The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1841-09-24 00:00:00

of Secretary of State for the Cc

William 'Townie

Pudsey Dawso
Two persons

Esq., of Town

to re-enact the absurd fare

of obtruding the notorious Acland before the electors ; bu
as our readers have already bad more than enough of
_tl.li.

individuals line of conduct, we shall tal

unbecom

an to c

no notice of h

serve, that afte

addressing the electors, he refused to go to the poll, of course
because he possesses not the requisite qualification. We
shall perform the more agreeable task of presenting the prin-
cipal portions of Lord Stanley's excellent speech.
After making some deservedly sarcastic allusions to Mr.

Acland's appea;ance at Tamworth and Lancaster, his lord-

ship proceeded as follows:—Gentlemen. is it necessary for
me—if it be, lam willing to do so—to go back to somewhat
of the history of my political life for the last few years? I
was, as my honourable friend has told you, a member of the
administration of Earl Grey ; and, as a member of that ad-
ministration, I had the honour of supporting the measure of
parliamentary reform, and of bringing forward, successfully
bringing forward, the great measure of the emancipation of
the negroes in the West Indies. (Hear, and a cry of " Ay,
£20,000,000.") As a member of Earl Grey's administra-
tion, I cordially supported those reforms in our institutions
which I believed to be called for by the circumstances of the
times ; I was zealous in removing those abuses which time
had introduced into those institutions ; but I was zealous in
removing those abuses, because I believed then, as I believe
now, that the removal of abuses is the best principle of con-
servatism for the institutions themselves. But, gentlemen,
towards the close of the administration of Earl Grey, a ques-
tion was introduced to the notice of parliament, which, in
my view, tended to the subversion of one of those institu-
tions which I was most bound to cherish and support—l
allude to that measure by which it was intended to convert to
secular purposes the revenues of the established church.
(Hear, hisses, cheers, and a cry of " Oh, the church.")
Gentlemen, if there are those among you who are disposed to
undervalue and depreciate the inestimable advantages of an
established church—(hisses)—with those persons, upon that
subject, I have no communion of feeling; I cannot expect
their support ; and I shall not be deterred, either by their
opposition or by their taunts, from stating the respect and
reverence in which I hold that institution. (Cheers.) Gen-
tlemen, believing that in that measure I saw danger and not
reform to the institutions of the country, I declared that my
concurrence in that measure was impossible ; that, under
such circumstances, I could not blink my opinion and remain
a member of a cabinet supporting a measure of which I dis-
approved ; and at once, and without hesitation, I abandoned
office, I abandoned place, I abandoned high power then, and
the prospect of a higher power for the future, but I aban-

