728912-1847-10-Mar-1847 — Page 4

hay you with on. hinge

I

med for your beverage, not in ele an article upon which by which it can be suht nd you may dambish to the

nfort

regarded by many you cannot thereby secure of palaing profits, advance

tutive. Thess ad ign trade, cave that giving raw produce in nched goods, can by possibility marcindend Annacial Policy, p.275. Your correspondent asks me to qualife the con- sentence in my former communication, bal traders may orge, but thinkers will oppose pay considerable reduction of the duty on tes. pha he happy to comply with his request if he can, show me that the correctness of the opinion therein expressed cannot locatablished upon the principles developed to Mia Mi Esay on the Lawi of laterchange between Nadons, and the Distribu- | Sion of the Gains of Commerce among the Coon, ties of the Commercial World." According to the Theory of international exchange presented by this manent thinker, the opening of the ports of China 10 Briab good at low deties ought to have been accompanied by the following results-first, a bay kance of paymea farour of England, causing ån importation of the precious metals from China, mecond, a fall in the money value of Chinese com- modities; third, a restoration of the commerce be- tween the two countries to & traile of barter under gan altered scale of prices, causing the produce of a giren quantity of British labour to exchango for the produce of a greater quantity of Chinese labour Now these theoretical inforonces dana before.

Since the have been verified by actual results opening of the ports of China to British goods at low rates of duty, there has been an abstraction of the precious metals and a general fall of prices in China, causing a marked diminution in the importa- sion of cotton-wool from India, and a considerable increase in the exportation of raw silk to England. The increased demand for British labour to ex- change for the produce of a greater quantity of Chinese labour than before. Alter these commer- cial relations--(acreage our demand for tea by a di- mnation of the Autp-the value of the produce of Chinese labour welll rise as compared with the pro- place of British inbour, and we shall obtain a less sproportion than at present of the increased prodes ireness of indsary consequent upon the interna. innal divisions of employment. In some of its re- sults the high daty on tea is positively advantageous to the British manufacturer. El relieves him from a eompetitor for the cutton-wool of Cline, and it enables him to obtain from China increased quan Lines of raw silk nt diminished prices. Here fact and theory councide; and the deductions of science are actual events.

I have the honour to be, Sir, your obedient servant,

ECONOMIST. --Itad,

ORIENTAL BANK. The Bombay Telegraph has hitherto been a most Jockless apologist for the Oriental Bank; every fresh defence of that institution has only been a fresh: ex- posure of ita affairs, and tended more completely ta convince the public that its management was by no means equal to the task of carrying on a profitable business across half the globe. Our remarks upon a little bit of beasting on the part of the Telegraph hase caused great soreness, and the Englishman now accused of hostility to the Orientals, which we Are told "sbewe glaringly through every article he E' peas on the subject of its afkirs.” We are quite moconscious of any such sentiment, we feel neither friendship gor enmity towards monied institutions, but as public journalists freely criticize their pro- reading for the public benefit and when we find that pur statements cannot be deased nor our arguments pefuted, but that we are met merele by vague charges of hostility, we are the more inclined to believe that pur" strictures are doing good. The Telegraph's puff at which we were disposed to laugh, was that The paid up capital of the Bank would now be found pearer ninety than sixty lakhs. The Telegraph paya that the london pablished statement shows the capital £7,85,84 odd, and adds, we have no doubt that when the payments in India up to the date pot ser article come to be added, the sum will

pear about what we mentioned, namely 90 lakhs Why so much vagneness in a matter of account! Why, we believe, sad the doubcoot, and it will ap pear why not publish an account up to the day of writing, if it is desirable to tell the truth! But fi- gura are dangerous things and even those above gisen had better have been omitted, for ou looking the Loudon Gazete we find the published account gires the Nint Buck of the Oriental Bank on the 1st Angust last, £612051,19,7, or upwards of a hundred and seventy thousand pounds less than is asserted by the Telegraph. But, says our contemporary, before the Bank's change of name, there were 10.000 New thares created, the calls for which fell due in Aerust fast. Why not show bow mord of these was in course of payment after the lisation of the above account. Depend upon it made upon the publie by come statements, Telf the truth. rohit you wish to thrive and do not real conclusions fritt what ahman, December 31.

jame us ar

STEAM NAVE

THE VREND OF CHINA AND HONGKONG GAZETTE.

The dividend paid for the half year to the 31st March, 1846, was 34 per cent, and the directors now recommend that out of the profits of the twelve' months trading a payment to the proprietors be made of per cent; which, together, will make the dividend 8 per cent for the year coding 30th Sep tember, 1848."

