The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-01-03 00:00:00

chiefly arise from the want of a clear definition of the
powers or responsibilities of the managing body of the in-
stitution. Another source of complaint is to be found in the
fact, that no anthentic records of the res gest& were kept.
The most ignorant cannot but wonder at this apparent
negligence as regards the proceedings of an institution
appointed to watch over the interests of art in England to
a great extent. It appears that good recommendations
were unheeded, especially as to the purchase of the works
of the divine-minded RAFFAELLE. On the all-engrossing
subject of "cleaning," much is said .about chemical and
mechanical processes, varnishes, incrustations, white pow-
! ders, sharp steel instruments, friction, solvents, soap and
water, spirits of wine, Professor FARADAY, and so forth;
I beg pardon —of Potatoes also ! This latter humble escu-
lent, and excellent detergent—sorry am Ito say it has been
so deteriorated of late,—in many instances where absolute
destruction to a picture has not supervened, and where
"cleaning" only is required, the potato is found far more
useful and infinitely less dangerous,'because not dangerous
at all, in the art and mystery of picture cleaning than all
the " spirits from the vasty deep" which were ever called
into requisition. It would have been well, perhaps, had
the gallery people stuck to potatoes. The old and respected
housekeeper of the Society of Arts, now no more (I refer
to the housekeeper—for the society Is flourishing) heard
frequent complaints of the dirty state of BARRY'S famous
pictures on the walls of the society's meeting rooom in the
Adelphi; "BETTY," said the housekeeper to the servant,
let us try potatoes —just in a corner of " The Olympic
Games"— one of the huge pictures. "La, ma'am !" (our
housekeeper was an elderly but most intelligent lady)
BETTY and her mistress got two or three "Yorkshire
reds," made a pulp of them raw,—the victory was com-
plete. Many of the academicians were members of the
Society of Arts, and the potato, it appears, was partially
used for cleaning, nut for skinning. Much is said in the
report about the bad and dirty state of the backs of many
of the pictures—not a word that I have perceived of the
use of paste in keeping the canvass together when it is
cracked or torn. After a time this same paste is instinct
with vermin —smallworms in its moist condition, andsome-
thing of the weevill breed in its dry. However, the tome
is a most valuable one to art and artist, to the scholar and
amateur. There is some bad spelling in the report which
must surprise one ;—Connscno —for example. The late
Lady BLESSINGTON'S mansion and grounds known as
Gore House, the scene of many a brilliant reunion—after-
wards SOYER'S Symposium, the scene, though short-
lived, of some festive meetings, is recommended for the
future National Gallery.
There is much entertainment, aye, and instruction,
gained at old book—rare book—odd book sales, and sales
of MSS. of odd people. Such was the sale just concluded
by the auctioneers in Wellington-street. The collection
was that of a Mr. PIGGOTT ; never mind who he was.
Among the lots was a curious one—BLAKE's Marriage of
Heaven and Hell; not impious in its tendency. Who
was BLAKE ? The Admiral who twisted his whiskers
when beating an enemy, which he always achieved ? No.
PADDY BLAKE—he of the echo? No. But BLAKE the
painter of not many years Spa. His widow, poor thing, old
and tattered, I met at Sir RICHARD WESTMACOTT'S some
years since. BLAKE—in his boyhood all poetry and paint-
ing—fancied the little girl, then a hosier's daughter. She
had fitted him with mittens; he married her—lived long
—never was an academician—and, what was of perhaps
more consequence to him, never had a quarrel with his
wife ; he died with her hands in his, reciting a bit of love-
doggrel to her. Such was BLAKE, the painter, a great but
misdirected genius. To the book sale. There was the MS. of
Lord BYRON'S Curse of Minerva, ragged and jagged,
crammed with corrections in the cranky hand of his lordship.
This sold for £22. 10s. There were many jest books, old and
curious—all brought high prices, as things of this kind
always do. Jona BLACK, now a country-gentleman—he
was long nicknamed Dr. BLACK when editor of the Morn-
ing Chronicle, by COBBETT—Was a tremendous collector
of works of this description. Jona used to go up to a
book-stall, peer over its contents, buy a lot, give a bit of
paper—" pay the bearer ;" in this manner this odd, but
great though heavy scholar, has swallowed up his salary
—not a small one—from week to week. The most ele-
gant collectors are SAMUEL ROGERS, GROTE, the banker,
—Lord MAHON, Earl STANHOPE'S son, has a taste
that way ; so MICAULA.Y. The finest collection of wood
engravings is to be found in Lord SPENCER'S library;
the Duke of DEVONSHIRE has some of the finest SHAKE-
SPEARE'S and dramatic works generally ; the Earl of
ELLESMERE the best of German literature. He translated
" Faust"—not very well done—some years since ; the
CHANCELLOR OF THE EXCHEQUER has a most extensive
collection of all sorts—the preponderance of a theological
character. PALMERSTON'S seems more remarkable for
their goodly bindings than that which " passeth show."
RUSSELL'S is good; the late Sir ROBERT PEEL'S books,—
still as they were,—not anything like the value of his
pictures. Dramatic literature, save by the Duke of
DEVONSHIRE, as I have intimated, Mr. Justice TALPOURD,
and two or three others, seems little cared for, and, I
am afraid, little known. Collecting old books and good
pictures is a safe investment, as the auctioneer's hammer
testifies.

