The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-11-14 00:00:00

GENERAL TRADE REPORT.

MONDAY EVENING.
The healthy tone which it has given us so much pleasure
to communicate in our two preceding publications as
steadily developing itself in the commercial body daily
gains ground. In fact, as it was remarked to-day on
'Change. we have never looked back since the railways
went forward. And if the share-market is to be the pulse
by which the health of the community is to be tested, it
beats stronger to-day than it has done since the reaction.
A paragraph appears in another part of our impression, in
which it is announced that the last three Gazettes contain
no less than sixty-eight fiats in bankruptcy chiefly among
the manufacturing and trading community : this is a con-
vincing proof, without doubt, of the existence of a des-
perate era of depression, through which we have passed ;
but there is nothing in it, to damp our hopes for the con-
tinuance of the present advent of prosperity. Our
foreign intelligence is varied in its nature : accounts from
Vienna to the 4th inst. convey information relative to the
recommencement of public business, and the opening of the
Exchange was expected to take place on the 6th inst., but
the payment of bills falling due from the 6th of October to
the 20th of November had been prolonged, by authority,
for one month ; new disturbances were impending at
Naples on the Ist, and the funds had fallen 2 per cent ;
the Belgian budget, which promises financial ameliora-
tions, has given great satisfaction ; and at Hamburgh, al-
though there was some demand for paper on London, the
operations in foreign exchanges continue small. The
English funds opened in London on Saturday at 8,61 to ,
receded to 86i owing to the new symptoms of restlessness
in Ireland, but ultimately rallied, and closed, rather sel-
lers, at 80 both for money and the 12th. of December,
which indicates a rise of fully -1 over the closing prices of
this day week ; and as the Irish rising has been very quietly
put down, we expect to-night's post will bring intelligence
of a further enhancement.
The SHARE market has been extremely healthy all the
weeir, and most extensive purchases have been made by
the capitalists for investment. Prices have each day
steadily advanced, and close this evening at the highest
point of the week. The Leeds, the Western, and the
Southwestern Companies have issued their statements—
the two former are looked upon as satisfactory and have
had a favourable influence upon the prices of the shares.
The Southwestern is not liked. The Midland expose is
expected about Saturday next, and from what we can
learn, it is to surprise the most sanguine. There has been
an animated demand for this stock and the halves every
day, for some time back, both speculative and for invest-
ment, and it is confidently expected that both will advanc
to near par on the issuing of the statement—London Stock
is 119 to 121, the .÷ shares 1 to 14 pm. ; Midland 86 to 88,
the 4- shares 8 to 81- dis.
In the COLONIAL markets the demand for Sugar con-
tinues good ; 5,000 bags were sold on Saturday and to-day
at firm prices. The Rice offered for sale has been with-
drawn ; los. was paid for low middling, which was taken
in at lOs. 6d. ; the price of this article does not move
here, although a trifling improvement has manifested
itself in London, this latter being probably owing to
government purchases for Ireland. In other articles there
has been no change since Friday.
On reference to the report of Friday's CORN market,
given in our seventh page, it will be seen that, although
most articles of the trade were somewhat depreciated in
value, Indian corn was firmly held at the extreme rates of
Tuesday. Takinc, into consideration the falling off in the
consumption of this article in Ireland, the reason for this
steadiness is only rendered apparent by the following in-
telligence, which we copy from the American edition of
Messrs. Makin and Sons' Liverpool corn circular :

