The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-10-17 00:00:00

8 TNE LIVERPOOL STANDAR-11.
. • • •-..-----. .k --.4C.,...92sWEV,V,LtteirEirtAXl=elitt-Vr..,72.3...i.111EW
TO CORRESPONDENTS. IT has been the practice of "the leading Journal naturally attends such an effort, if unsuccessful, of ' THE DEPRESSION OF THE
Since the article on railway expenditure, which appears in
of Europe," as it delights to be called, every two inflicting the punishment of the law upon the of-
another column. was written, we have been pleased with the or three years to give the note of preparation for fenders. In the meanwhile, what is the position of IN all its branches the trade in c
priisal of
..a letter. from the secretary of. the London and some astounding change in its own views and in this people—so recently claiming to be an inde-
leorth \Nrs,ern Railway, announcing the intended publics- very severe and trying ordeal ; for;
Lion of a full statement of the accounts of that company. those of statesmen. And we have frequently had pendent nation—openly treating our connexion the raw material just now is, the 1
The letter of J. \V. M. ii well written, and to the point, but we to admire the consummate craft with which the with them as an insult and an injustice, and repu-
cannot find room for it. the manufactured article was neve
opera here has been effected. The transition is not dieting the idea of any benefit to themselves being
small a scale. Fortunately for
made per saltum, but by stages. Take for exam- derivable from such connexion ? It is the ordinary
EIR ilibtrpoot "Manbarb. pie the question of Corn-law Repeal. First, the position in which Ireland has been placed at least prices of the raw material ar
~.-----_-.--_. - __ _ --, ----- - - Times merely indicated a willingness to hold the one winter out of every three during the past fifty manufacturer cannot run much,
TUESDAY MORNING, OCT. 17, 1345. clothes of the combatants, coming in to the rescue, years. She approaches us once more, unblushing ing his machinery in motion, ant
occasionally, when Mr. Cobden, or any other of and unabashed by any sense of past ingratitude meat and subsistence to his numer
ON Saturday welc a paragraph appeared in the his fellow-agitators, position of the importer is still
was in difficulties; pelting the and irreclaimable habits of improvidence, as a men-Liverpool Mail stating, on the authority of aof the most prudent merchants hay
ultra protectionists with vollies of sarcastic ridicule dicant, soliciting- to be clothed and fed out of the article which (at the rates current
report, "in circles usually well informed," that the and hinting at the possibility of settling the con- proceeds of British industry. It is humiliating to months past) was considered "as s
Rev. D. APNeile had " had the candour to admit troveray by a low fixed duty. Then came the ad- read the terms in which the demand is made, by no now find it arriving at an over
the overwhelming necessity for greatly modifying
mission that the League was " a great fact ;" and less influential a body than a meeting of the. Roman barrassed by a disturbed and unset
his objections to state provision for the Roman tinent, and also at a time wl
the climax was reached when the 'limes announced, Catholic bishops and archbishops, held in Dublin
Catholic Clergy of Ireland." The same " circles I;ails thatr thel comingi crop of co
and supported, the adoption by Sir Robert Peel, as on the 11th instant. The meeting state in their
well informed." had added to the story a little of the great feature of his administration, the total resolutions that, "They contemplate with grief, e\avni.t;alvoentwhett
committingnone
the circumstantial, to the effect that the Rev. Doctor Ourselves tc
withdrawal of all protection of the native agricul- anxiety, and alarm, the impending famine, and the we would throw out, for considera
had been in communication with Sir Robert Inglis ttu•iet. miseries which another year or destitution must gestions.
on the subject, and that the latter had also modified 1. The extent of crop has yet tl
We strongly suspect that we are about to wit- necessarily entail on an alreadyimpoyerished people,
his objections in concert with him. On his atten- ness another of those conversions, of which osr many of whom will inevitably perish of want during frostt l 1 A orinnfrost at all, andl this
ness
abundance or er tion being drawn to the statement in question, Dr. contemporary has so frequently been permitted to the approaching season, if some general and corn- fortuneately November,(forearly in
col
McNcile addressed a letter, to the editor of the be the herald. The moneyocracy of the country— prehensive measures for their relief be not adopted thing to abundance of food) have a
Mail, which appeared in his paper on Saturday the men of Lombard-street and its neighbourhood, without delay." It of course never struck these freights which are now ruling at afa
last, containing as strong a contradiction, both of for whose welfare the Times has been ever especi- resolutionists to interfere to stop the wanton waste per lb., may, and probably will, £
the statement with respect to his own changed. ally interested—find themselves, in this October of of their time in demonstrations of rebellion, and of three fbartvleintgs anda penny per lb.n
