The Northern Daily Times.
Liverpool, Merseyside, England, 1856-05-26 00:00:00

THE NORTHERN TIMES.---LIVERPOOL, MONDAY

theiAtliptiant rubbish, and take their figures,
whether it be those they parade week after week
before the country, or those which are less °sten.,
tatiously brought before Parliaments and the
great sham of stability, fair dealing, and public
morality will appear equally palpable and unpar-
donable. If " dear money" and scarcity of drew-
lation is meant to retain or bring back gold to
compensate the producer for his loss by the
depreciation of commodities, let us go back
to 1852, when the maximum rate of discount

was 21 per cent., and compare the movements of
bullion with what has actually taken place since
and up to the present time. On the first of
January, 1852, the rate of interest was 21 per cent.,
the bullion reserve being 17,557,0001. At this
low rate the reserve had increased to 19,587,000/.
on the 22nd of April, when the discount was
lowered to 2 per cent.
This reduction gave a fresh impetus to the
Bank's power of acnumulation, and on the 18th
of July following, we find the bullion re-
serve quoted at 22,232,0001. In this year
the Bank bought upwards of 15,000,0001. of
gold, notwithstanding which, on the oth
of January, 1853, they showed a decrease
in their bullion for that year of 2,407,0001., as
compared with their returns of 18th July, and an
increase of only 2,208,0001. in the twelve months
Still, on the oth January, '53, they raised their rate

of interest to 21 per cent again, and continued
advancing it to 3, 31, 4, and up to 5 per cent. And
we find that between the above date and the 29th
of September they had parted with no less than
4,152,0001. This rate would not bring back the
gold. It continued running out, and we find it
as low as 12,580,0001. on the 11th of May, 1851,

when it was again raised to 31 per cent. This was
also a failure, for on the Bth August following the
dearness of money had only added 710,000?. to the
Bank's stock of gold. War was then raging in all its
worst fury, and the wise expedient of dropping the
pates of discount to 5 per cent was again resorted
to, and in flowed the bullion ; and on the
Bth of April, 1855, amidst all the horrors
of the Crimean campaign, the gold had increased
1,780,0001., when the rate was again lowered to
and subs:quently, to 4 and 31 per cent. on the
14th of June, when the bullion had again risen

to 18,061,0004

Between this latter date and the oth September,
there was a drain, amounting to 3,814,0001., on the
Bank's stock. The discounts were consequently
raised to 4, then to 5 and 51 per cent., despite the fact,
that the Bank had purchased, from January, 1853,
to May, 1854, upwards of 19,000,0001. of gold.
The rates were then raised, as we all know to our
cost, from 51 to 6 and 7 per cent., and what is our
position now? Why! after all the Bank screwing
to make money dear, circulation scarce, and all
commodities cheap, we have only 9,801,0001. of
bullion in the Bank, which is 12,431,000/. less than
we had when the circulation was abundant
at two per cent. and in time of peace, 5,278,0001.
less than we had when bills were cashed at 41 per
cent. in the worst stages of the late war, and
9,860,0001. below what we had two months after
the discounts had been lowered from 41 to 4 per
cent.—namely, June 14, 185:5. Now, would it be
possible for figures to illustrate more clearly the
political absurdity and moral turpitude of longer
tolerating such fallacies as those to which the
trade and industry of this Empire are made to
succomb ? We have proved, from the statistics of
the enemies of social progress and national inde-
pendence, that history proclaims their theories to
be false, their operation arbitary and unjust, and
their prophecies the most wilful perversion of
truth.

MONETARY AND COMMERCIAL.

LIVERPOOL, SATURDAY EVENING

The Cotton Market has been steady to-4ay; and
the sales amouht to 7,000 bales, of Which 2,006
have been taken for speculation and export. Prices
are steady:
A firm feeling has prevailed in the Share
Market, and with a moderate business, prices
closed as under:--Aberdeen, 134 134. Chester
and Birkenhead, 151 10. Caledonian, 30 7-16 30 9-16.
Chester and Holyhead, 151 16. Eastern Counties,
101 10' East Lancashire, 19.4 19Z. Great Northern
1•
231-,, Ditto A, 94 104. Great Western, 601 604.
Lancashire and Yorkshire Stock, 911914. Liverpool,
Crosby and Southport, 17 174. London and North
Western Stock, 1011 1014. Manchester Sheffield,
and Lincoln, 294 294 Ditto Pref., 114 111. Ditto
New 6 per Cent. Pref., 4 4p. Midland Stock,
774 774. North British, 84 8/. North Staffordshire,
61 51d. South Eastern and Dover, 214 21 7-16.
York, Newcastle, and Berwick, 20k 20k. York
linq North Midland, 284 29. Leeds Capital Stock,
164 164. Buffalo and Lake Huron, 1k Ip. Dutch
Rhenish, 14 1 11-16 p. Great Western of Canada,
261 261. Ditto New Shares, 34 34p. Ditto 2nd
issue, 3i 34p. Great Luxembourg, 74 Tad.
The Great Western Railway of Canada Traffic
Returns, by the Persia, for the week ending the 9th
Any, shows an increase of 5,4741. over the corres-
ponding week last year.
The Stebonheath, from Australia, has arrived in
the Downs, with dates from Melbourne, and 61,957
ounces of gold on freight, valued at 247,8281.
sterling.

