The Liverpool Standard, and General Advertiser.
Liverpool, Merseyside, England, 1854-11-07 00:00:00

turnips, rape, and

£26,000,000, or thirty

E 3 than the wheat ; a calcula-

subsequent reception of the distinguished visitors j tion so utterly beyoi
to the meeting of the British Association, he left probability, as to throw suspicion upon all h
estimates. The statement professes to give the
nothing to be wished for. The Town-hall was
thrown open with a profuseness, but yet elegance, I several divisions of the United Kingdom ,
of hospitality, which elicited universal admiration, in the account for Ireland the potatoes, which
are there given separately, are estimated as being
and at the close of his mayoralty he enjoys the
o
respect and esteem of men of all classes with whom of the annual value of £11,000,000, while wheat is
taken at only £2,000,000. We are aware that in
he has been brought in contact. We repeat that,
in expressinghearty thanks to him for the admirable • Ireland potatoes enter more largely into consump-
tion as human food than in this country ; but,
manner in which he has done honour to his office,
and good wishes for his future welfare, we are but , according to this showing, it would be cheaper, as
well as better, for the Irish to grow wheat, since
expressing the unanimous sentiment of the people
of Liverpool. the potatoes cost more in proportion than the more
We might comment on some ill-natured remarks I valuable crop.
in a Radical contemporary with reference to the I We come, however, to another and more im-
well-merited vote by the Town Council of a Thousand portant part of the statement, which is published
Pounds to the Mayor for the additional expenses to at length in The Times of Friday, and that is the
which he had been put, owing to the peculiar claims estimate of the probable consumption. Having
upon him during his year of office. We are satisfied taken the annual produce of wheat, under deduc-
tion for seed, at 11,600,000 quarters, he estimates
however, that such, sentiments will meet with no
the consumption at 14,500,000 quarters, and ac-
response, as there is not a burgess to be found
who, after the arduous duties which Mr. LLOYD counts for the apparent deficiency by taking the
average annual importation for the last seven years
has so well nerformed, would wish to make him
at 4,231,185 quarters, leaving, therefore, a small
'surplus. In order to. test the correctness of this
calculation, we must take the population to be pro-
vided with wheat food at not more than 21 mil-
- lions, as according to his own showing the majority
The Times of Thursday gives the publicity of of Irishmen are fed on potatoes, and he estimates
its large circulation to an article from The the consumption of oats as food for man at
Bankers' Magazine on " The Liverpool Failures." 10,000,000 quarters. In estimating the quantity
The statements therein made are not warranted by required, five bushels annually for each individual
facts ; if true, the conclusions are erroneous ; and is a liberal allowance, and as this would give only
the style of argument is altogether unworthy the 13,000,000 quarters as the annual consumption of
prominence given to it. It commences with the i wheat in the United Kingdom, it would follow,
broad assertion that "Liverpool has been frightened I from Mr. M‘Cum.oca's statement of production
from its propriety by a series of failures comparable ; and importation, that we have an annual surplus
only with those which occurred in the panic period of nearly three million quarters—a conclusion so
seven years since;" and proceeds to say that "the inconsistent with known facts, that the whole
alarm occasioned has consequently produced a deep estimate is shown to be delusive. It is far more
influence upon credit." So far from this being reasonable to estimate the production for some years
true, the failures have been few in number, and, past at considerably less than the amounts stated
even with all the exaggerations of mis-statements, in the elaborate details of Mr. M'CuLLocri, and
were at once attributed to their true cause, and then bearing in mind the extraordinary abundance
opinions only differed as to the extent of the loss of the last harvest in breadth of land, productive-
incurred. An examination into the state of affairs, ness of yield, and superiority of quality, we shall
so far from showing a system which by this come to the conclusion that it has placed us beyond
writer's account is utterly indefensible, tends rather the need of importation ; though the temporary
to strengthen the opinion to the contrary. If the cessation of foreign receipts, combined with the
statement can be relied upon, and no reason has unwillingness of farmers to bring their crops to
been adduced to doubt its accuracy, the creditors, market, has led to a speculative rise in the price
after allowing for a heavy depreciation of assets, of corn, which has already began to decline.
will receive a dividend of about 17s. in the pound, The facts tend to show most forcibly the im-
while there is a prospect, should the realisation portance of having authentic information on a sub-
prove favourable, of paying the creditors in full ject which so nearly concerns the interests of every
and leaving a surplus. To take, however, the most one ; and as the machinery for obtaining it is
moderate view of the ease, we look in vain for already provided through the various poor-law
proofs of that reckless speculation which has called unions throughout the country, it is to be hoped
for this wrathful denunciation of the merchants that the Government will take the earliest oppor-
and bankers of Liverpool, as though the former tunity of bringing the subject before the attention
were engaged in the worst species of gambling, of the legislature, so that the country may be
and the latter, ignorant of their business, were spared from causeless panics and the mortification
dupes and victims, of having to pay famine prices for bread within a
The comparison with the panic of 1847-48 is month after having made a national thanksgiving
positively absurd, for there is not the slightest to the ALMIGHTY for a most abundant harvest.
resemblance in any of its fees. Then the
country generally was sufferiuMm the re-action
of the extravagant Railway mania of 1845-46, still
further increased by the scarcity and high prices
of 1847, which led to a general stagnation of trade,
and a frightful depreciation in the value of almost
every commodity. Now, on the contrary, the
whole alarm has been occasioned by almost a single
instance of over-trading, but so far removed
from the character of recklessness with which
it has been so profusely charged, that the
creditors are scarcely injured more than by the
inevitable delay.

