The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-11-02 00:00:00

.ers and owners of proof

,rtv in

the township, are not diipOsed to shirk the task of looking
their difficulties manfully in the face. During the past week,

ling upon t

of property, With a v

to take some steps to restore
_
the township to a solvent condition. It is proposed to seek

for powers, in ti

Le ensuing si

rate, probably of double the amo;Miorthat allowed by the
acts in existence, upon all household property, occupied or
unoccupied, one-half of which is to be payable by the own-
ers. It is also proposed to rate the land in. the township,
whether pi oductive or unproductive. From this source
it is expected that a considerable fund will be derived for
the liquidation of a part of the debt of the township, or
of the interest accruing to the bondholders.

Some hope is also entertained that, by prudent manage-
ment, and by the steps taking to transfer the docks into
the hands of Government, an increased population may be
drawn to the locality, and the rateable value and produc-
tiveness of property in the township may be increased.
Upon the feasibility of this project we express no opinion.
It is, however, impossible, from a review of the whole of
the facts, which we have stated above, to avoid arriving at
the conclusion, that the affairs of the township heretofore
have been managed in a manner very reprehensible, and
and with a view rather to the interests of land speculators
than to the present or permanent interests of the locality.
At the public meeting to which we have referred, when
the township will be moved to take the initiative in pro-
posing what may be fairly called a Property Tax, it is
also intended to urge the Commissioners to join in an
application for a Charter of Incorporation, either by Act
of Parliament, or by Royal grant. These measures have
met the approbation of a large portion of the respectable
inhabitants, and will doubtless attain legislative sanction.

Z accustomed

as to the wisdom of the mode of relief adopted, and it

capaouities of meeting the extent of the difficulties under
which the commercial world was suffering. A hopeful
tone of feeling, however, was very generally observable ;
and men congratulated themselves that, at the least, the

position of immovability on the part of government in
monetary emergencies was surrendered. On Wednesday
the buoyancy of the public mind was maintained, though
in a slightly increased degree; but towards the close of
the week the expectations of sensible benefit to be derived
from the measure greatly decreased. It was complained
that the Bank had asked too high a price for their assist-
ance, to allow of its being availed of to any considerable
extprif by racnantal•rla r‘artioa millihn fn rnalra ....loan', n 1,1"

. . -
sacrifices for their extrication from temporary difficulties,
whilst it did not assure against a return to the former
pressure, so soon as the limited amount of money likely
to be granted to desperate parties should have been taken
off. At first it had the effect of bringing out a consider-
able quantity of money, which had previously been
hoarded for investment at the low prices current ; and
especially this was the case in the Shares of the leading
Railway lines, of which the prices were supposed to have
reached their minimum. A temporary active business,
at rising prices. was the result, which however has since
disappeared.

The effect of the government measure has been further
neutralized by the announcement of a number of additional
both in London and in the manufacturing dis-
Amongst the latter is that of Mr. Robert Gardner
—a gentleman, who, it may be remembered,
oser of Mr. Wm. Brown, as member for
South Lancashire, on Free Trade principles, although
Mr. Gardner was in all other respects a Conservative.
His liabilities are stated at £lOO,OOO ; but his property is
ample, and it is said that a surplus will be left of nearly
£200,000. It is complained of that under such circum-
stances any stoppage should have taken place, on the
ground that Mr. Gardner should have submitted to the
sacrifice of property required to enable him to meet his
engagements, instead of throwing the inconvenience and

failures
tricts.

of Mancl

The other failures in.Manches-
er are not, in the aggregate, to any large amount.
Our Cotton market at the commencement of the week

