The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1849-12-04 00:00:00

COMMERCIAL AND MONETARY REPORT,

EXCHANGE NEWS-ROOM, MONDAY.
The reduction in the rate of discount at the Bank of
England has not materially affected any market except
that for shares, which, as will be seen below, has again
improved. The rate at which cash could be obtained on
good paper was so moderate before that the reduction of
k per cent. has not had so important an effect as under
other circumstances must have resulted. Our Money
Market has decidedly reached prosperity prices. The
publication of the Bank returns, showing a further
increase of £342,000 in the bullion, gave an additional
impulse to the English funds an Saturday, and Consols
closed at an advance of nearly a quarter per cent. The
first price was 951 to 2, and they left off at 954 to +, both
for money and account. Bank Stock closed 200 to 202.
In our last we stated it to be our impression, now that
the Cotton speculation was subsiding, that public atten-
tion and the current of money would turn 'towards the
Share-market. The events of the past week have con-
firmed this impression, and shown it to be a correct one.
On referring to the share-lists, we find business has each
day increased, and the same time prices have each day—
without any of the excitement betokening a transient rise
(or a spirt, as the profession denominate it)—gradually,
steadily, and healthily advanced ; and these higher prices,
instead as of late, bringing in sellers, have brought out
additional buyers ; we now hear on all sides, of mort-
gages being called in, and bank balances being used to
buy shares. The old stock, especially those at a consi-
derable discount, as Midlands, &c., are those particularly
in demand. A hopeful feature of this change is, that
the bankers in town, desirous to employ their capital in
its present abundance, appear to be encouraging it. We
are told also that the London jobbers doubting at first the
permanence of the movement, delivered their reserve of
stock (the reserve they keep in their own names as an
auxiliary to their bear operations), and that they too
are now becominc, buyers ; so that we have three classes
of buyers, viz., 1. The public bona fide buyers. 2. The
speculators, backed by the bankers and the dealers. For
these reasons we are of opinion that the advance of the
past week is hut a commencement of a material and per-
manent one, and we would recommend the (hitherto un-
fortunate) holders of shares to withhold sales at present,
resting assured that the winter of their discontent is passing
and that they will soon see their property reach some-
thing like its real value in the market—a value harmoniz-
ing with the current rate of interest on money. Our
market again closes good this evening. Business has
been done during the day at the following prices :—Cale-
donian, 121; Leeds fifths, 6 3/9 + d. • London stock
1161 116; do. quarters, lk 3/9 k 1/3 -k 1/3
1+ p. ; London fifths, 2 1+ p. ; Midland 50's, 20 2-
8/9 d. ; North British preference, 5k ; Dover No. 4,
6 16/3, 61 16/3 7/8 ; Newcastle preference, 4+ 14 48 4 ;
Royal Assurance. p. ; Fire and Life, asked for,
2+ to 21 p., new shares, 2+ to 3k.
The estimates of the Cotton crop having somewhat in-
creased, according to the Hibernia's advices, which also
mention large receipts at the ports, speculators paused,
the trade bought as little as possible, and prices further
receded, up to the close of business on Friday, kd. per lb.
on American descriptions, making the decline from the
highest point Id. per lb. The total sales of the week
amounted only to 19,000 bales, of which spinners took
12,900. This is the fifth consecutive week in which spin-
ners have purchased very sparingly, and on the average
have only taken some 17,000 bales weekly, so that they
must have reduced their stocks 50,000 bales. On Satur-
day, however, although the sales only amounted to 4000
bales, including 1500 on speculation, the market was
steadier, with greater regularity in prices. The Cambria
steam -ship arrived this morning. The estimates previously
given are in some instances reduced, ranging now from
2to 2,300,000 bales ; but the receipts had increased. The
shipments for the week to Great Britain were 23,000
bales, and the weather generally continued fine. The
market this day has been very languid, and the sales sum
up about 4000 bales, (chiefly American, at ad. to 61d.
per 1b.,) at a decline generally of an eighth per lb. on
Friday's prices. The stock is 100,000 bales less than it
was this time last year, and as the spinners in many in-
stances have nearly exhausted their own, we may look for
more doing before very long.
By the official tables published by the Board of Trade
for the month ending the sth November, there has been
imported 145,617 qrs. of wheat, and 188,602 cwts. flour ;
whereas, the quantities taken for consumption are 154,193
qrs. wheat, and 196,697 cwts. flour, thus showing that the