"Advices have been received from the Danube, announcing a
decree of prohibition to the exportation of grain of all descrip-
tions from the principality of Wallachia, to commence on the
27th October last : this decree had produced great sensation
among the Danube merchants, there being many ships there,
and on the way out, to load Indian corn, a large portion of
which had been sold on contracts far English account, and
which must of necessity remain unfulfilled."
During Saturday and to-day, the market has lacked ac-
tivity, and prices continue unchanged, waiting the intelli-
gence to arrive by the American packet, our summary of
which will be found elsewhere. The arrivals into Liver-
pool, reported since Friday, comprise :—Wheat, from
Ireland 168 qrs., United States 1813 qrs. ; Barley, coast-
wise 152 qrs. •, Malt, Ireland 25 qrs., coastwise 16 qrs. ;
Oats, Ireland 1176 qrs., coastwise 33 qrs. ; Beans, Ire-
land 36 qrs. ; Pease, Ireland 31 qrs. ; Oatmeal, Ireland
1023 Ids„ coastwise 14 Ids: ; Flour, Ireland 758 sacks,
coastwise 42 sacks, United States, 5138 brls.—Exports :
Wheat, coastwise 207 qrs. ; Barley, coastwise 47 qrs. ;
Malt, coastwise 75 qrs. ; Beans, coastwise 166 qrs. ; In-
dian corn, Ireland 3329 qrs., coastwise 156 qrs. ' • Indian
corn meal, Ireland 20 brls. ; Flour, Ireland 270 brls. ;
coastwise 120 sacks, 703 brls. Prices have declined
throughout England during the week ; the only exceptions
which have come under our notice being for the finest
samples of new English Wheats, which at Newcastle-
upon-Tyne, and Great Waltham, near Chelmsford, took
a slight advance,—in the latter case of from Is. to 2s. per
quarter. In the Irish markets Wheat is in some cases a
trifle lower ; Flour sells slowly, and at Cork a reduction
has been accepted to effect sales : Oats and Oatmeal are
higher, except at Waterford, where best samples of the
former have declined ld. to 2d., and inferior 3d. to 4d.
per barrel; Barley is about stationary ' • and Indian Corn
and Meal are still descending, save at Waterford, where
an advance of 3d. to 6d. per barrel has been realised on
the week. We are further convinced, for the reason ad-
duced in this article last week—i. e., the continued silence
about the Potatoes, and the sluggish demand for Indian
Corn—that former accounts about the progress of disease
have turned out to be in a great measure fabulous.
This week's COTTON market has not equalled that of
the previous week in the amount of business transact?d,
although the demand Las not only been sufficient to main-
tain the better position then gained, but also to confer
upon American descriptions below " fair" a slight advan-
tage, there being less choice upon the market. The
sales on Saturday amounted to about 4,000 bales, chiefly
American, at 3d. to 4d. per lb. The market remains
very steady, at previous rates. About 700 bales sere
taken for speculation and export. TO-DAY there has
been a numerous attendance of spinners here, many of
them induced, no doubt, to come down in anticipation of
advices per steamer—the result of which per Britannia
appear, as yet, to have caused no change of moment in
either buyer or seller, the market opening with a general
and rather active demand, holders meeting it fairly at
Saturday's extreme prices, which the buyers were com-
pelled to pay. The business estimated at upwards of
5,000 bales, the bulk American, and chiefly in " good"
_ .

ordinary to middling, with rather more inquiry for fair
qualities. The amount of Cotton taken in speculation this
year does not amount to one-fourth of that taken in 1847,
a decrease being shown of 216,230 bales, while the increase
of import is 435,335, and the increase of stock 84,000; but
the quantity taken for consumption shows an increase of
258.400.
The demand for AMERICAN LARD, which continued
slack until the sales on Tuesday, has since revived, and a
good business has been transacted by private at an advance
of ls. to ls. 6d. per cwt. ; the sales of Bacon and Pork
have been pretty large, but prices are a little lower, except
for " Mess" Pork, of which our stock is much reduced ;
of 1000 boxes of Cheese offered at auction last week, 300
boxes were sold at rather lower prices ; and some Montreal
Butter brought forward was withdrawn for higher terms,
625. being the bid. We have nothing to notice in other
articles, and subjoin the quotations :
Cheese—(duty paid)—Fine, 46s to 52s per cwt. ; middling,
39s to 45s ; ordinary, 30s to 38s. Beef—U.S. (free)—Prime
mess, per tree. 3041 b., 87s &1 to 92s ed ; ordinary, 80s to 85s,
old —s to —s; extra, India, family, &c., —s to —8; ditto, per
half-barrel, 26s 6d to 38s ;—mess, per barrel, 2001 b., —s to —s ;
ordinary, 40s to 465, old —s to —s; prime, 385 to 40s. Pork,—
U.S. (free)—Prime mess, 35s to 555, old —s to —s per barrel,
2001 b. ; prime, —s to —s, old —s to —s ; mess, family mess,
&c., 35s to 565, old —s to —5. Bacon—(free)—Eastern, —s to
—s; western, 31s to 40s : shoulders, s to —s, old —s to —s
per cwt. Hams—Dried, (duty paid,) 35s to 42s per cwt. ;
Canadian, (free,) 60s. Lard—(tree)--Fine, in kegs and barrels,
40s to 42s per cwt.; good, in do. do., 386 to 395; ordinary
to middling, 36s to 37s ; inferior, and grease, 30s to 345.
Butter—Canada, (duty paid,) 60s to 66s per cwt. ; grease, (free,)
40s to 445. soda Rscuit•—(duty paid)-265 to 28s per cwt.
Apples—(duty paid)-12s to 25s per barrel.
We noticed last week that some new IRISH Beef had
been brought into the market, at 92s 6d per tierce : this
article is now offering on lower terms. Butter is again
cheaper. There is plenty of English in the market, at a
low price, and even the most saleable kinds of Irish have
been pressed into the market at a reduction of 2s per cwt.
to effect sales. In other articles PO change. The arrivals
for the week ending this day are—Butter, 11,419 firkins,
506 crocks ; Bacon, 50 bales ; Hams, 2 hhds.
We have to report an increase in the amount of transac-
. . . _

