that the transactions in the article have been less consi.
derable during the present week than at any previous period
of the year. We are told also that the partial decline in price
before advised has at length become general, and that there is
very little prospect of a speedy change for the better. This
last remark has reference, we presume, more particularly to
the season of the year, the orders for supplies of manufactured
goods for shipment having by this time been no doubt very
generally executed, so that there will be little doing until the
early spring, with the exception of what may be required for
the home trade. There would seem, therefore, to be good
reason to believe that the report from Liverpool is well
founded, and that there is, in reality, no prospect of any pre-
sent improvement in the value of the raw material.

HE R A LD.—For some time past there have been several
rumours in circulation of considerable dissatisfaction being ex-
pressed on the part of the insurers in the Norwich Life Insur-
ance Office, respecting the management of that institution,
which gave rise, about a month since, to some severe but use-
ful comments in the Bankers' Circular, and to much more
severe remarks in the Norwich Mercury, and in the latter
Journal evidently founded upon facts that have not been yet
controverted. It is, however, satisfactory to state, and we do
so to remove all alarm, that, notwithstanding the gross mis-
management which appears to have crept into that establish-
ment, the referees have pronounced it to be perfectly solvent.
It is, however, well known that the principles of life insurance
are perfectly a mystery to the multitude, but it is not so well
known that the existing common law affords but little,
if any, protection to an insurer's assignee against
a litigiously disposed body of Insurance Directors
and Proprietors ; and it frequently happens that the
parties for whose benefit the insurance has been ef-
fected, contingent upon the demise of an insurer, may be in
circumstances that totally disable them from making any re-
sistance to the refusal of a powerful life-insurance body who
may reject their claims. It is, however, evident that the gene-
ral body of life insurers require more protection at common
law in matters of dispute with the offices wherein they insure
than they can now command. The present temporary Act of
the last Session goes only to protect the Joint- Stock Compa-
nies against their co-partners and debtors. But it must be re-
membered that life insurers are all, and always, creditors of
the establishment whose policy they hold, with no other remedy
in the ease of dispute but by a tedious and expensive suit in
the Court of Chancery. The remedy has been temporarily
granted to the Joint-Stock Banks, and, doubtless, will be
renewed next Session, when it is to be hoped that the like
legal protection will be afforded to every class, who from their
incomes pay annual deposits to these institutions, with a view
to secure a provision for their posterity or nominees.
We may probably
erfetlrecurtoey stable, notwithstanding thisquestion,
ibusttaantdtihnge samethe
time we have every reason to believe that the Norwich Life
ei sr
ohavereferredprationof h
; t our
at description
objecton 1 only is,of quackery to aid the
I errorsnpublicsu r Insurance-office
whichc.. °e ffi
nce
aw
reformation
which is but too manifest in the prospectuses of the majority
of insurance-offices.
It appears that during the past ten or twelve days there have
been some fresh bills issued by the Bank of the United States,
which will fall due in October, 1839, and bearing interest at the
rate of five per cent. per annum ; but the amount was rather
limited, when the customary large transactions of that esta-
blishment are considered, and we have some reason to believe
that the new issues were chiefly confined to those parties who
had formerly shown a desire to take up this kind of floating
security, and it is even stated parties are eager to take new
issues of this description, even at the rate of four per cent. per
annum. It is also understood that the Bank of the United
States has retired old notes to the amount of full 600,0001.
beyond those which their agent has taken up upon the issue of
new notes. However, it is not at all improbable that this
money market will be gradually fedwiththat description
of
securities, the great object of which, on the of Mr. •
part
is to give •
his establishment the full commandof
European
capital. This •
question, however, is creating much interest •in
our monetary circles,and, it
as involves some important points,
we shall refer to it again.
Business in the British
Funds has been very slack to-day,
yet there have been no alterations of any moment in the
quotations.

