The Sun.
London, England, 1841-03-12 00:00:00

—and jealousy and unfriendly Slings have been excited by our '
exclusions, in the place of kindness and good-will.
The impolicy of our restrictive laws is strikingly exemplified
in the consequent diminution of our commerce w►th our nearest
neighbours, the rich and civilized inhabitants of Europe. Not-
withstanding the great increase in wealth and population since
the peace, " the average annual exports to the whole of Eu-
rope were less in value by nearly 20 per cent. in the five
years from 1832 to 1836 than they were in the five years
that followed the close of the war.* Another striking
fact connected with our intercourse with Europe is the
change which has taken place in the nature of our exports,
viz., the constant diminution of manufactured articles,
and the increase of articles on which little labour has been
bestowed.t Mr. Porter, in his evidence before the Com-
mittee on Import duties (July 31, 1840), enters into elaborate
statements, showing the value of our exports, and the degree
of labour bestowed on them, by which it appears that in our
exports to Northern Earope, the most important part of the
world as regards our foreign commerce, with the exception of
the United States. the proportions were :-
1827. 1838.
Much Labour
Little Labour 38.22

100.-

100.-

It will now be shown, from eyidence of an official charac-
ter, that these disastrous consequences to our trade in Eu-
rope, as well as those which have attended our commerce with
the United States of America, have been entirely owing to our
own unwise and restrictive regulations.
The recent publication, by order of Parliament, of the cor-
respondence between the British and Prussian Governments,
relating to commercial intercourse between the two countries,
shows the wise and enlightened views entertained by the latter,
and the desire they have always evinced to afford every poisible
facility for freedom of trade. In 1823, when urging us to con-
cede to Prussia a reciprocity treaty similar to that we had made
with the United States, the principle laid down by the Prus-
sian Minister, in his note, was, "that • reciprocal commercial
restrictions were reciprocal nuisances, prejudicial to all nations
having reciprocal interests, and particularly to those engaged
in extensive commerce, and that the policy of Prussia was
to substitute, in the place of reciprocal prohibitions, reciprocal
facilities."

' The rejection of all equitable overtures,—the determined ex-
elusion of the Corn and Timber of Prussia,—and the adop-
tion of the like policy towards the other nations of Europe—
led to the prohibitory tariffs of Northern Europe, which
have had the effect of prematurely forcing manufactures in
those countries, and of replacing the exports of our manufac-
tures by those of ram and partially manufactured materials.
The testimony of Mr. M'Gregor, Secretary of the Board of
Trade, is conclusive on this point. " The argument (says lie)
they made use of to me upon every occasion at Berlin, in
Saxony, and in the Rhenish States, and particularly at the
two Congresses held at Munich and Dresden, was this, you
compelled us to become manufacturers; we have not mines
of gold and silver, and you will not take what we have to give
you; but if you had taken what we have to give, we should
have continued to produce it; but as you would not take it,
our people were intelligent enough to turn their attention ex-
tensively to manufactures." (312. )
Dr. Bowring's " Report to Lord Palmerston on the Prus-
sian Commercial Union," is to the same effect. "We have
rejected (says he) the payments they have offered,—we have
forced them to manufacture what they were unable to buy."
" We should not have complained," says a distinguished Ger-
man veriter,t " that all our markets were overflowing with
English manufactures,—that Germany received in British
Cotton Goods alone more than the hundred millions of British
subjects in the East Indies,—had not England, while she was
inundating us with her productions, insisted on closing her
markets to ours. The English Corn-law of 1815 had in fact
excluded our Corn from the ports of Great Britain : she told
us we were to buy but not to sell. We were not willing to
adoptreprisals; we vainly hoped that a sense of her own interest
would lead to reciprocity. But we were disappointed, and we
were compelled to take care of ourselves."—(Dr. Bowring's
Report.)
With reference to the United States of America, we have
equally strong evidence to prove that her hostile tariff was
passed in retaliation of our prohibitory duties upon the Corn
and Timber of that country. Mr. Addington the British
Minister at Washington, in his dispatch to Mr. Canning on
this subject says :—" I have only to add, that had no restric-
tions on the importation of foreign Corn existed in Great
Britain, the Tariff would never have passed through either
House of Congress, since the agricultural States, and especially.
Pennsylvania, would have been opposed to its enactment."
Will the Legislature learn wisdom by :this experience, or
will they still persevere in a system so unjust and impolitic—
so injurious to the best interests of the country ? Will they
still pursue toward the United States and Brazil, the two
largest consumers of our manufactures, the same course which
has been pursued towards the nations of Europe, and by con-
tinuing to prohibit their staple productions, hazard the loss of
our trade with them also? These are questions demanding
the serious attention of the manufacturing and commercial com-
munity. Already has this important question begun to be dis-
cussed in the United States, in the prospect of their tariff
coming into operation in July, 1842, when the duty on foreign
manufactures will be reduced to a maximum of 20 per cent.

