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COMMEECIAL
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THE TRADE OF TWO MONTHS . The official trade returns for February , now published , are extremely favourable . In the imports generally , but notably in live animals , coffee , cotton , raw silk , wine , See ., there is an increase both as against February , 1858 and 1857 , In corn and flour , from the abundance " of our present supplies , and the low price of these articles here , there is naturally a falling-ofi" in the quantities imported . In tallow , too , and timber we notice a decline ; and a considerable decline in the quantity of tea imported , as against 1856 , but not as against 1857 . It may be mentionedtoo , that though-the
quart-, tity of coffee imported is in excess , the quantity exported is also in excess , and the quantity in bond at the end of February is less than last year . On the Continent the demand for coffee has latterly increased ; and these circumstances explain the recent condition of the coffee market , and indicate a rise in the price . The same remark may be made of tea , with this difference , that the quantity imported is not , relatively , so much in excess as that of coffee : and the quantity in bond is
proportionablyless . In accordance with pur enlarged imports , the shipping entered inwards from abroad , in the month , and the two months ,- and employed in the coasting trade , is considerably more than in the same periods in 1857 and in 1858 ; and of this increase British shipping has a full share . As new shippingcompanies are starting every day , we may presume that this great interest is now rapidly recovering from the depression which made it , a short time ao-o , so Unexpectedly relapse into
protectionism . Though the clearances of shipping outwards in February ^ 1859 , are not so numerous as in February , 1857 , they are in excess of February , 1858 ; and the value of the exports in the month is in excess of both the previous years . The value of exports in February
was—1857 . 1 S 58 . ' 1 S 00 . £ 0 , 313 , 40 .... £ 7 , 2 S 8 ,-116 .... £ 0 , C 14 , li 3 . And in the two months- — 1857 . 1 & 5 S . 3 S 59 . £ 18 , 371 , 145 £ 14 , 010 , 010 £ 19 , ^ 07 , 000 . Thus , notwithstanding the disquietude occasioned by the warlike demonstrations of the sovereigns of the Continent , our trade has suffered very little . It is so extensivej and embraces so many countries put of Europe , that the little interruption with each European country amounts to an insignificant sum compared to the vast whole .
Though speculation has not revived * our real substantial trade is greater than ever it was . "We can state , too , that this is accompanied by many advantages to the great multitude ; and the pauperism in England and Wales was , in the lost week of-February , nearly 11 per cent , less than in the corresponding week : of 1 . 857 . Throughout the month it has been from 10 to 12 per cerit . less than in 1858 . Ifc is probably from relying on the prosperity , and consequently the tranquillity cf the people , that the political parties are more < it their ease than is apparently justifiable , in dealing with the great question of Itefbrm .,
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TRADE MORALITY . - TAYLOR'S PERSIAN THREAD , Of late wo have been quito inundated with just complaints of the immorality of traders . Amongst the class there may be many patriots , many churcligoow 3 , many good fathers and good husbands , many most respectable men , but there is also a great- deal of fraud . All those who imagine that one trader cannot thrive but at the expense of some other trodor—the principle fpr many years of national policy—ngrce with a mercantile Irienil of ours , who says that all trjvdo is cheatery . This ie not our opinion . The men "who remove goods jflrom ¦ where they are not wanted to where they are wantedT-tne men who draw off " pipes of wine into bottles , who sell a web of cloth by the yard , and so supply tho wants of thoir neighbours , are as necessary to stinvwlate , continue , and adjust production and consumption , as tho manufacturer , or the grape grower , or the gentleman who drinks
his bottle of wine , and covers his back with the cloth . At the same time it cannot be denied , useful as are the " . pursuits - of traders * and honourable as is the conduct of the bulk of tradei-s , that of late many glaring examples of dishonesty have come to light amongst them , arid they have been subjected by the other classes , especially preachers and public writers , to severe rebukes . Bankers , discount brokers , merchants , quite princely for the extent of their dealings , manufacturers , wholesale and retail dealers , have all furnished examples of dealing most unscrupulously with the property of other people .