The dexterity and daring of London thieves are stale
themes : no conjuror's sleight-of-hand equals the former :
the impudence of the latter stands unparalleled. Let us
see. One of the finest acts, some say, of GEORGE THE
FOURTH, was the laying out of St. James's Park, intro-
ducing variety to the shape of the dull and stagnant
parallelogram of water, which occupied the centre of a
park of little better than dank grass three parts of the
year. The ornamental water was designed and carried
out by the—par excellence—fine-art monarch. Many
rare and curious aquatic birds were placed in the water ; a
well-imagined island was constructed, where the birds
found refuge at night, and during their season of incuba-
tion. To make the scene still more picturesque, the
Ornithological Society, with WILLIAM YARRELL—of
whom more anon—at their head,—pretty well,—made ap-
plication to the Woods and Forests, at that time probably
the best-conducted branch of the government, and space
for two neat cottages was allotted : like magic they arose,
the society brought some rare specimens of water-fowl,
which attracted much attention and interest among the
public. The birds, however, wild—shy, and retiring in
their nature and habits, became familiar, and ate
from the hands of visitors on the margin of the lake.
During the present frosty season, about ten thousand
skaters and others have assembled daily on and about the
banks of the frozen waters, of the various parks, at the
west end of the metropolis ; that in St. James's averaging
between 2,000 and 3,000 at a time per day ; every entrance
to the park is guarded, no going in or out, without being
seen; the sentries have strict orders to observe every one
carrying a parcel—l believe large bundles are not allowed
at all. MOLESWORTH'S " Men in Lincoln green,"—the
park keepers, are numerous, and stroll, or are supposed to
stroll, all over the enclosure. Notwithstanding this, the
dexterous and daring lads referred to contrived to " bag"
three large white swans, each nearly double the size of the
English bird of the same name, together with a rara avis,
or large black swan, the property of the Ornitholog,icals ?
How did the thieves catch the birds ? How carry them
off? Nobody can• guess ; but the birds have " fled. My
opinion is, that their pinions have not been looked after
sharp enough, and that they have literally taken wing—
the present weather prompting them, in their own way, a
reminiscence of their own cold norse homes ! The autho-
rities at the park, and they ought to know better, hold the
swans, black and white, were stolen by some of the expert
London thieves. What can they do with them—the
swans ? They are too tough to be eaten, and no fancier
can buy them with impunity ! And who is WILLIAM
YARRELL ? One of the most wonderful and distinguished
men of this or of any other country ! YARRELL is fellow
of mostly all our own scientific societies, especially those
referring to Natural History. Like ROBERT BROWNE, of
the British Museum, YARRELL might paper his library
with diplomas, bearing gracious testimony to his scientific
attainments. Who has not heard of " Yarrell's British
Fishes ?" Who has not eaten white bait at Blackwall or
Greenwich with greater gusto, having previously read
YARRELL'S exquisite treatise on that dainty yet tiny fish ?
This WILLIAM YARRELL connected with science so inti-
mately,—the companion of earth's great ones,—is a—
London Newsman ! All h ail ! thou great levellers—
Science,—Learning,—Genius,—never mind how lowly
found.

