1801.] | | Monthly Commercial Report, j ANS 
been ultimately concluded. Thefe caufes alone are fully adequate to have produced that dimi- 
nition in the prices of fteck, which has happened in the progres of November. 
The Bank of England, now that Government is likely to make fewer demands for their fup- 
port, thew a difpofition to accommodate trade with a liberality of difcount upon bills of exchange, 
which cannot but command the warmeft gratitude of the merchants, and promote in the moft 
effential manner, the general interefts of Britifh commerce. In juttice to the condu& of the 
Directors, it ought to be known, that difcounts for the purpofe of monopolizing fpeculation, or to 
enable the holders of grain and other provifions to keep them unreafonably back from the mar- 
ket, have hitherto been, and wherever the intention can be fufpeéted, ftill are, moft rigoroufly 
réfufed. But, it has long been by the extent and the length of the credits they are enabled to 
give, that Britifh merchants and Britifh commodities have preferved the accuftomed preferences 
in many foreign markets; and, it is by the credit they themfelves find with the Bank of Eng~ 
land, that they are enabled to give credits fo neceffary, abroad.. 
India Stock has had a fall of = per cent. within thefe few days. Yet, this can hardly be attri- 
buted to any diminution of its permanent value in confequence of the advantages relinquifhed to 
France and Holland by the peace. An half is fometimes better than the whole: and our Indian 
greatnefs is probably more fecure, as having become lefs invidious, by the ceffions we have cone 
fented to make. From the debate in the Houfe of Commons on the night of the 25th of No- 
vember we have the pleafure to learn, that the Eaft India Company have at laftagreed to comply 
fo ‘nearly with the plan for the opening of the carrying trade to India, which was fuggefted by 
the Marquis.of Wellefley, as to refolve to give'full fcope to the transference of private property 
between India and this country by Britifh- built fhips and Britith feamen, if not by India-buiit 
veffels and Lafcar failors. It might be painful to the Directors to come to fuch a refolution; and, 
had this been poflible, we fhould not have been greatly diffatisfied to fee the Company preferye 
their monopoly of the navigation to India ftill in its priftine rigour; but the carrying trade 
wath India muft have otherwife been relinquifhed to Foreigners ; —-how much better to Open its: 
advantages to Britifh merchants folely, and in general! ‘Phe plan faid to be adopted, is, in many 
refpects, preferable to that of employing Lafcars and India-built’ fhipping. But, we would (ld 
earneftly exhort all concerned, to render the voyages as frequent and fhort, and the freightage as 
cheap, as poffible: otherwife we fhall, yet, undoubtedly, have the misfortune to fee the trade to 
India, by the operation of a natural neceffity, wrefted from us. 
The Courfe ef Exchange is now open with the countries which were fhut up againft us by the 
war; and bills on almoft every great capital and commercial emporium on the Continent, may 
be purchafed in London. We obferve, that the variation in the exchange with Hamburg, has 
been, in the progrefs of November, fomewhat in favour of this country, Such a fa& mutt, no 
doubt, be interpreted as implying, that the proportion of the money to be remitted from Ham- 
burg to London is, in comparifon with that due from London to Hamburg, greater now than it was 
2 month ago. Our exportations to the Elbe appear, therefore, to increafe. With Spain, the laft 
Variations in the rate of exchange have been favourable to us; as there muft be comnfiderable re- 
mittances to come for the purchafe of Britith goods from Spain to this country. With Portugal 
and Italy, the turn of the exchange is againft us; as our merchants now adventure freely in the 
purchafe of the produce and manufactures of thefe countries ; and remittances to our ffeets and . 
armies probably pafs in that courfe. The exchange with Dublin is ftill more and more to the 
advantage of Ireland; affording, among other things, a clear proof that the Irifh nation already 
derives important pecuniary benefits trom the Union. \ 
The danger of capture is no longer among the rifks for fecurity againft which the Iz/urance 
Premium is paid, The rates of that premium have therefore fallento the wonted medium in 
‘time of peace. 
The prices of Graiz.do not continue to fall in proportion to the wifhes and hopes of the cone 
fumers. This effect is underftood to arife from the endeavours of the corn-dealers, and from 
the permiffion renewed by the Legiflature, foon to ufe grain in the diftilleries, Againtt the re 
newal of the diftillery of fpirits from grain, petitions have been prepared to be offered to the Le= 
giflature from Edinburgh, Glafgow, Abeideen, and almoft every other confiderable town in Scot 
~ land. Equal alarm has been excited in England againft the probable confequences of that 
renewal, To deny to the farmers the benefit of that market for grain which is created by the 
diftilleries, might feem unreafonable ; and yet,§ it were perhaps {till more unreafonable to open 
that market, if the price of grain be already fufficiently advantageous to the farmer, and even 
too high to be eafily afforded by the ordinary confumers. Upon thefe confiderations, we fhould 
think, that a/wifer temporary meafure cannot be thought of, than that which the Legiflature has 
adopted, of offering every encouragement to the ufe rather of melafles in the diffillation of 
fpirits, without abfolutely prohibiting that of oats, ’ 
The exports of cotton-yarn from Glafgow and Manchefter to Germany continue to ‘be very 
large. We would much rather that the yarn were made into cloth before exportation, Man- 
chefter begins again to find the wonted market of Leghorn open to itswmanufactures That of 
. America and the Weft Indies is now freer than ever; and thesexports to it, mutt, of courfe, be 
greatly augmented. ; PA ate . 
Sugars and fome forts of raw cotton haye declined in prices Of cotton large quantities have, 
withia thefe lait ten days, entered the port of London, © 
The 
? aan 5 ree 
‘ er Tt Se tans Da Ce Laer 
