The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-12-07 00:00:00

GOVERNOR.

The Right Hon. the Earl of Elgin and Kincardine, Governor.
General of Canada. .
HEAD OFFICES.
.... No. 4A, Lothbury.
No. I. George-street.
No. 35. St. Vincent-place.

London.
Edinburgh
Glasgow

BOARD OF DIRECTORS.
The Right Honourable the Earl of Minto, Chairman.
Alexander Gillespie, Esq. John, Scott, Esq.
Thomas H. Brooking, Esq. I D. L. Burn, Esq.
Alexander M`Gregor, Esq
Medical Adviser
Secretary.... Sp

'oodfall.
),Referocker, Es
illiam Thomas Thompson,
Esq.
. Messrs. Coutts and CO.
BRANCH OFFICES
At Montreal, f anada.
At St. John' , for New Brunswick.
At Halifax or Nova Scotia.
At St. John's, for Newfoundland.
At Sydney and Adelaide for Australia.
At Cape Town. for Cape Colony.
At Jamaica. Trinidad, British Guiana, Barbadoes, and An-
tigua, for the West Indies.
At Calcutta, Madras, Bombay, and Colombo, for the East
Indies and Ceylon.
MEDICAL REFEREE IN LIVEREOOL.
JAMES LONG, Esq., 3, Hardman-street.

Actuary .
Bankers.... ~41

The COLONIAL LIFE ASSURANCE COMPANY has been
established to ASSURE the LIVES of parties resident in Great
Britain, and to give increased facilities for the like purpose to
persons resident abroad, or visiting Foreign Conntries, • and
offers the following among other peculiar advantages,:--,
Persolit resident in any part of Eutope, or in certain parts of
North America, in Australia, New Zealand, or Cape Colony, are
Assured at about the same rates as other respectable offices;
charge for Home Residence; and hive, besides, permission to
pass from one part of Europe to another, and to and from any
part of North America, within certain limits, without extra
charge ; and to or from the Australian Colonies at a small ad-
ditional rate.

ASSURED PARTIES are allowed at any time to proceed to
any part of the world, on a fixed and published rate for that
part, without further medical examination : and are allowed to
come upon the Home Rate on their return, without further
medical certificate.

PROTECTIVE or WHOLE-WORLD LICENSES are granted,
at slightly increased rates. (varying from ss. to 10s. per cent.,)
to parties who have no present intention of going to an un-
healthy climate, which cover the risk of the assured parties
proceeding to any part of the world at an after period, and thus
offer a complete security to persons making advances on Poli-
cies of Assurances effected with this Company.
MODERATE RATES being charged for India, the West
Indies, and China, the regulations are highly beneficial to
NAVAL and MILITARY MEN.
PROSPECTUSES, with every further information, may be
had on application to

A. R. M'PIIERSON,
Agent for the Company at Liverpool,
No. 11, Exchange-buildings.

NOTICE IS HEREBY GIVEN, that the Boards
of Management of the GREAT BRITAIN MUTUAL
LIFE ASSURANCE SOCIETY, and that of the INDIA AND
LONDON LIFE ASSURANCE COMPANY, are united ; and
that henceforth the business of both will be transacted at the
Office of the GREAT BRITAIN MUTUAL LIFE ASSURANCE
SOCIETY, 14, WATERLOO-PLACE. Proposals for Assurance,
and other communications, will likewise be received at No. 17,
CORNHILL, the present Office of the INDI 'D LONDON
COMPANY.

GREAT BRITAIN MUM
SOCIETY AND IND
ASSIJR
14, WATERLOO-P.