_stance, because I abandoned all
hear, and cheers.) And, gentler en,
opinion ; that was no principle
**- and upon a temporary view of the
It was a question long since
foreseen • it was a question upon which it had long been
known that a difference of opinion might be created amongst
thbse who, upon other measures were acting together ; and
I have bad, within the last week, a singular testimony to the
accuracy of my statement in this respect—one which will
show, from undoubted testimony, that so long ago as the
year 1825, I foresaw precisely what was likely to occur ; and
I declared the course which it was my intention to pursue in
that event. You will allow me perhaps to read this to you.
This book [his lordship held one in his hand] has been put
into my hands within the course of a very few days ; and I
shall take the liberty', as it is written in French, of translat-
ing what lam going to read. (" No," " yes.) This book
was written by a person of very liberal opinions in France,
entertaining upon political questions opinions widely differ-
ent from me ; a person filling a very prominent station in the
French legislature, but who accidentally was over in this
country ; and I had the satisfaction to receive him in this
country, as a foreigner travelling here, in 1826. Here is a
statement which this gentleman makes in writing an article
upon the state of parties in this country at this moment.
Gentlemen, even since I have been here I have heard the
words " turncoat" and " apostate" applied to me, and I
heard them with perfect unconcern, because I was satisfied
that they were quite unmerited. But here is the statement
of that gentleman—M. Duvergier D'Hauranne, one of the
French Chamber, a strong supporter of the government of
M. Thiess, an ultra-liberal in his opinions; and this is an
article which appeared two months ago upon the state of par-
ties in England at the present time. " I know," he says,
" with respect to this point, and can relate, a fact which is
at once curious and which will prove that the supposed epos-
tacy of Lord Stanley is the fruit of a long and persevering
conviction. In 1826, when he was an eager whig, I made
his acquaintance at Preston ; and after the election I spent
some days with him at Lord Derby's. Amongst the num-
ber of subjects of our conversation was exactly this one of
the temporal property of the church, of its nature, and of
its destination. I had upon this point the ideas which were
entertained in France, and I was surprised to find them
combatted with some eagerness by Lord Stanley. I said to
him, " You will be wrong to expect to keep office on this
point • you will find that the whigs, and more especially Mr.
Brougham, your principal parliamentary supporter, seems to
have very different views upon it, and should not be sur-
prised if some day or other they were to consent to the alter-
ation which appears to you so unjust. What would you do
in that case ? Lord Stanley answered me immediately, ' I
would separate from the whigs—(hear)—on many points I
know how to make sacrifices to my party , on that one I
never could make them.' To say the truth," continues this
gentleman, " I did not take very seriously the peremptory
answer of Lord Stanley, as it was soon forgotten. But how
was it possible not to recal it to my recollection when seaen
years afterwards I saw him precisely upon the very question
upon which we were then conversing, do precisely that
which he told rise he should do ? " (Applause.) Gentlemen,
if there are those, either here or elsewhere, who could for a
moment suppose that my conduct in 1834 was the result of a
change of opinion (although an honest change of opinion no
man need be ashamed of,) I can appeal with confidence to
this declaration from an unsuspected witness that my views
in 1834 were those of 1826, and that which in a possible
case 1 had declared would be my course, was my course when
the case arose, even amongst circumstances most painful to
my own feelings. (Loud cheers, and cries of hear, hear.)
His lordship, after alluding in feeling terms to the distresses in
the country, spoke on the subject of the corn laws as fol-
lows .—I should deceive you if I said that I thought an
alteration the corn laws—whether that measure be desira-
ble or be not—was the mode, the only mode, or the most
efficient mode, Of removing those distresses ; for, in my
conscience, I cannot believe that those distresses are to be
traced in any main degree—indeed, in a very slight degree
only, if any—to the operation of the corn-laws in their pre-
sent state. (Oh'.) I attribute those distresses to very
different causes. The advocates of an alteration in the corn-
laws contend that if you will only admit foreign corn from
all countries, the result of that will be an immense increase
of your manufacturing industry ; a consequent great improve-
ment in the condition of the manufacturers ; and, consequent
upon that improvement in the condition of the manufactu-
rers, an improvement in the condition of those who labour
for them. lam afraid, if that measure could be carried to
the full extent, the labouring population of this country
would find themselves grievously disappointed in the result.
I will tell you frankly to what I attribute mainly the distresses
in which the labouring classes arc seriously involved. Are
we told that the exports of manufactured goods have sus-
tained a diminution or not ? I know that Mr. Acland will
not venture to say that they have. I know that Mr. Acland
will tell you that, from 1831 to 1841, the exports of our cot-
ton manufactures have nearly if not quite doubled—(hear)—
that an enormous extension, an immense increase of goods,
has been taken up by the markets of the world. Now, gen-
tlemen, permit me to observe to you that, from the period of
1831 down to the period of 1841, at which I speak, these
same corn-laws hive been in operation ; through all the fluc-
tuations of manufacturing and commercial prosperity, the
same laws, without alteration and without exception, have
been in operation ; and if the distress which is now felt be
attributable to the corn-laws, I ask you why that distress
has not been uniformly and systematically felt from 1831
down to the present time? Has that been the case ? Why,
it is notorious to all that the years 1834, 1835, and 1836 were
years of great, and, I would venture to say, of extravagant
manufacturing prosperity. And what was the result of that
great prosperity ? Why, in the year 1836, I think it was,
the poor-law commissioners published an account, that,,at
that moment, In the town of Manchester and the neighbour-
hood, so great was the demand for labour, that, in addition
to all the munufacturing establishments then in being, there
wer- - mills and machinery to the value of three

