The Sun.
London, England, 1851-07-01 00:00:00

MR. PETO AND FREE TRADE.
A paragraph appeared in the Bury Post of last week,
stating that Mr. Ball (the gentleman who has so fre-
quently appeared as a deputed advocate for Protection
at various public meetings of late years), had stated at
a meeting of the Esu Brink Commissioners, that—
" Mr. Peto had lately told him that such was the de-
teriorating effect of free trade that he had been obliged
to reduce the reduce the rental of some land at Lowes-
toft, which two years ago produced 575/. per annum, to
.3154, the latter being now the real value according to
the representations of his own surveyors; Mr. Peto added
that he bought the land at twenty-eight years' purchase.
Mr. Ball, knowing Mr. Peto to have been a warm advo-
eate of free trade, reminded him of the fact, and asked
permission to make public the result he had just stated,
and the said permission was unreservedly given."
Believing that the fact with regard to the reduction of
the rental was in all probability true from the opinions
we had heard from the lion. Member, but that the in-
ference intended to be drawn against free trade was not
correct, we called Ur. Peto's attention to the
paragraph, and we have received the following reply:—
" Russell-square, June 20, 1851.
"My dear Sir,—l am much obliged by your letter of
the 18th inst.
" The fact is true as stated in the paragraph. Thu re-
ductiun has been made, but it in no way leads to the con-
clusion that lam justified in taxing the bread of the commu-
nity to keep up my rental. It is equally true that on
another estate, with a rental of 4,000/. per annum, the
re-valuation has not lessened the amount ; but in this
case the rental has not been materially altered during
the last forty years.
" I; should be stated, that the occasion on which the
fact in the paragraph was mentioned, was at an inter-
view with the Eau Brink Commissioners, with whom I
was in treaty for about a thousand acres of land near
Lynn, when they cited the value as taken some time
since, and I naturally referred to the value at the
present time.
" I should add, that I have no reason tocomplain for a
moment of Mr. Ball's stating publicly what occurred.
" I am, dear Sir, yours very truly,
" S. MORTON PETO."

From this letter it is evident that no such intereece
as that intended to be conveyed can be justly drawn. '
The real facts are these, that some portion of the Kin-
ky estate—the rental of which had been altered by the
high prices before Mr. Peto'a purchase—was let beyond
its real value under the present circumstances, and that
this being ascertained, on its revaluation Mr. Peso re-
duced the rental to its just proportion, upon the ground
which of all others is the highest in principle—that
" he had no right to tax the bread of the people to raise his
own rental." Nor does the fact that the rental was re-
duced at all bear out the assertion that it arose from the
deteriorating effect of free trade." Oa the contrary,
looking at the reduction in duties and in taxation which
have been made, and in which the landowner partici-
pates in his relative degree with the artisan and the
middle classes, the inference is that there is no deterio-
ration; but that thou-3h the reduction in rent is equiva-
lent to the fall in price of agricultural produce, that re-
duction is met by a fall proportionate to the advantage
the landowner has gained in the price of those con-
sumable articles which have been relayed of the
customs duties and by the reduced taxation.
It does not follow that because the money price
received for land is less, that therefore its actual re-
lative value is less, but whether the money value re-
ceived bears a relative proportion to the circumstances
or price of other property or articles which form
the necessaries and the comforts of life and the cost of
production. Mr. Ball, or those who furnished the in-
formation, have evidently mixed up the two cases—a re-
duction of a too high rental and a purchase of land.
But nearly the same reasoning applies to the latter as to
the former; for, the question is, what is the ♦alue of the
land to let on the supposition that the present system of
free trade continues, and from thence to oelculato its
purchase value. Holding the opinions as to the bless-
ings of cheap bread Mr. Peto does, and that no pro-
tecting duty can or ought to be imposed on corn with a
view to raise the price artificially, and that therefore de-
mand and sappy must regulate price both of land and
of its produce—looking to the probable necessary ave-
rage importation and to its increase, keeping pace with
the relative increase of population—Mr. Pete, as it ap-
pears to us, in no way exhibited any change of opinion
as to the benefits of free trade, the result it is evidently
desired by the paragraph should be inferred—on the
contrary, while the reduction in his rental showed that
ho wished to carry out the precept of " Live and let
live," and not to enrich himself at the cost of his tenant,
he also exhibited, by a desire to purchase land, a proof
that he had no fear of its still being a sound and pro-
fitable investment. We take these to be the real tacte
and the just reasoning of the question, not that from
either the one or the other it was to be inferred Mr.
Peto had changed his opinions on the benefits f, ee
trade has and will confer on the nation.—Norwich
Mercury.

VISIT OF PRINCE ALBERT TO IPSWICH.

