The Sun.
London, England, 1846-01-29 00:00:00

THE CORN TRADE.
BRITISH.

Though the details ef Sir Robert Pe:-.l's ints rale ti
change in the corn-laws are not yet beore the pual;c,
there is now no longer a doubt that the measure to he
proposed by the Ministry will he tantamount to a free
trade in gram. Without in this place t.welling on the
political bearings of the matter, it may not he amiss to
consider what immediate effect is likely to be produced
by a total repeal on the value of agricultural produce,
We say immediate, for that the ultimate result must be
unfavourable to the British farmer there can, we think,
be no question ; we are, however, of opinion, that ex-
isting circumstances will, in the first instance, prever.t
that fall in prices which would, in ordinary seasons,
have followed so hazardous an experiment as that about
to be tried. One of the principal reasons which have
induced us to come to this conclusion, is the fact that
last year's crop of wheat was deficient in all the chief
corn-growing countries of Europe, whilst at the same
time stocks of old corn are unimportant at most of the
continental ports. The course adopted by the Dotch
Belgian, and other Governments, viz., that of prohibit-
ing the export and allowing the free importation of grain,
must have considerable influerico indirectly on prices
here ; for, instead of supplies reaching us from these
places, a proportion of the small surpleis more favoured
countries may have to spare will be diverted from the
British to other markets. It must also be borne in mind
that the information which the Legislature have been
enabled to collect respecting the yield of our OWD har-
vest must have been of a very unsatisfactory, not to say
alarming character, to have led them even to contemplate
such an unusual expedient as that of opening the porst
by an Order in Council. Such a step Sir Robert Peel
and some of his colleagues, it appears, considered the
state of affairs warranted two months ago ; from this it
may be inferred the parties in a position to obtain the
very best information deem that a large importation of
grain will be necessary to make good the deficiency of
food caused by the indifferei t yield of wheat and the
extensive failure of the potato crop.
In addition to these reasons for supposing that prices
cannot, until another harvest shall have beee secured,
recede materially in this country, we may add that
the' public mind has been gradually prepared by
political events to expect a great alteration in the
;aws by which the importation of corn is at
present regulated, and that the effect has therefore
already, in a great measure, been anticipated. Wheat
is now at least 10s. per qnarter lower than it would in
all probability have been had there been no talk of a re-
peal ; hitherto no one has taken advantage of this im-
portant reduction to increase their stocks ; on the
contrary, the utmost reluctance has prevailed for many
weeks past to buy more than just sufficient for pre-
sent purposes, all parties being alike anxious to refrain
from entering into extensive eagagernents, until the
corn-law question shall have been been disposed of.
Under these circumstances, it is not unreasonable to
believe that the value of grain will be but little influ-
enced. Indeed, we should not be surprised if an im-
petus were to be given to businese by the removal of the
uncertainty which has so long hung as an incubus over
the trade, and, instead of a fall, a rally were to take
place in prices.
The advices from the provincial markets are not of
much interest this week ; there has as yet been scarcely
time to see how the news of the proceedings in Parlia-
ment, on Thursday, has been received in the country ;
but at the few towns where the markets were held on
Friday no material effect was produced thereby on quo-
tations.
At Liverpool holders of free wheat remained firm,
and bonded was generally held at enhanced rates; buyers
appeared, however, at a loss how to act, and the business
done was on a restricted scale. It would be useless to
refer to other places, as business has been at a perfect
stand in all parts of the kingdom, in expectation of
positive information of the Ministerial intentions from
London.
At the leading markets in Scotland and Ireland affairs
have been in much the same position; and the only in-
telligence of importance from the latter country is that
resp,cting potatoes- The accounts on this important
subject are decidedly of a less favourable character than
they were a week or two ago ; and so much doubt was
felt whether those in the pits would keep good, that
shipments of oats and oatmeal had almost ceased, a
notion prevailing that these articles would bring high
prices as substitutes for the staple food of the poorer

