The Northern Daily Times.
Liverpool, Merseyside, England, 1853-11-21 00:00:00

TO CORRESPONDENTS.

In our results of the Bank Returns," in our impression of
Saturday, the increase in bullion deposits of the Bank of
England, by a typographical error is stated to be 685,8651.,
instead of 176,5681., which is the actual amount.
Whatever is intended for insertion must be authenticated
by the name and address of the writer; not necessarily for
publication, but as a guarantee of his good faith.
We cannot undertake to return rejected communications.
All communications, Books for Review, etc., to be for-
warded to the Editor must be addressed to the Publisher,
CHARLES WILLMER, and those from London may be seen
to the care of Messrs. Simpkin, Marshall, and Co.

,V,arttrit

MONDAY, NOVEMBER 20, 1853.

THAT portion of the Bank of England returns
which show the stock of bullion, in both depart-
ments, for the week ending Saturday the 12th inst.,
is not so satisfactory as the results shown by the
returns for the week immediately preceding it.
The contraction of the circulation being 472,7591.,
while the increase in the Bank's accumulation of
bullion is not one-half. The exports of specie have
also increased, while the imports have decreased.
The amount received for the week, to which the
returns relate, from our colonies and foreign
countries, is 208,4221., showing a decrease of im-
ports, as compared with the preceding week, of
336,8381.; while the exports amount to 433,5001.,
being an increase within the same period, of about
313,5001. Of the total amount of specie exported,
the sum of 411,2001. consisted of silver, which,
when deducted from the aggregate amount of ex-
ports, reduces the efflux of gold to 22,3001.; and
as the bank returns for the week ending the sth of
November, show the silver deposits of the Bank to
be "nil," it follows naturally, that the silver exported
must have been taken from some other source. It
will therefore appear, that while the imports of
gold amount to 208,4221., the increase in the
bullion held by the Bank, was only 176,5681., which
sum, when deducted from the imports, leaves
31,8541., as the amount left in the hands of the
public, or deposited in other Banks.
From the latter amount we have to deduct
22,300/., as the amount of gold exported, which
brings the sum actually left in the hands of the
public, to 9,8561. This is but a small sum in itself,
but when added to the excess of imports over the
increase in the bullion of the Bank for the
previous week, it makes the aggregate amount
left in the hands of the public for
the two weeks 1,088,8331. In order, however, to
show more clearly the monetary position of the
country, by coupling the movements of bullion
with the Bank's returns, we subjoin a statement of
the imports and exports of gold for the weeks
ending Oct. 29, Nov. 5, and Nov. 12. 1

Imports of gold for weeks ending }
Oct. 29, Nov 5, and Nov. 12.... 2,115,568
Exports of gold for weeks ending }
Oct. 29, Nov. 5, and Nov. 12.... 342,300

1,773,268

Deduct increase in the Deposits
------ --,:-.pf the Bank for weeks ending
. '''''l/4- P•L'irA.44,4l9),Nov. 5, and Nov. 12....
. 4
.iki.i...,.........,:v."" I
ill ''.•-•'' 4r)\, ;%.
....., N \ „.:,/
~nit: ....44,..
...
... .., ~,,,g;. .... —,, Total X 887,821
~,-, 11,,`W.C, '^` 'II'
g.'-...\.
P" 1:41(14,, , ' S geateblent shows the excess of imports over
`‘..;r 11l 1...A11e-increase: in the Bank's receipts of gold for the
`1 ' ii."--I`three weeliTnamed, is 887,8211., and when we de-
k
4 .
,cs. putt the amount of silver exported in the week

885,447

ending the sth inst., from this sum we find the
aggregate amount left in-the hands of the public is
446,621/. Now our object in going thus minutely
into this subject is to show that the Bank of Eng-
land returns are, of themselves, no guide to the
real monetary condition of the country, and that
instead of there being a decrease of bullion going
on, that there is actually a large increase in 'our
bullion power taking place. And having proved
the fact, we naturally ask where is the justice or
expediency of contracting the circulation, and ex-
posing all the great interests of the Empire to heavy
losses and deep consternation ?
If the Joint Stock Banks have become the reci-
pients of the large amounts of bullion which have
not reached the coffers of the Bank of England,
how can they justify their demanding the high
rate of discount they at present ask ? The change
which has -really taken place in the banking and
monetary condition of the country may be seen
by the following statement :--

Increase in Bullion held by the
Bank of England for three £58,639
weeks ending Nov. 12

Excess of imports of gold over
amount received by the Bank
446,621
of England for three weeks end-
ing Nov. 12.

