The Sun.
London, England, 1847-11-30 00:00:00

PI E SUN, LONDON, TUESDAY
_EVENING, NOVEMBER 30, 1847.

RICE.—To day there was no public of East India
Rice, and privately the amount of business concluded
was small, although holders were ready sellers upon
former reduced terms.

FEUIT.—The supplies are extensive of all descriptions,
and merchants are willingg sellers, but as prices rule
low :the grocers have been induced to make extensive
purchases. Nalentia Raisins have been selling at 34s to
375, Red Smyrna 33s to 375, Muscatels 40s to 70s,
Turkey Figs 38s to 50s, good and fine 56s to 655, Sultana
68s to 70s ; Currants, Zante and Cephalonia 38s to 40s,
Patras 40s to 425, old Currants 35s to 38s, Denia Raisins
80s, and French Plumbs 75s to 80s, Imperial 90s to 1503
per cwt.
SPlCES.—Previous rates are well sustained for black
Pepper, and a good demand has been experienced for
all sorts, chiefly for home consumption. At auction
2,380 bags were all sold. While sells more freely, and
at better prices. Cloves are little wanted, and prices
tend downwards. In Cassia Lignea business is much
interfered with by the. scanty supply, and prices range
high. For Ginger the demand does not improve, not-
withstanding the moderate rates that prevail. Nutmegs
are wanted.

SPIRITS. —To-day there was less activity in the mar-
ket for Rum, and prices are not so firm. Proof Lee-
wards selling at Is 3d to Sid. East India proof is 6d
to is 7d, and Mauritius Is 6d.

Oils.—There has been only a limited demand for
Linseed Oil for home consumption. Rapeseed Oil is not
much required. Cocoa Nut has been operated in with
caution, and 50 hhdq. 19 pipes of Ceylon at auction were
only in past disposed of. Olive is still little required by
exporters of the home trade . holders are yet willing'
sellers. Palm is not to be obtained at any further re-
duction, but only a limited business has been concluded.
Of Fish Oils there are farther arrivals, and holders are
willing sellers. For auction on Friday 30 tuns of
Southsrn, and GO tuns of Seal are announced. In Cod
a good business has been concluded.
. .

TALLow.—The demand has been active for Russian
on the spot, since our last report, and the arrivals having
been upon a small scale, holders have been enabled to
obtain an advance on former quotations of id per cwt.
Fine P.Y. Candle has been fetching 44s 9d to 45s 3d per
cwt, and at which there are not free sellers. For for-
ward delivery the operations are upon a more extended
scale. Home-made has been in excellent request. All
other kinds met with a good demand.

COURSE OF
xmstenlarn .. •• • • 12 7

Ditto, at sight ...... 12 4
ltutterdam .... • 12 7
Antwerp ...... ........ 26 15
liamburgh .... • .11.8. 14 15%
Faris, 3 days' sight .. • • 25 70
Ditto, ............ 26
Slarseillas ••.. • • • • . 26 10
.. 26 15
Frankfort oil Mains.... 124

Petersburgh, Sil. Rbl• 36
Berlin.... • • 7 10
Vienna, •ffec. 10 20
Trieste, ditto.... • • .... 10 '2l
Madrid 46%i
Cadiz • • • ............ 48%
Barcelona •• ••. • . .• •

called on to exercise the most earful consideration,
and not to lightly sanction the course proposed to be
pursued by the Court of Directors. lhe Noble Earl
concluded by moving for the returns.
The Earl of AUCKLAND, on the part of the
Government, had no objection to grant the returns.
With regard to what had fallen from the Noble Earl on
the subject of advances on the hypothecation of goods,
he (Lord Auckland) was inclined, in a great measure,
to agree with him with regard to the second point, and
also with regard to the advances made by the direc-
tors to railway companies he must at present decline
giving any opinion.
The returns were then agreed to.
RAILWAYS.

