land will be thrown open, in consequence of the recommendation of the Commission of Enquiry.

In our view of the case, there are two main points, and two only. 1. The relation of supply to demand: and, 2. The effects of taxation. It remains yet to be understood, what is the ratio of the first; but we believe, the two terms are very near cach other; in good seasons the produce being rather above, in bad, rather below the consumption. Recourse to the foreign growth may, therefore, be indispensable at some time, and this affects the whole relation of price, at all periods. The limits of taxation it is difficult, indeed, to compute; but there can be no doubt, that the pressure is now greater by all the depreciation in the value of the entire production of the realm, probably in the proportion of from 30 to 50 per cent. since the year before the conclusion of peace.

The Duke of Bedford has given notice to the Smithfield Club. that he purposes to discontinue his donation of annual premiums, in consequence of the opinion entertained by his Grace, and other members, that it is no longer necessary to stimulate by such means the improvement of the breeds of stock. His Grace assumes that such improvement has attained its utmost possible height, keeping utility in view,

and, therefore, suggests the dissolution of the Club. This, however, will not take place, it being signified, that the flourishing state of its funds affords sufficient inducements to the members to continue their efforts.

The Wheats, notwithstanding the continuance of wet weather, look very favourably, and as the season remains open, the plant is very thriving. Turnips are as good a crop as was anticipated. Mangel Wurzel is spreading in its reputation. It has thriven well in soils favourable to its growth. This crop is principally drawn. for late winter, or early spring consumption, and is unquestionably an excellent substitute for turnips. The mild and open weather is particularly favourable, except in those heavy soils where the large fall of rain has operated prejudicially. The water meadows, in some parts of the kingdom, have been constantly flooded, and the sheep have suffered, both from their backs being as constantly wet, and the state of the ground;-when feeding off turnips much of their food has been wasted by being trodden in the dirt. But the grass upon the lighter lands still continued to grow, and has replaced, in some degree, this tendency to loss. Long wool is stationary in price. Dec. 20.

OUR report of the commerce of St. Petersburgh will occupy so much room this month, besides the length to which our home report extends, that we necessarily spare our preliminary observations, in which we have, indeed, little occasion to indulge, as nothing material has occurred to call for them. One circumstance only we must advert to, which may have important consequences. This is the establishment in Germany of a Rhenish West India Company, the object of which is trade to the other parts of the world, whither it is intended to export only German produce and manufactures. The most sanguine hopes are entertained of the success of this company, which is, we believe, chiefly founded with a view to the immense countries of South America, with which they hope to establish an advantageous intercourse, notwithstanding the formidable competition of England. The capital of the company is formed by shares of 500 dollars. The statutes have been approved and signed by the King of Prussia; and persons of all parts of Germany have subscribed. The seat of the company is at present Elberfeld.

Cotton. At the commencement of this month the market was rather heavy, yet the

holders being firm, and unwilling to submit to any reduction, the purchases made were inconsiderable; but in the week ending on the 11th, rather more business was done. Bengals and Surats being sold at a reduction of about d. on the prices at the last India sale. 200 fair Bengals were taken for exportation to France, at 5d. and 5 d. and 40 good Pernams, at 124d. In the following week the market remained steady, and several considerable purchasers appeared at market, inquiring after East India descriptions. The sales amounted in this week (to the 18th,) to 1000 packages, viz.-140 Surats, very ordinary and middling 57d. a 6d. fair to good fair 64d. and 64d.; 145 Madras, 6d. a 7d. good fair to good; 600 Bengals, ordinary, 5d. fair and good fair, 5d. and 54d.; 30 Pernams, 124d.; all in bond: and duty paid, 28 Bourbon, middling, 12d.; 40 Demerara, good fair, 10d. and 101d. The prices of cotton have not experienced any alteration within these few days; the sales are considerable. letters from Liverpool, yesterday morning, state the market to be heavy. At Liverpool the sales for the month, ending 15th December, amounted to 32,400 bags, the arrivals to less than 10,000. The total

The

import of cotton into the kingdom, during the first eleven months of this year, has been considerably less (about 80,000 bags) than in the same period in 1820, and the present estimated stock in the ports is accordingly smaller in the same proportion, viz. in 1820, 437,000 bags, and in 1821, 361,100 bags.

Sugar. The demand for Moscovades, which was improving at the time of our last report, soon declined again, but with out immediately leading to any reduction in the prices; the holders on the contrary appeared firm and unwilling to submit to any abatement, so that on the whole, the business done was inconsiderable, and the purchasers were obliged soon to accede to an advance of 1s. to 2s. the cwt.