classes.
We have again to report a very moderate arrival of
English wheat into London, the quantity reported
coastwise up to this (Saturday) evening, amounting to
only 2,241 quarters. The show at Mark-lane by land
carriage samples from the neighbouring counties has
likewise been small ; indeed, beyond what was left over
from Monday, scarcely anything has been exhibited on
the Essex, Kent, and Suffolk stands. In the absence,
however, of demand (the millers having adhered to their
determination not to purchase until the mystery re-
specting the Corn-law alteration shall have been aelred).
the insignificance of the supply has not been felt ; and
so far from any improvement having taken place, the
reverse has been the case, great difficulty having
been experienced in placing the few parcels on sale at
the reduced currency of Monday. Holders of fereign
free wheat hare generally refused to accede to a decline
corresponding to the reduction which the prices of Eng-
lish have lately undergone. the transactions in the article
heve been very unimportant. Since Monday so little.
has been done in the article, that quotatioes can only be
regarded as nominal at present. The inquiry for bonded
wheat on Belgium accoent has continued; but the limits
of the orders received from thence having been Is. to 2s.
per quarter below the rates demanded, the actual trans-
actions have nut been of conse:quence. In the early
part of the week a cargo of Olessa wheat on passage was
we believe sold at 475. per quarter, including freight and
insurances; hut for parcels on the spot 50s. per quarter
has been general asked. On Friday what under lock
was certainly held with more firmness than in the com-
mencement of the week. under the impression that the
laws will undergo such an alteration as materially to
reduce the duty. This opinion failed, hoe ever. to give
rise to any inclination to enter into speculative invest-
ments, and few bargains were closed.
Though the stock of flour in the hands of the metro-
politan bakers are greatly 'educed, the sale for the article
has continued as dull as ever, purchasers being appa-
rently not yet satisfied that prices have reached the
lowest point. We are inclined to think that the slightest
indication of a rise in wheat would be immediately fol-
lowed by a very active demand for flour, and, on the
whole, there is not much prospect of the latter article
being cheaper than at present; good Norfolk households
having been sold in the river at 40s. to 425. per sack
during the lest week or two.
The arrivals of barley have been fair; having, in addi-
tion to 6.876 qrs. from our own coast and Scotland,
received 720 quarters from abroad. This grain has
been very difficult of disposal, and the currency of Mon-
day last has bearly been supported; 38s. per qr. has be-
come an extreme quotation for even the best malting
qualities, and secondary and inferior sorts have been re-
latively cheaper.
Malt has likewise held heavily on hand. Only choice
qualities have met attention, at former rates ; and,
though the common descriptions have not been quoted
lower, the turn has recently been in favour of the buyer.
We are still without arrivals of oats from Ireland, and
the receipts from our own coast and Scotland having
rather fallen off than increased, whilst the supplies from
abroad have been most amply landed in bond, the market
has become very bare of good fresh corn. The dealers
seem contented, however, to draw on their stocks to
supply their customers, and have shown no anxiety to
purchase; the trade has consequently remained in the
same lifeless state as before, and, with the exception of
a slight advance realised in partial instances from needy,
buyers, no change has occurred in prices. The con-
sumption of oats in London is at present very extensive,
and unless increased supplies shortly reach us, an ad-
vance seams inevitable.
The recent reduction in the value of beans has not
hitherto caused any improvement in the demand ; in-
deed, it was rather difficult to make sales, at the close
of the week, at Monday's currency.
Peas of all sorts have also continued to be negl, cted,
and the tendency of prices was still downwards on
Friday.

The- duty rose a step on Thursday on the follobting
articles :—wheat, oats, beans, and peas.
FOREIGN.
Nearly as much interest is felt respecting the settle-
ment of our core--law question abroad as at home, and
most of the continental letters received this week make
some allusion to the subject. The belief that a great
change was about to be made in the import duties by our
Government had, we are informed, caused an almost
total suspension of business; merchants having mani-
fested an unwillingness to enter into fresh engagements
till news of the definite settlement of the question should
be received.
The latest accounts from Dantzic state that the trans-
actions in wheat had for some weeks been on an ex-
tremely restricted scale, the foreign demand having en-
tirely ceased; holders had, nevertheless, felt satisfied
that Great Britain, as wall as Holland and Belgium, would
sooner or later require supplies, and had consequently
remained exceedingly firm. Fine old high mixed wheat
could not then have been bought below 565. to 575. per
qr. free on hoard in spring, and the better sorts of new
were held at equal to 48s. to 50::.p!r qr.
_ .

