The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1846-01-27 00:00:00

TO CORRESPONDENTS.

A press of matter yesterday has crowded out a great mass
of communications—amongst others a well written " sketch
of a scene in play-house square."
We have not had time to read the lines by " Cigar."
We are sorry we could not find room for the temperate letter
of • • Anglicanus." He must bear in mind, however, that the
objection to which he refers was raised by a paper extremely
favourable to the Alliance, and which has supported its claims
with no ordinary zeal and power. We may insert the letter
in our next.
We should wish for a little further information on the subject
of •• an old correspondent's" 1 tter before inserting it.
We have received a communic ti n respecting the contracts
for the Pontoons for the landing stage at George's Dock. Our
correspondent who gives his name, says that he fears the
terms of the contract will debar many deserving parties from
estim,ting, and as far as the boiler-makers of this town are
concerned, the only ones who are capable of executing the
whole, and finding the necessary large amount of security,
are most of them busy with iron ship building. He expresses
a hope that the Dock Trustees wi I relax the conditions, so as
to enable many of our townsmen, who cau execute a part of
the work, to get a portion of it. At all events he hopes the
contract may not go out of the toWn. The revenue is de-
rived here, and will no doubt be expended here.
To show the necessity of the dock extension contemp7ated by
the Dock Committee, we may observe that we have at this
moment sufficient commerce to absorb the entire dock accommo-
dation of the port, in existence and in course of formation.
A glance at our river and our docks this very day w 11 afford
evidence of the fact.
The Mercury talks of parties being liable to a criminal prosecu-
tion for publishing, on onstamped paper, the Queen's Speech.
for gratuitous distribution, because it is an article of news. If
this be so, our contemporary almost daily subjects hirnself to
a peualty ; and, for the sake of precision, we beg to ask him
whether the publication, on unstamped paper, of the Return
of the Municipal Election, which he issues annually, is not a
greater offence against the•" clear and highly penal" clauses
of the Stamp Act, than a similar publication of her Majesty's
Address ? If our contemporary's legal knowledge be sound,
all pi ice currents, share lists, and commercial circulars, nay,
his own puffing placards, are infringements of the Stamp
Act.
As the Mercury persists in his calumny about the servants at
the Town.hall having had their wages lowered. and as the old
proverb says that there is no smoke without a fire, we may as
well state the sole ground which can by possibility exist for
such a pitiful story. We have the best authority (not that of
the Mayor, for we have never seen his worship on the sub-
ject, but our authority is such that even the Mercury would
respect) for saying, that the statements of our contemporary
are untrue from beginning to end. We are informed that,
without the sanction or knowledge of the Mayor, a member
of the Town-hall staff indirectly alluded, in the presence of
one of the waiters, to some such reduction ; but his worship
was highly indignant when informed of the circumstance,
and expressed his great displeasure at any such intimation
having been made. Our contemporary must know, if he will
allow h,s judgment to have fair play for once, that he has
been mis nformed, and that our statement contains the truth,
the whole truth, and nothing but the truth.
By some oversight we omitted to correct an error which has
appeared two weeks consecutively, and which completely
marred the sense-of the well written address of Mr. Briscoe,
in our first pager It will be found corrected to-day.

f<.r.,Dt W.ibrrpool *tanriarb.

TUESDAY MORNING, JA:;. 27, 1846.

The question which has so long agitated men's
minds is now solved. Although we know not the

precise details of the measure, we know sufficiently
well that Sir Robert Peel's Conservative Govern-

ment—a Governmein raised to power for the ex-

press object of supporting the principle of protec-
tion, as applied both to native industry and to the
Established Church of the land—is about to repeal
the Corn-laws, and to succumb to the agitation, of
which Mr. Cobden is the leader, and of which Sir
Robert Peel is about to become the humble fol-
lower. The principle of protection is now gone.
It is trampled beneath the feet of the Anti-Corn-law
League. Another generation may marvel to learn
that the statesman who, in 1840, denounced the

proposition of a fixed duty of Bs. per quarter on
foreign grain, and, on the strength of that denun-
ciation, succeeded to the chief place in the Govern-
ment of this mighty empire, was found, in 1846,
proposing the admission of foreign grain duty free ;
but sensible men, in this , generatiOn cannot marvel
at all. - _ -

We ourselves were perfectly prepared for it

Long ago we prepared our readers for it. Friends
without number told us we were wrong—we were
uncharitable; that treachery like this could not be
in a statesman, or in man. We spoke, however, of
the Sir Robert Peel of 1829—0 f the man who broke
his pledges to support his religion and his Pro-
testant Church—and we felt that we were justified
in anticipating from him the further betrayal of the
agricultural interest, as soon as ever the pressure
from without should reach and incommode him.

