The Northern Daily Times.
Liverpool, Merseyside, England, 1856-12-27 00:00:00

As already intimated in the NORTHERN TIMES,
the Cotton Market here, was closed to-day ; and
business was also suspended in Foreign and Colo-
nial Produce.
We subjoin the circular of Messrs. Wright, jun.,
& Co , issued this evening, for the sailing of the
Asia to morrow morning.
" Our cotton market closed last Friday (the date of our
circular advices per Niagara), under symptoms of improve-
ment both in demand and price. The following morning
the advices per Ericsson and Persia were before the public,
and their stimulating character infused great spirit into the
business, which was renewed with equal vigour on Monday,
at a full eighth per lb advance on all classes of American
descriptions. The uneasiness felt by spinners lest they
should not obtain a sufficient supply to corer contracts
entered upon fir yarns and goods, and the diffical y of
meeting with suitable quality out of stock on hand created
an active competition again on Wednesday, and prices were
favourably affected in consequence, showing a further Id
advance, at v.hich the market closed very buoyantly. Many
holders have withdrawn their samples from off r, bat which
have been replaced probably to a greater extent, by specu-
lative parcels being brought out, and an opinion
is entertained that much of the excitement ari=es
from b.isiness being curtailed three
of the holidays at this season in the man utile' uring
the requirements of the trade, however, mast co:
large, end the prospect of money matters assuming gi
ease, being considered favourable, imparts confl mace
'he anxiety in respect to future imports is not less important
than the price at which they. are to be influenced, and which,
it is feared, can only be modified by a reduced consumption.
The total sales of the five days amount to 94,460 bales, of
which 63,430 are American. Speculators have taken 27,980.
and exporters 7070, leaving 59,410 bales of all kinds to the
trade. The import for same time is 35,475 bales, of which
23,931 are American. The quantity known to be at sea
from American ports is about 60,000 bales.
PRICES TO-DAY :
New Orleans Mid.... 7 5•16 d 0rd....51d to 64d
Mobile )9 •••74d 71,1 „ to 64,1
Atlantic „ ...7 7-16 d ...7 3 161 „ ...54d to 61.1
1856. 1855.
Total takes for Consumption, 2,144,510 bls. 2,055,050 bls.
Export (Actual) 261,119 „ 234,310 „
Stock this day :
American. Brazil. Ezyptian. East India. West Ind. Total.
200,090 22.730 35,280 64,210 410 322,720
Same t:me 1855 :
231,880 62,900 48,290 82 340 3,400 428,810
The engaged condition of spinners and manufacturers,
makes them indifferent about entering upon fur:her orders,
excepting at prices widely at variance with purchasers'
present ideas, which tends to check business; but as no
stocks are held, and time contracts extend well into the
spring, in most instances, the Manchester market for goods
and yarn, is similarly affected as our own for the raw
material. Notwithstanding heavy imports of Breadstuff's,
holders have declined to proceed with sales at late currency,
and our market being well attended, end Wheat in better
demand, prices have advanced 21 to 31 per 701hs on last
Friday's rates. Flour is also more sought after, and the
turn dearer, Indian Corn participates in the improvement,
and is 61 to is per quarter higher.
The following interesting circular, issued by one
of the Manchester houses, is worthy of perusal :
" At the date of our last circular our market was beginning
to look a little more cheerful than for some weeks preceding,
in consequence of the slight improvement in the position of
money matters, as indicated by the last published returns of
the Bank of England, and as resulting from the large ar-
rivals which bad jes- taken place of gold from Australia
and from the United States, together with its becoming
known that the withdrawals of gold for export were gra-
dually diminishing. These more cheerful anticipations have
been fully confirmed subssquently. Each succeeding week
has indicated greater ease in money. The bank returns
having weekly become more favourable, a reluction was
made by the directors on the 4th instant in the minimum
rate of interest fr )m the previous 7 per cent down to 61 per
cent, which step was followed, 14 days later, by a further
reduction to 6 per cent, the present minimum rate. It is
not expected that any further reduction will tare place for
the next few weeks, as money seems to be in active demand
at the present prices. The inducement to the directors for
lowering the rate will be seen by comparison of some of the
principal items in the bank returns on the 15th November,
and on the 13th December, viz.:—
Billion, Other Si (entities. Deposits. Reserve.
N0v.15.. £9 061 255 19 054,017 10,113,368 3 656 815
Dec.l3.. 10,150,995 16,828.728 9,042,822 5,823,185
It will be observed that, whilst the bullion has increased
by upwards of a milli.:n sterling, and a diminution has
occurred to about the same amount in the deposits, the
amount of other securities has declined above two millions,
and the reserve of notes has increased upwards of two mil.
lions sterling also. As a kindred improvement has also
taken place simultaneouslv in the position of the Bank of
France, considerable confidence, apparently well founded,
exists as to the future corrse of monetary affairs. The
