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No. 509. Dec. 24, 1859 3 THE LEADER. 140...
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. ? - —i TRADE ANDWAE. T HE merchants an...
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TRAI&II AWTV WAP XH.AJJX* AND WAB
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MONET MARKET & STOCK EXCHANGE.
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City, Fjriday Evening.—There is, as is u...
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GENERAL TRADE) REPORT-
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Friday.—The markets are generally steady...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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No. 509. Dec. 24, 1859 3 The Leader. 140...
No . 509 . Dec . 24 , 1859 3 THE LEADER . 1401
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. ? - —I Trade Andwae. T He Merchants An...
. ? - —i TRADE ANDWAE . T HE merchants and shipowners of Bremen are prudent . The have much property to defend , and little power . In the great war which ended finally in 1815 , they were almost ruined , a ' nd they naturally dread the consequences of another war such as has lately been much talked of , and they are wisely trying to obtain protection for property at sea by public opinion . They say that the inviolability of persons and property is the sole basis on which civilisation can be freely developed . In other words , under no pretext should men murder or should men steal either at sea or on shore . Whatever may be the origin of the pithy
old practises , which appear only to affect belligerents , while the neutrality of their country is hereafter pretty sure to be respected . It is impossible , indeed , to say what European States may be forced to take part in a maritime warj should one break out , and , therefore , the Bremeners , with true foresi ght as well as respect for the moral laws , justly require that the long-established and unjust practice of taking the private property of an enemy at sea should be completely abolished . The only argument which is even hinted at in
opposition to their views is , that to subject the merchant ships and property of the individuals belonging to a belligerent State to seizure and confiscations , hasten the conclusion of peace . To give them immunity is to relieve a large portion of a belligerent community from the horrors of war , and prolong them for the rest of the people . Whatever might formerly have been the case , now war is so completely an art , it is carried on so exclusively by one class of men , and brought to a conclusion by their defeat or victory—this argument has lost all force . As long as the trade of neutrals is left entirely free , the trade of the belligerents will be carried on under the neutral flag , and the only effect of the remaining restriction will be to make the trade of the belligerents somewhat less advantageous . The restriction can only be effectual to weaken an enemy if it be extended by blockade , or otherwise , to all neutrals , and that condition be renewed -which existed under the Berlin and Milan decrees and our Orders in Council . Then the trade of neutrals , as well as of belligerent ^ was much impeded . Our own trade suffered by our own acts , and we may be sure that the principle is bad , for it involved us in almost universal hostility . It made enemies of those who naturally should have been our friends , and hostile to the conquering Emperor of the French . There is , howevei " , another consideration which may make this principle of confiscating the property of belligerents in their own ships extremely injurious to neuti'als . It would * of course , come into operation immediately war was declared , and the property of neutrals in such ships would be detained , and the detention , even if confiscation did not follow , would occasion much trouble , loss , and anxiety . Moreover , the property of individuals of di / Ferent trading countries is so mingled together , whether belligerent or neutral , that it cannot be easily distinguished , and both will suffer from an injury done to either . Take , as an
example , the cargo of our Cunard steamers bound to New York . It may Consist partly of German linens and Frenqh silks , as well as English woollens . They may all equally be shipped by English houses , and be in possession of Englishmen- They would be all liable to seizure , were we at war , as the property of Englishmen in an English vessel . In fact , however , the property of the silks and the linens may be m the German and French manufacturer , who has only used English agency to ship them . So it is of ll the merchan
with a very large proportion a - dise which passes to-and-fro ow the ocean . A Bremen ship has just sailed from Newcastle , for New York , carrying a general cargo , which probably belongs to people of different countries . The possession is in the subjects of one State , the property in the subjects of another . Every week , almost , gold is sent from the United States in our vessels on French account . Our statement is equally true , therefore , of return cargoes as for cargoes which go out . One cargo is to pay for another , Australia
and the gold sent hither from very oncn belongs to the French or Gevmnn wine grower . The property of all trading people , though ultimately it all goes to its rightful owners , la so mingled in the several sorts of merchandise as they arc on their road from the producers to the consumers , that there is great difficulty in deciding at any moment to whom it bolongs , or who has the grcatost interest in it . This circumstance neutralsit riflects belligerents 5
affects not only , and unless they assent to the general principle espoused by the Unitod States nnd the Bremonora , they arc sure , in oaso of a maritime war while thoy inflict injury on their opponents , to injure their own Rubiootti . Perhaps some of our readers may recollect the long discussion in Parliament about the " Danish claims , " which were demands mode by somo of our own people , chiefly inhabitants of ShoiHold , for compensation on account of property which the / lost by our attack on
Copenprecepts , " Thou shalfc not murder " and " Thou shalt not steal , " there can now be no doubt whatever that the rigid observance of them , and all their consequences , is essential to the welfare of society . The whole experience of mankind has demonstrated that they are the true expression of the laws of man ' s social existence . All aggressive war is a violation of them , as much to be censured for its folly as a violation of the laws of health .
