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    CO1MRC I A L.

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    Untitled Article

    TRADE . -SHIPPINO—( FIRST QUARTER . ) The Board of Trade tables for the first three months _ of the year give a flattering account of the national commerce . Not only is it much superior to the crippled trade of the early part of 1858 , but it is superior to the very flourishing trade of 1857 . In March , the imports ,-which were large m the two previous months , continued , with the exception of coffee , flour , guano , unwrought copper , palm oil , clover seed , tallow , arid timber , to be in excess of March , 1858 , and very generally in excess of March , 1857 . Cotton , flax , hemp , untannea hides , tea , timber , wool , &c , were in excess in March , 1857 . In the three months coffee , corn—except barley and oats—flour , guano , hides , oils , thrown silk , tallow , and timber are deficient , as compared to 1858 , but the bulk of the imports are in excess . The value , also , in the two months of 1859 , for which the returns only are given , is 13 , 507 , 553 / . and only 10 , 110 , 733 Z . in 1858 . More goods are imported and they are worth more . This is natural , because when goods-are comparat ively low in value , as is the case this spring with corn and flour , the gain by importing them is less , and they are not imported . They are imported because they are more valuable here than abroad ; with exports the reverse is the case . When their relative value is low they ' are exported in greater quantities , and they are consequently not sp good a criterion of our commercial gains as our imports . At the same time it is pleasant to know , as exports are a measure of the employment given to the people , and the purchasing power of the nation , that they are increasing both in quantities and value , * and are considerably in excess in the three month ' s of 1859 over 1858 ~ and 1857 . The total declared value of our exports iri March , and iri three months was as follows : — In March . 1 R 57 . 1858 . 18 T > 0 . £ 10 , 45 ( 5 , 343 . ...... £ 9 , 000 , 274 . .. £ 11 , 31 . ' » , 228 . In Three Months ^ 1857 .- 1858 ., 1859 . £ 28 , 827 , 493 £ 23 , 510 , 200 . ...... £ 30 , 520 , 704 . Almost all articles exported , except machinery , partake of the increase , but it is very conspicuous in cotton , millinery , hardware , metals ( especially iron ) , silks , woollens , &c . We are driving a quiet , prosperous , increasing trade ; and it is good to recollect now , if Europe is to be convulsed with Avar , that we do not owe this increase , as we were erroneously thought to owe the . increase of trade , at the beginning of the century , to war , which then partially destroyed our prosperity , by destroying , the prosperity of others . The most satisfactory fact , however , which we find in these tables , concerns our shipping ; Our readers arc aware that our shipowners—still the most protected by legislation of all classes , and the only class , we believe , which receives a million sterling a year as a bounty—has of late , according to the usual fate of highly protected interests , been suffering very much and complaining very loudly . The slightest knowledge of the facts informs us that in 1853-4-5-6 , when there was a great increase of trade , combined with a great demand for merchant shipping , as transports , &c , that the . shipping interest was most flourishing . Our ships were inadequate to perform the services required of them , and foreign snipping of all kinds was gladly welcomed as the means of : parrying on the trade , from which the more profitable service of the State abstracted English shipping . With the cessation of the Russian war , and the return to France and England of the armies , the war . demand for shipping ceased . The stimulus of the previous years , however , had given a stimulus to ship-building , which continued and increased the quantity of shipping much beyond the quantity of goods required to bo carried in the ordinary course of trade . When trade was interrupted by the crash of 1857 , shipping , in oonsequence , beoanio profitless—not to say ruinous—to shipowners in England , and still more in America , our groat maritime wal . Then broke . forth a loud , wail from all the shipowners of the empire , from Montroso to Palmouth , and they , willing , like all men in such a position , to throw the blame from themselves on

    somebody else , attributed the excesses of shipping to the want of a reciprocity of restrictions , and the use of foreign shipping , though so much needed in 1854-1855-1856 , to carry on our trade . The present returns , we are happy to inform the shipowners , imply , as was to be expected when things resumed their accustomed coursej a turn of the tide in their favour . In the three months of the present year the British shipping entered inwards shows an increase , as against 1858 , of 77 , 817 tons , or Spercent ., while the foreign shipping entered shows a decrease of 12 , 274 tons or 2 per cent . So the British shipping cleared outwards , shows an increase in the three months of 194 , 404 tons , upwards of 17 per eent ., while the foreign shipping shows an increase of only 37 , 166 tons , or less than 6 per cent .

    But we have to state a marvellous increase , according to the shipowners' mode of counting , in the foreign shipping engaged in our coasting trade . _ It is far in excess of the general increase in foreign shipping iri our other trade , about which the shipowners have made so much clamour . In the first three months of the year the foreign shipping in our coasting trade entered inwards has increased no less than 150 per cent . ; and the foreign shipping cleared outwards has increased no less than 168 per cent ., while the British shipping inwards has increased only 11 ^ per cent ., and cleared outwards barely 8 per cent . Here are facts for British shiphandsand invite

    owners to throw up -their , the national patriotism to exert itself at the hustings , and stop this invasion of the foreigner . It will be of no avail , we fear , for less self-interested persons , like ourselve , to observe that the actual increase was , of British tonnage entered , 406 , 316 * and cleared , 256 , 653 ; while the actual increase of the foreign tonnage was respectively 7 , 823 and 9 , 118 . Nevertheless , sp small is the actual amount of foreign tonnage engaged in our coasting trade , that these low figures represent the large percentage increase already mentioned . They are very instructive . They may be taken as an

    index to the possible increase pf our shipping m the coasting trade of foreign nations , we re they to open that compl e tely to our shipping . It would not add a few tons to the emplovment it already finds . That foreign countries , however , do not open their coasting trade to our shipowners is the source of their bitter complaints , and of their foolish demands to revive restrictions , the abolition of which has tended very iriuch to extend trade .

