The Northern Daily Times.
Liverpool, Merseyside, England, 1856-03-17 00:00:00

TILE NORTHERN TIMES..LIVRRPOOL, MONDAY, MARCH 17, 1866

ing the rate of interest, and bringing on a panic
in trade ? The deposits made by, the public in
thetse banks, exceeds those paid into the Bank of
England by no less than 16,174,8351. Now, we
would be quite justified in assuming, that not
only the whole of this amount, but the 30,090,1141.
held by these banks, is gold. And: if this be the
case—or, even supposing that amount to consist
of nothing but " convertible paper," Bank of Eng- ,
land notes, legal tenders, or what else you please,
short of waste paper—who will pretend to say that
a scarcity of money, a drain of bullion, or an
exhaustion of the nation's means, has taken place
to such an extent as to justify the present rates of
interest demanded from traders, merchants, and
employers of labour throughout the United King-
dom?

In these bullion banking days, " deposits"
can mean nothing but so much gold, silver, or
" convertible notes." The deposits cannot be made
up of notes in the present instance, for they
amount to considerably more than all the notes in
circulation at this moment in England ! Where,
then, are there any grounds for the excessive
restrictions imposed on trade by the Bank of
England ? If weilhave not a large bullion reserve
in the Threadneedle street vaults, we have more
than enough—more than ever we have had before
—in the coffers of our joint stock banks. This
statement cannot be disputed, unless it is meant
to be implied that those flourishing concerns have
published false returns. Will the bullionists go
this far in defence of their system ? If they dare
not, what will Sir CORNEWALL LEWIS say in extenu-

ation of a State and trade-prostrating monopoly,
which, it was hoped, would have rendered the
establishment of such banks impossible, and cut
off from commerce the timely succour they have
afforded, and from the capitalist so profitable a
field for the employment of money. The
returns we have given above, show that a 10 per
cent. dividend can be realised by bankers charging
fair commercial rates of discount; and it is to be
hoped, the present movement in favour of new
banks will go on, until the country is released
from the grasp of monopolists and usurers.

MONETAR

dERCIAL.
LIVERPOOL, SATURDAY EVENING.
Only a moderate demand was experienced for
Cotton to-day, and with a liberal supply, prices
were fairly supported. The sales reach 7000 bales,
and include 1000 for speculation and export.
The amount of business done in the Share
Market to- day was not large, and prices have not

shown any material variation. -
The course of the London Stock and Share
Market during the past week is thus reported upon
in the circular of Mr. W. Avens, issued this day:—
The principal feature in the Money Market in the early
part of the week was a continuously heavy demand, at
maximum rates, and a less liberal supply than was offer-

