The Northern Daily Times.
Liverpool, Merseyside, England, 1856-11-28 00:00:00

MONETARY AND COMMERCIAL.

LIVERPOOL, THURSDAY EVENING

No new feature has manifested itself in our
Cotton market to day. Holders continue to supply
the market to a fair extent, and sales to the
amoubt of 6,000 bales are reported ; of which 500 are
said to be on Speculation and for export. Prices
are much the same as noticed in yesterday's report.
The Liverpool Share Market has been
rather active, to day the sales were extensive,
particularly in Lancashire and Yorkshire Stock,
the advance on which, was 7s. 6cl. Lon-
don Stock, and Midland Stock advanced 2s. 6d.
Dovers also were in strong request, but prices
were not much higher at the close than on the
opening of the market. The transactions include
the following :—Blackburn, 7 9-10. Caledonian,
291 -I. Chester and Birkenhead, 161. Eastern
Counties, 9y 7.16. Great Western, 09k a. Lanca
shire and Yorkshire, 961, 1, Z,l„ -Z. a, e, 1,
Liverpool, Crosby, and Southport, 18i. London
and North Western, 1051, a, I. Manchester,
Sheffield, and Lincoln, 359, 4, a. t, a. Midland
Stock, 82Z, Z, 1, 1 1 t. Berwick

=4,
South

Capital Stock, ~ Eastern and
Dover, 223, 3, ±, 3,3, a, 2,
3, 3-16, N Dutch Rhenish, 1 7 16p.
The market finally left off with a strong feeling,
the leading Stocks and Shares all having an
advancing tendency. Subjoined are the closing
prices of the day :—Aberdeen, 121 121. Black.
burn, 73 7 Chester and Birkenhead, 163 16-,1-. Cale-
donian, 293 293. Chester and Holyhead, 193 193
Eastern Counties, 93 93. East Lancashire, 201203.
Great Northern, 221 231. Ditto A Shares, 01 01
Great Western, 693 693 Lancashire and Yorkshire
Stick, 961 964. Liverpool, Crosby, and Southport,
183 183. London and North Western Stock, 1051
106. Manchester, Sheffield, and Lincoln, 353 353
Midland 5t0ck,823823. North British, 99-16, 911-16
North Staffordshire, 51 53d. South Eastern and
Dover, 221 22 3-16. York, Newcastle, and Ber-
wick, 213 2li. York and North Midland, 30+ 301.
Leeds Capital Stock, 183 19. Buffalo and Lake
Huron, 3 3p. Dutch Rhenish, 1 7-16 1 9-16 p. Great
Western of Canada, 243 243. Do. New Shares,
2 3 23p. Great Luxembourg, 103 103 d.
There is not any change to report in the state
of the money market. Discussions as to the pro
bability of an early reduction of the Bank rate of
discount to 6 per cent. have become general, and
it seems to be generally felt that some measures of
relaxation cannot be long postponed. When the
rate was fixed at 7 per cent. for both short and 95
days bills, the mercantile community, though taken
somewhat by surprise, acquiesced in the step,
mainly in the belief that the Bank had been sub
jected to fresh pressure, the extent of which could
be known only to the directors. Upon the publica
tion of the return extending to the following Satur-
day, however, it was at once perceived that, instead
of being curtailed the Bank's resources had augmen-
ted, and the opinion was immediately expressed
by many persons of judgment that, in face of the
probability of immediate and enormous arrivals of
overdue gold from Australia, the directors ought to
have paused before deciding upon this fresh
severity. The result proves the objection to be
well founded, and the rescinding of the last reso-
lution is generally expected to be soon a lopted,
the more especially as it is understood that the
advance to 7 per cent. was carried in face of a
considerable minority at the Bank board, including,
it is whispered, the Governor himself. Some par-
ties are disposed to believe that the board, for the
salZe of consistency, will maintain the rate of 7 per
cent. for some little time longer. This opinion is
confirmed by the fact that to-d ay the directors of the
bank separated without announcing any change in
the terms of discount. Although many were of
opinion that a reduction of 3 per cent. would have
been made, it could scarcely have been supposed
when all the circumstances connected with the
recent crisis are duly considered, that affairs had
sufficiently improved to admit of any relaxation in
the restrictive policy lately adopted. The amount
of 4` other Securities" must be greately reduced, and
the reserve of notes will have to be considerably
augmented before any of the discount restrictions
are removed ; and it is thought, therefore, that the
lowering of the rate at the present moment would
have been very indiscreet. At a later period of the
year there is no doubt capital will become cheaper,
but although it is very desirable to relieve trade
from the shackles now existing, but at the same
time it is equally important that undue encourage-
ment should not be given to speculation by a too
precipitate action on the part of the directors The
bank will make advances on stock during the
shutting of the transfer books at 7 per cent.
In the Consol market there was less activity and
firmness to day. The dealings were somewhat
limited. Most parties have been busy in arranging
the half-yearly accounts in Railway Shares and
Foreign Stocks. Consols for money have been 94a
3 and 941 3, and for the December account 941
have been the values. For January they have been
95 to 953 and 953'3. The Exchequer Bills have
risen to 2s. and ss. premium ; the Bonds are 983
to 99, the New Threes 933 1, and the Reduced
to 933. Bank Stock is 217, and East India Stock
2273.
An active business was transacted in the London

