Chapter 8

Chapter 83,658 wordsPublic domain

The identity of Colonel Torrens's propositions with the exploded "Mercantile Theory" is very satisfactorily established by the Edinburgh reviewer; and it is certainly humbling to see a man of his ability coming forward to revive doctrines which had well nigh gone down to oblivion. On the subject where Colonel Torrens conceives himself strongest, the distribution of the precious metals, the reviewer has given a very able reply, though some points are left for future amplification and discussion; and, as a whole, if there be any young political economist whose head the _Budget_ has puzzled, the article in the _Edinburgh Review_ will be found a very sufficient antidote. With this, and another able article on the same subject in the last _Westminster Review_ (in fact, two articles of the _Westminster_ relate to the subject--one is on Colonel Torrens, the other on Free Trade and Colonization), we may very safely leave the _Budget_ to the oblivion into which it has sunk; and, meantime, the novice will not go far astray who adheres to the "golden rule" of political economy, propounded by the London merchants in 1820, and re-echoed by Sir Robert Peel in 1842: "The maxim of buying in the cheapest market, and selling in the dearest, which regulates every merchant in his individual dealings, is strictly applicable as the best rule for every nation. As a matter of mere diplomacy, it may sometimes answer to hold out the removal of particular prohibitions or high duties as depending on corresponding concessions; but it does not follow that we should maintain our restrictions where the desired concessions cannot be obtained; for our restrictions would not be the less prejudicial to our capital and industry, because other governments persisted in preserving impolitic regulations."

MISCELLANEA.

CAPTAIN JAMES CLARKE ROSS AND THE ANTARCTIC EXPEDITION.

All the newspapers have quoted an account from the _Literary Gazette_ of the Antarctic Expedition, under the command of Captain James Ross. It was composed of two vessels, the _Erebus_, Captain Ross, and the _Terror_, Captain Crozier, and left England on the 29th of September, 1839. During the outward voyage to Australia, scientific observation was daily and sedulously attended to; experiments were made on the temperature and specific gravity of the sea; geological and geographical investigations were made at all available points, especially at Kerguelen's Land; and both here, as well as during the expedition, magnetic observation and experiment formed a specific subject of attention. This was a main object during 1840, the expedition remaining at the Auckland Islands for this purpose; and it was not till the 1st of January, 1841, that it entered the antarctic circle. Their subsequent adventures, deeply interesting as they are from the perils which they encountered, and the spirit and perseverance with which they were met, come hardly within our sphere to report. After an absence of four years, the expedition, as mentioned in last week's ECONOMIST, has returned to England, and the acquisitions to natural history, geology, geography, but above all towards the elucidation of the grand mystery of terrestrial magnetism, raise this voyage to a pre-eminent rank among the greatest achievements of British courage, intelligence, and enterprise.

RELIGIOUS WORSHIP.--CHURCH PROPERTY.--The following Parliamentary Return has just been printed, entitled, "A Return of the amount applied by Parliament during each year since 1800, in aid of the religious worship of the Church of England, of the Church of Scotland, of the Church of Rome, and of the Protestant Dissenters in England, Scotland, and Ireland, respectively, whether by way of augmentation of the income of the ministers of each religious persuasion, or for the erection and endowment of churches and chapels, or for any other purposes connected with the religious instruction of each such section of the population of the United Kingdom, with a summary of the whole amount applied during the above period in aid of the religions worship of each of the above classes." The abstract of sums paid to the Established Church shows that the total was 5,207,546_l._ which is divided in the following manner:--Church of England, 2,935,646_l._; Church of Scotland, 522,082_l._; Church of Ireland, 1,749,818_l._ Church of Rome.--The total sum paid to the Church of Rome is set forth at 365,607_l._ 1s. 2d. comprised in the following two items;--Augmentation of incomes (including Maynooth College), 362,893_l._ 8s. 1d.; erection and repairs of chapels, 2,113_l._ 13s. 1d. Protestant Dissenters.--The total sum is 1,019,647_l._ 13s. 11d. in England and Ireland. The recapitulation shows the following three sums:--Established Church, 5,207,546_l._; Church of Rome, 365,607_l._; and Protestant Dissenters, 1,019,647_l._ The sums were advanced from 1800 to 1842.

IMPERISHABLE BREAD.--On Wednesday, in the mayor's private room, at the Town hall, Liverpool, a box of bread was opened which was packed at Rio Janeiro nearly two years ago, and proved as sound, sweet, and in all respects as good, as on the day when it was enclosed. This bread is manufactured of a mixture in certain proportions of rice, meal, and wheat flour.