T0ta1...... £1,021,260

Here, then, we have a twofold increase of no less
than 1,021,2601., dividing itself nearly into two equal
parts One going to sustain the paper issues of
the Bank, and the other passing at once into circu-
lation to sustain trade and industry. In the face
of such a prosperous state of things as this,
it is the height of absurdity, if it is nothing worse,
to talk of a drain of gold, and to raise the rate of
interest on a plea of such a very questionable cha-
racter. Thus far, however, we have been treating
of our monetary position only, as far as the three last
returns of the Bank of England extend, i. e., to
the 12th inst. From that date, however, up to the
present time, we have been receiving considerable
balances in trade, in addition to a large supply of
bullion from the gold producing countries, The
imports of gold from the 12th inst., up to this day,
are as follow :

BRAZIL.
N0v.15, per ship Severn £lo,ooo

AFRICA
„ 15, „ Faith .

PORTUGAL.

G,OOO

17 17, 1/

Iberia - ... 10,000

WEST INDIES.
!, 181 „ Solent 211,306

UNITED STATES.
„ 13, „ Asia
„ 20, Niagara
„ 20, „ City of Manchester 26,600

Total Imports. 471,906
Deduct Exports 150,900

£321,906
Here, then, we have another surplus of imports
over the exports of gold, which makes the total
increase in our stock of bullion for the period of
the three weekly returns, and up to to-day, no less
than 1,343,1661. When, in additionjto these large
importations, which will be followed by still larger
arrivals in quick succession, we consider the
large stock of bullion actually held by the banks,
and the vast expansion which has taken place in
the active metallic circulation of the country, we
cannot help repeating our astonishment, and the
utter shallowness of the reasons assigned as an
excuse for demanding the present high rates of
diseoinit.

The Banks of New York have beeu trying their
maiden-hand at the Threadneedle-street policy, in
contracting the circulation and exacting enor-
mously high rates of interest for money, in the face
of a continuous influx of bullion. And mark the
results, as we find them detailed in the advices
received by the Niagara. We extract the follow-
ing from the New York Economist ;—One or two
failures have occurred, viz : Leggett and Co., paper
dealers, under advances to manufacturers. H.
Dwight, banker and broker, under advances to
western railroads. Mathews, Finigan, and Fox,
under advances for sugars, connected with Diamond
and Co., refiners, Bristol, Rhode Island. All these
failures, with the exception of Diamond and Co.,
are directly chargeable to the misconduct of the
banks, in ruthlessly and causelessly making money
scarce; or, in other words, by sounding alarm, en-
gendering indisposition to lend. Mr. Dwight,
from his own resources, had nearly built the
Chicago and Mississippi Railroad, to the extent of
1,500,000 dollars, when the stringency caused by
the banks occurred. The misconduct of the banks
has, in a time of real prosperity cost the merchants
vast sums for discount, and been the ruin of
others. Many merchants have been compelled to
resort to neighbouring cities for discount, raising
the rates for money there; and as the pressure
spreads, some up-river banks, after having dis-
counted city paper, sent it back into Wall-street,
and sold it at a heavy shave. At the same time,
the city banks have rediscounted paper for some
Western banks.