demand has been in excess of the arrivals by 8,576 qrs.
wheat, and 7,495 cwts. flour ; whilst, on referring to the
importations for the same period last, we find there were
'entered for consumption 506,721 qrs. wheat, and 251,182
cwts. flour, from which it is contended by some parties
that the recent fall in wheat is not so much due to the
arrivals from abroad as to a general disposition manifested
by our growers to force their produce upon the market,
irrespective altogether of the prices ruling on the conti-
nent. It should, however, with more justice be ascribed
to a combination of causes. Farmers finding themselves
possessed of more than an average amount of produce,
owing to the plentiful harvest with which this country has
been favoured, it is natural that they should be desirous
to effect sales ; but as we find at Newcastle-upon-Tyne
that farmers' wheat realises an advance, while the foreign
article remains stationary in value, it is clear that the
demand for native produce is in excess of the supply, and
that consequently the weight of foreign importations may
be considered the chief cause of the depression in value.
It is not necessary for importations to be taken imme-
diately into consumption to effect a depreciation in prices.
Farmers' wheat is also higher at Wisbeach. With these
exceptions the English markets are generally dull, and
lower. In Ireland, although the English advicss always
do much to rule the markets, only a partial participation
has taken place, and a pretty general improvement is ob-
servable in the demand for Indian corn, which in some
instances is 2s. 6d. per ton dearer. Advices from Youghal,
however, are of an opposite tendency.
But few transactions have taken place •in Brunswick-
street since Friday in wheat and flour; it is, however,
anticipated that the decline in London, as noticed below,
will have some effect upon to-morrow's market. There is
little Indian corn offering at present, owing to which
rather better prices have been obtained.
Since Thursday last the demand for Sugar has not been
active; grocery descriptions of W. India are becoming scarce,
and command full prices, but for other sorts former rates
are barely maintained ; the Sales consist of 300 hhds.
W. 1., 5000 mats Mauritius at 375. to 375. 3d., and 500
bags Bengals, dates 345. 6d. to 355. No sales in Molasses.
Rum steady ; 60 puns. Demerara sold at 2s. 2d. to 2s. 3d.
for 38 per cents. Rice very quiet. The demand for Coffee
is unabated, and no doubt a further rise in the value of
all descriptions will take place. The sales comprise 150
tierces Jamaica at full rates ; 300 bags native Ceylon 505.;
and 51s. has been refused for a parcel consisting of about
1000 bags good ordinary. 500 bags Costa Rica realized
50. per cwt. for fair ordinary. Cocoa has also been in
great request both by the trade and speculators ; 2000 bags
Guayaquil fetched 265. 6d. per cwt. ; small parcels have been
placed at 275. 6d. to 28s. Jute is not much wanted;
about 1500 bales have changed hands at £l2 7s. 6d. to
£l4 10s. per ton for fair ordinary to middling; a small
parcel of very superior quality brought as much as £l9
per ton : good and fine quality is very scarce. For Nitrate
of Soda there is a speculative inquiry, and prices have
advanced to 12s. 6d. to 12s. 9d. per cwt. In Saltpetre
there is little stirring.
A reference to the circular of Messrs. Duncan and
Ewing shews that during the present year the importa-
tions of Colonial Timber have considerably increased,
while those from the north of Europe have decreased
more than one-half, the tonnage being
From Ist Feb. Same time Average for 4
to 30th Nov. 1849. last year. years previous.
North American C010nia1..206,567 178,007 182,625
North of Europe 12,204 24,838 28,633
The circular further states that
" The aggregate supply since the commencement of the year
of import considerably exceeds an ordinary quantity, which
causes the market to continue in a depressed state, prices are
somewhat lower than they were a month ago. Several of the
importers, however, looking forward to an improvement in the
spring, prefer storing their cargoes than to accept the present
very low rates ; this for a time has a tendency to steady the
market, but when these cargoes come to be offered for sale in
the spring it may be the means of checking an advance that
otherwise might take place." _

