The Northern Daily Times.
Liverpool, Merseyside, England, 1856-02-25 00:00:00

MONETARY AND COMAERCIAL.

LIVERPOOL, SATURDAY EVENING.
There has been no change in the Cotton Market
to-day. With a good demand and a fair supply a
moderate business has been done, the sales
amounting to 8 000 bales, of which 2,000 have been
taken for speculation and for export. Prices have
been steady.
Messrs. Browne, Hunter and Co. have this day
issued their usual monthly trade circular, from
which we quote the following general remarks:—
The uncertainty that still exists as to the result of the
peace conferences, which are to be opened on the 25th
inst. in Paris, has been productive of great evil in com-
mercial affairs, and, with the exception of cotton, wool,
and Indigo, all descriptions of produce have been much
depressed during the month, at a very considerable
decline in prices. Those which are denominated war
articles—tallow, oils, seeds, hemp, corn, &c., and which
would be affected by the re-opening of the trade with
Russia—have fallen to a much greater extent than might
have been expected, as, in the event of peace being con-
cluded, some time must elapse before any supplies could
be received ; whilst, on the other hand, produce that ought
to be influenced in an opposite direction has shown no
signs of improvement, on the contrary, it is now lower
than at the date of our circular of the 23rd ultimo. The
prospect of an early peace, therefore, so far, has been of
more injury than benefit to our produce markets, render-
ing it apparent that the high rates of discount and the
tightness of money, exercise a most injurious action on
the trade of the country, by curtailing transactions and
necessitating the disposal of imports, from the difficulty
experienced in obtaining commercial facilities, the result
of which, we fear, will be attended ere long with serious
consequences. Hitherto, as has been affirmed, confidence
and remarkable stability have characterised the mercan.
tile community under the existing pressure; but it must
be bore in mind that stocks have been unusually light,
and prices remunerative to the importer. What the effect
will be when the large imports on the way arrive to a
considerable loss and depressed markets, if no mitigation
meanwhile of the evil be afforded, must be matter for
grave apprehension. It has been stated by Government,
that, although it is not their intention to interfere with
the Bank Charter Act in the preseat Parliament, they
would not oppose the appointment of a committee to

inquire into its working ; the subject, therefore, is im-
mediately to be brought before the House of Commo is by
an independent member, and, as it is one of such vast
importance to all engaged in commerce, it is highly desir-
able that the fullest investigation should take place. The
Money Market continues exceedingly tight ; there is, how-
ever, no alteration in the state ofdiscount, but the stock of
bullion does not show any sign of increase. The chancellor
has proposed a loan of five milliong, and the funding of
exchequer bills to the extent of three millions, which has
been taken at the government minnimum, equivalent in
consols at ninety per cent., to defray iu part the expenses
of the war service, which, being considerably less than
was anticipated, has had a slight re-actionary effect on
the funds, previously fallen two per cent. on the sudden-
ness of the announcement before particulars transpired ;
but the short period that is given for thepayment of the
entire amount is regarded as indicative that the present
sum is only to meet immediate necessities, and that
further loans will hereafter be required, or increased
taxation be imposed. It is to be regretted that the entire
financial exigencies of government,'and the mode by which
it is proposed to meet them, are not at once disclosed,
as the uncertainty that will exist during the next two
months on the subject must tend further to paralyze trade
and weaken confidence.
The Liverpool Share Market has been firm
throughout the day, closing steady at about the
highest point. With the exception of a trifling
speculative business, there has been absolutely
nothing doing. The closing quotations were :
Aberdeen, 12i 12k. Chester and Birkenhead, 138
14. Caledonian, 281 284. Chester and Holyhead,
12-i 13. Eastern Counties, 94 91. East Lanca-
shire, 188 181. Great Northern, 231 241. Ditto A
Shares, 10 101. Great Western, 594 591.
Lancashire and Yorkshire Stock, 82 821. Liverpool,
Crosby, and Southport, 15 158. London and
North Western Stock, 101& 1011. Manchester,
Sheffield and Lincoln, 248 25. Ditto Preference,
11 111. Ditto New 6 per cent. Pref., 2- p.
Midland Stock, 70.1 70-Z. North British, 75.16 7 7-16.
North Staffordshire, 7 64 d. South Eastern and
Dover, 19 9-16 19a. York, Newcastle, and Berwick,
191 191. York and North Midland, 26 261. Leeds
Capital Stock, 148158. Dutch Rhenish, 11-16 4 p
Ditto New Shares, 2 3-16 2 5-16 p. Great Western
of Canada, 26 26k. Ditto New Shares, 31 3a P.
Great Luxembourg, 91 9 d.
The imports of specie during the week are by
the Ravensbourne, from Antwerp, 7 pkgs. bullion ;
the Vesta, from Oporto, 2 cases silver; the Africa,
from New York, $303,941, or 60,8001,; the Sultan,
from Alexandria, 1 pkg. specie. The exports have
been by the Alma, for Alexandria and the East
Indies, 487,0331., divided as follows :—gold to
Alexandria 1,3201., Ceylon 4,4001., Bombay 1,5001.,
and Madras 1,2501. ; silver to Bombay 291,8251.,
and Calcutta 186,788/. ; the La Plata, for the West
_ _