ST GEORGE'S CHAPEL, WINDSOR.--The extensive alterations and embellishments which have been in progress since the early part of May last (from which period the chapel has been closed), at an outlay of several thousands of pounds, throughout the interior of this sacred edifice, having been brought to a close, it was reopened for Divine service on Thursday.

FATHER MATHEW.--Father Mathew, after finishing his labours in the metropolis, went to Norwich, where he met the Bishop, who, in an earnest and eloquent speech, in St Andrew's hall, on Thursday week, introduced the reverend gentleman to that locality, and very warmly eulogized his conduct. Mr Gurney, the well-known Norwich banker, occupied the chair on this occasion, and seconded the Bishop in his patronage and approbation of the great temperance movement. After remaining at Norwich two or three days, Father Mathew started for Ireland, taking Birmingham and Liverpool in his way.

IMPORTATION OF FRUIT FROM ANTWERP.--On Thursday, the steam-packet _Antwerpen_, Captain Jackson, arrived at the St Katherine's Steam Packet Wharf, after an expeditious passage, from Antwerp. The continental orchards continue to supply our fruit markets with large supplies, the _Antwerpen_ having brought 4,000 packages, or nearly 2,800 bushels of pears, apples, plums, and filberts. Advices were received by the _Antwerpen_ that another extensive importation of fruit from Antwerp may be expected at the St Katherine's Steam Packet Wharf this day (Saturday), by the steam-packet _Princess Victoria_, Capt. Pierce.

LIEUT. HOLMAN, THE BLIND TRAVELLER.--This celebrated tourist and writer took his departure from Malta, on the 3rd of September, for Naples. He will afterwards proceed to the Roman States, and then to Trieste. During the few days of his residence in this island the greatest hospitality has been shown him. The veteran traveller had the honour of dining with his excellency the Governor, and with Admiral Sir E. Owen. Amidst all the vicissitudes of his perilous life and increasing age, he still maintains the same unabated thirst for travel, and his mental and bodily faculties appear to grow in activity and strength in the inverse ratio of his declining life and honoured grey hairs.

RAILWAY FROM WORCESTER TO CARDIFF.--It is proposed, by means of this new line, to connect the population of the north of England and the midland counties with the districts of South Wales and the south of Ireland. It will commence at the Taff Vale Railway, pass through Wales, cross the Severn, and unite with the Birmingham and Gloucester Railway at Worcester. The cost will be 1,500,000_l._

FRENCH OPINIONS ON SPANISH EVENTS.--The French journals are loud in condemning the poor Barcelonese for the very same acts which drew down the applause of these same journals a week ago. The following remarks from the _National_ render any of our own useless:--"It must be admitted that the French journals appreciate in a strange way the deplorable events in Spain. Some soldiers revolt at Madrid, without going any length of insurrection, or at all endangering the Government. General Narvaez comes, and without consulting Government or any one else, shoots eight non-commissioned officers. Straight our Ministerial journals exclaim, What an act of vigour! Vigour if you will; but where is the humanity, the wisdom, the justice? Then behold Barcelona, of which the people some weeks ago rose against the established and constitutional Government. What heroes! exclaimed the French Ministerial papers. Now they do the same thing, rising against a provisional and extra-constitutional Government. What brigands! exclaim the Ministerial writers. A few weeks back a Spanish Government defended itself with violence against those who attacked it. Regiments fired rounds of musketry, and the cannons of forts bombarded the rebellious towns. The French Ministerialists forthwith pronounced the Spanish Regent as a malefactor, and devoted him to the execration of the civilized world. Now, another Government, without the same right, follows precisely the same course as the one overthrown. It defends itself, fires, bombards, and pours forth grape from behind walls upon insurgent bands in the street. This same conduct is glorified as firm, as legitimate, as what not. The system of political morality changes, it seems, with men and with seasons. What was infamy in Espartero and Zurbano, is heroism and glory in Narvaez and Prim. What is more infamous than all this is the press, that thus displays itself in the light of a moral weathercock, shifting round to every wind."

STATISTICS OF THE METROPOLITAN POLICE.--By a return just issued in compliance with an order of the House of Commons relative to the City and Metropolitan Police Force, it appears that there are 20 superintendents in the metropolitan division, receiving from 200_l._ to 600_l._ per annum; 110 inspectors, whose salaries vary from 80_l._ to 200_l._ per annum; 465 sergeants, with incomes ranging from 60_l._ to 80_l._ per annum; and 3,790 constables, receiving from 44_l._ to 81_l._ per annum, including clothing and 40 pounds of coal weekly throughout the year. The amount paid on this account during the past year, including 3,620_l._ for superannuation and retiring allowances to officers and constables late of Bow-street horse patrol, and Thames police, amounted to 295,754_l._ In this is likewise included a sum of 9,721_l._ received from theatres, fairs, and races. The number of district surgeons is 60, and the amount paid for books, &c., is 757_l._ The total rate received during the past year from the various wards in the City of London and its liberties, for the maintenance of the City Police Force, is put down at 41,714_l._, and the expenditure at 41,315_l._, the gross pay, irrespective of other charges to the force, amounting to 29,800_l._

