The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-01-12 00:00:00

COMMERCIAL REVIEW,

We gave in our last several extracts from the circulars
of some of our leading brokers, and we have now the
satisfaction of giving the following valuable remarks
from the excellent annual circular of Messrs. Littledale
and Co. :

" At the close of the commercial year it is usual to take
a short retrospect of the principal incidents which have
marked its course ; and it is well we do so, that we may
see how evils which threatened its commencement have
been dispelled, and how far anticipations of good have
proved correct or fallacious, and thus be enabled to arrive
at more just estimates for the future. Few years have
exhibited greater changes than the one just past ; and
whilst its commencement presents a lesson on the effects
of over-speculation never to be forgotten, its close should
certainly inspire confidence in the energy and resources of
this great commercial nation. The amount required for
railway deposits by a fixed day in February was so gigantic
as to be thought beyond the limits of the circulating
medium to supply. All parties dreaded the storm, but
none could devise the means to escape. The banks were
pressed, and unable, however willing, to afford relief to
their constituents ; the bill discounters, seeing the pressure
coming on the market, scarce knew what rates to ask,
and the Bank of England herself, compelled to act on the
defensive, was most chary of her funds, so that for a time
every channel of accommodation appeared closed; trade
and commerce seemed paralysed • produce was depressed ;
many bankruptcies occurred, and still more were antici-
pated, till the stoutest heart began to tremble for the
issue. Yet, after about three months of difficulties,
confidence began gradually to revive • money became
more plentiful, transactions increased, and the dread storm
which for a time threatened destruction speedily passed
away. And why so ? The money panic was rather a
derangement than an abstraction ; it remained at home,
and soon returned to commercial channels ; produce of all

kinds was low in price, and a large consumption secured
by the general activity of every branch of domestic
industry, But not only had business to contend for some
months with a money pressure ; it suffered, in the pro-
duce markets especially, almost as severely from legislative
changes. A commercial budget, the most important ever
submitted to the British nation, was brought forward in
January, and not passed until June—six months of per-
plexity and suspense succeeded a change of ministers, and
still further change in duties.
" After such an accumulation of hindrances it might
naturally be thought that the consumption, as well as the
imports of produce, must have materially suffered ' • but
such does not appear to have been the case, both having
increased in a satisfactory ratio. The imports of produce
generally have greatly exceeded former years, yet the
deliveries in all the leading articles of consumption show
a corresponding increase, and the stocks in many instances
arc higher than at the close of 1845. Prices throughout
the year have ruled moderate and pretty regular, corn and
cotton excepted.
We have yet to notice the most important chance
which has occurred in this eventful year—one which will
give notoriety to its commercial annals, and exercise the
greatest influence on the future interests of this country
—the passing of the new corn-law—the crowning measure
of free-trade legislation. Years must pass before a cor-
rect opinion can be formed of its real merits ; but one
point is clearly established by it, which is, that free-trade
must in future be the ruling principle of our commercial
policy, and any high restrictive or protective duties must
speedily vanish. In this rests our strong claim for the
admission of sugar and molasses for breweries and for dis-
tillation, and for the prompt reduction of the monster
tea duty.

INTERESTING TO THE LOVERS OF FINE ARTS.
The Art Union Journal for this month contains the
following important announcement : •
"A remarkable invention for the formation of large figures
has been made by. Messrs. Moser and Kriegh (two Prussian
Artists), the material being nothing more than the scrapings of
the public roads, which is cast and consolidated into a material
like sandstone, but is said to be superior. This invention is in
operation at an establishment at Charlottenburg."
What a serious dilemma this gets us out of ! We
have long wanted to immortalize some of our great men,
and many of our public buildings have as long wanted

ti decorations, and we have only been deterred by the cost.
The Custom House, which has no statue, looks sulky at
the Town Hall which has. St. George's Hall has been
promised a pediment, and ought to have a statue. Yet

we have plenty of " scrapings" to accommodate both the
new and the old buildings at a very cheap rate. We
could find enough street and other dirt in the neighbour-
hood of St. George's Hall to make a colossal figure of Mr.
William Earle, who we presume:will aspire to any honour
connected with it ; and if his claim to immortality is not
fully made out on this ground, he deserves it as the au-
thor of the celebrated assertion that for a man " to die of
starvation in Liverpool is impossible." Some of the
late Highway Board might possibly claim to have their

ikenesses perpetrated in their own materials. A single
' corporation bed" would make two moderately large
ized statues. In some of the new streets, which are

mented figure of every owner. In fact—thanks to Prus-
sian inventiveness—we may now say to any aspiring indi-
vidual, in whatever street we may meet him, Si monu-
mentum quceris, circumspice !" If you want to be a
"large figure" in the eyes of posterity look in the gut-
ters. By the bye, the gentlemen composing the water
companies possess a powerful claim to be remembered in
this way.

THE REV. HUGH STOWELL ON THE ACQUIT-
TAL OF THE SEVEN BISHOPS.

A lecture has recently been delivered to the members
and friends of the. Christ Church Literary and Scientific
Institution, Salford, by the Rev. Hugh Stowell, M.A.
Hon. Canon of Chester, the subject being a splendid
painting by Mr. Herbert, R.A., of the Acquittal of the
Seven Bishops, in 1688, which was kindly permitted by
Mr. Agnew, of the Repository of Arts, Exchange-street,
whose property it is, hnd for whom it is being engraved,
to be exhibited iri the room during the lecture. Nearly a
thousand persons were present. .