On Wednesday a case was brought before Sir W . Page Wood , Vice-Chancellor , which illustrates the depths to which the roots of this malady of the age have struck , and how widely they are spread . In almost every family of the middle classes " Taylor ' s Persian Thread" is preferred to every other , and is continually Used . It is wound on reels , arid every reel has a label on it , stating the quantity it contains . These reels are sold by millions , and similar reels being made by other nianufactui-ers , hundreds of millions of reels are used by sempstresses aiid housewives in the year .
Mr . W . Taylor , the surviving partner in the firm of J . and W . Taylor , of Iyeicester , the manufacturer of this kind of thread , moved for an injunction to restrain Ilemy Oegetau and Henry Dal ton , of Manchester , from iiifringing his trade-mark . In the pleadings it transpired , that the firm of J . and W . Taylor had , at the request of Degetau > supplied the firm of Eller and Co ., of Manchester , and others , with considerable quantities of these reels , 200 gross in consequence of one order , each reel marked to contain 300 yards of sewing oottpn , while it actually contained only 250 . Several
such cases were brought under the cognizance of the Court * which refused the injunction , because it would be tantamount ' -to'" continuing a monopoly of fraud . " But the plaintiff had been requested by Kegctau and others to supply them with reels containing a less quantity than . they were marked to contain . Not only the Tayl 6 i '' s , therefore , but the persons they , dealt with , and their <* clients " also , have all entered into this conspiracy to defraud housewives and sempstresses by selling them only 250 or 280 yards of Sewing cotton for 300 yards . Other manufacturer ' s of sewing cotton
have done the same , and probably to a greater extent than the Taylors . They have been enabled to carry on their game in safety for years , because it js practicable only for a tradesman to unwind the cotton and measure tho quantity . T-lu * sempstress cannot spoil tho reel and waste her time by ascertaining yard by yard the length of its contents . This case , however , general as to sewing Cotton , is only an illustration—and as such we dwell on it ^ -of practices which arc common in many tratles . There are other articles , such as matches made of cotton , steel-pens , hooks and eyes , &c , &c , sold
in boxes , said to contain 1 , 000 , or a gross , or some other number , in which they are very often deficient ; and in such cases tho manufacturers , the wholesale and the retail dealers * are all generally awai'c of the fraud practised on tho consumer , and all conspire to p erpetrate it . However groat a knave a showy banker or a speculative merchant- may be , he has few or no accomplices ; but this case reveals to us whole classes of men unblushingly conspiring to defraud , giving orders in writing to execute fraudulent schemes , as matters of course , and deliberately planning their operations to cheat vast masses of consumers of all classes and conditions . Such clear evidence of
a fraudulent disposition generally prevalent , and of general disregard of the right of property in others , wo have not before met with , ana , therefore , wo think this case is especially worthy of public attention . Wo should induct oxiv readers into error , however / if we led them to suppose that this disregard of the rigM of property is something poouliar to traders . The competition amongst them to get customers by selling cheap may stimulate dishonesty , but , at tho same time , it dhxunis'hes tho profit , and , therefore , weakens tho motive to be
guilty of it , One rogue may obtain a temporary advantage , but when dishonesty is so widely spread it ends simply in general loss . It . is quite an axiom of political economy that there cannot bu two rates of profit in a community—except a- « different occupations are hazardous , or otherwise and therefore , the effect of this general dishonesty is to keep down the ge neral . rate of profit , and lessen the advantages of all these fraudulent dealers . It checks , too , the free use of the commodities thev make or sell , and ultimately injures themselves . In them , dishonesty , great as it is , is continually found out arid continually checked ; but there is a similar species of dishonesty in other classes which is neither continually found out nor continually
checked . Only by some accident—such as the extreme roguery of one defaulter—is the corruption which pervades the public service exposed , as by the Weedon inquiry . Till the deficiency of 5 , 00 * 0 , 000 / ., which Lord Clarence * P ; u-ct . has made known , be explained in detail , the public can but believe that not a little of it has ' soiuehow or other been very dishonestly appropriated by , those who have disposed of it . Nor can any one run his eye over the details of the estimates for the public service- for any one year without 'feeling a moral conviction at every page that much of the money of the'public : 'is obtained on . false pretexts . The immense , promises , of the Government—to fulfil , which it demands sueli vast sums of ' monev—and its
really inefficient performances , are "iyrantic discrepancies compared to the selling ; of 250 yanU of sewing cotton for 300 . We believe , too , that tho different parties of politicians -are just si . < well aware as the manufacturers and sellers of sewing cotton , that they sell the public , for 66 . 000 , 0007 . a year , . services that are not worth half the money , and leave it no option . The dishonesty , now so conspicuous , is not confined to trade , nor to one country . It isas rife in the United States as in England , anil asrife amongst the governing as the trailing v \ asses . Its essence is the appropriation , by false representations , of the property of others , which-is a characteristic of the age and of many classes in all countries .