. .
At Konigsberg prices were higher than at Dant:do,
and purchases of the lower qualities of wheat had from
time to time been made at the latter town for the supply
of the former.

The advices from the Lower Baltic ports are very un-
interesting ; indeed, they are a mere repetition of previ-
ously-received statements. At R 'stock, Wismar, Stettin,
&c., quotations of wheat had become quite nominal, so
little business had been done ; and contracts for good
qualities, weighing 61 to &Jibs. per bushel, might have
been closed at 475. to 48s. per quarter free on board.
Spring corn seems to become more scarce than wheat
at the principal continental markets, and rye—the staple
article of food with the poorer classes—has everywhere
risen to an almost unprecedented high price.
The latest accounts from Antwerp state that rye had
for some time been, and then continued, in lively re-
quest at equal to 41s. to 41s. 6d. per quarter. For wheat
a good demand has also ben experienced, and Polish
Odessa had sold at 525. per quarter. Up to the present
time the fact of a rather large stock of bonded wheat
being held in England ready to be shipped immediately,
if there should occur a prospect of a profit, has kept
prices a wheat mere moderate in the Dutch and Belgian
markets than they would otherwise have been ; and now
that there is a certainty of an alteration being made here
in the laws, which will prevent us sending any portion
of our bonded wheat rt,broad, we shall not iwonder to see
priel,Lsingeitinamp
bmuartgehriwalelyhaatvleioltettetredrsamuf, ATnutewsdearyp,,s&dca.
n for
were
fully
aesrut,hebn nutoaleixpaorrtitcledemsad date ;
sthperireegme,
either wheat or I
as high as the
previous week, say good wheat 50 to 535., Seale barley
245. 6d., ar d o;t (for shipment inlas,
dspring from outports)
6u. to 50s. per qr. free on board.
The advices from the Mediterranean are of even less I •

interest at present than those from the Baltic, quota-
tions being relatively much too high in the southern and
eastern markets of Europe to permit of shipments to this
country, unless a material advance should occur here.
From Odessa we learn that the demand for wheat had
slackened; still prices were high there, and as the avail
able stock was by no means large, no material fall in
the value of the article was expected ; good qualities
were then held at 31s. to 325., and fine parcels at 355. 6d.
to 375. per qr. free on board. —Mark- lane-Express.