tions in foreign WOOL this week, without material change
in prices. The accounts from the country are hardly so
favourable as they were. A fair business has been done
in Alpaca at late rates. Scotch continues very dull, and
the market being well supplied, there is mere desire to sell.
The transactiods in Scotch PIG IRON have been again
contracted in amount this week. Prices may be quoted
425. Gd. to 435. for No. 1, and 425. to 425. Gd. for No. 3,
good brands. The Mining Journal states that the mining
share market has much improved, and a considerable
amount of business has been transacted. A demand still
exists for Devon Great Consols. and most of the dividend
and favourite mines have had their inquiries. East Wheal
Rose shares have been purchased, and buyers are still in
the market. In Trelawney, West Caradon, Trehane,
Cam Brea, South Basset, East Pool, Wheal Seton, and
other shares, inquiries have been active.
We copy the following particulars respecting the
TIMBER trade from Messrs. Chaloner and Fleming's
circular :—" The arrivals from British America since our
report of 31st October consist of 14 vessels, 9,207 tons.
The following have been the sales : Pine Timber : Of St.
John's, one cargo 19.1- inches average sold at Is. 51d. •, one
of 19 inches at Is. sd. ; one same size at Is. Rd., and one
of 181 inches at Is. 5d.. and a cargo of Dalhousie at ls. ld.
per foot. Qf Quebec : One cargo, 75 feet average, was
sold at ls. 2d., and another same size at ls. 2.0., and
one at ls. 2411. per foot- Quebec Red Pine has been sold
at ls. sd. to is. sid. per foot. Quebec Oak, at Is. Bd. to
ls. 9d., and apart at ls. 9d. per foot. Quebec Elm has
been sold at Is. ld. to ls. lid. per foot. Ti ch : St.
John with cargo has been sold at Is. 3d. Quebec Deals
have been sold with cargo at £6 per standard. Spruce
Deals : One cargo of St. John has been sold at £6 55.,
and one at £6 per standard ; cargo from Skediac at
£6 2s. 6d., and to-day a cargo of St. John at £6 7s. 6d. ;
a cargo of Richibucto Yellow Pine was sold at £7 per
standard. Lathwood with cargo has been sold at .£1 10s.
per fathom.
The return from the Bank of England for the week
ending the 4th of November, gives the following results
when compared with the previous week :
Public deposits, i 2,615,627 ; Decrease, .e 3,813
Other deposits, 13,795,395 ; Decrease, 125,797
Rest, .. .. 3,415,516 ; Increase, 27,654

On the other side of the account :
Government securities, £12,769,012 ; Decrease, £lBl,OOO
Other securities, .. 10,805,561 ; Decrease, 83,523
Notes unemployed, .. 8,242,575 ; Increase, 224,410
The amount of notes in circulation is £18,554,085,
being a decrease of .C 35,905 ; and the stock of bullion in
both departments is £13,407,553, showing an increase of
£134,411; when compared with the preceding return.

COMPTON HOUSE ESTABLISHMENT.