In carrying on war in modern times , even when the desire to weaken an enemy has been thought to justify very harsh measures , a respect has been generally professed for private property . But while it has been stigmatized as " barbarous violence " to deprive individuals on land of their liberty and property , it has been considered just and honest to take or destroy merchant ships arid their cargoes , and detain their crews as prisoners . This practise was followed in the last war , and as soon as Bremen was occupied by the French , its ships and goods were seized by the English , and they ran the risk of being plundered at sea while their territory was taken from them . Their only
fault was , that they were willing to serve both bellig erents , and by both in turn they might be plundered . This mode of dealing with property at sea is of veryj ancient date , and is clearly a remnant of the old practises of the Sea Kings , in which Bremen and the other Hanse Towns for many years largely pai'ticipated , and of which open-handed robbery was the foundation . Gradu-• ally the practises have been improved—gradually States have adopted the conclusion , though feebly and imperfectly , that they are subject to the great moral laws referred to , and have adopted the principle , to a great extent , that private property at sea should be respected .
In the war against Russia , France and England agreed , for the first tiuie , not to allow of privateering . Prior to that it was customary for belligerent states to authorise their subjects to fit out xu-med vessels and seize the property and persons of enemies wherever found . This was an authority to plunder and murder , and it was not unfrequcntly used' against the subjects of neutral and friendly States . As civilisation advanced , this wild license to men under no control was felt
to be little better than a sanction to piracy , and it could not bo tolerated in an age when philanthropy put an end to extorting labour by coercion . The Congress of Paris , in 1856 , declared that privateering is , and remains , abolished ; and , though the United States would not accede to this , unless it were accompanied by a declaration that private property at sea should , under no circumstances , be liable to capture , privateering , or robbery by individuals authorised by a belligerent Stateis now at an end .
, But the Congress of Paris would not agree to the proposition of the American Minister , and , though it improved the international laws of war , it still left the property of the subjects of a belligerent on board a private ship of their own country liable to seizure and confiscation . It sanctioned tho principle , that the neutral flag protects an enemy ' gooda , excopt contraband of war ; andalsothat neutral goods on board
, , ono-inics' ships nro not liable to oapturo . Theno regulations give much greater advantages to neutrals and much moro security than thoy formerly possossed , while the possibility of 11 ohip belonging to a belligerent boing captured would give thorn a monopoly of carriage in case of war . It is all the more to tho honour of the Brcmon merchants nnd shipowners , therefore , that thoy have raised their voice against the remnant of tho
Trai&Ii Awtv Wap Xh.Ajjx* And Wab
hageh . Since then , trade and the property in merchandise has become wonderfully complicated , and has increased the difficulty of any State avoiding to injure its own subjects while it aims a blow at another nation ' s trade . These facts have another aspect , and speak with another tongue . They say that all traders have a common interest in preventing % var . It is riot enough , therefore , for the Bremeners to seek immunity for their own ships and propertythough this is extremely laudable—in case of war , they must raise their voice against war itself . Money is the sinew of war ; but all money is now , as it was originally , the " money of the merchant . " In the language of science and the language of fact , all wealth is the produce of industry . It belongs , therefore , to industry ; and when industry declares that war shall not be supported , war will come to an end . This is more rational than appealing to Governments to support trade by extending colonies — to force it into foreign countries , such as China , by embassies , ministers , and war ; or to promote it by any kind of regulations . The essence of trade is mutual exchange and mutual service , and arty interference -with it by constraint or force impedes or ruins trade .
