728817-1846-15-Apr-1846 — Page 3

MARCH,

SAILED.

21, Mischief Calcutta.

22, Sarah, Macao.

22, Sophia Fraser Amoy.

23, Nauveau Tropic, (French) China

23, Anonyma, Calcutta,

VESSELS IN VICTORIA HARBOUR.

HM. S. Vestul, Captain Talbot H.M.S. Dadalus, Captain MacQubae. HM Str. Vallure, Captain Macdougal, H. C. Str. Pluto, Lent Airy,

H. M. Tr. S. Alligator, Master Commanding King H. M S. Mindan, 2nd Master in charge Osier

Hospital and Store Ship.

Arentus (Am,) Elwoll, Anita, King,

Bomanjee Hormasjec, Coates,

Colon (Sp), Urbieta.

Corsair (steam), Soames, Deina, Pruen,

Earl Powis, Mossop, Gazelle (Am), Chase, Island Queen, Priestman, John Barry Clarke, Lark, Tibbits, Linnet

Mazeppa, McFarlane, Mary, Suwerkrop, Mor, Alsten,

Orry, Young, Privateer, Martell, Sylph Macdonald.

Antonio (P. schr), Wanderer, Priest,

Bush and Co

Dent and Cut J. Matheson and Co J. Matheson and Co WH Franklyn Dent and Co Fischer,

Willis and Co J. Matheson and Co

Dent and Co Dent and Co Nye, Parkin and Co Younghusband and Co J. Matheson and Co Captain

J. Matheson and Co. Lindsay and Co

Bush and Co

ON

THE FRIEND OF CHINA AND HONGKONG GAZETTE.

PUBLIC AUCTION:

OF COAL Saturday next, the 19th of April 1846, in the premises, foccupied by

Esq) Feñoria, Joy. Butra, has been

put on for sale, to the highest briders by Fallio Auction, on account of the French Government, by order of Cn. Levering Becota, Esq.

About 4 to 500 tons of Coal The whole will be put up in convenient lots.

Macao, 9th April, 1846 TOMPOSITORS WANTED—Apply at

this Office.

Office" Friend of China."

JUST Innded ex "Eat! Powis" and for sale by

F FUNCK

Allsop's Pale India Ale in three dozen cases. A few sets of Parkside and other Jugs. Blue and black Cachmeretts for summer clothing, and an in voice of fine Smyron sponges

Opposite the Commissariat,

April 8th 1846.

ESSRS HUNTER & BARTON, beg to an

nounce that their Macao Establishment has. been removed to No. 12 Danish Hong CANTON WHERE THE FOLLOWING ARE FOR SALE. SODA WATER and ARATED LEMONADE direct from the fountain. Patent Medicinos, Perfumery. Ships Medicine chests sold and replenished.

Canton 16th March, 1846.

FOR SALE.

1. Matheson and Conteman; apply to G. DEWAR, at Mr Mað NE Bay Manila Ponty, suitable for a Lady of

SHIPPING AT WHAMPOA

Backinghamshire, McGregor, Deod, Furley,

Esmeralda (Elam.,) Tullens, Euphrates, Gifford,

Gilmore, ----

Governin Daherty, Wilson, Isabella, Grey,

Jumsetjee Jeejeebhoy, Connor,

Orded KNIGHT's Brook Cottage.

West Point, 9th April 1946.

BRITISH HOTEL, D&MR and Co

KEVING HOUSE, Hansen

Queen's Road, Victoria, Bonstead and CoICHAEL GABRIEL has the honour to an- Jamieson, How and Col nounce to his friends and the public, that he Lindsay and Co has taken those spacious and commodious premi- P. F. Cama and Coses known as Keying House, where he intends to Gilman and Co | carry on the business of a Hotel keeper, and he Matheson and Cobegs to assure those parties who may be pleasei Rustomjee and Co to patronize his new establishment, that nothing Gilman and Co shall by wanting on his part to insure to them the Reyavaan and Co greatest comfort and attention.