It can scarcely be expected that the Corn-growing States of
America,. vhicii comprise three-fourths of the population, and
seven-e s of the wealth of the country, will submit to the
continue exclusion of their produce from our markets, without
retaliating by the prohibition, or the imposition of heavy duties
on our manufactures ; but, like the Germans, they may further
foster a manufacturing interest for the consumption of the food
produced in their own country:
Our commercial treaty with Brazil expires in 1844. Brazil
admits all British produce and manufactures at a duty of 15 per
cent., whilst we impose on the staple products of Brazil, Sugar
and Coffee, prohibitory duties amounting to 150 per cent. more
than the duties upon the same articles from the West Indies.
Mr. M‘Gregor says—" That the Brazilians are anxious to
break up this treaty ; and on breaking it up to give us notice
that they will prohibit all our manufactures entirely, if we
do not receive their sugars." (645. )
" Oar exports to the Brazils amount to 5,000,0001. annually,"
(646.) and she at present takes the largest amount of Cotton
manufactures from us of any nation in the world. Our trade
with Brazil is capable of great extension. Mr. M'Cit egor says
" The general opinion expressed by the mercantile parties
trading with the Brazils is this, that our trade during the last
five years would have been more than doubled, both in naviga-
tion and in goods, if we had taken in return the produce that
Brazil had to give us." (908.)
It must be evident to every reflecting mind that a crisis is
advancing, which unless prevented by wisdom and promptitude,
may produce inextricable difficulties. Mr. Huskisson, with
his accustomed sagacity, foresaw and predicted the con-
sequences of perseverance in our restrictive' policy. Un-
happily for his country that great Trade Minister was not
spared to carry out the enlightened measures of which he laid
the foundations; but he has bequeathed, in his last speech on
this subject, warning advice, which will be listened to with the
respect commensurate with his talents and wisdom. Referring
to the Corn-laws he declared, " It is my unalterable conviction
that we cannot uphold the Corn-laws, together with the pre-
sent taxation, and at the same time increase national pros-
perity, and preserve public contentment." Referring to the
growth of manufactures in foreign countries, he sad, " There
is a rivalry every day growing more formidable, with which our
capital, and industry, and skill have to contend. If we meet
it under some advantages, we have also great and growing dis-
advantages to encounter. Do not let us lose sight of the fear-
ful consequences which must ensue if we are distanced in the
race. 1 he greatest of all follies, on such an occasion, would
be .to shut our eyes to difficulties, which, taken in time, we may
perhaps overcome, but which, by procrastination, we cannot
evade."—Speech, March, 1830.
The time has arrived when these difficulties must be calmly
and seriously met. Is it fitting that we should go on sacri-
ficing our greatest national interests of the practice of giving
protection to the private interests to a comparatively small
portion of the community? Shall we look in silence and un-
concern on the singular anomaly of a country presenting the
greatest natural advantages for commerce and manufactures—
a boundless demand for its productions—the means of illimitable
employment, with the most industrious, skilful, and enter-
prising population in the world sinking into pauperism ? The
impossibility of finding profitable employment for the people,
so long as the laws unjustly prohibit them from freely ex-
changing the products of their industry, for the products of all
other countries, at once indicates a remedy for the evil. Mo-
nopolies can no longer be tolerated.
By order, and on behalf of the
Board of Directors,
J. B. SMITH, President.
Chamber of Commerce, Manchester, March 11, 1841.
The reading of this report was followed by expressions
of approbation on the part of the members of the Chamber.
Mr. SMITH, having been called away to a tend the New
Bailey, in his capacity of a Mrgi trate, the chair was
taken by
HOLLAND HOOLE, Esq., who paid a high compliment
to, the talents of Mr. Smith, and the valuable services which
be had conferred on the Chamber and the public at large.
Mr. Alderman SHUTTLEWORTU moved the adoption of
the Report, which he said had his cordial approbation. I-,
indeed, entered so fully into the question of restrictive
duties, that there was scarcely anything left for him. to
say. The only question was when and how these restric-
tions could be removed. The speaker then went over
some of the statements and calculations of the report, and
contended that by reducing the duties, the enjoyment, the
comfort, and the happiness of the people would be greatly
increased, while, at the same time, a sufficiency of avenue
would be secured.—( Hear, hear.) He was not prepared
to go to any length into the subject; but when we con-
sidered that America and the Brazils, which were our best
customers, were alive to our restrictions, and were deter-
mined to oppose them, he thought they would all agree
with him in the opinion that there was no time to be lost
in effecting a change.—(Hear, hear, hear.) By the ex-
posures which had been made that morning he had no
doubt that one class of evils would soon be removed; but
there was another class which he feared would not be so
easily got rid of, and among that class was our Corn-laws.
They presented to us the broadest and the blackest feature
of the evils of which we complained._( Hew, hear.) With
feelings of this sort he moved that the Report be received
and entered on the minutes of the Chamber.
Mr. HAFtrEs seconded the motion, which was carried
unanimously.
be
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JOHN BROOKS,E
very best Report which the Chamber had ever produced.