OUR HOME and FOREIGN TRADE.
(From the Sentinel of Jan. 25, 1846.)
Mr. Porter, in his " Progress of the Nation," fixes
the annual amount of our home trade at eight hundred
millions, and that of our foreign trade at forty millions.
According to this estimate, the former is twenty times
more valuable than the latter, with this additional ad-
vantage in its favour, that nothing but our bad legisla-
tion can prevent its expansion ; while the foreign trade
is always exposed to the jealousy or the ignorance of
some hostile tariff. The opening of Parliament is oppor-
tune for some tenser ks on this subject.
We hold it to be the first duty of a Government to
foster t!,e home trade ; and we think the means to that
end very. simple, for they are evolved out of the prin-
ciples of human nature. The desires and appetites of
men are the true sources of national wealth, because
they are the incentives to labour, which creates all
wealth. Now, these desires and appetites are insatiable,
since we all crave for more than we have. Conse-
quently, there is no assignable limit to consumption,
and, therefore, in the sense and spirit of this argument,
there can never be over-production ; for, whoever con-
sumes, must replace what he consumes by equivalent
production ; and thus the balance between the two may
may be perpetually preserved. Over-production, in the
sense of merchants and manufacturers, rests on very dif-
ferent principles from those here indicated, on which we
shall comment presently.
All classes and grades of men, under the promptings
of nature, desire to be consumers ; a wise and paternal
Government should enable all classes and grades cif
men to gratify that desire Not a man, woman, or
etild, but ought to be well fed, well clothed, and well
housed. It seems strange, we had almost said unna-
tural, to clothe foreigners, when our own countrymen
are in rags. It is also curious to note, that, if corn
prove scarce in any country, and is about to be ex-
ported, the people frequently resist the shipment ; but
whoever heard of the naked populace stopping the
passage of a vessel out of port laden with cottons, or
calicoes, or broadcloth ? It may be said that the re-
' sistance in the one case and the passiveness in the other,
are accounted for by the fact, that the desire of food is
more imperious than the desire of clothing. Such an
answer may satisfy small philosophers, who confound
the degrees or modifications of a principle with the
principle itself ; but it ought to have no weight with an
enlightened statesman.
We have said that it seems strange, and almost un-
natural, to send clothing to foreigners, when our own
countrymen, perhaps the very persons who made the
clothing, are in rags. If it be replied, that the foreigner
can pay for the clothing, while our countrymen cannot
pay for it, we must demur to the efficiency of the ex-
planation, fur it cuts the knot, without unravelling it.
For we demand, why cannot our countrymen pay for it?
We presume they are capable of producing it, and, in
fact, that they have produced it. Whence, then, their
incapacity to purchase ? If it arises from being under-
paid in wages, pay them more ; if from being taxed,
exempt them from taxes. No one can find a difficulty
here, unless he is one of that class who find a difficulty
in bring just.
In what manner would the British manufacturer meet
'these objections? He would probably state his 'case in
somewhat the folio ing terms:—" To compete with con-
tinental producers, I must reduce my cost of production
to the continental level. It is true I have the advantage
of superior machinery, but that alone does not suffice.
The food of the foreigner costs less than mine costs, and
his taxes are much lighter than mine. Hi wages,
therefore, are less than mine ; and wages are a main
element itt the cost of production. In a word, the
successful prosecution of my foreign trade depends on
cheapness."
We may now understand why the British producer
of clothing may be in rags, while the foreigner is clad
with the hard labour of his unrequited hands. The
wages of our workman are reduced to the lowest ebb,
and are then taxcd at the highest possible amount by
the Customs and Excise. Hence be is doomed to poverty
as the reward for creating the wealth by which he is
surrounded.
Sir Robert Peel has boasted that he will make this
country the cheapest country in the, world. Will this
benefit the working man ? If he thinks so, the lower in
value his labour becomes, the better for him. What has
he to sell ? Nothing but his labour. Is he a gainer by
selling it for sixpence instead of a shilling ? The Goat
acre labourers don't think so. But who really does gain
by the depreciation of labour ? Why the buyers of
labour and of its produce, the fundholder, the Govern-
ment pensioner and annuitant, the idle rich, who buy a
shilling's worth of labour for sixpence. These are the
parties whom Sir Robert Peel's scheme will serve, while
it will prostrate industry. It is cheap labour that sends
women and children to the factory, for if the father re-
ceived sufficiently high wages, they might stop at home ;
and . it is cheap labour tied has extended the hours of
toil from ten to fourteen ho s.
Now what is the remedy for this most horrible state
of thiags? A general rise of prices in tine home mar-
ket, and such a currency as would permit that rise of
prices. High prices would giye high wages to the
working-classes, and high profits to the manufacturer.
The idle and rich consumer would of course have to pay
these high prices, and thus, his property would be
taxed, while industry would be untaxed. Queen Ade-
laide's annuity of one hundred thousand pounds would
he reduced in purchasing power, and to the extent of
that is duction, labour would gain. Lord Brougham's
pension would be diminished, as well as the salaries of
the Judges, and the fundholder would have to disgorge
a large per centage on his dividends. In fact, a general
rise of prices, in a proper currency, would operate as an
indirect mode of direct taxation.
Just as we increased the wages of the working
classes, who constitute the great body of consumers, so
should we raise the value of our home market. If hey
had money, they could purchase commodities, and the
more money they had, the more they would purchase.
Their desires and appetites would grow on what they
fed. There would be no need to seek for a foreign trade,
till our own population were fully supplied with every
article they needed of domestic manufacture. That
supply perfected, the surplus could be exported tor
foreign luxuries. Nothing more is required to secure
those results than enriching our own industrious classes,
by giving them a larger share of the produce of their
labour than they now receive, and this is only to be
done by charging that produce dearer to the rich
consumer.

