The Sun.
London, England, 1848-01-03 00:00:00

IIIE SUN, LONDON, MONDAY EVENING,

terial, without giving them some prospect of compen
sation ; for it cannot be supposed that the increase of
direct trade with the trans-Atlantic countries will effect
an increased sale of their manufacture. This, is how-
ever, exclusively a question of the interests of the
sugar refiners, for raw sugar is, in the Zollverein
countries, not, like coffee, an article of general trade,
but is almost exclusively in the hands of the refiners,
who are favoured by a remission on the duty.
These remarks, which do indeed afford an im-
mediate answer to the question as to whether
the new system would increase the direct trade,
yet are not misplaced here, in as far as they
justify the assumption that, in case the new project
were really to be put into execution, raw materials in
general, and thus also raw sugar, would be likely to
be exempted from additional duties. This seems in-
deed to be the most judicious plan, because the in-
direct importations of these articles in general take
place only under some particularly favourable con-
junctures, promising unusual profits; as a general
rule, the supplies, and particularly those for the most
extensive sugar manufactories, are drawn from the
direct imports. With regird to sugar, therefore, the
differential duties would either be superfluous, or
would operate injuriously.
As to cotton, another no less important raw mate-
rial, the great quantities have hitherto reached Ger-
many indirectly, the importations to Bremen excepted,
which have hitherto been almost exclusively from
North America, and have been brought direct. But
in the German cotton mills Surat cotton is used in
great quantities; and should the differential duties
not amount to prohibitve duties, the greater part of
this would still be drawn from England, at least for
some years to come. Altogether it will be some time
before the German manufacturer will be able to dis-
pense with the great English market, as the differen-
tial duties will hardly be able at once to create a sub-
stitute for it in the north sea ports of Germany. We
must not suppose that the effect of these duties will
be immediately to bring such large supplies from
North America (which country is by no means at a
loss to dispose of her cotton) as would bring down the
price in the German ports so low as they perhaps are
in Liverpool, and even in Havre. Years must pass
ere such a market can be created as the Liverpool
cotton market. Table XII. will show how far the
Bremen market is from being equal to it, notwith-
standing the comparatively great amount of direct
importations into that port. This table shows that
the total amount of cotton imported into Bremen last
year was 12,000 bales ; into Hamburgh, 60,000
bales; and into Liverpool, 1,139,000 bales. There-
fore, should even the German demand for raw cotton
continue for a long time to increase in the same gra-
tifying manner as it has hitherto done, it will always
be of subordinate importance when compared to the
immense mass of the material required for English
industry; and for this reason alone the supplies will in
future, as well as now, be concentrated there. How
injurious it would be to our manufacturing industry
should this market of the world be closed against it,
will be more fully dwelt upon hereafter : here we
mean merely to make the remark, that the Govern-
ments of Germany which have made so many just
efforts to promote the interests of our native manu-
factories, would most probably prefer to exempt
cotton, which is already exempt from duty, from the
differential duties also ; wherefore the proposed
system would not occasion an increase of direct
imports. Moreover, we must here observe, that not
only does the consumption of raw cotton in general
regularly increase in Germany (vide Table VIII. for
Hamburgh), but that the direct importation of this
article also regularly progresses, it having gradually
risen in Hamburgh, from 1832 till 1845,# from 38 to
55 per cent. of the total importation ; that, further
the cotton importations of Hamburgh, and particu-
larly of twist, may even now be called pretty consi-
derable, when compared with the importations into
most of the English ports (excepting Liverpool);
and, finally, that American cotton is mostly imported
direct into Hamburgh as well as Bremen, whilst the
importations of the same article from European
countries are mostly the produce of the colonies of
those countries (vide Table XII.)
In indigo the proportion borne by the direct trade
is the least favourable. There came upon the whole
6,400 chests of this article to Hamburgh in 1846 ;
and of these only 200 came direct from the producing
country. Here, perhaps, the differential duties might
increase the direct imports; but even putting aside
the consideration, that owing to the comparatively
small bulk of this article, a considerable increase in
the number of vessels trading direct would not be
effected, it is still a question whether German indus-
try would not be more injured by the meaure than
the two foreign countries, as the most and the best
indigo comes from India • and we should hardly find
the inferior product of India;
and Caraccas a
satisfactory substitute for the indigo of the Dutch
and English colonies, which would be excluded by
the duties. The new system would thus probably