Dr. LARDNER, that eccentric genius, is once more before
the world of London readers this week. Remarkable,
indeed, it is to study the diagnosis as it were of the human
mind. How pertinaciously, in most instances, it holds on
its own way—vagary—or otherwise to the last ! I re-
member having my attention directed to some essays,
written in youth, by those two great lawyers, Lord Chan-
cellor ELDON, and Lord Chief Justice TENTERDEN ; the
production of the Chancellor was marked by all the
doubtings," which distinguished his learned judgments .
to the last, half a century afterwards. The work of young
ABBOTT—Lord TENTERDEN—WaS AS strongly charac-
terised by that remarkable adherence to facts—details of
facts,—lucidness in summing up, which distinguished his
dying moments. So with LARDNER in another shape and
degree. Crotchetty at the outset of his English career,
so he remains in his Parisian domicile, after a lapse of a
quarter of a century. He contradicts a statement, patent
to all the world at the time, that the Atlantic could never
be navigated by steam ! Why should you do this, Doctor ?
Savans, as learned as yourself, have been equally astray—
happily for mankind. Did not the great BUCKLAND say
in a given number of years—now, I believe, expired—that
all the coal in the bowels of the earth would be burnt up ?
The high price of the fuel would, however, almost indicate
the near approach of an end, were we not assured that
it—the price—arose from other causes. Dr. LARDNER is
or was recently the Paris correspondent of a London
morning journal ; active, though going on for seventy
years of age ! wayward man.
It is a work of supererogation to tell your readers that
pantomime at all the metropolitan theatres—save two—
is the order of the night. Certainly, the Italian enter-
tainment is the basis of our pantomime, but it forms,
though, the most noisy, funny also it may be, and amusing
part of the performance ; such are the transformations in
things theatrical—real pantomime now forins but a
subordinate portion of the annual return of this species of
hilarity—riant. What has posture-making, however
startling or dangerous, to do with the leaps and hazardless
tumbles of Clown and Pantaloon ? But little. Beautiful
scenery likewise, and other attractions, are caviare to the
" rollicking" genius of pantomime, such as " Mother
Goose," the genuine model ! The fact is, managers are
compelled to lay out many pounds sterling on the produc-
tion of a single scene for the sake of the picturesque : one
scene in the Drury-lane pantomime cost the lessee £l2O.
I do not find fault with this extensive departure from real
pantomime, such as GmfmALDr, the elder, shone in; the
people like it—they crowd to see display sausage
swallowing, and trick cleverly devised and executed are
as nothing without it. Time was when a moving
picture—diorama or panorama called—of many thou-
sand feet of painted canvass embodying the trip
up the Rhine, with the well known and beautiful
mountain scenery; Windsor Castle with its " bosky acres,"
or sweet Killarney and her lakes, were presented in our
metropolitan pantomimes ; neither of these was germane
to pantomime. Yet they were justly applauded. Managers
have lately dropped these expensive shows, however. Cri-
tics and cavillers, they are pretty much the same, used to
find fault with MACREADY and CHARLES KEMBLE for
the noble manner in which they "mounted" WILLIAM
SHAKESPEARE'S immortal plays, twitted the lessee-actors,
in WILLIAM'S own language, with painting the lily,

gilding refined gold, and so forth. MA.I EADI7 deemed it
not unworthy of his management to call in the priceless
efforts of his friend CLARKSON STANFIELD, Royal Acade-
mician, to paint a sea view, in 'order to enhance the repre-
sentation of a play of the great dramatist. So with the
pantomimes,though the visitor has less of the real article—
pantomime—there is enough left to vindicate All that

said annually about it ; and much is superadded that JOE
GRIMALDI never dreamt of in his philosophy of pantomime.
Take the goods the "gods" like, and managers provide, say I.
To enter into detail touching the merits —as far as I have
seen demerits are out of the question—of these Christmas
performances, is beside the question; they are better than
usual in their scope and working, more extensively got up,
and have all the week drawn well.

