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Leader (1850-1860), 21st May 1859, Edition 1 of 2, Page 652, Untitled Article

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      Untitled Article

      Friday Evening . The Money Market is very easy to-day and has been so for several days . On the Continent , as well as here , in spite of the large demands made by Governments , the rate of discount is falling . To-day the test bills have been done fully 1 per cent , below the 1 > ank rate , with a probability that money will continue easy . The condition of the market , in face of the large demands recently made on account of tlie war , and other circumstances , excite surprise ; but the explanation is that under normal conditions

      the demands of trade are almost infinite compared to the demands of Governments , and the former are now in a state of comparative suspense . The interruption which war gives to trade paralyzes so many customary operations and impedes so much all new enterprises that the demand for money on account of trade becomes very dull and limited . The customary quantity of money or capital is not required , and hence its abundance . As things get settled and uncertainty ceases , should the war not be very disastrous , trade will revive and the demand for money will increase . Till that takes place m 6 ney in spite of the war , or rather in consequence of it , will be easy . The fact should be noted and remembered as contrary to \ yhat . has happened at the commencement of former wars .

      The Stock Market has been very dull all the week- To-day Consols were at 9 I £ , or £ per cent , belpw the closing price of last week . Very little business is doing ; the Stock Exchange is almost deserted , and it will take some time and favourable circumstances to . recover from the late disorder . The decline and dulness of the English funds , in face of an easy money market , also excites surprise . At present our securities in relation to those of most of the Continental states , are very sale , and capital from abroad is likely to flow into them . Still , instead of being lively , as we might expect from a fall in the value of money , they are dull and drooping . We can only regard this as a

      confirmation of the opinion we expressed a fortnight ago , that the price of our stocks had , previous to the panic , been run up beyond its just level . The question of contraband of war winch is doubtful , and which Ministers are said to have decided as to forage , in t » vour of its not being contraband , while they have coals yet under their conr sideration , excites great attention . We have referred to the matter elsewhere ; and here we can only repeat ; that an article must be prohibited to be supplied to a belligerent before it can bo uontraban .. It is competent for any belligerent st . u e to piolub > t a neutral from supplying its enemy ' T" *™ ' * }™ till such a prohibition bo issued it will not oo con traband

      . - . * Gold is again beginning to accumulate . A considerable quantity is corning in and noneis . now going abroad . We may expect , t » eroiore , t > . 1 i the Bank accounts will show , till the trade agnin wins , a continued improvement . Wo subjoin them lor the week . - —¦ " —

      The Trade Of Neutrals Ixui" Uj 11"Uxj'iuj≫J

      though there may be particular things standing in the way of warlike operations which will not be spared ; but , as the rule , the property of neutrals will be held sacred by both parties , and even the property of enemies will not be wantonly destroyed . Many of the fears of which we read are rather the offspring of our own old prejudices , and old passions , than of present facts . _ For England , neutrality in a European war is a novel position . She has been usually one of the belligerents , and has carried her hostil ity to neutrals further than most other countries . From the close of the seventeenth century

      she has continually provoked armed leagues of the Northern Powers to vindicate the neutral rights , she abridged , and she may probably fear , but we believe without reason , that her maxims will be acted on against herself . No other State has a naval power like hers to enforce such maxims , and at present it is more probable that her neutrality will be strictly respected , and she courted , than that her former conduct wi ll be imitated , and she now thwarted . It must be recollected that since

      she was at war the Powers of Europe have adopted more enlightened principles of neutrality , and avowed greater respect for neutral property than formerly prevailed . In 1856 , when the treaty of peace was concluded at Paris , a declaration respecting maritime law was signed by the plenipotentiaries of Great Britain , Austria , France , Prussia , Russia , Sardinia , and Turkey , which has been much abused as circumscribing our rights , but which will now operate in our favour as neutrals . Its principal conditions were these : —