rvwpoeaTiwrnnandeelooalbefore very extensive premises of Messrs. Jeffery
and Morrish, in Church-street and Basnett-street, have
recently been much enlarged ; the enterprising proprietors
having, after some years of necessary delay and negocia-
tion, purchased the land at the corner of the two streets,
which was occupied by an old and respected tradesman,
now retired. The ground in question is not only in the
very centre of the greatest "shopping" thoroughfare of the
town, but formed an hiatus, or awkward separation be-
tween the main entrances to Messrs. J. and M's buildings,
facing, respectively, the two streets named. Their im-
mense ranges of shops, (all communicating), are already
so well known as a mart for cheap and elegant commo-
dities, in which ladies and house-keepers especially delight,
that we are spared the trouble and the space which we
would otherwise bestow upon them in description. We
cannot, however, do less than state that the whole estab-
lishment has now become one of The lions of the town,
and we may add that there is none of equal magnitude
-and containing such a variety of drapery and other wares
even in the metropolis itself.
The new building, at the corner of the two streets is in
the Roman style of architecture, designed by Mr. Haigh,
and highly decorative in itself, as well as in keeping, so
far as that could be accomplished, with the adjoining
buildings of the proprietors. It is four stories in height
from the street, presenting below, in the faeade in Basnett-
street, five tall windows with round arches above, and
including two stories in height ; and two stories above a
cornice which divides the building in height,—the first of
these upper stories having square windows, and the
highest or upper one round-to aped windows, with inter-
mediate pilasters, decorative architraves, &sc. The facade
to Church-street presents two similar tall windows below
(rising to two stories in height), one on each side of a
main and wide entrance, which is surmounted by a round
topped window to correspond, and enriched by a projecting
stone hallustrade or balcony. The corner portion o
the building is rounded, and in the second story there
is a similar ballustrated window. Over the attic windows,
in both frontages, there are pedimental cornices, the
centre one in each belies segmental, and those on each
side of it triangular. The building terminates, in height,
with these pediments, or window cornices, and we should
prefer the addition of the blocking usual in the Grecian
and, generally, in the Roman style ; but this resolves
itself into a matter of taste. The windows are of great
size, and are glazed with huge plates of glass set in polished
brass mullions, with polished
anm Thea h og
lower,
interior
on wy
ea
rfcirrid
addition
tomptpThei
irlraneoahersntnsdi
nt.
elegant
groundisoi i
:TT atinmnhhhgnt
geeeseet
building, in fine, is a commanding and ornamental object
is
in the street, and is, as such, highly creditable to the
senterprisingnparties
building, concerned.
gives
premises of a " Shawl and Cloak Room," aeobmsohuewtei7tn-Odgfoleresst
ibsf
facing
cytl i
we.
.n
inegi
ggewe,fbitnz
dl :sots:
9,itw:
ix(h.
uaeoo nensrb:Ttdearatahein3innnerdSed:
sirs i
handsome
two
%oahe:fsoeoi(which width,sgwnf eardle:onliliuvl
p;ta,rdadi
esfieni
.1
onldgeorftgi
from
sionsiesreindti
odiodl
nei
tspgsip:ihitiuohittreaeahpon
irrdlehusearbr:,
there
ahgrowy.
stucco work,) and these are supported in the-centre by a
foliated capitals. The panels of these will be finished in
apartment is unobstructed by counters, and round the
whole floor is covered with elegant carpeting, and, from
its extent, forms a fine promenade. The rooms above it
are yet in an unfinished state.
On a casual visit to the premises, on Saturday, we were
politely shown through the entire of the buildings, from
top to bottom, including the domestic department; and
we were surprised by the extent and magnificence of the
business portion, and even more so by the domeciliary.
The building (for it may now be said to be one block) oc-
cupies the greater part of the ground, or oblong square,
from the frontage in Church-street back to Leigh-street,
and covers nearly 1,500 square yards. The decorative
frontage to Church-street is about 31 yards in length, and
that to Basnett-street 40 yards, besides back buildings,
including a tall goods receiving warehouse. I,Ve may state
that, on Saturday last, there were employed about 117
assistants and servants on the premises ; that there are
separate well-furnished sitting-rooms and bed-rooms for
the young gentlemen and ladies, nearly all of whom dome-
cile in the house ; that there is a fine library at their service,
and that every inducement is held out to render thewhole of
the inmates, moral, happy, and domestic. No fewer than
126 beds can be made up. The culinary department is appa-
rent perfection ; and gas is employed with great advantage
(in place of smoky coal), in preparing the best of English
fare for the tables, at which the assistants take their meals
at three relays. Ventilation is greatly attended to, and
the whole of the large family employed, appear to enjoy
the best health and spirits. In the cellar apartments
there is a quantity of curious machinery for the rapid
measuring of pieces of cloth or other fabrics ; also ma-
chines for stamping the goods, &c. It would require
nearly a day thoroughly to inspect the whole of the pre-
mises, and our rapid run through them, by numerous
stairs, passages, and apartments, up to five stories in
height, can enable us only to state that we were both
pleased and astonished. There are other commercial and
trading establishments or buildings in the town which
have, of late, been originated or greatly improved, which
we shall have pleasure in noticing in succession, for with-
out individual preference, we feel proud of all increase in
architectural improvements or domestic comforts in " the
good old town."