views, and the fact of any communication what- the second year of Free Trade, in no very easy po.. money in pikes, muskets, and gunpowder, during that have
ion contend/ erea againstmust bea t
ever having taken place between himself and Sir sition ; and are looking forward with a little trepi- the previous part of the year; or to urge upon them leave any profit for disposal in our e
Robert Inglis, as a gentleman and a clergyman dation to the approach of Christmas. There are, the adoption of improved modes of culture and the 2. The supply from India must
could make. He went even further. He explained it is hinted, some securities in their strong boxes, necessity of more constant habits of industry. cannot, it is well known, compete
distinctly, and carefully, how he considered thesame price, lb. for lb.
and those of their friends, which are negociable They were permitted to huddle their wretched crop
misconception might have arisen, and repeated, with difficulty and are daily decreasing in value. of potatoes into the ground, only half dug and 0 3.loTohetcahLarinss of American
aneßer
emphatically, his objection to the measure in ques- It was fun for these men, and their organ, two trenched, and wholly unmanured, and to devote inurthisg e-oupntry ; ?tripe lfineness ant
tion, on religious grounds, and the certainty of its
years ago, to be sweeping out of the market bubble two or three days out of the seven to drunken re- island, if at all on a par in price, bei
not producing the political object anticipated from projects—to see stags and provisional directors vellings at feasts and "pattherns," wakes and fairs, 4. A large import of American w
it, however apparently binding upon the priesthood " up the plentiful supply, and it is
hoist with their own petard," lighted by the fire whilst it was growing. The crop, which others
might be the securities and conditions which we and to the pressure to sell freely, flat
of leading and city articles. The fun, however, it warned them not to trust to, has failed; and we
might exact from them. r, and unsteady. ,
would seem, has gone too far. The bubbles have are asked, for the thousandth time, to pay for all -
We refer to the letter itself, which appears in effectually trodden down; but the wreck has ex- their improvidence and folly, in the first place, by
our columns this day ; and we ask our readers toLATEST INTELI
tended beyond the limits prescribed for it. It is affording employment, and in the next, "to use all
peruse it carefully. After having clone so they will, not pleasant to see Midland Stock at £75; London our influence to erect such an equitable adjustment (BY EX P RESI
perhaps, read with no small amazement, and, per- and North 'Western at £lO2 ; and Eastern Coun- of the relations between landlords and tenants as
haps, a more decided feeling, the following remarks ties at £l2 : or to contemplate the ruinous decline Shall stimulate an outlay of capital, insure the em- LATEST FROM I
of the Mail, in the same day's publication : in every species of produce. It is perplexing to ployment of the able bodied, and increase the agri- PARIS, i.
"We have considerable satisfaction in inviting attention to find that, with all the improvement of their po- cultural products of the soil." The state of Paris to-day, and es;
-
to a letter which appears in another column from the
Rev. Dr. M`Neile on the Endowment of the Irish Roman sition, manufacturers still continue their decreased We beg to direct attention particularly to the is such as you may have anticipate
Catholic Clergy. It would appear that the reverend production, and speculation the • most legitimate passage marked in Italics, as showing the kind of my despatches last night. The 11
culated is, that we are on the eve of
writer—perceiving clearly that a project which is regarded flags; that mercantile enterpriee and energy are - councils, by which it seems deStined that the pea-
named b;many to-day as the epee]:
by the leading statesmen of all parties as a measure of prostrate on every hand. Something, it is clear, sentry and farming classes of Ireland shall never be forth. Some, however, deny that
State necessity, must be "inevitable"—wisely refrains must be done to arrest the downward tendency of permitted to learn the true causes of their periodi- The immediate exciting causes are
from fruitless agitation against it, and rather deems it the affairs, and to allow Christmas balances to be cal suffering, and their constant degraded and and the change in the government
duty of a Christian patriot to co-operate in trying to make
it a vehicle for conveying also legal rights to ecclesiastical squared off, without extensive bankruptcy and ruin pauperised condition, as compared with the people everywhere assembling, and the si
privileges for the Irish Laity,—if it be possible to render being created. But what is that " something ?" of countries not half so gifted by nature as their prevent. innumerable private rneetin
It is reported to-day that severs
them independent of the more arbitrary ebullitions of We turn to an article in the Times of Saturday to own. These people obstinately adhere to a miser- to declare themselves en permane
priestly domination." see if we cannot discover the direction in which it able system of cultivation of the soil, which corn- have voted addresses of felicitation.