LIFE ASSURANCE
AND LONDON LIFE
!E COMPANY,
VE, AND 17, CORNIIILL, CITY.
DIRECTORS.
The ChisholmjitAless Castle, Inverness-shire, and Chapel-
street, Grosvenor-place, London, Chairman.
Richard Hartley Kennedy, Esq., (late Physician General,Bom-
bay,) Deputy Chairman of the Oriental Bank, Resingtou
Lodge, Notting Hill, Deputy Chairman.
William Morley, Esq., Blackheath, Deputy-Chairman.
Henry Stroud Barber, Esq., 34, Fenchurch-street, and Wan-
stead, Essex.
Francis Brodigan, Esq., Garden-court, Temple.
James William Deacon, Esq., Walbrook, and Southwick-place,
Hyde Park-square.
Harry George Gordon, Esq., 58, Porchester-terrace, Chairman
of the Oriental Bank.
Henry Allan Harrison, Esq., St. Leonard's-on-Sea, Sussex,
Director of the Oriental Bank.
Alexander Robert Irvine, Esq., 14, Waterloo-place, Managing
Director.
John Inglis Jerdein, Esq., Upper Ground-street, Blackfriars.
Frederick Jones, Esq., Old-square, Lincoln's Inn.
James John Kinloch, Esq., Kair, Kincardineshire, and Glou-
cester-road, Hyde Park Gardens.
Henry Lawson, Esq., Fortess Terrace, Kentish Town.
Robert Francis Power, Esq., M.D., Queen-street, May-fair.
Archibald Spens, Esq., Bombay Civil Service, Manor House,
Inveresk, N.B.
GREAT BRITAIN MUTUAL LIFE ASSURANCE SOCIETY.
This Society is established upon the most appro,-,-.1 pi
plea of the Mutual System, unit snowe credit for half the amount
of the first five Annual Premiums.

The first division of profits will be in the year 1849.
Proposals of every description entertained involving the con-
thigency of human life.

INDIA AND LONDON LIFE ASSURANCE COMPANY.
CAPITAL, £250,000, IN 5000 SHARES OF 450 EACH,
This Company assures the lives of healthy persons in any part
of the world, at as low rates of premium as can he taken con-
sistently with perfect security, whilst, for the accommodation
of the assured, a Half-Premium Table (No. 2) has been con-
structed on a plan peculiar to this Office, and affording greater
advantages to parties assuring for short periods, with the option
of continuing for the remainder of life.
Also invalid lives, whether afflicted with mental or bodily
infirmities.

And lives of Naval and Military Officers and Civilians in
India, in any of the Colonies, or other parts of the world.
Annuities granted, and endowments for widows and children.
A. R. IRVINE, Manager, 14, Waterloo-place.
AGENTS FOR LIVERPOOL
Mr. N. J. ANDERSON, 10, Chapel-street.
Messrs. IRIAN! and FLETCHER, Solicitors.
Mr. EDWARD EYES, Jun., Surveyor.

NEW SICK BENEFIT CLUB.
GENERAL PROVIDENT ASSURANCE
SOCIETY,
20, SOUTH JOHN-STREET, LIVERPOOL.
The EARL Of SE PATRONS.
FTON.
VISCOUNT SANDON,
WM. ENTWISLE, &FM
The Worshipful t
The Rev. JONAT,
The Rev. Auo
PRESIDEN
VICE-PRESI
TREA

John Bromley
George Holt, 1

AATOR of Liverpool.
r.AN BROOKS, Rector.
STITS CAMPBELL, Rector.
(-JOHN CROPPER, Esq.
wENT.—THOMAS SANDS, Esq.
'RER.—JOHN CLOW, Esq.
TRUSTEES.
(ore, Esq. James Stitt, Esq
I .
Samuel Holme, -Esq.
MEDICAL OFFICERS.

Benjamin Blower, Esq., 59, Pembroke-place.
James Bruce, Esq., 111. D., 58, Nelson-street.
Henry Pritchard, Esq.. Fairfield.
Thomas Eden, Esq., Dingle.
Edward Parker, Esq., Rake-lane, Kirkdale.
George Walker, Esq., 13, Price-street, Birkenhead.

This Society offers the following advantages :
Weekly Allowance from ss. to 205., by weekly,monthly, or quar-
terly payments.
Annuities from 2s. 6d. to 40s. per week, do. do. do.
Sum payable at Death from *lO to *2OO, do. do. do.
Endowments for Children from .€5 to .E2OO, do. do. do.
Medical Advice with Attendance, 3s. per year.
This Institution being certified by Act of Parliament, is free
from all Stamp Duty. Attendance daily from TEN to FOUR,
and SIX to EIGHT, at the Office, 20, SOUTH JOHN-STREET,
LIYERPOOL. H. REID, Secretary.

-~t

\~

parliamtntarp Atirotethings.

HOUSE OF COMMONS.-MONDAY.