When our merchants and manufacturers talk of over-
production, they confound inability to purchase, with
unwillingness to consume. A man may want money,
though he does not want appetite. Nature is not affected
by the state of the foreign exchanges or the quantity of
bullion in the Bank cellars. The desire of food and
clothing remains in full force, whatever may be the con-
dition of Threadneedle-street or Capel-court. And, if
we had wise laws and an honest Government, that desire
would never be allowed to remain ungratified, so long
as industry was adding to national wealth.
The reason why we are compelled to sell cheap to
foreigners, is because they will only deal with us ac-
cording to natural value. If any part of our taxation
is embodied in the price of our commodities, they will
not purchase them ; for why should a foreigner pay
any portion of our national debt, or our pensions or
annuities ? They therefore deal with us in exclusively
gold prices. But we cannot deal with each other on
these terms ; for if we sell as cheap at home as we do
abroad, all the taxes must necessarily fall on the pro-
ducer. If the English consumer pays in gold prices,
he merely pays the natural value of what be con-
sumes, but ha escapes ail that addition to the cost of
production which taxation demands and enforces. For
the home-trade, therefore, we require a taxation cur-
rency, in which the nominal pound shall be just so much
depreciated as to be the exact measure of the taxation.
By that contrivance, the industrious class would escape
taxation ; for though they would, in the first instance,
still pay the customs and excise, they would recover 'Chat
payment in the extra price charged to the cow.lsunier for
their goods. This is the equitable ad.,j'.ustment which
Ti Labour and We
should forthwith be made betwee

alth.

raELAND.

THE SPECIAL COMMISSION IN WESTMEATH.
MULLIntAR. SATURDAY NIGHT, JAN. 24.—The .Special
Com:mint!' has terminated, and it is to be expected that
the examples which have been made of several of the offen-
ders will have the effect of restoring the county to tran-
quillity. Nothing could be better than the mild and tem-
perate manner in which the Attorney-General (Green) dis-
charged his responsible and important duties.
Michael Martin, Michael Kiernan, and Christopher Mar-
tin, having been found guilty of an attack upon the police at
liallintree, were sentenced to be transported, the first-named
for life, the other two for fifteen years each.
Bryan, William, and Michael Duffy were then sentenced
to transportation for life for assaulting Hugh Irwin.
Edward Keene, for serving a threatening notice upon Mr.
Digby, was sentenced to be transported for seven years.
Brian Seery, for attempting to murder Sir Francis Hop-
kins, was sentenced to be executed.
SENTENCE OF BRIAN SEERY.
The LORD CHIEF BARON said (addressing the wretched
man), Brian Seery, it now devolves upon me, in the discharge
of my most painful duty, to enact the most painful part that
man can be called to perform—to pronounce upon his fellow-
creature a sentence which consigns him long, long before
the natural term of existence, to the grave. You have
been found guilty of having, in conjunction with another
person, inflicted wounds upon the person of Sir Francis
Hopkins, with intent to kill and murder him. You
have had the benefit of a full and patient investigation of
your case. You have been well end ably defended by the
counsel to whom your defence was entrusted. The jury have
considered and pondered, as they were bound to do, before
they came to a conclusion that you were guilty; and
whether I consider the facts that were sworn against you, or
the conclusions to be drawn from those facts, the jury did not
exceed their duty. I mention this not to justify or defend
anything which needs no justification or defence, namely,
the verdict of the jury, but lest your mind, or the minds
of others, might unhappily have been misled that there is
one part of your case which has not been justly and pro-
perly dealt with,, or that any conclusion or inference
was drawn or could have been drawn which was not the legi-
timate, and I might almost say the inevitable conclusion
which any rational mind must have drawn from the evi-
dence. When I come to think of the crime with which you
have been charged I am appalled at the contemplation of it.
You, who had received benefits at the hands of the man
against whose life your arm was raised, against whom you
had no cause of animosity or anger— the man of whom, 1
might say, ho was the person to whom you might, as you
had done before, have always looked up as a protector and
friend. Without a motive or cause that human eye can
discover, you proceeded to the place of that gentleman, and
with deliberate hand levelled at him a deadly weapon,
which, had it taken effect, would have =Weed him to a