Whatever, therefore, may be the case with the
public, Sir Robert Peel has not deceived us.
The circumstances which have driven Sir Robert
Peel to the adoption of the policy which he is
about to propose to Parliament are stated by him-
self with sufficient clearness, and involve some most

illogical conclusions. The -tone, indeed, of the
entire speech in which they are conveyed—now of
pleading to former supporters and now threatening
—betray a confusion of mind and of purpose most
unworthy of the vigour of intelleet which we look for
in a great statesman. The failure of the potato
crop was the first thing which brought to him a
conviction of the necessity of prompt action with
'respect to the Corn-laws. He had, however, for
the last three years, been watching the effect of the
reductions made by his Tariff Act ; and " experi-
ence," he says, has convinced him that all the
policy of his past statesmanship has been based
upon error.
My opinions," be says, "have been modified by the
result of the experience of the last three years. I have
had the opportunity of comparing the results which have
followed during the three last years from that principle
upon which you have been acting for some years past—
namely, the gradual removal of protection on domestic
industry, I have had the opportunity of comparing the
periods of abundance and comparatively low prices with
periods of scarcity and high prices (cheers) ; and I am
led to the conclusion that the main grounds of public po-
licy on which protection has been defended are not tenable;
at least I cannot maintain them." (Cheers.)
He has discovered, from the experience of these
years, that a low price of food does not necessarily
imply a !ow rate of wages. Amazing discovery for
a statesman who has held office under four sove-
reigns ! as Sir Robert Peel boasts of having done.
" During the three years that preceded the month of
October last. prices were comparatively low. There was
comparative cheapness and plenty, and yet at no period
Were the wages of labour higher than during that period.
(Cheers ) If you take the:three preceding years, you will
find high prices, and co-existent with high prices you will
find low wages. (Cheers.) Well, then, I have six years ;
I have during the first three years high prices and low
wages; I have during the last three years low prices and
high wages (cheers); and I cannot resist the conclusion
that wages do not vary with the price of provisions."
But what has this to do with the " conclusion"
to which he las arrived, that protection is to be
withdrawn from the industry of the country ?
We shall not trouble ourselves to follow him
through his lame attempt to vindicate his conver-
sion—his pompous repetition of the stale fallacies of
the Anti-Corn-law League—but come at once to
the real cause of his change of opinion, which will
be best understood by giving that portion of his
speech in which he details the course taken by him
when he had determined to effect an alteration in
the Corn-laws. Referring to the commission which
was issued to inquire into the state of the potato
and wheat crops, he says—
" I could not consent to the issuing of these instructions to
the commi-sion without reservingon my own part the power
to propose to parliament some-measure of immediate re-
lief. The instructions were issued, and again I brought
under the consideration of the cabinet what I had pressed
on them on the Ist of Nov:mber—namely, the suspen-
sion of the restrictions upon irnportation,either by means
of orders in council or by calling parliament together.
But at that period my own position, I admit, was entirely
changed. The lapse of time, the increase of cgitalion,
and other circumstances had occurred materially affect-
ing my own position. 1 had been overruled in the
cabinet. The- noble lord opliosite had in the interval
written his letter (a laugh); and, giving him credit for
the best intentions, I must say, it wes a letter which,
after what had occurred in the cabinet (I'd most materi-
ally affect my positiou. The right hon. baronet was here
very indistinctly heard for about a minute. He then pro-
ceeded as :follows :—We werejtaking, as it appeared to
me, a natural and reasonable provision, not merely against
a great disaster, but against a great calamity, and it was
impossible for me, or those who gave advice to me that
the potatoes would fail, to avoid taking such precautions
as would justify us in the eyes of the conntry. I felt,
therefore, on the 26th of November, that nothing but
support of an united government—after the letter of the
noble lord (hear, hear)—would give a chance to me to
pass such a measure as I thought advisable. After that
letter I should have appeared to be adopting the proposi-
tion of the noble lord On the 22nd of November his
letter appeared, and that act of mine on the 26th of No-
vember, would have appeared to be a servile acquiescence
in his view's."
Here we have the secret of the.sudden conversion
let out. " Agitation " was impelling the
_minister
towards ultra Free Trade policy. Already he was
engaged in the task of bringing round his colleagues
to his own opinions, when—oh, that unfortunate
" Letter of the noble Lord! " It told the aspiring
artist, whilst on the very point of completing the
great work which was to astonish the world with its
boldness of design and beauty of detail, that he was
but a copyist after all ; and, in despair, he threw
away brush and pallette and prepared to follow
the more original author. Sir Robert Peel threw
down the reins of Government—submitted the
country to a long interregnum—inflicted upon every'
branch of commerce and of industry uneasiness
and injury, because, although prepared to carry out
Free Trade to its fullest extent, " after that letter
be would have APPEARED to be adopting the pro-

