Star.
London, England, 1819-03-31 00:00:00

CO,VMERCE.

Finding that our occasional commercial notices
have been approved of, and their continuance es-
teemed by those who arc best qualified to form a
correct estimate, as likely to prove serviceable to the
trading interests of the kingdom, it is our intention to
devote, regularly, a portion of our columns to this
subject. Every one is ready to deplore the present
depressed state of our commerce, but how few are
willing to employ their time in investigating the
causes of the general distress ; and, of those who
may be willing, how few, comparatively, are qua-
lified to do justice to so important a subject? We
are willing, however, to hope, that in our labours to
serve the commercial interests of the country, the
assistance of the best qualified will not be withheld
from us, and that we may promise ourselves the
countenance and support of many, who can greatly
contribute to the success of our labours, by giving us
frequent and early notice of every thing calculated
to affect the commercial horizon. A brief survey of
its present general aspect, by tracing effects to their
causes, may, in the mean time, be advantageous ; fur-
nish matter of reflection to the inquisitive ; and prove
serviceable even to the practical merchant, who de-
sires to confine his speculations within the bounds of
prudence, and to maintain his character for honour
and integrity.
The war of twenty-five years from which Europe
has so recently been delivered, proved the mean of
laying open to Great Britain the most productive
channels of commercial wealth, by rendering her
sole mistress of the ocean, and, consequently, the de-
pository of the produce of the Indies. In possession
of such advantages, it was not in the nature of things
that the most rigorous prohibitive measures on the
part of the enemy could, for any length of time,
affect her prosperity. On the contrary, they only
tended to increase those very resources which it was
vainly endeavoured to obstruct or destroy ; and such
an immense accumulation of property was created
by the monopoly we enjoyed, that we were enabled
to carry on, with facility, the greatest financial and
mercantile operations. Vast sums were raised, as
well for the service of Government as for the exigen-
cies of our merchants, and an impulse was given to
our whole system altogether unexampled in the an-
nals of modern Europe. But at length peace return-
ed, and with it Colonies were restored, and our ex-
clusive maritime dominion was of course relinquish-
ed ; other nations were admitted to partake of our
commercial advantages, and a new order of things
was created, more consonant to a state of peace ;
but different, widely different, from that exclusive
monopoly we had previously maintained. Without
relinquishing our commercial pre-eminence, we con-
sented to forego our supremacy. In so doing, how-
ever, our Statesmen, as also our merchants and the
nation at large, should have contemplated the neces-
sity of contracting our establishments. The ibrmer
must have been aware that their financial operations
would be diminished ; the latter that, as their profits
decreased, so should also their expenses be curtailed.
Admitted, as we were, to a free commercial inter-
course with all the continental nations, we were im-
periously called upon to regulate our financial sys-
tem upon a scale more suitable to the changed cir-
cumstances of these we had to deal with : in a word,
to descend gradually from the colossal elevation we
had attained to a level with our less wealthy compe-
titors in trade, by reducing our whole system, but
more especially our extensive circulating medium,
which is incompatible with, and greatly dispropor-
tioned to that of other nations. To a dereliction of
such prudential measures a considerable portion of
our commercial embarrassments may be ascribed,
though other causes have co-operated in producing
the effects we now deplore. These we shall have fre-
quent opportunities to point out is detailing the vari-
ous fluctuations which occur in the value of all com-
modities.

The arrangements we have made to obtain the
most valuable information upon all subjects con-
nected with trade will, we trust, render our commu-
nications both interesting and useful to the commer-
cial world. As the operations of the

STOCK EXCHANGE,
Though not of absolutely primary importance in a
commercial point of view, generally aftbrd some cri-
terion of the state of the public mind, and of what is
termed the Money.market, when divested of the false
colouring thrown over it by the extensive fictitious
transactions of which it is but too often made the
medium, we intend, independently of our regular
daily quotations of the public Funds, frequently to
enter into a more minute, and we trust, impartial de-
tail of the business carried on in that important mart
of financial operations. In a well-ordered state of
things, and during times of profound peace, the fluc-
tuations in the price of Stocks should be inconsidera-
ble ; their intrinsic value being materially affected
only by circumstances calculated to shake public con-
fidence, and which, of course, but rarely occur. Our
Readers are, however, aware of the important varia-
tions to which they have lately been subject, and
from which some might infer, that the state of the
public mind is unsettled ; but they flow from another
cause—a superabundance of floating capital, and a
more than adequate supply of funded as well as un-
funded property which have not yet found their way
into regular channels.
The operations of the Stock Exchange were not,
last week, distinguished by any remarkable occur-
rence, prices having continued tolerably steady—•the
Funds were expected, in ele beginning of the week,
to give way, but we rather incline to an opposite opi-
nion since, as from the untoward appearance of com-
merce, capitalists can find no encouragement to em-
ploy their funds in trade ; money will necessarily flow
into those channels which, at least, expose them to
little risk, and a greater demand for stock will be
occasioned.