0

General Caulfield expressed his approval of the stops taken by the directors, and his confidence in their future management.

The ships of the company, during the period refer- red to, have been covered by insuranars effected upon them to the extoul of 2000004 and by these mua- wires the board considers that the wishes of the body of proprietors, in regard to protecting the floating property of the company, have been fully carried out They recommend that the principle already adopt

This report was received with general applause. od, of establishing an insurance fund, shall continue

The Chairman hoped it would be considered that to be acted upon until that fund shall accompliste to the sum of 200,000! With such a sund to meet all the measures undertaken by the directors had contingencies, together with the provision in the been wall adapted to secure the présent and porma depreciation fund, act apart out of profits for maintient welfare of the company. taining the floating property of the company at its original value, the directors feel that the value of the company's stock is being sufficiently and perma,

Mr Dent said it was no doubi very satisfactory to nently guaranteed. During the past year, the di- rectors have had under their cousdurations the sub-get 8 per cent as a dividend, but it would be better for the shareholders to have à short sistement of the ject of reducing the rates originally established in 1843 for passago-money by the company's vesela between England and India, and early next year at rangements will be adopted for carrying into effect Buch a reduction as will ho equivalent to a diminu- tion of ten per cent on the company's prosent fall free between Southampton and Oilcutta, Madras and Ceylon, for Grai-chas accomodation. The ex- pense of the transit through Egypt has also been diminished in consequence of late regulations adopt- od by order of his Highness the Puchin at the en- tire reduction is intended to stand thus: for instaner, From Southampton Jo Calcutta, Tal

class accommodation for general passengers hitherto charged by this company Transit through Egypt, paid by them

in addition

Amount hitherto charged for 1st class accomodation in general cabins .....

The directors propose, in lieu of the

above rate, to charge - And the transit through Egypt being

reduced from £15

The rale to commence in March,

1847, will be.

£128

15 0

0

0

£115

妙

13 0

£127 0

0

[].

it is the intention of the directors shortly to have s branch of the London establishment appropriated to the special purpose of recoising all parcels and packages direct from the parties forwarding them, and it will be their anxious desire to afford to the public, in this matter, every accomendation that can! be reasonably required. As the company's vessels are expected, in the course of the ensuing year, to extend the present communication with China to the port of Bombay, the director have considered it to be essentialy neris-ary to arocure adequate dook accrogmodation at the port of Bombay, and, with this view, they are now in treaty for the dorks there, called the Mazagon Ducks," and the premises con- nected therewab, the negotiation for which they hare reason to believe will terminato satisfactorily. It appears evident to the directors that there is an anxious and increasing desiru in the public mind to procute, through the instrumentality of this com pany, a further exten iom of the benefits of steam Pavigation, especially in the E-stein Seas, and ere long it will become neressay for your directors to adopt a decided course of policy upon this question, The connexion of Calents with the line to China, joining at Singapore, and also the extension from Hongkong to the northern port of Shanghai, has heen, as already arimated to the proprietors, strong- ly urged upon the directors, and there is no ques- tion but that such additional branch lines would materially benefit the existing operations of this com pany, by securing an increased interccurse and traf fic to the man lies.

pro-

and the fiule squadron proceeded up the river. slowly towed against the stream by the Vizen. Al ter steaming all night, and encounturing several in cidents caused by the windings of the river and the rapidity of the ourrent, they arrived, ut sine o'clock in the morning of the 24thy opposite the battery of Accacheppa, mounting three long twenty-four- pounders and one long twelve-pounder. This hat- tory commanded a most difficult pass in the river, and, had the guns bean properly manned, would expedition. As it was, the inen employed to scĮVA bably have prevented the further progress of the the guos flod on the approach of the squadron and the guns were spiked by a small party landed for the purpose. At noon all the vessels anchored in line of battle within half-musket range of Tabasco, without recolving any molestation. Five merchant vessels were captured. The city was summonet to surrender, and refused. Some shots wore then

and receipts and expenditare, as was done by the Royal

fired from the Vixen over the buildings,

opera- Mail Steam Navigation Company. It was true the

tions were suspended for the night. The garrison, management of this company was now most affi- cient; and the boạt way to preserva it so was to psh.although refusing to surrender, oft the squadron undisturbed during the night, but in the morning lish the accounts. By rofusing this the manage-

of the 25th firing was commenced from the shove, ment dal themselves injustice.