LIVERPOOL COTTON MARKET, OCT. 6.—The
sales in cotton were very light to-day, only 2,000 bags having
met with purchasers ; the transactions were chiefly confined
to American descriptions, at bid to 7d. Prices unchanged.
The day before yesterday the police arrested a
watchmaker named Jena, and his wife, living in the rue St.
Honore, on a charge of receiving stolen goods. Some idea
may be formed of the number of the customers of the house,
when we state that Jena had for a length of time employed a
workman at the rate of four francs a-day, whose sole business
was to efface the numbers of the watches purchased by this
receiver. The police agents remained in the house for the
whole of the day, and arrested several individuals who came
to sell stolen goods. Property to a considerable amount in
gold, silver, and jewels was also seized on the premises,—
Galignani of Saturday.
On Saturday morning, between ten and eleven
o'clock, Frederick Cox, aged fourteen years, in the employ of
Messrs. Dennis and Price, of No. 5, Islington-place, Isling-
ton-green, builders, while at work at a villa at Holloway, near
to the Cock Inn, fell off a scaffold about 20 feet high on to a
heap of brick rubbish. He was raised up in a dreadfully in-
jured state, and was obliged to be conveyed immediately to St.
Barthlomew's Hospital. He was found to have sustained a
severe fracture of the left leg, and also some internal injury of
a dangerous nature.

Between eight and nine o'clock on Saturday morn-
ing, William Bushnell, aged 18 years, one of the ostlers at
Thomas's Hyde-park Hotel, Oxford-street, was dressing
,e
a
valuable and very
high-spirited horse in the stable, when tn
whimnitnal hinged out with his hind feet, ono of which struck
with tremendous force on the right knee, and broke his leg,
lie was carried to St. George's Hospital.