The imports of the precious metals daring the
present week, including the arrivals to day, com-
prise-20,000 ounces of gold from Melbourne, per
Invincible ; 190,579 in specie from Boston, per
Arabia ; 200 ounces of gold from Adelaide, per
Irene ; 924,710 dollars specie from the West Indies,
per Parana; 13,026 oz. gold from Melbourne, per
Sultana 1,5671. specie from the Peninsula, per
Sultan; 0,000 oz. gold, per Indemnity, from Mel-,
bourne; 66,464 ounces ditto per Eagle, from
ditto ; 61,917 aiLio, per Stebonheath, frotn
iitto ; 1,431,365 dols specie from New York, per
Persia—making the total value of the precious
metals imported for the week about 1,385,6811
sterling. Further arrivals of gold from Australia
are expected by the Fantome, Roxburgh Castle,
Medway, and George Marshall, which were to
leave shortly after the Eagle. The shipments
include 18,843/ ex Madrid, to the Peninsula; 9,7691
ex Atrato, to the West Indies; 537 ozs. gold coin
to Hamburg; 8,5001 and 500 ozs. gold coin, and
88,236 ozs. silver ditto to Belgium ; besides with-
drawals from the bank, and private remittances;
making a total value of the precious metals
exported of about 700,000/.

business in London has been partially sus-
pended; but the markets generally are exceedingly
well maintained, being still supported by the con-
tinued expectation of money becoming cheaper,
and confidence being more generally strengthened.
There has been no demand for money to day. The
Lombard-street Houses are said to be regularly
discounting below the Bank minimum. The large
arrivals of specie this morning has strengthened
the tone of the markets. Consols opened at 941
to 946 for the account, at one time there were
buyers at 941 ; but French prices coming lower,
they receded to the opening quotation ; but closed
firm. Exchequer Bills are recovering from
the depression which they exhibited yes-
terday. The June Bills are now at 3s.
dis. to par. The Railway Markets were rather
heavy at the opening, but it rallied in the course of
the morning, and the quototions of mdst descrip-
tions advanced, although they do not leave off at
the highest price of the day. Business was very
limited, but the market closed firm. Great West-
ern of Canada Shares are very firm at a slight
improvement, caused by intelligence brought by
the Persia, which arrived at Liverpool this
morning, of an increase in the traffic to the extent
of 5,4001. Consols Scrip left off at 2to 24. prem.
There is no particular change in the other markets,
but the tendency is all towards improvement. The
noon quotations of the French Three per Cents on
the Paris Bourse to day ryas 75f sc, being a fall of
since yesterday.

prices equal to our last quotations. Messrs Mort and Co.
report that beef tallow the first of this season's boiling
has appeared, and that £47 Os per ton has been readily
obtained. In our import Markets we have few changes to
report since our last. Flour is still quoted by the Mills,
by the Chili flour company, and other holders; 'at £25 for
fine, and £26 for seconds. In liquids, pre.tionsly quoted
prices are fully maintained. Martell's brandy is held at
14s. Rum, W. I, 30 o.p, 6s 6d; other qualities, 10 o.p,
4s 61. Wines, fair port, 9s; finer qualities, lOs to 13s,
in demand. Ordinary sherries, 7s to Bs. Good sherries
are in demand, and; if of very superior quality,
obtain as high as 13s. For French and Rhenish wines,
more especially for clarets, there is much demand. In
beers, bottled porter is quoted at 9s to Ils ; in bulk, £7 to
£7 7s. Bottled ales, 9s to Its ; in bulk, £8 103 to £9.
In Groceries the demand continues very active, and
several articles have advanced considerably in price during
the week. In addition to the usual orders for country and
station supplies at this season, there is a large business
doing with Melbourne, which is draining our stocks of
several items, principally butter, candles, and provisions,
which must be bought, in anticipation of higher rates, as at
present the quotations from there (except candles, which are
much higher here), are about the same.
CANULts : No. 1 Belmont. Considerable speculation has
taken place, and large sales during the week, at rates
ranging from is 9d to 2s 2d.
SUGARS : We have no alterations to report this last
week ; prices are maintained, and a considerable trade is
doing, especially for Melbourne.
TEAS : No alteration in prices; but the advices from
Melbourne state that rates are easier, and market at present
supplied. The William Oswald, from China, arrived this
week, with about 6,000 chests of congeu, the quality of
which is reported very fine.
COFFEE : Without any material change; good samples
are getting scarce, and will (in the absence of large arrivals)
advance considerably, as stocks both here and in Melbourne
are going rapiily into consumption.
OILMEN'S STORES are more in demand, and several orders
has been executed for shipment. First-class brands, such as
Batty and Co., Crosse and Black welVs, and others, are en-
quired for ; inferior goods unsaleable. Pint pickles are mote
in request, and sales have been made of the above brands at 85
6d to Ss 9d. Mustards are getting scarce, and several lots of
half pounds had changed hands at 7s 9el to 8s 6d for the
Melbourne market. Salad oil, supplied ; and prices
declining. At a sale by auction this week, a parcel of salad
oils, of Robert Feast's brand, was sold on account of the
shipper, consisting of quarts, pints, and halves, in conse-
quence of a very serious attempt at imposition on the part
of the manufacturer, by palming off bottles of about half
the usual size. We understand a survey has been held
before two of our leading merchants (who are on the point
of leaving the colony for England), and the result was that
a quart and a pint of oil together only measured a pint, and
a half pint not quite a gill; and, as the bottles were all full,
it is evident they were made for the purpose of deceiving
purchasers.

AMERICA.