G.G. Lungruna

Joeen Corin

D&M

Lady Howden, McEncharn,

Melce (Fr), Durand,

Musdew, Chape,

Princess Rogul, Douty.

Stalkart, Dixon,

Starling, Cheyne,

Shah Allum, Dumayne,

Wild I. ish Girl, Buckton,

J.

BILLS OF LAVING FOR THE OVERLAND,

ROUTE

NOK sale at this office, four forms of bills of lad.

for goods or specie shipped by the P. & O. | Company's Steam packets. Ist for goods deliver. able at London, 2nd for goods deliverable at Southampton 3rd for goods deliverable at Suez; 4th for goods deliverable at intermediate ports. They are printed alter the Company's forms on Bank posh Office "Friend of China". 25th October, 1845.

}

HISTORY OF PANICS.

1165

which had been in a state of depression greater thau ever was knowo, revived, commencing with the home demand. Food had been so dear that the labouring population of the United Kingdom had not been able to clothe themselves for the three years prior to 1942. The cheapening of food con- sequent on the good harvest enabled them to be, come customers to the manufacturers; the increas- ed prosperity in the manufacturing districts sti- mulated the traffic in the existing railways, and a general advance in their receipts naturally caused a corresponding one in the price of their stock, and as naturally created, on the part of the proprietary, who bad end were profitting by such investment, a (From the Liverpool Journal)

desire to increase their investments in that descrip- There is to creature upon earth so unreasoning

tion of security. This desite was participated in, an animal as a modied man ina

r a panic ; and in mercy

at firat, very partially by the general public--hard- to them and their victims, it is worth while conly at all by what is called the monetary interest in London--until the latter end of 1845. From that trusting the circumstances of former ones with the

time the public at large became innoculated with present, marking their points of difference, and no- living where they assimilate.

the prevailing desire to speculate in these securi. ties, and the continuance of cheap food, the ab-` sence of all speculation in foreign loans and Ameri- can projects, combined with the low prices of all the great staple articles of import, and the favour- table nature of the exchanges, leading to an im- Bank, tended to throw, and did throw, the whole mense accumulation of bullion in the coffers of the

current of that speculative feeling (which, in the former panics, embraced anything and everything,) upon railway enterprise.

The years 1824 and 1825 were years of great speculation, coupled with a high price of wheat The average being, in

Dec, 1925. 64s. 40. per qr Whatever induced that speculative spitit, cheap food, it is clear, had little to do with it.

Dec., 1824 March, 1825

633, 6d.

€9s. Id.

In the early part of 1824, the cheapness of mo- hey, partly owing to the reduction of the old Four per Cents, stimulated speculation more particular

Scheme succeeded scheme, in rapid succession, ly amongst that class of society accustomed to live on aunuities, and the appetite was pandered to by from the autumn of 1843, till the mania culminat- the great loanmongers in the city. The Southed in October, 1845, when according to the Times American States borrowed, through them, to the and Mr Spackman, there were 118 lines of rail. extent of £11,000,000, which entailed a loss of

way in progress of execution, and 1,263 companies bearly the whole of the sum subscribed.

projected, with nominal capitals amounting to up warda of £500,000,000 sterling. But if we take the Liverpool list, published by Hall and Co., we find that at no time has the number of railway com- panies in operation, making or projected, whose shares were saleable in this the largest and wildest market in the kingdom, for these securitics number- ed 209, divided thus:-

- Mr Porter estimates that £5,000,000 sterling were sunk in mining speculations in South America, the greater part of which may be considered lost. And yet so infatuated were the public at that time, that, on January 11th, 1825, the following premiums were paid for that description of stock :-

Share.