The comparative prices of colonial wood present a curious
irregularity ; but as these must in some measure depend
on the relative imports, we subjoin both
Import SincelstFeb. Sometime Prices
from to this date. last year. this date

Same time
last year.

Quebec 68,705 logs Pine 49,625 aellwid@ald
14 —l4k
St. John, '
N.B. 32,441 „ 33,8601....• .18 —l9i 15 —lB „
Other f Miraml3-14 13 —l3k ~
Ports 9,231 ~ 12,1431 Pictou 12— 0 12 —,O „
Quebec337,447pcsDeals 182,808 { r'pinreucel6 I°s?-771216 1(0).1.61r,5,.
{Pine, 2d®2411 2p?}disft,2in

St. John,
&c. ' 2,3,

1,438,87

arc. ~53'.042pcsPInkst,,, 1 Sprucell--li Ig-14 „
Quebec 5,442 logs Oak 3,402 is 7@is 9 is 9@2s Wt.
Messrs. Holme, Slater, and Crook attribute the present
low rates to " the great difficulty of storing the immense
quantities which have latterly arrived, and the great ex-
pense of performing this operation in Liverpool ;" and
adduce arguments to prove the superior advantages of
Birkenhead, where, they say—
" The importer or dealer can hold his timber in the store at
the moderate rate of WI. per foot per year, with a trifling
charge for attending the rafts and keeping them in repair, de-
livering the timber afloat to the various carriers, and ensuring
its safe custody. Another heavy expense and annoyance is
here avoided, viz., the heavy dock fines • which often in Liver-
pool, during the busy season, amount to a considerable item.
The advantages offered in this place are so self-evident, that
we need only enumerate a few of them, sheaving how much
greater the facilities are here than in Liverpool, to induce the
importers to give it their serious consideration. The timber is
here discharged into the water without the expense of teams
of horses, and removed to the store without the expense in-

curred by this process as in Liverpool; the vessels for trans-
porting it to the place of consumption can enter the place of
deposit and take the timber on board without expense to the
purchaser ; and if it has to go by rail, it is floated to the railway
wharf in like manner."

American Lard has declined 6d. per cwt. A moderate
business is reported in Bacon, on terms about 6d. to ls.

easier than last week. The imports of Cheese have been
large, and prices have receded 2s. per cwt. Beef and Pork
are both dull, the tendency being downwards in value.

The first parcel of new Beelhasarrived from Baltimore.

Tallow -has recovered the decline mentioned in our last

WOOL AND OIL,

Unlike the Cotton market, some new feature of which
is developed day by day, and reported each afternoon in
shoals of little octavo circulars, the Wool trade, although
both important and extensive, is slower in its movements,
and more subjected to the influence of periodical sales, so
that we have to wait patiently for the monthly circulars,
for anything like succinct details of the progress of the
market. Messrs. Joseph Robinson and Co. published the
following particulars on Saturday :
" Considering the reduced stock, and limited imports, a fair
business has been done during last month in wool ; and
although the market is cleared of most useful descriptions, no
advance in prices can be notified ; still the feeling is in favonr
of a rise, probably the commencement of the new year will
cause a move upwards. Throughout the scene of manufacture,
mills continue fully employed, and are working mostly to
order, sheaving that the trade is in a healthy state, nothing need