LOSS OF THE UNITED STATES STEAM FRIGATE "MISSOURI," AT GIBRALTAR, BY FIRE.--The superb American steam frigate _Missouri_, which was conveying the Hon. Caleb Cushing, American minister at China, to Alexandra, whilst at anchor in Gibraltar bay, on the 26th ult., was entirely consumed by fire. The fire broke out in the night, and raged with such determined fury as to baffle all the efforts of the crew, as well as that of the assistance sent from her Majesty's ship _Malabar_, and from the garrison. The magazines were flooded soon after the commencement of the fire; and, although a great many shells burst, yet, very fortunately, no accident happened to any of the crew. This splendid steamer was 2,600 tons and 600 horse power, and is said to have cost 600,000 dollars.

THE ALLEGED ARREST OF THE MURDERER OF MR DADD.--The following are the remarks of _Galignani's Messenger_ on the report in the English papers that Dadd was arrested at Fontainbleau:--"The above statement has been partially rumoured in town for the last two days, but not in a shape to warrant our publishing it in the _Messenger_. The police have been everywhere active in their researches for the fugitive; and we perceive, by the _Courrier de Lyons_, that, on Thursday night, all the hotels in that city were visited by their agents, in pursuit of two Englishmen, one of them supposed to be the unfortunate lunatic. These individuals had, however, quitted the town on their way to Geneva, previously to the visit of the police."

THE CARTOONS.--We understand that several of the prize cartoons, and a selection of some of the most interesting of the works of the unsuccessful competitors, have been removed from Westminster hall to the gallery of the Pantechnicon, Belgrave square, for further exhibition.

MACKEREL.--The Halifax papers state that the coast of Nova Scotia is now visited by mackerel and herrings in larger quantities than ever were known at this season. In the straits of Canso the people are taking them with seines, a circumstance without a parralel for the last 30 years.

The _Journal des Chemins de Fer_ says:--"An inventor announces that he has found a composition which will reduce to a mere trifle the price of rails for railroads. He replaces the iron by a combination of Kaolin clay (that used for making pottery and china) with a certain metallic substance, which gives a body so hard as to wear out iron, without being injured by it in turn."

COMMERCE AND COMMERCIAL MARKETS.

DOMESTIC.

FRIDAY NIGHT.--We are still without the arrival of the Indian Mail, nor has any explanation of its detention transpired, except that which we mentioned last week. No serious apprehension exists for its safety, as similar detentions, of even much greater duration, have been experienced in the arrival of the September Mail in former years, as a consequence of the monsoon.

In Manchester, during the week, the market has been somewhat flatter in goods suited for the Eastern markets, in consequence of merchants being anxious to receive their advices by the Indian Mail before extending their transactions materially at present prices. In the Yorkshire woollen markets a fair trade continues to be done; and in Bradford a very active demand has arisen for the goods peculiar to that neighbourhood. In the Scotch seats of manufactures, both woollen and cotton, the trade has considerably improved, especially in the demand for tartans of all kinds, in which there is a very active and brisk trade. In the iron districts, the trade continues without change since our last: most of the works are full of orders, at low prices. In the coal districts, in Northumberland and Durham, trade is without any improvement whatever, and this trade, as well as their shipping, is in the most depressed condition.

_INDIGO._--The transactions in this article have not been on a more extensive scale in our market than last week, but a good demand continues for the home trade, and occasionally a small advance upon the last July rates is paid on such sorts suitable for that branch, but there is almost no demand for export, the consumption of the article in foreign countries being this year unusually slack. The shipments to Russia, since the opening of the season, amount to only 2,209 chests, against 3,439 chests during the same time last year. A public sale was held yesterday, in Liverpool, of about 400 chests of East India, and 120 serons of Caracas. Of the former about 100 chests were withdrawn by the poprietors, but the remainder, together with the serons, sold briskly for the home trade, at prices about 3d. to 4d. per lb. higher than the previous nominal value, and rather above that of the London market. There are now 6,070 chests declared for the quarterly sale on the 10th of October; a great portion of it consists of good shipping sorts. It is supposed that several thousand chests more will be declared upon arrival of the Indian Mail, now due.