well, upOn his creditors

was considerably firmer, at better prices. On Wednesday
and Thursday, however, the average was not maintained,
the arrival of the Hibernia on the latter day, with more
favourable advices of the state and probable amount of
the crop, operating to produce a feeling of depression.
The news per this mail will be found below. The sales
of the week are 22,200 bales, 3,000 of which (American)
are to speculators and 4,000 American and 130 Surat for
export. The imports are 17,651 bales. Stock in Liver-
pool 418,490, against 570,900 bales same time last year.
Great disappointment was felt at the non-arrival of the
specie, promised to be sent us from the United States, by
the Henry Clay, and subsequently said to be kept back
for the Hibernia. It is inferred now, from the rates of
Exchange current at New York at the period of the
packet's sailing, and the tightness of money which was
beginning to be felt throughout the Union that no supply
from that quarter, sufficient to relieve the Bank of En-
gland from its present difficult position, need be antici-
pated.
On Thursday accounts were received of the failure of
two small country banks—one at Salisbury, and the other
other at Shaftsbury ; and both of which Mr. Brodie, the
late member for Salisbury, who was succeeded about nine
months ago by Mr. Chaplin, is the chief partner. They
are both banks of issue ; the last monthly accounts pub-
lished, showing a circulation of £21,390 for the former,
and £10,093 for the latter ; but the former, it is under-
stood, is possessed of very large deposits, belonging to the
farmers and resident gentry of an extensive district, and
to the tradesmen and elergy of the town.
The account from Manchester on Wednesday brought
intelligence of the suspension of payments by Messrs. R.
J. Farbridge, and Co., East India merchants, and of Mr.,
Robert Gardner, an old and most respectable merchant
and manufacturer. His liabilities are about £100,000;
while his property is estimated at £300,000 at least.
Other failures in that town are also announced. From all
parts of the manufacturing districts we hear of the increase
of short time working, and of additional mills being
stopped.
We hear from the advices by the Hibernia from Ame-
rica, that the unfavourable news from Mexico had caused
a further decline in stock treasury notes (six per cent.
stock) had fallen from 41 premium to 1*; Reading Rail-
road 62 to 58. So far, the estimated cost of the war is
about twenty millions sterling ; and a new loan, on an ex-
tensive scale must now be made. Still, money was abun-
dant at six per cent. on four months paper. The exchange
ranges 109 to +. No export of gold was anticipated,
though some silver is shipping to France. Receipts of
m 43,000 against 42,000 last year'; export to Great
Britain 40,000 against 13,000; stocks 131,000 against
81,000. The estimates of crop range from 2,000,000 to
2,200,000 ; none being under the former figure. There is
a fair amount of credits for the purchase of goods in this
country. No failures had occurred at New York of any
importance. On the whole, the commercial accounts are
encouraging, and the immense resources of the country
will give them means to meet the extraordinary expendi-
ture of the war. Notwithstanding the talked-of unpopu-
larity of President Polk, his party were carrying the elec-
tions in Pensylvania by immense majorities.
It appears that during ten months, beginning Decem-
ber 1, 1846, specie had been imported into New York to
the extent of 8,572,694 dollars, against, in the correspond-
ing period of 1845-6, 553,478 dollars, being an increase of
8,019,216 dollars • and that during the month of Septem-
ber last 350,925 dollars were imported, while in the previ-
ous year but 2,255 dollars were received. The export of
specie during the corresponding ten monts amounted to
1,132,098 dollars, against 1,490,976 dollars in 1845-6.
In the manufacturing districts suspension of working
continues to increase. In Blackburn and Ashton-under-
Lyne forty mills have ceased working from a strike of the
hands ; amounting to 9,022 pereons. Active business
generally is considered to be only retarded by the state of
the money market. The difficulty for some time com-
plained of, arising from the high prices of the stock of
cotton in the country, and the doubtful state of the grow-
ing crop no longer exists. We have now a fair assurance
of a supply in the present year, of which the lowest esti-
mate is now stated at 2,200,000 bales ; and this will admit
of the national industry being once again fully exercised.
The advices with respect to the prospect of a small sup-.
ply of bread-stuffs from the United States until spring
has set in, has imparted a firmer tone to our corn mar-
kets, prices in which advanced on Friday 2s. per barrel
for flour, and other articles in proportion. It will be re-
membered that the same attempt was made last autumn
to run up prices, the American farmers withholding their
stocks, and representing the quantity available as very
limited. The same is clearly being played now ; but it
will be defeated, owing to the abundance of our own har-
vest and the stocks ready to be furnished us from Europe.
It is probable, nevertheless, that prices may rule fully or
nearly as high as at present throughout the winter ; but
the spring must bring us immense supplies, which must
be marketed, if at all, at ruinous rates.
By the return of the Gazette of Friday, the movement
of the Bank of England for the week ending on the 23rd
inst. gives the following changes compared with the week
ending on the 16th inst.:—ln the department of issue the
notes in circulation had decreased £124,155, which had
been produced by the decrease of £154,131 of gold coin
and bullion, and an increase of silver bullion to the extent
of £29,976. On the debit side of the banking department
the Rest had increased £19,003, the public deposits had
decreased £94,075,, and the seven-day and other bills had
increased £43,494., making the total of liabilities
£32,361,351. On the credit side the Government Secu-
rities had decreased £189,170; the other securities had
increased £503,802, the notes had decreased £1,082,845,
and the gold and silver coin had increased £6146, which
squared the account. The bullion in both departments
of the Bank had decreased from £8,430,700 to £8,312,691,
being a difference of £118,009. The paper in actual cir-
culation, including the seven-day and other post bills,
had increased from £20,263,004 to £21,265,188, being a
difference of £1,002,184.
Lowest price. Highest price.
TUESDAY Consols 83 to 84* money.
831 841 account.
WEDNESDAY . p, 821 831 money.