THE great and primary demand of the age is
Education. From every hamlet, village, town, and
city, the cry ascends—" Education ! Education !
Education !" Those who formerly were wont to
laugh at the idea of instructing the masses, now
acknowledge their folly. Even our Rulers them-
selves, who heretofore have been indifferent on the
subject, now possess faith in its efficiency, and
think it not beneath their dignity to descend from
their social positions to discourse before rough
artizans on the:wonders of Science and the beau-
ties of the Poets. Surely, such sights are most
extraordinary in Aristocratic England ! Neverthe
less they augur well, and bid fair for a happy and
glorious issue.
Within the past week two important meetings
have been held in the North. At Birmingham, Sir
ROBERT PEEL has been addressing some six thou-
sand persons on the necessity that exists for our
people being well instructed in the principles of
Science and Art; whilst at Manchester, at the inau-
guration of the new " Salford Mechanics' Institu-
tion," public men, of eminent learning and ability,
possessing various shades of religious faith and
political opinion, have lent their presence and con-
ferred their advocacy.
Of course we are aware that those institutions
are far from being perfect. Still this fact is no
argument against their adoption. Perfection must
necessarily be the work of time. " Rome was not
built in a day." And the evils and deficiencies now
observable can only be remedied gradually, just as
opportunity permits or necessity requires. All young
institutions are more or less imperfect, like most
other things. Nations, no more than men, arrive
at maturity all at once. And even the defects ob-
servable in our public institutions must be regarded
rather as favourable omens, and as necessary to
their future progress and efficiency, just as a
child, on first learning to walk, meets with defeats
and accidents, which tend all the while to strengthen
its muscles and aid the development of the human
being.
The great defect of Mechanics' Institutions is,
we apprehend, the want of a regular systematic

course of instruction. " Flash "lectures are . excite
the pro-
ductiveof very little benefit. They only
the mind without informing it. A knowledge of
first principles should first of all be instilled into
the minds of the people, otherivise lectures will
prove ineffective. It must be remembered that the
material to be wrought upon is rough anduncul-
-tivated, and that it can only be improved by being
subjected to a regular course of progressive
training.

Had our public schools been of a higher charac-
ter, and the system of education adopted more
efficient, mechanics would be the better enabled
to profit by the institutions now being established
for their benefit. Herein, America has decidedly
the advantage. There a very extensive plan of edu-
cation is in full operation, of which almost every
child takes advantage. A taste for reading is
engendered, and the means of gratifying so lauda•
ble a desire is abundantly and cheaply furnished.
Every one who is able to read purchases a news-
paper; and by this means general information is
obtained upon almost every subject ; whilst an
enlarged capacity is imperceptibly induced for a
more extended knowledge. American statesmen
are too well convinced of the value of education to
place the slightest barrier in its way. Hence, they
would not be guilty of so fatal a policy as to affix
impoSts upon newspapers, or aught else that would
facilitate the mental development of the people.
The consequence is, that America is fast becoming.
a great and mighty nation—and the character of
her citizens for intelligence, industry, and morality,
is universally known and justly earned.
The PRINCIPAL of Owen's College, Manchester,
in his recent speech at the Salford Mechanics' rn-
stitution, alluding to these facts observed :—" I re-
joice to think that • the example of America is to
give an additional impulse to the demand for edu-
cation in this country; and if the kind of alarm
which resulted from the people of England being
told authoritatively that there was great risk of the
Americans getting ahead of us, in the competition
of their manufactures and trade, by getting ahead
of us in education, had the effect of stimulating the
English to improve popular education here, I
should rejoice to see it done ; but it seems to me,
that what was called education might be marked
out as comprising three different objects, provid-
ing the means of information ; or, giving informa-
tion, or instructing in principles. Now, what
America really is remarkable for was, providing
the means of information. The general diffusion
of the knowledge of the letters of the alphabet is
the most striking educational fact concerning
America; and, along with that, the easy access to
newspapers kept the minds of men continually
fed, and continually awake ; and theirs is a con-
dition of society in which curiosity, and the sense
of their own interest in the mAtters in question,
from the great variety of action, and the openings
to individual enterprise in society, which stimu-
lated men to acquiro the information accessible to
them through cheap books and the public press.
My present conviction is, that there lies the one
great superiority of America. I believe that, by
their primary schools, they very widely diffused
the means of information, the art of reading, placed
within every one's reach ; which, followed up by
the great popular informer, the daily or weekly
press, gives a certain unquestionable superiority to
America."