Lisbon

Sultana, for Cadiz and

In the Mincing-lane market, this week, there
has been rather more activity ; but no improve-
ment in prices has taken place. Sugar has been
bought freely for home consumption, export,
and, investment, and prices have advanced fully
Is. The stock in London is 57,129 tons against
60,417 in 1855. Coffee has been flat, the prices,
however, have not changed. Rice is still depressed,
very little business being done ; some parcels have
been sold at a decline of Is. per cwt. The
stock continues to increase, and is now 17,265
tons against 5,720 tons this time last year.
Spices underwent very little variation. The public
ales of colonial wood are progressing at the
.cement. The Indigo
luction terminated on the 22nd ;;the quantity sold
of which 1,800 were for home use
nand resale, and 3,000 for exporta-
.,3oo were brought in. The full report
id prospects of the Tallow Market is
from the circular of Messrs. Smith and Charles :
Since our last respects, of the 18th inst, the tallow
market has had a downward tendency, with very little
doing either or consumption or speculation. The
announcement yesterday of the failure of one house, and
an event still more distressing in connection with
another, supposed to be concerned in the Liverpool
March tallow monopoly association, led parties to the
conclusion that, at least, some of the tallow purchased by
the members of that association would have to be sold ;
hence forced sales were made by speculators here on a
market little disposed to purchase tallow; and
business was done .at 52s April and May; 535.
March and April ; 58s February and March. At this
last quotation there several sellers ; and it is reported
that tallow was to be had at a still lower price.
The supposition on which the speculative sales of yester-
day were made is, so far as we have been able to learn,
incorrect ; and there will be, we are informed. no
tallow to be disposed of by the parties to whom we have
referred connected with the association or their repre-
sentative. The capability of abstaining from buying
when the price on the spot is high, compared with that
for a later period which has during the last few weeks,
been exhibited in so remarkable a manner by the
trade, would seem to have reach-d its limit ;
and although we must, as far as practicable,
expect them to pursue the same course so long as
there is a difference of 51. per ton between the February
delivery and April, still it is manifest that the stock
lookthis dfoary,
anything that
time
has
the must, sooner or later, be exhausted, and will have to be
replenished. If we may judge from the proceedings of
arrived
g; althougheadnedmaod for
thisw e
season
snoont
like
of the year, we shall be surprised if the deliveries of the
next few weeks do not considerably exceed those of the
last month. To-day the market has been quiet, specula-
tively, and not much business passed. We leave off—Spot,
new, 58s ; Odessa, &c., 528 to 54s 6d ; February and March,
58s; April, 53s to 545; May and June, 525; October and
December, 50s 6d to 51s. We quote—Palm oil, 41s to 36s
linseed do, 35s 6d ; tallow do, 37s to 36s ; do Blaine, 503 to
50s 6d ; cocoa-nut oil, Cochin, 37s • do, Ceylon, 36s to 36s
10d; town tallow, 51s net cash. There was'a good demand
at the public sales, which consisted of 1,822 casks, of
which 832 casks were sold at and after the auction ; Aus-
tralian sheep, 52s to 48s ; do, beef, 45s to 489 6d; South
American bought in at 539 6d. The deliveries to last
evening were 574 casks; and the arrivals, 2,094 casks.
The Commissioners of the Admiralty will receive
tenders on Wednesday, the 27th inst., for the con-
veyance of troops, both officers and men, to Canada,
Halifax, New South Wales, Melbourne, New
Zealand, and Van Dieman's Land, at a rate per
head.