It is surprising how far the leaven of Tractarian- is to be sought. bines sloth, carelessness, and ignorance approaching Vienna, in which they deelhre ti
ism can distort the plainest sentiments, and induce The text, upon which our contemporary has to fatuity. And when the natural results follow— France to remain behind Austria.
an honest mind to deal in a direct misrepresentation chosen to dilate, is a speech by M. Thiers, in reply when a crop fails or markets fall—they are taught LONDON MONEY MARKET
of facts. Doctor M'Neile nowhere admits his to a proposition of M. Ledru Rollin, to raise two •to cry out for "an equitable adjustment with their The tends have been heavy this= mot
perception that a project regarded by any descrip_ milliards of assignats, on mortgage of land and na- landlords !" They are getting out of the land not We have-now, however, a slight improv
rues
icLosts e goai
nt
g 8.4 1
Redo
cbeoat Threes o
anree?
tion of statesmen as a measure of State necessity, tional workshops—a socialist measure, similar to more than a tithe of what it is capable of producing; t
must be inevitable ; and he grounds no part of his that which so disastrously failed when attempted and the landlord is to suffer, in the shape of reduc- Quarter per Cents., 844 to f. Bank Ste
present course of action with respect to the measure by the anarchists of the French Revolution of 1793. tion of rent, for their obstinacy or laziness ! They Bills, 345. to 375. prem-um. Foreign,sl
lower with a market very depressed.
upon such perception. The inference drawn must, With this theme in hand our contemporary sets argue that capital ought to be stimulated fo employ at wit, 11i ; the Threes, 211 to 24. P.
of necessity, fall to the ground when the premiss out upon a discussion on the subject of currency able bodied labour and increase the agricultural guese, 22f to 234. Russian are down t 1
is a fabricated one. He says distinctly, in his generally. products of the soil; and imagine that the land- . rutcTwo-and-a-half per Cents., 4
Mexican, 19 to 2, Peruvian, 3]
letter, what he would do "if the endowment be "M. Thiers," he says, ",,, 8
reminds one of the golden lord is to do all this. Yet the main cause why Brazilian are lower, at 71 to 3.
days
.when Peel was in his glory, propounding the great capital does not flow thither, as it flows -to. all other
inevitable ;" but he nowhere says anything which
question " What is a pound ?" His brilliant essay on
leaves it to be inferred—and that is what the writer 9
the (react Foncier delivered last Tuesday 'H countries where it can be profitably employed, is LONDON SHARE MARKET.
re-,
wants to be done—that he is disposed to refrain main a text on the currency question. He pointed out, the continual turbulence of the people, the nightly m oTrhi-il n - mlrilg ;flLrllngotanfroaricisdhiNreV
from agitation against it, or that he "rather deems with clearness and with wit, that it was in fact impossi- and daily shooting and burning, and the agitation 8 dis.; 'Caledonian Preference, at 55.;
it the duty of a Christian to co-operate"—with its ble to add either to the property or the currency of a na- fomented by the priesthood themselves,- The pre- 7insoltdhernsia7astien2ry and
Th eßa. c cmoiungth Imp
merelye
imt
eucil tei
apnl yt
ii
tnvg
etfhethseym.bftols
tc.ifHwealth. Pro- sent race of tenant farmers in Ireland, have no
authors of course—in trying to make it a valet- tiont by
heavy differences are being paid. W
able measure. On the contrary, he says precisely P.'
tner wYorks of man. Money is the token
of its v
posse asnsido
no f capital of their own, and no disposition to employ paid 7 dis.
the reverse. The currency in whatever form, whether gold, silver, or it if it was in. their possession. Should the land-
LONDON CORN MARKET.-
After the above was written, our reporters re- paper, is an instrument of spontaneous growth which lords drain, fence, and manure for them, the Our market was shortly supplied w
turned from the meeting last night, of the Jews' adapts itself to the uses of society, and rises and falls chances are that,. with the present habits of the bulk morning, by land carriage samples fi
in amount. accordion to the leveli tofif the national wants. of the small tenantry, at all events, they would find Society, and we find that the reverend gentleman
, e lei
tost frothing nxgee t within
the
srtegelisgei
alluded to the subject himself •; and perhaps this is Theretbe is nothing their liberality unappreciated, and their land, in a arrivalsP are again large, exceeding 45,4
immediateeaeh of arbitrarylegisalnat'ive enactments,
few years' time,. reduced to its pristine disorder, night, since which about 15,000 quart
the most fitting place for introducing that portion mere form of the institution. Property and currencyP are Fine qualities of Dantzic and Rostoc
of his address. Dr. M`Neile was chairman of the matters of fact, as much so as the breadth and quality of with the old worthless system inveterately persisted bought much clasper, but to make m
meeting, and after an introductory speech, which the soil, the climate, the number and character of the in, and probably covered with a race .of squatting descriptions, a decline of 2s. per qr. u
.. .• • .._ —_____

