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Leader (1850-1860), 28th May 1859, Edition 2 of 2, Page 24

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      They Say, Too, That Her Majesty's Procla...

      which would exclude all really merchant ships from falling under' them , they , especially the latter , are also suscept ible of a wide interpretation , which may bring almost , any kind of ship , and any kind of goods , conveyed for the' use of Government , or persons claiming to exercise the authority of Government , under the Act . We cannot be surprised , therefore , at the doubts and . difficulties

      ¦ was allied forty years ago with Castlereagh and Sidmbuth .

      felt by our merchants and shipowners . At the same tune it is useful to know that they are entirely the result of our own legislation . They are inflicted on us by ourselves , and it is in our power to get rid of them . They all spring from the Foreign Enlistment Act , especially from the employment of the words we have quoted , and we must , therefore , remind our readers of some facts connected with the passing of that Act .

      In 1819 , our Government was extremely unpopular . The land was filled witn distress and discontent , which our rulers chose to ascribe , not to our laws and commercial restrictions , but to the wickedness of the . people . They did not reverence enough the solemnity of Sidmputh and the wisdom of Gastlereagh . Their discontent expressed itself at seditious meetingsj and the Government was actively engaged in putting them down with the strong hand . All the Governments of Europe were then similarly employed , and to help them in the work was then the pride of the Tories . For

      this purpose we had conquered , it was thought , at Waterloo , and made treaties at Vienna . Accordingly on May 13 , 1819 , the Attorney-General moved for leave to bring in a bill , which , he explained , was to prevent the people from . fitting out armed vessels * or to supply ships intended for foreign service with warlike stores in any . port ... . ¦ .. the empire . It was intended , nominally , for the preservation of neutrality ; it was directed to exclude the Spanish colonies from obtaining assistance , in our ports in their struggle against Ferdinand VII . So adverse was the bill deemed to the principles of

      liberty that the motion for leave to bring it in was opposed , though the Housedidnotgo to a division , and at every other stage it was hotly contested . Few subjects were more eloquently debated ; but , in spite of the masterly speeches" of Sir James Mackintosh , Mr . JDenman—afterwards Lord Chief Justice—and others , and in spite of petitions from the merchants of London and other places , it was carried through Parliament with all the rude power of . the arbitrary ministry which then crushed the land . In 1823 Lord Althorp ,

      supported by Lord Folkstone , the present Earl pf Radnor , Lord John Russell , and the whole Whig party , moved to repeal this Act , but he was vehemently opposed by Mr . Canning , and was defeated . The Act was unpopular at its commencement , and in its continuance ? . and now that it operates to impede our neutral trade , and throw this into the hands of nations , never leagued with despots to put down liberty , it is high time that the public took its provisions into consideration , and called the attention of the reformed Parliament to the propriety of repealing the Act . At present ,, the Legislature will only move in obedience to public opinion ; and though the public was never more desirous than aij present of ob-Berving a strict neutrality , it also desires to be 4 ree to trade with either or both belligerents , and to afford sympathy and aid without committing the State to one or other of them . Why should English shipowners be prohibited from hiring their ships as transports or store-ships to either lielligerent , if they choose P ' They must take the risk on themselves ; and if the enemy of tne Power they like to serve captures them , they must not expect , and cannot ask , the State to exonerate them from the consequences . If they are free to act as they like .

      the State is not responsible for their success or their losses : it only makes itself responsible when it interferes with their business , Probably the public is now tod much occupied by the events of the war , and by questions of ministerial changes and reform , to pay much attention to this particular business ; but we must , nevertheless , remind it that the repeal of this Act is a utep towards that general freedom for individuals which was recognised as the great principle of social welfare , when the corn laws were repealed . . 3 fc > repeal it would only be carrying out that principle . Such a proposition would bo sure to have tlie support of all the Whig party , and might even receive the Banotton and aid of Lord Palmerston , though he

      . . . ¦' " ¦ » ¦ ' ¦ ¦ 680 The Leader. [...

      . . . ¦' " ¦ » ¦ ' ¦ ¦ 680 THE LEADER . [ Commercial

      Our Enormous Trade. The Declared Value O...