It has been said, and truly, that the working
classes of this country do not know how to
amuse themselves, and possess no desire to rise
above their ordinary positions. In America, and
other countries, this is not the case However, it
is well to 1:10 dc.ficione; no, +l,,f
we may be enabled to remedy them. Many causes
have contributed to such a lamentable state of
things, the chief of which, doubtless, is
the very indifferent system of education
provided for the people. Whilst we have
been grumbling about the plan of education
to be adopted fighting for straws, and ban-
tering about trifles—our friends at the other side
of the Atlantic have been vigorously at work irh-
proving themselves in the knowledge of Science
and the arts of life. The result is, that America
has become a rival nation, and that prosperity and
renown are the guerdons she has won.

We would recommend the formation of classes
in every Mechanics' Institute for instruction in
reading, writing, arithmetic, grammar, geography,
&c., &c. It would likewise be of great utility, pro-
vided competent lecturers were engaged, to give
systematic courses of instruction on such branches
of Literature, Science, and Art, as may suit the
capacities of ordinary minds. The plan now gene-
rally pursued is very erroneous, and can be pro-
ductive but of slight advantages—and these must
necessarily be confined to the most literate and
best informed.

There can be little doubt but that our Rulers,
by-and-by, will perceive the absolute necessity
that exists for a more extended and better system
of National Education for the people; and that,
moreover, they will remove those unjust and
iniquitous imposts which prevent the masses
from being able to procure cheap newspapers and
cheap literature. Look at Liverpool with
a population of some half-a-million inhabitants.
Why not one single male, at least, should be with-
out his daily newspaper, otherwise he must remain
ignorant of the world, and of the mighty move-
ments which are continually going on therein.
The proprietors of the NORTHERN DAILY TIMES
have tried to fill up a positive want—to meet an
acknowledged requirement—but the desideratum,
great as it unquestionably is, does not extend as
far as is desirable. Although we have considerably
cheapened the price of newspaper intelligence—
adopted a high moral and intellectual standard—
and aimed at cultivating as well as instructing the
minds of our readers—still the number of our
supporters must needs be few compared with the
great bulk of the population, owing entirely to the
incapability of the masses to pay even the small
sum of Three-pence. Were but the paper duty
once abolished, and the odious penny stamp re-
moved, the expense would be fully lessened by one-
half; and every citizen, be he artizan or labourer,
would thereby be enabled to procure our paper.
Herein America has the advantage over this
country. But we trust soon to be on an equality,
in this respect, with that growing Republic. Our
Rulers should, long since, have removed such an
impediment in the way of the peoples' advancement.
It was a fatal and impolitic mistake to tax either
the light of Heaven, or that of intelligence ; and
when they removed the impost from the one, they
most assuredly should have pursued a similar
course with respect to the other. But it is not too
late-yet. And we hope that, at the next Session of
Parliament, our CHANCELLOR of the EXCHEQUER
will not lose sight of the matter. This, at all
events, will be one step in the right direction.

ARRIVAL OF THE CITY OF MANCIIESTER.—The screw
steamer City of Manchester reached the . Mersey yesterday
forenoon, after a run of 15 days from Philadelphia. The
City of tanehester left Philadelphia on the sth, and has
brought on freight $103,000 in specie; also about forty
passengers.
MUNICIPAL ELECTION IN SALFORD.—On Saturday, at
noon, Mr. Nathaniel Shelmaine merchant, Greengate, Sal-
ford, was declared by the presiding officer to have been duly
elected .councillor for Trinity ward, in room of Mr. Mars-
den, elected alderman.

THE COURT-.

WINDSOR CASTLE, SATURDAY,
,Nov. 19.—Her Majesty,
accompanied by her Imperial Highness the DuChess of
Brabant, took a drive this morning in the environs of
Windsor, in a pony phaeton.
His Royal Highness -Prince Albert, accompanied by his
Royal Highness the Duke of Brabant, went out shooting in
the covers of Windsor Forest.