After the above was written, our reporters rt
turned from +1 --4-ing last night, of the Jews'
reverend gentlen-
; and perhaps this
,or introducing that portio,
Dr. M`Neile was chairman of the
meeting, and after an introductory speech, which
will be found in our report of the proceedings, he
:
" I must, however, leave the details of th:-

otne among u

I here I Cvould concliid

of this earl

and kindr

s interesting
y consented to

lion from the Parent Society;
but that I wish to avail myself
say a few words publicly upon

.e that ihi

of honest 'dealing and fair play, will excuse the digression.
(Hear.) The matter is personal, yet public. In one of
our local newspapers there appeared a paragraph last
Saturday week, containing a gross misrepresentation of
me ; alleging that I had modified, and had been candid
xtion, of my opinions on the
p in national apostacy which

bject of that crowr

is now very

Ma] ect

u-pOn the

was a consenter

dered

ved lett,

nigh pr
rther t

party to t

111 thi3

in contemplation

the nat.

The para.

in correspondence
ERT I

LIB, who

ndowment on ce

is to be re-printed in other
ad in Dublin. Immediately

that the statement was unfounded, and-wishing to have
those convictions confirmed by myself. I confirmed them.
I then wrote a letter exposing the misrepresentation, giv-
ing a full account of an unfinished conversation, in•which
I believed it to have originated, in which, however, there

no mention of, or allusio
hat no chat

laring di

in my sentim€

tively t

be usel

of Rome, and fine
national'encourag

Sir RObert In
hatever had tal

.pts itself to the uses of society, and rises and falls
in amount according to the level of the national ',-
There is nothing arbitrary and artificial, nothing within
the immediate reach of legislative enactments, except the
mere form of the institution. Property and currency arc
matters of fact, as much so as the breadth and quality of
the soil, the climate, the number and character of the
population, and the national resources. It would indeed
be quite as possible to double the population of a country
by a circulation of counters standing for men, as to double
its wealth by a circulation of pecuniary counters. If the
counters be convertible they will be presented for pay-
ment; if not they will be thrown into the fire. But
poverty, and that cupidity which is still more hungry
than want, inspire all sorts of hallucinatinna •

tivating topic. An indefinite multiplication of tokens, a
mortgage on everything moveable or immoveable, a loan
borrowed from the future to be re-paid five years hence,
or at the Greek Kalends, are only some of the brood of
tinsel knaveries ever rising to this earth from the Limbo

of Fools."

The admissions made in the commencement of
this extract are valuable, as showing the tendency
of the writer's views, as to the nature of moneyr
which is, not " property." but only " the token of
its. possession." We like much the sneer at "the
golden days when Peel was in his glory, propound-
ing the great question 'What is a pound ?' " The
latter portion is only a quixotic assault upon an
imaginary windmill, and is introduced with a pur-

iNo man of common sense ever fancied that
"an indefinite multiplication of tokens" was an,
indefinite multiplication of wealth ; although it
might he its result if we are to consider that money
is the token of the posses

sion of wealth

repeat, however, that our contemporary is only here
figlAlng a shadow of his own creation. Proceed
then to the conclusion of the article
" The peculiar value of M. 'Fillers' arguments is their
bearing upon the general question of agricultural banks,.
or any paper issue on the security of estates. Experience•
has established the possibility of such banks under certain
very limited conditions. They answer as the pecuniary
instrument of regular agricultural operations. In a purely
agricultural and thinly peopled country there is great re-
gularity and security in the produce and sale of cattle and
corn, in the parties between whom the sales take plaee, in
the times of the fairs and the departures of the droves, in
the savings for rent, and all the other payments. Under
these circumstances banks of long-established character,
in having little opportunity of deviating into new and
doubtful speculations, and running no risk beyond an oc-
casional advance before rent-day or a fair, have certainly
much less need of gold or silver in their coffers than the
banks in the speculative regions of manufacture and corn-
lut experience, which has so far borne witness to

under-tenants and- conacre men, defying alike the
collector of rent and poor rates. _ _

We regret that we cannot altogether absolve the
landlords of Ireland-from blame on account of this
lamentable condition of the unhappy people.

.
They have failed in setting them an. example of
enterprise and prudence, and in the duty, incum-
bent upon the gentry in every country, of endea-

vouring to instruct' in the useful arts aid to sehool
in habits of industry the classes dependex t. upon
them. Some of them have looked only to the
gratification of the wants and necessities of the
moment ; and permitted their properties to be
injuriously subdivided, or handed over to ext. or-
tionating middlemen and bloodsucking usurers,
whose exactions have driven the peasantry to a
state of frenzy. But the bishops and priesthood of
Ireland—men sprungfrom the people, and mingling
with them day .by day, acquainted intimately. with
their unthrifty habits, and general ignorance and
obstinacy, are not the less betraying their- trust
and misleading thooe whom they ought to direct
aright, when they teach them that their wretched-
ness and pauperism can be best removed by equitable
adjustment, which is synonomous with landlord
robbery. The Irish., farmer must be raised to the
level of his English and Scottish brother, in know-
ledge of his business, in industry, in perseverance
under difficulty, and in conduct, before he can
succeed in raising his position in the world.;: and
no legislative effort can effect this for him.. Give
him to-morrow the equitable adjustment with his
landlord, which is demanded for him, by which we
presume is meant a-reduction of rent and something
amounting to a permanent claim upon the land he
tills ; and will he (with his present habits unim-
proved) be in any more prosperous condition in
five years hence ? On the contrary, we should look
to see a large portion of the present race of tenant
farmers, when thus advanced in position, running
into a coarse imitation of the vices of too many
of the present landlord class.