The de

mand, however, continued very limited; purchasers showed no disposition to buy, except for their immediate wants; there was very little sugar on show, and the holders still refused to hear of any reduction by private contract. On the 11th, very few buyers appeared at market, and the sales at the close of the day were more limited than for a series of weeks past; two public sales brought forward, went off at a considerable decline; 66 hhds. 9 tierces Barbadoes, at a reduction of nearly 2s.; 136 casks St. Lucia at a decline of 1s. a 2. per ewt.; if the sale may be taken as a criterion of the market, the prices of brown sugar were 1s. a 2s. per cwt. lower; there were no sellers of sugars by private contract at any reduction in prices.

The decline of 1s. to 2s. in the public sale was confirmed by the purchases made in the following week by private contract, yet still little was done, as most of the holders refused to sell at any reduction, and the buyers were equally unwilling to purchase. It is expected that the stock in the West India warehouses will be 8,000 casks less at the close of the year, than it was last year, which encourages the opinion of those who look to a considerable advance in the prices. The report of yesterday, however, is still unfavourable, the market has been very depressed, though no further reduction in the prices has been conceded. Some low St. Lucias have been sold at 51s.

The state of the market for refined sugars was very favourable for a fortnight or more after our last publication. Several pur chases were made for the Mediterranean, and pretty extensive contracts entered into for delivery early in the ensuing year at prices rather above the market currency; much more business would have been done, had not the refiners advanced the prices in consequence of the rise in the raw sugars, but these declining, as we have stated, after the 11th, the refined market became very heavy. In addition to unfavourable reports from the Continent, the

This

letters from the Mediterranean stated the markets to be heavy for refined sugars; in consequence of which a great stagnation in the trade ensued, and prices had given way on the 18th, from 1s. to 2s. week the quantity of refined on sale has been very inconsiderable; yet the market is heavy; brown lumps are the only description that has been on demand this week, and for these there appear to be a few buyers.

In Foreign sugars, the business done has been quite inconsiderable, some sales have been brought forward, but the greater part of the sugars were withdrawn for want of bidders.

Average prices of Raw Sugar by Ga. zette :

32s. 7 d. 33s. 04d.

Coffee. At the beginning of this month, the coffee market was considered as very firm, and the advance that had lately taken place was fully maintained; some descriptions, as Jamaica and Dominica, particu larly the latter, were higher, while Demerara and Berbice were a trifle lower from the large quantities brought to market. A small reduction, however, which took place, only increased the demand; and at a public sale on the 11th, 305 bags, and 114 casks, chiefly Dutch descriptions, sold freely at an advance of 2s. per cwt.; middling 120s. to 124s.; good middling 128s. to 180s.; a few good middling Jamaica sold at 124s.; fine middling 127%. to 127s. 6d. All sold with great spirit, and the market might be stated in general at 2s. higher. In the following week, (up to the 18th) the demand was very con siderable, the public sales went off freely; there was also much demand by private contract, and the late prices were fully supported; but the public sale on Thursday (the 20th) went off rather heavily. The Demerara and Berbice descriptions sold 2s. a 4s. lower; St. Domingo at the decline of 1s. a 2s.; the latter, ordinary in bags sold at 98s., fair quality at 100s., and very good 1013. 6d. ; Dominica supported the previous prices; the few lots Jamaica sold considerably higher than any previous sale; good to fine ordinary shrivelled 110s. and 110s. 6d.

There were two considerable public sales this forenoon, chiefly Demerara and Berbice descriptions; the small proportion sold went at the reduction we have stated; 381 bags St. Domingo met with no buyers, all taken in at 100s. and 102s.; 72 casks ordinary Havannah were taken in at 94s. 6d. and 958. 6d. Dutch coffee may be stated 28. a 4s. lower this week, St. Domingo 1s. a 2s.; all other descriptions at the pre

Tallow has been one of the most remarkable articles in the markets during the last month; there have been considerable fluctuations, but on the whole, a great and rapid advance, owing to the peculiar circumstances of the market, the sellers it appears having contracted to deliver much larger quantities than they are likely to have at their disposal; we add the report of yesterday, as presenting an interesting view of the subject: should any very material change take place previous to our publication, we will notice it.