Prices. Anglo Mexican.. £100-£10 paid - £158 Brazilian...**** 100 -

10

• 68. Columbian

100 10

82 Real del Monte,, 470 — 70, - 1,350 United Mexican

4. 10

.*155

32

* In the early part of 1824, reports were circu Billiards can be engaged in airy and spacious "lated of a deficiency in the cotton crop, of silk and Lindsay and Go | rooms with ́á water frontage, at the following rates,ther articles of foreign produce, and speculation

Horausjce Framjee viz-

Captain

D. Rustomjee.

Captain

VESSELS AT Macao.

J. A. Durran, Jr J Matheson and Co

Amelia (Fr): Falcon, Bellamy, Harries,

Isabella Robertson, Kelly,

Lady Hayes, Langley,

Lyft

Precioza (Sp), Pardo,

Snipe, Endicott,

Unido (Sp), →→

Veloz (p), Burdenove,

Vixen, Milne,

C. Sapoorjes Lungrah F. J. de Paiva

J. Matheson and Co.

JA. Dorran Gilman and Co A. Heard and Co

J Salado

J. Matheson and Co

AMERICAN AT WHAWPOA AND MACAO,

U § 3. Vi cennes, Captain Paulding.

Da Jum Harding, Augustme Heard and Co Great Britain, Endicott,

Russell and Co New Lintin, Chase,"

Russell and Co.

FOR SALE,

THE teak built and copper bottomed Culter "EMMA" measuring about 14 tons, at present lying at Canton, For particulars appy to

8. E. PATTULLO.

Canton, 10th April, 1846,

TO LET

on Gwen's

twelve rooms, with godowns. - Apply to

ARCH: MELVILLE

Victoria. 14th April, 1846.

TO LET.

commodious Horse, (lately occupied by

THAT Control as the British Liotel) situate in Stanley and Graham Streets. For particulars ap ply to

C. MÄRKWIOK.

Auctioneer.

A CARD. R. A. BRANE Shipping General and Commission Agent and

Auctioneer,

CHISAN.

Day Games Night do,

Rupee.

do.

FOR SALE --By the undersigned.

Champagne, Hock, Beer, and Stout, all of the first quality. EDWARD NEWMAN. Victoria 7th October, 1945,

TE

NOTICE.

E the undersigned have formed a Partnership for the transaction of a General Agency, Auction and Commissi a business at Vitoria Han kong, under the Firm of DRINKER & HETL

8. DRINKER. Wa. 8. HEYL

Victoria, March 2nd 1946.

ran riot in all descriptions of staple articles.

In the fall of 1825 (the crash came in December of that year,) five or six London bankers stopped payment, and sixty-three in the country. The high prices of produce had produced their natural

result-a drain of bullion; increased distrust

pre.

vailed lo consequence of the bankruptcy of the bankers, and the Bank of England was only saved from suspending specie payments by the accidental finding of a box of old one pound notes, their specie being reduced, on 24th Dec, to £1,027 000

In the fall of 1834, the average price of wheat was 40s Gd per quarter, and on the first of January, 1836, 36s, the lowest point it reached; at this time the Bank had upwards of £7,000,000 of bullion, and the Exchanges were favourable to the import

of the precious metals, in

During the years 1833, 34, and 35, while the prices of provisions progressively fell, the demand BOOTS! BOOTS!! BOOTS!!!

for manufactures for home consumption and expon THE Subscribers have just received and offer for steadily increased. No stocks accumulated either Sale, a large assortment of highly finished of the raw or manufactured article; the prices of Dress and Waterproof Boots, Half Boots, Shoesell commodities were fairly remunerative, but un and Gaiter Bonts. DRINKER & HEYL

Victoria, 16th February, 1846.

NOTICE.

DRINKER & HEYL, offer for sale, at their

Stores, superior Port, Sherry, Madeira, und Claret Wines, Peppermint, and Cherry Cordials, Beer and Parter in wood and bottles, Wine Bitters, Choice Butter in Kegs, Neats Tongues, Tobacco, Cigars, Old No. 3 and 4 Manila Cherots, Paint Oil, ond Tarpentine in cans, Bright Varnish, Ravens Duck, doc. &c,

Victoria, 16th February, 1840.