The Duke of Cambridge arrived this afternoon on a visit
to the Queen.

The dinner party this evening included the Duke and
Duchess of Brabant, the Duke of Cambridge, the Count
and Countess Gustave de Lannoy, the Lord, Lady, and
Maids of Honour in Waiting, and the Equerries in waiting
to the Queen and the Prince.
It has been stated that the Court will leave the castle for
her Majesty's marine residence in the Isle of Wight on
Tuesday next. This is incorrect ; the departure will not
take place till several days later, though the precise day is
not yet fixed.—Observer.

On Saturday, the Peterhof, Dwyer, from St. John's, New
Brunswick, ' arrived at this port with. loss of main-mast,
mizen, and top-mast, and otherwise. damaged. The acci-
dent occurred in lat. 45. 55. lon., 44. west, through a sudden
squall.

ROYAL AUSTRALIAN STEAM COMPANY.—An adjourned
meeting of the Royal Australian Steam Company took
place on Friday afternoon, when the result of the ballot on
the late election of directors was declared to be by a large
majority in favour of the parties then selected.
THE GOLDEN AGE," AND THE AUSTRALIAN MAILS.—
The following letter addressed to the editor, appears in the
Globe of Saturday evening :—" Sir,—To the surprise of
many, the " Golden Age," steamer, is not announced in the
" Post Office Daily List," to take a letter-bag to Australia.
Surely a steamer of 1,000 horse power ought to be deemed
worthy to carry at least a ship letter-bag. I am Sir, yours
respectfully, T. N."

The lia)izburgh. News states that the Emperor of Russia
has declared to the different courts that no negociation or
mediation can meet with attention on his part, until the
Turks have recrossed the Danube, and the Sultan withdrawn
his declaration of war.

"IN SEASON, OUT OF SEASON."—It is a singular fact that
emigration still continues, and that numbers of the rural
population are leaving the country, apparently regardless of
the severity of the weather, and the perils of a winter
voyage across the Atlantic. The number of emigrants for
Australia is steadily increasing.
STIRRING AT ST. PETERSBURG.—A letter from St.
Petersburg, in the Voss Gazette of Berlin, states that all
troops in the vicinity of the capital have been ordered to
keep themselves in readiness to march at a moment's notice.
On the 3rd the Emperor reviewed the regiments of the Im-
perial Guard, 18 battalions of infantry, 20 squadrons of
cavalry, and 6 batteries of artillery.
MR. G. V. BROOKE AT TEE AMPRITHEATRE.-011 Saturday
evening the eminent tragedian, Mr. G. V. Brooke, closed a
highly successful engagement of three week's duration.
The piece selected for his final appearance was the well-
known tragedy of Richard the Third. Mr. Brooke's deline-
ation of " Gloucester" was a powerful and highly-finished
performance. He was twice called before the curtain, and
at the close of the piece he came forward, and delivered the
following address, from which it seems that he contemplates
again appearing before a Liverpool audience previous to his
departure for America :

1‘ Ladies and Gentlemen,—Fatigued as you see I now am,
I cannot forego this opportunity of expressing my heartfelt
gratitude at the very liberal patronage my engagement in
this town has met with.. Before I sail for other lands, I
hope ere long, again to have the honor of appearing before
my Liverpool friends. In the meantime I now respectfully
and gratefully say farewell." (Loud cheers.)
A CLERGYMAN IN THE INSOLVENT COURT.—On Satur day
in the Insolvent Debtors' Court, an application was made on
behalf of the provisional assignee in the insolvency of the
Rev. Theodore Williams, vicar of Hendon, for leave to con-
cur in the sale of the advowson to the Duke of Portland:
The purchase money was £8,400, and the sale took place
at the instance of the trustees of the insolvent's marriage
settlement. The living had been sequestered. An order
was made accordingly.—A further application was made in
the same case, on the part of the provisional assignee, that the
Bishop of London might be ordered to furnish an account of
the proceeds of the living since the period at which it was
sequestrated. An application had been already made to the
bishop, but the information rendered was not deemed suffi-
cient. The matter stood over for an affidavit of the bishop,
when the rule will be granted.
THE MURDERER Moms. —The four children of this
wretched culprit, and two other relatives had an interview
with him on Saturday morning. The scene was painful in
the extreme, and Mobbs was more affected on this occasion
than hitherto when his children have visited him. After
the usual time allowed by the rules of the prison, the
afflicted children (who were convulsed with grief) and their
relatives were shown into a room, where they remained for
a short period, and subsequently left the prison in the same
way they came. A crowd was waiting outside, to catch a
glimpse of them as they passed. Mobbs listened with the

