On this page
- Departments (1)
-
Text (7)
-
Untitled Article
-
Untitled Article
-
COMMERCIAL.
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
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.
-
-
Transcript
-
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Untitled Article
TBADE AND WAR . 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 , and they naturally dread the consequences of another War such as has lately been much talked of , and tn * 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 oh 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
precepts , " Thou shalt 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 . I 3 ut 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 and their cargoes , anddetain 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 to both
fault was , that they were willing serve belligerents , 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 participated , and of which open-handed robbery was the foundation . Gradually 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 agamst Russia , France and England agreed , for the first time , not to allow of privateering . Prior to that it was . customary for belligerent states to authorise their subjects to fit out armed vessels and seize the property and persons of enemies wherever found . Phis was an authority to plunder and murder , and it was not anfrequently used against the subjects of neutral and friendly States . As civilisation advanced , this wild liconsc 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 wore accompanied by ft declaration that private property at sea should , under ^ no circumstances , be liable to capture , privateering , or robbery by individuals authorised by a belligerent State , is 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 loft the property of the subjects of a
belligerent on board a private ship of their own country liable to seizure and confiscation . It sanctioned the principle , that the neutral flag protects an enemy ' s goods , except c ontraband of war } and , also , that neutral goods on board Gnomics' ships ara not liable to capture . These regulations give much greater advantages to neutrals nnd muoli more security than thoy formerly possessed , while the possibility of a amp belonging to a belligerent being captured would f ive them a monopoly of carriage in oasq of war . t is all the moro to the honour of the Bremen merchants nnd shipowners , therefore , that thoy havo raised their voice against the remnant of the
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 war , should one break out , and , therefore , the Bremeners , with true foresight 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 belligerents , was much impeded . Our own trade suffered by Our owii 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 , howeve , another consideration which may make this principle of confiscating the property of belligerents in their own ships extremely injurious to neutrals . 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 different 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 French 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 in the German and French manufacturer , who has only used English agency to ship them . So it is with a very large proportion of all the merchandise which passes to-and-frg on the ocean . ^ A Bremen ship has just sailed from Newcastle , for New York , carrying a general cargo , which probablv belongs to people of different countries . The
possession id 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 , and the gold sent hither from Australia very often belongs to the French or German wine grower . The property of all trading people , though ultimately it all goes to its rightful owners , ia so mingled in the several sorts of merchandise as they are on their road , from the protiuoevs to , the consumers , that there is groat difficulty in deciding who Jms
afi any moment to whom it belongs , or the greatest interest in it . This circumstance afiootH not only neutrals , it affects belligerents i and unless they assent to the general principle espoused by the United States and the Bremeners , they are sure , in oaso of a maritime war , while they iniliot injury on their opponents , to injure thoir own subjects . Perhaps some of our readers may recollect the long discussion in Parliament about the Danish claims , " which were demands maUo by somo of our own people , chiefly inhabitants of Sheffield , for compensation on account ot property which they lost by our attack on
Copenhagen . 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 war . It is not 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 mercTiant " 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 any interference with it by constraint or force impedes or ruins trade .
Untitled Article
City , Friday 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 discount . Never was business—whether in money or goods— -more steady than of late , and the prospect is that the year will close in uninterrupted ease and prosperity . The funds through the week have undergone very little variation . They have gravitated about 95 j through the week . They opened to-day at this figure , and closed a little better—at 95 § , f . Business generally has been dull in the Stock Market , and funds remain without serious change . Railway 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 aud 8 th Victoria cap . 32 , for the week ending on Wednesday , the 21 st day of December , 1850 : — ISSUE DEPARTMENT . Notes issued ... ... £ 30 , 757 , 025 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin ^ Bullion 10 , 282 , 625 Silver Bullion .... £ 30 , 757 , 020 £ 30 , 757 , 625 ' bankin g department Proprietors' Capi- Government Secutal £ 14 , 553 , 000 rilies ( iucluding Rest 3 , H 8 , 92 C Dead W « iSfl * Public Deposits ( in- Annuity ) ....... •* J , «? 2 £ JW eluding Exche- Other Securities-.. 10 , 080 , 090 quer , Savings' Notes 10 , 112 , 015 Biinlcs , Comxnls- Gold and Silvor Bionors of Na- Coin 719 , 115 tiouftl Debt , and Dividend Accounts ) 9 , 675 , 020 Other Deposits ..., 13 . . Seven Day aud other Bills 750 , 107 £ 41 , 343 , 28 ii . « 41 . 343 , 283 N . MA KB HAL . I < , Cltief Cauhier . Dated December 22 , 1800 .
Commercial.
COMMERCIAL .
Untitled Article
No . 509 . Pec . 24 , 1859 . J THE LEADER . 1401
Untitled Article
GENERAL TRADE REPORT .
Untitled Article
Friday . —The markets nro generally steady and improving rather than otherwise . Shipping is recovering ; t | io iloinantl for it 13 increasing and freights aro rising . TI 10 suffering shipowners will very soon c-cmsp to complain , at they complain of onything it will bo of competition , amongst themselves who shall uorvo tho public best . It is impossible to rend accounts of some vessels requiring three months to oomo from tho Brazils , while others como in throe weeks , mid not at once bo convinced that the complaining shipowners * ro those who are driven out of tho Hold by their moro onterprising and assiduous competitors . To-day tho corn markets were unaltered . Tho Minoing-lano markota closed to-dny for tho Christinas holidays , nnd in thorn 11 grent and steady business has been done through tho greater part ot the your . Thoy will not ro-opon till tho 2 nd ot January . Christmas / though it onmtf In wttli less gaiety and flourish than we have Hnown if , is heralded by sound and substantial cheer . Wo trust nil our readers will onjoy it , and have no greater onjoyraont than to contribute to tho pleasure of others ,
Untitled Article
MONEY MARKET & STOCK EXCHANGE
-
-
Citation
-
Leader (1850-1860), Dec. 24, 1859, page 1401, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2326/page/21/
-