COMMERCIAL de MONETARY NEWS.

MONDAY NIGHT.

THE money market during the weekhas presented
few changes worthy of note, excepting that towards
the close the public funds were depressed to the
full extent of per cent., arising partly from sales
for the settlement of the foreign stock and share
account, and partly from the belief that the Emperor
of Russia would not accept the terms agreed to by
the Conference at Vienna. The weekly account of
the Bank of England showed an increase in the
stock of bullion to the extent of £375,785. Money
has been somewhat more in demand, but without
any difficulty, and no change has taken place in the
rate of discount. The increase in " other securi-
ties" amounts in the week to £406,546.

From a statement which has just been published,
it appears that the shipments of specie from Eng-
land to India and China from the 20th of January
last amounted to £986,574 in gold, and no less than
£5,695,603 in silver, of which £1,614,892 was sent
direct to China. This will account in a great
measure for the diminution in the stock of bullion
and the present scarcity of silver.
The payment of the uncommuted South Sea
stocks which was to be effected by the 6th of this
month cannot be accomplished until the passing of
an Act of Parliament ; but, in the meantime, the
Bank of England have announced their willingness
to advance the full amount to the holders at four
per cent. discount.
The returns which have lately been made up of
the quantity of foreign breadstuffs imported into
this country for the twelve months ended on the
sth of December, show a considerable increase on
last year, as compared with the preceding one, as
will be seen from the'following comparison :
Wheat, qrs. Flour, cwts.
1852 3,001,261 .. 4,017,825
1853 4,858,699 .. 4,635,823

Increase ..

1,854,438 . .

617,998

In other descriptions of grain the difference is
not so striking, there being an increase in barley,
rye, peas, and maize, and a decrease inoats and beans.
The return from the Bank of England for the
week ending the 24th of Dec., gives the following
results, when compared with the previous week :
Public deposits ... £11,157,724; Increase £665,038
Other deposits ... 10,607,922; Decrease 91,762
Rest 2.. 3,198,455; Increase 6,365

On the other side of the account—
Government securities £15,048,730; the same as before.
Other securities ... 16,643,651; Increase 406,636
Notes unemployed ... 8,318,280; Increase 194,175

The amount of notes in circulation is £20,810,155,
being a increase of £204,530; and the stock of
bullion in both departments is £15,819,041, showing
an increase of £375,785, when compared with the
preceding return.

ISSUE DEPARTMENT.
Notes issued ... £29,l2B,43sGovernint. Debt £11,015,100
'Other Securities 2,984,900
'Gold coin & bu11'n.15,128,435
Silver bullion ...

£29,128,435
BANKING DEPARTMENT.

£29,128,435

Prop. Capital ... £14,553,0001G0v. Securities £15,043,730
Rest ... 3,198,455 Other Securities 16,643,651
Public Deposits 11,157,724 Notes ... 8,318,280
Other Deposits 10,607,922 Gold & Silver Coin 690,606
7-day & other bills 1,179,1661