      OUR neutrality is loudly proclaimed , but , ^ apparently , neither the Government nor the people feel at home in this new position . Everywhere , from the highest to the lowest , there is a dread of Napoleon , a love of Italian freedom , a hatred of Austrian despotism ^ an apprehension of the Continent being overrun and united against us , or of its being covered with armed men , calling on us for help—everywhere there are old recollections or young teeming hopes , which will not allow either Government or people to feel as neutral s , however much they may desire and be constrained so to act . Her Majesty ' s Government interferes

      couraged by all reflecting men , as cbnnectwSem in peace by bonds of mutual interest . WhS , these are cut all must bleed ; and the phiW , thropist can only lament that they are notrT merous and strong enough to make the sufferln so great that all the nations of Europe shall reear ?} the Sovereigns who provoke or- have recourse tn war , to ^ serve the purposes of their own ambition as their worst enemies , rather to be hunted down as wild beasts than supported , honoured and obeyed . u >

      almost as palpably as the people take sides . Ihere is , in consequence , a general uneasiness . _ Merchants , it is said , are slow to freight ships for France or Austria , lest they should be captured . They doubt whether they may fulfil contracts to deliver provisions or coals , lest these articles be declared contraband of war ; and already some of our people suffer many of the miseries of a quarrel in which both Governmenfc ' . people profess they have no wish to engage . The captains of American ships , more accustomed to neutrality , and less apprehensive than our shipowners , are taking freights which the latter refuse , and envy at their rief of If

      success adds to the g disappointment . the English shipowners give way to the Americans from any apprehensions of danger , they must be wrongs The Americans are neutrals , like ourselves , and whatever is permitted . to them by the law of Nations is permitted _ to us . "Where they can go our ships can freely sail . That they can not be employed as transports or storerships for Ja belligerent is the consequence of our own municipal law . The Act 59 George HE ., referred to in _ the proclamation on neutrality , by which restrictions are now imposed on . our trade , is our own notorious

      " Fobeign Enlistment Act , " passed in 1819 . Under the pretext of meliorating the Draconian provisions of the law , 9 and 29 George II ., which could not be enforced , they were then extended , though softened , to what were called " unacknowledged Powers . " Recollecting the success of our own American colonies , and the aasistance they had received from France , the Tories—at all times the enemies of liberty—forced the Act of 1819 through Parliament in spite of opposition , for the very purpose of preventing the English people from giving assistance to the colonies of Spain , " the unacknowledged Powers" at that time in revolt .

      It was part of the policy which desired the coercion of our own people . Such an act ought never to have been passed , and now we have to suffer its consequences in the interruption of trade . We may , too , at this jperiod , when every colony of Spain , except Cuba , Porto Rico , and the Philippine Islands , has established . its independence , state , as the result of experience , that this Act inflicted an equal injury on the colonies of Spain and on our people . But for it much greater numbers of them would have engaged in the services of the insurgents , and much British capital would have been directed to the same end . In all probability

      these colonies would then have had a greater infusion of British blood , and all their affairs would have been , better managed by British skill oft British principles . They would so much the sooner have established their independence , and secured for themselves more stable Government . Then , closely united with us by political and commercial ties , they and we should have prospered more together by their growth in security . The Act was passed by the Castlereagh administration for the bad purpose of hindering the projects ' of Our people in favour of liberty in the Spanish colonies ; and now the genuine Tory successors of Castlereagh invoke the Act to curtail a perfectly honest and sound neutral trade between England and the great European belligerents .