only ground of apprehension, perhaps, consists in the
continued drain for the east, of the speedy subsiding of
which there seems no immediate prospect. As bearing on
thi', it is satisfactory to find that China is beginning to
attract a considerably increased supply of manufactures ;
our export table shows that the shipments this year of
cotton manufactures, and of cotton twist, are about double
what they were in the corresponding period of 1855, and
about thrice their extent in that of 1854. There is
also some extension in the shipments to India, so
that a continuance of these improving features
may ere long, perhaps, give reasonable expectation that the
force of the eastern drain of silver is about to be lessened,
although it may take many years before the current sets
back from the East again to Europe. Another favourable
feature bearing on the present and future prospects of
business is that of the decline which continues gradually to
take place in the value of breadstuffa. Whilst the six
weeks average price of wheat is given in the returns at
62s 81, the last week's average is only 60s Id, whereas, at
the corresponding period of last year, the price was 81s 41.
It will not be surprising that with these more favourable
circumstances our market has undergone material improve-
ment since our last. It commenced immediately upon the
first symptoms of money becoming easier, and was shortly
afterwards greatly strengthened and augmented by
favourable mercantile advices from China and India,
which again were fully confirmed by the followi ,g mails
last received, also by favourable advices from the Brazils,
from Constantinople, and other leading markets, and
was further stimulated by the position of our great staple,
cotton, as to stock, and also as to supply. All these
circumstances combined have given great buoyancy to
our market, and have led to the clearing off of stocks at
constantly advancing prices, and have enabled spinners and
manufacturers to place themselves again heavily under
contracts, so that we are ending the year with a very bare
market, and with a large portion of the production engaged
into the first month or two of next year. The changes in
values which have taken place are, and all in the direction
of advance, ltd per piece on 7-Bths printers; 111 to 21d,
according to class, on 9 •Bths madapollams 24 yards ; 2d to
31 per piece on 9 Bths printers ; 31 to 41r1 per piece on
9-Bths shirting; 3.1 to 61 per piece on 5-4ths and 6ths
skirtings; 3d per piece on figured skirtings ; 6d to 91 per
piece on brocade shirtings ; Id per piece further on low,
and 31d to 3d on finer makes up tol6 by 16 to Indian jacco-
nets ; lad to 3d per piece on T cloths; Igd to 31 per piece on
long cloths, on somemakes of which even 411 per piece advance
has been asked, and a further 1-16 d and Id per yard on do
made. There has also been a similar improvement in the
prices of yarns, which may be considered a full id per lb above
the rates current a month ago. Doubled yarns have been in
great demand, and prices are much higher. Me rntirne, with
all this improvement in business and is, prices, spinners and
manufacturers do not look forward to the future with much
hopefulness. There is no fear entertained of the production
being consumed, even at present high prices ; the manner in
which stocks have been kept down during the late money
tightness, and even during the late war, seems conclusive
on this point, and more especially now that food is again
becoming comparatively cheap, and that business seems
likely to receive a general impulse again feom cheaper money,
but there seems every prospect of a high cost for goods,
compared with any probable selling value, during the com-
ing year. The stock of cotton on this side is much too small
for our present large consumption, and the light shipments
so far made of the new growth from America will prevent
any immediate considerable addition to the stocks The
majority of estimates put down the American crop at only
3,000000 bales,- although others anticipate a yield of
3,200,000 bales, whereas during the present year 3,500,000
bales have been used up, and have left a smaller stock at
the end than ex,sted at the beginning of the year. The
deficiency from America will, perhaps, in part be made up
from India w'nence we may draw next yearloo,ooo or possibly
150,000 bales more than we have done daring the present
year. But, under any circumstances, the question is one of
grave interest to the trade, and may become, from time to
time, very awkward in its bearings on our market during
the coming year. The necessity bf more sources of supply
becomes daily more apparent to the trade, and indeed
to all who know of what vital importance the healthful
state of the cotton manufactures is to the general well
being of our country, If high prices be essential as
a stimulus to the growth of cotton, it appears likely
enough that it will receive the benefit of that stimulus.
It is to be hoped that a similar response will come from
India concerning cotton, especially as the various railways
become opened, and so afford the desired improved means
of transi, as heretofore has come concerning sugar, and
other important articles of produce. India seems to be the
country to which we must mainly look as our second great

days, and in view

whilst