£40,696,2671 £40,696,267
Our SHARE MARKET has been more affected
during the past week by political events than at
any time since the opening of the Eastern question.
The almost absolute certainty of war has induced
some few real sales and many speculative ones,
which, together in this holiday season, have had
a more severe effect than they would have had at
another time, having lowered prices some two or
three per cent. all round. At this decline the
market may be called steady, with a disposition
to improve. Local stocks very steady. We annex
prices :—Caledonians, 26k 2 ; Eastern Counties,
13 ; Lancashire and Yorkshire, 651 s ; London
Stock, 103 ; Midland Stock, 611 2; North British,
7; • Oswestry and Chester, 114 ; Dover Stock, 18.
iVooL.—There is no alteration to note in the
Wool market this week. This being the season of
the year when the generality of the trade are
stock-taking, there is not much business doing,
consequently the transactions are limited to the
actual and pressing requirements of the trade ;
prices, however, continue very firm. The next
public sales are fixed for the 17th instant, when
about 6,000 bales East India, and 3,000 to 4,000
bales Turkey, Russia, Egyptian, and other descrip-
tions, will be brought forward. Imports for the
week, 1,464 bales ; namely, 504 Peruvian, &c.,
796 East India, 1 Mediterranean ports, 139 Scotch,
12 Irish, and 12 coastwise. In the country dis-
tricts a good business has been doing in English
and Irish Wools during the past week, and for
many kinds id. to -Id. per lb. higher rates are ob-
tained. Stocks are very light, and holders are ex-
pecting higher prices.
COTTON.—Upon taking the actual stock in Li-
verpool on Friday, there appeared an increase on
the computed stock of 52,490 bales of American,
13,240 bales of Brazil and Egyptian, and a decrease
of 4,200 Surats, which gives an increase of 61,560
bales on the total stock, or 19,690 bales more than
last year. The stock of American is now 286,170
bales, against 338,820 the previous year. By a
decree of the French Government, raw Cotton
may be imported from Great Britain into France
free of duty, but the proposal to admit Cotton Yarn
at a moderate duty has been for the present post-
poned. The business done during the week has
been to a full average extent, the sales up to Fri-
day amounting to no less than 45,660 bales, of
which 7,980 were on speculation, and 2,290 for
exportation. The demand has been chiefly for the
lower qualities, and the advices per Europa, show-
ing small prices and shipments and higher prices,
had a favourable effect on this market, and prices
of qualities below middling fair may be quoted
1-16 d. to *d. dearer. On turday the sales were
between 6,000 and 7,000 bales, and the market
closed firmly. To-DAY being the first of the year,
no business was done. The following is a com-
parison of prices with those of the corresponding
period of last year :

1853. 1854.
New Orleans, middling... 6 1-16 d 6d.
fair
Uplands, middling sld
fair

SALES. IM PORTS.
DESCRIPTION. PRICES. Week Previ- Week f This STOCK
ending onsly ending ' y.—•
• Dec.3o. this yr. Dec.3o. Dec.3o
--
Sea Island .. 11@34 240 21360 1 •• • •
Stained —. . I .... 5499 522531 ....
Bowels 9330 491370 286170
Mobile 3l 61 5920 286820
2491 937097 '• • •
New Orleans. 3i Si 19800 1001290
Pernams, &c. 6i 8 740 67030 3080 64159 22340
Bahia, &c. 6-4 690 52920 .... 32039, 9320
Ma ran hain
Demerara,&c .1 .
Egyptian 54 10 27420 131710 319 101356 82100
——••••• • • • • • • •
Surat
Madras
Bengal
45560 2386080 16746 2020246 593640