uselessly raise the price of this raw material, so in-
dispensable to our manufactures, unless it were de-
termined that this article also should be withdrawn
from its influence.
Aeain, dye-is oods and hides are raw materials to
be used in our manufactures, and therefore all at-
tempts at interfering with their direct importation
would act mischievously, and would besides be super-
fluous, as these articles are also (vide Table VIII.),
for the most part, already imported direct. That this
is still more the case with regard to tobacco hie been
sho vn above. Rice is, therefore, the only one of the
more important colonial products that remains to be
mentioned. There are two sorts only that ate of im-
portance—Java rice and Carolina rice, and these two
differ much as to quality. The latter is more an
article of luxury, and is consumed by the rich ; while
the former is with the less wealthy classes an article
of common food. An attempt to supplant the Dutch
colonial rice by American rice would, therefore, be
useless, on account of the difference of price, which is
so great that it would exceed the difference of duty ;
and, besides, experience has shown us that rice, when
driven up in price beyond a certain point, as was the
case during the recent scarcity, owing to the failures
of the corn and potato crops in Europe, finds no sa-
tisfactory market in the interior of Germany. Here
also the question intrudes itself upon us, whether it
would be wise, by additional duties, to raise the
price of an article which may at least serve as a
substitute for the daily food of the population of
Germany.
It has been, we hope, satisfactorily proved by this
inquiry as to the several articles of commerce, that
with regard to some differential`duties would be su-
perfluous, and that with regard to others they would be
inapplicable, or, if applied, would prove useless, inas-
mu sh as they would not produce any considerable in-
crease in the direct importations from non-European
countries. But the statistical materials of which we
have availed ourselves fur this purpose also offer the
means of drawing some comparisons with regard
to Belgium, where differential duties were introduced
some years ago, in order to favour direct importation.
In adopting these measures, the Belgian Government
particularly held in view the trade with the Brazils ;
yet it is shown by table IX. that in the year 1845
there was imported direct from the Brazils to Ant-
werp 79,553 bags of coffee, and in the last year
only 58,047 bags ; whilst the direct importations
from the Brazils into Hamburgh, and particularly
into Trieste, have increased from year to year. Table
XIII. shows the proportion in which the direct im-
portations of Belgium stand generally to,those of the
Haute Towns ; but in looking at the numbers, as in
general, in comparing the statistical accounts of the
commerce of one country with those of another, the
manner of taking the estimates must be taken into
account. Whilst, for instance, in Hamburgh (Bre-
men, &c.), the value is given according to the market
prices, in Belgium, France, and Holland it is based
on a customary official valuation, which leads to many
errors, and particularly causes the value' of the ex-
ports and imports to appear too high. Table XIIIa.
proves this with regard to Belgium.
From the circumstances which we have just exa-
mined, it results that the second question, whether
differential duties are likely to effect any considerable
increase in the direct import trade, may without hesi-
tation be negatived like the first, as to whether such
means are required in Germany to attain such an end.
There thus remains only the third question, whether
the means proposed are not more dangerous than the
end to be obtained could be useful.
The benefits to be derived from an increase of
direct importations from countries out of Europe
(leaving the shipping interest out of view), are sup-
posed to consist in an increased sale of German pro-
ductions (of which more will be said hereafter), and
in what is usually denominated our being made inde-
pendent of other European markets. Now the ad-
vantage of such independence is in itself not quite clear.
The question might easily be raised as regards two
commercial countries, whether, in many instances, the
sellersthe
country producing or selling should not be more
dependent
on the country consuming and purchasing,
than the reverse.
raer As
is
a more esmrule easily
differencein found cases
groundedt
ho
nfa extensive
x t
rin
buyers;s
ti hv ee
aal t events,
commerce
nature of the goods which cannot be mistaken. Ger-
many is, for instance, certainly not more unfavourably
situated with regard to her dependence on the English
cotton and indigo markets, than England is with regard
to her dependence on the German corn and cattle
exports—namely, in as far as we are treating of
extreme cases, such as war and famine, and the prohi-
bition of exports caused thereby. In the usual course
of things, however, this so-called dependence is of
very little importance; the self-interest of the other
party protects the dependent party from wrong, and
the real bond which unites them is their mutual ad-
vantage. A trade by which neither party gains is
soon brought to a conclusion, without the aid of any
fiscal regulations; but if it bring profits to both, why
disturb it by customs laws?
Here we must request that we may not be