Monet Market & Stock Exchange.
MONET MARKET & STOCK EXCHANGE .
City, Fjriday Evening.—There Is, As Is U...
City , Fjriday Evening . —There is , as is usual at this season of the year , a somewhat increased demand for money , but there is no alteration in the terms for discbunt . Never was business—whether in money or goods—moire steady than of late , and the prospect is that the year wi ] l close in uninterrupted ease and prosperity . The funds through the week have undergone very little variation . They have gravitated about 95-V through the week . They opened to-day at this figure , and closed a little better—at 95 f , f . Business generally has been dull in the Stock Market , and funds remain without serious change . Bailway . shares continue good . The Bank returns , which we subjoin , show very little alteration in the funds of that establishment , and give us reason to suppose that there will be no important change concerning money for some time . BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending- on Wednesday , the 21 sfc day of December , 1859 . — ISSUE DEPABTMENT . Notes issued . £ 30 , 757 , 025 Government Debt ^ 015 , 100 Other Securities .. 3 , 459 , 900 GoldCoin & Bullion 10 , 282 , 625 . Silver Bullion .... ¦ £ 30 , 757 , 025 £ 30 , 757 , 625 BANKING DEPARTMENT . Troprietors' Capi- Government SecutiO £ 11 , 553 , 000 vltios ( including Rest 3 , 148 , 020 Dottd Weight Public DepOBits ( iu- Annuity ) ....... . £ 10 , 025 , 157 eluding Exclie- Other Securities .. l ° . ? fM 0 « quer . Savings' Notes ............ 10 . . 01 . ) Banks , Commis- Gold and bilver siouera of Nn- Coin ... * JIO . Hj tlonal Debt , and Dividend Accounts ) 0 , 575 , 020 Other Deposits .... 13 , 310 , 224 Seven Day and other Bills 750 , 107 ____ - ; 411 , 343 , 263 , < J 4 U « . M , MA US II ALL , Chief Cnwliier . Dated December 2 a , 1800 .
General Trade) Report-
GENERAL TRADE ) REPORT-
Friday.—The Markets Are Generally Steady...
Friday . —The markets are generally steady and improving rather them , otherwise , # . Shipping is recovering ; tho domain ! fur it is increasing and freights aro rising . r I ho Buffering shipowners will vory soon conso to complain . It thoy complain of nnything it will bo of oomnotitron amongst themselves who shall servo tho public boat . It is impossible to rood accounts of some vossola reauirinK three months to oomo from tho livaZAls , whilo others come in three weeks , and not at onco bo convinced that the complaining shipowners wo those who tire driven out o { tho field by their moro enterprising and assiduous competitors . To-day the corn markets were unaltered . The Minoing-lano markets closed to-Mny lor tne Christmas holidays , nnd in them a great and steady business has been done through tho greater part of the your . They will not ro-onon till the 2 nd of January . Christmas , though it ca . no in with less iralety and flourish than wo have known It , la Roralded by sound and substantial cheer . Wo trust ill our readers will onjoy It , and have no groator enjoyment than to contribute to tlt e pleasure of others .
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Citation
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Leader (1850-1860), Dec. 24, 1859, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_24121859/page/21/
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