The rev. lecturer commenced by directing attention to
the interesting character of the painting, and its merit as
a work of art. He then proceeded to trace the progress
of the Reformation from the time of Henry VIII, through
the succeeding reigns of Edward VI, Queen Mary, Eliza-
beth, James I; Charles I and 11, to that• -of James IL
whose insididus and tyrannical attempts to bring this
realm undei the domination of Popery excited the resist-
ance of the seven bishops, whose acquittal from the charge
of contumacy brought against them forms the subject of
this picture. The circumstances under which such charge
arose may be briefly stated.

With the view of gaining for Popery greater power in
the constitution, James affected great favour towards No-
nconformists ; and having fir.st. afforded them, by his pre-
rogative, an extension ofprivileges in Scotland, by which
extension Roman Catholics were mainly sought to be ag-
grandized, issued a declaration of a similar measure for
England. This declaration he required the bishops and
clergy to have read twice in their churches ; but, out of
the twenty-four bishom 4.-- 4 TO_,.

eignteen remained true to Pro-
testant principles, and a mere fraction of the clergy sub-
mitted to read it, most of them authorising their congre-
gations to leave the church, whilst it was read to bare
walls. Seven out of the bishops, headed by. Sancroft,
Archbishop of Canterbury, took the bold step of protest-
ing against the Declaration • and for this offence, by the
advice of Father Peter, the King's Jesuit confessor, they
were committed to the Tower, and, amidst an almost uni-
versal excitement of the Protestant body of the people,
were ultimately brought to trial. Notwithstanding the
Partizanship of some of the judges, and the efforts of the
king's brewer, who was on the jury, to bring about a con-
viction, the re,ult of the trial was a verdict of acquittal.
The scene in court, and that which followed the giving of
this verdict, is thus described by the reverend lecturer :
„

"The court assembled at ten o'clock, the crowd thronged
every corner of the beautiful building so correctly repre-
sented in the picture, where the painter had most happily
caught all the features of the ancient edifice, and given a
living representation to the scene that took place on that
memorable morning. The whole of the avenues and
streets approaching to the hall were one living mass of
anxious and thrilling hearts. The cryer commanded

silence " in the court ; the foreman of the jury presented
, himself, and was asked, " Are you agreed ?' Yes, my
lord," he replied. A universal hush pervaded the whole
of the thrilling multitude. " You say that the bishops
are guilty or not guilty." "Not Guilty, my lord," said
the foreman, " Not guilty ;" and it is said that the chief
justice, annoyed and chagrined appeared not clearly to
hear and asked again, " Say you, not guilty ?" " Not
The words
guilty,"agacainu .said
liketh the foreman, d
fifo:ielmarne and h
, with
sincreasedout wentem roundpbasis.

.5 u.•
ott thought hall,'lll i t
triumph.utthtiseai
dttla,atlswlphiLahosaosdretddocoCrtakilkrueeupndgd.h!te:Ss:ca:uwlyed:lni
acl%
windows
carried
ther.tetudhleidt fbraooutburstne
mul-
titudestreet, and from alley to alley •, it passed through the
dense multitude like an electric shock, and communicated
itself to the owskirts, and was caught up by the distant
multitude. It reached the encampment on Hounslow
Heath, and the soldiers answered to the civilians, and
" not guilty" echoed from one end of the city to the
other; it might be said to have spread like wild fire in the
stubble field, till it reached the very extremities of the
kingdom."

After commenting further upon the excellent manner
in which the painter had treated the subject, Mr. Stowell
deduced from it the following valuable lessons :

" Some modern liberals lead thought that Rome was
changed, and the conduct of the present pope had been
urged in proof, because, he had been liberal in his conduct
to his states which required his patchwork, or they ap-
peared likely to fall to pieces, but he was the same as his
predecessors, and showed himself as much the bigot in
, • ,

his late encyclical letter as his predecessor. Another
lesson was, that the Church of England had been, and is
the advocate, and defender of civil liberty, while the
Church of Rome was its grand . enemy, and that was a
lesson he wished all liberal statesmen and liberal members
of parliament to learn, and he was sure we would. not
have grants to Maynooth, or propositions to endow the
priests of Ireland. But there was also to be learnt from
this the value of dependance upon God, who sustained
these holy men under their difficulties. There was no
small resemblance between the circumstances of the land
when this great event took place, and the circumstances
of the land at the present moment. He believed our
blessed reformation and constitution was sadly mutilated,
cur safeguard for civil and religious liberty had been
Lroken in upon by the compromis►ng legislation of later
t mes, and in consequence he believed Rome had liberty
and power exceedingly impairing our liberty and freedom
of conscience, and that Jesuits were about acting beneath
the surface. There was too much resemblance in the fact
that some of the clergy were too much attached to Rome,
though the great mass of the clergy were sound at the
core. He feared we were not far from an attempt which
would bring the parallel still nearer. He should look on

the attempt to endow the Church of Rome as the last fatal
suicidal act which would identify us with Rome, and make

us the most inconsistent nation under heaven ; for while,
on the one hand, we made our monarch declare Rome to
be an idolatrous church, on the other we caused her to
sign an act of parliament to endow the idolatrous church
and the forsworn. He trusted that when the day of trial
did come that the spirit of the seven bishops would re-
animate the bench of bishops of Ireland and her clergy,
and they would repudiate the idea of connection as state
pensioners with the church of Rome. There was one
point of the parallel, he confessed with sorrow, would not
hold good, and that was the determined Protestant spirit
exhibited ; but this he hoped would be exhibited when
requisite.