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

V clay 444',

importation

of straw bonnets, (Lai bter.) Now, therefore, I th,n't think
that you must assume that the unlimited importation of
foreign corn will produce an unlimited consumption of British
manufactnres. 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 the 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-trading; 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
wretched 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,.l 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
afterwards 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 the exchequer 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 of 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 hurtle
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 I
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. 91d. to Is. 91d. per pound money.
SUGAR.-100: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 (aid the Cape), good ordinary, 455. to
47s ; Java, ditto, 50s. ; and 50 bags Mocha were taken in
at 955.

Ric-E.-3,37,1 bags Bengal were offered, of which the
sound was taken in at lls. Gd. for middling dull white.
PEPPER.-353 bags white sold at 51d. to Gid.
PEARL SAGO.-800 bags were offered, which partly sold at
17s. to 255. for good ordinary to fine.
TIN.-773 slabs straits, partly 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
894- for money, and 89i to for the account • New n per
cents. reduced left off 981, and Exchequer-bills 13s. to 16s.
premium.

The foreign securities were equally passive. Spanish closed
211 to ; Danish, 80 to 81 ; Brazilian, 671 to 681 ; Belgian,
1021 to 1031 ; Dutch, 21 per cents., 51i to -; Colombian,
20 to 21; Mexican, 25/ to ; and Portuguese, 5 per cents.,
30 to 1.
Railway shares continue depressed. Birmingham, 65 to
67 premium; Great Western, 11 to 12 premium; ditto new,
4 to 1 premium ; South-Western, 501 to 511 per share ;
Gosport, par to 4 premium ; North Midland, 36 to 34 dis-
count ; ditto, New, 8 to 7 discount ; Eastern Counties, 151
to 15 discount; Brighton, 54 to 4 discount; Blackwall, 10 to
1 per share ; and ditto new, 2 to 1 premium.