It threw the Report of last year completely into the shade. •
He quite agreed with Mr. Porter when he said that if e e
as a nation began to decline, our declension would be
much more rapid than our prosperity. He as an indivi-
dual felt th's, and was satiated that the only way to avoid
this catastrophe was to do away with monopolies and re-
move res.rictions.—( Hear, be r.) With these few re-
marks he begged to second the resolution.
Mr. WM. READ next rose and said that it having been
understood that a revision of the tariff on tobacco—the
business in which he was engaged—was likely to be made,
he had at the request of some of the members come to the
meeting to state some circumstances connected with his
business. There were not more than two articles of con-
sumption which produced more to the revenue than the
article of tobacco, and yet there was not any article in
which there was so much smuggling and adulteration.
About 1830 an extensive system of adulteration was com-
menced in the manufacture of tobacco, ao much so that
at that tirde the price of manufactured tobacco would not
realize more than the price of the duty—that was, that
there was no profit to be made from 1830 downwards.
The increase of adulteration and smuggling since that pe-
riod bad been carried on to such an extent that gentlemen
would really be astonished when be informed them that
although the duty on tobacco was 3s. 4d. per lb., it was
quite possible to purchase it at from 2s. 6d. to is. 4d. per
mixed "crow
with tobacco; and yellow," and also
lb.---(Laughter, and hear, hear.) Mr. Read then ex-
plainedtu rf
and hoput
other
ingredientrubbish,
were
called
which he described as being of the most injurious tendency.
At this time there was not a man in the trade who might
not have a million pounds of tobacco laid down at his door
with'ut the least liability to any consequences from not
having paid duty, for such was the negligence of those
connected with the excise. They as manufactureta were
anxious to be put in such a condition ds to be able
to obtain an honest livelihood by an honest calling,
therefore they hoped that the tariff would either be entirely
taken off or reduced to something like a shilling in the
pound, by which means they would be enabled to obtain an
honest livelihood, and at the same time to preserve the
health and morality of- the people.—( Hear. )
The CHAIRMAN said the meeting was much obliged to
Mr. Read for his information, which entirely corroborated
the principles recommended in the Report.
Mr. STOTT, another tobacco manufacturer, corroborated
the statements made by Mr. Read, and hoped that the in-
fluence of the Chamber might be used to effect an altera-
tion of the system, and an amendment of the evils which
had been mentioned.

J. C. DYER, Esq., rose and expressed his regret that
there appeared a backwardness on the part of the members
in giving an expression to their opinions on the great sub-
jects involved in the Report. Some of the monopolies to
which it adverted were of the most monstrous character,
and such he characterised the present Corn-laws. Was it
at all to be tolerated that this article of food, the most
important of all, should absolutely be prohibited by a duty
which was nothing less than a prohibition ? The thing
was most monstrous to think of. Ile kept his eye on the
progress of affairs, and he would say that instead of seeing
that patriotic perseverance with questions which would re-
sult in good to the nation at large, there was a pertinacious
tamperinc, with justice by those people who called them-
selves the representatives of the country, which would
terminate in a revolution throughout the country.—( Heir,
hear.) Whatever it was the interest of the high aris-
tocracy to promote they had the power of chewing the
people into the belief that they were carrying on the go-
vernment for the benefit of the whole people, and to make
such men as they (the Members of the Chamber) their
mere parrots, to repeat their fallacies. He had bad ample
experience of this in London, and he was sorry that it was
too much the case elsewhere. For instance it was argued
by many, that if we depended upon foreigners for corn,
the supply would be stopped in case of war. This was a
most impudent fallacy, and was used to make the fears of
the people operate against their sense of justice. Mr.
Dyer then spoke at considerable length on the iniquity of
the Corn-laws, and was hard with the greatest attention.
RICHARD COBDEN, Esq., next rose, and delivered a
short address, chiefly on the injurious effects of the Corn-
laws. _ _ _

