The Northern Daily Times.
Liverpool, Merseyside, England, 1856-04-07 00:00:00

MONDAY, APRIL 7, 1856,

AT the Annual Meeting of the Members of
Lloyd's, held on Wednesday, Mr. WATTS, speaking
for himself and a minority of the London Under-

writers, passed some sweeping strictures on the
ships and shippers of England. Of those of the
North he spoke with extraordinary bitterness. In
lamenting the increase of business, the conse
quent addition of risks, and low premiums caused
by competition, Mr. WATTS was pleased to say :
" There had been individual secessions,

some

" giving up business wholly, some in part; some

" determining to refuse to insure goods to any port

" of export, especially manufactured good

" from the Mersey or the Clyde

shipped

others had come to

" a similar resolution with respect to bodies of
" ships and to open policies, because the experi-
" ence of late years had proved that no possible
" profit could be made out of such a class of risks."
Fortunately we are in a position to tell Mr. WATTS,
that, if there was no Lloyd's in existence, the
shippers of the Mersey and the Clyde would be
able to effect insurances on " manufactured goods.'
London underwriters have found this out already.
Even Mr. WATTS admits, that " while everything
" had done homage to what he supposed, in the
" phrase of the day, he must describe as the pro-
" 'gress of the age,' there had been no analogous
" movement on the part of the underwriter, who
g‘ had not adapted his system of business to the
" alterations that occurred, and the natural couse-

quenee was, that under the pressure of competi-
" tion, which acted with peculiar severity in the
" direction of profits, he found himself distanced
"in the race." All this appears to be very possible,

and, indeed, perfectly- trt
has changed vastly
Room was first establis

mercantile world
since Lloyd's Underwriters,
We have lived

to see Kangaroos swimrair
sea, and Flying-fish out-ru

Red Jackets.

like ducks on the

ayes by

range and romantic times, verily,

Mr. WATTS

lestion if the export

the
and general shippers of goods in

North

1 tam

y submit to be

lone to

" death

nderous tongues." Mr. WATTS had
a tolerably "good case for his

lade out

no soon

client, than he set to work, like a very bad lawyer, dente which is necessary to prevent the wanton usurpation
to demolish it without mercy, of the rights of our town and port, and the protection of
Some men are never to be pleased with their the pockets of its ratepayers.

MONETARY AND COMMERCIAL.

LITERPOOL, SATURDAY EVENING,

There was no change in the tone of the Liver-
pool Cotton Market to•day, but the amount •of
business done has not been quite so large, the
sales only reaching 8,000 bales, inclusive of 2,000
taken for speculation and export. The supply
continues liberal, and prices are without change.
The Liverpool Share Market opened this morning
with considerable firmness, and throughout the day
there was a buoyant feeling, the market closing
firm at the following quotations :—Aberdeen, 13+
14. Chester and Birkenhead, 151 16. Caledonian,
30 30+. Chester and Holyhead, 16+ 161. Eastern
Counties, t 101 10 7-16. East Lancashire, 191 19+
Great Northern, 238 231. Ditto A, 9+ 10+. Great
Western, 64+ 6471. Lancashire and Yorkshire
Stock, 88 88+. Liverpool, Crosby, and South-
port, 16 16/, London and North Western
Stock, 1011 1011. Manchester, Sheffield, and
Lincoln, 28+ 29. Ditto Preference, na 111,
Ditto New 6 per cent. Pref., +p. Midland Stock,
741 75. North British, 8+ B+. North Stafford-
shire, 6 511 South Eastern, 21 11-16 211. York,
Newcastle, and Berwick, 19 13-16 19 15-10. York
and North Midland, 28-a 28+ Leeds Capital Stock,
15+ 16. Dutch Rhenish, 2 2+-p. Ditto New Shares
33- 31p. Great Western of Canada. 25+ 251 Ditto
New Shares, 2 11-16 2 13-16 p. Ditto 2nd issue,
2+ 28p. Great Luxembourg, 6+ 60.
The movements of specie this week have been
important. The imports amount to 769,0007., being
the largest within the same period of time for some
months past, and comprise—by the Ravenshourne,
from Antwerp, 32 packages of bullion; the Sultan,
from the Mediterranean, 7157, ; the La Plata, from
the West Indies, &c., $2,839,000, or 565,0007., of
which 80,000/. was in gold, and the rest in silver;
the Baltic, from America, $790,971, or 1k9,0001. ;
the Alma, from Alexandria, 5,0004 ; the Holland,
from Ostend, 3 packages of bullion; the Roman
Emperor, from St. Helena, 3 packages of specie.
In addition to the above, the Brilliant
arrived to-day from Geelong, having on
board gold to the value of 68,0001. The
exports amounted to 530,0007., and comprises
—for the West Indies, 4,7307.; the Pera, for Alex-
andria and the East Indies, about 487,1241., of which
28,656/. was in gold, and the rest in silver, divided
as follows :—gold to Alexandria 1,0007., Ceylon
7,6701., Singapore 667., and Hong Kong 19,920/. ;
silver to Bomby 166,5197., Madras 12,8571., Calcutta
74,0037., Singapore 25,9907., Hong Kong 81,0357.,
and Shanghae 41,309/.

