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THE six months that have passed since to a recognition of those colonies as indeour last general view of the commerce of pendent states. The extent of the advan. the united kingdom have not on the whole tages that will be reaped by the merchants been distinguished by any extraordinary of Great Britain in consequence of this deand sudden fluctuations ; but, with the ex- terinination, will very much depend on the ceptions that may be found under the par. character of the gentlemen sent, and on the ticular heads, trade has kept on in a pretty instructions chey may have received. Our equable course. The expectations that ministers, however, appear to be seriouswere at first entertained respecting the ly determined gradually to introduce a effects of the war between France and more liberal system of foreign trade, which Spain on the commerce of this country there is every reason to hope will be folhave been in fact totally disappointed. lowed by other nations, and produce the After the mighty struggles which we have happiest effects for all. The grand diffiwitnessed, the expedition of the Duke culty, es we have more than once observed, d'Angoulême to Cadiz has hardly excited is to depart from a long established system any interest comparatively speaking, and in such a manner that the shock arising its influence on commerce has been small from the transition may be as slight as pos. the temporary blockade of some Spanish sible. So many interests have been created ports declared by the French government, by the encouragement of prohibitory laws, and some petty vexations said to bave been that it would be equally impolitic and cruel practised in consequence, by French cruiz- to ruin them, by the precipitate adoption of ers stopping British vessels, being we be even a manifestly better system. lieve the whole extent of the interruption time however is certainly come, when a resuffered.

An apprehension, however, turn to a more simple and natural state of which we do not judge to be ill-founded, is things can no longer be delayed ; foreign entertained by several persons, that the nations have gradually acquired the means result of this expedition will be prejudi. of turning our own system against us, and cial to our interests. That Spain is now some have even exceeded us, in the seve, less in a condition than ever to supply rity of their commercial restrictions. Care her own wants is evident; and should the therefore must be taken, when we are government of the King even enact the adopting a change, which will be advanmost rigorous prohibitions, it is very cer- tageous to our neighbonrs as well as our. tain that a most extensive contraband trade selves, 10 stipulate for reciprocal facilities will be carried on. But as Cadiz, and from them. This is done in the bill, auprobably some other ports (St. Sebastian thorising his Majesty under certain cir. and Corunna for instance), will be oc- cumstances to regulate the duties and cupied by the French, they will have drawbacks on goods imported and exported the best opportunity of deluging the in foreign vessels, which having been inpeninsula with their own goods, while they serted in the number for August last (page will very readily second the Spanish autho- 228) need not be repeated here. rities in excluding those of England. This Serious differences had arisen between will be a great blow to Gibraltar, from the European Powers and Turkey respectwhich a most extensive and lucrative trade ing the navigation of the Black Sea, the has been carried on. It is, besides, not Porte having thrown obstacles in the way unlikely that the French government may even of vessels belonging to those nations obtain from Ferdinand some beneficial pri. to which the free navigation to and from vileges for the French trade, as a partial re- the Euxine was guaranteed by repeated turn for the efforts made by France to re- treaties. These disputes have, it appears, store him to absolute power, and for the far. been ended after very tedious negociations ther assistance which there is every reason between Lord Strangford and the Turkish to believe will be afforded to Spain, to re- ministry ; the issue of which will be seen cover the South American Colonies. This by the following official notice, published seems the more likely, as the English Mi- by the British Consul at Constantinople, to nisters have explicitly declared that they whom it was addressed. will not consent to the transfer of any of the Spanish colonies to France; and have Palace of England, Constantinople, even chosen at this very time to send con

Sept. 12, 1823. suls, vice-consuls, and commissioners, to “Sir,-1 announce to y u, for the inthose colonies which have declared their in. formation of the factory, that, in consedependence, and have successfully asserted quence of an arrangement, concluded this it. The importance of this step is evident, day, between the Ottoman government and since it must be considered as tantamount me, the removal in the port of Con. DĖc. 1823.

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It is asserted in some foreign journals that the Porte has even consented that the navigation of the Euxine shall be given to all European vessels without distinction: but this has not yet appeared in any official shape; though we think it not improba ble that such a concession may be made on the arrival of M. Mingiacky at Constantinople, whither it is positively stated that he is going as Russian Envoy, having received his instructions from Count Nesselrode at Czernowitz, to which place he was summoned for that purpose during the meeting of the Emperors of Russia and Austria at that capital of the Buckowina; a meeting which is known to have caused considerable sensation in the Divan.