The gist, however, of the mendicant resolutions
of their reverences, the Romish bishops,and arch-
bishops, is contained in a succeeding, resolution
deprecatory of any national support being given to
their priesthood. " Having shared in the prosperity
of their faithful flocks," they say, " the clergy of
Ireland are wining to share in their privations, and
are determined to resist a measure calculated to
create vast discontent, to sever the people from
their pastors, and ultimately to endanysr catholicity
in this count." Certainly if this was all that was
to be apprehended from such a measure the peo-
ple of Ireland would have little to regret the
result, seeing what catholicity has done for
them, temporally at least, by degrading theta
in their condition below the level of any
Christian nation. We trust, however, that no con-
sideration of this sort will influer

SMITHFIELD' CATTLE MARKET.

railway system

the name of

oe Government to

permit so obvious a violation of c>ur Protestant con-
stitution. These men know themselves that the
real security for the maintenance of Catholicity in
Ireland is the same lamentable ignorance and per-
verseness which is continually reducing them to the
condition of a nation of paupers. Teach Irishmen
to become self dependent,--to c -to rely

_ IVE otip-
port upon spoliation of their landlords, or to stand
ever agape for the bounty of England; put down
agitation, whether priestly or lay ; above all things,
vindicate the law, and give security to life and pro-

perty in Ireland ; and —then only-will the dreaded
"danger to Catholicity" have been incurred. These
men, we repeat, are well aware of the fact, and
hence their protest against a state provision for
their clergy is prefaced with the whine of mendi-
cancy, and a demand for alms for the flocks they
refuse to teach to live as men, earning their food by
the sweat of their brows.

We understand that the Rev. J. H. Stewart, who is at
present in Liverpool, as one of the deputation for the
Society for Promoting Christianity among the Jews, will
prolong his stay over next Sunday, and preach in the
morning at St. Bride's.
SERMONS BY A COLOURED CLERGYMAN.-011 Sunday,
three sermons were preached by the Rev. Elie W. Stokes,
a clergyman of colour, ( in connexion with the Episcopal
Church in the United States,) in St. Michael's Church,
Pitt-street. The sermons in the morning and evening
were on behalf the South Church of England Schools;
and the funds gathered in the afternoon were for the benefit
of the dusky gentleman's own church, in Providence,
Rhode Island.
MR. STEWART AS A COUNCILLOR.--At a dinner given
by Mr. Hay, the architect, on Tuesday, to the workmen
employed in erecting the new church at the south end of
the town, he proposed the health of John Stewart, Esq.,
the Councillor for St. Peter's Ward, and in doing so said,
that he felt proud in saying that no man was of easier ac-
cess, none more ready and able to give his opinion and
assistance in anything connected with their profession.
He (Mr. Hay) was prepared with a phalanx of evidence
in the case that day before Mr. Rushton, [reported else-
where] but that the magistrate was assisted 'materially by
Mr. Stewart, who gave his opinion on points of architecture
with great clearness. They were highly honoured in hiving
a member of the profession qualified to take his seat upon
the bench. The services of such a gentleman were inva-
luable to a town like Liverpool, and none knew this better
than those who were entrusted with the management of
the corporate estate and local affairs.

tical, repute—

c of

are X 2002

br,etfulr

a proverb which our

0, that sorr

To see ourseNes as oti

'cassuring

-

;SIGN OF THE COTTON TRADE

110 W TO RESTORE PUBLIC CONFIDENCE

IN all its branches the trade in cotton is undergoing a

IN RAILWAYS.*

, and depressed as
the raw material just now is, the margin between it and
the manufactured article was never before reduced to so
small a scale. Fortunately for the operative classes,
prices of the raw material are so low that the
manufacturer cannot run much, if any, risk in keep-
ing his machinery in motion, and thus giving employ-
ment and subsistence to his numerous dependents. The
position of the importer is still less enviable ; many
of the most prudent merchants have gone largely into the
article whit'

A pamphlet

a (at, the rates current In America for some
months past) was considered " as safe as gold," and they
now find it arriving at an overstocked market, em-

in which the above question is canvassed,
d before us, from the pen of Mr.
Wills, sharebroker, of this town ; a gentle Man who has
devoted a large amount of attention to the intrinsic
merits of our various railway schemes, and whose pub-
lished and private opinions upon the subject, generally,
have always been very highly valued. On this account,
and because it is most important at the present disastrous
crisis in railway property that right views should be arrived
at, we propose to bring the contents of this pamphlet in
substance before our readers.

just been plac

Mr. Wills sets out with a strong condemnation of the
recklessness with which money was expended two years
ago by the leading companies, in wanton aggressions
against each other, by the projection of new lines and
branch lines of their own, or by giving their support to
new companies, through whom they imagined they might
inflict injury upon their rivals, and add to their own influ-
ent,-

by a disturbed and unsettled state of the Con-
tinent, and also at a time when an opinion pre-
vails that the coming crop of cotton in America will
be an overwhelming one.