position of the noble Lord! " What miserable
vanity is here ! What inconceivable littleness of
mind ! He threw up what he tells us he was con-
vinced was an imperative duty, and was called for
to avert a great national calamity, because, " after
that letter," the world would not give him the
credit of originality !
Sir Robert has never had much of this quality of
a great statesman to throw away; and his vexation
at being in some measure anticipated by Lord John
is only natural. We are not at all sure, however,
that the measure which was floating in the mind of
the Premier on the 26th of November will prove to
have been the same which we now confidently ex-
pect to receive at his hand. It will be found, we
suspect, that the letter of Lord John, with its an-
nouncement of his adhesion to total and immediate
repeal, has urged Sir Robert Peel very far beyond
the point at which his mind was hesitating. In the
communication addresseil by the Whig leader to
her Majesty, he says :
" Sir Robert Peel's letter to your Majesty, commu-
nicated to Lord John Russell at Osborne-house, offers the
support of Sir Robert Peel to his successors, provided
their measures should be founded on certain principles,
which are there explained, and framed in a spirit of cau-
tion and forbearance towards the interests to be affected.
" The measures which Sir Robert Peel had in contem-
plation appear to have been the present suspension of the
duties on corn—a repeal of the corn-laws at no remote
period, preceded by a diminution of duties; relief to
the occupiers of land from burdens by which they are pe-
culiarly affected, as far as it may be practicable."
To the first portion of the scheme Lord John ex-
pressed his perfect assent; but objected that to re-
impose the duties, with a view to their gradual
termination, would he found to be most impolitic
and itnpraticable. He applied, therefore, to Sir Robert
Peel for a more extended pledge of assistance, which
was, however, refused, hut in such terms as induced
him to take office depending upon such assistance.
We infer from all the circumstances, and the whole
tenor of the correspondence, that the measures to
be announced this evening by Sir Robert himself
will go far beyond his original intention, if they do
not go beyond even those of Lord John Russell.
A few hours, however, will render speculation on
the subject unnecessary.

