The Northern Daily Times.
Liverpool, Merseyside, England, 1856-07-29 00:00:00

cent-011,s a large cht

cti:l

Tilts DAY. the rz 9th instant, at Half-past One o'clock, at Golding
_and Nath's Saleroom, Corn Exchange, Brunswick-street,
400 Barrels Splendid Sour p LOUR, St. Louis's brand,
now landing ex Emily A. Hail, from New Orleans.---soply to
J 0 lIN TO LINSON & SON, Brokers.

uts DAY, the 29th instant. at Half-past One o'clock. at Golding
and Nash's Sa,eroom, Corn Fxelange, Brunswick-street,
About 2380 Bags Supe'fi e Smyrna FLOUR, -
Arable for , izi g aod manufac,nring purp sea; now landing ex
Tortl.umb,rla,id, from Constantinopie, east side K pea D,ck.—
irpty to Messrs. Whittal!,
JO Lenox and Co.,
NSMerchants, or to
JOHN TOMLION & sON, Brokers.

Apply to

THIS DAY

THIS DAT, the 29-h instuat, at Half past One o'c:ock, at the
Commercial Saleroom Temnie-court,
20 Firkins HOGI' BLADDEELS, in salt.-
ex Atlantic, from New York.—Apply to Messrs. A. F. & Pt. Max" el,
Merchants, or to WILLIAM GARDNER & CO., Erokers.

Tuts DAY, the 29th instant, at Half-past One o'clock, at the
Commercial Saleroom, Temple-court,
234 Hoxes Ameritan CHEESE,
just arrived ex Atlantic from New York.—Apply to Messrs. Bowman,
Grinnell and Co„ Merchants. or to
WILLIAM GARDNER & CO., Brokers.

Tilts DAY, the ';9 h instant. at Half-past One o'clock, at the
Comm.rcial Saleroom, Temple-cou t,
About 800 Boxes American BA CO N.
Apply to Messrs. Fielden
W BrothersMerch &ants or to
WILLIAM GARDNER CO., Brokers

THIS DAY, the 2)th instant, at Twelve o'clock, at the Brokets'
Office, Lancaster-buldiugs,
100 Tons fine well grown VALON IA (Aidln quality),
ex Teneriffe (s.s.), from Smyrna.—Apply to Messrs Geller and Co.,
Merchants, or to GOnDON & co., Brokers.

Tars DAY, the
and Nasies --
About 1000 Barrels FLOUR,
ex Washington, from New York.—For particulars apply to
J. &111. HARNETT, Brokers

Commercial Saleroom,
112 Casks Spanish BUTTER,
now landing ex Rita, from Santander.—Apply to
GEORGE BADENACH & SON, Brokers

hall. wine and beer cellar. The ground floor contains dioing room,
abort. 24 f et 6 ,nches by 18 tent 6 inchei ; draw ngrootn, .27 f..et 6

inchewloy 16 feet 6 'mit 4s, communicatin c t

second drawl g room, IS feet 6 ineh.s by 18 feet 6

good butlei's pantry and store room ; first Boor contains library same
size as-dining room, with two spacious bedrooms and two dressing-
roonzi, bathroom, water closet, &c. ; s..cond floor r ontains three

large and one small bedroom. wl,ll two dressing rooms; on the third
floor are three large servants' rooms. The carpets, cornices, and
chandeliers, &c., may e taken at a v dilation. it required.—Further
particulars and orders to view the premises m.y be had at the c ffice
of Air.* 3. Waterhouse, 4, Derby.? quare.