doped all without
on principle. (Hear,
that was no hastily form
taken up for a momen
circumstances V

he times

In progress
ruing

millions Sic. , , and that in the course of this and the fol-
lowing year, there would be a demand for 80,000 additional
hands in the manufacturing district surrounding Manchester
alone. (Hear.) There was this demand; a vast number of
hands were invited to come into the town of Manchester;
labour was abundant ; prosperity was supposed to have no
end ; manufacturing exports were increased with a rapidity
unknown and unheard of before ; the markets of the world
were glutted with your produce, which you were compelled
to sell upon low terms, in order to meet, not only the com-
petition of the foreigner, but also that new competition which
you had established amongst yourselves. To add to your
misfortune, joint-stock banks and country' banks gave large
and unusual facilities in the way of discounts ; large sums of
factitious capital were advanced to manufacturers who had
no capital of their own to set out upon ; these men were
tempted by the facilities of obtaining credit, to enter into a
race of competition with men of real capital, and that in-
creased the unnatural demand for manufacturing labour.
The fever passed away, ruining a large proportion of those
who had so unwisely embarked in those speculations; but
ruining also, and dragging down in their fall, a vast propor-
tion of the manufacturing labourers, whom, having called
into employment, they subsequently found that their own
over-trading compelled them to discard, and to
own resources. You have glutted every

aorta with your goodg. You have been run-
ning a ruinous race of competition with each other, which
has diminished and lowered, almost to nothing, your own
profits. You began then to find that you had embarked your
capital in a ruinous speculation ; you began to work short
hours, and to close this mill after the other ; and the result
of this was, not only the loss of your capital, but, bear in
mind also, that it is throwing out of their means of daily
employment, and their means of earning an honest livelihood,
thousands of persons, who swell the market of labour, and
who, therefore, in that ruinous competition to which they are
now driven, are working at wages which are incapable of
maintaining life with health and comfort, as the labouring
classes ought to have them maintained. Mr. Acland contends
for a total and entire repeal of the corn-laws, as I apprehend—
[Mr. AcLAND certainly]—if he contend for an unlimited
introduction of foreign forn crom wheresoever, whensoever,
and howsoever to be obtained, he contends, at all events, for
that which no statesman—no man of practical experience,
be he whig, tory, or radical, charged with the administration
of the affairs of this country—has ever ventured to entertain,
and has not condemned as a vicious and impracticable spe-
culation. And, with all respect for the authority of Mr.
Acland, I must say that I look to the unanimous consent of
such men as Mr. Canning, Mr. Huskisson, Lord Grey, and
that of all the leading men on both sides of the House of
Commons—of both sides of both houses—who have had to
do with the administration of public affairs, as more weighty
even than the authority of Mr. Acland and the Corn-Law
League. Gentlemen, my belief is that, if the introduction
of foreign corn produced the effect which is anticipated by
the Corn-Law League—that is to say, if itmaterially
and largely diminished the price of corn in this
country, the
consequence of that would be the ruin of the agricultural
co un try, the necessity of adoPtingsa lesst expen- •
Intific system of agriculture—a yisoemedwhich
,ny fewer hands than are em
`he first place, ruinous to thelTndrord now,,d
nous to the farmer (laughter) hut lastly,
lay, more ccrtainly,ruinous to the anal',
would he thrown out of employmeilt..
"thing just now about the hand-
oom weave, —in 1826, I think it was, when
. ,
Preston—that in that year
a-
I had the honour of situ.,
of
there was a loud clamour in consequence lung d
which the hand-loom weavers were pe ;aetthe
ai disc di
has
ese in
ph,stress
enen,
doubt, that distress was and has been, and great
the patience with which they have borne their privations.
But what was the favourite remedy
weavers said then,
then
employmentproposed of ma-
chinery. Why, a
prohibition, or a prohibitory tax, on the
In
Well, I recollect the hand-loom
We arc driven out of the marketclgy the competition of
those power-looms. If you will
only put a tax upon ma-
chinery, the manufacturers must employ us again, and we
a
shall he restored to the prosperity "which this unhappy
duction of machinery has deprived us of for intro-
the
present.
the
Now, does any man, acquainted with the working _of
re am
manufacturing system of the country—does any than d