be feared for sometime hence, seeing, at this advanced period
of the season, no falling off in the consumption. Buenos
Ayres has been more freely sold by private treaty, especially
for export; sales have been effected in Greasy Barbary, Washed
Oporto, Egyptian, Turkey, East India, and Peruvian, &c. In
Russia little doing. There is a demand for Cordova, a shade
under the figure asked • also for good Peruvian, of which not
much is to be had ; other descriptions of coarse are in request
at the quotations. Public sales were held here on the 23d ult. ;
small parcels only were offered, consisting of Australian, East
India, and Washed Peruvian ; the attendance was moderate
for the quantity ; all the Australian and East India was dis-
posed of at full prices, and the Peruvian would have sold at the
current market value, but was withdrawn for higher rates.
There is now a bare supply of Mohair, no sales are reported.
Alpaca is in demand, and scarcely any here. Scotch : Trans
actions continue on a limited scale, though more has been sold
lately ; Cheviot is enquired after, but few sales ; very little
doing in Laid and White Highland at the quoted prices, and
holders refuse to submit to any reduction.—English and Irish :
Sales are trifling, the demand being rather easier ; there is a
want of assortment, or more could have been cleared. The
metropolitan sales commenced on the 29th ultimo, and will
continue some time, the quantity brought forward being about
20,000 bales.

" Although the oil Market was quiet since our last, holders
are firm, and no change is to be notified in value ; more enquiry
is evinced recently, and we see no prospect of a reduction, but
the contrary, for consumers are only indifferently supplied."

LATEST INTELLIGENCE.

(BY EXPRESS.)

LONDON MONEY MARKET.—YESTERDAY.
Consols opened and closed good. Closing price, 95,

YESTERDAY

LONDON SHARE MARKET
Shares did not close quite so good as they were at an earlier
time in the day : London 115, 116 ; Midland 51, 2.

LONDON CORN MARKET

YESTERDAY

The display of Wheat this morning from Kent was small ;
from Essex, moderate. The foreign arrivals being large, a
slow business resulted, at a reduction of fully 2s. per qr. from
the rates of Monday last, on both English and Foreign. The
amount of Barley brought forward was not met by a corre-
sponding demand, and prices declined Is. to 2s. per qr. Oats
were very difficult to sell, on terms 6d. to Is. per qr. easier.
Beans and Pease both dull, and cheaper. Town-made Flour
moved off tardily; ship markets in some cases Is. per sk.lower.

English Red Wheat
White „ •

ARRIVALS

38s. to 435.
41s. to 48s.

English Wheat .. ..2,iii Foreign.. .. 23,40 C
„ Barley.... 2,897 f , 32,923
~ Oats 1,114 „ ... . 51,654
„ Malt 3,134
„ Flour 4,853 „ .... 4.708
„ Beans 923 „ .... 1;268
‘,.............--....................

LITERARY NOTICE.

