The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-10-05 00:00:00

Ebr Ltbrrpoot 'tanbarli.

"Yeariy Subscription:
In A:lila:ice, 15s. On Credit, 17s.

TUESDAY MORNING, OCT. 5, 1847.

BY the last advices received previous to the arri-
val of the Caledonia, we were put in possession of
'the fact, which fully bore out what we have all
along maintained in the columns of the LIVER-
POOL STANDARD, that, notwithstanding the enor-
:mous shipments of breadstuffs from the United
States to Europe during the past year, the crop of
1846 and previous accumulations were far from
exhauSted. We have now before us, in the papers
brought by that vessel, some data which confirm
this fact; and at the same time enable us to form
some notion of what are our prospects of supply
from this year's crop. In the circular for Europe
contained in the New York Courier and Enquirer,
an able and generally cautious and correct autho-
rity, we find it stated that " in respect to further
exports of breadstuffs to Europe, there is a pause—
and consequently the stocks are accumulating, for
the old crop is far from expended, notwithstanding
the large exports; and the new is now fast coming
into market." This "pause" is easily accounted
for by the feeling created by the latest advices at
that time received from Europe, which contained
reports of unremunerative prices and of monetary
difficulties and failures in Great Britain. The
facts, both of the supply of old not being ex-
hausted and of rapidly-accumulating stocks at the
ports, are further confirmed by the large receipts
of tolls upon the canals for the first week of Sep-
tember as compared with last year, which were this
year $105,178 12 against 481,481 15 last year.
The amounts received at Buffalo, Rochester, and
Oswego, for the same weeks, were respectively :-
1846. 1847.
Buffalo 821,427 47 .... R 124,681 76
Rochester 6,167 71 .... 6,834 2
Oswego.
The bulk of the shipments represented by. these
canal tolls, coming so close upon the maturing of
the harvest as the first week of September, must
consist of the remnant of the old crop, which has
still to come forward. Indeed, up to that period
we find few sales of the new crop noted.
Some idea of the extent of the last year's ship-
ments may be formed from the following items,
which we extract from a statement of the receipts
of produce at the port of New Orleans, for the
year ended Ist September, 1846, in the City article
of the New York Herald :