    Let us add to these evidences of increasing prosperity that the number of paupeYs , by the March returns , continues to decrease , and was 10 per cent , less at the end of the month , in England and Wales than at the end of February . If the mischief-makers abx * oad , then , would only keep their unhallowed and destructive hands off the sacred ark of human greatness and human happiness—sacred to all but them — society would soon be so intensely engaged in seeking welfare by peaceful industry , that politioal disturbances would be unknown . Wo presume , however , it is pre-ordained that these mischief-makers should be cast aside ; arid to bring that about they must show themselves in their , true colours , and become hateful to mankind .

    Untitled Article

    Thadk in Fkanob . — The Presse says , —Business ia suspended ; no one thinks of undertaking any commedical operation in the midst of the anxiety occasioned by the groat question of peaco of war . The only manufactories that are actively employed are those which are connected with military equipments ; all others arc doihg nothing , although the present month is ono in which business is generally brisk . The retail trade labours under the samo depression , and purchases are restricted to the wants of daily consumption . Thoso branchos of trade which produce articles of luxury continue in a very depressed condition , the dead season with them having now lasted several months . At Lyons the manufacturers , who have during tho last two months boon pretty well occupied on orders for abroad , aro now again in a dull state , the Paris market supplying them with little or nothing to do . At liouen also business has ) ocomo slack .

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    PANIC ON THE STOCK EXCHANGE _ - RISE IN THE RATE OF DISCOUNT . Those familiar with the history of the Stock Exchange will be aware that panics there on the approach or commencement of political convulsions have continually occurred ; but they will scarcely find in that history a more memorable panic than has taken place this week . The Stock Exchange has increased in importance year by year . Not only have the debts of different States been almost continually augmented , but latterly art immense amount of shares in industrial undertakings in all parts of the world has swollen the business there transacted , and the property involved in the transactions . Shares in railroads , joint-stock banks , shi p and dock companies , &c , to a greater amount m the aggregate than even the debts of the different governments negotiated there ; and in some of them is invested the bulk of all savings , not immediately required for industrial purposes , including all the capital lying temporarily idle , of all the men of business in the country . A fall there in the price of government and other securities , on the realisation of which bankers and other men of business continually depend to supply their immediate want of money , is now , therefore , very different in its effects , from a fall in fancy stocks of shares of bubble companies , which involves little more than the reputation of a few need y adventurers . Such a fall has taken place this week . There has been , and still is , a great panic on the Stock Exchange—the first foretaste of the extensive destruction of the fortunes of individuals now , preparing' by the sovereigns , of the Continent for their devoted admirers . Last week , so far as our record went , Consols closed on Thursday touching 95 , arid we then stated that we should have to wait a week before we could know the further results of the belligerent movement of Austria . On Saturday , however , the holiday was broken through , and there was a further decline . On Monday , Tuesday ,, Wednesday , and Thursday , there was great agitation on the Stock Exchange , with a continual tendency downwards of all public securities . On Monday Consols were down to 93 J . On Tuesday they recovered ; on Wednesday , however ? when all doubt seemed to . be at an end about war , and when alarming and , we hope , exaggerated rumours were spread of an alliance , offensive and defensive , be ^ tween Russia and France , and , between Denmark and Russia ^ as opposed to England , Consols opened 2 £ per cent , lower than , on Tuesday ; and at the close , though there were oscillations , of the market , Consols were 3 £ worse than at the close of the market the day before . They were done at 91 £ on Wednesday . The panic was as great as is remembered by any living member of the Stock Exchange . Other stocks of all kinds declined even more than Consols . The new India Loan fell to 3 discount ; Turkish Stock fell from 16 to 18 per cent . ; Russia Stock ? were all severely depressed , and every kind of security declined . $ ix or seven stockbrokers were unable to meet their engagements , and panic was , as usual , followed b y insolvency . .. - , „ On Thursday , the panic was renewed and extended . A further fall of 2 per cent , in Consols was marked at the opening of business . They were done in the course or the day at 88 ^ jf , or nearly 7 per eent . below the price of tho previous Thursday , but afterwards they rallied . Several additional failures , however , havingbeen declared , they again fell to 88 £ . They closed bottqr , at 89 J ; but oven at tins figure , the fall was upwards of 5 per cent , from last Thursday . The now Indian Loan was at 5 discfiunt , Turkish , Russia , and other foreign stocks were all further depressod , and could only be quoted at nominal prioes . Upwards of twenty additional failures were announced , and ono was for a sum , largo for tho Stock Exchange , of 100 , 000 / . The contending hosts in that arena had met and loft the field , —a forerunner of more disastrous campaigns—strewed with tho wounded , tho disabled , and tho slain . Failures to suoh a groat

• Citation
  • Leader (1850-1860), April 30, 1859, page 571, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2292/page/27/