interes'

stve and a

would emp;o)

which would
in the next p

cultural labour(

Some one

tint a

atviauai in his
enses, would recommend a tax or a prohibition on that ma-
chinery which is the source and the very gound-work of our
national prosperity? And yet, no doubt, it was quite true,
that the introduction of machinery did supplant a vast num-
ber of hand-loom weavers; that, at the present moment, a
vast proportion of that unhappy class are only half employe.:,
and a vast proportion wholly unemployed. Gentlemen, the
result of an alteration of the laws with respect to the price
of corn would have no effect whatever upon the hand-loom

weavers who come into competition iitli-m-a..cllle-ry-;
even if there was any trifling increase in the amount of
labour demanded from the hand-loom weavers, such is the
superabundance of labour in the market, such are the multi-
tudes who are only half employed, and of those who are
wholly unemployed, that their competition for employment
would necessarily and naturally tend to keep down to its
necessarily low level the price by which their labour is re-
munerated in the market. Now, with respect to the national
debt and the introduction of machinery, I have been told,
over and over again, in former times, that they were the
great sources of national distress; and now we are told that
it is the undue preponderance given to the agricultural inter-
est. But, rely upon it, that you cannot injure one of those
great interests —that you cannot effect that which Mr.
Acland and his friends desire to effect—namely, such as
lowering the price of corn as to throw out of cultivation a
very large proportion of the wheat lands of this country—if
that be effected by the total removal of the restrictions or
duties on foreign corn—without at the same time entailing
upon this country and the labouring classes most serious,
grievous, and irretrievable evils. As, between Mr. Acland and
me, there may he this difference ; but between the late admi-
nistration and myself, there is no question whatever of the
removal of the restrictions on foreign corn. It is universally
admitted by all men who have had anything to do with the con-
duct of public business, that some protection is necessary to be
given in the shape of duty to the agricultural interests of this
country against the unlimited importation of foreign corn;
and the question between us and the late government was,
in what manner and to what extent shall this protection be
given ? Shall it be by the uniform duty of 8s per quarter,
which was their proposal, or by a duty fluctuating in amount
according as the price of corn may rse or fall in this country ;
and thereby tending, as I believe, to maintain at the same
time comparative cheapness and comparative steadiness of
prices ? Why, if the 8s duty bad been taken at this moment,
I should like to know what advantage had been gained. Un-
der the present system, a large quantity of corn is annually
brought into this country ; and the greater the demand for
corn in this country in consequence of the increase of price,
the greater is the supply which it draws from the continent
of Europe. The supply is always found to be at hand to
meet the demand. The very increase of price which affects
the reduction of duty throws out the temptation, and affords
the facility for that foreign corn, the importation of which is
to counteract the undue rise of prices at home. And, prac-
tically speaking, you may do what you please, you cannot
legislate for the seasons, and you cannot make that fixed and
certain in price which God and nature have declared shall be
unfixed and uncertain in its abundance and supply. You
may calculate to a nicety how much a given mill or a given
amount of machinery shall produce of cotton, woollens, or
manufactured goods of any desciption ; you can announce to
a certainty what shall be the expense of production of a cer-
tain portion of manufactured goods ; and you may, therefore,
with a certainty, fix the amount of duty which, being im-
posed upon the production of foreign goods of a like kind,
shall give a fair and reasonable protection to the manufac-
turing interests of this country. But, with respect to corn,
you can do no such thing. (Hear, hear.) After agricultural
labour is over, the issue is uncertain, the amount of return
is doubtful, and the farmer cannot tell before harvest what
shall be the amount of supply with which Providence may
favour him ; he cannot tell what amount of remuneration
shall be given for the labour he has expended upon the soil ;
and it is, therefore; to meet these fluctuations at home, to
meet this uncertainty, and to protect at once the farmer and
the community, that the fluctuating scale of duties is intro-
duced, and with a view to regulate and control, as far as it
can be controlled, the amount of the price of corn. And at
this very moment, the duty of 8s being imposed, you would
not have had brought into this market the amount which,
within the last few weeks, has been brought in of foreign corn.
Just when the home prices are raised, and the supply of the
home growers is so short and scanty in the market, by the
fluctuating scale you have obtained at a duty of is 1,500,000
quarters of wheat; which, according to the 8s plan, must
have been introduced at a payment of Bs. duty, and conse-
quently, could not- have been introduced without a corres-
ponding rise in price at home. Now, I say that I believe
that the corn-laws have had the effect of producing compara-
tive steadiness of price. Ido not mean to say that the price
has been steady or unvarying ; it is impossible that it should
be so ; but this I say, that, under the operation of the ex-
isting corn-laws, there have been less fluctuations in the
price of corn in this country than there have been in the
price of corn, with the exception of Belgium, in any country
in Europe. But I see a note is being taken ; and the answer
will be, " Yes, to be sure, because the effect of your corn-
laws is to derange the supplies, and to affect the supplies all
over the world." Now, then, I ask you does that apply to
America? I will tell you how it is in America, because
official returns have been furnished by the last government
with respect to the price of corn in America ; and I find,
upon reference to this table, the result to have been that, in
the course of the last four or five years, the fluctuations in
the American market have been considerably greater ; nay,
that the price of corn at times has been considerably higher
in the markets of New York and Philadelphia than in the
markets of Liverpool and London. 1 will not trouble you
with going through the figures.
Mr. BROOKS.—l'admit that to be the case, once, my lord.