thanked him and" the governor when they separated. The
condemned sermon was preached yesterday morning, by the
Rev. Mr. Davis' the chaplain of the gaol. The execution
will take place this morning, in front of the gaol of New-
gate.
ALARMING ACCIDENT AT THE ROYAL AMPHITHEATRE.--
A few minutes before the commencement of the perform-
ances at the Amphitheatre on Saturday evening, a young
man, named Connolly, who was in the gallery with his is-
ter, fell over into the pit, alighting on one of the forms.
The house was nearly filled at the time, and, as may well be
imagined, the accident caused the greatest consternation in
the building. Almost miraculously, the young man was not
at all hurt, although it was expected that he would have
been killed, as the distance he fell is very considerable. Mr.
Copeland, the lessee, was promptly on the spot, and Con-
nolly, who was a little stunned, was conveyed to the shop of
Mr. Sutton, chemist,lat the corner of Queen's-square, where,
on being examined, it was found that he had sustained no
external injury. In a few minutes he again entered the
theatre, and witnessed the performances. We understand
that at the time the accident happened Connolly was in a
state of intoxication.

CROLERA.—Tnn GUIDING STAR.—At the weekly meet-
ng of the Belfast Board of Guardians on Thursday last, Dr.
M'Gee inquired if he thought it would be advisable to allow
one of the passengers of the Guiding Star, who had been in
hospital and was now in good health, to go to Liverpool, as
he had expressed a wish to that effect ? Dr. Reid saw no
objection to the person referred to leaving the house, as he
was in good health, and his clothes had been freely fumi-
gated. It was then arranged that the person should be
kept in the workhouse until the sailing of the first steamer
for Liverpool, when he should be put on board. The master
mentioned that some of the passengers in the work-
house had a considerable sum of money in their
possession, and others had none at all. Mr. Murney said
he had no doubt that when the poor passengers were able to.
leave the workhouse, a sufficient sum would be provided to
defray their expenses to Liverpool, in case they wished to go
there. In reply to an inquiry from the mayor, Dr. Reid
stated that there had been no case of cholera outside of the
workhouse in this town since the arrival of the passengers
belonging to the Guiding Star; nor had any person con-
nected with the workhouse or hospital been affected with it
during that time. Mr. M'Gee said that was a most im-
portant statement, and should be known by the public.
ALLEGED ROBBERY OF £I,2OO.—CURIOUS CASE.—On
Saturday evening, information was given at the police-office
by a man named Peter Ball, residing at No. 7, Wilton-
street, and who keeps a fruiterer's stall in St. John's Market,
that his house had been broken into, a box forced open, and
the large sum of £l2OO stolen therefrom. Ball stated that
the sum was all in Victoria sovereigns, some wrapped up in
brown paper, more in writing paper, and that it was made
up in twelve parcels, each containing 100 sovereigns. He
also stated that an entrance had been effected into his house
by parties getting over the batik wall, into the yard, then
breaking a square of glass, and by this means raising the
window, and getting into the house. The money, was
stated to be in a box, the lock of which was picked and the
rich prize carried off. Some bundles of wearing apparel
were also found tied up, but not removed, and the robbery
was stated to have been committed during the absence of
Ball's daughter, who had left the house at six o'clock to
take her father and mother's tea to the market. She re-
turned home about Oven o'clock, and then found that the
robbery had been committed. Immediately on information
of the robbery being given, several of the detective officers
were despatched to the scene of the alleged robbery. A cri-
tical examination of the premises at once satisfied the officers
that professional thieves had nothing whatever to do with
the robbery; and if robbery there had been it must have
been committed by some one belonging to Ball's household,
This surmise was confirmed by the fact that the window by
which the entrance was alleged to be effected had been bro-
ken from the inside, the glass falling outwards rather than
inwards, which would have been the case had the window
been broken from the outside. A minute search was then
instituted, a sum of £3OO in sovereigns was found concealed
in a cradle, and after a further search an additional sum of
£6O was found in the ashpit, making altogether £360.
From inquiries instituted by the officers it was then ascer-
tained that Ball and his wife had had a dispute in the early
part of the week, and from the nature of Mrs. Ball's remarks
they were led to believe that no robbery had taken place,
unless she and her daughter were parties to it, It is also
believed that the sum actually taken is far below the amount
stated by Ball to have been taken from the box.

