The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-05-11 00:00:00

TIIE LIVERPOOL STANDARD.

PROTECTION TO THE CURRENCY.

MR. ISAAC BUCHANAN'S PAPERS, CONTINUED FROM

THE SIXTH. PAGE.

Glasgow, 17th April, 1847.
TO THE MEMBERS OF THE CANADIAN PARLIAMENT.
GENTLEMEN,—The most headstrong Free-trader must now
feel, and begin to see, that the untaxed import of foreign labour
is detrimental, not only to the agricultural body in England
and the colonists, (and, indirectly through them, to all other
classes,) but also directly to every interest a the empire,
through causing a vast diminution of the currency by the re-
moval to other countries of our precious metals.
It is true that famine in Ireland is the ostensible cause of part
of the evils this country now labours under, but it is equally
true that our (under Sir Robert Peel) having taken the suicidal
course of depressing home employment, and encouraging fo-
reign, is the cause of that want of confidence which will prevent
England rising superior to the present distress without a most
serious interference with the currency.
There is no doubt that England is better situated to carry out
Free-trade than any country in the' world, and if other noun.;
tries would reciprocate, the advantage would be ours IN EVERY
CASE, for even the circumstances of the natives of Hindostan
were not. so degraded as not to be lowered by British competi-
-tion. Englishmen would therefore ALL be Free-traders as a
matter of theory; but what 'is about to be shown to be even
England's experience of free imports without reciprocity,
which, in bitter irony, is called Free:trade, (in me convertite
ferrum !") viz.—that it matters not whether the cause of im-
ports into England, disproportioned to our exports, be famine
or Free-trade, the result to those who labour for their bread is
equally disastrous.
Ist. We have a reduction of employment to the people of
England to very nearly the whole amount we pay for foreign
labour.
2nd. A reduction of England's ability to manufacture, through
the superstructure of our currency being brought down by the
removal of gold, its basis.
3rd. We suffer from the gain to our rivals in manufactures
being exactly equivalent to our loss, a better stock of the pre-
cious metals giving an increased power to manufacture to
foreign countries (so that in fact the less gold England has to
part with the better.)
To these general effects might be added the particular one as
regards the United States, that our new laws will turn a pro
portion of the cotton land into whear and Indian corn, thus, by
diminishing its quantity, raising the price of cotton to the
English millowner.
Such being the experience of England, what would the Cana-
das be under Free-trade ?
So that, whether this reaches you convened at Montreal for
your first session under Lord Elgin, or finds you sent back to
ask the renewed confidence of your constituents in what we
used to call British or protective principles at a general elec-
tion, I feel it equally important by the present steamer to let
you know the exact position of things in this country.
I particularly desire to guard you against being deceived, by
the stuff now being written by some of the London newspapers,
into the idea that Free-trade has little or nothing to do with
our present degraded state in this country.