THE ECONOMIST AND THE LIVERPOOL CUR-
RENCY REFORM ASSOCIATION.

The Glasgow Examiner this week contains the follow-
ing remarks upon a controversy on the subject of foreign
exchanges, which is going on between the above associa-
tion and Mr. James Wilson, of the Economist, in which
the latter has exhibited thus far a disposition to'hang fire,
and is observed generally to have had the worst of it :
" The Liverpool monetary reformers are taking up the
view we have long held, that gold being both a commodity
and a money, renders it impossible to have our foreign ex-
changes permanently on an easy footing while our imports
of foreign commodities exceeds our exports, as they are
likely to do, under Sir Robert Peel's irreciprocal system
of free trade. Our Liverpool friends reply very cleverly
to the shallow article of the Economist, showing that the
export of every other commodity is a benefit to this coun-
try, or an evidence that our labour is being employed,
while the export of gold is just the contrary in every re-
spect; so that the assertion of the Economist, that under
a system of barter the effect on prices would be the same
as under our present system of currency, is not correct."
After giving some of his own opinions, our contempo-
rary continues :—" Since writing the foregoing we have re-
ceieved the Economist of Saturday last, which publishes
the letter of the Liverpool Currency Association, and
makes a most feeble attempt at a reply to it. Mr. James
Wilson is. in fact, cornered, and his only chance of escape
is the Liverpool men being soft enough to let him change
the subject; but from what we know of their secretary,
there is no chance of this."

COURT OF COMMON PLEAS, Nov. 11.

(Sittings in Banco, before Justices COLTMAN; MAULE,
and WILLIAMS.)
OGDEN V. STANDISH.

This was an action brought for a false return against the
late Sheriff of Lancashire, which was tried at the spring
assizes at Liverpool, in which a verdict was found for the
plaintiff, damages £l5O. The rule nisi, in arrest of judg-
ment, was granted on the ground of misdirection, and be-
cause the verdict was against evidence. It appeared that
a person named Koeller, an exhibitor of poses plastiques,
against whom a eapias ad satisfeciendunz had been ob-
tained in London, went down to Liverpool to exhibit, and
the writ was backed to the Sheriff of Lancashire, the
plaintiff accompanying the bailiff to point him out on the
stage of a theatre in the Liverpool Zoological Gardens,
where he was exhibiting. He was pointed out, and the
officer thought it not then prudent to effect the capture,
fearing a rescue, and several subsequent attempts at capture
failed, different persons of his company, who had disguised
themselves, being mistaken for him. The Sheriff there-
upon returned non est inventus. The plea was " Not
Guilty." The first question raised was, whether under
this plel the defendant could give in evidence circumstances i
justifying the Sheriff for not making the arrest n the first
instance. The Court held that he could not. The second
question raised was, that the learned judge, Mr. Baron
Rolfe, who tried the case. in directing thejury that the
Sheriff ought to have taken care to have bad a sufficient
power to make the arrest in the first instance, he having
the posse eonzitatus at his back, had laid down the duty of
the Sheriff in too wide terms ; but the Court were of opi-
nion that he had not, It was for a long time doubtful
whether a return of a rescue could be held to be a good
return, and sheriffs were so little favoured that it had been
held that if a debtor were lodged in gaol, and on habeas
corpus were. ruscued on his way to chambers, the sheriff
was held liable (" Crompton v. Ward," 1 Str., 430). That
case had a distinct bearing on the present. The principle
laid down in the book was, that a sheriff was bound to
provide such a force as would enabie him to capture the
debtor in spite of any reasonable resistance that he might
expect. In the case referred to it was argued that by a
parity of reasoning the sheriff ought to be provided with
force enough to keep the prisoner when arrested ; but the
answer was, (in indulgence to the sheriff), that he could
not always have the posse eornitatus with him, and that,
therefore, the return of a rescue was a good return. But
that indulgence ought not to be extended. The only re-
maining ground was that the verdict was against evidence ;
but the Court agreed with the learned judge who tried the
a re. ought to b
t verdictthee
discharged.wasnot
Rulee unsatisfactory. The rule,
therefore,
fo
discharged accordingly.