Sugar. The market was declining during the month of June, till the last week, when there was a considerable demand for plantation sugar, and extensive business was done at full prices, particularly for strong browns, which were scarce. Large Hamburgh lumps, for which there had been a good demand, declined a little towards the end of the month; but lumps fit for crushing, for the Mediterranean, were in great request at an advance of 1s. to 2s. It is remarkable that during the whole months of July and August the prices current did not quote the prices of any description of sugar as either rising or falling, from which it appears that the fluctuations were at all events inconsider able in fact we do not find the decline or advance in any one week to have exceeded 1s, or 1s. 6d. At the beginning and middle of August there was a good demand for raw sugars, which was rather checked in the latter half of the month, by the firmness of the holders, who were asking higher prices, and seemed by no means disposed to relax for the purpose of facilitating sales. In September the state of the market was more favourable to the sellers. At the commencement of the month the business done was not indeed considerable, as they remained firm, and the prices were inclined to rise. The sales on the 9th amounted, however, to 1200 casks at least, at a small advance, and every appearance of improvement; brown sugars were not to be had under 548. The demand for refined, how ever, was not so brisk, and the prices declined. The sales during the whole of that week were 4000 casks. Refined were not more in demand; brown lumps for Hamburgh 768. good large 77s. small lumps for crushing 788. to 80s. Molasses steady at 27s. 6d. Havannah sugars were in great demand in the second week of Sep

tember, 230 chests at a public sale on the 10th sold ordinary to fine white 37s. to 45s. 6d. Yellow, 278. to 298. In the last half of September the demand was steady though limited; but good and fine sugars being exceedingly scarce the holders obtained higher prices, and several extensive importers even withdrew their samples in the last week, anticipating a further considerable advance; inferior qualities were rather heavy, but without any alteration in the price. On the 30th the sales exceeded 1000 hogsheads, fully supporting the previous prices. Barbadoes sugars at a public sale that day declined about 1s. especially the good and fine, from 63s. to 69s. which had been previously very high in proportion; no molasses were to be had under 28s. Refined had not much varied, lumps were rather scarce and in demand. The demand for foreign sugars was considerable. 800 chests of Havannah at a public sale sold freely. The white at very high prices, very white fine, 44s.; ditto good and middling, 40s. to 42s. 6d.; ditto ordinary, 37s. to 40s.; yellow soft, 26s. to 278.; brown soft, 23s. to 25s. In October the prices of Muscovades had in general a tendency to rise, though the demand continued limited, as the refiners refrained as much as possible from purchasing, on account of the relatively low prices of their goods. The sales on the 21st, however, were estimated to exceed 1500 hogsheads at an advance of 1s. In the following week the purchases were very considerable; and on the 28th the opening of the market presented a scene of uncommon interest and activity. The regular advance, and the firmness of the holders, induced the wholesale dealers who were out of stock to attend early; and as several brokers also were decided buyers, the holders immediately advanced the prices 1s.; this for a short time damped the ardour of the purchasers, but as the day proceeded the demand revived, the advance of 18. was readily obtained, and at the close of the day the estimated sales exceeded 2000 hogsheads, at an advance of 1s. to 28. per cwt. These extensive sales have had the very natural effect of limiting the demand, but without any reduction in the prices; nor does any seem probable, for the holders, in consequence of the deficiency of stock, compared with the same period last year, are very firm, and show no disposition to give way. The actual deficiency is 11,000 or 12,000 casks, and as no considerable importations are expected before Christmas, it is supposed that by that time it will amount to 15,000 or 18,000 casks. The price of the refined is still too low in comparison with those of raw goods.

Coffee, during the greater part of June, was at low prices, and gradually declining ; but in the last week the market revived, and the prices then were, Dominica, fine