You will obs-e'rve I have been cautions in not charging Free-
trade with getting us into this state, (though 1 believe Sir R.
Peel's 1842 measures have much to do with it,) and that my
charge against Free-trade is, that under it no elasticity or con-
fidence exists to get us out of the scrape.
I may, however, state my firm conviction, that the evils aris-
ing from the potatoe rot are nothing compared with those which
(in the absence of a potatoe rot) would have flown from the price
of wheat being lowered one-half, not by an increased quantity
of our own growth, but by foreign importations, for which we
had to pay gold.
Our home trade would now be going through the ordeal of a
general bankruptcy, unconsoled even by the prospect that, after
thus getting white-washed, they can live under the untaie and
cruel competition of untaxed foreign labour.
I pray you to rest satisfied that the present sufferings of this
country are in no degree caused by the conduct of the Bank of
England, but entirely by the want of confidence caused by Sir
Robert Peel's Free-trade measures.
This is incontrovertibly a bullion, and lied a Bank of England,
panic; and one which will convulse the monetary affairs of the
whole empire, and not only those of Lombard-street.
To be sure we have not as yet got a bullion panic in the shape
of a run upon the bank, and this shows the bank's innocence
of the cause of the suction of gold; but we have a bullion pa-
nic in the higher and less equivocal sense of a run on the
country for gold, and from the enduring cause that is the most
profitable and disposable property foreigners can take abroad.
I have said that Sir Robert Peel's Free-trade measures will
render a depreciation of the currency inevitable.
I do not believe that the Bank of England will be able to sell
Government securities, so as to prepare for the payment of the
July dividends, unless Parliament, before it rises, passes a no
less sweeping measure than MAKING SILVER SHILLINGS A
LEGAL TENDER TO ANY AMOUNT, AND ALLOWING THE BANK
OF ENGLAND AND ALL OTHER BANKS TO ISSUE (confined by
Sir Robert Peel's regulations) ONE POUND NOTES.
This would, by raising gold.to a market price, place the
foreign trade on the same footing as the home trade, which
draws no gold, but has its prices inflated to the amount of the
depreciation of the silver currency.
It will soon become evident that gold cannot be had except at
a premium, and then will come the run on the Bank of Eng-
land, not from shippers only, but also by parties to hoard for
the premium.
Such are the direct and legitimate consequences of Sir
Robert Peel's departure from the principle of protection to
British labour at home and abroad.
I believe that he has undermined the prosperity, and struck
a fatal blow at the integrity of the empire.
Even the national debt of England will be found to be only
so much wastepaper if we persist in our present suicidal coune,
for it is secured only by the industry of the empire, from which
we have taken away the ability to perform peculiar duties and
bear peculiar burdens, by the removal of all its peculiar
privileges.
One shudders to think of the individual misery which will be
inflicted on the population here, if we persist in viewing the
currency and Free-trade as two questions instead of one, as in
reality they are—a fact that you know well, from the cruel ex-
perience of Canadian industry, when the Legislature of the
State of New York stopped specie payments in 1837.
And begging you not to suppose for a moment that I am less
the irreconcileable opponent of class interests than you knew
me when I had the honour to represent the metropolis in the
first parliament of United Canada,
I remain, Gentlemen, your obedient humble servant,
ISAAC BUCHANAN.

THE DEPUTATION FROM LIVERPOOL TO
THE CHANCELLOR OF THE EXCHEQUER, ON

THE MONETARY CRISIS.

The result of tie application, made on Thursday last
by a deputation from this town, to the Chancellor of the
Exchequer, praying for a relaxation by Government of
the stringency with which the supply, of money for com-
mercial purposes is regulated, appears not to have been
attended with the deference to Liverpool interests which
was expected. It is stated that the materials of which
the deputation were composed, were not altogether such
as to influence the action of Government in our favour.
Ministers have already demurred to stepping out of their
course to assist the views of speculators in the raw ma-
terial of our manufactures ; and the admission of one of
the deputation, that he was the largest holder of cotton
in Liverpool, told materially against the objects which
they had in view. It is said besides, that the people of
Manchester have been beforehand with us, representing
that any money facilities afforded to Liverpool will have
the effect of keeping up speculation in cotton ; and that,
if this be done, the operations of the manufacturers will
have to be suspended, and the mills throughout the dis-
tricts either closed or their owners compelled to resort to
a further reduction of the time of working.
How this result of an appeal, from which much was
expected, may affect the position of our mercantile commu-
nity, it is difficult at present to say. Government, however,
seem to be in earnest ; and no lenity is likely to be shown
towards any parties who have brought themselves within
the meshes which ever surround men, who trade or specu-
late unduly. Solvent, undoubtedly, these parties are ; some
of them men of undoubted wealth. But it is not to be
admitted that men, however wealthy, should be allowed to
adventure upon speculations, from which they can only
get out scatheless by the aid of government, and the alter-
ation, in their - favour, of measures and modes of supply-
ing the wants of the public, which have been deliberately
resolved upon, and upon which the ordinary transactions
of commercial men have been based.

FORTHCOMING SUPPLY OF BREADSTUFFS

FROM THE UNITED STATES.