S TEALING BUTTER.—Yesterday at the police-court
two young men, John 111`Manus and John Macdonald,
were charged with stealing from a shop,—Mr. Barrett's,
in Cheap-side, a crock of butter worth 10d. per pound.
They declined to say anything in their defence, and both,
as the case was proved against them, were committed for
trial.
THE WEATHER.—During the past week, we have ex-
perienced a good deal of the gloom and severity of winter,
succeeded, however, by some of the finest weather ever
known within the month. On Wednesday
eitnhnesirogiumh
ote,mpaelftateecrreasat.
Ono aonn Friday,tle i
sn ninee ragartl tl
cold day, snow and sleet fell thickly for some few hours,
and a frost coming, which continued during the following
day, the hills, fields,pi e arcanhtdeusrlelo in
relaxed;usteh-it eokps
thickness
exhibited
mantle
6t dwseeolne_ ngfair,recs. The barometer soon after in-
dicated" to the surprise of many parties,
r nearly
,4e two
who, from the then appearance of the sky, Evd,pha damp
chillness of the air, expected a fall of rain snow. We
looked at several barometers, doubting the accuracy of
the first we saw, and found them all nearly ali' ke Lind, as
it turned out, perfectly true ; for the •hazycrelouds soon
after dispersed, and the air became gradually mild. We
have since enjoyed pleasant sunny weather, rarely somild
and dry at this period of the year. ": •

' \- ~' ,~

TUESDAY MORNING, NOV. 14, 1848.

THE straw is moving in every direction upon the
question of the currency, which a Liverpool con-
temporary has just termed most truly ".the most
important question of the day." Another jour-
nalist,theManchester Guardian, one of the staunchest
of bullionists, seems to feel that our present system
is making its pinching power felt by the commu-
nity, when he admits in his last paper that " ques-
tions connected with the currency are by no means
likely to lose their importance for some months to
come:" The sneer with which the advocates of any
system, which had not gold for its basis, was wont
to be received is everywhere abated. We have
now to direct the attention of our readers to a
further evidence of the growing feeling of the re-
flecting portion of the community that things are
not well with us, and that the continual tampering
of the Bank with the circulating medium of the
country is opposed to our true interests, which ap-
pears in the form of a letterin the columns of the
London Times; and we quote a portion of it here,
inasmuch as the writer admits to a considerable ex-
tent the principles upon which the Liverpool Cur-
rency Reform Association base their proposed new
system.
The object of the letter is to censure the policy
of the recent reduction of the minimum rate of in-
terest by the Bank, which, he remarks, has in all
cases been the precursor of a period of extravagant
speculation and subsequent suffering. The Bank,
he observes, is privileged to create currency to the
extent of 14 millions beyond its reserve of specie ;
and thus differs from ordinary bill brokers, who only
deal with the currency actually afloat. But the
Bank ought not to be permitted to employ this
surface at any rate of interest it may choose to fix.
" A privilege so vast for evil or for good was never
meant, and ought never to be administered, for the ex-
clusive benefit of the holders of Bank stock. If the
profits of the establishment can only be maintained by
rates of discount subject to fluctuations so great and
capricious as to defy ordinary foresight and derange the
calculations of the shrewdest, it becomes a grave question
whether the issue of notes cannot be managed on some
principle that will have more regard to the interests of the ,
community at large.
" When the country places fourteen millions of notes at
the disposal of the Bank of England, which virtually it
does, the country has a clear right at least to name the
lowest price at which those notes shall be issued. It has
a right to prohibit the issue of those notes at rates of dis-
count that may create a false confidence or stimulate the
dormant energies of speculation—even if the prohibition
should have the effect of rendering the Bank at times a
heavy holder of its own notes ; for we are under no pledge
to the Bank that employment shall be found at all times
and under all circumstances for every note it has a right
to issue.

" Now, the average rate of discount in London on first-
class commercial bills during the twenty years ended
December 1, 1844, was 31 per cent. within a minute
fraction. This is a fair basis and a fair rate. Let us
adopt it, and say to the Bank of England—' You shall
continue to enjoy the privilege of issuing notes as at
present, but on -this understanding—that your rate of
interest in future on discounts or advances shall never be
less than 31, per cent. to the public, nor less than 3 per
cent. to the banks.' "

The approach here to the principles of the Asso-
ciation is obvious, but the means provided are
clumsy. The fact, however, is recognised that a
fixed rate of interest is indispensible. Another
paragraph, however, comes nearer still to our views :
"The operation of such a law—a fixed minimum rate
of interest at the Bank of England—would do more, I
humbly conceive, to give a sound and equable aetion to
the currency than the nicest relations which you can es-
tablish betwixt the circulation and the bullion. Its ef-
fect would be to keep the circulation constantly adjust-
ing itself (so to speak) to the actual monetary require-
ments of the community. When the market rate fell be-
low the Bank's minimum, the private securities held by
the Bank would gradually become diminished, and the
circulation contracted, until the market rate rose to the
level of the Bank rate. On the other hand, when the
market rate rose above the Bank rate, the variation would
speedily be adjusted by an increase in the private securi-
ties, and a consequent enlargement of the circulation.
Under such a system as this, the rate of discount, instead
of indicating a range of from 2 to 10 per cent., would pro-
bably range within limits of which 3 and 5 per cent.
would be the extremes."