DESTRUCTIVE FIRE at LIVERPOOL,

DREADFUL EXPLOSION AND LOSS OF LIFE.
LIVERPOOL, SATURDAY EVENING, OCT, 6.—Lest night, a
fire, involving a serious destruction of property, occurred
in Robert-street North, leading from Great Howard-street
to the Prince's Dock. The fire broke out in one of a range
of six warehouses, filled with bonded and free stores, on the
south side of the street, belonging, we believe, to Messrs.
Henry Davies and Co., King-street ; they have been erected
within the last few years, and are of great height—seven or
eight stories. About nine o'clock, as a car-driver was pass-
ing he observed smoke issuing from the windows and doors
of the third stcry of the warehouse nearest but one in the
direction of Great Howard street. He immediately gave the
alarm ; but the infl immeble nature of the goods contained in
the room from whence the fire proceeded, caused it to spread
rapidly. This warehouse contained a large quantity of cotton
belonging to Messrs. William and James Brown, Messrs.
Molyneux, Witterby, and Co., and Messrs. Wilds, Pickersgill,
and Co., besides 2,200 bales of wool. About eleven o'clock,
the flames no longer confining themselves to their original
location, burst forth with terrific fury, and proceeded at a
rapid rate up the doors to the cat-head, when all the upper
stories were in a general blaze. The wind at this time was
brisk, and materially assisted the progress of the flames.
Arrived at the top, the flames soon extended themselves to
the next warehouse, beginning with the cat-head and extend-
ing downwards. The second warehouse was unfortunately
filled with a stock of merchandise even mere valuable than
the first, the great bulk rf it bring composed of East India
produce, consisting of indigo, shumac, pepper, gums, sago,
and saltpetre.
At this period, the first warehouse having been abandoned
to its fate, the exertions of all present were directed towards
saving as much as possible of the valuable goods in the second
warehouse. In the meantime the fire exhausted its fury on
he warehouse where it commenced, which was completely
gutted, and in a short time the front fell into the street with
a terrific crash, but owing to the timely precaution given, no
accident, ne believe, resulted from it.
About five o'clock this morning a considerable quantity of
goods had been taken from that warehouse, and removed into
Hill-street North. The goods in the cellars and two lower
stories of the building could not, it was found, be extracted
with safety. A great quantity of saltpetre was known to be
deposited in the cellars, and as the fire continued to burn
downwards, an explosion was momentarily expected. This
disaster was unfortunately too soon realised. About half-
past eight o'clock this morning the fire penetrated to the
cellars, containing, in addition to saltpetre, a considerable
quantity of rosin and other combustible matter. The effect
of the explosion was awful—it was experienced not merely
in the vicin;ty of the fire, but at distances far removed from
the scene. It was like the shock of an earthquake, and the
crash was heard as far as Everton. The adjoining ship-bread
bakery, a building three stories high, which had not received
the slightest injury from the fire, was crumbled into ruins;
a eheelwright's yard, adjoining the bakery, which contained
a small dwelling house, shared the same fate ; the windows
of nearly every house in the neighbouring streets were smashed
to atoms ; fragments of the burning cotton wero blown across
the river and picked up on the Cheshire shore. The ships in
the Waterloo Dock were placed in great danger. The jibs
boom of the Jacob Pennel caught fire, and the rigging of the
Constitution was also in flames. Alive, however, to the dan-
ger, the hatchways of the various vessels were instantly put
down, and every necessary precaution adopted to prevent
further mischief. No. 3 pilot-boat received considerable
injury from the large quantities of the burning materials
filling on her deck. A poor woman passing through the
Clarence Dock at the time, had her clothes set on fire,
and was seriously burnt. A huge beam was carried from
the warehouse into an entry in Dennison-street, and a
large piece of iron, weighing not less than 281b5., passed
over the Vanchester and Bolton Tavern, and fell on the
open space in front of Gibraltar-street. Mr. Pass, butcher,
of Dennison-street, had unfortunately at this time ventured
into an adjacent court, in the hope of being able to
rescue some pigs which lie kept there, when two or
three hales of burning cotton fell upon him, and before his
body could he removed he was burnt almost to a cinder. An-
other man we have heard was taken up apparently suffocated
and was taken to the Northern Hospital, but was soon restored.
A policemen was also taken to the hospital severely bruised.
The saltpetre appealed to have been chiefly kept in the cellars,
and the force of the explosions was so great that the founda-
tions of many of the houses in Robert-street and Dennison-
street were driven in. There was scarcely a house in Hill-
stre et, Robert-street, and Dennison-street, but was covered
with cotton in some places a foot thick and in a burning state,
and even the windows of some houses in Chisenhall-street, a
considerable distance from the scene of devastation, were
broken. The houses in Hill-street and Robert-street were
occupied by respectable tenants ; those in Dennison-street were
chiefly lodging-houses for sailors. 'I hey present a most
distracted appearance, the windows and window- frames be-
ing almost wholly destroyed, and tits inhabitants having
nearly all vacated them with their furniture. It is impos-
sible, of course, in the bustle and confusion consequent
upon such an alarming disaster, to collect any very full parti-
culars of the matter ; but, we believe, the above and those
which we subjoin will in the main be found to be corroborated,
is not vet known how the fire originated. The damage,

is supposed, will amount to from 150,0001. to 200,0001. v The
property, we believe, is nearly all insured. The principal
sufferers hill, we understand, be the Sun, Liverpool, and
Manchester offices.
At the time of the explosion an immense mass of persons
bad congregated in the various streets leading to the fire from
which a view could be obtained. A great crowd had collected
at the top of Robert-street and Hill-street North, and while
engaged in viewing the scene, they were knocked down en
masse by the explosion.
In Robert-street North, opposite the burning warehouses, is
a large yard, with extensive sheds ; in this yard were upwards
of 2,000 bales of cotton belonging to Messrs. William and J.
Brown and Co. The effect of the explosion told fearfully
upon this immense pile of cotton, for it was instantly in flames,
and the united exertions of the firemen were unable to save it
from destruction. Not a ♦estige of it, we believe, remains.
Another sited, containing heavy piles of cotton, on the north
of Hill-street, belonging to the same respectable firm, took
Ire, we regret to say, in consequence of the heat communi-
cated by the fire from the Robert-street shed. An immense
number of persons were employed in pouring water on the
roof of this shed, and at the time we left the ground there was
every prospect of this property being saved from further injury.
A number of distressing accidents took place. A butcher,
who lived in Dennison-street, was killed while in the act of
removing his pigs to a place of safety ; a fireman, James
Wilson, received such severe wounds that he was carried to
the Northern Hospital, where slender hopes of his recovery
are entertained. An immense number of minor accidents
took place. In short, s. more fearful scene than the vi-
cinity of the fire presented after the explosion can hardly be
imagined.