ing last week. The pressu_ _
and there was not much prospect of any material abate.
ment, seeing that manufacturing production all over the
country, and the trades which require large discounts, are
gradually expanding. Commercial bills of the best class
could not be done under the Bank rates. On the Steel
Exchange the pressure was greater than at any period
since 1851, owing to a combination of circumstances, one
of which was the settlement of the Consol Account for
March which closed on Tuesday ; another, the prepara-
tions for the Railway settlement yesterday, and a
third, the payment of a twenty-five per cent. instalment
of the Loan, due on Thursday, amounting to 1,250,0001.
These circumstances forced up the rates for temporary
loans to 8 per cent. upon the average; but the market
took a decided turn immediately after the Loan instal-
ment had been paid, and yesterday and to-day the average
rates have been 5 per cent. More ease has also been felt
in Lombard-street ; and some banks have made a slight
reduction in the rate of interest allowed for money
on call. The value of most descriptions of securities has
increased during the week. This has been owing to the
general anticipation of peace as the result of the Paris
Conferences. Business, however, except in Railways and
in some classes of Foreign Securities, has rather dimin-
ished than otherwise, there being an indisposition to con-
tract large engagements under two such contingencies as
dear money, and a possibility of the negotiations suddenly
breaking off. Consols closed last Saturday at 91k to f.
On Monday they were lower. The rates for carrying over
till the April account proved very high, being per cent,
and eventually they increased to being the highest that
have been known for some time. The last price before
closing the account was 911 to ; and the first for the
present was 921 to 1. A gradual advance has since taken
place, the closing price last night being 921 to 2 for April 10,
and 921 to 1 for money. The market then seemed good.
Much of the improvement is attributable to the admission
of Prussia into the Conferences at Paris, that circum-
stance being regarded as an indication that peace has
been arrived at by the Plenipotentiaries, and that
only territorial questions remain to be adjusted.
Consol Scrip closed last night at 21 to 21 pm,
exchequer "scrip 11 to 2 pm. Railway shares were flat
for a day or two, the arrangements for the settlement
having partially suspended transactions. They are how-
ever, now very firm, and a considerable business has
been done in them. The traffics of the great lines during
the nine or ten weeks of the present half year show a con-
siderable increase, compared with the corresponding
periods in 1855. A limited business has been done in
foreign lines, more especially French. Foreign stocks are
firm. In the Turkish six per cents there has been an
advance of £2 per cent since Saturday. The four per
cents are I better. Scarcely any business has been done
in the latter ; but the former have been in daily demand,
principally on specu`ative account. In joint stock bank
shares, nothing is doing; and with:one or two exceptions,
prices are lower than last week. The French three per
cents which have been depressed to 72f 5c during the
week are now recovering, the closing price yesterday
having been 73f 35c for the end of the month. No gold has
arrived during the week except a small parcel from the
Peninsula, valued a little more than £2OOO. About
£50,000 have been exported.
To-day consols have fluctuated about 1 per cent.
Before official hours, sales were effected at 93, upon
the strength of Lord Palmerston's speech last
night, which was considered to denote that peace
is virtually made. From this price there was a
decline to 92k, and after some variations the final
quotations were 9211 to /, with a firm appearance.
Not much business was done. Consols Scrip 2k to
pm. Railways were firm at the close, though in
the course of the day they were rather drooping.
Sambre and Meuse have been in demand at an ad-
vance of XL since yesterday, closing at to
owing to a report of an alliance with the Northern
of France. Foreign Stocks are unchanged. The
tone continues good. The French Three per
Cents opened this morning at 731 r. 40c.; and at
noon they became 73fr. 35e., the closing price of last
night. The improvement since last Saturday is
equal to K per cent. There is no change in the
Money Market. Exchequer Bills is dis. to is p.m.
In the Mincing-lane markets this week not much
has been done. On Tuesday, West India sugar
was dull at a decline of Gd, but it has since, how-
ever, improved. Foreign sorts have maintained
The stocks are larger now than

previous rates
at t►ie corresr
1855, 103,7-10 t

n the co

g period or last-year

market has occurred, the deman

being limited. A good business in cocoa and rice
has been done at a slight decline. Saltpetre is in
a good demand at is to is 6d higher. For rum the
market has been dull.

The following are the Gazette average prices of
Muscovado Sugar for the week ending March 11th,
1856, exclusive of Customs duties payable thereon,
on the importation thereof into Great Britain:—
From the West Indies, 24s 4d per cwt.; from
the Mauritius, 24s 6d per cwt.; from the East
Indies, 20s 3d per cwt. Average price of the
three foregoing descriptions, 24s 61d per cwt.
At the extraordinary general meeting of the Aus-
tralian !Direct (via Panama) Steam Company, it
was resolved that the concern should be forthwith
dissolved, and the assets bo divided pro rata
among the shareholders; it is expected that 18s.
per share will be returned. At the Colonial Gold
meeting, to be held on the 18th inst., three points
will be brought forward for the consideration of
the shareholders, and for their decision thereon,
viz.—Firstly : To take immediate steps for the
dissolution of the company.—Secondly : The
carrying on fresh operations in Victoria, in
which case more capital will, no doubt,
be required.—Thirdly : To await the report
of Mr. Spence as to the desirability of resuming
operations in Victoria, before coming to any
definite conclusion. The latter course is the one
advised by the directors ; the accounts to be pre-
sented will show a balance of assets over liabilities
of 3,5281. 18s 6d. At the meeting of the East
Indian Iron Company, held on Wednesday, the
accounts presented showed a balance in hand of
5,504/. 193 4d. At the meeting of the British and
Colonial Smelting and Reduction Company, held
on the 13th inst., the resolution passed at the last
meeting for forthwith dissolving the company was
confirmed, with only one dissentient. The report
presented at the Van Diemen's Land Company's
Meeting, was adopted, and was considered satis
factory, as the prospect is held out of a dividend
being declared this year.
The returns of the Bank of France, made up to
the 13th inst, present the following results when
compared with the previous returns :
CREDITOR SIDE.
Feb. 16th, March 13th.
Specie

£8,575,070 £8,563,890 £ll,lBO Decrease
• 17,591,770 17,285.860 305,910 Decrease

THE PENINSULAR MAILS.