Without commitiinz ourselves to any decided opinion,
we would throw out, for consideration, one or two sug-

To the vast incumbrances which they brought thus
upon themselves he attributes a portion of the alarm now
operating upon the public mind. Another very material
cause is the rapid rate at which calls have been all along
made and pressed upon solvent shareholders, whilst
others, in some instances a majority, were allowed to fall
largely in arrear. The result is that the really good men
are compelled to sell at whatever price they can get, or in
many cases to transfer their shares to men of straw to pre-
vent being swamped liking with the insolvent holders.
As a remedy for this evil Mr. Wills says :
" If a party is unable to pay a first call, it is clear that he can-
not pay a second, and a third, and a fourth ; therefore, it is the
duty of directors to test the ability of all their shareholders,
and to compel the payment of one call, by every individuhl who
is able to pay, before a second is announced. And if, after the
most strenuous efforts to collect the entire amount of one call,
a large proportion still remains outstanding, the worthless cha-
racter of the register—thereby made manifest—should at once
convince the directors of the impohcy and impropriety of pro-
ceeding any further with the works, until they have laid the
real facts of the case before a general meeting of the responsible
shareholders."

1. The extent of crop has yet to be settled by early
frost, or no frost at all, and this cannot be known here
till late in November, or early in December. If we should
fortunately (for abundance of cotton is the next best
thing to abundance of food) have an overwhelming crop,
freights which are now ruling at a farthing to three-eighths
per lb., may, and probably will, as in 1844, run up to
three farthings and a penny per lb. ; and we should pro-
bably have to contend against an adverse exchange, so
that cotton in America must be almost given away to
leave any profit for disposal in our declining market.
2. The supply from India must be almost cut off, they
cannot, it is well known, compete with America at the
same price, lb. for lb.
3. The cheapness of American Cotton is fast driving
our long stapled Egyptian and Bengal Cotton out of use
in this country; the fineness and silkiness of the Sea
island, if at all on a par in price, being infinitely preferred.
4. A large import of American will be required to keep
up the plentiful supply, and it is entirely owing to this,
and to the pressure to sell freely, that prices, are so uneven
and unsteady.

LATEST INTELLIGENCE.
(BY EXPRESS.)

&TEST FROM PARIS,

PARIS, SUNDAY, 6.30 P.M.

The state of Paris to-day, and especially the faubourgs,
is such as you may have anticipated from the contents of
my despatches last night. The rumour everywhere cir-
culated is, that we are on the eve of a crisis. Tuesday is
named by many to-day as the epoch at which it will break
forth. Some, however, deny that matters are yet ripe.
The immediate exciting causes are the news from Vienna
and the change in the government here. The clubs are
everywhere assembling, and the state of siege does not
prevent innnmerable private meetings.
It is reported to-day that several of the clubs propose
to declare themselves en pevinanence. Many of them
have voted addresses of felicitation to the inhabitants of
Vienna, in which they declare that it is impossible for
France to remain behind A •

YESTERDAY

The-kinds have been heavy this morning, with free sellers.
We havenow, however, a slight improvement in Consols, which
are quoted at 842 to 5, both for money and time, but with less
business doing. Reduced Threes are 83* to 2. Three-and-a-
Quarter per Cents., 844 to 2. Bank Stock, 183 to 6. Exchequer
Bills, 345. to 375. premium. Foreign stocks are quoted rather
lower, with a market very depressed. We have Spanish Fives
at 102 to lli; the Threes, 212 to 24. Passive, 2* to 3*. Portu-
guese, 22 to 23*. Russian are down to 97 to 9. Danish, 65 to
8. Dutch-Two-and-a-half per Cents., 43* to 41; the Fours, 67*
to B*. Mexican, 19 to r. Peruvian, 31 to 3. Chilian, 82 to 4.
Brazilian are lower, at 71 to 3.

The practice, however, has been with companies, when
in this condition, to go into the 'Market for money at a
high rate of interest, by the creation of preferential shares
at guaranteed dividends. This process operates not only
to injure the character generally of the l►ne which adopts
it, but by the depression in prices whichit at once creates,
operates most unjustly upon the original shareholders who
have performed their obligations, and are consequently
guiltless in the case.

- The various devices which companies have hitherto had
recourse to, as remedial of their depressed position, and
to escape from their difficulties, have proved themselves,
Mr. Mills contends, complete failures ; and he proceeds
to lay down the policy which he would propose, and which
is described as " economical, non-aggressive, and empha-
tically utilitarian."

YESTERDAY

The marlfet for London and North Western shares this
morning is 102; North Staffordshires have-again been done at
8 dis. ; Caledonian Preference, at ss. ; Shropshire Unions, at
7s. 6d.; Shrewsbury and Birmingham (C}ass•A), at ; Great
Northern (A); at 2a. The account is passing quietly over, but
heavy differences are being paid. West Riding Unions, £7
paid 7 dis.

Our market was shortly supplied with English Wheat this
morning, by land carriage samples from the near counties.
The few parcels-of tine Wheat realised about, last Monday's
prices; but thegeneral runs must be quoted 2s; lower. Foreign
arrivals are again large, exceeding 45,000 rim up to Saturday
night, since which about 15,000 quarters have come to hand.
Fine qualities of Dantzic and Rostock Wheat could not be
bought much elleaper, but to make any progress with other
'.scriptions. -f 2s. per -pon last Monday's quo-

tations had ,to he submitted to. Flour a slowsale,
alteration in town-maile•, but ship samples and French sack
were Is. to 2s. lawer. Choice malting Barley., maintains its

value, being very scarce; other qualities were almost unsalea-
ble. Oats were a heavy trade, at a decline of 6d; to ls. Beans
and grey and maple Peas, without alteration; white Peas 2s.