As an antidote to the exaggerated representations circu-
lated with respect to the ability of America to supply the
wants of the old countries of Europe, an extract from the
circular of an eminent New York firm may be interesting
to our readers. After allowing for the deficiency of stock
at the ports this year, as compared with the last, the
writers give the following as an estimate of the quantity
which is likely to be at disposal in the port of New York,
for export to Europe, up to the Ist of September next :,
Flour. bls. Wheat, bush.
" Flour and wheat now in store and to
arrive at and be shipped from the
various shipping ports on the Western
Lakes prior to the next harvest 952,500 5,100,000
." Deduct from this the drain through
Canada

"Leasing of flour 752,500 4,100,000
"The wheat (a large portion of which will
be manufactured into flour) five bush.
to the barrel 820,000

" Making a total to arrive at tide water
reduced to flour
"Allowing that the consumption of this
year does not, up to the Ist of Sept.,
exceed last year, it was as follows 1,537,614

Leaving for export 34,686
" Now, it is not pretended that only 35,000 barrels of
flour will or can be shipped from this port previous to the
Ist of September next. But in view of the extravagant
statements recently put forth of " hundreds of millions"
of bushels in this country, and that the quantity of flour
and grain to be exported will only be limited by the capa-
city of transportation, is it not surprising, when the facts,
as near as they can be come at, are put upon paper, how
people can be led away by their imaginations, or perhaps
by more interested motives ?
" In review of the above estimates and calculations, made,
as we verily believe, from the best data which can be ob-
tained, and allowing for all reasonable errors cf under or
over estimates, and taking into consideration the fact
well known to all engaged in the trade, that the usual
supplies of flour received at New York and the New
England markets from New Orleans and other southern
places during the winter, have all been diverted by the
export demand to Europe—leaving' not only the city of
New York, Boston, and other eastern places, but Phila-
delphia, Baltimore, and Richmond, almost entirely bare
of stock—we are led to the irresistible conclusion, that if
as large a quantity of wheat and flour are taken for export
from this 'port during the next four months as, were last
year in the same time, we shall have a serious compe-
tition between the consumers in this country and the
consumers of Europe for the ' staff of life.' "

GUN CorroN.—A further experiment was yesterday
made of the patent gun cotton by the agents Messrs.
Ingram and Clarke. at the tunnel, London-road, in the
presence of the contractors and several scientific gentle-
men, ail of whom expressed their decided opinion of its
superiority over gunpowder for blasting purposes. We
give in another column the result of several experiments
made on Friday.
STEALING A LOAF.—A man named James Connor,
was charged before Mr. Rushton, yesterday, with having
stolen a loaf from the shop of a young woman named
Margaret Gerard. He said he was in such want of food
that he was tempted to the act by fear of starvation, and
a consequent desire to be put into gaol. Inquiry was
made as to whether the prisoner was in receipt of any
parochial relief. - -lt being ascertained.that he bad not
received such assistance he was discharged with an admo-
nition, and advised to make application to the proper
officers. . _

THE " PRIDE OF ERIN."—A beautiful new steamer,
bearing this name, arrived here yesterday. She was built
by the celebrated Napier, of Glasgow, and is 478 tons
burthen, with engines of 400-horse power. She is com-
manded by Captain John Williams, late the experienced
master of the Finn M'Coull, and belongs to the Dundalk
Steam Packet Company, to which port she will ply in
conjunction with the Dundalk. Her cabins are most
beautifully and conveniently fitted up, and the sides are
decorated with papier mache panels, containing elegant
views of Irish scenery. •
__