Pt PP 821
THURSDAY . . If 82} -

838 account.
82* money.

- -
1 t VI 821 -
FRIDAY -
PI ft 81k -
SATURDAY ..

831 account,
811 money.
81i account
801 money.

80- -

818 account

EFFECT OF FREE TRADE UPON THE CONDI-
TION OF THE NEGRO IN SLAVE COUNTRIES.

A correspondent of the London Times, in a letter ad-
dressed to Lord John Russell, after describing the ruinous
effects of Free Trade in our own Colonies, gives the fol-
lowing graphic description of a visit to Cuba, at the period
when the relaxation of the duties on foreign slave-grown
sugar was first conceded :

" I spent the beginning of this year in Cuba, with a
view of ascertaining the preparations which were being
made in that island to meet the opening of our markets.
To an Englishman coming up from Grenada and Jamaica
the contrast between the paralyzed and decayed aspect of
the trade of those colonies, and the spirit and activity
which your measures had infused into that of the Havan-
nah, was most disheartening.
"The town was illuminated when I landed in conse-
quence of the news of high prices from England. Three
splendid trains of De Rosne's machinery, costing 40,000
dollars each, had just arrived from France, and were in
process of erection ; steam-engines and engineers were
coming over daily from America; new estates were form-
ing : coffee plantations were being broken up, and their
feeble gangs of old people and children, who had hitherto
been selected for that light work, were formed into task
gangs, and hired out by the month to the new ingenios,
then in full drive.
"It was crop time. The mills went round night and
day. On every estate (I scarcely hope to be believed
when I state the fact) every slave was worked under the
whip 18 hours out of the 24, and, in the boiling houses,
from 5 to 6 p.m., and from 11 o'clock till midnight, when
half the people were concluding their 18 hours' work ;
the sound of the hellish lash was incessant ; indeed, it
was necessary to keep the overtasked wretches awake.
"The six hours during which they rested were spent in

THE LIVERPOOL STANDAItb.

I FINANCIAL AND COMIIIERCIAL SUMMARY. a barracoon,—a strong, foul, close sty, where they wal-
e lowed without distinction of age or sex.
r On Tuesday morning the announcement in our paper " There was no marrying amongst the slaves on the
' and in the evening papers of the preceding day, from plantations ; breeding was discouraged ; it was cheaper
London, that the Government had relaxed the princi and less troublesome to buy than to breed. On many
le estates females were entirely excluded ; but an intelligent
of the. Bank Charter Act, and authorised the Bank of American planter told me he disapproved of that system.
England to increase its issues, charging a minimum of 8 Religious instruction and medical aid were not carried out
per cent., afforded sensible gratification in commercial generally beyond baptism and vaccination.
circles ; and the prices of all descriptions of produce, and " Whilst at work the slaves were stimulated by drivers,
of Shares, assumed firmness, to which we had not for armed with swards and whips, and protected by magnifi-
• - - Opinions varied, of course, cent bloodhounds.

" To afford you an idea of the light in which negroes
are looked upon by the Cuban planters, I will mention
that I was present at a hiring bargain which took place
between an American and a Frenchman, both inert of
unusually The American wanted 10

The Frenchman only wished to let
facetiously, 'Elles feront fereter