The last week having been the closing one of the
year, but little business has been transacted, the
time having been chiefly devoted to the closing of
accounts, and preparations for the new year, which
will commence to-morrow (Tuesday). We, there-
fore, subjoin extracts from such annual circulars as
we have been favoured with, many having not yet
been published.
Messrs. HOLLINSHEAD, TETLEY, and Co. make
the following remarks on Prices and Prospects of
the Cotton market :
" The fluctuation in prices this year has been about ld.
per lb. upon the inferior and better qualities of American,
and only :id. per lb. upon middling quality, The lowest
point was at the commencement of the year, when mid-
dling New Orleans was at 51d. per lb., and fair 6d. per lb.,
and the highest at the end of July, middling being then
at Gid., and fair 7d. per lb. The stoppage of mills, the
stringency in the money market, and the high price of
food, would seem to have exercised but little influence
upon the Cotton market. For a large consumption of
Cotton the prospects appear to be less favourable than they
were twelve months ago, and this, owing to the unsatis-
factory state and position of Turkish affairs, and the high
price of Grain, and, indeed, of provisions generally. Be-
sides which, the labour question is not yet settled, and, if
it was so in the present disturbed districts, the same thing
might occur hereafter in other localities. On the other
hand, money is likely soon to be at an easy rate, as large
supplies of the precious metals are expected, and all busi-
ness engagements are reduced within moderate limits ;
and another favourable feature is, that the stocks of ma-
nufactures, both here and abroad, are by no means in
excess ; indeed, they are generally considered to be light
almost everywhere. The supply of the raw material may
not vary materially in the aggregate from what it has
been in the present year. From India, as the China mar-
ket will have to be supplied, we cannot expect much more
than an average supply, which will be greatly below this
year's import. From Brazil, Egypt, &c., the usual supply
may be expected, The crop in the United States is esti-
mated at somewhat about 3,000,000 of bales, or 250,000
bake lea than last year; but :aa namely any of thin has

yet arrived, we may out of this reduced crop receive a
larger quantity than we have had in the present year."
Messrs.WILLIAM BOWER and SON publish statis-
tical tables of the Cotton trade, from which
" It will be seen from the total import into this port
during the year amounts to 2,028,709 bales, against
2,205,904 last year, and 1,749,765 in 1851; and into the
kingdom, 2;264,596 bales, against 2,357,751 last year, and
1,934,341 in 1851. That the export is 259,600 bales,
against .227,000 in 1852, and 214,000 in 1851; from the
kingdom, 349,600 bales, against 282,800 in 1852, and
268,500 in 1851. The stock in Liverpool, as declared to-
day, is 597,500 bales, against 577,810 in 1852, and 423,730
in 1851, The stock in the kingdom is 717,580, against
657,520 in 1852, and 494,600 in 1851. The total deliveries
for home consumption from this port are 1,749,419 bales,
being an average of 33,643 bales per week, against 35,094
bales per week last year, of which 357 per week are Sea
Islands, against 450 in 1852. From the kingdom,
1,854,936 bales, or 35,672 per week, against 36,766 in last
year, and 31,969 in 1851. The average price of middling
Orleans for the first quarter was sid. per lb.; for the
second, 6 1-16 d. ; the third, 6 3-16 d. • and for the fourth,
6d per lb. The arrivals of new cotton are 30,000 bales,
against 240,000 last year.
Messrs. HAYWOOD and M`Viclut make the fol-
lowing remarks on the Cotton trade during the
• past year :