-ordinary to middling, 99s. 6d. to 1098. 6d. ; Jamaica, good ordinary foxy, (not clean) 90s. 6d. to 92s.: good and fine ordinary, 93s. to 105s. 6d.; Demerara, good and fine ordinary, 93s. to 1138.; Domingo, 91s. to 97s. 6d. In the beginning of July, the demand, and the prices on the whole improved, but such large quantities were brought forward by public sale, as caused a decline of 2s. to 38. per cwt. every week, till nearly the middle of August; in the week succeeding the 12th, extensive sales of British plantation went off with spirit, at an advance of 3s. or 4s. per cwt.; Ja maica, good, and fine ordinary, 86s. to 98s.; middling, 100s. to 1138.; Demerara, good ordinary, 848. to 86s. 6d.; Havannah middling, to good ordinary, 81s. 6d. to 888.; St. Domingo, good ordinary, 86s. to 88s. 6d. ; 337 bags of Ceylon, fair ordinary, 83s. 6d.; and, though four extensive sales took place on the 19th, the prices still advanced. This improvement, however, was not permanent; with a trifling exception at the beginning of September, the weekly reports of the markets present, with some little fluctuation, a constant decline through that month, and to the middle of October, in the second week of which month, only one public sale being brought forward, the whole sold with an improving demand, and rather better prices; the Jamaica indeed at an advance of 2s. to 3s., but the prices again declined, so that good ordinary St. Domingo was at 72s. to 73s., and ordinary, 70s. to 71s.; and, on the 21st, there was not a single public sale, the holders being unwilling to bring any thing forward. In the succeeding week the demand improved, but the prices were unchanged. The market has since become much more favourable, as will appear from the usual monthly statement, at page 668 of the present number; though very far from reaching the prices of March or even of May, as recorded in our general view in the number for June, this year.

Cotton. In the month of June, the London market was more animated than usual. In the second week of that month, above 7000 bales were sold at good prices; less business was done towards the end of the month, but the prices were still favourable. The sales at Liverpool, in the four weeks ending 21st of June, were 71,000 bags, and the arrivals above 60,000. The demand at Glasgow was also considerable. The month of July will long be remarkable, on account of a most extraordinary speculation; in the course of which, sales at Liverpool amounted to nearly 100,000 bales; at London, to upwards of 50,000; at Glasgow, 10,000; all within four weeks. The prices at the middle of June were as follows:-Surat, good 8d. to Bid.; middling to good fair, 6d. to 74d.; ordinary and middling. 6d. to 64d.Madras, good 7d. ; middling to good fair,

6d. to 64d.-Bengal, good, 7d.; fair to good fair, 64d. to 64d.; very ordinary to middling, 5d. to 63d.--Pernambuco, very ordinary, 12d. best 14d. duty paid; Orleans, fair to good fair, 84d. to 9d. duty paid.-Demerara and Berbice, 12d. to 13 d.—Curiacou, and St. Vincent's, 11 d. to 12d. duty paid.—Boweds, 9d. to 9. It was, of course, to be expected, that some relaxation in the demand would succeed this memorable speculation, and this was, in fact, the case, but with a trifling reduction of price on some kinds only; yet in the last week of July, a single London house took 4000 bales of Bengals on speculation, though a sale of 30,000 bales was to take place at the India House, on the first of August. This sale went off with great steadiness, but without much briskness, except towards the conclusion; Surats were d. to d. below the previous currency, but good Madras d. higher; being in great request in lieu of good Bengals, which were not to be met with in any considerable quantity. After this but little business was doing in the London market, till the second week of September, when favourable accounts from Liverpool revived speculation, and 11,000 bales were sold at good prices; and, though little was done the following week, the holders remained firm; some, however, began to give way as the prompt (7th of November) approached, and offered their cotton of the first of August sale at a moderate discount (about d.); at this reduction, however, the demand has been considerable for East India descriptions, by speculators; yet, notwithstanding the relief afforded to the holders by the sales of the preceding weeks, they have continued up to the 18th of November, to bring forward farther quantities, and to submit to a reduction of d. per lb. on Surat, and d. on Bengal, from the prices of the sale of the first of August. The sales at Liverpool, in six months, ending 15th of November, were 308,000 bales; the arrivals 250,000.

Saltpetre and Spices. These articles offered but little interest from the date of our last general view, till the East India sale on the 11th of August. Pimento is, however, to be excepted, having continued in demand, and selling readily from 84d. to 94d. per lb. At this sale, the saltpetre fetched from 21s. to 23s. 6d. which was fully 1s. higher than had been expected, and nearly the whole, which exceeded 4000 tons, was bought by speculators; black pepper, 6d. to 64d. white, 154d.; cinnamon, first quality, 7s. to 8s. 4d. being at least 1s. above the preceding sale prices; second quality, 5s. 7d. to bs. 6d.; mace, first quality, 5s. 1d.; nutmegs, ungarbled, 3s. 1d.; cloves, good quality, 2s. 10d. to 3s. 7d.; ginger, 16s. to 20s. The prices after the sale remained nearly the same, with some trifling fluctuations; pimento still con