advance noticed at the comme

The following are the Gazette average prices of
Muscovado Sugar, for the week ending Feb. 19th,
1856, exclusive of custom's duties payable theron,
on the importation thereof into Great Britain :
From the West Indies, 92s 5d ; Mauritius, 248521 d ;
- Si. Average price of the three
ing descriptions, 23s 91d per cwt.
The circular of Mr. William Avens, issued today,
gives the following report of the London Stock and
Share markets for the -.week :
The principal event of the week has been the negocia-
Lion of a loan for 5,000,000/land the funding ;of 3,000,0001
outstanding exchequer bills. It was generally expected
that both of these operations would have been upon a
muc'n greater scale, especially as the necessities of the
government, as disclosed by the military estimates
already laid before Parliament, the charges upon the
consolidated fund, and the interest upon the debt, would
require a sum of at least 19,000,0001 beyond the ordinary
income of the country. This opinion was confirmed by
official statements, to the effect that our preparations for
continuing the war are increasing in magnitude. But, on
the other hand, it was perfectly true that the immediate
necessities of the country, up to the end of the financial
year in April, would not require even so much
5r000?000i.1 whilst the prospect of a pacifie terming-

st Indies

tion of the conferences in Paris, and consequently of the
restoration of peace, justified the expectation that the
expenditure of the country might hereafter be so much
reduced as to leave a very moderate deficit, to be pro-
vided for either by another small loan or some addition to
the taxes. Under these circumstances there has been
considerable division of opinion as to the expediency of
the course pursued by the Government, but on the whole
they are considered to have acted in a way beneficial to the
country, without producing any material disturbance in
the Money Market. Messrs. Rothschild are the contrac-
tors for the Loan at the Government minimum of 90.
Complaint, however. is made of the rapidity with which
the loan is to be paid up. Little more than eight weeks
are given for the payment of the instalments, whilst the
two falling due in March are for 25 per cent. each, making
2,500,0001, or one half the whole amount. The Deposit,which
was originally fixed at 20 per cent., to be paid next
Tuesday has, in deference to representations from the
City, been made payable in two instalments of 10 per cent
each ; but no change is made in any other respect. The
Money Market cannot be expected to show much ease
during the pressure of these demands. Consols were at
90i before the amount of the loan was announced, but
immediately afterwards they advanced to 91 to /, the
smallness of the sum asked for having produced a favour-
able effect. But the funding of the Exchequer Bills, and
the rapidity of the instalments produced a temporary
reaction; and the final quotation was 901 to 91 for money,
and 91fr to for the Account. The New Loan has been
dealt in at 1# pm. ; last night it closed at 1 to pm.
Money has been in great demand all the week. The rates
on, the Stock Exchange have averaged 7 per cent.'; but
during the last day or two the bank has been making tem-
porary advances on government securities; at 6 per cent.
The pressure is now mitigated. Beyond a little flatness
in the early part of the week there has been no material
change in the prices of railway stocks. Generally speak-
ing, all descriptions are held with firmness ; and business
is increasing. To-day's quotations will be found below.
The traffics are uniformly good. Foreign securities are
all steady. Transactions, however, are limited. Mexican
stock is a trifle firmer. Joint stock bank shares present
no new features. The demand is less, hut prices are un-
changed. The new undertakings, some of which have
been at a discount, are all improving.
This morning the explanatory statement of the
Chancellor of the Exchequer in the House of Com-
mons last night, from which it appears the deficit at
the end of the financial year in March will only
amount to 3,500,0001., has produced a favourable
effect. The opening of the Conferences in Paris
on Monday has also contributed to strengthen the
tone, as it is generally believed they will terminate
in peace. The markets, therefore, have been firm,
with a rising tr_,ildency, in nearly all descriptions
of Securities. Business, however, has been rather
animated, and the public are investing in Consols,
whilst Railway Stock is more in favour. Consols
opened at 911, the closing price of last night. They
then steadily advanced until they were quoted at
91-,; to 4, at which they closed firm. In the Rail-
way Market all the leading lines are improving,
and a steady business has been done. The
announcement of an arrangement by which the
great lines communicating with the manufacturing
districts of the north will cease their ruinous com-
petition for certain branches of traffic has caused
an advance in each of their shares. The rise in
Great Northern was 31. per cent. Foreign Secu-
rities have not shown any particular movement,
except Turkish 6 per Cents, which have been done
at 94i, 94, 947, and 95. In Joint-Stock Banks
business has been done in Australasian at 932 ;
City Bank 69 ; London and County 36 ; Oriental
391 ; and Union of Australia 714. 1n the new under.
takings the closing prices were Ottoman to /pm ;
Alliance par to pm.; Egypt, Ito 1.1 pm, ; London
and Paris 1 dis. to par, being an improvement of
31 since yesterday. The National Discount is at
5-16 to 3-16 dis. Money has been in less demand
to-day. Exchequer Bills 2s dis. to 2s pm. Consol
Scrip has been dealt in at 1 to I="4 pm. ; at the close
it was nto 8 p.m. Exchequer Scrip, 11, to pm.
The French Three per Cents, which closed at 76f
:.ise last night, opened this morning at 73f 60c;
and the noon quotation was 73f 55c, being an im-
provement of per cent