_COCHINEAL._--Only two small public sales were held this week, together of 97 serons. The first consisted of 30 serons Mexican, mostly silver, which sold at prices from 2d. to 3d. per lb. higher than those of last week. The lowest price for ordinary foxy silver was 4s. 4d. per lb. The second sale was held at higher prices still, in consequence of which the whole quantity was bought in.

_COTTON._--The purchases at Liverpool, for this week, will again reach the large quantity of about 40,000 bales, of which a considerable proportion is on speculation. Prices have been extremely firm, without any decided advance, however, there not being much importance attached, or faith given, to the statements that the American crop has suffered, which have been received by the Halifax and New York steamers, up to 1st inst. from the latter place.

In this market, business by private contract is again trifling. At public sales there have been offered 714 bales American, and 3,796 bales Surat; the former were held considerably above the value, and only 30 bales good fair were sold at 4-3/4d. in bond. Of the Surat about 2,300 bales found buyers, from 2-7/8d. to 3-1/8d. for middling, to 3-3/8d. to 3-1/2d. for fair; a few lots superior went at 3-5/8d. for good fair, and 4d. per lb. for good. The prices paid show an advance of 1/8d. to 1/4d. a lb. upon the last public sales of 24th August, and sustain the previous market rates, though the highest advance was conceded reluctantly, and not in many instances; there are buyers for low-priced cotton of every description, but there is little of it offering.

_SUGAR._--The purchases for home consumption have been upon a limited scale, and prices barely maintained. The same remark applies to foreign sugar. Only one cargo of Porto Rico sugar has been sold afloat, for a near port, at 18s., with conditions favourable to the buyer. At public sale 630 chests Bahia, and 120 chests, and 240 barrels Pernambuco, were almost entirely bought in at extreme rates: since when only about 170 chests of the brown Bahia have been placed at an average of 17s. 6d., and with 50 chests of the lowest white at 21s. to 21s. 6d.; by private contract 300 chests old yellow Havannah, of good quality, sold at 20s.

_COFFEE._--The home demand remains good; good and fine Jamaica fetched previous rates; a parcel of Ceylon, of somewhat better quality than the common run, sold at 51s. to 52s., which is rather dearer: very good Singapore Java sold at 36s. to 40s. In foreign Coffee a cargo of St Domingo has been sold afloat for Flanders at 26s. 6d. Two others being held above that price without finding a buyer, they have been sent on unsold. On the spot the transactions in coffee for export by private contract are quite insignificant, and of 650 bags old St Domingo _via_ Cape, only a small proportion sold at 28s. to 30s. for pale bold good ordinary.

_RICE._--About 4,000 bags of Bengal offered at public sale sold from 10s. to 11s. per cwt., establishing a decline of 3d. per cwt.

_SALTPETRE._--The market is sparingly supplied, and importers do not sell except upon extreme rates, which have been paid for about 3,000 bags, viz. from 23s. 6d. for very ordinary, to 25s. 6d. for good middling.

_CASSIA LIGNEA._--For small parcels offering in public sale full prices have been paid; fine by private contract as high as 70s.

_PIMENTO._--Fair quality has been sold 2-1/2d. to 2-5/8d., which is rather dearer.

_TALLOW._--The demand on the spot is not improved and the price unaltered, 41s. 9d. to 42s.; for forward delivery there is rather more disposition to purchase.

_RUM._--The demand is very limited, except for the finest qualities of Jamaica, and common are rather cheaper.

FOREIGN.

The accounts received from the United States up to the first of this month by the _Hibernia_ and _Great Western_ are favourable as regards commerce. The manufactories in the Union are reported to be in a state of considerable prosperity, notwithstanding which the demand for imports was increasing. The reports about the cotton crops were various; it was admitted that the weather had latterly been favourable. Large arrivals of wheat and flour were expected in the ports from the West.

The commercial reports received this week from the continent of Europe do not show any great activity in foreign markets, though the prices of Colonial produce are well maintained. Sugar was somewhat more in demand both at Antwerp and Hamburg. In Coffee there was rather less doing at both places.

* * * * *

PRICES CURRENT, SEPT. 16, 1843.

CORN MARKETS.

_(From Messrs Gillies and Horne's Circular.)_

CORN EXCHANGE, MONDAY, SEPT. 11.--The weather continued most beautiful here until yesterday, when we had some heavy thunder showers, and to-day is gloomy, damp and close. The wind, what little there is of it, is north. The arrivals during last week were moderate except of Foreign Wheat and Barley, of which of course there is yet some quantity to arrive. The new English Wheat coming soft in hand, is slow sale at 1s. to 2s. reduction--free Foreign finds buyers for mixing at last week's currency. Barley is dull sale at last week's rates. Oats are 6d. to 1s. lower. Some new Irish have appeared of fine quality. There is no change in Beans and Peas. Flour is the same as last week.