The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-07-06 00:00:00

FINANCIAL & COMMERCIAL SUMMARY.

The money market continues easy ; but it is not con-
cealed that a further drain upon us for specie must take
place, as the vast supplies of food grown for us in the
United States come into this country. It is true that
our manufacturers have large orders on hand for goods to
be taken in return to American produce. Unfortunately,
however, as buyers come into the market the raw mate-
rial is forced up until the manufacturer has no longer a
margin of profit left. America. moreover, in her anxiety
to get her grain supply forward to market, is keeping
back her cotton. There is, therefore, no prospect that
any considerable business can be done for some time to
come, unless a greatly enhanced price for goods is sub-
mitted to by the foreign buyer. The country trade is
rather more active, but not so as to encourage a return
to full time of working. The condition of the operatives
throughout the manufacturing districts is deplorable.
It is becoming more and more clear that we must take
measures to rescue ourselves from the almost exclusive
dependence upon America for a supply of cotton, under
which our manufactnring interest is now suffering. Upon
this point the monthly circular of Messrs. Ferguson and
Co. speaks very decidedly as follows :

"It is obvious that higher prices than the present must rule
in this market before manufacturers will generally run their
mills full time; and it ecomes a question of some moment,
how far our productive ener ies may be circumscribed by the
limited supply of the raw material, and its consequent high va-
lue- Looking to the future, and presuming the weather prove
auspicious during the next month, we should expect that the
low and unremunerative rates of the staple products of this dis-
trict. at 'present current, will attract the attention of capitalists,
as affording opportunities of eligible investment. Already an
anxiety is evinced by buyers to enter into contracts at old prices,
whilst manufacturers to-pay are firmly asking considerable ad-
vances. It appears to us highly desirable that the great inter-
ests of this country liable to be affected by the vicissitudes of
the cotton plant, should take the necessary steps to widen the
sources of supply. The fertile lands of British Guiana need
only an adequate amount of the free labourers from the coast of
Africa to produce abundantly the finest staple, and it is to be
hoped that some public effort will be made to facilitate emigra-
gration in that quarter, as well as to foster and develope the
culture of cotton in such other of our colonies and possessions
whose climates may be favourable to its growth. In order to
maintain our manufacturing pre-eminence, to find employment
for our teeming population when American supplies may fail
us, and to benefit this country and our colonial empire by re-
ciprocal advantages, some effort seems necessary to encourage
and stimulate the cultivation of cotton in India and our colo-
nies. We are led into these observations from a belief that the
expansion of our trade this year will be materially abridged by
the high rates likely to be obtained on cotton, arising from a
deficiency of supply to meet the European demand."
The Indian Mail, arrived on Tuesday last, bring the
manufacturer nothing of an encouraging character. Every
thing was dull ; and, although stocks were not heavy,
sales of manufactured goods could with difficulty be forced
at ruinous sacrifices.

Our market for cotton, as may be expected from the
foregoing observations, has been very active throughout
the week, the sales being 72,720 bales, of which 28,700
were taken by speculators, and 46'29 by exporters. Prices
advanced od.
The following is from the monthly circular of Messrs.
Hughes and Ronald, wool-brokers, Liverpool :
" The continuance of favourable weather, the glowing ac-
counts of the appearance of the crops all over the country, and
the comparative ease in the money market, have all tended to
produce a more healthy tone in the wool business, and should
the reduction in the rate of discount by the Bank of England
be determined on, as seems to be expected, it will further con-
tribute to a more active demand, and lead to a more full em-
ployment in the manufacturing districts. We have greater
confidence in this than in the expectation of any material ad-
vance in prices.
• . _ _

". The principal arrivals have been from the west coast of
South America, consisting of alpaca and sheep's wool, the latter
chiefly washed : we have also received a few parcels of Medi-
terranean wools, of various kinds. 'Until we see the course the
prices of British wools are likely to take, there will not be much
demand for foreign wools, which have for some time been used
as a substitute: the demand for other kinds of foreign conti-
nues steady, and prices without change. The trade have been
principally engaged at the public sales in London, which com-
menced on the 10th ultimo, and closed on Thursday last : the
total quantity brought forward exceeded 30,000 bales. At the
commencement buyers acted with great caution, under the idea
that so large a quantity could hardly be got through at the pre-
sent time; but it is gratifying to find that, although the prices
are shockingly low, they have succeeded in disposing of the
greater part, and have only been compelled to withdraw a small
portion, and the result is considered quite as satisfactory as
was to be expected under the circumstances."