* The year 1831, in which particular conjectures
reigned, is not here taken into amount.

derstood. We do not, because we vindicate the rights
of the merchants and the manufacturers of the coun-
try to purchase in foreign markets, deny the import-
ance of great home markets for Germany. Ou the
contrary, the desire to extend the home markets is a
reason the more for maintaining free trade. The re-
strictions placed upon indirect importations, by the
introduction of differential duties, would not promote,
but, on the contrary, greatly injure, this object; and
herein we find a principal argument against the pro-
posed Navigation Act.
Germany possesses emporiums (Weltmarkte) of
greater or lesser extent, Ind cannot be indifferent to
the importance of possessing them. Of the impor-
tance of the Hamburgh market some idea is given in
Table XIV.,t in as far as this can be done by stating
the number of exports and imports. But perfect
freedom of trade with all countries, full liberty of
withdrawing their goods from whatever place they
like, be it distant or be it near, are the conditions
under which the Hanse Towns have grown into such
important markets. Stettin, if declared a free port,
would most assuredly extend its commercial relations
far beyond their present circle, like the free port of
Trieste, which has already become one of the marts
of the world. Hamburgh, deprived of free trade,
would still remain, it is true, an important place for
the imports, and more particularly for the exports of
the Zollverein, but it would cease to be one of the
great markets of the world. London and Liverpool
cannot be cited as examples of the contrary, for the
circumstances existing in England are of a peculiar
nature; whatever mischief her navigation laws have
occasioned has been compensated for by her great
colonial possessions, her former relations with
North America, and the immense developement
of her industry. The restrictions imposed by
those laws on the importation of colonial
produce from Europe, is, with regard to the
staple article, as of little advantage to the markets of
England as restrictions imposed upon the introduc-
tion of corn, tallow, and other such things from Eng-
land would be to North Germany : on the contrary,
the most destructive effects of the navigation laws in
England is their interference with the importation of
the chief productions of Europe, as the most injurious
effects of the differential duties in Germany would be
their restricting the importation of colonial produce?,
It would hardly be justifiable, in Germany, to impose'
such duties, at the very moment when England is on
the point of relinquishing the former.
That we treat of the restrictions imposed upon
indirect importations, as equally touching all impor-
tations in general, will, we trust, be found fault with
only by those who unconditionally believe the propo-
sition so often propounded in commercial rnanuels,
that the price of goods is enhanced by their being
drawn from indirect sources. Were this proposition
correct, indirect importation would soon be sup-
planted by direct importation. No merchant gives
orders for goods, without calculating upon some pro
fit to be derived from them; should they, therefore,
by coming through indirect channels, rise to a
price above that which he can obtain for them, he
will certainly rather leave them where they are ;
should he, on the contrary, be able to dispose of them
at a higher price than he has given for them, this cir-
cumstance will prove, that in this case the indirect
importation of the goods has not raised their price,
but has, on the contrary, lowered it. The above
proposition is only correct when the price of an
article on its way from the hands of the first producer
into those of the last consumer continues to be re-
gulated by its first cost, in which case the goods cer-
tainly become dearer in proportion to the number of
hands they pass through, and to the distance whence
they come. Such cases, however, in fact only occur
in the transfer of goods from the retail dealer into
the hands of the actual consumer. To the smaller
markets of a particular country or of a panicular dis-
trict, goods are brought only to supply the wants of
the place, and the retail dealer determines their price
according to the expenses which he has himself in-
curred in procuring them. To the great world
emporiums, on the other hand, goods are brought
for many other purposes, not immediately con-
nected with the wants of the consumers ;
and the wholesale trade, which holds possession of the
goods on their long passage from production to con-
sumption, differs essentially from the retail trade.
The wholesale trade is, as we all know, affected by
manifold conjunctures, such as the abundance or scan-
tiness of the supplies, the state of the money market,
and of the rates of exchange, &c.; and it often hap-
pens in the European markets that an importer, in-
stead of waiting for a more favourable moment, parts
with his goods at a lower price than he has given for
them, perhaps with a view to new undertakings, or,
perhaps from the necessity of obtaining money to
cover the outlay incurred by former undertakings.
Occasions such as these are to be seised upon by the
merchants of other towns, and it would assuredly be
most injurious to the principal commercial cities of
Germany, were they to be prevented, by differential
duties, from availing themselves of such facilities, and
to be forced to obtain from more distant countries,
and by direct importation, that which they may ob-
tain in a shorter time and at less cost in the Euro-
pean markets.
The proofs stated above, and founded on numbers,
that at present the German ports, and more particu •
larly the Hanse Towns, obtain the greater part of
their supplies of colonial produce direct, and they
draw only a small relative proportion from the inter-
mediate markets of Europe, is a weighty argument
against the necessity of differential duties, but it
cannot be reversed to prove, on the other side, that
such duties would not be injurious. The very cir-
cumstance that though the direct imports of an article
comprehend 80 or 90 per cent. of the whole amount
imported, there is nevertheless an amount of 10 or 20
per cent. imported indirectly, proves that this small
quantity was required to complete the supplies of the
market, be it because of their lower price, or because
they could be obtained with more dispatch, or because
of the variety of quality.
In addition to this there is another important con-
sideration which must be taken into account—
namely, the peculiar circumstances in which the
commercial men of the Hanse Towns, and of the
German ports in general, are placed. These men
are not generally great capitalists : around the great
commercial houses, which extend their connexions to
all parts of the world, is congregated a far superior
number of less wealthy merchants, who avail them-
selves of their connexions with some one particular
and less distant locality, in the first place, indeed, as
a means of livelihood, but also as a means of extend-
ing the home markets, and who would be suddenly
crippled in their undertakings, should their particular
line of business be obstructed by increased duties.
Great undertakings, entered with a view to distant
contingencies, and requiring large capital or long
credit, or numerous connexions, only come within the
reach of a comparatively small number of individuals;
to oppress the weak and to favour the strong would
however, be a commercial policy in no wise justifi-
able; and the system above alluded to, according to
which all classes enjoy an equal degree of protection
from the laws, and every one can contribute accord-
ing to his abilities to the prosperity of the whole, is
not only the most natural but also the most desirable.
The system of differential duties would completely
disturb it.
With this question of the creation, or rather the
maintenance of our German emporiums (Weltmarkte),
is connected that of the transit trade (Z wischen-
Handel) of Germany, Hitherto we have only treated
of the import trade, without any reference to whether
the goods imported were meant for the consumption
of the country, or whether they were intended to be
forwarded thence to foreign countries. The amount
destined for the latter purpose forms the elements of
the transit trade of Germany, whether this be carried
on for its own account, or on commission, or by
agency. Now by its situation in the heart of Europe,
Germany is marked out for such transit trade, which,
in consequence, if left unfettered, must be very consi-
derable. Unfortunately we want the necessary sta-
tistical materials for forming a correct estimate of
what it is at present, and we are consequently obliged
to forbear giving any account of it in as far as con-
cerns the German markets in general, and as it is
carried on along all the routes leading out of Germany
by land or sea, but we shall be able to give some in-
formation concerning the transit trade of Hamburgh.
The direction of this trade, owing to the geogra-
phical position of the city, is towards the north-east of
Europe. In 1845 the amount of the exports from
Hamburgh by sea were—