1845-6. 1846-7.
Beans, bbls. 16,585 .. 24,536
Corn Meal, bbls. 39,005 .. 88,159
Corn in ears, bb15..... 358,573 .. 619,756
Corn shelled, sacks.... -1,166,120 .. 2,386,510
Flour, bbls.
Oats, bbls. and sacks .. 269,386 .. 588,337
Wheat, do. do. .. 403,786 833,649
The receipts of breadstuffs of all kinds at New
Orleans have thus been double those of the last
year; and the foreign exports of the two years
bear a corresponding proportion to each other.
The following remarks upon the above state-
ment, in the New Orleans Price Current, will be
read with interest by our corn-merchants and im-
porters, and are not unworthy of being perused
attentively by
.our agricultural readers :
" In our previous annual reports, the branches of our
commerce embraced under this head have commanded
more and more of our attention, from year to year, ac-
cording to their rapidly extending importance ; but du-
ring the past Season, particularly in the department of
breadstuffs, they have attained to a prominence which
gives remarkable evidence of the surprising advancement
of:: the lertile West in the development of her great re-
sources. In corroboration of this position it will be seen
by reference to our tables that the receipts of flour have
been about double those of last year, being 1,617,675
barrels against 837,985 barrels last season ; or about five
times as much as was received ten years ago. The in-
crease in Indian corn has been still more remarkable, the
receipts this season being equal to 7,065,000 bushels,
against 3,543,000 bushels last year ; or more than seven
times as much as was received ten years ago. The re-
ceipts of wheat have always presented great fluctuations ;
but during the past two years the increase has been im-
mense. In 1845-6 the quantity received was more than
quadruple that of any previous year; and the arrivals of
the past season are more than double those of 1845-6;
being equal to 1,670,000 bushels, against 808,000 bushels.
In 1837-8 the receipts of this article did not amount to
5,000 bushels. It is, doubtless, within the knowledge of
all that the remarkable increase in the supplies brought
to market during the past season, has been mainly stimu-
lated by the extraordinary foreign demand, to make up
the deficiency in the crops of Europe."
A more extraordinary instance of the rapid deve-
lopment of the resources of a country than is here
evidenced, has never been recorded in the world's
history ; for it is not the fact, as concluded by the
writer of the Price Current, that it is " the increase
of the supplies which have been brought to market"
which has been caused by the necessities of Europe,
but an increase of ability to supply which is shewn.
No emergency of ours could have drawn the food
from the increased population of America. There
must have been an increase of cultivation ; and
the fact that since the probability of our scarcity,
and the more favourable terms upon which his
grain would be received into our markets, being
known, the American farmer has been able to
double the surplus available to supply us, conveys
to us a startling assurance of the rapidity with
which the fertile prairies of- America can be con-
verted into the richest corn lands.
The following remarks by the same writer, upon
the fluctuations in prices which have taken place
during the year, also convey a lesson which ought
not to be lost sight of
" With regard to prices, there have of course been
important fluctuations, according to the operations of
speculators, and the tenor of the foreign advices received
from time to time ; but as our space will not permit us
to trace the market in its vacillating course, we must
content ourselves with noticing the extreme rates of the
season, which are as follow :—Flour—Ohio to the best
St. Louis City Mills—lowest point • Sept. 12th, 3 25 to
433 87-1 ; highest point June 2d, S 6 75 to S 7 50. In-
dian corn—lowest point Sept. 12th, 40c. to 45c. ; highest
point Feb. 24th, SI to $1 10 per bushel in sacks.
Wheat—lowest point Sept. 12th, 40c. to 55c. ; highest
point June 12th, S 1 50 to S 1 65 per bushel in sacks and
barrels."
Now, if with flour at the comparatively low point
of S 3 25 to 83 871 on the 12th September, 1846,
(and it ruled low for some months previously, in
fact in seed-time,) the American farmer could
afford to still further increase his cultivation, we
must infer that he could grow and sell it without
loss at that price. Yet it is the fact that a vast•
increase of cultivation has taken place during the
past year, and, irrespective of an excellent harvest,
America has largely increased in capability of sup-
plying Great Britain and Europe.
" With regard to supplies for the coming season, there
seems a probability that, what with favourable crops and
increased cultivation, our country will furnish a still
larger surplus for export than during the past year, par-
ticularly of Indian corn ; and although the prospect of
good crops throughout the countries of Europe will, if
realised, render them less dependent upon foreign im-
ports than during the season just closed, yet it is supposed
that their usual home stocks are so far exhausted that
there will still exist a large deficiency, to be made up
principally from this country. It is not likely, however,
that prices will rule as high as they have done during the
greater part of the past year ; though it is not improbable
Mat through the increase of inland and sea tonnage, and
the extension of canal and railroad facilities, the average
cost of transportation, both from the interior and to
foreign countries, may be so far reduced as to leave the
producer an ample remuneration."
The passage which we have marked in italics is
significant. It almost assures us, in direct terms,
that price will not keep back supplies; and it
really ought to put to
flight the notion promul-
gated by many authorities at borne, that at present
prices of American flour, which are 40 per cent.
higher than the corresponding period last year, the
stocks in America are at all likely to be held back.
We fully anticipate immediate and extensive ship-
ments to this country, in which anticipation we
think we are fortified by many circumstances. In
the first place, the papers which went out by the
Britannia on the 4th ult., and which, being met
by the Caledonia off Halifax, could not have influ-
enced the United States markets, took out advices
of advancing prices of breadstuffs in Great Britain,

The consequence of the receipt of these will in all
probability be, that stocks in the United States
will at once have been attracted to this country.
The steamer of the 19th ult. also took out advices
of full rates, which, however, declined immediately
after her sailing. In the next place, the low rates
of freight, quoted from New York to Liverpool at
ls. 3d. to ls. 6d. per barrel, and from New Orleans
at 2s. per barrel for flour, are likely to attract ship-
ments, especially as before long we shall have the
new cotton crop coming forward, which will of
course increase the rates of freight. A further
consideration, which augurs in favour of large
shipments, is the rapidly-increasing rate of ex-
change in our favour, which promises shortly to
render sovereigns a profitable shipment to this
country. With the Mexican war unsettled, and
ample supplies of breadstuffs in America to pay
her European debts, it is infinitely more likely that
we shall have those stocks than gold. The packet
which sails to-day, and which will carry out advices
of declining markets and of a fully-realised good
harvest both in Great Britain and Europe, will
probably bring upon us the full tide of American
superfluity. The shipper will be fortunate whose
stock arrives first.