      OUR ENORMOUS TRADE . The declared value of our . exports in the month of April was no less than 11 , 330 , 730 ? ., against 9 * , 433 * . in April , 1858 , and 9 , 985 , 844 * . in April , 1857 . It exceeded the latter , which was at the time considered very large , by 1 , 344 , 886 J . In 1857 the total declared value ofeour exports was 122 , 066 , 107 ? , the largest amount reached in any one year . The monthly average of that year was consequently 10 , 005 , 5091 ., so that the declared value in the present month exceeds the average monthly value of 1857 by 1 , 300 , 000 ? . In the four menths of the present year the value of our exports exceeds that of the

      four months of 1858 by 9 , 889 , 801 ? ., and of 1857 by 2 , 937 , 187 ? . In 1857 , however , prices were somewhat inflated ; so that the quantities of goods exported and the extent of employment for our manufacturers were still greater in 1858 than they appear to be in regard to 1857 , by the increase in declared value . The imports have been correspondingly large , having exceeded in Value those of 1858 , in three months , by 5 , 265 , 350 / ., though they fell short of those of 1857 , when prices were much higher . The

      shipping , too , entered inwards and outwards , exceeded in the four months those of either of the two previous years . . Of some articles paying Customs duties , as cocoa , fruits , tea , tiniber , tobacco , and wine , the consumption has increased in the four first months of 1859 , as against the four first months of 1858 , but of coffee , spirits , su g ar , fcc , the quantities taken into consumption have decreased . Paper and malt paying Excise duties have ^ both been consumed in greater quantities than in 1858 and 1857 . We may be quite sure , therefore , had not war interfered in the fifth month that our

      trade would have far exceeded in 1859 its previous limits . How it will be affected by the war , time will show . In the returns of the value of the articles imported from foreign countries in the first three months of the year ^ France stands second on the list , the value of our imports from her being only exceeded by the value of our imports from the United States . Itwas 3 , 992 , 401 ? ., falling short of the value of all our imports from British possessions , which was 4 , 549 , 258 ? ., only by 556 , 857 ? . France is fourth on the list of the foreign countries to which our exports go , and she took , in three months , only 1 , 096 , 739 ? ., while British

      possessions took 10 , 313 , 609 ? . Her resources , aowever , and the resources of the other belligerent must be crippled by the war . Their industry is turned in a greatly increased degree from production to destruction . They may want more , but they will be able to buy less . Our manufacturers ! may be called on to supply some deficiencies occasioned by hands abstracted from productive industry ; but on the whole we must be benefited by the decay pr destruction of our customers . War in Europe is . a common disaster ; it afiects us all , and l > y all it ought , as

      much as possible , to be prevented . Were it honestly and sincerely condemned from every pul p it in Europe by those who claim the high position of teaching the Divine Will to man , and guiding him in the path of his duties , it might come speedily to an end ; but as there is no prospect of all the clergy of Christendom denouncing it , and as the wildest passions are everywhere stimulated into activity by those who should assuage them , we can only expect that our ex « panding trade will not hereafter expand so fast as in the month of April .

      Monet Market J &Jjtock Exchange.

      MONET MARKET j & JJTOCK EXCHANGE .

      Money Marttet - Exchange Klu ^* ≪ * Makji.Jliajw Oluott. X*Jlijtuk£H*

      ditional 1 per , occasions surprise and discussion We had no doubt , when the Bank adopted the rise ' that it was fully justified by the state of its own affairs , and probably it is equally justified now bv their condition in concluditfg ; that the ease in the money market is quite temporary , and does not justify any reduction , of the rate of discount . Other authorities , we know , consider the present ease as entirely the reaction of a momentary panic . Five weeks ago there was a great apprehension of a want of money , and everybody exerted himself to get a supply . Long-dated bills were discounted at considerable premium ; other bills , too , were freely discounted , in order to make sure of a supply of money . There

      was not , in fact , such a deficiency as was expected , and the bills which should have been discounted now having been discounted then , there is at present a ' want of short bills and an abundance of money . But as trade is very large this want can scarcely continue . Very recently there have been large arrivals of gold from Australia , and unexpected remissions of gold from St . Petersburg , which make the present abundance to be considered exceptional , and not consistent with the general progress of business . We see from the Board of Trade returns , just published , that the bullion exported in April was 4 , 942 ; ooqZ . » or 3 , 759 , 000 ? . more than in April , 1858 . It was also l , 97 O , 00 OZ . more than was imported in April , which