Marks Banco

To Russia in declared value) .
Sweden and Norway •••
Denmark and the Duchies ...

... 1,173,250
.. 2,058,560
... 471,990

3,703,800
Add the exports to Altona 13,262,580

16,966,380

The last sum is here added, because in reality it
represents the amount of exports made by way of
Altona to the previously named countries, and par-
ticularly to Norway. That goods having this desti-
nation are frequently shipped in Altona instead of
Hamburgh, is solely owing to the accidental circum-
stance that the Ndrwegian vessels generally prefer the
former port. But in this respect, as well as in many
others, Hamburgh and Altona must be considered as
one and the same port, and there will therefore be a
further addition to be made of all that has been ex-
ported from Altona to Norway, without touching the
port of Hamburgh.

t This table, which is taken from the well-known
work of Gulich, is only introduced here for the purpose
of allowing of a comparison with the most important
markets, among which Hamburgh holds the third rank.
The estimates on which the table is founded are not
given. Should they be stated too low for the other Ger-
man commercial towns also, as certainly is the case with
regard to Hamburgh, this will nevertheless not prevent
the possibility of making the comparison. The second
comparative table, which is added to this, is drawn from
official source*.

Table XVI. affords the means of judging of the
importance of this trade, between Hamburgh and
Altona on the one side, and Norway on the other,
which during the last year employed 371 vessels of
11,674 commercial lasts (at 6,000113 s.) burden, and
also shows the great variety of the articles exported.
To give an idea of the quantities we shall only here
state, as an example, that from Hamburgh-Altona
there was exported to Norway alone 54 millions of
lbs. of coffee. The importance of this amount will
be shown by a glance at Table XI.
As regards the value of the export trade to the
Baltic countries accurate details are wanting, partly
because in those countries—namely, in Sweden, Fin-
land, and Russia—owing to the burdensome system
of customs regulations the declarations at the custom-
house cannot be depended upon, and partly because
this trade is in a great measure carried on, not di-
rectly, bat through Lubeck and Kiel. With regard
to the latter it may be stated that last year there were
forwarded from Hamburish (exclusive of Altona) :
Marks Banco.

By the Kiel railway, goods to the
amount of . . ............. 8,572,000
By waggon to Lubeck