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Friday Evening . The great feature of the money market-this duy was the announcement of a Russian loan for £ 12 , 000 , 000 , which has been negotiated- by Messrs . Thompson , Bevan , and Co . at 07 for 3 per cent . Other parties , it is said , were candidates for it , and there appears ; at present no doubt that it will be a success , l . ue credit of Russia is very good , especially on tho Continent , -and it is- ' supposed there will be no difficulty in disposing of the stock . It had the cflucf , whw . announced , of depressing the funds , which have boon rather better in the week f ( por cent . " >»«>» ononed at 9 G 4- ft . and were afterwards dono ut WJ , at siiuros
which they closed , Railway and other . wo all firm ; and , with stocks , aro all likely to improve , now . that there is a cessation , of . alarm » huiopc . At present tho source of uneasiness is tho cluiiigt » the Government which seems impending ; ^ tu \ M the Derby Ministry will be regretted , but every change seems to Increase tho difficulties of canyhig ' on tho affairs of the State successfully . . Tho Money market U unaltered . ' ^ n oy is to w had in abundance at Kank rateS , and not bolw » Some bills , but not many , aro carried to tl eJJ * nic for diacount . To-day the Exchangca gcnor « ly vera more favourable to this country , vliloh serves t » „!!„« fi , o lihtiA annrfthension some persons loci » roiu
iWarge exportation of silver to tho » f t ^ ' « J apprehensions thoro is no good ground wl Jtovoi . ior gold ia continually coming in . Tho Bank has « W Stock , and no less than . £ 1 , 000 . 000 is know" to w on its way , and likely to arrive before . tho ona w May . A further ride , however , has taken > lnco m the price of silver , caused by tho demand »* £ "J 8 S . F This is ratlW a proof of tho aW" ^^; . silver than tho . deprecation 0 f gold . « » MJJ ,, atoly caused by tire l >> iancial difIlouU . es ot tl . o 4-njr India Government , which requires a BM ^ J'JSS to carry on its att ' uirs , wind uptho pxponso «« iiw wap , * o ., and is precluded by its own ojJ on » from employing any thing but p"vop for tho im l »« J Honcotllore is a S ^ at temporary donmndioi India , which raieos its price in relation to gow
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aY ( v THE LEADER . TNo . 4 / 0 , March 26 , 1859 . 1 K . m-ui . ? jun t jgins ^ nn ^ u ' . h . i . . l . ' I M ^ > -l » u » im .-iu u- ^ iim , | . nn ¦— . ' ¦' " ¦ - - » " , . _ , , . , __ , — ¦ : : ¦ ; ¦ ; ¦ ~ ^^ . I
Commeecial
CO M MERC I A L .
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MONEY MARKET & STOCK EXCHANGE
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Citation
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Leader (1850-1860), March 26, 1859, page 410, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2287/page/26/
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