" The receipts of new cotton into the American ports at
the close of 1852 were so large and so greatly in excess of
previous years, that many persons, reasoning by induction,
augured that the coming crop must be necessarily large.
And so it has proved; for though it is less than was anti-
cipated, at one particular period of the year, yet the result,
made up from official returns, amounts to 3,263,800 bales.
It was this belief, that is to say, the great extent of growth
in the United States, which tended to check that slight
upward tendency characterising the market throughout
the month of January ; and though the Bank of England
then raised its rate of interest, the state of trade was too
good, and the consumption too large, to allow of prices
being affected. In February a slight decline ensued. The
large receipts and the larger estimates again somewhat stag-
gered the faith of those who, previously, only saw in the early
arrivals into the ports nothing peculiar, beyond favourable
contingencies, such as the height of the rivers, increase
of boat and railway accommodation, and other accidental
causes, for explaining the extra supply, instead of attri-
buting it to the real cause, or that arising from a greatly
augmented crop. In March the apprehensions of many,
based simply upon the extent of receipts, became so
strong, that 3,500,000 bales was regarded as a ninimum
estimate ; and it was only the receipt of telegraphic in-
formation towards the close of that month, whereby it
was evident that a great falling off was then taking place,
that such exaggerated fears were dissipated. This im-
parted a somewhat improved tone to the market, but not
extending to an advance in prices, for the stock of cotton
on hand was so large—being nearly double that at the
same period last year—that it was with difficulty our
quotations were even maintained. Throughout May,
although there was found to be a weekly diminishing
I excess of the arrivals into the American ports, and the
demand for consumption at home was upon the increase,
yet all was insufficient to sustain the market, excepting
for the better qualities, the scarcity of which was daily
developing itself more and more decidedly. June, on the
whole, was a satisfactory month to holders. The rate of
interest, it is true, was again raised by the Bank of Eng-
land ; and the Russo-Turkish dispute, which had for some
time been menacing, assumed a still more serious cha-
racter ; yet, in spite of all this, the position of different
branches of trade was so favourable that prices of cotton
also rather improved than otherwise. In July there was
very little general change. August was less propitious.
Political matters remained unsettled. The masters and
their workmen became more estranged in feeling, and
apprehensions as to the harvest tended to arrest business,
and to limit the buying of all parties. Our quotations
were not, however, reduced more than ,k per lb. The
worst fears as to our own harvest were confirmed, and the
Bank of England once more raised the rate of interest
considerably. War between Russia and Turkey became
imminent, and a general want of confidence began to
prevail. The only counterpoise, as far as cotton was con-
cerned, was the continued bad accounts from America as
to the appearance of the coming crop. Hardly any varia-
tion occurred throughout the month of October. In
November, again, there were only very partial changes.
The present month of December has been a repetition of
many others which have preceded it, except that the
advices as to crop have improved."
Messrs. Wm. GREAME and Co., wool-brokers, in
their annual circular, say

" In our last annual circular of the Ist January, 1853,
we were enabled, from the very active demand existing at
that time, and the lightness of stocks, to give a very satis-
factory report of the trade, and to indulge in the anticipa-
tion that as the year advanced we should have a further
improvement in prices. The transactions of the first six
months of the past year fully bore out these favourable
opinions. The demand continued brisk up to that time and
prices on many descriptions advanced ld. to 2d. per lb.; in
the month of June, however, the unfavourable aspect of
the Pastern question began to cause an uneasy feeling in
the market. A check was given to the upward tendency in
prices, and at the public sales (colonial wools) in July,
there was an average reduction of about ld. per lb., the
market, however, recovered this depression in August, and
on the assurance by Ministers, at the dissolution of Par-
liament, that the Turkish question was settled, a fresh im-
petus was given to the trade, and some considerable sales
were effected at full prices. This favourable state of
things was however of short duration. The Eastern ques-
tion, instead of being settled, assumed a more complicated
appearance. There was now a certainty of a considerable
deficiency in the harvest, and, consequently, a great and
sudden rise in corn. Money was becoming tighter every
day, and the Bank of England again advanced the rate of
discount to 5 per cent., and fears were entertained that a
further advance would be necessary. It is not, therefore,
to be wondered at, considering so many adverse circum-
stances coming as it were at one time, that a complete
check was given to business. In fact we had at one time a
kind of panic in the market, and no sales were effected
except on a very small scale and for immediate use, the
manufacturers buyinc, as it is termed " from hand to
mouth," and at the public sales which took place in Octo-
ber and November prices gave way generally 2d. to 4d.
per lb., and in some cases even a greater sacrifice was sub-
mitted to. We are glad, however, to say that during the
past month the market has improved a good deal. Stocks
in the hands of manufacturers and dealers have been
pretty well worked up. More confidence is now exhibited
in their operations, and a fair amount of business has been
done with an average improvement of about ld. per lb.
from the lowest point. The year closes with moderate
stocks, and, we think we may add, with a prospect of a
healthy and profitable trade for the ensuing year."
Messrs. Jos. ROBINSON and Co., wool and oil
brokers, make the following remarks on the posi-
tion and prospects of the market :
" At the present crisis, it is difficult, to many, to see any
future good; this is not our position. The prospects are
not so disheartening, when it is known that the manufac-
turers are executing numerous orders, and have recently
been put into possession of others ; the stocks held by
them are mostly limited, and their appearance again in
the market will be looked for. Weighing this matter of
importance, it must also be observed, that freights have
become very high, and, from the extraordinary demand
for shipping, likely to remain so, having risen to such an
extent that merchants cannot import, unless at a serious
loss ; under these circumstances, the receipts will be
greatly curtailed. With these indications, a tendency to
raise the value would be evident, but as grain and pro-
! visions are dear, discounts high, and war begun in earnest,
an upward inclination will be counterbalanced ; so that
we don't expect to see much change in the market for
some time, excepting in Scotch and long foreign wools,
which are scarce, and may advance."
Messrs. ABEAM GARTSIDE and Co. say:—