21,334,000
And in addition to this, goods to the value of
2,000,000 marks banco were transported to Lubeck
on the Stecknitz Caual. Thus the whole amount of
goods sent from Hamburgh alone to Kiel and Lubeck,
may be estimated at 23,000,000 marks banco. By
far the greater part of these goods went on to Russia,
Finland, Sweden, and Denmark.
The vessels which convey these goods from Ham-
burgh and Altona, and Lubeck :and Kiel, to Norway
and the Baltic countries, bring back from these coun-
tries cargoes of the so-called northern products, which
are only destined in part for the consumption of Ger-
many ; the rest, having exchanged owners in the
Hamburgh market, is sent by sea to Western Europe
and to the Mediterranean.
This exchange of commodities with the north of
Europe, effected by means of Hamburgh and the
neighbouring German sea ports, only forms part of
the transit trade carried on by these ports. Another
very considerable transit of goods passes by way of
Prussia, and through the hands of the merchants in
the great inland markets to Cracow and Warsaw.
Another portion goes by way of Breslau to Brody,
and through Vienna into Hungary ; a third passes up.
the Elbe to Bohemia; and a fourth through the Zoll-
, verein states to Switzerland and Italy. It sometimes
even happens, that colonial produce is exported from
Hamburgh in a westerly direction by sea, to Holland,
France, Italy, and Spain, and even to places seemingly
the most unlikely, as for instance to Gibraltar, from
whence they probably find their way into Spain by secret
channels. Sugar, first refined here, it is true, goes
hence through the Mediterranean and the Black Sea
to Trebizond and Persia ; and coffee brought here
from the Brazils, is shipped hence to Smyrna.
Now the whole of this transit trade depends upon
conditions to which the system of differential duties
is directly opposed. A great market can only main-
tain its importance by means of a considerable transit
trade, as also a considerable transit trade can only be
carried on where there are great markets, where at
all times buyers and sellers of all kinds of goods are
to be found. But it requires not only an extensive
market, but also a cheap market; because, just as
the German merchant only purchases this or the
other article in England because he can get it
cheaper there than elsewhere, so will the Norwe-
gian not supply his wants in the German markets,
when he has to pay more for them there than
elsewhere. That the introduction of the differential
system would in many respects raise the prices
of the German markets, has however been proved
above. But further, the market must not only be
cheap, but it must also bear a high character as to the
qualities of the goods on sales and above all it must be
well supplied ; in other words there must always be a
complete assortment of goods of every description, of
every quality, and at every price. Nothing can
therefore he more injurious to such a market than a
system of customs, which, hemming all liberty of
action, prescribed a hundred rules to those who supply
the market, in compliance with which they are
obliged to procure their goods from one country
instead of from another, and to import them in one
ship instead of in another. To this must be added,
that this system will probably render necessary the
eatahlishment of complete entrepots, under the lock
and key of the Custom-house (entrepots reels), in all
the most considerable ports of Germany, which
are free ports, and which are meant to remain
such, as far as this is consistent with the new system
proposed. Such arrangements are, however, just of
the kind that would interfere the most with the mode
in which business has hitherto been transacted in
these ports, and which has essentially contributed to
maintain the market. In the Hanse Towns, at present,
the merchant can sort his goods as the market requires
it, in his own warehouse, and at very little cost. Here
the lot of coffee imported from across the ocean is
carefully examined, a sample is taken from every
bag, that which is of equal quality is put together,
and thus the large assortments of different kinds are
formed. Should any part be damaged, this part is
separated from the first, the sound goods are placed in
readiness to be disposed of wholesale, and the damaged
goods are disposed of on the spot, or in the neigh-
bourhood, for instance, to retail dealers, who then
again sort the coffee berry so as to separate the good
from the bad. The same takes place with regard to
sugar, every chest is opened, the least damaged parts
are taken away ; the chests most damaged are set
aside, each kind is sorted, the damaged sugar sold is to
