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COMMERCIAL RETROSPECT, LONDON, 29TH DECEMBER, 1825.

IN taking a review of the general trade of the country during the past year, we have a task to perform, that will long be remembered by those who have not pursued a course of steady, prudent, and regular business; and to such, the occurrences we are about to relate, may prove a useful lesson of warning and precaution against similar infatuation at some future period of time.

At the close of the year 1824, the general prices of merchandise were moderate; but we had not advanced far into the following year, when speculative demand, toward which all classes of persons lent their aid, gave to commerce a new feature. The probability of realizing profit, stimulated speculators, at an hazard, to invests in all articles on which anticipation held out the prospect of amassing wealth:-no reference to stock on hand, expected supplies, or the deliveries for home-use or exports, (though so important to be known and acted upon,) were sufficiently weighed at this precarious time.

At the period to which we allude, the English Funds were exceedingly high, and, no doubt, had a tendency to induce capitalists to sell out stock, and seek an investment more eligible than the public Funds afforded. A mania took possession of all classes; not those only who had property sufficient to cover their purchases, but many likewise who had not funds beyond paying the temporary deposit for merchandise held in their names, through the accommodation of brokers.

The article which first engaged public attention, was Nutmegs; certainly, they were at a price exceedingly cheap-for several preceding years, the country had been working up the stock left in the islands of Banda and Amboyna, and shipped to this country at the general peace: the price at successive sales of the East India Company, was as low as 2s. 6d. per lb. in bond; but, when public attention became directed towards them, they quickly advanced to 12s. 6d. per lb. Other spices, in turn, became equally objects of attention. It would be a curious exemplification of the folly of the times, to shew by a statement, the amount of property that has been lost this year by, acts of absolute indiscretion. We do not mean to enter upon the inquiry, but briefly observe, that by the article of Nutmegs only, there has been lost not less than £100,000; and by the article of Raw Cotton, not less than £3,800,000.

The attention of speculators was directed in turn, to Cotton, Saltpetre, Tallow, Tobacco, Coffee, Sugar, Ashes, Drugs, &c. A sudden advance of prices yielded to the adventurers extraordinarily great profits, and the frenzy diffused itself widely among merchants, capitalists, clerks, shopkeepers, and apprentices.-A few articles are here subjoined, to shew the rapid advance occasioned by the lamentably memorable occurrence. s. d. £ s. d. £ s. Cotton, from 1 7 Spelter, from 21 0 rose to 35 0 Nutmegs, 2 6 12 6 Saltpetre, 1 4 Mace, 100 Coffee, 50

10 rose to

5 0

8.

1 14
6 2

Prices, in the course of three months, attained an unnatural elevation; which was occasioned only by the whirlwind of speculative enterprise.-This state of things could be but of short continuance, as subsequent events have proved.

About this period, many allurements were held out to public adventurers in Joint Stock Compauies, no less delusive than what took place in the great bubble year of 1721, and, generally speaking, they have met the same disastrous fate. The abundance of money accommodation afforded facilities, that stimulated in no small degree the spirit of adventure. In August, the Real del Monte shares were at £1500 premium. Early in December, they were reduced to £5; and this-day, they are at £100: so much for ideal speculations!

Things so contrary to well-regulated system, could not proceed long without a check-merchandise retrograded in price to nearly its former value, and many of the schemes and companies, with all their fascinating and glittering prospects, vanished-leaving no hope or prospect of remuneration to the deluded victims. The altered state of affairs has been productive of extended commercial embarrassments and numerous failures,-confidence, so essentially necessary in mercantile pursuits, has received a shock that time only will relieve, and funded property has likewise participated in the gloom of the markets.

At this critical period, and under circumstances involving a certain degree of risk, the Bank and Bankers found it necessary to curtail their issue, and mercantile houses of the first respectability, with difficulty obtained discounts adequate to keep up the circulation of floating commercial capital; hence, a scarcity of money accommodation was felt at a moment when it was most wanted; the means of upholding markets being withdrawn, occasioned a decline in many articles from 40 to 80 per cent. We may fairly presume, under circumstances which at present exist, that trade will not speedily be restored to confidence, nor sales made on the great scale, without submitting to a sacrifice.