A further guarantee of coming low; prices of
grain is to be found in the general abundance of
the harvests throughout Europe. For some time
past, the depressing effect upon prices of the sup-
plies poured into our ports from America has been
checked by the demand from France and other
European countries. These are henceforth to be
regarded as exporting countries, and their produce
is rapidly reaching our shores, if not to be con-
sumed here, at least to be paid for with British
money, and to be stored here until wanted. It
must be borne in mind, too, that the foreign ship-
owner fully understands at present that the privi-
lege granted him by. the suspension of our Naviga-
tion Laws expires on the Ist of November; and
we may he perfectly assured that every cargo avail-
able up to that date will be seized with avidity for
transport to Great Britain.

A report will be found elsewhere of a meeting of
the Birkenhead Commissioners, convened to dis-
cuss the course to be adopted with respect to cer-
tain negotiations pending for the disposal of the
dock works in Wallasey Pool, which, however, it
was adjudged could not be satisfactorily discussed
in the presence of the members of the press, who
were therefore directed to withdraw. The resolu-
tion come to—appointing a committee with certain
powers—is, consequently, all that we give. We
understand, however, that the parties in treaty for
the purchase of the works are the Liverpool Dock
Trust; and that there is every probability of the
matter being ultimately arranged to the satisfaction
of all.

Several statements have been put forward by our
contemporaries about negociations with this and
that railway company or body of capitalists, but
these, we apprehend, are merely iliventions, in pro-
mulgating which the wish was no doubt father to
the thought. We do not believe that any other
party except the Dock Committee of Liverpool has
the slightest idea of purchasing the docks of Bir-
kenhead ; and we rejoice to see that the commis-
sioners of Birkenhead are taking the only common
sense course open to them by placing themselves
in treaty with that body, which we feel more and
more assured is the only one by whom the property
can be turned to good account for the interests of
the population on both sides of the water.

IT is now an all but proclaimed conclusion that
her Majesty's government will, in the ensuing
session of parliament, deal, in some way or other,
with the Navigation Laws. - The shipping interest
like other industrial and commercial interests, is to
be denuded of the remnant of protection which it
has thus far retained; and the British shipwright,
and the British sailor are to be subjected to a
competition with the foreigner, similar to that
under which the home agriculturist is about to
sink. We shall be prepared to enter onr protest
and to combat against such a measure, when it
comes before us in a tangible shape. In the mean
time it is important to ascertain how far the ship-
ping interest, pending such a contest, is likely to
be restored to the position which it held twelve
months ago. At present it is well known that the
Navigation Laws are suspended. The commercial
marine of Great Britain is favoured with no pro-
tection. What is material to us now, is to enquire
whether, before the permanent fate of that im-
portant interest is decided, it is once more to be
recognized, as it has been by the first statesmen
of the present and of times gone by, that the
shipping interest, as contributing to provide one
of the main sinews of our country's strength,
thould be excepted from the tampering of experi-
mental political philosophy,—whether, in short,
the suspension of the Navigation Laws, for which
the temporary circumstances of the country af-
forded a pretext, is to be made a permanent mea-
sure, by the fiat of the Privy Council, the subse-
quent consent of the legislature being only asked
to acquit the government of the offence of antici-
pating its decision.
We think we are warranted in the feeling of un-
easiness, which we entertain upon the subject, by
the the course taken with respect to the suspension of
Corn Law,—a measure announced simultaneously
with the suspension of the Navigation Laws, and
the termination of which has since been extended
from the first of September to the first of March.
From straightforward men we should fear no imi-
tation of this course with respect to the shipping
interest. Whiggery, however, is proverbially mean
and tricky; and, to place the friends of that in-
terest on their guard against betrayal, we propose
to show that at the present moment there is not the
shadow of a ground for pursuing a similar course
towards the British Commercial Marine.

In proposing the suspension of the Corn and
Navigation Laws, on the 21st of January last, Lord
John Russell grounded his arguments in favour of
the necessity of the measure upon the failure of the
potato crop, and the increasing prices of bread-
stuffs. From the first week in August, when it
was 475. per quarter, wheat had gradually advanced
until in the first week in January it was at 645. ;
in the second week, at 665. iod. ; and on the 16th
of January it was at 70s. 3d. His Lordship calcu-
lated upon a still further advance, in which calcu-
lation he was fully borne out ; for we find that
prices, although checked for a time by importation,
continued to progress upwards, the average being
in the week ending March 17th, 745. Id., from
which point it rose steadily until on the 29th May
it had realised 102 s. sd.