and returned from the vessels. The squadron In the avoided firing on the consular houses. mister of the firing a ling of truce was displayed on the shors, and the squeiro ceased, but immediate dy afterward one of the prizes went nehore, and was attacked by the inhabitants, who rushed out from the streets and houses. An officer in com- mand bont's crew sent to the assistance of the The cannonding prize was mortally wounded was than reopened, and in three quarters of an hour the city was nearly destroyed, and the loss of The Chairman said this was the case. posed publication of the accounts would be injudi-life was considerable. The flotilla than descended

the river with the prizes, and returned to Anton * cious at present, and would subject the company to

Lizardo, leaving the Me Larne and the Forward at considerable annoyance. The time would come

anchor opposite Fronter to maintain the blockade. when the accounts might be publisheil, but at pre-

The loss of property in Tabasco fell chiefly on the pent several interests would be subject to sérious de preciation if this were now done. The proprietors foreign merchants, who addressed a remonstrance to Com, Perry. The commodore replied that he night see, at the company's office, vouchers for every would not injure the town, unless the firing should item;

and, under these circumstances, he hoped the

be recommenced from the shore; and the subse

sha unaccountable matter would not be pressed.

quent disasters are charged on the conduct of the Mexican authorities and troops, whe would not surrender, and could not defend the pla

be this squadron Amongst the prizes made ar there were three United States vessels employed

es to the Mexicana. in carrying supplies to

Tampico has been quietly invested by the Ame- rican squadron, under Commodore Connor. The fleet laft Anton Lizardo, and Commodore Perry Viren, Peret, crossed the bar with the Spitfire, Boneta, and Beefer, with reinforcements froin the Cumberland, Mississippi, Princeton, and St. Ma

The Hou. J. T. Melville suggested that it would not be wise to have u regular publication of the ac· counts until the company bud succeeded in establish When this was accom

As ing all its lines in the Bast. plished, he would support auch publication. auditor of the accounts, he was satisfied that the company was in an excellent condition at the pre-

rent moment.

ī

Mr Haddo asked if the accounts were not open to all the proprietors?

The pro-

1

Mr F. Carleton said the reduction of passage mo ney would amount to 10,0007 in the year, and this might be made an argument with government for seeking a reduction in the contract for the mails.co.

pro The government officers narrowly watched the. ceedings of this company, more narrowly than some of its own proprietors; and, it was evident from this, that much injury might result from giving a prema tore publicity to the accounts.

Mr Minchin said he was confident that the re- duction in passenger fares would be more than re- paid by an increase in the number of passengersi

Mr Jackson expressed a hope that the dividendy's. No opposition was offered, and the town Burfendered unconditionally, The Mexican Porro had not been increased by screwing down the sala-

had retired to San Luis de Potosi Commodore ries of the company's servants. Heusted that the Connor garrisoned the town with a force of 100 aupport of the schools at Southampton would not be

sailors and marines. A small Bolilla was placed left to the private subscriptions of the proprietore, at the entrance of the harbour, to guard any ap. but would be taken up by the company as a con-

proach from the sea, and the steam (rigale Missia. pany. This might easily be done, when it was con eidered that the company was putting away 22,000, sipp was despatched to Brazos and Belize, in or

der

to chain a force competent is insure the reten besides the amount of the dividend.

tion of the capture.

The Chairman said the constitution of the com- pany did not admit of their supporting the Institu tion, at Southampton, as a company. The direc lors were most desirous that the institution should be supported, as its benefits had already been high ly appreciated. As to the payment of servants, the company were giving salaries equal to those of any other company; and whenever extraordinary merit was displayed the directors rewarded it by an in crease of salary. In refusing to publish the ac- counts, he could assure the meeting that the direc. tora had nothing whatever to conggal. (Applause). The motion for the adoption of the report was then put and unanimously agreed to-London Mail, December 24.

AMERICA.

The directors desire to pro. ceed deliberately and prudently in any additional ex tensions; but they feel that it will be decidedly for the permanent interest of this company, to place it. self in such a position, that if the extensin alluded Political interest seems to have been chiefly ab. to, as well as that embracing the Australian colo-sorbed by the approaching meeting of Congress to nies, be determined upon by her Majesty's govern- ment, the company may be enabled to show that they prosos sufficicient capital wherewith to carry cut such operatings.