The intense interest and alarm which has for
some time prevailed amongst the monied interests
in the city, and commercial men throughout the
country, with respect to the effect of the with-
drawal of a large amount of capital from circulation
during the process of paying over the deposits on
the various new schemes into the hands of the Ac-
countant-General, has not been relieved by the reply
of the Chancellor of the Exchequer, on Friday even-
ing, to the question put to him by Lord John Rus-
sell. The noble Lord urged, on the part of his
constituents, such a departure this year from the
strict letter of the Ist and 2nd Victoria as would
allow the required operation to be performed
by the deposit of securities, as in the case of
ordinary business transactions, instead of money ;
and adduced, as a reason for entertaining great
apprehension of the result of the Act being
literally complied with, the fact that already,
to meet the anticipated emergency, the Bank had
contracted the period of loans for commercial pur-
poses from the ordinary one of one or two months
to twenty-one days. Mr. Mangles and Mr. Master-
man adduced other strong reasons in favour of the
suggestion of Lord John being conceded to. The
latter gentleman, and his large'experience ought to
have great weight, stated that " he could assure the
Chancellor of the Exchequer that, with respect to
the money market, considerable inconvenience was
already felt, because all persons were compelled to
save up their money, thereby crippling accomoda-
tions for commercial purposes, to the detriment of
the community at large."
The reply of the Chancellor of the Exchequer,
negativing the proposals of the City members, does
not appear to us to be dictated by his usual acumen
and knowledge of financial operations. By the
standing order, sought to be relaxed, he says, " all
persons embarked in railway speculations were
bound to make a certain deposit previous to the
presentation of their petitions to the House." We
might reply that the deposit in question has been
made by " persons embarked in railway specu-
lations." Their money—the money at least of such
of them as will present petitions—is already lodged
with their bankers or otherwise invested in sufficient
securities—viz., Exchequer Bills, India Bonds, ap-
proved Bills, or Consols. It is only the London
bankers who seek to be relieved from the necessity
of performing the operation of handing over the value
in such a shape as will not derange the currency of
the country. What necessity can there be of throw-
ing all these upon the market for conversion into
money to be handed over to the Accountant-
General, when the next day, or the next week, they
will have to be re-invested in similar securities ?
The object of the requirement of the Act was to
ensure bona fide paid up share lists ; and that object
is equally answered in whatever mode the financial
process of handing over the deposits to the Board
of Trade is performed, so long as the money has
been bona fide contributed by the shareholders.
The Chancellor urges, as one ground of his re-
fusal, his belief that the apprehensions entertained
are exaggerated ; and that " difficulties had origi-
nated to parties from the extent to which their spe-
culation had gone." In reply to the first argument,
it is enough to know, that apprehension does exist,
and must continue to exist until the extent of the
difficulty to be met is known—in other words, until
the whole money is paid over. And, in reply
to the latter, we can only repeat that the question is
not one affecting the speculators at all, but solely
one bearing upon those whose interests are con-
nected with the maintenance of the currency of the
country in a secure and even position. The spe-
culators in railways have performed their contract—
have paid their five and ten per cent. upon their
railway projects. Is the whole commercial commu-
nity to be thrown into difficulty for the next two
months, because Government and the Bank of
England cannot agree upon the easiest mode of
performing their part of the operation ? We say
not; and we think we are warranted in saying so.

We gave, in our publication of the 15th of July,
a mass of statistical facts derived from that most
valuable publication " Burns's Commercial Glance,"
for the half year ending June 30th, 1845, which
afforded evidence of an increase in the extent and
prosperity of the cotton trade, unparalleled in the
history of that or any other branch of the industry
of the country. Another publication of the same
important compilation is now before us, giving the
results of the cotton trade up to the close of the
past year, from which we proceed to offer to our
readers a few of the most instructive and impor-
tant items.

It has always been maintained by us, that the
mere amount of the raw material consumed in fur-
nishing the exports of the country was no satis-
factory test of the real value of our export trade;
but that such value was dependent upon the extent
to which the price of such raw material had -been
enhanced by the amount of labour and skill em-
ployed in its preparation for foreign markets. Mere
figures, stating that so many millions value of any
article have been exported, whose raw material we
do not produce, prove nothing beyond the employ-
ment'of the country's capital. What we want to
know is, by how much the country's industry has
been employed and- the people's comfort has been
advanced. Hence we have wished to see our ex-
ports consist of those articles upon which the
fullest amount of human industry and skill has
been employed ; and as affording evidence of a sa-
tisfactory aspect of Our commerce viewed in ti.is
light, we congratulated. the country upon the evi-
dence afforded by " Burns's Commercial Glance"
for the first six months of the past year.
The document before us, exhibiting the exports
of the whole year, we are glad to say, shows similar
results to the half-yearly statement Upon which we
last commented. It gives an increase in the extent
of most of the perfected manufactures, and either
a decrease, or a stationary position, in those upon
which the smallest amount of skill is employed.
Thus; the' exports of cotton yarn in 1844 were
130,214,437 lbs., and in 1845, they were
131,937,935 lbs.,—an increase not at all in propor-
tion to the total increase of our exported cotton
manufactures. Some most singular features, by
the bye, are indicated under this head, which will
furnish matters for comment at another oppOrtu-
nity. At present, however, as affording an index
of the progress of the trade in this branch of ex-
ports, we must state that in 1843, the yarns ex-
ported were 149,214,437 lbs., or considerably more
than either of the last two years' exportation ; in
1842, 136,537,162 lbs., whilst the average of the five
preceding years was under 110,000,000 lbs.
The next item on the upward scale of importance
is plain calicoes. Of these, the exports were, in