Mr. CONSTERDINE felt exceedingly grateful to the Di-
rectors for their excellent Report. He conceived the
country would judge slit as a Jury would judge of evi-
dence in a Court of Justice, and would come to the deci-
sion that the tariff must be revised.—( Hear, hear.) He
felt satisfied that the question of free trade was one a hieb
must combine the union of all parties, more particularly of
this town. They hag abundance of leaders, and if the
discussions were conducted without party feeling, they
could not fail to result in good. If they could combine
eve-y class of the community by convincing their judg-
ment, they would have gained half their object.—( Hear,
hear.) Upon this subject we wanted the cool and delibe-
rate judgment of the community, and with that it was
next to impossible to resist a revision of tLe tariff. A' the
same time he would suggest that the interests of all par-
ties should be as carefully touched as possible—each en-
deavouring rather to conciliate than to offend. He again
expressed his approbation of the excellence of the Report.
The CHAIRMAN then put the resolution, which was car-
ried unanimously, and then announced that the busi-
ness of the meeting was finished.

POLITICAL SUMMARY OF
,THE

MORNING. JOURNALS.

The Times of this morning, referring again to the question
of the New Poor-law, observes:—" The spirit of Chartism has
been festered and, in many remarkable instances, created by
the operation of the New Poor-law ; and with the knowledge
of this fact we have always felt it a difficult task to keep clear
of the imputation of sympathizing, or practically cooperating,
to some extent, with that evil spirit."—The Morning Herald,
discussing the probability of a war with America, remarks as
follows : " The universal tendency of all parties in the
United States Legislature to concur in a common feeling of
hostility to Great Britain at this moment enhances the fearful
danger of Mr. M'Leod's position, if, happily, his fate still con-
tinues to be any subject of hypothesis ! In that event, which
we tremble.to touch upon even for the transient purposes of
our argument, we shall be among those who will never cease
to urge upon the Government of this great country the
stern, the intEspensable duty of demanding—and if it
be withheld, of exacting—without delays or • compro-
mises,—signal atonement for a crime that will be with-
out a parallel in the history of civilised nation.."—
The Morning Chronicle observes, in allusion to Mr. Gillon's
motion last night in the Commons, on the subject of grants to
Mechanic's Institutes :—" The Tories think the lower orders
ought not to be treated as rational beings. They so far, how-
ever, relaxed in their contempt, that a year or two ago they
began to encourage Conservative Associations of operatives,
to whom they held out the lure of dinners and drinking. But
they have always repudiated whatever tends to generate self-
respect among the working classes, and to elevate them in the
scale of being."—The Morning Post thus remarks on the
question of the probability of an Amcriean war : --" The
people of the United States of America must be mad and
wicked beyond description if they force upon Great Britain
the necessity of going to war with them. If they had a Go-
vernment such a thing could not happen, but America unfor-
tunately possesses no establishment which can be called a Go-
vernment. Furious people do what they list, and there is no
organised authority that can restrain or prevent them. But
what madness to go to war ! ' 'What can they expect to gain
by that? It is plain enough th•it they may lose, and cause us
to lore, for we do not deny the great value of our commercial
relations with them. But how can they gain ?"

MONEY MARKET and CITY NEWS.