" Compared with last December, the value of Australian,
Cape, and the lower classes of East India wool, now shows
an average decline of 10 per cent. ; the bad-conditioned
kinds suffering twice as much as the cleaner and better
parcels. Home-grown is in many cases 10 per cent.
higher ; the bulk of foreign shows no material change, ex-
cepting inferior or dirty parcels, which have fallen consi-
derably. With so many elements of uncertainty afloat,
our future prospects are less clear than we could desire ;
but we believe that trade is at present free of speculation
and on a sound basis. Production in the manufacturing
districts has been chiefly to order. Stocks of goods are
light, and we believe the general stock of Wool to be mo-
derate. It therefore is unlikely that the general course of
prices will be lower at present, and clean useful kinds may
be higher; but other circumstances, more particularly the
high price of food, will induce caution, and repress hopes
of a material improvement till some of these causes are
286170 i removed." _ _

TIMBER.—We extract the following from the
Circular of Messrs. HOLME, SLATER, and Co, of
this town and Birkenhead :
" The imports into the docks of the Mersey, containing
Timber from British North America, during the month,
are thirty-eight vessels 29,142 tons against fifty-eight
vessels 40,489 tons, for the corresponding period last year.
Although there was a desire on the part of some of the
dealers to reduce prices during the latter portion of last
and the commencement of this month, which was par-
tially effected, we are happy in stating, that since then
there has been a mnch firmer tone exhibited by the im-
porters of Canadian timber, and a corresponding feeling
shewn by the trade in general. We have also to note
the great amount of tonnage lost on their homeward
voyage, and detained by the closing of the St. Lawrence,
which was destined for this port. We have also good
authority for stating, that the supply at all the outports
of Canadian woods is very much short of the expectations
formed, and although this time of year does not generally
show a great consumptive demand, still it is greater
than could have been expected when we take into
consideration that most of the consumers have been
led to expect lower rates. When they find that
this has not been brought about, the demand will be
revived, as the stock of timber in the manufacturing dis-
tricts is extremely light. We have no doubt of Square
Timber advancing, and think that the present price of
Spruce and Yellow Deals will he fully maintained, the
consumption of these articles being almost unlimited.
SHIPPING.—Messrs. TONGE, CURRY and Co.,
ship-brokers, in their annual circular, give some
interesting particulars, from which we extract the
following
" The very increased value of labour, not only in this
country but also in the colonies, as well as the greatly
advanced prices of Timber, Iron, Copper, Cordage, &c.,
must combine to diminish Production and vastly increase
the first cost of all ships built during the continuance of
this state of things. Freights to all parts of the world
are advancing ; no foreign markets are reported as over-
stocked, and the losses bear a large proportion to the
number of ships built in the year. With these facts
befbre us, we cannot doubt that prices will, at least, be
maintained, if not considerably augmented.
" It was reasonable to believe, in the early part of 1853,
that we should have so large a number of ships returning
from Australia as would, towards its close, supply us with
tonnage for the Cotton trade, and afterwards for Timber ;
and by thus increasing our supply cause prices to decline.
This expectation has failed us, for though a large fleet
has been freed from Melbourne and elsewhere, it has been
absorbed by other and new trades and heavy losses, and
so has failed to affect us as we anticipated A remarkable
feature in the past year's business has been the number