The Daily Times.
Liverpool, Merseyside, England, 1860-12-03 00:00:00

THE MONEY MARKET.

(From the °Wryer.)
Whilst the uncertain impressittil created by the state
of afrairs in. America lasts, it will be impossible to predict
the intimate course of the Money Market. So much
will depend, in reality, upon the contents of the advices
periodically received from the United States, that the
settled appearance of things cannot be much calculated
in taken
shaupon, : It is evident, from the efflux that has
already
place
enpeof b
fromars
andthe
sovereigns,
ost,haltvillg.olbde,
both
despatched; but it is problematical :Whether, when it
arrives out,- it will yield the profit Which the present
quotation of exchange eithibits. In the midst of the a
citement occasioned by this fresh revulsion in monetary
prospects the feeling arises, Whether it will not be
essential to exercise increased caution; particularly as it
is not altogether clear that the Bank of France has yet
obtained 'the whole of the bullion required;" and it re-
mains to be seen whether the suspense produced by the
stringency in the Nevi York Money Market may not be
attended with more serious inconvenience than is at
present estimated. The American diSturbance in the
Money. Market follewing so closely tip >n the French
financial crisis is yet to be viewed with. much appre-
hension, because the conjunctive circumstances of the
change, together with the effect that may ensue from
the. intelligence of the higher ,ratee from this side, is
not unlikely to aggravate the pressure and stimulate
greater confusion in the principal Atlantic
.cities than
that WhiCh already exists. The retrogression in the
various classes of American securities illustrate the force
of- the panic.movement, foesuoh it may be. appropriately
termed, seeing that since the worst phases of'the reac7
tion of 1857 there has not been so violent a fluctuation
as that now witnessed.. Over-trading and monetary
Corruption then produced the seeds of _disaster which so
fearfully overwhelmed the whole of the "United States ;
trt myna.
been the result, of a
,political pon,valsion which may
, uirtAt, L.O
entail even more disagreeable consequences than those
which were previously :notieeable. Although ' the
gurFi ennrrhagi
ninnm:ggsen,eiytdthi
proceed,
rboioesyse.
sae fntaeehdott
ey:
majority are inclined to believe that without endan-
t tios of etsniiiesb
Union
neverthelesstime,ni on
'the
ai. course
when elrltse
that,
ot
the e conten-
tion
moneybcur
markets of London and Paris have been comparatively
impossible
operations o
the of e
etuhme
ulliaatint
oo
ff
difficulty
some
; oerol
people
In the
me
may principal a
terminate
sui.)p
o sfiinnniaaayn clbei aes lcentres s
thp ele
acasas of h
case. Business
mt
ane o
ne lrd and
thaithan
already suffering from the prostration, and the good
effect that it was anticipated to accrue from the more
gratifying position of the Bank of England, which has
enabled it to make' a considerable Modification in its
rate of accommodation, connot now much be relied upon,
as the public look to the advises from the. United States
as likely for the next few months-to regulate the position
of trading and financial concerns.
The' operation of the DiSconnts Market have been in a
great degreee affected by the expectation that the Bank
directors would reduce the rate of discount to 5 per
cent., and, therefore, in the early part of the week the
brokers and, others delayed business as much as they
possibly could, until the decision of the court was
announced. It was generally expected, notwithstanding,
the adverse position of the American exchanges, that
the Bank would be in a situation to place the minimum
at a reduction of one per cent., for, although it was
thought that the fall in the rate in New York would
promote shipments of gold at a profit, still it was believed
that the specie reserves of the Bank were increasing,
that notes, which' had been' withdrawn, were return-
ing.arid"
This has since proved to be the case, and even
the abstraction of sovereigns to send across the Atlantic
has not interfered with the general easiness of the
Money Market. It may have induced a slightly better
demand • for accommodation, but this is all, and the
terms current for choice descriptions of paper are now'
per cent. below the official minimum. The delibera-
tions of the directors on Thursday were not of a
lengthened duration, and immediately on the separa-
tion of the court it was intimated that the rate had
been reduced from the point at which it stood, viz.,
6 per cent. on the 15th of November, to 5 per cent.,
the existing price. A check to any alteration may
for the present be interposed by the unsatisfactory turn
of the -American advices, but those most interested in
the question are not inclined to believe that it will be
permanent, and think that the disturbances existing will
eventually calm down. It must nevertheless. be fully
recognised that the private letters speak of the extent of
uneasiness which prevails in consequence of the condi-
tion of affairs in the Southern States • and it is said that
,New York bankers themselves are' alarmed at the pros-
pects of the latter months of the year, especially as the
internal exchanges have already been placed in an excep-
tional situation. The draft of gold from north to south
may, it is alleged, be carried beyond
.due bounds, and
despite the heavy.arrivals whiCh are periodically:received
from California, the spprehension is that excessive
stringency will be sustained, which will hereafter exer-
cise Considerable weight.

GEORGE STEPHENSON AT Oxronii—A statue of the
late George Stephenson is .about to be erected in the
Oxford Museum. Mr. Woolner, the sculptor of the
statue of Bacon, already there (the gift of the Queen))
is to be the sculptor.--Budder.
We (Army and Navy Gazette) understand that the
lists of recommendations for promotion which have been
received from China have come in a very confused shape
—so much so, that in some instances the identity of the
individuals is not a matter of certainty. Nevertheless,
we expect that the recognition of the services of those
who have distinguished themselves Will not prove unduly
tardy. The promotion of Captains Rogers and Burslem
and Lieutenant Chaplin was not only a rapid piece of
officialism, but an unheard-of violation of red tape—
three officers having been promoted for gallantry in the
field, in anticipation of the recommendation of the
general commanding.