the refiners on the spot, the rest is dispatched to different
places ; each kind of goods goes to the place where it
is particularly required ; the dark-coloured Brazil
coffee to the north, the paler but more purely fla-
voured kinds to Germany ; the best Havannah sugar
to Petersburgh, &c. The thorough sorting of the
goods and the consequent certainty of being able to
satisfy the purchaser, is the more necessary in Ham-
burgh, as almost all the purchasers of transatlantic
produce in this market require credit. In England
these matters are not so closely attended to. Who-
ever purchases cotton there must be satisfied with
having only one bale out of every ten of a large lot
examined, and he is in general obliged to accept and
to pay bills for the amount, and to be prepared to
find after wards the quality of the goods very unequal.
In Hamburgh every bale is examined and sorted ac-
cording to quality; and to these circumstances it
is in a great measure owing that the German markets
have been able to maintain their footing, in spite of
the overwhelming commercial power of England.
With the sorting of the goods in private ware-
houses is connected another circumstance, which is
also of importance, namely, the facility of dividing the
lots into larger or smaller parcels, to meet the wishes
of the purchaser ; if this dividing of the goods be
rendered more difficult the difference in the price for
the person buying 100 sacks of coffee, and for another
buying only one sack, or for the person buying one
sack, and for another only buying 10Ibs , would be
very considerable; whereas under the existing system
in Hamburgh, the difference is, very trifling. This
working, sorting, and dividing of the large parcels of
goods can only bt done easily and conveniently in
private warehouses; in the great entrepots under the
lock and key of the Custom-house authorities, it is
either not at all practicable, or it is combined with
considerable expense.
While upon the topic of the transit trade, we must
add an observation, which will serve at the same time
to complete what has been said in another place, We
there remarked tlat higher duties on indirect im-
portations would, in fact, only be of importance
with regard to the imports from Great Bri-
tain and the Netherlands, because the impor-
tations from other European countries were very
trifling. Notwithsnnding this, it is, as we have before
1 remarked, not at ell improbable that in case the ad-
ditional duty shotid be very high, recourse may, be
had to those counties in order to evade the duty. For
instance, should tie importation of sugar from Eng-
land into Hamburgh be burdened with an additional
duty, whilst that tom Denmark and Norway should
be exempt, it is net at all impossible that sugar might
be sent to a Danith or Norwegian port, and thence
be brought to Ilaitburgh. To prevent such evasion,
it will, therefore, le necessary to impose the additional
duty on the indirtct importation of colonial produce
from all Europeanports without exception, and even
on all such goods crossing the land frontiers—a mea-
sure which has inceed been recommended by influen-
tial person. Now lothing is more probable than that,
should this take plLce, all the states of Europe would
likewise impose ar additional duty on these goods,
when imported ff)m German ports ; and thus the
transit trade of Hamburgh and Altana, of which we
have just given so favourable an account, would be
entirely destroyed while that of Germany in general
would be materialy injured.
The importance of the transit trade of a place is
not to be measure' by its extent alone, but also, and
more especially, ly its intimate connection with the
whole course of ;usiness as carried on there. The
transit trade mot not be supposed to be a business
apart, the destriction of which would only affect
those particularl: engaged in it, or as a branch of
commerce which nay be lopped off without injuring
the stem. On tln contrary, there are numerous kinds
of business connoted with the transit trade, for which
tables of imports and exports furnish no criterion.
Not even the while amount of the business in goods
is there noted. here are, for instance, large quan-
tities of corn soldrn the Hamburgh Exchange which
never enter the Ele. The Englishman buys it from
the Hamburgh meehant, who buys it in St. Peters-
burgh, and thence it is shipped direct to London.
The insurance is isually effected in Hamburgh, the
payment made inHamburgh bills. The business of
the insurance °tiles and the commerce with bills of
exchange, which cave, as we all know, grown into
great importance (in 1845 the insurance against
risks at sea amoufed to 330,000,000 marks banco),
owe their prospeity, in the first instance, to the