Mr. William Avens, in his circular to-day, gives
the following report of the London Money and
Stock Markets for the past week :
Notwithstanding the announcement of peace, and a pro-
gressive return of confidence, the Money Market has partially
retained the stringency which characterised it at the end of
last week. Discounts have been no lower, while the demand
has been active and increasing. The pressure is mainly
attributable to two causes ; first, to several banks having
not only limited their usual advances in certain classes of
trade, but called in outstanding loans, and next, to the
preparations to meet the commercial bills which fell due
yesterday. These causes, though severely felt, can only be
temporary. Money cannot be permanently dear now that
peace has returned, while specie is flowing in, and the
exchanges are becoming more favourable, owing to the
activity of the export trade. An apprehension is undoubt-
edly abroad that a speculative mania will set in before
the end of summer. It is this impression which induces so
much caution on the part of bankers and money dealers,
and it may, possibly, be the means of keeping the market
tight longer than is currently expected. But on the other
hand, it is highly probable that the Bank of England will
shortly reduce the rate of interest on long dated
bills from seven to six per cent, and that in about
three months it will be followed by a general reduction to five
per cent. Money will then gradually become cheaper, and
the holders of public securities be the first to derive advan-
tage from the change. In the Stock Exchange money was
in great demand during the early part of the week at an
average rate of eight per cent. It is now worth 54 per cent,
the rate may possibly increase as the Consol settlement, for
the 10th, progresses ; but, on the other hand, considerable
relief may be expected from the payment of the April divi-
dends next week, which will throw about £3,000,000 upon
the market. Peace was signed on Sunday. Consols on
Saturday closed at 927 to 93. On Monday they opened
at 931 to -1-4 and the highest price afterwards attained was
937, The immedia ce effect of the announcement, therefore,
proved that the peace had been " discounted ;" for not only
was the market almost stationary, but little or no business
was done, showing that, with money at present rates, Con-
sols are now at about their natural value. The lowest price
since has been 93 toy ; all attempts to force them below
93 have hitherto entirely failed, as purchasers always
come in upon the least appearance of a decline
upon the present prices. For the Bth of May,
the next Account, the quotations were 933 to -a, at
the close yesterday. It was in Railway Shares that the
announcement of peace produced the greatest improvement.
An extremely active business immediately commenced in
all descriptions, prices advanced from £2 to £3, and the
market has been good ever since. Subsequently there were
some symptoms of a slight reaction, owing to sales for the
realisation of profits on previous purchases, but they have
abated ; and the market may he considered as strong in
tone. Foreign Railway Shares, especially Belgian, have
been in good demand ; and have advanced considerably.
The E ist India lines are also in great favour ; and
large investments are making in them. Great
Western of Canada, the dividend on which is at
the rate of 8 per cent. are firm, and are likely to be
much sought after. Guaranteed Shares have been largely
dealt in for permanent investment. Pernambuco lt to
pm. The Railway calls for this month amount to
£2.432,802. Foreign Securities have been extremely
active, and a large bona jib and speculative business has
been done in all descriptions, especially Turkish and Mexi-
can. The improvement has averaged nearly 3 per cent.
since Saturday. Joint Stock Bank Shares, though with
little doing, are increasing in value. London and County
have fluctuated considerably, having been done at 32 and
also at 29 ; yesterday they closed at 301. Bank of Egypt
are at 1,3 to 4 pm. Ottoman, lt ton pm. In Miscellaneous
Shares, Australian Agricultural have advanced £9 since
Wednesday.

To-day business has been quiet, without any
particular feature ; but the markets are firm, and
the tendency is towards further improvement.
Consols opened at 938 for the 10th inst., and closed
at 93 to H. For the Bth of May the price was 931
to 1. Railway Shares continue in demand and are
firm at our quotations. Some of the principal
Stocks appear inclined to advance, and more
enquiry is being made in lines that have been
neglected during the late lengthened depression,
R 9, indeed, there has been for several days past.
Belgian lines maintain their improved prices. The
East India lines are unchanged. Foreign Securi-
ties are good at our quotations. Mexican, always
a speculative stock, has been done at 23k, closing
at 221 to 23. In Joint Stock Banks nothing of any
importance is doing. London and County have
been done at 311 and 338 ; Ottomans closed at 28
to pm.; National Discount Ito 4 pm. ; and Bank
of Egypt 11 to 2 pm. There has been na particular
demand for Money. Rates unchanged.
In the Mincing-lane Markets, this week, there
has been more activity, and the quotations of some
of the principal staples have improved. Sugar has
been in request, but the market closed with a
quieter appearance than it presented at the com-
mencement of business on Tuesday. The advance
in prices has been 6d to is per cwt., which has
been maintained with firmness. The stocks of
sugar at the chief ports of Great Britain, on the Ist
April, were 87,351 tons, against 81,175 tons at the
same period of 1855. The market for coffee has
been quiet, but firm, and the supply has again been
limited. The dealings in cocoa have been small.
Tea has ruled dull. Rice has been much depressed,
although an increased inquiry has existed. Very
little has been done in saltpetre, but former rates
have ruled firm. Spices have been rather cheaper,
and rum has met with a good inquiry at full rates.
The tallow market has been quiet.
The following are the Gazette average prices of
Muscovado Sugar, for the week ending April Ist,
1856, exclusive of Custom's duties payable thereon,
on the importation thereof into Great Britain :
From the West Indies, 265. 21d. per cwt. ; from
Mauritius, 265. 71d. ; from the East Indies, 235.
101-d. Average price of the three foregoing de-
scriptions, 265. ld.
A good deal of surprise was occasioned to-day at
the announcement of the suspension of Mr. W. 0.
Young, the shiphroker, for a large amount. This
unfortunate event was, it is stated, accelerated by
the stoppage of Messrs. Syers, Walker and Co.,
which took place yesterday. Another house was
also alleged to be in difficulties, but its business
being small the affair did not excite much interest.
The liabilities of Messrs. Syers, Walker and Co.,
it is said, will range between 150,0001. and 200,000/.
The price of gold at Hamburg is 4268 per mark,
and the exchange on London at short 13.78,
making gold 0.87 per cent. dearer in London than
in Hamburg. .
The course of Exchange at New York on London
is 109 l per cent., which leaves only a very small