The corn markets throughout the country continue to
droop, affected as well by the present splendid weather as
by the prospect of large supplies from other countries.
On the Continent, the crops of all kinds are most pro-
mising, and, with a few weeks more of sunshine and
warmth, we shall be placed in the possession of abundance.

SIR R. PEEL'S OPINION OF RAILWAYS.—At the din-
ner given at Tamworth on the opening of the Trent Val-
ley Railway, Sir R. Peel said:—" Gentlemen, it is pro-
bable that many of you who are present this day may be
struck by the forcible contrast which this ancient town
suggests. It is a town the origin of which is lost in the
obscurity of a very remote antiquity. Gentlemen, on the
eastern part of this town there stands a monument of the
reign of Ethelflseda, the daughter of Alfred. On this
spot, on the western part of the town, we are inaugura-
ting a memorial of the reign of Queen Victoria. (Hear.)
Gentlemen, that mound which you see on the other side
the town was raised by Ethelflseda for the purpose of
protecting the town that then existed, from the irruptions
of pagan barbarians who had desolated that town and the
neighbouring country. It presents to you a record of
barbarous manners, of terrible civil conflicts, and of a
divided people. (Hear.) This day we are met to cele-
brate the completion of a work which presents to us the
triumphs of science, of knowledge and civilization. (Ap-
plause.) The interval that has passed between those two
periods, between the reign of Ethelflteda and that of Vic-
toria, comprises not less than ten centuries,—
"A thousand years their cloudy wings expand."
And, gentlemen, we cannot contemplate without admira-
tion the wonderful contrast that it has presented to us.
This day we celebrate a work, a signal example of one of
those wonderful discoveries in science which probably will
effect as great a revolution in the social state as any that
has been effected since the period when the art of print-
ing was discovered. (Hear.) It is impossible to over-
estimate the effect which this wonderful application of
science may produce. My confident belief is, that the
effect will be for good ; that it will promote the moral
i and social welfare of this country, and add to its political
Isecurity. (Applause.) Within a few months, we shall
pass along this railroad ; our bodies will be conveyed with
the fleetness of the wind, and our thoughts by the agency
and with the velocity of lightning. (Hear.) Gentlemen,
i let us all hope, as I confidently trust, that the effect of
this will be for good ; that it will cement family affec-
tions, by facilitating the intercourse of relatives—(hear) ;
—that it will tend to abate prejudices, to advance know-
ledge, to promote civilisation. (Applause.) Looking at
its political effect, I see nothing but cause for congratu-
lation. I see this country, with its insular position, un-
able to support more than a limited military force (hear);
—I see that in the event (which God avert !) of the re-
, newel of hostilities, we shall be exposed to a fearful con-
flict. (Hear.) It is difficult to say what may be the effect
of steam navigation upon maritime warfare ; but of this I
I am sure, that the progress of railways, by enabling you
1 to transport that small military force, which, actuated
by the spirit of Englishmen, and remembering the pre-
i vious examples which had been set them by their prede-
cessors, will be able always to contend with armies more
I powerful in number ;—I feel convinced-that a new ele-
i meat of political security is to be found in railway con-
veyance, by enabling you to transport, suddenly, and
without tatigue, to the threatened point, that military
force which you can command. (Applause.) Gentlemen,
it will draw closer the great metropolis of the empire with
those great towns, each of which also is the metropolis of
I an important district ; it will facilitate the means of com-
munication ; it will cheapen the cost of conveyance. If
we are to be exposed to rivalry with the industry of other
countries, can there he a doubt that the diminished cost
at which the transport of our articles, either of agricul-
tural produde or domestic manufacture, will take place,
will enable us to bear that rivalry with the greater chance
of success ? (Applause.) But above all, gentlemen, the
completion of this railway will establish new bonds of
connection between this country and the sister kingdom
(hear) ;—it will facilitate the intercourse with Ireland ;
it will bring us nearer to that country; and the whole
result will, I trust, be, to promote commerce, to diminish
any impediment there may be to profit, to unite the peo.
pie of this country in the bonds of reciprocal good feeling
towards each other, and to make us all the loyal and
affectionate subjects •of a Sovereign, who, if zeal for the
interests of her country, and an example of domestic vir-
tue—(applause)—constitute a claim on the affectionate
gratitude and devotion of her subjects, has that claim to
prefer in at least as strong a degree as any Sovereign that
ever sat on the British throne, could prefer a claim on.
I the affections of the people. (Great applause.)",