      Neutrals arc not required to cease trading with belligerents ; they are only required by internal onal laws to treat all belligerents equally . They are to perve them all as commercial customers , but not to assist either exclusively or-to injux'o the other . There ought to bo no fear that the property of Englishmen , as such , will be destroyed ,

      " The neutral flag covers enemy ' s goods , with the exception of contraband of war " _ " Neutral g oods , with the exception of contraband of war , are not liable to capture under the enemy ' s flag . " - .. ¦ " Blockades in order to be binding must be effective , " &c . v These regulations are binding on all the States now at Wai *; or likely to be at war ; and we , as neutrals , shall reap all the advantages of . this improved maritime code . The only doubtful question is , what constitutes contraband of war . This is not to be decided by municipal law , but by the

      law of nations . No one belligerent can properly decide that any article is contraband of war . Writing about the middle of the last century , Vattel said " Commodities particularly useful in war , and the importation of which to an enemy is prohibited , are called contraband goods . Such are arms , ammunition , timber for shipbuilding , every kind of naval stores , horses , and even provisions in certain cases , when we have hopes of reducing the enemy by famine . " The essence of contraband is the prohibition , and as long as the importation of fuel and provisions is not prohibited they are not contraband . Now , both the belligerents will equally require these , and neither will prohibit the

      importation of them . That one of the two belligerent Powers which could best stop the importation , and capture the neutral ship , has the most need of fuel and provisions ; and while both have so lately agreed to respect even enemy's property in neutral ships , they will surely not violate neutral property in neutral ships . Since Vattel wrote the whole face Of society has been changed ; and now to prohibit as contraband of war what may be required to carry it on , would be to stop all trade with belligerents . Besides the articles mentioned by him , iron , leather , pugar , coffoe , or tea , medicines , spices , have all become necessary to continue an army in the field ; and nothing , therefore , can now be considered contraband which is not . specifically enumerated and prohibited .

      It seems , therefore , that the apprehensions which are said to stand in the * way of our people completing contracts to supply coals and forage to the French Government , as long as they are equally ready to supply similar articles to the Austrian Government- —and thev are not forbidden by our own laws—are unfounded . Our Government cannot regard such conduct as an infringement of neutrality , and-we . trust it will not discountenance , much less prohibit , our neutral people from equally supplying either of the belligerents with any articles , not already prohibited , they choose to command and pay for . , Fronn the evils of war , as they affeot our trade , by ruining our customers or lessening their power to purchase , we cannot escape Trade between different nations has been l'GCommendcd and en-

      Untitled Article

      THE TRADE OF NEUTRALS .

      Untitled Article

      652 tHE LEADER , rCoMMi ^ V .

      Untitled Article

      MONEY MARKET & STOCK EXCHANGE .

      Untitled Article

      An Account . ^^ J . Mf g ^ Jgft oap . 32 , for tho week endlug ou Wednesday , thoibiuu / of May , 1850 : — ISSUE DEVAUTMENT . . .. jqq Note , IBBUCCJ * 31 , O 2 O , 3 « 5 gj ^™^ t ? J ?! . *^^ Qolcl Coin & Bullion M > W » Silver Bullion . ... __ HANKING JPE PA . UTMENT . p V £ ^\ ^ . * uw * = « i Rout 0 , ! ilO , 381 D ««< 1 .. Wi-ltfHt flJ 1 sbuw Public Deposits ( In- M \ n \ i ? $ , : , • ju Wia « eluding Exelio- OtlitT HuourltluB .. ^< H 1 OW quor , Savliiffa Nofus ... ¦ v , -. "' ll ftnnltfl , Comnifa- OolA mid fcSHvor m uUmors of Nn- Coin tionnl Dobt , and Dividend Aoooimtfl ) 5 , 282 , 310 Othor DoppsUB .... 17 , 8 tlO , lWO Seven Day nnd othor Bills ...... . 778 , 0 ( 1 ? . , *> . n mi . iBl ** MaHSHALL , Chlof ^ l * Dfttod May 19 . 1800 .

      Commercial,. • ¦ ' ? ' . ' .. — .- ... ¦

      COMMERCIAL ,. ¦ ' ? ' . ' .. — .- ... ¦

  • Citation
    • Leader (1850-1860), May 21, 1859, page 652, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2295/page/20/