The Covenants Distinguished ; a Sermon on the Restora-
tion of the Jews. By the Rev. Dr. M'Neile. Liver-
pool: Newling.
WE have already observed that this sermon was preached
in St. George's, Bloomsbury, and has been published in
compliance with a wish expressed by a considerable num-
ber of clergymen, who heard it. It is a most masterly
argument, and will well repay a serious and pains-taking
perusal. The reverend author selects as his text the
seventeenth verse of the third chapter of Galations.—
" And this I say, that the covenant that was confirmed
before of God in Christ, the Law which was four hundred
and thirty years after, cannot disannul, that it should
make the promise of none effect." The covenant here
referred to, being, as the author contends, the promise
made to Abraham, and to his seed, of " all the land of
Canaan for an everlasting possession" (the two phrases of
" the covenant," and " the promises made to Abraham,"
beingused synonymously by the apostle,) was entered into
with Abraham without any condition whatever. " There
is no intimation of any contingency : no hypothesis of
obedience on the part of Abraham or his descendants.
* * * What consisted of free and absolute promises to
Abraham, the apostle calls a covenant confirmed in
Christ," who, in ' due time performed all the conditions
required by the high and holy moral government of God."
This covenant he then contrasts with that made with
Moses, " four hundred and thirty years after," which the
author argues was conditional throughout, and which has
been utterly abolished, and has totally vanished away.
" The contrast between the language of this covenant and
the promises made to Abraham is most striking. The
blessings held out are the same—prosperity to the nation
—salvation—and the land—but the manner of speaking of
them is totally different. Here is not the absolute I WILL;
but the avowed condition and contingency, If ye be
obedient. Here nothing was confirmed in Christ,' but
all wlitt d to be confirmed by the persevering obedience of
the people."
That these two covenants (the Abrahamic and the
Mosaic) are therefore .essentially different—that the
Mosaic is abolished—that the Abrahamic is not and can-
not be abrogated, and that the promise of the land to the
Jewish nation is a part of the Abrahamic covenant ; all
these positions are in this discourse demonstrated with a
brevity and clearness which at once rivet attention, and
go far to carry conviction, and afford another instance of
the author's peculiar power of discrimination between
" things that differ." The following eloquent passage is
very forcible :
" What then? Does the failure of the Mosaic disannul the
Abrahamic? This is the question: and St. Paul gives the an-
swer in the words of ourtext The covenant which was con-
firmed before of God in Christ, the law which was four hundred
sad thirty years after, cannot disannul, that it should make the
promise of none effect.'
"If the Mosaic and Abrahamic covenants be identified as one
and the same, as by some persons they inconsiderately have
boon, then in thy total vvi et}, of the Muscle, trie Anranamic luso
is totally wrecked. Suppose such a statement as this—God's
national covenant with the Jews was originally made between
God and Abraham, as the father of the Jewish nation. It was
successively confirmed by him with Isaac and with Jacob. It
was solemnly ratified at the base of Sinai, where Moses
sprinkled with blood the book of the covenant and the people
of the covenant.
"This, you will observe, represents the two covenants as one
and the same.* The Mosaic is confessedly abrogated, and ac•
cording to such a statement as this, so also is the Abrahamic
abrogated. The promise of the land to Abraham is gone. So
also the promise of Messiah made to Abraham is gone. And
the promise of preservation to the Jewish nation is gone. All
is gone. It is gratuitously inconsistent, first to identify the
Abrahamic covenant with the Mosaic ; then to declare the Mo-
saic done away; and then to plead for a part, for any part, of
the Abrahamic as not done away.
"If the promise of the land in the covenant with Abraham
be abrogated, so also is the promise of Messiah in the same
covenant, and so also is the promise of preservation to the Jews
as a nation.
" And on the other hand, if Messiah be indeed come according
to Abrahamic promise, and salvation in him be proclaimed to
the Jews notwithstanding their failure and forfeit under the
Mosaic covenant; and if the Jews, under the most unfavoura-
ble circumstances for preservation, be preserved to this day as
a distinct nation according to Abrahamic promise, notwith-
standing their failure and forfeit under the Mosaic covenant :
if two out of the three promises made to Abraham, and con-
firmed in Christ, have thus survived the Mosaic ruin ; the third
will be found to survive also, and the land of Canaan will be
given to the Jewish nation according to Abrahamic promise,
notwithstanding their long failure and forfeit under the Mosaic
covenant.
"For what saith the Apostle? This he says—' that the cove-
nant that was confirmed before of God in Christ (the Abra-
hamic), the law, which was four hundred and thirty years after
(the Mosaic), cannot disannul, that it should make the promise
(in any part of it) of none effect.' "
"* On the supposition of the promises to Abraham, and the
law by Moses, being successive ratifications of one and the
same covenant, how could it ever have been imagined that the
one could disannul the other? And how utterly useless would
be the statement of the Apostle, that the one cannot disannul
the other. How fallacious also the pointed contrast which fol-
lows, between the law and the promise : If the inheritance be
of the law, it is no more of promise : but God gave it to Abra-
ham by promise;' therefore it is not of the law. And there-
fore, although th law be abrogated, the promise may still be
standing and sure."
On the subject of the ministry of a Christian Missionary
to the Jews we have the following lucid statement in a
note :
"The question under present discussion is not what a Chris-
tian missionary ought to preach to the Jews, but what a stu-
dent of Holy Scripture ought to anticipate, as the revealed pur-
pose of God towards the Jewish nation.
"On the primary duty of a Christian missionary, there ap-
pers to be no difference of opinion. All agree that it is to
preach the Gospel,' to the Jew first, and also to the Gentile.'
To the Jew, with special reference to the promised Messiah,
opening and alleging that Messiah, as predicted by the Pro-
phets, must needs have suffered, and risen again from the dead ;
and that Jesus of Nazareth is indeed the Messiah. Neither does
there appear to be any difference of opinion as to the spiritual
character of true Christianity, in which all national distinc-
tions are lost sight of, so that there is neither Jew nor Greek,
bond nor free, but all are one in Christ. and Christ is all in all.
"But when the Jew;hears the Gospel, and attends to the state-
ments which aim at convincing him that Jesus is the Christ ;'
when he hears prophecies of the Old Testament cited, such as
Isaiah vii. 14, liii. 4-9, and facts of the New Testament ad-
vanced, as fulfilments of those prophecies : when he assents so
far, feeling the force of the reasoning, and then assigns as his
reason for refusing to go farther,—his reason for finding it im-
possible to come to the missionary's conclusion,—that many
other things, predicted with equal plainness to be done by
Messiah, have not been done by Jesus Christ : when he says,
The argument which would convince me, by shewing that
Jesus was literally born of a virgin, invites me at the same mo-
ment to expect that he would as literally occupy the throne of
David, and reign over the twelve tribes of Israel—what is the
missionary to say?
"He must either, first, give up the argument, unable to
maintain his ground ; which, of course, he is not disposed to
do