A marquee will be erected at the Eastern Union Sta-
tion, for the reception of Prince Albert on Thursday,
July 3d. Yesterday morning the committee definitely
decided on the line of route. His Royal Highness
will start in his own carriage from the station, and
will pass through Great Whip-etret, Little Whip-
street, over Stoke-bridge, through College-street,
up Brook-street, and through Tavern-street. In the
latter street there will he three sections, one at the Old
Assembly Rooms, and two at the Mechanics' Institu-
tion; it is possible, therefore, that the Prince may
alight at one of them, if not his Royal Highness will
proceed to the section that will then be sitting iu the
Council Chamber of the Town-hall. It is unnecessary
to repeat other details with which the put lic are
now familiar, but we my mention thet on Friday, after
the reception of the address at the Museum, the Mayor
and Corporation will conduct the Prince to the site for
the New Grammar School. The Prince's carriage
will pass out of Museum-street into St. Matthew
and from thence up Berners-street, and on to
the Military and Henley-roalL. At the presen; mo-
ment large bodies of workmen are engaged in making
the approach to the site by the Henley-road 40 feet
in width. The area of the intended building will be
levelled and covered with gravel. The stone to be laid
will be immediately in front of the gateway from the
road, and will form the foundation of the buttress at
the north-east corner of the tower. There will be
an inscription on the top of it, which will be written
by the Rev. J. S. Rigaud. A silver trowel for the
use of the Prince is already in preparation; it also will
have an inscription upon it by the Rev. J. S. Rigaud.
At the back of the site, adjoining the cricket field, the
ground is elevated, and will afford accommodation for
many thousands of spectators. In front of them an
ample space will be afforded to select visitors, who will
stand on such a level as will not intercept the view
of those behind. On the north and south sides
long galleries will be erected for the exclusive ac-
commodation of ladies. In front a marquee will
be erected for the use of the Prince. The urea is re-
markably well adapted for accommodating almost any
number who may be anxious to witness the ceremony,
the grounds around it being elevated and extensive.
From all we can learn, this event will be very attractive;
certainly when the site is bordcrA by multitudes of peo
ple, and the galleries are filled with ladies, the effect will
be exceedingly striking. As the Prince has thus kindly
consented to lay the first stone of the Ipswich Grammar
School, we must think that the visit of his Royal High-
ness to the town is no longer a strictly private affair. All
hesitation as to what our townsmen should do ought at
once to give place to a generous emulation to accord to the
estimable Consort of our most estimable Queen a recep-
tion worthy of himself and worthy of so important a
town. In Museum-street it is intended to erect a trium-
phal arch; and now that the lines of route are indicated
we believe the inhabitants of the various streets will not
be slow to take measures for affording a hearty welcome
to one whose personal attributes will afford graceful
mottoes for a hundred verdant arches.—lpswich Express.

TRANSATLANTIC PACKET STATION.
It was natural enough that in Ireland great hopes
should have been built upon the idea that Galway was
to be converted into the port for steam communication
between this country and the United States. We grieve
that we are compelled by the force of facts to come to
the conclusion that the idea can never be seriously en-
tertained by the Government or the people of this
country. The whole subject has been thoroughly sifted
by a body of Commissioners, who have just presented
an elaborate yet carefully digested report to the House
of Lords. These gentlemen do not, "on a careful
review of the arguments that have been advanced,
consider them 83 sufficient to justify them in recom-
mending gthe proposed change." They seem to have dis-
ayed a laudable anxiety to consider the subject with
every p I
"3•Me reference to the interests of Ireland, and
they have stated the result of their deliberations so clearly
as to leave the
unthinking advocates of change
without reply. It must be remembered that
this is not a
in which we eau afford to
make a mistake.
belonging to a firm ab:
There is a line of mail packets
United States which at
present perform the joura
th
York. If by any error in'S
between eon
to transfer
the service of our own—the't
to Galway, the result is, gnattnt we wore
L.
not that
line,—from tverpoo
forcing the traffic across Ireland,ll%)at we should succeed in
transfer it to the United Statea''"tifPlY that
chants of England and Scotland% ha,..mer3"
against the proposed change. The de Tweeshmouerld-
set their faces
raerce of Manchester and Glasgow, ahlnbers of Corn-
firms at Birmingham and Leeds, engaged-any eminent
American trade, have expressed theatt'l
of the injarious results of any the North
sue‘'g °pinion
of the present system. For heavyh %%Iteration
transit across Ireland is entirely out ofgtra the
tion. The point must simply be considered quets}:
reference to the passenger traffic and the with
lightest description of goods. " Even with regard
passengers, it is stated that increased expedition and
reduced length of sea voyage would not generally com-
pensate, in the opinion of the parties above nsmed,
for the frequent changes and delays which the new
route would involve." The Commissioners declare
that they entirely concur with this opinion, and
present
the House with a set of carefully pre-
pared calculations. The result of these is, that the
saving of time which would be gained by the adoption
as a packet station of that one of the Irish ports which
is most favourably situated would he under tea hours in
a transit of nearly eleven ;days. Now, on the whole, is
it worth while to run so great a risk for so alight a
gain—if, indeed, the term can be employed without
abuse of language? Is it a " gain" to save ten hours
when the alternative is so motley a commencement or
termination of so long a journey? Even for those per-
sons who are most subject to inconvenience from a sea
voyage, is it not better to have one than two agonies? Is
it not some little consolation, in tine midst of their mi-
series, that they may
retain undisturbed possession of
the berth into which
they may have rolled at Liverpool
until the steamer shall have arrived at New York?