Lord WHARNCLIFFE asked whether the mea-
sure for granting additional time to those railway
companies who had obtained their Bills for completing
their works, was intended to apply to Railway Ex-
tension Bills also ?

oEarl GREY said that, until the subject had been
cinsidered in the House of Commons, he could not
gve an answer. _

Their Lordships then adjourned.

HOUSE OF COMMONS.
The SPEAKER took the Chair at Four o'clock.
Several Hon. Members took the oaths and their
seats.

mediation to Switzerland, with a view to bring about
an amicable settlement of hostilities. Her Majesty's
Government, however, made it a condition
of joining with the other Powers, that it
should be left entirely optional with both or either
of the parties in Switzerland 'to accept or refuse that
offer, and the refusal of that offer by either party
should not be made the ground of hostile mea-
sures.—(Hear, hear.) He should, however, state
on the other hand, that there was a distinct
understanding requested by the other Powers, that
that condition should not be considered as fettering
the other Powers as to the exercise of their own
rights. He thought it useful to remind the House
that by the declaration signed by the five Powers in
Nov., 1815, at Paris, the five Powers declared that
they guaranteed the neutrality and independence of
the territory of Switzerland, such as it was defined
by the Congress of Vienna and the Treaty of Paris.
Mr. B. OSBORNE wished to ask the Noble Lord
if he had any objection to lay upon the table of the
House the papers which her Majesty's Government
had received relating to Switzerland ?
Lord PALMERSTON said he had no objection
whatever, and they should be laid before the House
in due course.
Mr. URQUHART wished to know if Government
would be prepared to prevent any other power inter-
fering with the aid of force in the affairs of Switrty-
land.

Lord PALMERSTON said he was sure the
House would excuse his not answering that ques-
tion.—(Hear, hear.)
THE LAW OF MARRIAGE.
Mr. RICE, seeing the Hon. Member for Buteshire
in his place, wished to ask him when the Commission
sitting upon the Law of Marriage was likely to make
its report ?
Mr. S. WORTLEY replied that the Commission,
since the Ist of November, had met regularly, and
collected a considerable body of valuable evidence, and
they were now daily pursuing their inquiries. He
was in hopes that the Commission would be in a po-
sition to make its report early next spring.
SMALL DEBTS COURTS.
Mr. WALPOLE called the attention of the House
to the system that tt present prevailed of multiplying
fees under the County Courts Act, and asked the
Chancellor of the Exchequer whether, as it was con-
templated paying the judges of these courts by sala-
ries instead of fees, it was intended to pass a law
to prevent the continuance of the abuses he com-
plained of.
Sir GEORGE GREY said the practice had been
adopted in some county courts, but not all. The
practice was contrary to the intentions of the Act,
and he had been collecting information on the subject,
with the view of applying a remedy. He believed it
would be necessary to have a new table of fees.
THE COMMERCIAL DEPRESSION.