" Its adoption by any particular company, would involve the
reduction of all expenses to the lowest point, of which the sub-
stantial construction of the lines in progress,. and thfrefficient
working of the lines in operation, will admit : the abandon-
ment, as far as practicable, of all territorial extension schemes
beyond the limit of its own peculiar district, and indeed of all
works of questionable utility, and whose satisfactory progress
and completion, is rendered impossible by the financial position
of the company."
As an instance, he describes what he would do in the
case of a line in our own neighbourhood—the Birkenhead,
Lancashire, and Cheshire Junction Railway. We need
not here go into the history of this line, its growth in
extent and capital, its amalgamations and guarantees.
All these movements of the company he considers origi—
nated in the spirit of aggression manifested in its projection,
as a competing project to the Liverpool and Manchester.
Fortunately for the shareholders,- he says, a large por-
tion of whom are heavily in arrear, no progress has been
made on any portion of the line, except on the fourteen
miles between Chesterand the London and North-Western
Company's line at Keakwick. He would at once begin to
reduce the extent of the concern, and thus relieve the
unfortunate shareholders from a portion of their liabili-
ties, by abandoning the branch of nine miles from Hooton,
on the Chester and Birkenhead line, to Helsby Marsh ;
also that portion of the line which runs parallel with the
London and North-Western line from Keakwick to War-
rington.. The line from Warrington to Stookport (hinnies)
he considers ought to be abandoned, and ought never to
have been taken up by.this company. According to the
estimate ofthe entire line, a saving would be thus effected
of £930,000, which would leave only XI per share to be
called up to finish the whole of the really necessary part
of the undertaking—provided the arrears of calls and the
sums due to-the Birkenhead Dock Trustees and Commis-
sioners were recovered. As this is doubtful, he would
fix the amount of each share at £l3 10s., leaving £3 10s.
to be called upon• the £lO already paid. The .calls should
be spread over some period, and in light sums. He
would also insist in this as in all other cases, that the
capital account should be promptly closed. Mr. Wills
continues :

" The immediate effect of such an arrangement would be to
enhance the value of the shares, and to enable all who were
unable to pay, to 'dispose of their shares at a price that would

YESTERDAY

realise at least the amount of calls in arrears. wnea officially
announced, and igreed to at a general meeting of pros>rietors,
it would do more towards raising the funds required for the

present position of the company.—A glance at the map will
show that the really useful portion of the line is that between
Chester and Keakwick, and that this, as an extension of the old
Chester and Birkenhead line, in connexion with the London
-1 North Western. would form a sufficiently direct coP--

We have an extraordinary increase in the supply of Beasts

consequently submitted to-, although the aeinand is consider-
able. It is likely almost everything will be cleared off. There
are a few more Sheep, and the demand is limited; trade is very
slow, at rather lesszinoney than on Friday, but about the same
as on Monday last. Although the number of Calves is not
large, it exceeds the•demand, and there is a reduction of fully
2d. per 81bs. on all kinds. Pigs are not selling quite so well.

a.._
cation between Birkenhead, Chester, and the manufacturing
districts.—Thus curtailed and reduced within its proper-limits,
the Birkenhead, Lancashire, and Cheshire Junction, when
completed, would prove one of the most remunerative lines in
the kingdom. Alk the Irish traffic, via Holyhead, to Liverpool,
Manchester, and the North of England, and all the Welsh
traffic, via Shrewsbury and Oswestry, must of necessity pass
over it. Already the partial opening of the Chester and Poly-
head, and the North_ Wales Mineral lines, is daily -
the traffic between Chester and Birkenhead. What the t

THE LONDON AND NORTH-WESTERN RAIL-
WAY. AND THE PUBLIC.

We gave some particulars of the position of this gigantic
concern last week, as stated, in an appendix tahis pamph-
let, " the Bubble-of the Age," by Mr. Arthur Smith,
one of the most painstaking amongst the exponents of the

would be, were all these in full operation, and the Cheshire
Junction completed, as we have suggested, we leave others to
calculate."