DISGRACEFUL RUMOUR.—Yesterday, -some ignorant
and heartless wretch found means to circulate through the
business parts of the town, a report to the effect that the
American packet ship "The World," which sailed several
days ago with a large number of emigrants, for the United
States, had returned to the port, fever having carried off
from 100 to 130 of the passengers and crew. We were
somewhat astonished that so great a mortality should
have occurred on board the fine ship named, after her
leaving the land, and entering th - pure atmosphere of the
Atlantic • and are glad to say that there is no truth what-
ever in die rumour.
THE WEATHER.—After some days of strong and rather
cutting winds from the southward and eastward for several
days last week, the cold on Friday partially gave way, and
some rain fell during the day, and still more at night.
On Saturday the rain continued throughout a great part
of the day, and the temperature became milder. Rain
also fell thick on Sunday morning, greatly refreshing the
crops and wetting them to the roots. The day was fine,
the thermometer having risen from 49°, on Thursday to
temperate, or 60°. Yesterday was peculiarly fine, the
glass rising to 62° and 63°. The appearance of the whole
face of the country has been greatly improved, by the
downfalls stated ; and though the crops generally are
backward for the season, the husbandman and gardener
may yet have all their labours and anxieties fully repaid,
by alternate kindly showers- and sunshine. The cuckoo is
heard in various districts, and the more located songsters
of the field and grove are in full note. The progress of
vegetation, so long retarded, is unusually rapid, and the
country presents a beautiful and fresh appearance. A
farmer remarked to us that one might almost hear the
things " crack," by force of growth.
ROCK FERRY.—There is no more beautiful spot on the
banks of the Mersey than Rock Ferry ; and, considering
its present aspect to that which it presented a few years
ago, the change is certainly wonderful. Where but re-
cently was nothing but a few meadows, sloping to the sea
shore, now are erected villas, which, for their beautiful ap-
pearance and variety of design, can scarcely be equalled.
But the most prominent feature in this neighbourhood is
the hotel. Situated on an eminence, and standing out in
bold relief amid the surrounding scenery, it appears just
the very place whew one may reside in retirement, and at
the same time witness, on the surrounding waters, a busy
and ever-changing view. An inspection of the interior
fully corroborates this assumption. Well-furnished
apartments, with newly-papered walls, and pervading I
cleanliness,' even to scrupulosity, impart an air of comfort
and pleasure which is rarely experienced at places of pub-
He resort. The desire of the proprietor, Mr. Huntriss,
to render his hotel one of the most attractive in this
vicinity, has not been confined to internal embellish-
ments. The accommodations externally are-of the high-
est order. .The gardens, which at this season have
been thrown open to the public, contain unquestionable
evidence of most perfect taste in selection, arrangement,
and management. The walks are judiciously laid out, inter-
spersed with well-shaped harbours, and other agremins
conducive to the pleasure of the promenade. A bowling
green contiguous forms no inconsiderable object of attrac-
tion. It-is in first-rate condition, and the sward perfectly
faultless. _ _

THE ROSCOE CLUB.—The prospectus of this valuable
institution is now issued.. The list of the patrons and
vice-presidents comprises many honoured names, and the
committee is composed of active and intelligent gentle-
men. We take the following extract from the prospec-
tus—" The Roscoe Club is especially intended to supply
the social and mental requirements of a numerous and re-
spectable body of young men and tradesmen, who at pre-
sent have no suitable place in which they can profitably
employ
.their leisure hours. It will be provided with a
carefully-selected library ; a news-room well supplied
with the.best and most popular newspapers and periodi-
cals ; and a lecture-hall in which dissertations on the va-
rious branches of literature, science, and the fine arts, will
be delivered, and concerts of a high class occasionally
given. Classes will be formed for instruction in the lan-
guages and the higher branches of education ; also essay
and discussion societies, which will be assisted andsuided
by judicious professional persons. Frequent soirees and
conversazioni are intended. to be held, similar to those
which have been attended • with so much Mat at the

Royal institution. These will, no doubt, be an interest-
ing and valuable feature in the club, and prove a source of
great attraction to the memberS. In this department it is
expected that the literary and scientific gentlemen, under
whose auspices the club has originated, will give their va-
luable assistance by occasionally delivering lectures on
subjects they have made their peculiar study: A gymna-
sium will be attached, in order that, while every facility is
afforded for the development of -the mental faculties, the
increase and improvement of the physical powers will not
be neglected. Spacious and well-furnished dining and
coffee rooms will be provided, in which every arrangement
will be made to secure the comfort of the members," The
terms of Membership are very namable,

THE IMMIGRATION OF IRISH INTO
LIVERPOOL, AND THE EFFECT OF THE

QUARANTINE REGULATIONS.