tinuing to be in most request. Other spices rather tended to decline; and at a public sale on October 17, pepper and cinnamon sold exceedingly low; viz. black pepper, middling heavy, 51d. to 53d.; 800 bales, 33 chests of cinnamon, first quality, 6s. 7d. to 68. 9d.; second, 5s. 10d. to 68. 1d. An advance of 6d. per cwt. took place in saltpetre, towards the end of October. The following is the result of India sale on the 11th of November; saltpetre, 1095 tons Company's, 228. to 23s. 6d.; ditto, 707 tons private trade, 228. to 248. Gd.; pepper, 600 bags Company's black, 5d. to 54d.; ditto 4400 bags private trade, 4d. to 64d.; cinnamon, 171 bales first quality, 6s. 7d. to 6s. 8d.; ditto 159 bales second quality, 58. 7d. to 5s. 10d.; cloves, 104 chests Bourbon, 2s. 4d. to 2s. 7d.; mace, 14 casks first quality, 5s. 1d.; nutmegs, 62 casks ungarbled, 3s. 1d.; cassia lignea, 71. 5s. to 71. 168.; ginger, 17s. 6d. to 18s.; sago, 18s. to 32s. Hemp, Flax, and Tallow. The tallow market, though on the whole, inclining to improve, was not very brisk till the beginning of August, when the high prices of meat, the abundance of money, and the notion that the fishery would prove unfavourable, caused an increased demand; the price for arrival was 37s. The market remained firm, and rather improving, and at the end of the second week of September was very brisk; yellow candle being at 39. and soon after at 41s.; but very favourable accounts of the fisheries having been received, they fell to 39s. 6d. but again reached 40s.; and, in the last week of September, there were great fluctuations. The accounts from Russia stating an advance, and the reports of the good success of the fisheries, affecting the market in opposite ways; the former, however, seemed to have the most weight, as the price rose to 41s. 6d. and was still 41s. on the last day of the month, though the market was heavy. It has since declined with various fluctuations, and the price on the 18th of November may be stated at 37s. This reduction has been caused by one of the chief speculators for the advance having withdrawn, after privately selling his whole stock. Hemp fell 17. per ton at the beginning of July, and flax 21. per ton; some trifling fluctuations in both articles have since taken place, but very little has been doing.

Tea. The market has not been distinguished by any thing remarkably interesting. At the sale at the India House, in the first week of September, Boheas sold a shade lower than in June; common and middling Congous d. per lb. higher; the fine Congous rather lower; Twankays d. and common Hysons 1d. per lb. cheaper, After the sale, tea was rather heavy, and most descriptions to be had on the sale

t rms.

Indigo. It is remarkable, that notwithstanding the high prices at Calcutta, public opinion has not been favourable to this article; so that at the July sale of 4613 chests, few orders had been received, and the proprietors were under the necessity of taking in about half the quantity.

The prices commenced and continued pretty steady at a reduction on the Company's last Sale of 9d. to 1s. 3d. per lb. on the fine and good shipping qualities, and from 3d. to 6d. per lb. on the qualities suitable for home consumption, excepting strong coppers, which generally brought last sale prices, as did also the Oude and Madras: the prices afterwards went from 3d. to 9d. per lb. lower on most qualities, particularly the middling and mixed descriptions;-430 chests of the Company's passed.

The following is a statement of the number of chests at each price, viz.:-241 chests from 10s. to 10s. 6d. (per lb.); 1121, 9s. to 10s.; 1330, 8s. to 9s.; 853, 78, to 8s. ; 430, 6s. to 7s.; 149, 5s. to 6s.; 49, 4s. to 58.; 10, (trash) 2s. 7d. to 3s. 6d.

In the October sale, which began on he 7th, the quantity brought forward was nearly 5000 chests.

The Company put up 432 chests, of which only 91 chests were sold, the remainder being taxed too high. Of the licensed and private trade, full one-half, chiefly middling and low sorts, has been taken in by the proprietors.

The prices commenced at a reduction of 6d. to ls. per lb., as compared with the latter part of the Company's sale in July last, upon all qualities; but on the second day an improvement commenced, and increased on each succeeding day to the end, at an advance of 3d. to 9d. per lb. on the first day, making the prices nearly equal to the latter part of the last sale, particularly in the middling and ordinary qualities.

The following is a statement of the number of chests at each price, viz:-118 chests from 8s. to 8s. 10d. (per lb.) 571, 78. to 8s.; 1858, 6s. te 7s. ; 673, 5s. to 6s. ; 659, 4s. to 5s. ; 699, 38. to 4s.; 78, under 38.; 20 (bags, sweepings from) 1s. 6d. to 18. 9d.