"There are great fluctuations in the prices of tallow, and great interest excited as to the probable prices for the next two months. The public sale of yellow candle tallow went about 47s. It was yesterday reported that one of the great holders had commenced selling, and the price was stated at 46s., and heavy; the rumour has however been contradicted this morning, and the nearest quotation at four o'clock to-day is 46s. As to the probable future prices we have only to state the facts, and leave the inference for the consideration of our readers: the wind still continues westerly, with stormy weather, which prevents arrivals. It is very true, that by former lists, and by the Sound list this morning, many vessels with Tallow had passed through, yet, with the present wind, it will be next to an impossibility for them to reach the English coast; and, as the extensive contracts are all for delivery this year, there is a general opinion that they will be too late, particularly as so many holidays intervene; there are likewise extensive contracts for January, and it is still a question whether the great sellers can procure the quantity if the holders remain firm, which they appear inclined to do. Great losses at sea are anticipated from the late boisterous weather, and tallow has lately rated far below any medium prices, and claims great attention as an article of speculation. Town tallow is to-day quoted 478., which is the same as st week.

Tea. In the late India sale, Bohea and Congou sold nearly 1d. per lb. under the last sale price; Hyson 3d. to 4d. lower; Twankey and Hyson skin Id. to 2d. higher. Oils. The prices of Greenland oil had declined to 194, but the holders are again asking an advance, in consequence of the rise in the prices of tallow, and they have in several instances realized the improve ment. Seed oils have given way considerably, linseed may be quoted 17., and rape oils 11. a 27. lower.

Naval Stores. Tar continues in great request, on account of the short import this season; the last realised price for Stockholm tar is 24s., but in the present state of the market it would be found difficult to

25s. Two parcels of rough turpentine are on sale, for which 14s. 6d. has been refused; a very inferior lot has lately been sold at 14s.-Spirits are without variation. Pitch is a shade higher.-Rosin without alteration.

Rum, Brandy, and Hollands.-There has been little business done lately in rums by private contract; the former prices have however been fully maintained. By public sale this forenoon, 92 puncheons Jamaica rum were brought forward:-29 and 33 O. P. sold 2s. Id. a 2s. 3d. ; 23 a 26 Is. 10d. a 1s. 11d.; 12 a 14 mostly taken in, 1s. 6d. a 1s. 7d. The whole went off freely, and better than could be anticipated: generally the rum market may be stated very firm. Brandies are entirely nominal; there are no buyers; the best marks offer at 4s. 4d., no purchasers.-Geneva is without alteration.

Logwood.-The logwood in London is all in few hands, several parcels Jamaica have lately been sold at 91. 9s., but for picked wood 107. is reported, and the holders appear firm, and ask now 10%. 10s. ; we believe there is none offering under 101.

Corn. The decline of the averages continues but too fully to confirm the opinions we have all along maintained.

FOREIGN COMMERCE.

The crop

St. Petersburgh, Nov. 9th. For some days past we have had frost; and therefore our navigation for this year is nearly closed; and but a few more shipments, chiefly for England, will be made. It is still too early to say any thing of the winter and contract trade. Ashes, 11,893 casks have been exported this year, and 1,051 ditto remain over. It is many years since we have had so considerable an exportation; it exceeds that of last year by about 4,500 casks. The greater part was for France. For delivery 90 r. are asked, which price is however too high, and therefore no bargain has been concluded-Flax. Of this, about 396,000 poods have been exported, and about 143,000 poods remain. this year is said to have been scanty and unproductive; so that if we may rely on the accounts hitherto received, we can reckon on but 250 to 300,000 poods at most. For this reason, the holders would latterly sell but little, and the prices rose, so that no 12 head was to be had under 155r. and no 9 head under 120 r. at which price, about 30,000 poods have been purchased, to lay up in the Magazines.-Hemp. Much more has been exported than appeared likely in Spring: about 1,293,851 poods clean, 258,576 poods outshot, and 206,791 ditto, half clean. There remain to be laid up for next year about 115,000 poods of clean in the first hand, and 70,000 poods in the second hand. The price of 85 poods for