With such an emergency threatening the country,
it was doubtless most politic to offer every induce-
ment to immediate importations; and hence the
suspension of the Navigation Laws was at the same
time proposed. In defence of such a course it was
urged by Lord John Russell that the rates of freight
from America were at that time greatly increased
by the demand for tonnage to transport troops and
munitions of war to. Mexico. The rates from con-
tinental ports were also greatly enhanced. From
ports in the Danube we were paying 16s, 6d. to 17s.
per qr. for Corn, instead of the ordinary rate of 10s.
per qr. From Odessa we were paying 13s. to 13s.
6d., instead of the ordinary rate of Bs. From the
United States we were charged 12s. 6d. to 13s. in-
stead of 55.; from the Baltic, had it been open,
we would have readily paid ss. to ss. 6d. instead of
3s. 9d. to 4s. 6d. ; and our own coasting prices
were similarly advanced. For instance, we were
paying 3s. to 3s. 6d. from Cork to London, instead
of Is. to Is. 3d., which is about the ordinary rate.

The suspension of the Navigation Laws, thus
justified, was to extend to the first of November
next ; and it may be fairly asked—what is the state
of affairs now, and how far will they justify Go-
vernment in the adoption of a similar course to that
pursued in the case of the temporarily suspended
Corn Laws ? In the first place the emergency of
famine has gone by. The average price of Wheat
in the last week in September, was 535, 6cl. It
has since declined, We have a splendid harvest at
home, as well as throughout Europe ; and there is
at present every prospect of a glut, instead of a
scarcity in our Corn Markets. The reduction in
the rate of Freights, which has followed the sus-
pension of the Navigation Laws, is as signal as the
worst enemy of the Shipping Interest can desire ;
and the displacement of British by Foreign ship-
ping, in the conveyance of grain, has taken place
to the full extent anticipated. The reduction in
Freights has of course been large. Our last Ameri-
can advises reported the freight of Flour from New
York at is. 6d. to is. 9d. per barrel ; and rates
from the Continent are in rapid course of reduc-
tion. The most important fact to notice, however,
as bearing upon the question at issue, is the fact
that European vessels are, by the latitude which
we have given them, partial as it is, being confined

THE LIVEItPOO

to the granting of liberty to import grain cargoes,
becoming carriers to our shores from every port in
Europe. The supporters of the principle of our
Navigation Laws will not, in the coming discussion
of the great question involved in those laws, have
to remark upon unsupported opinions merely. We
have already the assurance that the foreigner can
and will carry upon lower terms than the British
shipowner can afford to do ; and the conclusion is
irresistible that in any competition with him the
maritime supremacy of the nation must be perilled,
and, indeed, forfeited altogether.
We are of course not aware what steps are in
preparation to avert this evil. Whether our ship-
ping interests are about placing themselves in a
posture of defence, or whether they are resigned to
let matters take their course, and, as is too usual, to
indulge in the luxury -of complaint after the mis-
chief has been consummated. We should ourselves
humbly suggest the necessity of the more common
sense mode being adopted, and advise our ship-
owners not to wait until they are themselves at-
tacked, but, on the contrary, to strike the first blow.
We may be wrong in anticipating that the suspen-
sion of the Navigation Laws will be prolonged after
the period originally fixed upon—the Ist of No-
vember. It will be well, however, for the owners
of British tonnage to protest at once, lest such a
course should be in the contemplation of Govern-
ment. At all events, the features which are at pre-
sent being developed in the carrying trade, and the
preponderance which European shipping is ac-
quiring in that trade, should be well noted, and the
result ready to be presented to Parliament so soon
as it is proposed to remodel the Navigation Laws,
which we firmly believe will be at a very early period
of the coming session of Parliament.

WE are informed from a quarter, upon whose
authority we have the greatest reliance, that go-
vernment has at length been driven to a sense of
the necessity of some decisive action to arrest the
progress of the havoc, which the state of the Money
Market is at present creating in commercial circles.
A meeting of the Cabinet we understand was held
on Saturday evening, the result of which was ex-
pected to be the granting of a pro tempore autho-
rization to the Bank of England, to increase its cir-
culation of notes beyond the amount provided for
by the Bank Charter Act, the Government under-
taking, immediately on the assembling of Parlia-
ment, to introduce a bill to protect the Bank in
taking this course. We trust that we shall be
found correct in this anticipation, for it is abun-
dantly clear that unless some step is taken
promptly, the commerce of the country must
shortly be brought into a state of complete
paralysis.