We have referred elsewhere to the steps adopted by
Government to meet the difficulty under which the rate-
payers and the authorities of Liverpool are labouring, in
the effort to maintain the masses of Irish paupers who
have been arriving by every packet, and to prevent the
spread of fever arising from their contact with our own
population. It is gratifying to find that the owners and,
agents of the packets, by whom they are brought over,
are co-operating with the authorities, and are willing to
throw their own interests into the shade, and to consult,
first, the more important end of the health and condition
of the people around us. The following handbill, signed
by the agents for the city of Dublin Company, the Bel-
fast, Drogheda, and Newry Packets, has been extensively
circulated in Ireland, to prepare passengers for the rou-
tine of treatment, to which they will be subjected on their
arrival in this port, and the condition on which they will
be permitted to embark from ports in their own country :

"DECK PASSENGERS.
"ORDERS having been issued in Liverpool, that Steam Vessels
arriving from Irish Ports, and having Deck Passengers on
board, shall be compelled to hoist the Yellow Flag, and pro-
ceed to the Lazaretto ground, to ascertain if one or more Deck
Passengers on board he in a state of Fever, and that the same
shall be removed to the Lazarettoes ; and further, if any
Steamer be found on a SECOND voyage to have any person on
board in a state of fever, such vessel shall be placed under
quarantine,
" And as such orders are incompatible with the necessary dis-
charge of Cargoes and Live Stock, and the disembarking of
Cabin Passengers, and also of persons. intending to emigrate
from Liverpool,
" NOTICE IS HEREBY GIVEN,
"That no Deck Passengers can be allowed on board, or be
taken to Liverpool in any vessel belonging to the City of Dub-
lin Company; the Drogheda Company; the Dundalk Company;
and the Newry Companies, unless examined by some Medical
Officer, that may be appointed for that service, at the respective
Ports, as to their freedom from fever; and, also, that no desti-
tute persons, who may not be able to support themselves by
their own labour, will be allowed to embark between the above
Ports and Liverpool.
"ON AND AFTER THE 12TH INSTANT, THE DECK FARE

WILL BB ss. EACH WAY."

Yesterday a deputation, composed of parties interested
in the Irish steam-boat navigation, had an interview with
his worship the Mayor, at which it was suggested that
Government should appoint medical officers at each port
in Ireland, by whom parties applying for passages might
be examined, and certificates of health given. It was
urged by them that the regulations laid down were a little
over-stringent. Fever, they suggested, might break out
on board from natural causes ; and it was hard that the
proprietors or charterers of steam boats should be mulcted
for what they could have no control over. Death might
also occur on board from natural causes; and it was
thought by the deputation that the captain's certificate
of the health of his cargo of passengers ought to be suffi-
cient to warrant a landing, without the detention of sur-
vey by the medical officers. The lazarettoes, too, it was
urged, might be moored off the Magazines instead of
in the Sloyne, by which a tide might be saved for the
steamers. Of course, all these suggestions, upon which
we express no opinion, will receive his worship's consi-
deration. It is not a time just now to be precise or ex-
acting ; and the respectable companies and agents, who
conduct the packet trade between this port and Ireland
will, we doubt not, act with every consideration for the
life and health of their fellow townsmen, whilst they ex-
tend every aid and full facilities for the transport of their
unfortunate countrymen in the sister isle. The following
letter was yesterday addressed by the Mayor to Mr.
Rounthwaite