be held in a few days; and speculations were rife as to the views and recommendations to be disclosed in the President's message. As respects this docu- went, nothing important had transpired, but the gen The proprietors were made acquainted, in theeral opinion appears to have been, that Mr Polk's last report. with the fact, that his Highness the Pa-tone would be eminently warliked and that the po- licy of the cabinet in this respect would probably cha of Egypt bad adopted arrangements for placing under the connui of his government the Egyptian find suppdreven from parties who have been op- Transit Company, and that this company's steam- posed to hostilities. The feeling entertained by vessel, the Drita, &c., had been purchased by his some of this party: now seems to be, that matters Highness. At the time when these me anres were have gone so far that it is impossible to recedey and adopted the Pacha very urgently pressed the directhat the war must be prosecn tad, ait for the sake of tors to consent also to sell the other small iron steam- conqpest, but with the sole object of conquering s vessels, the Cairo and Lutes, which, for agme years, peace. The most stremadus daarons were making had been navigating the river Nile, under a firman to master and equip the pine new tegimente decent from his lighness. The directors, though they ordered. These are to be attached to the army were aware that these two vessels were every year of General Scott, who is to commence operations becoming less available for the passengers transit, with the siege of Vera Cruz. In the meantime Santa and that a decided objection would be made to this Apaa, is not idle. He has collected a large army at company substituting others more suitabla, were San Luis Potosi, in a position to intercept General nevertheless unwilling to comply with the request Taylor's march to form a junction with reinforce. referred to until they had some experience of the ments from Tampico, the evacuation of which place manner in which the trans establishment would be by the Mexican.treept mentioned below, cannatibe conducted under the new system. They have now considered un indication of venicness, insomuch at jos grounds for stating that bis Highness's cavern- it was consistent with the policy of Sania Anda, and mem has, in good faith, hitherto fulfilled the assur the arrangements be had made to the condtiob of ances then given, by extending and improving the his defence, so that the issue of the war must be con means of transit through Egypt, and diminishing sidered pending; the solution will perhaps be a baile the charge. It having, however, been again lately at Ban Luis Potosi, unless some change shoult, in intimated to the directors, on the part of the Pecha, the meantime, drive Santa Ana from power. There that it would be agreeable to his Highness if the were indications of disunion in the Mexican cabinet, original request referred to were complied with, the buy, according to Vera Cruz papers, Santa Anne directors have from motives of policy, yielded to the bad heen solicited to assume the Presidency, which suggestion, and live agreed to transfer to him their he declinedest skesin boats on the Nile, in consideration of a fair and equitable price for the property Since the last report 10 the proprietors (2th May), have contracted for two steamyahips to: Landon of 1100 tons and 420′ Bors and fprone veszel in Glasgo

The second faibre of Commodore Conner against Alvarador has been partially compensated by the

abasco by Commodore ron consisted of the Aft

From the army of occupation at Monterey there are no further advices The main body of the army of the centre would ultimately unite at Mon- terey with General Taylor, who would do advance until reinforced. General Scott, the commander- in-chief of the United States' forces, had left New York for the seat of war. His mission is surmised to be to take in charge the conduct of the land opera lipas. An immediate attack upon Sau Jum de tillon was anticipated. All the vessels of war not previously in service were being despatched to the Gulf, and the force of the navy, in point of men, was being increased to the full eatent authorised by Congress

Accounts from California vid Mazatlan, reporteil that the occupation of the territory by the Ameri- cans was not peaceful, that insurrectione had oc cared at several points, and that the French consul nt, the seaport of Monterey had been arrested for baving protested against the American usurpations. An attempt of the boats of the United States. sloop-of-war Cyane to seize a Mexican Brig Ganymes liad been repelled. The Cyane, it is sal, lost twenty men in the affair. These state-

cannot be relied on implicitly, ments cannot be

The American steamer Allontie, running bet ween New York and Boston, was wrecked on the 261 November. She had between seventy an eighty passengers on board, of whom forty were frowned. The disaster commenced by the burst- ing of the steam chest, and about the same time the weather became very tempestuous. Anchors were let go; but by the force of the wind, which kept increasing, the steamer dragged her anchors for ferty eight hours, drifting in that time twenty- two miles. At last she was thrown nearly over s reef of rocks on Fishers Island, and went to pieces Almet immediately. The master of the steaper, Mr Dusian, was one of those whooperislled

The course to be pursued by the President At the meeting of Congress, on the 71sty, was matter of conjecture. According to the New York Courier and Inquirer. The President is endeavouring to repeat the Oregon trick by attempting to, throw the resporidibility of the Mexican War upon Congress. When Mr Polk carns into power he put forth the most lofty and megniloquent, prètentions, to the whole of Oregon, the entire Union was made to ring with them, the hearts of the poople. were zealously prepared for war estimates were made, and special praise was claimed för his ad ministration, on the ground that the question had been Boldly and fearlessly met but the game threatened to prove dangerous; the people did not respond, and the whole subject was, therefore,

own upon the senste the President being finn

esilent fade him of to Mexico. He Lofatto 'exist has been done

Mexico is

Boems dig

ssibility

CARE