GOLD PENS,

UST Received, and for sale, a few superior JPens, in Silver Cused.

ALSO

influenced in any perceptible degree by undue spe culation. During the latter part of this time money 'was plentiful at from 2 to 3 per cent, the Bank baring loaned largely to discount brokera

In 1635 the Government of the United States

paid off the last portion of its national debt. This honourable act 25 raised the character of American citizens, that, coupled with the cheapness of money, loans upon the credit of the individual States for in- termal improvements, upon the security of banks, Canals, railroads, public buildings, &c, were nego Jiated with the greatest facility. And probably not less than 20 to 25 millions were raised in this Goldway during 1835 and 1836. The result of these

An Invoice of Stationery, consisting of Plain and Ruled Letter Paper, Plain and Ruled Foolscap, Account Corrent, Account Sales, Office, Envelope, and Blotting Paper, Quills Lead Pencils, Par- rallel Rulers, Office Lukstamis, &co, do

DRINKER & HEYL Victoria. 16th February, 1846.

FOR SALE

baus is well known.

*During these years, numerous joint-stock banks were established, who by imprudent credits added to the speculative fever, and between 300 and 400 joint stock companies, with a nominal capital of upwards of £200,000,000–for every undertaking, from manufacturing asphalte-catching whales up to making railways-were created, Gambling in the shares of these variouz and dissimilar nuder. takings was carried to an enormous extent, and prices of all stocka bore a preintaan.

BEC 10 acquaint that he has commenced bizi-

EGS to acquaint the merchants and others of the undersigned a few Jars of superior Eng, cutarly in those articles imported from America

ness in the above capacity; and in soliciting their patronage, assures them, that his best endeavours on all occasions shall be to promote their interest. From his long experience in mercantile houses, his having been two and a half years on the island, and doing business on moderate charges, be trusts to insure success.

Respectable reference can be given if required. Chusan, 3rd April 1846.

SADDLERY.

fish Paint Oil

Pottinger Street

C. MARKWICK,

Auctioneer

Victoria, 19th November, 1913

The prices of foreign produce rose, more parti

sad Chiza. Cottens rose from 25 to 40 per cent; silk 40 to 50 per cent,

Railways in operation New railways in progress, ...

Bills passed, 1844:

Railway bills passed, 1845....

Decision deferred on..

31

42

39

5

14

Have been before Parliament,.. New railways for next session....109

Total..

-209

Making every allowance for accidental omissions, 19 is very evident that buying and selling, specula, more than 200 lines, 34 of which ware in opera- tion and gambling, have been confined to little

have been issued, the real risk consists in the loss tion, and that, however many prospectuses may that may be sustained on that number.

Whatever may be the ultimate result, there can y no doubt of the present fact, that something more than a panic, an absolute collapse, has taken place in the share market, and that it is affecting inore and more other departments of trade.

In becomes the duty, therefore, of all parties in- terested in the public weal, to examine and elucidate and we think the best way to do this is, to compare the causes that have produced this "

groat fact.” the general state of the country now, with its cor responding state in previous panics in the money market showing the bulison in the Bank-the price of wheat, and of the staple articles of produce in each separate period.

created by over-speculation in foreign loans, mines, The panic of 1825 we consider to have been

and foreign produce.

The panic of 1836 and 37 was created by the money interest, headed by that great sinner, the Bank of England, assisted by the newly-former Joint Stock Banks, giving unlimitd credit in for reign adventurers, and overgrown cercantile hou. and was prolonged by the endemours to throw the loss off their own shoulders upon the commun ty at large.

ser,

The present panic differs from both, in its being confined entirely to one particular locality, to one partialar object-the locality being the United Kingdom; the object, the facilitating internal com-

system. Former panics have been caused by spu munication by an immense extention of railway culating in unproductive investimonia, this has this distinguishing feature, that it is caused by excessive. speculation in this most profitable investment of modern times.

We predict, that it will be a short

sharp.