The reports from Calcutta of the Indigo crops were not favourable.

Rum, Brandy, and Hollands.-The prices of Rum have in general been low, with incidental variations of course, but not such as to call for particular notice. The government contract of 100,000 gallons was taken on the 30th of September, at the low rate of 1s. 34d. per gallon for the whole. The market continued very heavy for some weeks; the unexpected declaration of a government contract for 100,000 gallons at the beginning of November gave hopes of an improvement; but this was taken in the following week at Is. 34d. per gallon. Brandy was at one time inclined

to rise, as it was believed the vintage would be unfavourable, but the later accounts from France tended rather to depress the market. The price of parcels here is 2s. 11d. to 3s. The new which is expected to be better, may be landed on the quay at 2s. 8d. or 28. 9d., according to the price in France. There has been but little doing in Geneva; the supply at market being scanty; the best pale may be now stated at 2s. 4d. per gallon.

It

the month with some fluctuations, (but never falling below 2244,) from 225 to 2264, closing on September 1st at 2263. opened again on October 11th, at 225 ex div.; 14th, 226; then declining gradually to 2213, on the 31st.-November 1st, 222; 18th, 223, 2, 1, 1.

There is much interest excited in the market, by a report that government is about taking into consideration the propriety of lowering the duty on spirits: the rumour was first, that the duties on rum only would be reduced; but, we believe, it applies generally to spirits, and originates in the great expences of the preventive service, and the high duties holding out so great an inducement to smuggling,

Oils. The prices of fish oils rather declined till the end of July, but the wet weather caused a considerable demand for Rape oil, which rose to 341. and a farther rise took place in August; this tended to keep up the price of fish oils, respecting which there was little ground to form an opinion, the arrivals having been few, and the accounts brought by these vessels of an early date. In the first week of Septemter several vessels arrived from Greenland, with more favourable accounts, and fine weather having set in, both fish and seed oils were lower. The depression was completed by the extraordinary produce of the Davis's Straits fishery, to which the Greenland being added, made the amount of 20,000 tuns of oil. The prices have been since the commencement of October, 19. to 194. 10s. Seed oils have been rather more in demand, and at advanced prices since the middle of November.

THREE PER CENT. CONSOLS.-June shut the whole month; opened July 7th, 803 ex div. advancing by fractions to 15th, 824; 22d, 83, and declining to 807; 81 on the 31st.-August 1st, 81, rising to 83; the 12th, falling to 82 and a fraction; the 30th, 83.-September the 10th, 82 and a fraction; 17th, to the end of the month generally 83 and a fraction; and so remaining till October 27th, 828-November 1st, 82; and then till the 18th, 83 and a fraction.

FOUR PER CENTS OF 1822-June 2d to 15th, 100 to 7; 18th, 101; 30th, 102

July 2d, 1027; 7th, 993 ex div. The highest on the 22d, 102; 31st, 1004.August, fluctuating the whole month, backwards and forwards, between 100 and a fraction, and 101 and a fraction.-September, 1014; after the 5th, 102 and a fraction.-October 1st, 102, rising afterwards to 103 and 104, and fluctuating between these prices; 31st, 102.-November 3d, 1034 remaining pretty steady at this price nearly; 18th, 1033, to 4.

In foreign funds the most remarkable variations in the preceding six months have been in Colombian and Spanish stock. The Colombian, which at the beginning of June were at 62, and on the 18th of November at 584, have in the interval experienced most rapid and ruinous fluctuations, according to the credit given to the various statements respecting the intentions of the Colombian government. They rose and fell several per cent in the space of a few hours, wavering on the 24th of June between 47 and 41; on the 25th, between 43 and 51, reached 59 on the 28th; on the View of the Fluctuations of the principal ber 2d, at 68; on the 3d, 48, 2, 7, and 5; 24th of July were at 64; and on Septem

THE FUNDS.

Stocks viz. Bank, 3 per Cent. Consols and 4 per Cent. of 1822.

BANK STOCK. At the end of May, 2194; June 3d, 219; 5th to 12th, 217 to 218; 14th, 220}; 20th, 219; 30th, 2214-July 1st, 221; 9th, 223; 15th, 224 to 225; 22d, 2264; 30th, 223.August 5th, 2244; varying for the rest of

they have risen, with many fluctuations, to 61; and on November 18th, were at 584.

SPANISH BONDS OF 1821, which were 37 in June, have been as low as 22; and November 18th, 25; Spanish Bonds of 1820, in June, at 47, were at 36 on the 8th of November.

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