Lord STANLEY.—Very well. First of all, then, I tell you
that, under the present fluctuating duties, we have a greater
steadiness of price than in any market in Europe. The
answer to that is the result of the corn-laws, which creates
an uncertain demand in all the countries in Europe. I then
come to the United States of America, from which we have
not imported one quarter, nor from which could we import
one single quarter, at least except in very extraordinary
harvests; and I have it admitted by my opponent that' he
fluctuations have been greater, and the prices higher, in
America. I do hold it most unwise to depart from that
sound and wholesome principle which has been the leading
object of the existing corn-laws, namely, to uphold such a
permanent and fixed price of corn at home as may enable us,
not in• years and upon all occasions, to supply the fair
804114
wants-of population at a reasonable price, but which shall
enable a la a proportion of the lands of this country to be
cultivated with a profit, and furnish a supply of corn, in
some years adequate, in most years nearly, so, to the wants of
the population of this country, and, at the same time, not
prohibiting the importation of foreign corn, but so re-
gulating it that, according to the law, every necessity for it
here should produce its importation from abroad : and I
find that, under this law, we had imported last year
2,500,000 quarters of corn. It is well known that the
last two or three harvests have been defective ; and, conse-
quently, we have been obliged to rely on foreign supplies.
Has that reliance been disappointed ? In the course of
the year before, we introduced, I think, 2,100,000 quarters.
Now inquiries have been made, and I dare say Mr. Acland
and his friends are familiar with all these figum. I dare say
they would no pretend to give instruction on this subject
unless they h carefully examined the facts and figures ;
Av
unless they kne what was the state of things in the market
of the world; and perhaps they will tell us what they antici-
pate will be the result of the system they propound. But I
have here a correspondence which took place relative to the
price at which foreign corn can be imported into England ;
and this was presented to both houses of parliament, by com-
a mand of her Majesty, under the late administration. It is a
return furnished by the British consols from all the principal
ports of Europe, and, indeed, of the world ; and from it I
find that, under a moderate fixed duty, it was to be expected
that there might be introduced, upon the average, 2,222,000
quarters of foreign wheat annually. What has been the
result of our present system ? That supply we have obtained
whenever we wanted it. Whenever that corn has been
cheaper than at home, that corn has not been poured in at
the moment to inundate us with an unwonted supply.
Whence do we draw our corn ? Chiefly from the markets of
Germany and Russia. Let us hear a word from Russia.
From Russia the consul tells you that, in average years, the
export from Petersburg would be from 175,000 to 210,000
imperial quarters, and the price free on board at Petersburg
395. Id. per quarter; with freight and charges about 4s. 6d.
more, making the import price here about 455., without any
duty at all. That is the ordinary state of things ; and that is
the amount which, in common years, might be calculated
upon at Petersburg. But now come a very great year, and
corn is low here—it is down at 395. in England ; and what
happens ? There is at the same time a very prosperous har-
vest in Russia, and we are told that, in one year, one single
province in Russia sent down to Petersburg 38 millions of
quarters of corn. The average supply which can IT afforded
is about 200,000 quarters ; but in one year, from one province,
there was sent down to Petersburg 38 millions of quarters of
corn. What was the price of that in the market ? Why, it
was sold in the market of Petersburg in that year at the
price.of 13s. the imperial quarter. (Hear). The average and
ordinary price there is 395. ; but in that year, owing only to
the large supply, the price was 13s. Under a fixed duty of
Bs., or under no duty at all, the British grower never could
be guaranteed against such an importation at the time wheat
is selling here at 395. ; and when, in consequence of this