In concluding these remarks, we have the satisfaction to observe, that, during the late Session of Parliament, Government has been diligently occupied in reducing the duties on the importation of raw articles used in manufacture, as well as on such as afford a strong inducement to smuggling. Manufactured goods, and those likewise which form the principal branches of skill and industry, may now be imported at moderate duties-few articles being taxed beyond 30 per cent. The Legislature have also brought to maturity, after long-bestowed pains, the law for regulating the Weights and Measures of the Kingdom;-an uniformity in which is unquestionably of the highest importance. The Laws respecting Commerce are consolidated; by which nearly five hundred acts in the statute-book are dispensed with ;-and the monies and exchange of Ireland are placed on the same footing with those of England.

Thus, after a peace of ten years, we may gratefully acknowledge that the prospects of our country, and her best interests, are in a condition that encourages the hope of prosperity. We enjoy peace with all the world; our internal regulations are improving; and we may fairly anticipate that, ere long, the liberal policy of this country, in regard to other nations as respects Duties, will be followed by reciprocal acts of accommodation : we cannot, however, expect that a system so new, will be all at once adopted by other countries.

The numerous bankruptcies, and stoppages in town and country, among bankers, bill brokers, merchants, and tradesmen, during December, will, we hope, prove a warning beacon to those who coin paper money and give it currency.

LONDON: PRINTED AT THE CAXTON PRESS, BY H. FISHER, SON, AND CO.

THE

Emperial Magazine;

OR, COMPENDIUM OF

RELIGIOUS, MORAL, & PHILOSOPHICAL KNOWLEDGE.

FEB.

"THE TORCH OF LITERATURE ILLUMINATES THE PATHS OF WISDOM."

MEMOIR OF

THE REV. DAVID BOGUE, d.d.
(With a Portrait.)

In our number for November, 1825,
col. 1067, we briefly announced the
death of this highly respected and
much celebrated individual, whose life
was marked by usefulness, whose in-
fluence was vastly extensive, and in
whose departure from time, the church
of Christ has sustained a public loss,
which from ordinary sources will not
be soon repaired.

But events which baffle the calcula tions of man, are under the superintendance of a' superior Power. The same Divine Being who suffered the martyrdom of Stephen, raised up Saul of Tarsus to supply his place. The progress of Christianity is under a directing influence, to which all human agency is ever subservient. The power that preserves the planets in their orbits, governs every spring of mental energy, and in the twinkling of an eye it can raise up instruments to accomplish its designs, and qualify them for the stations they are appointed to fill.

1826.

ed still continues to flourish. The branches extend into every quarter of the globe, for the inhabitants of which their fruit is admirably adapted; and their leaves have proved balsamic, for the healingof the nations. In like manner, although Dr. Bogue was a highly favoured instrument in promoting the Missionary cause, it would betray a great want of confidence in God, to suspect that it will languish, through his removal from earth to heavenfrom his labour to his reward.

But while we detach the cause itself, from the means by which it has been advanced, there is a tribute of respect due to those whom God in his providence delights to honour. Persuaded of this, we have procured a portrait of this eminent servant of the Most High, which, by those who were favoured with his acquaintance when living, is admitted to be a striking likeness; and we flatter ourselves that it has suffered nothing by passing through the hands of the engraver.

The features of the countenance are, however, of little consequence, when compared with the qualities of the mind. It is to these, as developed The torches of astronomy and phi- in the various transactions of life, that losophy are not extinguished, although our attention must be turned, when we Newton and Locke are dead; neither attempt to form an estimate of chais our country consigned to anarchy,racter; and it is pleasing to add, notwithstanding Pitt and Fox are no that in no respect will either the life more. The Reformation, which was or death of the late Dr. Bogue shrink born in the days of Waldus, and from the most rigorous scrutiny. nursed in its infancy by the fostering hands of Calvin, Luther, Melancthon, and Erasmus, continued to live when these theological giants could no longer administer to its vigour. The removal of one instrument only made way for the introduction of another; it has survived the revolutions of centuries, and its constitution still remains unimpaired.

DAVID BOGUE, the subject of this memoir, was the fourth of twelve children. His father was John Bogue, Esq. of Halydown, in Berwickshire, where he filled the office of justice of the peace with credit to himself and advantage to the neighbourhood in which he resided. His mother's maiden name was Margaret Swanston. In their conduct, both his paIn modern days we have seen a rents were pious and exemplary, unigreat revival of religion take place formly instructing their numerous offunder the instrumentality of Wesley spring in every thing useful, both by and Whitfield. These ever memorable precept and example. Most of their characters lived their day, and disap- sons were educated for learned propeared; but the tree which they plant-fessions; and their paternal care to86.-VOL. VIII.

H