A second explosion took place about ten o'clock, but it 'N R
neither so terrific nor accompanied with such destructive re.
sults as the first.

We regret being again compelled to advert to the total ab-
sence of water in the tanks. After the appearance of the
flames, a considei able time elapsed before any water could he
procured, and the first obtained was brought from the canal,
an hour at least after the fire broke out.
Mr. Whitty's exertions during the night were conspicuous,
and elicited the admiration of all present. He performed
several very daring acts; among others, carrying the hose
into the fourth story of the second warehouse, while the flames
were bursting over his head, apparently ready to devour him.
The exertions of Mr. Maxwell, agent of the Fire-offices,
were also exceedingly creditable, and though drenched to
the skin he never relaxed them. N. D. Bold, Esq., of the
Sun Fire-office ; Mr. Anderson, of the Norwich Union; and
Mr. Whitehouse, junior, of the West of England, were
severally on the ground, and assisted by their advice and
exertions.

The third warehouse of the pile in Robert-street North is
at present on fire; but hopes are entertained that it will be
subdued. It contains a great quantity of combustible matter
—tallow, rosin, saltpetre, &c.

REGISTRATION-SATURDAY.

MIDDLESEX.

Mr. SIIADWELL sat this morning, pursuant to adjournment,
to conclude the revision of his portion of the county lists re-
maining undisposed of.
The other business having been disposed of,
The Learned Gentleman delivered judgment as to the 28
claims of the shareholders in the New River Company. He
first expressed his regret that he had not heard the case more
fully gone into. He had consequently made diligent search
in the books, in the hope of finding some case that might have
been decided in the Superior Courts as to whether or not shares
in the New River were to be considered as real or personal
estate, but he could not find any decision upon the point at issue,
whether or not they gave aright to vote in the election of a knight
of the shire, for that was the real question here, whether or
not the possessor of a share in the New River was entitled to
vote. The Learned Barrister then went into the history of the
formation of this Company. He had with him an opinion
which his learned colleague, who had looked roost fully into
the case, had written, and, as he fully concurred with his
learned friend, he would read that opinion. Mr. Shadwell
then read the opinion, and said that, in accordance with the
judgment of Mr. Coventry, he should expunge all the names.
These claimants had been objected to by the Clerkenwelr
overseers, but their names still remain on the list in the Enfield
district, so that they will all be entitled to vote.

The Commissioners of Woods and Forests have
given instructions to Mr. Mann, the superintenden• of the
parks, to erect several seats under the trees on Constitution_
hill, and in the Green Park, for the accommodation of the
public. It would be a great convenience were some more
erected in the malls.

Between ten and eleven o'clock on Saturday morn-
ing, as a respectable mechanic, named Johnson, who resides
at No. 22, Queen-street, Walworth-road, was crossing oppo
site to the Elephant and Castle Icr,, accompanied by his son,
aged seven years, the child suddenly left his father's side, and,
in running forward, went directly in front of one of the omni-
buses that had just started at a quick pace. The horses were
within one step of the boy when the father caught him as he
was falling from a blow he received from one of the horses.
The progress of the vehicle was so rapid that the fore-wheel
passed over the toes of the child's right foot,
completely
pinching off the great toe and crushing the hones of the smaller
oot,s in a shocking 'bawler. The injuries, though serious andextremely painful, are not con,i,le:•ed to be dangerous. 1. he
sufferer was carried in his father's arms to at. Thomas's
Hospital, where he at present remains.