FROM THE. MORNING PAPERS OF THIS DAY.
HERALD.—The Bank broker has been again a seller of
Consols to-day to the amount of about 30,000/., and as before
for account of the savings' banks. These sales do not serve to
encourage public confidence in the financial skill of Mr. Baring,
or in the healty state of the finances, for it is taken for granted
that these sales are in aid of pressing necessities of the Trea-
sury, which shows that the old system so weakly and discredit-
ably acted upon by Mr. Spring Rice, of making free with the
li
nut
agthT
hln, le
ai cages
and
accounts
depositsocfeuronesut:n fresh
ts
sm as
were tti
fromsi
llha nal ypkcsetelmomentlikely
arisingtuLancashireop ol
neaobdfyda
trhi
out ffioei s
oc
tsfsuheul
Joint-stock
ioyeori
Bankernaessomu encourag-
ing, gst
s
from the general want of confidence they were calculated to
create. One large concern in the north of Lancaihire had
fallen into difficulties, and it was found that one Manchester
Joint-stock Bank alone was under advances to it for 120,0001.
and to that amount of course a creditor. It was understood
that the bank held certain securities upon the large manufac-
turing premises and machinery, but whether in the nature of a
first mortgage, or of supplementary mortgages was not known.
But in either case all the mass of ready capital involved must
remain incontrovertible and as so much dead stock, as in the
present depressed state of trade it would be impossible to con•
vert the buildings and machinery into money by tole. Very
great losses and distress consequent had been inflicted upon a
considerable number of individuals and families through the
embarrassments of the firm referred to, one of the partners in
which, besides the handsome property with which a few years
ago he entered it, is said likewise most unfortunately to have
involved dia his own immediate family and friends to the extent
of 40,000/. more, with which the concern was accommodated by
way of loan or discounts, so sanguine was he of being able to
overcome all difficulties, and of future 'prosperity. The same
eeunosise-opsrertse.moencubbkra: however
Manchester joint-stock bank, so deeply a loser in this instance,
has latterly also, it is said, made another bad debt of 25,0001. in
one line, through the failure of a bookselling firm in that town
of no great standing, to whom advances had been in-
cautiously made to the extent. It would seem, from
the intrepid styleand prodigal scale on which joint-stock bank-
ing operations appear to be carried on in Lancashire, notwith-
standing the lessons of past experience, as if banking, that is,
dealing in money, were absolutely the same thing as making
money, and therefore themore extensive the dealings the larger
the profits. It does not appear that joint-stock banks when
the most prudently managed extract more than a moderate
percentage of returns upon their capital, and certainly not so
much as are yielded in most trades or professions that could be
named. The joint-stock banks in Scotland, which, it may be
admitted, are managed with most ability and discretion, have
not, as stated by persons of that part of the country, been for
some time past in the habit of clearing more than about five
per cent. upon their capitals employed.
CHRONICLE.—The depression occasioned yesterday by
the news from the United States still continues, and the Bri-
tish Funds have not experienced any improvement up to the
termination of business. One cause, -however, which has
doubtless added to the fall in prices, arises in a great measure
from the large extent of options lately entered into for the fall
in stocks, thus compelling the jobbers to sell against these
operations.
make parties
n hav-
ing frolmt ilseaadrinemg amrkearbehleanctiraciunmpstainlacdee,lpthhaiat,the most recent letters
access to the best information in Wasahnindgftroonn,
al-
lusion to any apprehension of an interruption to trade from
political causes. They dwell upon the suspension of specie
payments by the banks, and express fears that confidence in
American credit may be shaken in consequence, but do not
etixopnrseossf athlaermtwoofeaononytthriinegs. connected with the political rela-
In the City the public mind has been much excited by the
circumstance of Mr. Fillemore's motion for suspending the
Standing Orders having been carried, to allow him to intro-
duce his resolutions. This is such an unusual proceeding in
our Legislature, that we are not surprised it should have given
rise to serious considerations ; but these fears are not expe-
rienced by those who are acquainted with the practice of the
American Congress. The suspension of the rules of the
House is a matter, we find, of common occurrence in Ame-
rica,
toand agreed to in questions of very trivial import-
ance, as will be evident to any, one who takes the trouble
of turning his attention to the reports in the Ameri-
can papers. For instance, in the Washington Daily
Inte.lligeneer of the 16th February, we find that the
suspend the rules of the House was carried
by Yeas 94, Nays 39, by Mr. Turner, of Tennessee, in order
to proceed with a Bill to amend an Act to authorise that State

* Porter's Progress of the Nation, chap. 9, page 101.
The decrease in the export of Cotton manufactured goods,
and the increase in the export of Cotton Twist (a half manu-
factured article) to Northern Europe is remarkable, viz. :
VALUE OF EXPORTS OF COTTON MANUFACTURED GOODS.
Russia ..... 1820. 1838.
£702,125
Germany and Prussia ...... 2,960,493 ..... 887,296
United Netherlands ..... 979,681