Sir G. GREY moved for leave to bring in a bill for the
better prevention of crime and outrage in Ireland, and in
doing so regretted that it should be necessary. The new
measure, however, is only a slight extension of the. pre-
sent laws, and is not to apply to the whole of Ireland,
but, at the discretion of the Lord Lieutenant, tO,those
districts where crime has been most prevalent. His lord-
ship is authorised to increase the reserved constabulary
force from 400 to 600; there is, with necessary excep-
tions, to be a general prohibition against carrying arms
in such districts elsewhere than in a dwelling-house ;
suspithous persons may be arrested and searched,. awl all
persons between the ages of 16 and 60 may be required
to assist in the prevention of crime, under a liability, on
refusal, to imprisonment for two years. There are a
great many minor enactments and penalties, but the above
are the leading provisions. Sir George said he did not at
all expect that the bill would remove the ills of Ireland,
for that could only be done by each, in his several capa-
city, performing all his relative duties.
IVIr. J. O'CONNELL said the bill was so much milder
than he expected, that he could not in courtesy object to
its introduction. __ _

Mr. FEARGUS O'CONNOR, on the other hand, wholly
opposed the measure.
Lord JOCELYN thought that the bill would be.useless
for the purpose for which it was intended,
Mr. 1-loRSMAN strongly condemned the conduct of the
Roman Catholic priests in inciting to violence, and also
disapproved of the wholesale system of ejectment.
Sir R. PEEL gave his cordial support to the measure,
which was similar to the one he had himself introduced,
but without success. He would enter into no parley or
negotiation with assassins. It was the duty of the house,
if it wished to lay a foundation for the permanent im-
provement of Ireland, and to preserve the lives of her
3lajesty's loyal subjects in that country, to paralyse the
arm of the assassin.

Mr. WAKLEY moved as an amendment, that it was not
just to propose a coercion bill, without at the same time
submitting remedial measures.

On a division, the amendment was rejected by 233 to
20; and on a second division, the original motion for the
first reading was carried by 224 to 18.

HOUSE OF COMMONS--TuEsnAy.