Railway Share Market this morning, and most of the

principal lines have been buoyant at an advance of
about to 1 per. The settlement of the account
having now been nearly arranged, Caledonian,

Chester and Holyhead, East Lancashire, Great
Western, Brighton, and South Eastern, advanced
los to 11. Lancashire and Yorkshire, North
Western, Midland and North Eastern, and Berwick,

..tl. to £1 ss. The French lines also exhibited some
improvement. Northern of France and Paris and
Lyons being about £1 higher, The East Indian
and Canadian:lines ruled steady at previous quo-
tations. We append the leading sales of the day :

Caledonian, 571 ; Eastern Counties 94 ; Great
Northern, 92 I ; Great Western, 681 ; London and
North Western, 1044 ; Midland, 811 ; Dover, 73i ;

South Wales, 79

The demand for most descriptions of Foreign
and Colonial Produce is still dull, and the pur-
chases unimportant. The supplies, both here and
in London, still keep light. The • high rates cur-
rent deter speculators from transacting business.
Few arrivals of produce have again taken place,
and deliveries are to a fair extent for the period of
the year. A further increase in purchases in dye
goods, and supplies keeping light, prices are
looking up ; shippers appear to be the principal
purchasers. A stiff market for metals, with impor
tant transactions ; and there is every appearance
of consumption further increasing. Russian pro-

duce is not much in request by-speculators, but
continues to be in active demand for consumption,
and prices rule stiff.
The official returns relating to trade and naviga-
tion, for the month ending 31st Oct., have been
published. From these it appears that the total
declared value of exports from the United Kingdom,
for the month, was 10,066,9511., being an increase
of 1,806,357/ , compared with those of the like

month in 1855. The increase is per3eptible in
beer and ale, coals and culm, cotton manufac-
tures, earthenware, glass manufactures, haber-
dashery and millinery, hardwares and cutlery,
leather, linen, yarn, metals, silk manufactures,
woollen and worsted manufactures, and woollen
and worsted yarn ; but there was a falling off in
fish, machinery, and soap. The importations
of the principal articles were larger, as
respects animal charcoal, clocks, cocoa,. corn,
barley, oats, rye, flour, raw cotton, flax, currants,
plate glass, hemp, leather manufactures, potatoes,
rice, saltpetre, silk manufactures, cloves, nutmegs,
brandy, Geneva, sugar unrefined, tallow, tea, wine,
and sheep's and iambs' wool. There was a
diminution, compared with the same month, in
live animals, coffee,
metals, opium, dyeing stuffs, embroidery,
provisions, rum, and tobacco. The
return relative to shipping also exhibits some
satisfactory features, a much larger number of
foreign vessels having been employed in the foreign
trade of the United Kingdom, as well as in the

coasting business.
In the commercial advises from the Continent,
received this morning, a statement is furnished of
the progress of the manufacture of beetroot sugar
in France during the season 1850-7, until the end
of October. It appears that 209 manufactories
have been in full operation, or 15 more than at the
corresponding period of the previous season, and
that the production has been 15,000,000 kilo-
grammes. This has become a most important
branch of French industry, and the article made
has, of course, greatly superseded the foreign
staple, the periodical returns of imports showing a
steadyincrease in this respect. The Paris Bourse
yesterday recovered from the weakness noticed
during the two or three previous days, the invest-