      seems a feasible explanation of the deficiency of money then experienced . The demand for export , at present lulled , seems likely to revive . It is impossible to carry on the great war , now going forward in Italy , without an immense army chest . We hear of 2 Q , O 0 O , O 00 fr . being required weekly for the French alone , and this sum is despatched from Paris . Much of it will probably be at first hoarded in Italy , and it will not speedily reappear in circulation . There will be a fresh demand then for gold , and not again such an accession of supplies . These sudden changes in the market excite much attention , and it is generally concluded that too much depends on all the bullion being in one place . The whole bullion

      and coin in the country—not that exclusively in the Bank of England—should determine exchange operations ; and the law which makes the Bank of England exclusively the depository of gold is again called into question . Other banks , instead of keeping gold , can acquit their obligations in Bank of England paper , and thus the one Bank is made exclusively the depository of al ] the spare gold , which in the natural course of things would be distributed amongst many banks . Then a little additional demand for gold operating on a larger > surface would not be so readily felt , and discount would not

      jump up and fall down merely us a small quantity of gold in the bank is affected . The war may then have the gpod effect of compelling us to look more closely to our own banking laws , which are quite inconsistent with free trade . . The Stock Market was somewhat animated in the early part of . the day . Consols have tended upwards all the week , and to-day they reached 92 H- In tn « afternoon a slight reaction set in , and they closed both for money and the account at 92 i- £ . l » e supply of stock was better to-day than of late , and there lias been a little more activity . Karl ways and Shares of all kinds partake in a slight degree of the improvement in prices .

      Friday Evening . The great abundance of money , with the continued ease in the monev market , is the only topic of great interest . AH the joint-stock banks and the discount brokers have lowered their terms , both for money received on call and , for discounting bills . They will now give only 24 por cent , for cash , and they discount the best bills at short dates at 3 per cent . The Bank of England has made no alteration in Its rates , obviously from believing that the present abundance of money is not likely to be lasting . So sudden a change to abundance from great scarcity , it being now only a month since the Bank of England first raised its minimum rate of discount , and only three weeks since it raised the rato an ad-

      An Account, £Jjk»?S Ss^Flf«D « * Jggj Ca...

      An Account , £ JJK »? S SS ^ flf « d « * Jggj cap . 32 , for the week ending on Weduesduy , thcWtUday of May , 1800 : — ISSUE DEPARTMENT . , „ -- fl 1 rv 100 Not 0 B lsau « d «» . «*«• gsj ^ SSS & * "C 85 Gold Coin ABunion 10 , 705 , 835 Silver liuiUon — £ 31 , 180 , 83 * £ 31 , 180 , 835 HANKING DEPATITMENT . Proprietors Capt- a ° y / } f i m ?™ ta \ t .. £ 14 , 553 , 000 rltlcs ( lugging Rest 3 , 810 , 004 J- > « f ^ ° £ 11 " 81370 'asssnsse- oAsssssav ^ gg K & . 8 S ££ 8 SP v . ; . i- - mx *' ° Blonore of Na- Coin 7 W > * tional Debt , nnd Dividend' Accounts ) 5 , 084 , 108 Other Deposits .... 17 , 017 , 700 Seven Day nud other Dills 705 , 000 ^ * ii 040 ,, i 4 £ 41 , iM 0 , 7 « ** | ~ Marsh all , 0 wof oasiuor . Dntcd May 20 , 1800 .

      General Trade Report.

      GENERAL TRADE REPORT .

      Friday Evening. This Corn Market Ss Flat...

      Friday Evening . This corn market Ss flat to-day . A good supply of wheat has come to hand } the weather is flno . TI 0 v obw of war ha » not yob begun to operate , ana v rlC 0 £ rather contrary to , expectation , again havo . 11 « ro deney downward . Sugar , too , like corn , is « f »[ J 5 downwards . Tea . on tho contrury , is « " »<*» » nu

  • Citation
    • Leader (1850-1860), May 28, 1859, page 24, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_28051859/page/24/