The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1856-01-29 00:00:00

TIE LIVERPOOL STANDARD

CO.3I.2IOERarAL and _MONETARY NEWS.

MONDAY NIGHT.

IF the Public Funds be taken as a test of public
feeling with reference to the probabilities of the forth-
coming negociations for peace, it would seem that
great confidence is entertained of their ultimate suc-
cess ; for, in the fluctuations which have recently
taken place, the tendency has been towards a marked
advance, notwithstanding the continued demand for
money and the payment of the final instalment of the
Turkish loan. There is no doubt that a termination
of the war would have a considerable effect in diminish-
ing the pressure which has prevailed for some months
past—not only in the demand for gold from abroad, but
also from our own government—as well as render un-
necessary any new loan ; so that the improved state of
the Funds may be attributed solely to the belief in the
present expectations of peace being realised. Money
for commercial purposes has been in active demand,
and no abatement has yet taken place in the rates of
discount. There is nothing, however, to weaken the
confidence in mercantile stability, and as the accounts
just received from Australia by the Champion of the
Seas are far more favourable than preceding reports,
we may reasonably anticipate a more improved demand
for exports.
The accounts of the Bank of England published on
Friday are, on the whole, of a favourable character,
the changes being comparatively , unimportant. In
the stock of bullion there is an increase of £8,361,
which, with the decrease in the actual circulation of
£16,630, accounts for the increase in the reserve of
notes unemployed of £26,195, making the total nearly
Five Millions, a sum considerably in excess of any
probable demand upon the Bank resources ; and,
therefore, rendering less justifiable the present high
rate of discount. The private securities are diminished
by £558,498, and the private deposits £455,263: the
one probably accounting for the other, as the deposits
are employed in paying acceptaces falling due, while
the public deposits are increased by £219,628.
The discussion on the operation ofthe Bank Charter
Act is still going on ; and there seems no reason to
doubt that it will be brought before the attention of
the Legislature in the next session. Whatever may
be the crotchets of the bullionists, who can see no
virtue but in hard gold—which, except for the faith
in its universal convertibility into other commodities,
is intrinsically almost as valueless as paper—there is
no legitimate reason which has yet been adduced why
our merchants should be compelled to pay twice the
ordinary rate for accommodation, in order to bolster
up a system which all experience has proved to be
a vicious one. No one can deny that there is an
abundance of money, and that trade was never in a
more healthy state ,; ,so that the security for accom-
modation is as undoubted as it can be. Yet, because
a law has passed, which the first alteration in circum-
stances has proved to be unsound in principle, the
-mercantile interests have had to bear a heavy burden
which virtually doubles their rate of contribution
towards the ww, without in reality contributing
anything towards the Exchequer. Such is the effect
of our monetary regulations.
The accounts from Manchester report a continued
improvement in that market, and a considerable
amount of business has been doing, at advanced prices,
in yarns, and also in manufactured goods. This is
owing to the better feeling which exists, from the
probability of a termination of the war, but complaints
are made of the advance which has been obtained not
being a sufficient compensation for that in the raw
material. The Woollen trade is' lso firm, and prices
are maintained, without, however, realising any ad-
vance df importance.
The 'Corn markets during ;the week have shown a
firmer 'tone since the decline which took place when
the intelligence from Russia was first received. This
is owing probably to the belief that it maybe some
time before we shall receive any large amount of
foreign supplies, whatever turn the affairs of the war
may take ; but it should be considered that the long
continuance of high prices has tended considerably to
diminish consumption, and thabthere is also a verylarge
amount of home-grown Wheat in the hands of the
farmers, who will do well to'bring it to market while
a fair price can be obtained, as should it be kept till
the season is more advanced,lt will come into conipe-
ton with the very large importations which we may
reasonably expect to receive.
The East India and China Association have pub-
lished their usual comparative statement of vessels
both British and foreign, with their aggregate ton-
nage, entered inward and cleared outward with cargo
from and to places within the limits of the East India
Company's charter, from the Ist of January to the
31st of December,lBs4 andlBss.
The statistics of vessels entered inward show that
in the case of the port of London there was an in-
crease of 42 vessels and 45,251 tons, the difference
between 824 vessels with a capacity of 443,515 tons
and 866 vessels with a capacity of 488,766 tons.
Liverpool exhibits an increase of 1 vessel and 29,998
tons, the arrivals in 1854 having been 260 vessels
with a capacity of .160,572 tons, and in 1855 261 ves-
sels with a capacity of 190,570't0n5. It appears that
the net increase is 24 vessels and 69,730 tons ; the
arrivals in 1854 having been 1170 vessels with a capa-
city of 637,552 tons, and in 1855 1194 vessels with a
capacity of 707,282 'tons. The principal arrivals have
been from Calcutta, China, and the Cape of Goof'
'Hope.
The statistics of vessels cleared outward exhibit in,
the case of the port of London a decrease of 231 yes-
'gels and 21,276 tons, the difference between 912 vessels
with a capacity of 452,968 tons in 1854 and 681 ves-
:sels with a capacity 431,692 tons in 1855. The return
for Liverpool shows an increase of 25 vessels and
66,739 tons, the departures in 1854 having been 440
vessels with a capacity of 313,735 tons, and in 1855
`465 vessels with a capacity of 380,484 tons. The net
decrease in the number of departnres is 225 vessels,
with an increase of 50,465 tons, showing a continued
tendency to the construction and employment of ships
of larger capacity. ~ The figures for 1854 and 1855
respectively are 1491 vessels with a capacity of
832596 tons, and 1266 vessels with a capacity of
883;061 tons. The principal departures have been for
Calcutta, Madras, China, Singapore, and the Cape of
Good Hope.
The return from the Bank of England for the week
ending the 19th January gives the following results,
when compared with the previous week :--
Public Deposits ... £3,858,237 ; Increase ... £219,628
Other Deposits ... 13,512,245 ; Decrease... 455,263
Rest ... ..• • 3,365,212 ; Increase ~. 34,539
On the other side of the-account :
Government Securities.. £13,728,246; 1n0rea5e....£314,787
Other Securities
Notes unemployed
The amount of notes in circulation is £19;370,670,
being a decrease of £16,630, and the stock of bullion
in both departments is £10,425,312, showing an iucrease
of £8,361 when compared with the preceding
return.