enormous influx, he has been led to abandon the cultivation
of wheat altogether, then comes a reverse, and the-following
year, wheat coming to an average price of 395. instead of 13s.
at Petersburg, and instead of 38 million quarters, 200,000
quarters is the whole supply upon which this country has to
depend from Petersburg. Now there is the effect of the fixed
duty--:(applause)—and there, but to a greater and more ruin-
ous extent, is the effect of no duty at all—that in one year
you have corn imported at a price which renders it impos-
sible to cultivate it with profit in this country, and when, by
an enormous admission at that price some year, you have
discouraged, disheartened, and ruined the farmer—then
comes a short supply in the markets of the world, and prices
rise to what may then be called starvation prices in this coun-
try. (Hear.) It is assumed that, if you admit foreign corn
under all circumstances, you must have an unlimited free
export for the produce of your manufacturing industry. That
is assumed as a fact ; but it is not a fact ; for the policy of
other countries interferes with the ordinary interchange of
different commodities. It is the policy of Germany, of Rus-
sia, and of France to maintain their own manufactures, and
to impose protective duties upon them, as against your labour
and manufacturing industry. It is nonsense to tell me that
you have set me the example by your restrictive system.
The question is, whether this principle does prevail in France,
Germany, and Russia, and whether they are determined to
maintain a protection for their own manufactures as against
the manufacturing industry of this country. If they are, it
is no use to say your manufactures might go out cheaper,
or might go out 'at all, if other countries agree that they
' will not introduce them into their markets. Now, the late
government was negociating a treaty with France. France
was anxiouttkat we should import, not her grain, for she
does not exportit, at least very little, but the brandies and
wines of France. She expressed herself very willing to re-
.ceive, in return, as much produce of our manufacturing in-
dustry. But when the question was asked as to British
cotton goods, she declined. " No ; it is just exactly those
which we are not prepared to introduce, and it does not suit
our policy that we should take them.; and, though you may
take our brandies and wines, our policy says that cotton shall
not be introduced into France upon a corresponding reduction
of duties." Why, the case is the same in Germany. Some
years ago, fifteen or sixteen years since, there was a large
reduction in the importation duties on foreign wool. The
principal portion of that wool came from Germany ; and its
importation was for the benefit of our own manufactures,
though it was complained of by our wool growers, but we
did largely assist the introduction of foreign wool into this
country. What was the result? That the Germans took
more of our manufactures? Not at all. The export of our
manufactures has fallen off in consequence of her wool being
infinitely more important;to Germany than her corn ; and at
this moment the amount of our imports from Germany con-
siderably
exceeds the amount of our exports to Germany.
Have there been any indications that Russia will take our
manufactures, our manufactured goods, upon the unrestrict-
ed introduction of her corn into this country ? I know of
none such. I am quite aware that Dr. Bowring has published
his reports on this subject ; and in them he states that, when
he talked of the introduction of manufactured goods, he was
favour of th
constantly met with, " Why don't you introduce our corn ?"
and he says, " I felt myself answered." No doubt it was
an easy answer to give to a gentleman who they knew was in
for it server to
Policy of allowing the introduction of foreign
corn into
served
into their r--, d; no doubt they thought it very conclusive;
ot9P his mouth and to prevent his inquiring
.knowout Lhe
see that a aZallsPosition to receive our manufactures. I
Tuscany. Bot doThrtlon of corn might be imported from
Noey‘r_nake any complaint that corn was
not introduced?
Y do make one complaint, as
to which I don't
Tuscans say, they should tve—
t the ladies may say, but the
mercial regulations between perfectly satisfied with the com-
mis country and Tuscany if we