The CHANCELLOR of the EXCHEQUER said
he rose for the purpose of moving the motion which
stood first on the paper of to-day, namely, that a
Select Committee be appointed to inquire into the
causes of the recent commercial distress, and how far
it has been affected by the laws for regulating the
issue of bank notes payable on demand ; and,
in pursuance of the promise which he made on the
first night of the session, he should avail himself
or the opportunity, not only of stating the reasons
which induced Government to give that recom.
mendation to the Bank of England, which was con.
tained in the letter of the 25th of October, signed by
himself and his Noble Friend the First Lord of the
Treasury, but also to state the views which Govern.
meat entertained of the causes which had given rise
to the commercial distress. He need hardly say
that it was from no unwillingness on the part of
Government that this statement was not made at an
earlier period of the session, because so much mis-
apprehension had prevailed as to many things which
had taken place as to make it no less the in-
terest of Government than it was their duty
to lay that statement before the House
and the country at the earliest possible period
That duty, however, now devolved upon him, and
he need hardly say that he felt very sensibly the,
responsibility which attached to him, in the perform.
ance of that duty. It was no light matter for a
Government to be under the necessity of con
templating a revolution of the statute law, though
he was happy to say none had taken place,
and it was not, therefore, necessary for him
to apply to the House for a Bill of in-
demnity. But still her Majesty's Governmert
stood there to be judged by Parliam( nt upon this
important question, and it was for that purpose that
Parliament had been called together at an earlier
period than was usual. It was impossible not
to feel that as their feelings had been ex-
cited, and some of their interests affected by the
recent occurrences, that all the members of the
noose could act in this matter as impartial judges,
and as this circumstance placed him in a situation of
peculiar difficulty, he hoped he might be allowed to
ask of the House more than an ordinary share of that
indulgence which he had so often experienced at their
hands. In taking the course they had pursued,
Government had been prepared to meet with
blame, which attached to all parties who
took a middle course, but the view which
would he taken of their conduct would no doubt be
influenced in a considerable degree by the opinions
entertained of the Act of 1844. Those who disap-
proved of it were likely to blame them for not having
more completely departed from it, and accordingly
they had already been met by parties who said they
ought not to have interfered—by others, who
said they had done no good by their interference
—and by others, who contended that they ought
to have interfered sooner. Now, those who said they
ought to have interfered sooner must be prepared to
prove that an earlier interference would pat have
proved mischievous, instead of beneficial. In answer
to those who said they ought to have departed still
further from the Bill of 1844, he must tell them that
had they done so Government would have acted con-
trary to their first conviction, because the principle
upon which that Bill contained they con-
sidered was the only sound principle that
could regulate the issue and circulation of notes.
When he stated that he had the utmost confidence in
the Act of 1844, he did not wish it to be imagined
that he was one of those who contended that the prin-
ciple of that or any other measure arising from human
wisdom was, in all circumstances, at all times, and
at all hazards, to be carried into effect.—(Hear,
hear.) Nothing that arose out of human wisdom
could be considered inviolable. He spoke thus of the
Act of 1844; but his remarks applied with equal
truth and sincerity to other Acts embodying
more sacred principles still. He might make the
same remark with respect to trial by jury—with
respect to the still more sacred palladium of
liberty, the Habeas Corpus Act ; it was no-
torious that at various times these and other
Acts had been suspended with temporary ad-
vantage to the country. It was so in other
sciences as well as in that of legislation. In that
of medicine, it was notorious that a certain
treatment must be applied to some diseases,
whilst it was equally notorious that for others
a diametrically opposite course must be pur-
sued, and with the same success. What he said
of these laws he said also of the Act of 1844 ; it was
a measure which, like those to which he had referred,
could not, under altered circumstances be carried
into strict execution. It was first brought into opera-
tion under &combination of circumstances of a peculiar
nature, because the state of things that prevailed was
unprecedented for years ; and he trusted it would be
unparalleled for years to come.—(hear.) There had
been a heavy drain on the capital of the country for the
purchase of corn, and much alarm prevailed
amongst those engaged in the cotton and other
extensive manufacturing operations that they
should be unable to meet their engagements.
And they had not even met, during that period, with
that general mistrust—such an univesal alarm and panic
which they had witnessed six wezks ago. What system,
what legislation, could have provided against the
alarm and panic which prevailed at the period of which
he was speaking ? Legislation, and in fact every system,
proceeded upon the principle that men were at times
acted upon from various causes. by the principles in-
herent in human action. That they adopted steps
and indulged in fears and distrust against which the
wisdom of legislation could not provide. If the standard
was depressed in 1819, and was even now of much less
value, that would be no argument against what took
place in the interim. Debts were contracted in money
of the same value at the two periods, and if the depres-
sion had depreciated the value of gold, debtors would
have thereby been enabled to cheat their creditors.
Some entertained the opinion that there should be free
trade in gold, and that notes should be issued in propor-
tion as the transactions of the country—the demands for
cotton, for instance, increased—that they should
rise and fall in number and amount. In the
autumn the price of agriculture was low, and
commerce was stagnant, and, consequently, according to
this theory, a smaller amount of bank notes would have
been required than the Act of 1844 allowed. It was,
however, no condemnation of that Act to say that it
was made to meet the contingency which had occurred.
The pressure could not have been foreseen.
Mr. Jones Loyd, one of the most distin-
guished supporters of the Act, wrote in 1840,
in a work which he published in 1844,
that s change in the commerce of the country might
render a relaxation of the Act necessary, and Mr. llus-
kisson also stated that if such a period should occur
during a depressed currency, that measures of relief
must be left to the wisdom of those in power at the time.
" These remarks," continued Mr. Huskisson, " form a
true answer to the memorial of the London bankers, in
wouldth e mhoen evyi r t
ual
ly market,t o
fwaehtilch theyitating urgedth the i
eo penrtartoicol uncon
stiofof ath special
eßiliclausein
or pressure upon the
TTt i
hmo
eeaseccoeomdfer:eponeccseuumici
eiai
fir
ta poprfreoss
proposition
uodrs
drain
at
iiononf
destroy the efficacy of the measure.—(Hear, hear.)
money market is the time in which the provision of the
Bill became the mopi important, and, except strictly
adhered to, the whole measure becomes a nullity. For