£4,651,299 --
£ 1,607.990
VALUE OF EXPORTS OF COTTON TWIST.
1820.
Germ£1,44594151F17
............................................ 87
363 665 8:1 rt 4

pearlm
goods ad e ilfsot'
r37e
double
xBop'4stodhrss:
into £1,961,554
i n The
this
country,quantit y Cottonowfnilld iv Twist
e employment
exported, ,
ni f
number of hand-loom, apd double the numberfYpower_inom
weave.s at present engaged in making Caton
Cation.
The increase in the expert of other raw materials is no less
striking than that of Cotton Twist,
TOTAL EXPORTS FR 31 GREAT BRITAIN.
1820. 1838.
Bar, Pig and Cast Iron 58,747 tons ... 192,211 tons
Unwrought Strel 438 ~ ... 2,946 „
Coals 249,189 ,) ... 1,313,709 ~
Linen Yarn... 14,923,329
Woollen Yarn 3,924 lbs. •.. 3,085,892 lbs.
Cotton Twist 23,032,325 ~ ...114,596,602 „
Machinery and AI ill:work value Nil. ~_ •.. £627,430
4 Kanke's ilistorisch—politishe Zeitscrift.

THE SUN, LONDON, FRIDAY, MARCH 12,• 1841

to issue. grants and perfect titles to certain lands therein de-
scribed. In the same paper, of the 13th ultimo, we find mo-
tions to suspend the rules on such questions as the appointment
of a Select Committee to examine the clerk's accounts, and,
indeed, a great portion of time is constantly occupied in dispos-
ing of similar questions.
Another cause of apprehension is, that the Harrison Admi-
nistration may not be iufficiently strong to resist the democra-
tic wish for war. It is important to remember that General
Harrison was chosen by a greater strength of popular ♦otes
than was ever previously known in the history of the American
constitution, against the Van Buren party, who had been years
in office. It may be satisfactory further to state, that the
American Congress necessarily expired on the 3d instant, one
day before the exit of the Van Biren Administration. One-
third of the Senate is changed or re .elected every two years,
and the whole of the House of Representatives, by the consti-
tution of the United States. Each State fixes its own period
for the election of new members. •

An animated debate took place in the Senate on the 12th
of February, on the Bill for authorising the issue of Treasury
notes to the amount of five millions of dollars.

Mr. Clay spoke against the measure with great force, and
dwelt upan the embarrassed state of the public finances with
much energy. He contended that the proper way to supply
the wants of the Treasury was by a loan, and observed that
the Van Buren Administration had provided the means of
carrying on the Government, while they remained in power, by
anticipating the receipts, and throwing the burden on their
successors. The anticipation was made by the issue of Trea-
sury notes, under the allegation that the future income would
be sufficient to absorb them. That was an easy method of get-
ting out of the difficulty; but it was well known that the esti-
mates had been greatly, overstated. They were put down at
nineteen millions ; and had it been necessary to put them down
at twenty-five millions, to show a balance, it would have been
done. They had been increased, on mere wild conjecture,
from thirteen millions since last year, although, in consequence
of the suspension of specie payments by the United States
Bank, letters had been received from the Secretary at New'
York that there would be a falling off in the Custom-house of
not less than one million of dollars.

SUN.—There were no arrivals all day with any news
of the least public interest, but the overland came to hand
in greater detail.

The Funds were in a depressed condition, and gave way
before the close of business to the extent of per cent. as
compared with the highest value of the day, or 1 per cent.
on the opening price of yesterday. Consols for money
brought 88 to 871, closing at a decline to 871 /, and for
the account the highest prices were 881, and the latest
871 to Exchequer Bills were marked Bs. to 10s. prem. ;
an East India Bonds 17s. to 13s. prem. The New Three-
and-a- Half per Cents. were at 961.
In the Foreign Market the transactions were rather cir-
cumscribed. Spanish Active Bonds dropped again full i per
cent., viz., 231 and 231; Portuguese New Five per Cents.
fell 1 per cent., or to 31; the Three per Cents. were at 181
to 1 only. Colombian Stock of 1824 declined 22 ii to 1
Mexican of 1837, from 271 28 to 271 to 1 ; Peruvian, to
17 161; Brazilian at a fall from 72 to 711 and 701; and
Belgian Bonds at 99i ; Dutch Two-and-a- Half per Cents:
were steady at 5131 to
The Railway shares were dealt in to a fair extent, but
at barely yesterday's quotations. Great Western New
Shares were 101 ; the Fifths, 51 to A ; London and Bir-
mingham 751 ; South-Western, 161 to 171 premium ;
Brighton were 71 to 1 ; Blackwell, 51 • North Midland,
30; and Birmingham and Derby, 36 discount. London
and Westminster Bank Shares were 4 premium.