transit trade. All are connected and linked together—
imports, transit trade, exports, insurances, brokerage,
mutually support each other, and re-act upon each
other ; if the whole is to prosper, not a part can be
dispensed with. But it is to the country in general
that commercial cities comprising all these branches
of trade are of most importance; and though the ex-
amples illustrative of our subject have been borrowed
from Hamburgh, we have by no means examined the
matter from an exclusively Hamhurgh point of view.
While dilating upon the importance of the transit
trade of Hamburgh and Altona, we left out of consi-
deration an objection which would be likely to arise
—namely, that among the exports to Norway, Den.
mark, Sweden, Finland, and Russia, or to the western
countries of urope, there must be a great amount
not connected with the transit trade, as it cannot be
supposed that all the goods thus exported have pre-
viously been drawn from foreign sources. This can-
not be denied, but the deficiency of statistical mate-
rials prevents our coming to a conclusion as to the
exact proportions. Be this as it may, that which is
exported without being previously imported from
foreign countries, must at all events be native Ger-
man produce, and this leads us to the third point of
importance in this investigation—namely, as to the
probable effect of the system of differential duties on
the German export trade and on German industry.
(To be continued.)

POLICE INTELLIGENCE.
MANSION-HOUSE.
Andrew Scherer, a German, was brought before
the Lord Mayor, charged with having been concerned
in stealing a cash-box containing about 351. or 361.,
the property of the General Screw Steam Company.
The prisoner was recognised as an old offender the
moment he was put to the bar.
Mr. Frederick James Dickenson, clerk in the
office of the General Screw Steam Company, 35,
Mark-lane, said—About five o'clock yesterday after-
noon, after I had balanced my cash-book, a person
whom I firmly believe to be the prisoner, came to
the office, and spoke, in the Dutch language, some-
thing about the port of Corunna. I, understanding
that he wanted to go to Corunna, directed him to
No. 10, in the same lane. Two minutes afterwards
he returned, and said he wanted to go to Rotterdam.
As I did not perfectly understand him, I took him
to the office opposite mine, and he said he wanted to
go with his wife and two children to Rotterdam. We
then told him to go to the Rotterdam broker. In-
stead of going out at the door, he turned the bolt of
the door. As soon as we opened the door which he
had thus closed, I found that the door of my
office, which I had closed when I brought him
to the other office to get his business transacted, was
wide open. The prisoner had two or three minutes
before left the house. I looked round to see whether
anything had disappeared, and I immediately missed
the cash-box. I dare say the prisoner, upon first
coming into the office, heard the jingle of the sove-
reigns in the cash-box. [ln this place the evidence
of the witness was obscure, but it appeared from what
he stated that his impression was, that some accom-
plice must have followed at the heels of the prisoner
and carried away the cash-box the moment the pri-
soner bolted the door.]
The LORD MAYOR—How soon after the prisoner
went away did you miss the cash-box? Witness—
About three minutes.
The Prisoner—All I know about the business is,
that this gentleman (the policeman) came up to me,
and said 1 must go along with him; so I went with
him. 1 have been here before.
Richard Dedy (City police) said the prisoner had
been at the Mansion-house on the Ist of last December,
in the name of Anthony Sheppard, upon the charge
of having.stolen some pieces of gingham, and upon
that occasion he stated that he had come from Bou-
logne, and contrived to get a living by cleaning shoes
near the Royal Exchange.
Mr. Dickenson said the prisoner, when he called at
the office of the company, was dressed in a cap and
smockfrock, and spoke English much better than he
had spoken it on the present occasion.
The prisoner was remanded for some days.
It was stated that London is at this moment inun-
dated with foreign swindlers of every degree. .
Joseph Aaronson, Jacob Friedburg, Raphael Kauff-
man, and Soloman Muscovitz, were brought up in the
custody of John and Daniel Forrester, for final ex-
amination, upon the charge of having forged a number
of pieces of paper, purporting to be notes of the issue
of the Government .of Russia.
John and Daniel Forrester having been employed
to detect some foreigners who were suspected of being
concerned in the fabrication of notes, purporting to
be of the issue of the Bank of Russia, went to a house
in Queen. street, Soho, to which they had tracked
the prisoners, broke open the door, and found the
three first-named in a room in which they also found
bundles of forged notes. They also fund the press