• all contingencies which can reasonably be anticipated,
and which are susceptible of being previously defined by
law, the strict application of the provisions of the Bill is
essential.—(Hear, bear.) Against the occurrence of
those contingencies which are not capable of being fore-
. seen or defined by law, but which are not altogether
impossible, the Bill itself affords the best protection
which can be obtained. Should occurrences ever arise
beyond all ordinary calculation, and not amenable to
the application of any ordinary principles, the
remedy must be sought, not in the opera-
tions of the Bill, but in the discretion of
those who may then be at the head of
affairs, subject to their own responsibility, and to the
judgment of Parliament." Believing in the truth of the
principles contained in the foregoing extracts, her Ma-
jesty's Government felt it to be their duty to act in the
manner in which they had done.—(Hear, hear.) He
would now proceed to show the House that the time
when they took the step to which he had alluded was
such a severe period has had not existed in the country for
a quarter of a century. The step was taken for the pur-
pose of allaying the panic in the market more than with a
view of relieving the monetary pressure upon the country.
The end which they had in ♦iew had been effected. The
causes of the pressure he thought lay far deeper than
was supposed by those persons who imagined it to be
owing solely to the issue of one or two million of
bank.notes.—(Hear, hear.) He thought that those who
attributed what took place to so inadequate a cause as
that had but little apprehension of the gravity of the
customs.---(Hear, heor.) There was no doubt but that
the pressure had been exagerated by that circumstance.
In the summer of 1846 there was a most unexampled
drain of capital for the purchase of corn and for invest-
ments in government works. He had no doubt but that
that the country might have born up under the pressure
of the vast purchases of corn and the permanent invest-
neat of large sums of money, but sooner or
later such abstractions of capital would effect the whole
superstructure of the credit of the country—(Hear, hear.)
In the year 1113/ there was &great commeretal pressure;
in the year 1838, there was a severe drain for the
purchase of corn, but those two circumstances came
separated, not as in the present year together.—(Hear.)
Although the pre. sure for money had been very
great, sill the amount of accommodation afforded
by the Bank of England was considerably less in the
autumn of 1839 than in the corresponding time of the
autumn of the present year. He found that on the Ist
of October, 1839, the Bank notes in circulation, including
Bank post bills, was 16,800,0001, whereas on October,
1847, the amount was 19,577,000 L, being an increase
of about 3,000,0001. The private securities held by the
Bank of England amounted on the Ist of October, 1839,
to 13,290,0001.; but upon the 2d of October, 1847, the
amount was 21,260,000/., being an increase of no less
than 8,000,000/. in the amount of accommodation
affOrded by the Bank of England to the mercantile
and commercial interests of the country during
the year 1847 as compared with the year 1839.
From that time the state of things changed. The har-
vest of 1846 failed, and it became necessary to import
largely for the relief of the people ; and it was also in
1846 that the increased demand of railroads took place;
and then it was for the:first time that a drain of gold was
felt. This was the state of things prevailing
through the autumn of that year. The drain
on the Bank of England was great in the extreme, but
the Bank was enabled to meet the demand out of their
own coffers. In the course of the next year, however,
the Bank was obliged to raise their rate of discount ; the
importation of corn became greater than in the last year,
and the result was a rise in the rate of interest to 5 per
Oent. Then came the panic. He had stated before, and he
saw no reason to change his opinion that it was caused
by the imprudence of the Bank of England in letting
out money with the freedom they did—(Hear, hear).—
and then pulling up as suddenly as it let out its
money before, and the result was the alarm
that had taken place. The Bank kept increasing
their discount, and on the sth of August last
they raised it to 51 per cent. The first of the great
failures took place on the 10th of August, in this state
of thirgs. Leslie and Alexander failed on that
day : and it was a remarkable fact that almost
all the houses that had failed in the first instance
'were largely engaged in transactions in corn.
Between May and September the price of corn fell no
less than 50 per cent. ; in fact, the average price of
corn in May was 102, and in September 14. The im-
portations that were made in Mry were most extrava-
gant, and although it was no part of his duty to warn
people against the consequences of their over. specula-
tion, he omitted no opportunity last session to state to the
House the extraordinary amount of speculation that was
going on. He came to town early in September, and
be found the general impression was that the failures,
that were taking place, were almost entirely confined
to houses in the corn-trade.—(flear, hear.) That,
too, was his own impression. And his Honourable
Friend had assured him that it was the impression
of some of the large brokers of Liverpool. Early, how-
ever, in September--on the 6th, in fact—the Bank of
England announced that they would make advances, up
to the 14th of October, at five per cent., 'which
was exceedingly unfortunate, because dealers did
not so much attend to the published accounts as they did
to the acts of the Bank and the rate of interest they
charged in making advances. Now, what was the effet
of those acts of the Bank authorities upon the notes in
circulation ? He had already stated that in the be-
ginning of June the notes in circulation amounted to
18,000,0001. odd, while on the 30th of July
they amounted to 18,892,0001. On the 17th of
September the amount of notes had gone down
to 17,840,000/. ; but on the 2d :of October, when
the advances had increased, the amounts had in-
creased to 18,712,000/. ; therefore, the difference was
quite immaterial. During the whole time of the pres
sure they were 200,000/. lower than at the time of which
he was speaking. The other securities on the 24th of
July were 15,300,000 L The amount of accommodation
given to the pnblie at this time of extraordinary pressure
had increased to 21,265,0601. In fact, in August and
September the increase was considerable. If they take
the amount of securities in former years, the correspond-
ing period of last year, they would find that the
amount in—