Ld all reasonable grounds of

Iso a pecuniary sufferer

THE COMMERCIAL CREDIT OF

LIVERPOOL,

THE SIEGE OF SEBASTOPOL

THE magnitude of the operations for the reduc-
tion of the fortress of Sebastopol, and the conse-
quent delay in receiving any decisive accounts,
present so strong a contrast to the rapidity with
which the celebrated telegraphic reports announced
the capture, that we now wonder such statements
ever received the slightest credit. Weeks have
elapsed since the whole of Europe was startled by
the news of such rapid victory, and yet now all
that can be depended upon is the commencement
of the siege on the 17th of last month, with the
usual formalities prescribed by military engineer-
ing skill. So far, however, from success being a
matter of course, and victory a result to be
achieved after a few hours' bombardment, it appears
that every step has been contested with a resolute-
ness on the part of the Russians for which we did
not give them credit. For these particulars we
have had to depend upon the electric telegraph, but
there seems no reason to doubt it so far as the
fact of the siege is concerned, and the casualties
with which the operations appear to have been
attended. On Wednesday, the manufacture of
news from the war presented a new feature, for,
instead of brilliant victories, we were told that the
British had experienced a very serious reverse--
that Lord DusKELLIN, the son of the Marqui§ of
CLANRICA MDR, had been captured by the Russians,
that the Light Division of Cavalry had been almost
cut up, Lord CARDIGAN barely escaping with his
life, and that several British ships had been de-
stroyed. All this was sad indeed, and sufficient
to justify a Bear speculation in the Funds, if any
dependence could be placed upon its truth ; but it
was stated to have been received via St. Peters-
burg, and this was enough to justify suspicion of
its being of Russian manufacture. Still, there
were many who feared that it might be based upon
a substratum of fact, having only the advantage of
Russian colouring; so that all apprehension of dis-
aster was not allayed until the following day,
when another telegraphic report appeared to
furnish the key by which we were enabled to com-
prehend the facility with which the imperial
scribes fabricate Russian victories. We were then
informed that this great disaster was merely an
affair of outposts which occurred near Eupatoria,
-.:om Sebastopol, and that,
iloquent description so mortify-
British invincibility, the

If, however, we admit all that has been said
with reference to these particular transactions,
they in no way impugn the commercial character
of the town, nor justify the remarks of The
Bankers' Magazine—which have been endorsed
by The Times. All the circumstances which pro-
duced the panic of 1847.48 and previous monetary
panics, are totally wanting in the present instance,
and the circumstances are so completely excep-
tional, that the comments upon them are quite
uncalled-for. Instead of falling markets, prices
have been fairly maintained; instead of decaying
trade, it has experienced a steady increase ; and the
year's accounts in almost every merchant's books
must show the balance on the right side.
It may not be difficult, however, to find a clue to
these attacks on the credit of Liverpool, coming as
they do from London, in the relative position of
the two places. While the one has been com-
paratively stationary, the other has rapidly pro-
gressed, until it has distanced its once formidable
competitor, and this may be the means resorted to
with the view of checking the tide of success. The
attempt, however, must be vain, for the actual capi-
tal possessed bymany Liverpool houses is fully equal
to those of London ; and the business of banking,
instead of being conducted with such evident dis-
regard of consequences, as implied in the charges
we have alluded to, has been eminently successful ;
nor could these writers point to any banking firm
in London, even including the head concern in
Threadneedle-street, which ranks higher than those
of Liverpool. In all Bill transactions the
certain amount of risk ; but it is essential to corn-
that such should be encountered. In no
place, however, has banking business been trans

is a

,cant f

emporary advo

acted with more prudence, which is the safeguard
of stability, than in the town of Liverpool.