Town-hall, 10th May 1847.
DEAR SIRS I thought I should have seen you and the other
steam-vessel agents at four o'clock, and that I might have
verbally communicated to you that the Lazaretto is ready for
the reception of such fever patients as may possibly be found
on board your vessels, that three Medical officers have been
appointed, and that it is intended they should commence their
duties to-morrow. It is not proposed that the steamers should
go in the first instance to the quarantine ground, and every
desire will be manifested to cause you no unnecessary obstruc-
tion; and I hope that you, on your parts, will offer the needful
facilities to the authorities, that you will instruct the com-
manders of the vessels to hoist the yellow flag, and keep it
flying until visited, and remind 'hem of the prohibition which
forbids their entrance into the docks until the medical officer
has discharged his duty.—Dear sir, truly yours,
J. K. Rounthwaite, Esq. G. H. LAWRENCE.
The select vestry have engaged a steam-boat for the
purpose of boarding the Irish steamers on their arrival at
the mouth of the river, and placing on board three medi-
cal officers to examine whether the passengers are free
from fever, and if so the Irish vessels will have no need
to pass on to the Sloyne. The medical officers would be
called on to perform this duty last night for the first time.
We understand that the period fixed on for any vessel
bringing passengers infected with fever, a second time, to
remain in quarantine is fifteen days.

REDUCTION IN THE LIVERPOOL DOCK DUES.

An important motion was announced at the last meeting of
the Dock Committee by the chairman, Mr. Brainley Moore :
and will be laid before Oat body in detail at its next meeting.
At present, the dock chairman has not entered fully into the
details of his plan. Sufficient, however, has transpired to
enable us to lay before our readers a statement which may be
relied upon as correct. Last year we had a surplus of dock
revenue, amounting to at least £lOO,OOO. In the ten months
of the e.0..k year now expired, upwards of :.W28,000 increase
upon last year has accrued to the estate. What is to be done
with this surplus? Mr. Bramley Moore, we believe, is pre-
pared to submit a proposal to the Dock Committee, that a por-
tion of this surplus shall he dealt with by abolishing the dues
upon the staple. import of the port—cotton. This is to be done
as 'a-Matter of just coniitrOratiou towards' the most important
of our imports. At present, the dues upon this article produce
upwards of .t 37,000 per annum; and the surrender of this
11 amount of revenue ought to he regarded by the manufacturing
interest and the public generally as a judicious and generous
measure. • Several other remissions will accompany this
abolition.

FREE TRADE AND THE MONETARY CRISIS.

We give, elsewhere, some letters, forwarded us for publica-
tion by a respectable and able correspondent, Mr. Isaac Bu-
chanan, with respect to one of which, however, we feel bonnd
to state, that we cannot enter into the views of the writer or of
the Protectionist party, if Mr. Buchanan is a correct exponent
of their views. We refer to the letter headed " New British
Colonial System." Our confidence in his integrity of intention
and principle, his:loyalty, and a knowledge of the extensive in-
formation which he possesses in matters connexeteci with our Co-
lonies, has mainly induced us to admit into our columns senti-
ments so averse to our own. Admirers as we are of the Church of
England, we cannot help feeling that if a party possessed otun-
doubtedly British hearts, lik e M r. Buchanan's, can be organized
in our colonies, although enemies of an establishment, we shall
have in them much better stuff to contend against than the
popery and infidelity which at present assail us. Such a party
we might accuse of wrongheadedness; but we could not accuse
them of venality, or of treacherously betraying a church,
against which they object, as some of that church's professing
supporters have done in time past.