Of course "there would thus be an approach to
an equable value of money. To a certain extent it
would be self-adjusting—in fair weather times. But
there would be wanting any effective security
against a drain of gold an considerable consequent
contraction, accompanied with high rates of interest.
We welcome the approximation, however, in such
a quarter. The Times not unfrequently throws up
straws in this way, which intelligibly indicate its
subsequent cocirse.

COMPARATIVE IMPORTS AND EXPORTS OF
PRODUCE AND MANUFACTURE.

The "Accounts relating to Trade and Commerce" just
published, for the nine months ended the 10th ultimo, ex-
hibit some features which are not unworthy of remark.
It would have excited no great surprise, considering the
depression which has prevailed throughout the manufac-
turing masses, and the almost total suspension of many
branches of industry—such as the building trade and
others, which are only prosperous during periods when
money is in abundance, and the rate of interest reasona-
ble—if we had observed a great decrease in the consump-
tion of those articles of produce which form the principal
food of the people. We do not, however, find this result,
as will be seen from the following return of the quantities
of coffee, sugar, teas and tobacco, taken for consumption
in the first nine months of 1846, 1847, and 1848 :

1846. 1847. 1848.
Coffee 27,386,336 29,019,486 28,248,052
Sugar 4,020,488 4,580,491 4,887,960
Tea 35,962,670 35,744,518 37,356.222
Tobacco 20,288,816 20,193,427 20,427,817
The returns of several other similar articles exhibit a
similar result. The question, therefore, arises, how far
does this state of things indicate prosperity existing
amongst other classes of the labouring community, and
which are those classes ?

To some extent it does indicate an increase of ability to
consume amongst those classes not dependent upon de-
pressed commerce and manufactures. The agricultural
portion of the community have been able to avail them-
selves of the extremely low prices, at which these articles
have been pressed upon the market. But before we
plume ourselves greatly upon their consumption, we must
bear in mind that the articles referred to are those which
are most frequently resorted to when more substantial
food is placed beyond the reach of the labourer. We
would augur more of prosperity from an increased con-
sumption by these classes of beef and mutton, and a cor-
responding increased purchase of woollens, cottons, and
an increased activity of the shoemaker, the hatter, and
the tailor. We have no satisfactory evidence of such
increase.

The Globe of Thursday last quotes from these tables a
monthly return of the declared value of our exportations,
in order to show the connexion of the falling off with the
disturbances caused in Europe by the French revolution.
We give the table, with a portion of our contemporary's
remarks :

" DECLARED VALUE OF EXPORTATIONS.
1847. 1848.
" Month euding sth February £3,677,910 £3,227,138
3, March 3,446,307 3,597,842
/2 April 4,820,900 4,240,317
/2 May 4,812,852 3,345,735
ll June 4,657,403 3,535,394
3, July
~ August 5,062,452 4,137,168
35 September 4,h53,103 4,313,722

1oth OCtober
"Thus, in January and February, the trade of IC4B showed
an increase upon that of 1647. In March there was a falling off
of £6C0,000 ; in April of .t'l,sco,Coo ; in May of £1,100,000 ;
in June, and again in July, of .e 9002000 ; in August of about
..e500,000 •; and in September (the official month extending from
the sth September to the 10th October) of scarcely £60,000.
These figures seem to lead directly to the conclusion that the
effect of these disturbances upon the aggregate value of our ex-
ports is to be merely temporary. If the return of the next
month follows the order of the series, it will show at least as
large an increase over the corresponding period of last year as
could have been expected from a continuance of the steady
progression shown by the two first months of the year. In the
common course of things, the month of largest exportation
seems to occur about July. This year, the monthly order has
been one of steady increase since the shock received in March,
and which exhibited its greatest effect in the return for April
(the month ending sth May.")
The total falling off here is to the very serious amount,
in the nine months, of £5,350,000, or upwards of an eighth
of the entire exports of the country ; but, notwithstand-
ing the coincidence of the dates, we are not satisfied that
the whole mischief is attributable to the interruption of
our continental trade entirely and directly. We rather
fancy that it has been caused by the interruption of our
trade to all markets, occasioned by a fear of our currency
being further contracted as the result of disturbances in
Europe.
There has been one circumstance connected with the
recent events, which our Free Trade commentators rather
studiously omit to remark upon. Whilst we have undoubt-
edly decreased our exports to Europe, we have been largely
increasing our i reports of manufactured com q Mies thence,
and superseding the labour of our own population. From
this cause, aided by decreased exports, we may anticipate on
the return of European tranquility, a drain of capital to
Europe, at present employed here as more secure, which,
if any material portion of it is taken away in specie, will
seriously incommode us.