could only take off the very heavy duty on the importati
,f straw bonnets. (Laugbter.) Now, therefore, I don't thi

that you must assume that the unlimited importation of
foreign corn will produce an unlimited consumption of British
manufactures. But even if it did, lam afraid, looking again
to the distresses which are suffered by the manufacturing
community, 1 am afraid that such is tle power, the elasticity,
the capability of production in this country, such is the
enterprise, and such the competition, I am afraid that, do
what you please, legislate as you will, it is an inseparable con •
dition from a great commercial country, that there should be
a periodical fluctuation, that there should be periodical pe-
riods of 'prosperity, and periodical periods of distress; for
the produce of prosperity leads to over ; over-trading
leads to exhaustion, exhaustion leads to a cessation of the de-
mand for labour, and a cessation of the demand for labour
leads to necessarily urgent and most painful distress upon the
part of the labouring community. (Hear.) Aud there is
another point which we must not overlook. It is a most se-
rious and embarrassing question ; I mean, not only the in-
t roduction of machinery, as superseding manual labour, but
the extent to which the labour of children is substituted for
the labour of adults. Now, recollect what the consequence
of this is. The labouring man finds out that his child, at a
very early age, is able to earn something to eke out his own
wristched wages; and this feeling of self-interest we can
hardly condemn, at all events we cannot wonder at it. He
subjects his wife at an early period to labour, I am afraid too
often to suffering, or at least to intense labour in the manu-
facturing department—for which, indeed, the delicacy of
touch of children, and their fingers, are better suited than
the labour of adults—but what happens ? The child is em-
ployed ' • he grows up to be a man ; and then it is found that
a much larger proportion of goods is produced and exported
than can be taken up, and the markets of the world are
glutted, and prices fall ; and the adult pays dearly for the
advantages which have been gained by the substitution of
machinery and the introduction of the labour of the child.
His lordship, after thanking his audience for their patient
attention to his arguments, concluded by saying that his
greatest pleasure in accepting office was to promote the wel-
fare and happiness of his country. His lordship was shortly
afterwarils declared duly elected.

LONDON MONEY MARKET,

(From Yesterday's Morning Heral d.