"Or, secondly he must introduce a new species of interpre-
tation, forsaking the literal, on which he had up to that point
relied, and presenting, by such inconsistency, a serious, if not
a fatal hindrance in the way of an intelligent Jewish inquirer.
" Or, thirdly, he must candidly admit the force of what the
J:w says, and plead for time.
" The Christian argument, in a syllogistic form, stands thus.
No one but Messiah could really fulfil any of the things pre-
dicted of him, Jesus has fulfilled some of them. Therefore
Jesus is Messiah.
"The Jewish argument thus :—lf Messiah be come, all things
predicted of him must be fulfilled. Some things predicted of
him are not fulfilled. Therefore he is not come.
"The Christian responds, nego majorem. It is not true that
if Messiah be come, all things predicted of him must be already
fulfilled. It is predicted of him that he shall eome again. The
point, then, at issue is—Shall the Christian consent to give up
what has actually been done? or shall the Jew consent to wait
until more shall be done?"

THE WEATHER.—Since our last publication, we have
experienced changes of weather such, though seasonable,
as was on the whole severe. On Tuesday a frost set in, and
continued, with increasing severity, for about forty-eight
hours. So keenly did it freeze on Tuesday night, that
many parties enjoyed the pastime of skating in Sefton
Meadows upon ice, upwards of two inches in thickness.
It was not probable, however, that a frost so severe
a priori would long endure, at so early a period of the
winter; and it was succeeded by cold and almost conti-
nuous, and generally heavy, rains, with great humidity of
atmosphere during cessations, amounting to " a Scotch
mist," which (as the saying is) will wet an Englishman to
the skin. Nearly all outdoor work was necessarily sus-
pended, but there was much employment for cabs, cars,
and omnibuses. The wind was generally from the south
or S.E. On Sunday it rained heavily during the day and
great part of the night, with little intermission. Yester-
day was, on the whole, dry, with cold winds, varying
from, in the morning. south to east, and E.N.E. in the
evening.