with which the notes had been struck off, and brought
forward evidence in the most complete manner, show-
ing that all the prisoners were engaged in the plan
of forging instruments which were no doubt intended
to do extensive mischief amongst the agricultural
hordes in Russia.
The ease had been frequently before the late Lord
Mayor, who remanded the prisoners in consequence
of the absence of an essential witness, who was re-
quired to prove that the notes were forgeries.
Mr. Ballantine appeared as counsel for the Russian
Government, together with Mr. Peachy, of the
offices of Messrs. Oliverson, Lavie, and Co., solicitors
to that Government. All the prisoners, with the ex-
ception of Kauffman, were assisted by solicitors.
Mr. Carl J. Piper was then called and examined
by Mr. Ballantine (through an interpreter). He
said, 1 hold the office of director of the office of credit
notes it the Bank of Russia. I have seen some of the
notes produced by the Forresters. They have not
been printed by the authority of the Russian Govern-
ment, and are not genuine notes. The Russian Bank
is a Government establishment, not a corporation.
Kauffman, being told the notes were proved to be
forgeries, said, "I understand nothing about the notes.
Let those who do speak of them."
Daniel Forrester, in edition to the evidence given
by him upon a former examination, said—ln conse-
quence of an application made by the prisoner Kauff-
man to me, I looked over a parcel which had not been
previously examined, and I -found a prayer-book,
which was claimed by Kauffman, which contained in
its leaves a genuine Russian bank-note.
When Mrs. Elsey, at whose house the prisoner
had been apprehended, was called upon to sign her
depositions,
Kauffman requested to be informed by her whether
a man had got into her house with a false key and
been seen by her ?
The witness replied, that a man, who was a stranger
to her had opened the door, as she believed, with
Kauffman's key, and she observed upon the occasion
that she would not allow the key of her door to be
transferred from Kauffman, who lodged there, to any
other person.
Kauffman—What sort of a man was he ?
The witness—l do not recollect. I never saw him
before or since. I never saw a man use a false key
at my door.
Kauffman—Well, I wish it to be known that I have
been innocently brought into all this mischief by
certain parties, who brought me from Paris and in-
volved me in trouble.
The LORD MAYOR then told the prisoners they
stood committed for trial at the Central Criminal
Court, and on Monday the day of trial would, in all
probability, be appointed by the judges.
GUILDHALL.
William Jackson, a discharged soldier, was charged
with obtaining money by false pretences from the
Bishop of Llandaff.
The case stood over for further inquiry, the pri-
soner persisting that his statement was true.
The result of the inquiry confirmed the opinion
entertained respecting him. He had not lived at the
address he gave; he was not known as belonging to the
regiment he named, but he was known to the Mendicity
Society as 'a regular begging-letter imposter, by
the name of Maclean. He had been committed from
Marlborough-street office, :and_ had been detected in
going about with a certificate of good character which
belonged to another person, from whom he had stolen
it. He was prosecuted as an imposter by the name
of William Jackson, in 1843, and a certificate of good
character from the chymical works at Deptford he was
in the habit of showing, was a forgery.
His wife and family were found to be very des-
tute.
Mr. Alderman GIBBS said that his family were to
be pitied, but they would be relieved if they applied
to the workhouse ; and he should commit the pri-
soner to hard labour for three months. This would
qualify him, on any future conviction, to be whipped.
The prisoner said that he had really belonged to the
84th ; and he was known as Andrew Maclean,
No. 824.—He was committed.
BOW•STREET.
Mr. Ballantine, the barrister, with whom was Mr.
Wontner, attended the court and addressed Mr.
Henry, saying he appeared in a case in which a person
named Henry Gompertz was charged.
Mr. HENRY said he did not know of any charge
against a person of that name, he had issued no sum-
mons, and he saw no person in custody.
Mr. Ballantine was aware no person was in custody.
He did not know what was the necessary proceeding
in such a case.
Mr. HENRY observed, that either a summons or a
warrant must be issued, or the person must be given
into custody, and the charge entered on the police
sheet, when the case would be brought forward.
Mr. Ballantine said, then he would apply for a
summons.
Mr. Lewis, who attended for Mr. Gompertz, ob-
jected to this. Mr. Gompertz was present and could
be given into custody.
Mr. HENRY said for this purpose the parties must
go to the station-house.
Mr. Haddon (the prosecutor) here rose, and said