ordinary clean, which it reached at the end of the season, seems likely to be maintained. The clean warehoused is purchased at 85 r. all the money paid; that for delivery has been contracted for at 85 r. with 15 to 25 r. earnest, half clean at 65 to 67r with 15 to 17 earnest. Contracts have hitherto been concluded for 30,000 poods clean, and 10,000 ditto half clean. Hemp Oil. It is reckoned that hitherto about 11,000 casks have been exported, and 3,000 ditto remain. As the accounts of the failure of the Hemp-seed are confirmed, and therefore a much less supply is to be expected next year, the holders will not sell upon delivery under the high price of 10 r. A few Russians have brought small parcels at 10r. with 1 to 2 r. earnest, but there are no other purchasers, whence the trade is dull, but without change of price.-Tallow. About 97,000 casks have been exported, and 20,000 casks remain. Of what remains, above the half consists of yellow, about 1,000 casks of white, and the rest soap tallow. About 120,000 casks are expected next year. As this trade is in the hands of rich Russians, who of course can keep the prices as they please for a considerable time, nothing certain can be said of the future course of this branch of trade; besides, it entirely depends on the change of the English market. The last prices paid here were, for white and yellow candle, 130r. ordinary soap 118r. No purchases for delivery have yet been made. Wax. About 4,000 poods of yellow and 300 ditto of white, have been exported, and of the first there are about 2,000 poods remaining. The last prices paid were: for Pottob 72 to 73r.; Suschevoy, 70r. and white up to 80 r. No great change in the price is expected.

24th Nov.-Quills, Down and Bed feathers. The exportation of these articles has been considerable. Of the first about 12,560,000, and of the two last about 2,700 poods. The principal exportation was to America, then to France, Holland, and Hamburgh. As daily supplies arrive from the interior, there is no scarcity of them, yet it sometimes happens that there is not a good choice.-Hemp. Purchases are still made partly on the spot, and partly on delivery. Clean on the spot has been sold at 86 r. all the money paid; for delivery at 85 to 86 r. partly all down, partly with 15 to 20 r. earnest. Contracts have been concluded to day for 10,000 poods clean at 87 r. with 17 r. down, and 5,000 poods half clean, at 67 r. and 27 r. down.—Tallow. For yellow 130 r. are asked, and 125 r. down have been offered, but of the white and soap there are no sellers at market. The present low rate of exchange is very favourable to contracts, particularly for the above mentioned articles, for it seems almost impossible to purchase them on lower erms.-Russia Leather. About 23,000

poods have been exported, and about 7,000 poods remain. We expect a great supply in the winter.-Isinglass. 4,650 poods in all have been exported, more than half of which was fine sorts. Of the last about 1,055 poods, and of Samovy about 3,000 ditto remain. No supply is expected be fore next August; and even that, by the accounts we have received, will be inconsiderable.

Riga, 6th Nov.-Flax. Thiesenhausen and Druiania Rackitzer, on the spot last price, 38 r.; 39 r. are now asked: for cut Badstub, last price 34; Risten Threeband, 26r.; for the first 39 r. are asked, and for the latter 27 r. The contract prices for de livery in March, all the money paid down, Thiesenhausen and Druiania Rackitzer, 38 r. cut Badstub 34 r.; Risten Threeband, 26 r.-Hemp. The remaining stock of all kinds is very inconsiderable. The prices last paid were, on the spot, Polish clean, 110 to 112 r.; ditto Outshot, 88 r.; Pass, 77 to 78r.; Ukraine clean, 100 to 102; Outshot, 84 r.; Pass, 75 r. For delivery the prices asked are, clean, 100 r.; Outshot, 82r.; Pass, 72r-Seeds. Our sowing lin seed is pretty well cleared off, the prices may be stated 'from 8 to 10 r. according to quality. Druiania Linseed (114 to 115 lbs.) has been sold at 4 to 7r.; Crushing Linseed (of 110 to 111 lbs.) from 15 to 16r.; Hemp is entirely cleared off. Tallow, 138 r. all down are asked for yellow crown for delivery.

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In all imported articles but little doing, and the prices unchanged.

Hamburgh, 8th Dec.-Cotton continues to meet with but inconsiderable sale. Coffee. But little has been doing this week; and good and ordinary descriptions have therefore been rather lower, while fine or dinary Dominica and Porto Rico remained firm in price, and middle qualities likewise unchanged. After the receipt of the London accounts yesterday by way of Holland, the prices were firmer, but little bu siness was done.-Corn of all kinds is low, the demand entirely confined to the consumption of the place.-Spices. Pimento maintains the late advance; pepper is unchanged.-Indigo, 50 chests have lately been sold at a farther advance in the price. -Sugar. The price of Hamburgh refined has experienced a further reduction on ac count of the limited demand; so that ordinary, according to our denomination, has been sold at 10 d. good middling at 11 d. Our stock is, however, so small that the prices must soon rise if orders to any amount should be received. Lumps in loaves of good strong middling quality may be had at 844. There has been a very limited sale of raw sugars this week, and the more so, because our refiners had an opportunity of supplying their wants at low prices, in several auctions of goods, part of which were slightly damaged.