October 1844 was £10,500,000
1845 ... 15,000,000
1846 ... 15,000,000
1847 ... 21,250,000
He did not think that any inference detrimental to the
Bank could be drawn because it appeared that they
had given accommodation, as at any former time.
an their notes were about 1,000,0001. before their limit.
In Scotland there had been little or no difference be-
tween August and September, in 1846 and 1847; in Ire-
land less than in the former year, and the failures there
were comparatively small. Now the Bank never refused
to discount bills which they had taken at former times.
They charged, however, a higher rate of interest. They
took all those bills which at any period they had re-
ceived, and they bad continued to do so up to the
present time. Up to Ociober there was no great
inadequacy of notes. The Government believed that
the pressure was caused by a drain upon the avail-
able capital of the Company. The first great
drain to which he would refer was com-
khretenret
was
—from j
the corn imported
1846, to January, 1847,imported as corrected by Mr.
5,139,000L—fr0m January to July, 14,184,000/, and in
the three months from July to October the cost for corn
had beed greater than during the preceding six months,
r thus
1844 s
1844 ••• ••• ••• £6,000,00001
namely, 14,240,000L—(Hear.) He had stated the other
night that the capital expended in railways had been
4,500,000/. a year on the average from 1641
2to,ooloB,o4o3o,l.mTahkiisngwaslBin4clorarencdt
;18i t42s h of rill nd
s 1,5 n
1845 ••• ••• ••• 14,000,000
The first half of 1846, 9.800/. ; the last half, 26,0001. ;
the Ist of 1847, 25,770,0001. ; and if the works had pro.
eeeded at the same time, the expenditure in the
last half of 1847 would have been 38,000,000/
He was not indisposed to agree with his Right Hon.
Friend the Lord Mayor of York (Mr. Hudson) that per-
haps it would have been as well if a little check had
been placed upon the amount of the Bill transactions: of
the year, but still he thought that the detention
of which 50,000,000/ of floating capital and conversion
of the sum into fixed capital. It was painful to allude
to the cases of insolvency which had recently taken
place; but it was clear that a large number of those
houses which had failed had for a number of years been
destitute of the requisite capital to carry on their
business. And in other cases business was forced not
so much with a view to, the profits to be made as with
a view of promoting the extension of bill transactions.
There was no doubt but that credit was essential to car-
rying on the extended business of this great country,
but still there were some bounds to the system of oredit,
there ought to be some proportion maintained between
_t being able
ht oe discount
he
e found
that their
n
the money and the credit.--(Hear, here.) The failure
of a number of houses was attributable to the circumstance
of the
bills, in consequence of the large number of acceptances
which
they produce-takersh a d
in
hand.—(lleac,)
d n.o( hie,ieg r
more than one-half of the means of carrying on the
business of some parties had failed through this cause,
he was not at a loss to account for the various failures
which had recently taken place. The conduct of the
Royal Bank of Liverpool was such as fully to justify
him in the view be had taken. In that case nearly the
whole of their capital was advanced upon discounts.
The parties obtaining this large advance was not able
to get their bills discounted; hence the eifficulties of that
concern. He had conversed with many of his friends
who were practically acquainted with the mode of con-
ducting business, and they expressed themselves per-
fectly appalled at the reckless manner in which the
business of some of the larger houses was conducted