Lord PALmF.ftwrolg, in reply to Mr. Urquhart, stated
that the British government had agreed with the other
five powers to interfere, by friendly mediation, between
the two contendirg parties in Switzerland, making it a
condition that either party should be at liberty to accept
or reject their propositions; and that their acceptance or
refusal should not be made the pretext for an armed in-
terference by any of these five powers.
The CHANCELLOR of the EXCHEQUER moved the ap-
pointment of a select committee to inquire into the
causes of the recent commercial distress., and how far it
has been affected by the law for regulating the issue of
bank notes payable on demand. He wished to avail him-
self of that opportunity of stating the views entertained
by the government as to the causes of the recent panic.
He was aware that the government had been blamed by
the supporters of the act of 1844, for having in any way
departed from its principle, while those who disapproved
of it ascribed the calamities that had befallen trade and
commerce almost entirely to its operation. For his part,
be believed that the Banking Act of 1844 embraced those
principles which were hest calculated to regulate the
monetary concerns of this country; although he was not
prepared to say that, in all seasons, and at all times, and
under all circumstances, it could be carried fully into
effect. For instance, in a time of general panic and
alarm, neither the Act of 1844, nor any other legislative
measure, would be able effectually to meet and put it
down. lie did not believe that any modification of the
Act of 1844, nor of any previous system under which their
banking and com nercial affairs were regulated, could have
provided against the panic and distress of the last few
months. It appeared to him that the causes of the late
pressure were much more deeply seated than the mere
issue of a million or two of bank-notes, and those who
attributed it to such a cause knew little of the gravity of
the subject. What he believed to be the cause of the
pressure was, that there began in the summer of 1846 an
unexampled and unprecedented drain upon the available
capital of the country, partly for the purchase of corn,
and partly for permanent investment in railroads; and
that this acted upon a state of credit most unduly deve-
loped beyond all legitimate bounds, and the capital was
inadequate to the superstructure of credit which was
raised upon it. He had little doubt that they might have
been able to withstand the drain from either one or the
other of these causes, but it was impossible they could
have sustained both together. In the year 1837 they had
severe commercial pressure, and in the year 1839 they
bad the severest drain for the payment of corn that this
century had previously sustained ; but one of these
causes had ceased to operate before the other had com-
menced, 'and the pressure was comparatively slight. The
amount of accommodation was certainly no measure of
thiextent of the distress ; but it appeared that on the
Ist of October, 1839, the circulation of the Bank, inclu-
ding post bills, amounted to £16,800,000, while on the
2d of October, 1847, it was £19,577,000. The private
securities held by the Bank in the former period was
£13,290,000, while at the latter period it wa5£21,260,0C0.
in the former period, however, there had been no panic,
because trade was upon a sound and healthy footing—in
the autumn of the present year, on the contrary, they had
a panic, and great commercial distress ; not because they
could not procure notes—not because the Bank did not
afford 'accommodation—but because trade was not in a
sound and healthy condition. The right hon. gentleman
then proceeded to observe upon the state of almost unli-
mited expansion of credit that prevailed in 1846—the
harvest of that year failed, and there arose a greater de-
mand for corn. It became necessary to import largely
to feed the people, and then the increased demand for
railroad capital took place. That state of things pre-
vailed throughout the autumn ; and up to January, 1847,
no steps were taken either by the Bank of England or
any other party to meet the approaching evil. The drain
of capital for corn and railroads increased rapidly, the
Bank raised its rate of interest, and then came the sud-
den pressure and the panic. That was mainly owing to
the imprudence of the Bank, which had lent out the ba-
lances lying in its hands for the payment of the dividends,
so that they were not able to obtain them back when
these dividends became due. The Bank had pulled up
as suddenly as it had let out, and this, connected with
the then state of the Exchequer-bill market, produced
considerable alarm. The first great failure, that of Leslie
and'Alexander, took place on the 16th of August, and he
would observe that the great bulk of the failures were
those of houses engaged in the corn trade, and these
failures were mainly to be attributed to the sudden fall in
the price of corn; all those who had speculated in that
commodity, and had miscalculated, paid the penalty.
The right hon. gentleman then proceeded to show that it
was owing to the abstraction of capital alone that the
panic had taken place. In the six months ending Janu-
ary, 1847, the amount paid for foreign corn was
£5,139,000; in the six months ending July, 1847, the
amount was £14,184,000; and in the three months just
passed, it had reached the enormous amount of
£14,240,000, being upwards of £33,500,000 in fifteen
months. When to that was added the drain for railways,
to which he had referred on a previous evening, he thought
the house would see in this a satisfactory explanation of
the pressure that had taken place. After referring to the
failure of the Royal Bank of Liverpool, and other indica-
tions of increasing pressure, the right hon. gentleman
observed that the government had at last most unwillingly
come to the conclusion that it was necessary to interfere.
He then noticed briefly the various suggestions that were
made and the grounds that had influenced the•government
in rejecting them, and in adopting the course they had
taken. After intimating that the present position of the
Bank was such that the government did not think it ne-
cessary to propose any measure to parliament during the
present session, he concluded by moving the appointment
of the committee. _ _ _

Mr. J. WILSON moved an amendment, the object of
which was to limit the inquiries of the committee to the
operations of the Bank Act of 1844. He reminded the
house that Sir R. Peel and his friends had assured them
that the effect of the act of 1844 would be to diminish
very materially the chances of panic or commercial dis-
tress, but it had been quite ineffectual for that purpose.
He agreed with the Chancellor of the Exchequer as to. the
propriety of appointing the committee, but he strongly
deprecated any extension of its labours. The funda-
Bittal error of the law was, that it confounded capital
with circulation, and currency with bullion ; and in his
opinion it had failed in most of the objects its framers
had in view.

The succeeding speakers were Mr. T..l3Annio, Mr.
ROBINSON, Sir W. MOLESWORTH, and Mr. CALEY
after which the debate, on the motion of Mr. BLEWITT,
was adjourned to Thursday.
Mr. WAKLEY's motion for a committee to inquire into
the registration of legally-qualified practitioners in medi-
cine and surgery, and into the laws and charters relatiag
to the practice of medicine and surgery in Great Britain
and Ireland, was agreed to; but the honourable member
refrained from naming the committee for the present, in
the hope that the chairman of the former committee, Mr.
Macaulay, not at present a member, might in the interval
be again returned to parliament.