SOUTHAMPTON, SATURDAY EVENING

The Peninsular and Oriental Company's steam-
ship Madrid, Captain Bradshaw, with the usual
Peninsular mails arrived this morning at two
o'clock.
Her dates are Gibraltar, March sth; Cadiz,
March oth ; Lisbon, March 9th ; Oporto and
Vigo, March 10th.
The Madrid brings 32 passengers, among whom
is Prince Charles Lucien Bonaparte from Lisbon,
and 40 distressed seamen.
Her frei!iht consists of five packages specie
value Si _s3a. and her general cargo comprises

17 boxes eg

Kes or

aerines, 4 casks, 5 cases Wi

10 packages of government

cases dates, and

of fhl Canterbur

.tones from the wreet

The Madrid in her homeward voyage ex
perienced strong North East gales, and heavy
seas. On the 10th instant she spoke the Pen-
insular and Oriental steamer Tagus off N.E. end
of Bayonas, with the outward Peninsular Mail ;
13th, passed the Royal Mail Steam Company's
ship Great Western, steering to southward, in lat.
48.57 N., long. 5.1 W.; 14th, passed the Robert
Parker, beating to windward, in lat. 50 13 N., long.
3.05 W.
From Gibraltar our dates are to the sth inst.
The steam-transport Eagle left for London on the
Ist inst. The Peninsula, laden with medical stores
for Balaklava and Scutari, and the Northumber-
land, had left for the Crimea. The Peninsula,
Progress, General Codrington, and Black Prince,
had also touched at Gibraltar en route to the Crimea.
The Prince Arthur arrived in the bay on the morn-
ing of the 4th from the East, with shot and shell
for Gibraltar and Deptford ; and the steam trans-
port Chanticleer, from Malta to Spithead, laden
with gunpowder, sailed on the same day. The
steam•transport Pioneer was discharging the stores
she brought from Malta preparatory to starting for
Deptford. The steam transport Berwick had
nearly completed her fittings for horses and
mules, which she was to receive on board on the
sth instant.
There is no news of importance from Lisbon.
The Madrid left her Majesty's steam-ship Blen-
heim, Captain Hall, at anchor in the Tagus, on the
oth inst.
The Lisbon exchanges for three months are
quoted by this packet at 55d for London ; Paris,
518; Amsterdam, 431 ; Hamburg, 498 ; and Genoa,
517. The transactions upon the continent were
limited, but a good deal was negotiated on London
at 55, and although a few bills were done at 541
towards the close of the change, bills remained
over which could not be passed under 55. The
Stock Market had again become dull, at 43 to 431
for Three per Cents., few buyers appearing at the
recent advance. Bank of Portugal shares 500 to
502 milreis each, and Oporto Bank shares, 16 to
171 per cent. premium.
The debates in the Chambers continued devoid
of public interest.

GIBRALTAR SHIPPING

MARCH I.ST.—Steamer Melita, A. Brownless, six days
from Liverpool. Steamer Milan, W. Bruce, six days from
Liverpool.
MARCH Um—Schooner Dolphin, G. Hayman' twenty-
eight days from Liverpool on the tad. Schooner Sultana,
J. Kerr, thirty-four days from Liverpool, on the 3rd.
TRANSPORTS.—The Progress, Captain Doke, left with
camp equiparo for the British army in the Crimea, on the
3rd. The General Codrington, with materials for the
Crimea railway; and the Black Prince, with stores for
Balak!ava, also left for their destination on the evening of
the 3rd. The Prince Arthur, with shot and shell for
Gibraltar and Deptford, arrived on the 4th. The Chanti-
cleer also left for Spithead about the same time, laden with
gunpowder. The Imperatriz, with artillerymen from the
Crimea, arrived on the 4th, and left for Woolwich the same
afternoon.
By the arrival of the Sardinian, one of Messrs.
Lamont, M`Larty and Company's Line of Mediter-
ranean steamers, we have received the Gibraltar
Chronicle of the oth instant, one day later than the
accounts given above. The steamer Victor Emanuel
reached Gibraltar on the evening of the sth, after
a passage of six and a half days from Liverpool.
The Berwick (s.) Captain Farmer, embarked on
the oth inst. 172 horses and mules, in charge of a
foreman superintendent, 8 foremen, 1 farrier, and
45 drivers, all under the command of Lieut. Knox,
Ora Ituytil lameablfitu Militia, mia she would plu

in the course o

the eveni

to the Darda

____ Majesty's paddle wheel steam sloop
Tartarus, Commander Mansell, started on the sth
for Malta, from thence she was to proceed to the
Sea of Azoff, where the steamer is to be employed
in surveying the intricate inlets of that sea.

TRADE REPORT.-SATURDAY.