(LEFT SPEAXINGI.)

POLICE INTELLIGENCE.
MARYLEBONE.

ASSAULT UPON A POLICE-CONSTABLE BY A " GEN-
TLEXAN."—A gentlenarnly-looking person, who gave
his name and address 11/ illiarn Hunter, No. 5, Upper
Harley-street, Cavendish-square, was placed at the oar
before Mr. Long, c')r- gcl with having conducted him-
self in a grossly indecent manner towards Bartlett, 82 D.
The accused apt ..,red much agit-Ital upon his entering
the court. The evidence (the fog detads of which etv
quit 1 unfit for pubncation) went to show that on the
previous night, abJut eleven o'clock, complainant, while
on duty in Marley-strec;. was aecolted by the prisoner,
who walked with him for some distance round -his bast,
et the bench,raticn
t
and upon mole than one cnasion put questions to him
of a shame:elly gross and indelicate nature. He (pri-
soner) at length commiWd the indecent assault for
oai' id: chhe spun
offence,he hisa
being
t broughthat toldhe upat the
must tbe taken to the o answer
period b
ofefhoer e
pe h
station-
house, he knelt down, cried, and beged complainant's
pardon, at the same time offering to give up to him
his gold wat"h, and all else that he was then pos-
sessed of, exclaiming also, " Oh, dear! what shall I do?
It will be all published in the papers. What have I
don©?"