PROGRESS OF COMMON SENSE.—The Irish tenant-righters
are evincing a judicious moderation. Mr. Sergeant Shee
has addressed a letter to the Dublin Evening Post, referring
to the "Tenants' Improvement Compensation Bill," as
altered by him for the purpose of embodying the principles
of Mr. Sharman Crawford's bill. The Sergeant says :
" It is our duty to assist, by all the means at our disposal,
in passing a good measure for the settlement of a most
difficult question ; and there is no mode so likely to effect
this object as to avow our readiness to accept as much of
the government proposal as we honestly can—and prepare
for the discussion of such amendments to it as are essential,
by freeing ourselves from the encumbrance of those details
which have hitherto been much more serviceable in debate
to the opponents of land reform, than to its friends."

MONETARY AND COMMERCIAL.
LIYEIIPOOL, FRIDAY EVENING.

By the steamer Niagara, we haVe had advices
four days later than those received by the Glasgow,
on Saturday, in which we have a telegraphic
despatch from-our New York correspondent down
to the 10th instant, which is the latest American
intelligence that has reached Europe, and which
the commercial community cannot fail to appre•
ciate. The advices brought by the Niagara state
that the money market was easier.
The market for foreign bills for the Niagara
steamer opened at a decline, and first-class names
were had at 1091 to 109',1„ A leading banking
house drew freely at 109'4.. Mercantile bills, on
current produce, shipments, 108 i to 109. No specie
engagements were talked of for this packet. The
telegraph had reported $2,553,000 as having left
San Francisco by the two steamers of the 16th ult.
These shipments in early prospect; the easier con-
dition and steadier, discount column of the banks,
and the state of the foreign exchanges, will all
contribute to a more 'favourable feeling in money
circles counteracted, however, in part by the
county failures which more or less touch this city.
The name of the Buffalo produce house telegraphed
on Saturday as being in trouble, is Lucius H. Pratt.
His liabilities were said to be $200,000.
The failure of the Patchin Bank, of Buffalo, had
also been announced. It. is an individual banking
association, owned by Mr. A. D. Patchin and his
ain. The circulation—slls,ooo—secured by $56,000
in bonds and mortgages ; $27,000 New York, and
$29,000 United States stocks, and a cash deposit
with the Comptroller of $10,500, making together,
$117,500.