BREADSTUFFS FROM AMERICA.—From the Ist Sep-
tember last to the 10th ult., there were exported from the
United States to Great Britain and Ireland 1,420,557 bar-
rels of flour, 325,127 barrels of corn meal, 1,400,942
bushels of wheat, and 8,508,176 bushels. of corn; The
total export from the States was 2,200,412 barrels of
flour, 1,916,367 bushels of wheat, and 9,084,161 bushels
corn.
ALLEGED THEFT OF INDIAN CORN.—Yesterday, at
the Police-court, a man named Thomas Shaw, driver of a
float owned by one Coyle, was charged on suspicion with
having stolen a bag of Indian corn, one of 100 bags dis-
charged at the Clarence Dock, for Stewart and others.
They were loaded into Coyle's cart, with instructions to
be taken to a warehouse in Vaudries-street. The cart,
on being unloaded, was found to have brought only 99
bags. It appeared that the cart which the prisoner drove
was, on this occasion, driven from the ship Lehigh, in
Clarence Dock, to the warehouse, by a carter named
Burns. Mr. Superintendent Anders, happened while in
Waterloo-rood to see a bag on the pavement, behind a
cart, and found it to be marked " G," the same as the
rest of the consignment. As it was expected that further
evidence would be adduced, the prisoner was remanded.
The Duke of Wellington gave an entertainment on Fri-
day last at Apsley-house, to Major-General Sir Harry
Smith, G.C.8., and Lady Smith.
FRIENDLY SOCIETIES—PARNELL V. SMITH.—This was
a case which came before the Queen's Bench on Saturday,
in which an honorary member and trustee of a friendly
society had placed himself in opposition to all the mem-
bers, who had agreed to dissolve the society and divide the
funds, and had divided them accordingly. Lord Denman
said the court held that no trustee of this sort has power
to decide a question relating to the conduct of the society
against all the members thereof. The judgment of the
court, therefore, was that Mr. Parnell could not maintain
the action which he had brought against the secretary for
he purpose of compelling restitution and re-institution.
WONTNER V. SHARP.—In the Common Picas, on Sa-
turday. judgment was given in this case, which was an ap-
plication for a new trial. The action was brought by the
plaintiff against the defendant, as one of the committee of
management of a railway company, called " The Direct
London and Exeter Railway," for the return of his de
posit on 60 shares in that company. The particulars of
the case were given at the time of the trial of the cause,
when a verdict was given for the plaintiff.. The court re-
fused to grant the rule for a new trial, stating that there
was am ground for either a nonsuit or a verdict for the de-
fendant. This decision establishes the liability of the
committee of management for the deposits paid by share.-
holders, nnder circumstances similar to those of this now
notorious case.

THE FUNDSAC., SATURDAY NlGDT.—There was more
steadiness in Public Securities to-day than has occurred
for a considerable time, and a more limited amount of
business. -Consols opened at about full 1- per cent. de.-
cline bu the close of yesterday, and for money they were
done from 861 to 1, and for the account from 87 to 80.
The quotations at the close were 86 I for money, and
8641 for the account. Reduced Three per Cents. were
done from 85.1 to .1; the Three-and-a-Quarter per Cents.,
874 to a 4; Exchequer Bills, l to 5 pm. ; and Bank Stock,
189. There were no decided operations, the parties
hitherto contending for the rise and the fall having for
the time being, by mutual consent, refrained from active
hostilities: The transactions in Foreign Securities were
more, numerous than usual, but the amounts were incon-
siderable. Some purchases were m ade in Mexican Bonds, on
the faith of peace following the capture of Vera Cruz it being
believed that the course of even tsis precisely in the direction
of theprevious understanding between Mr. Polk and Santa
Anna. The Mexican Bonds were done at 201; Brazil,
New, 821; Chilian, Deferred, 511; Portuguese Four per
Cents., 35; the Five per Cents., '821; Spanish Five per
Cents., 221; the Three per Cents., 331; Passive, 4;
Venezuela, 381 ; Belgian Four-and-a-Half per Cents.,
91; and Dutch Two-and-a-Half per Cents., 57. Railway
Shares were fiat, with a reduced amount of business.
The shares of some of the old lines have not altered much
for several days, but in other cases the prices are. giving
way piecemeal, and do not recover. The shares of the
North Western have, in this respect, been most conspicu-
ous during the week. • -

May 11, 1847.

LATEST INTELLIGENCE.
(BY EXPRESS.

LONDON CORN MARKET.-YESTERDAY.

At this day's market the supply of English wheat was short.
The factors began by asking most extravagant rates—as much
as 20s. per quarter over the currency of this day week, which
checked buyers. Late in the day sales became more steady,
but prices are from 10s. to 12s. per qr. dearer than Monda!
last. The supply of foreign was pretty liberal, and the demand
equally good, realising a similar improvement.
We must also note advance as follows :—On Flour 6s. to SS.
per barrel, Indian corn on the spot and floating cargoes held
for ss. per qr., barley, malt, beans, and peas, 3s. to 45., and
oats 2s. to 3s. per qr.
The attendance of buyers from all parts was most numerousr
and the business done on a larger scale than for many years
past.