MONEY MARKET AND CITY INTELLIGENCE.

SATURDAY NIGHT.

The anxiety in the city has been chiefly manifested in
the Stock Exchange, where rapid fluctuations have again
taken place. Consols for money opened at 841 to 1, being
a slight decline from the closing price of yesterday, under-
went a fall to 84, and finally rallied to 841. For the
account the range was from 841 to 841, and the closing
price was 844. Bank Stock left off 193 to 196 ; and
India Stock 223 to 228. In India Bonds and Exchequer
Bills, the peculiar state of the money-market was most
apparent, the former having been done at 225. to 15s. dis.,
and the latter having been freely sold at 10s. dis. Money
up to the period for the payment of the dividends, com-
manded from 6to 7 per cent. The Foreign Funds have
attracted little attention this afternoon, and prices con-
tinue very depressed. The actual transactions comprised
Brazilian Five per Cent. new Bonds, at 77 ; Granada, at
17 ; Portuguese Four per Cents., at 23 ; Spanish Five per
Cents., at 19 ; Passive, at 41 ; the- Three per Cents., at
28 ; Dutch Two-and-a-half per Cents., at 521. ; and the
Four per Cents., Certificates, at 83. Notwithstanding
the apprehensions which prevailed, the day has, on the
whole, passed off satisfactorily. In London no failures of
any importance have occurred, the only stoppage actually
announced having been that of a small, although very
respectable firm, Messrs. Boyds and Thomas, whose
trade was with the island of Ceylon, where their capital is
understood to be locked up.

(From last night's Express.)
Monday, Half-past One.—Consolswere donethis morn-
ing for the account, at an improvement ofk per cent., the
earlier quotation being 84 to I. There has since been
considerable fluctuations, bargains having been done at
the lower value of 841 to t, which was, in fact, worse by
f per cent., or nearly so, as there had been.buyers at 841.
Since this they have rallied to the price marked in the
first instance, but the probability is that the market will
remain in a variable state to the close. The much ap-
prehended 4th of the month, the general commercialpay -day
on acceptances has now arrived, and no one can say of what
mischief it may be productive. As yet we have heard of but
one additional failure, and this cannot be considered a case
of much importance. Thehouse has been in default before.
The Exchequer Bill market has exhibited increased weak-
ness. Business was reported in the course of the forenoon
at 20s. discount (sellers), and the price now marked is 255.
to 20s. discount. The requirements of the merchants,
and the measures of the Bank, had fully prepared us for a
material depreciation of this branch of the public debt,
but scarcely one equal to that which has occurred. From
the influence of the causes alluded to, money stock has
been done at 1/ per cent. below the opening value, it
having been at one time 84k, while now it might be pur-
chased at 831. Securities of all descriptions are, at the
moment at which we write, as flat as possible, the ten-
dency of Consols for time being still downward.
The Bank are said to be realising the unredeemed stock
held by the institution in deposit for advances, the parties
pledging it being unable to make it up.
Brokers usually found acting for the Scotch banks are,
however, also sellers of stock for money upon a large scale.
Quarter before Two.—Consols have declined to 84/ for
the account, and 834 for money. Exchequer Bills have
become unsaleable, and are now nominally quoted 30s. to
20s. dis.

Three o'clock.—We may now state that the house
above referred to, as having suspended payment, is that
of Messrs. Rougement Brothers. We do this with much
less hesitation, inasmuch as the sole object of the firm is
that of avoiding a most unreasonable sacrifice of property,
their assets being equal to 60s. in the pound. It is, in
other words, purely a case of expediency, and nothing in
the nature of an absolute failure.
The funds have revived a little. The arrival in the
town of the Chancellor of the Exchequer has had some
effect, as his purpose is doubtless to see if measures of
relief cannot be devised. Consols, 84 to I for money,
kind 84i to k for account. Exchequer Bills, 20s. discount.
The country bills are said to have been but very indif-
ferently provided for at the leading banking houses.
It is understood that a Cabinet Council has been sum-
moned for to-morrow.