On the arrival:of the steamer Franklin, a further
reduction took place in flour, which was less in-
fluenced than. wheat. The continued high freights
to the Continent of Europe, and to the East, had
checked the buoyancy and limited the transactions
very considerably. The great stringency in our
money market compelled many holders to sell
freely on arrival, and indeed there was little dispo-
sition apparent to store flour at the very high prices,
and we notice more desire to sell for forward deli-
very, but not so much inclination to purchase by
shippers at the extreme prices demanded. These
remarks apply more particularly to December ; for
this month a fair business has been done at $6 81i
to $7, and for the first 20 days in December, some
2,100 brls. have changed hands at $7, With respect
to Cotton the New York papers say :—" The
accounts of killing frost require more confirmation.
The Southern markets do .not respond to any in-
jury done. A frost has occurred, however, through-
out the cotton growing states, but our correspond-•
ents do not note that it has been of so injurious a
character, except in some few localities, as to check
the production• of the plant. These reports have
had their influence on this market, which during
the week has continued steady, upon the previous
week's advance. Sales for the last six days, as de-
clared are 8,453 bales, divided as follows : for ex
port, 1,712, speculation, 2,564, home use, 4,177
bales. The advices per steamer Africa, at hand
this morning, have produced no favorable effect
upon the market, the sales being but 545 bales, of
which only 70 bales were for export."
The freights to Europe had receded, but subse-
quently, with more offering, the rates improved,
and tended upwards. To the Continent there has
been a material advance, particularly on Flour,
with a large supply offering. To Liverpool-18,000
bush. wheat at 13d ; 35,000 bbls. flour at 3s. 6d. ;
300 bales cotton at id.; 800 brls. rosin 4s. 6d. ;
1,500 boxes cheese at 50s. ; 54 hhds. tobacco at
425. 6d. To London-105,000. bush. wheat at
15d. to 16d. ; 25,000 brls. flour at 4s. 6d. to 4s. 9d.;
A complete revision of the American tariff is
talked of; and we shall notice this subject in a
future number.

The City of Manchester also arrived in the
Mersey to day from Philadelphia, and the Hermann
at Southampton, from New York. The Niagara
brings 104,000 dollars, and the City of Manchester
113,000 dollars on freight.
_

The London . Stock mar3iet was less anima-
ted yesterday. In the business done
however, the public show an increase
of confidence, and the market closed very
firmly. Consols 95 to 958. Three and a quarter
per cents 958 to 964. Bank Stock 217 to 218.
Exchequer Bills ss. to Bs. prem.
In the Foreign House the 'efforts made to keep
44,---1„„ „a_ Prigsian_,Stocks___thua vila_s:
proved successful. Xlie closing N
Russian 111 to 113. Mexican 24 to 24k. Spanish
46i. Passive ditto 4B- to 4-1. New deferred ditto
24 to 24-1,

The Railway and other shares were in universal
demand. The closing quotations will be found in
another column. • •
In the London Produce Markets business closed
heavily In foreign sugars there was less doing
owing to the shortness of stocks. Brown Bahia
was quoted at 20s. 3d. to 20s. 9d. For refined sorts
the demand had increased. Good brown samples
were quoted at 445. Coffee continues in fair de-
mand. Native Ceylon, 465. to 465. 6d. Plantation,
555. to 60s. Teas are more in demand. Ordinary
Congou, is. lid. to is. 2d. Other sorts, ls. 2td. to
2s. 6d. Rice was less in demand. The quotations
were, Bengal, 14s. 9d. to 16s. Pinkey Madras is
quoted at 13s. 3d. to 13s. 9d. Cotton continues
quiet and firm. The demand for Tallow has abated
considerably. Fine P.Y.C. 575. 3d. to 575. 6d. on
the spot.
_ _ _

The state of Trade in Manchester is not satis-
factory. Since Thursday there has not been any
material alteration in the market, for either yarns
or cloth. Prices in both branches generally, have
not•recovered any of the decline which they have
sustained for some time ; on the contrary, they are
again to-day in buyers' favour, while stocks con-
tinue to accumulate, the purchases that are made
being both few and small.
The Manchester Share Market begins to • show
symptoms of re-animation. Midlands were quoted
62i. South Eastern and Dover, 18 9-16. Manches-
ter, Sheffield, and Lincolnshire, 3-16 premium.
Manchester and Salford Bank, 4 premium.
The Liverpool Cotton Market closed without
any change from Friday. The sales are 5000 bales,
1000 being for export and speculation.
Our Share Market opened fiat, but speedily ral-
lied, and closed very strong at our quotations for
Saturday, which will be found in another column.