Shareholders, generally, he contends, in forcible lan-
guage, for which we refer our readers to the pamphlet,
ought to adopt the pressure from without to p:
such measures being at once resorted to

By-the-bye, our compositors gave him

tStnith, of facetious, instead of statis-

—a totally different sort of personage. The
statements of Mr. Smith appeared to us of so-startling a
nature, and so calculated to unsettle the public mind, in
the absence of intelligible data, upon which people could
be enabled to form. a judgment for themselves, that we
urged upon the cam-pany the extreme desirableness of
their furnishing, forthwith, a full and intelligible explana-
tion of their position, their liabilities, and future pros-
pects, convinced, from our knowledge of the high character
of the board of directors, that they could have-nothing of
an improper nature to conceal, and much to gain by frank-
ness. We are happy to find that the course we suggested
has been determined upon ; and that such an-explanatory
statement is being prepared, and in a few days will be
made public.
Until the appearance of such document we had con-
cluded to advert no further to the questiony. and we are
only induced to-recur to. it now to notice the extreme
wildness of the- estimates, which are being published.
One of these—not of so extreme a character as the rest—
appeared in one of the city articles of the Times last
week, which contains, we are assured, many gross inaccu-
racies. The writer enters into a statement, purporting to
show that, in order to pay preferential charges—guaran-
teed interest on property of the company in certain lines,
rent of the North-Union, and interest on loans to the
amount borrowed of £12,000,000 at 41 per cent—X642,764
will be required. He sets down next, the capital of the
London and North-Western stocks and shares, if all called
up, at £21,041,675, an amount which we conceive must
include the loans, or a large portion of them ; for we
gave, in ourrlast, the total capital of the North-Western,
as opened for 3491 miles, at only £14,440,000, as per their
half-yearly return for December, 1848. Their nett revenue
for the same half year was £647,855, from which, unless
the preferential interest is capitalised in the £21,047,675,
the half of £642,764, or £321,382 would have to be
deducted„ leaving only £321,473 applicable for the six
months dividend on £21,047,672, or £12,360 per week.
This obviously is a preposterously incorrect calculation:
and its incorrectness is increased by his adding to it
£6,2501000 in round numbers for other lines, all of which
are yet incomplete, and yielding no. revenue. The result
which he thus establishes is, that it will require a gross

* Railway Reform
Railway Pioperty.
and Co., 1848.

.or How to Restore Public Confidence in
By John Wills. Liverpool :G. Arnold

e.. 40,000 per week to pay 7 per cent. dividend,
the present weekly traffic being only £44,400 per week.
Our contemporary, the A lbion,assumingthe Times calcula-
- to he correct, shows that the actual receipts weekly
short of what is required to pay a 4 per cent.
dend, which he conceives is very fair, looking at the
o. will ha moils

up. as it is understood that the Company will not go on
with all the lines in which They are engaged—a fact of
which we are assured.
Whilst such statements as these are put forth in credi-
table quarters, as the result of accurate calculation, it is
incumbent, we think, in every holder of these shares to
pause before parting with them at such prices as are
now induced by the panic which they occasion in timid or
unenquiring minds. We say to all such parties—" hold
on until you have the accurate statement of your direc-
tors, which we feel confident will be both honest and

At a meeting last night of the electors of Evertan Ward
Mr. Langsdale advocated the rating of the public property
of the town, and it was resolved to support him.
WEST DERBY WARD.--An adjourned meeting of the
electors of this ward took place last night. Mr. Plant oc-
cupied the chair, and asked if there were present any
friends of Mr. Thos! Smith who wished to propose that
gentleman as a candidate for the Ward. No one answer-
ing, Mr. Hardy, in order that it might not be said that
Mr. Smith had not had a clear stage, proposed him as a
candidate; but the motion was not seconded. It was then
resolved to support Mr. Beckwith at the forthcoming con-
test

GENERAL

FATAL ACCIDENT.-011 Saturday evening, between six
and seven o'clock, James Gresham, residing in Mill-lane,
Shaw's-brow, whose father k&*ps a shop in St. John's
Fishmarket ; whilst looking out for the arrival of boats,
accidentally fell from the north end of George's Pier. The
tide was out at the time, and he fell head foremost on the
stones in the water-course below, His skull was seriously
fractured and he soon expired. The deceased has left a
wife and family to lament his loss.
CHARGE OF STEALING MONEY FROM AN EMPLOYER.—
Yesterday, at the Police-court, a respectably clad young
man, named John Jones, *as charged with abstracting
money from the shop of his employer, Mr. Goodacre, tea-
dealer, corner of Manchester-street. Mr. Goodacre said
he had missed sums of money from time to time, from a
small cash-box, and also (as we understood him) from the
till, and his suspicions being roused he had marked some
half-crowns, &c. The prisoner was apprehended, and a
number of half-crowns were found upon him, including
one of the marked ones, which was distinctly sworn to,
The prisoner was committed for trial at the sessions,

TRADE REPORT.
Monday Nig

We cannot congratulate our readers upon any improve-
ment in commercial= matters since our last. Any, ten-
dency to an increase in our export trade which may have
manifested itself here and in the manufacturing districts
has been checked by the insurrectionary proceedings in
Vienna, and Consols were driven back on Saturday to 84k,
and closed at 841 for money and 84-i to 85 for the account.
Manufactbrers are evidently acting very cautiously at. the
present time, working almost exclusively for orders, and
thus keeping their,stocks low ; meanwhile their purchases
of the raw materiatare little more than sufficient to keep
them going ; so that a favourable reaction, whenever it
comes, must produce an almost instantaneous resumption
of activity in the trad