Trends Pmical Ennnga

There are sometimes faults in judgment as well as errors actising from inadvertenco or haste, and they are generally most perplexing to Young ginners who commit their writings to the

pross

trembling ansiety for their appearence and general reception. Editors sod old writers long in traces, soon avercome their sensitiveness to such mistakes The fatal facility of crede was so great, that the and though they may feel sometintes annoyed by Bank of Eagled discounted to an unprecedented them, often amils at the perversion of the sense extent the paper of the four or Ure great houses | rendered, or rejoico when by any lucky accident that aiment ongepolized the American trade. the meaning may be fortunately preserved. In the JENERAL Commission and Shipping Agent. Priems began to fall-the panic increaset to be allowed for revivion and correction, vocis er- In Aegas, 1936, the bank raised its rate to 3 por publication of a book, where sufficient time ought Wine Beer and Spint Merchants. And Ascussters Queens Road & Chisema Hong. Supply Ships, Families and Grega residents at the consular ports, with all descriptions of Store

MCEWEN & Co.

JUST landed ex Earth Fowis and for sale by Wise, Rise and Spirits upon me

donate terest undersigned, au Invoice of Saddlery, can-

sisting of

Saafile and Weyarath Brides,

Double and single Head Reins,

Head Stalls,

Straps and Stirrup Leathers,

The above are from cas of de fim Landon

Also dry and convestmat storage for goods. Visors, In Janaury, 1õid

SHIPPING ARTICLES, according vs the re- cest set ( Yuara 1 & 5) for ale at this

houses, of a superior qualy, and will be and at Ficians,

very moderate prices.

Victoria, 9th April 1846,

15,

In Nor, the joint stock banks began to break; and ross are inexcusable, but, in the daily cane of a the dangerous experiment of propping anate of them tars, and time waits for no man" to the hurry of the tank, harang odle £1,030,600 is mecie, tried | newspaper, where clunce happens to all componi. up. In Feb, 1957, the great America houses gut getting out the news, aided by the "happening in

into difficulties, and the Bank of England, who of interiopers, she had chinography of correspons

had given them unlimited credo, and was deeply in dents, and countless other vexation too numerous mhed, had to keep them up until they had got out | for zegnt, it is wonderful that they do not occur - of their great dificulice la Juse, 1947, after more frequently, and are unt ante prominent in keeping the commercial world in a state of trust their kind. As they inevitably happen, however, for u mortht, the American bases were allowed to they serve as a test of the temper of vriten, and of ga down ; and, after e covers patte of a meeth, the tie palieces ofedipora. great sence of mistrust having been removed ¦ But these mne typographical errorssIO BOMIS. things began to revise, sad by December, the week times saexprezenty Exterous, and made so by the

INGUDTS Berary and Katy Bus of balinen had increased to61200. The two mere change of a single letter. It was not lang

A

N Invoice of lead piping & ex - Bad Powis,

for sale by the undersigned,

OR SALE

AL

HOLMES & FIQHAN,

FOR SALE.

Victoria, 18th April, 1849

FARGAUX and Laški Comra. In Q2 22

HARGA ROBERT RUTHERFUND,

Vieris, 13th April, 1886

traponess staples, colton and mik, that had been since that an eator of sconstry paper andartonle us matained by the unlimited credit gives us a fox fur jag something to his readers about dosing in ross boguse, fell to gave about 10 per cent in the nes of 1957, sarather below their legal in tech,

church, haring on a presiune Bunday, obsermi wry way of the engregation het asleep. AL fushor to the sung at heads which he saw wood lum, be sodat the presumph the "ear edly was the exzeliuza of the paler's teriton con-

La cassay with bas twenty on licety offers in a arsight line from the aries of graan, harcar- pulpe had gone to the band of God" The tome and expert te - el es wah mars probe dare u isto, 4), and 11 poster metook a couple of beer, and the ins the power of wheat Copo de per paner and ande, thres mousy tables were so perverted as to read