The Northern Daily Times.
Liverpool, Merseyside, England, 1856-05-19 00:00:00

on the mercantile and ge

He could not openly advocate a
monetary condition, in which our Indian and most
valuable Colonial and foreign bills are shut out
from the commercial discount market, and left to
be negotiated at compound usury. He has not

community

shown us, by any species of calculation, what our
exporters have lust on four, six, and nine months
bills drawn against the products of our industry,
in order that we might see what profits we havo

on our foreign trade to pay heavy State demands.
For the last two years the importer has been a
shade better off than the exporter—but only a
shade. One has been paying from six to ten per
cent. for advances on produce in bond, the other
any thing his banker, or bill-broker, thought
proper to demand ; and because the bankrupt
Gazette has not actually assumed the dimensions
of a commercial directory, the official assumption
is, that trade is in a " healthly and flourishing
" condition."

'Whether the CHANCELLOR of the
will venture to allude to the state of trade in his
speech of to-day remains to be seen. Nothing has
occurred this year in the customs or excise
departments to lead the public to infer that any
additions will be made to the duties on tea, sugar
coffee, or spirits ; yet, as revenue arise..

solely frorn

consumption, Sir CORNEWALL LinVIS must feel
convinced that money will become cheaper, and

-- -- -- ,
without loss of time, or has made tip his mind to re_

impose duties whit

lz no other living mortal knows

anything about. Without lowering the rates of
discount, to give increased life to trade, or levying
fre'3h imposts, it will be quite impossible for the

right honourable baronet to show a " surplus" of

-
income, and without leaving a fair margin for

eontingeneies with our immense establishments,

ly he tho

ght expedient or saA

will scam,
this lies the great Ministerial difficult

j—not with

the House of Common

—for the majority of the

Opposition will vo

th the Cabinet on their

budget and monetary policy—but with the country.
Trade cannot be e4tended to anything like the limits

required for revenue, while the money market
continues in its present anomalous state, and
discounts will not be lowered, in the face of con-
tetnplated deficencies in the public receipts, which
the wily money-lenders, of Threadneedle street,
know full well must be made up by Treasury
Bonus, and Exchequer Bills, and which they will

use as their excuse for continuing their excessive

rates of discount

These are matters which7would not be felt by
the House of Commons half so much as the disso-
lution of Parliament. But they will fall on the

public with ten-fold greater force, because they are
not looked for in time of peace. Every merchant and
manufacturer is calculating on a favourable change
in the price of money, and they will scarcely submit
to war rates of discount, added to exhorbitant
taxation, when we have no enemy in the field to
fight, nor a foe on earth to fear. The 7,000,0001.

the CHANCELLOR of the EXCHEQUER proposes to
raise, on Loan and Treasury Bonds, may
carry us over the year ; but what will the defi-
ciency, for which we shall have to provide, in
the first quarter of 1857 amount to ? When
we hear a statement of the reductions proposed in
the expenditure, we shall be better able to judge
of the reliance to be placed on the figures which
are about to be employed. Getting the loan con-
tracted for before they were subjected to public
criticism was, no doubt, thought advisable, as it
was foreseen that the Budget would have a depress.

ing effect on the Stock Market. Should this prove
to be a correct surmise, the discontent of the sub-
scribers to the loan will know no bounds ; and
taking the actual commercial and financial con-
dition of the country into account, we believe the
revelations the CHANCELLOR of the EXCHEQUER
will make this day will startle the uninitiated,
and surpass in importance any financial statement

recorded since the ever memorable 1825, when a
heavy State expenditure was first added, with its

full force, to a deranged and restricted money

market

MONETARY AND COMMERCIAL,

LIVERPOOL, SATURDAY EVENING

The Liverpool Cotton Market has been quiet,
and the sales do not exceed 6,000 bales, of which
1,000 have been taken for speculation and export.
The Share Market has presented no new feature,
and prices are without material change.
During the past week the importations of the
precious metal have been large; they comprise
1,567/, from the Peninsula, per the Sultan ; 200,000
from Melbourne, by the Ocean Chief ; 208,911/.
from New York, by the Africa; and 40,0001. by the
Arago, 6,5001. from the Brazils, by the Avon, and
225,0001. from the West Indies and the Pacific, by
the Parana, making a total of about 681,478/.
The exports have amounted to about 144 5001,
namely, 64.500/. in gold and silver coin to Ham-
burg and Belgium, through the London Custom-
house, and about 60,000/. to France, through
private hands.

- The following is the official return of the exports
of the precious metals from the port of London for
the week ending 9th May :—Gold coin to Ham-
burg, 1,837 OZ3. ; do. Belgium, 1,200 ozs • total
gold, 3,037 ozs. Silver coin to Rotterdam, 400 ozs. ;
do. Hamburg, 1,100 ozs.; silver bars to Ham-
burg, 73,309 ; total silver, 74,809 ozs.

The royal mail steamer Avon, from South
a, arrived yesterday with dates from Buenos
Ayres to the 3rd April, and 0,5001 specie, besides
40,0001 value of diamonds on freight. The com-
mercial and' financial review of the previous month
was more satisfactory than in January and
February. The markets generally presented a more
animated and healthy aspect ; payments were more
punctual, and confidence was once more in the
ascendant. Imported articles were still abundant,
and the supplies having diminished a better
state of trade was anticipated. In the wholesale
department a large trade had been done, princi-
pally for local consumption. The business of
the previous months having been postponed, there
was an unusual degree of activity in the trade
with the interior, which was, however, not
regarded as a symptom of decided improve-
ment. In export produce, stocks on hand were
generally insufficient to meet pending contracts,
with the exception of wool. The news of the
probable re-establishment of peace had deranged
both financial and commercial operations with
Europe. The money market was in a very uncer-
tain state.

merle

An adjourned meeting of the creditors of Messr

Leers, Walker, and Co.:took place yesterday7L
offer was made by the firm of 4s in the pound, but
the committee thought the estate would not realise
more than 3s. After some discussion it was stated
by one party, that with judicious management, Os
or 7s in the pound could be realised from the
Accordingly, it was agreed that three
inspectors should be appointed to examine the
books, to superintend the realisation of the effects,
and report thereon within four calendar

assets