The stock people seem yet hardly to have recovered the
surprise into which thrown, first by the unexpected an-
nouncement in the Herald on Monday of the French loan,
and secondly by the funding operation of the treasury which
made its appearance on the market yesterday. The dealers
were extremely quiescent, as if ruminating and rather trou-
bled how to make up 'their minds on these new phases in
affairs. Meanwhile they seem disposed to lie on their oars,
for little, if any, business was transacted in the funds to-day.
and the quotations remain as before, excepting the exchequer
bills have improved Is. premium. Although opinions differ
among the lesser people as to the merits of the new funding
operation, yet it is plain to be seen that It is finding favour
with the large capitalists and money corporations, of which
this feeling the way in theexchequer market may be taken as
one proof. The accumulations of some of the assurance and
other money corporations, as well as of trust moneys, in ,
times of depression like the present are more difficult to deal
with in the way.?f satisfactory investment than on ordinary
occasions, because a large portion of the floating capital of
bankers and money-dealers usually finding employment
in discounts and for other commercial purposes, from
whence withdrawn when confidence becomes impaired by
trading disaster, is then brought into competition for tempo-
rary or permanent investment with the periodically recurring
accumulations under the heads referred to. As the home
funds are the chief if not the only object of recourse in such
cases for all parties, it follows that with such competition
the prices are easily acted upon, and rise susceptibly even
with purchases of but small consideration, more especially
when such purchases are made for account of parties known
to have large disposable funds, and not unreasonably be-
lieved therefore to be meditating gradually further invest-
ments on a proportionate scale. This susceptibility of the
market toward a rise, with the large amounts of money
waiting opportunity for investment, may be exemplified by
those operations in the reverse sense of sales of several hun-
dred thousand pounds' worth of stock lately effected on ac-
count of the Equitable-Office, and which, carried on from
day to day, scarcely affected the market to the extent of
per cent. decline at the moment, whilst its buoyancy was
such, and such the quantity of floating unemployed capital,
that even from that slight momentary depression it recovered
immediately afterwards. In the case of the Equitable
referred to, the stock was sold for the purpose of completing
a loan on mortgage contracted with the city and connected
with the rebuilding of the Exchange. It is rarely, however,
that public corporations or trustees will embark their funds
in mortgages, because not only are they difficult of recovery
and realisation when wanted, but also mortgages are almost
, always embarrassed by various risks of title and other com-
plications, even where the title may be unimpeachable.
These are some of the causes which will account for the fa-
vour with which this funding operation is being,viewed by
the monied interests. Here there is a determinate rate of

price at which they may invest, and which cannot be raised
upon them as in the case of purchases made in the open
market. In that market it Would not be possible to pur.
chase half a million of money without creating a rise of
prices to the extent perhaps of two per cent., but certainly
of above one per cent.

LONDON TRADE REPORT AND CITY

INTELLIGENCE,

Wednesday Evening.
TEA.—The market remains as yesterday ; Company's con-
gou, Is. 9id. to ls. 91d. per pound money.
SUGAR.-400:hhds. were sold in the raw market without
change in price. 211 cases and 143 boxes and barrels
Brazil sold ; brown and yellow at 13s. 6d. to 195., and
white, 225. to 245.

COFFEE.-100 tierces and barrels of West India, chiefly
Jamaica, were partly sold, fetching from 50s. to 119 s. 6d. ;
1,200 bags of East India were offered, and about, half sold;
Havannah description (vie the Cape), good ordinary, 455. to
47s ; Java, ditto, 50s. ; and 50 bags Mocha were taken in
at 955.

RICE.-3,374 bags Bengal were offered, of which the
sound was taken in at lls. 6d. for middling dull white.
PEPPER.—:IS3 bags white sold at sld. to 6',d.
PEARL. SAGO.-800 bags were offered, which partly sold at
17s. to 255. for. good ordinary to fine.
TIN.-773 slabs straits, partls sold at 70s. 6d. to 71s.
Scarcely a bargain was made to-day in the English funds,
which left off much the same as yesterday, Consols closing
89+ for money, and 894 to -1 for the account; New 34 per
cents. reduced left off 984, and Exchequer-bills 13s. to ltis.
premium. _ _ _

The foreign securities were equally passive. Spanish closed
214 to 4 ; Danish, 80 to 81 ; Brazilian, 671 to 681 ; Belgian,
1024 to 103/ ; Dutch, 21 per cents., 514 to 4; Colombian,
204 to 21; Mexican, 251 to 4 ; and Portuguese, 5 per cents.,
30 to 4.

Railway shares continue depressed. Birmingham, 65 to
67 premium; Great Western, 11 to 12 premium; ditto new,
4to premium ; South-Western, 501 to 513 per share ;
Gosport, par to premium ; North Midland, 3G to 34 dis-
count ; ditto, New, 8 to 7 discount ; Eastern Counties, 153
to 15 discount; Brighton, 5-k to discount; Blackwall, 10 to
per share ; and ditto new, 2 to 3 premium.