Tn " OCEAN MONARCH."—It will be interesting to
our readers to learn that her Majesty's Government has
been pleased to present Captain Joaquim Marquis Lisboa
(of the steam-frigate Affonzo, and who rendered such
important service to those on board the burning ship
Ocean Monarch) with a valuable gold chronometer, m ide
by Mr. Charles Frodsham, of Arnold's establishment, 84,
Strand, London. Its size is that of the ordinary waist-
coat. pocket watch, and it has the peculiar application in
it which renders at capable of resisting rough usage.

CORRESPONDENCE.

TO BRAMLEY MOORE, ESQ., MAYOR.

Sir.-1 fear, from what transpired at the last Council
meeting, that the spirit of street improvement will still
remain dormant. Ido not approve of a lavish expen-
diture on questionable schemes of utility, whilst more
important matters are in abeyance from the want of
adequate funds, as alleged by Mr. S. Holme. May we
not hope, however, under your auspices, that the striking
contrast now exhibited between our splendid docks and
the miserable internal arrangements of Liverpool, will
speedily he removed, or abolished, by causing dwellings
of a superior class to be erected for the working people
in lieu of the wretched hovels now existing, and the
formation of new and capacious roads, and the amend-
ment of the old throughout the length and breadth of the
borough of Liverpool.
Another important topic, I would introduce to your
notice, is the establishment of " Ragged Schools," in
connection with a view to the ultimate transit to the
Australian Colonies of the youth of both sexes, now in a
state of utter destitution, with which unfortunately our
town abounds. This would confer a benefit, if properly
carried out, on both the merchant and shipowner, as well
as be an act of kindness and charity to the forlorn beings
themselves.

T think the subject matter worthy of the consideration
of a public meeting of our townsmen.
I would also direct your attention to a serious offence
against the bye laws—that is, the wheeling loaded bar-
rows over the flagged parapets, to the great detriment of
the same, which should engage the special attention of
the police.

I am, Sir,
Your obedient servant,
A. L.

Liverpool, 11th Nov., 1848.

-- -c48...--

ESSAYS ON THE SABBATH.

TO THE EDITOR OF THE LIVERPOOL STANDARD.
SIR,—In your last publication I observe a paragraph, to
the effect that fifty extra prizes have been added to the
three originally proposed, for " Essays on the temporal
advantages of the Sabbath, by working men," and that
" many of these additional prizes have already been of-
fered." Your readers will, no doubt, be glad to learn
that the whole of the subscriptions for so praiseworthy an
object have been contributed, and that the award of the
adjudicators is expected to be announced in the December
number of the Working Man's Charter, a monthly pub-
lication connected with this movement, and entirely de-
voted to Sabbath consecration.

Yours, obediently,
November 13, 1848. A COMPETITOR.

TO THE EDITOR OF THE LIVERPOOL STANDARD.

DEAR SIR,—On looking over the Mail of to-day, I
perceive an attempt made on their part to confute the
statement contained in your last paper concerning Mr.
Bourne. Now, instead of candidly confessing his error
he has attempted to bolster his misstatement by an
allusion to Mr. Beckwith's speech, to which I did not
make the slightest allusion. The error (if such a mild
term may be applied to it) did not arise at all in Mr.
Beckwith's speech (for that the Mail could not be re-
sponsible) but it was in the list that the Mail made of the
Raters and Anti-Raters who composed the candidates for
the last election.

There were three columns—one for the Retiring Mem-
bers, one for the Pro and one for the Anti-Raters, and
Mr. Bourne's name is placed in the latter column. This
is the intended error I meant, and the Mail cannot get
out of it by trying to evade the question by alluding to
Mr. Beckwith's speech. lam sorry to give you so much
trouble, though I hope you will excuse.
A CONSTANT READER.
Liverpool, 11th November, 1848.