Rs, J. NODDER,

RATTER,

't3 respectfal.

that his N ENV S fYr,&:S

wipection

g doora wi h

81, CHURCH-STREET,

le Nobility and Gentry of Liver.
r the Season are NOW READ

,GtITTLENIEN'S

SUMMER

CLOTHING

P. L. MACTAGGART

24 and 2 6

BOLD-STREET

SUMMER C

'OATS

`IfiIJNIMER OVERCOATS

THIS DAY, the 29'h instant, at Half-past One o'clock, at the
Commercial Saleroom, Temnie-eourt.
50 Hogsheads American SHOULDERS,
WILLIAM GARDNER & CO.. Brokers

SUMMER WATERPROOFS

SUMMER DRESSING GOWNS

SUMMER DRESSING COATS

THE ?RICH OF TIM

NORTHEI

D AJL

THIS DAT, the 29th instant, at Half-past One o'elock, at the

NOW TO SUBSCRIBERS

E4e _?;).ottijrn ((rimpr3

TIMES

IN- ADVANCE

,ctsntion is respectfu

men*, and parties livin

On account of whom it may concern.
29th instant, at Half-past One o'clock, at Golding
Ell

acts of lawless violence, may rest assured that
they are never forgotten or forgiven by the people
of Great Britain. Law and order have two sides,
and this reactionists will be given to understand,
if humanity be too frequently outraged in the
light of day, under any pretext. Meanwhile, will
the Moniteur guarantee the safety of the 57,000,000
of reals which were in the Treasury of Madrid,
when O'DONNELL employed force to expel an
honest statesman from the Court, and butcher
the people who fleclared against ESPARTERO'S

eviction from office ?

THE attempts which have been made to establish

large discount concerns on the joint stock principle
in the Metropolis, has proved eminently successful.
The capital required has been provided with a
degree of alacrity seldom witnessed in these days
of commercial caution. But it is difficult to con-
ceive what the public at large are to gain by the
application of two or three millions of the same

means we now have, to simply discount purposes
in the hands of a company. If the new concerns
are to come into the discount market as the honest
competitors of the existing banking houses, and
undertake to supply merchants and traders with
legitimate accommodation, at a fair mercantile rate
of interest in moments of pressure, then, indeed,
they may be hailed as the benefactors of com-

But, if they have been induced to raise a
certain amount of capital, for the purpose of secur-
ing to thcmnclve a share of the large profits
realised by discounters when usury is rife, we
fear that, unless they have some other descrip-
tion of banking business to fall hack upon,
they will be grievously disappointed. The present
prospects of the discount market are anything but
encouraging to those who look for a large demand
or an increased rate of interest for money.

merce

With the war the pressure it created has wholly
disappeared, and it is almost impossible to believe
that anything like a natural demand for gold can
keep pace with, much less Exceed, the increased
quantity produced. If bullion is to regulate our
currency and all other monetary matters, the
average rate of discount for the next five years
will scarcely leave a profit on a large capital em-
ployed in the purchase of commercial paper.
Should the average reach 3i per cent., it will be
owing to some political difficulties or material
derangements which cannot be foreseen ; but, after
the next five years have expired, who will pretend
to guarantee an average of 2 per cent., or that we
shall not be protesting against 3 per cent , as an
unpardonable high rate of interest, on comparing
our bullion reserves and general condition with
those of the present time ? We have never
advocated a ruinously high rate of interest at one
time; and then a ridiculous low rate. We would
rather see a uniformly fair commercial rate of dis-
Count fixed by law, at once, but this cannot be
done, and, therefore, we are left to look forward
for ourselves, and endeavour to form a correct
opinion of what is before us.
Now, if some hundreds of square miles of prolific
cotton and corn fields were suddenly added to
those from which we draw our supplies, we know
what we should have a right to expect as to the
value of the stocks of cotton and breadstuffs on

hand ; and when we consider the increased pro-
duction of gold, which is taking place both in
Australia and California, we cannot be much at a
loss to understand what must follow, as a natural
sequence, in the value of money. The demand
for the precious metal has, thus far, been

sufficiently active to prevent any inordinate accu•
mulations in this country, but where we find the
production equal to the demand, which must ofneces-
sity decrease in some degree, while the gold fields
must, on the other hand, be worked continuously
and vigorously, there can be no reasonable doubt that
we shall, within the next five years, witness a very
low average rate of discount; and what the value
of money in the discount market may be after that,
would be impossible for any one to predict. Our
Bullion and Banking laws were not devised to

meet the exigencies of an over-production of gold.
In adjusting the standard of value, a permanent
settlement of the debtor and creditor question

took place, and there is no departing from that
standard, without visiting the debtor interest,

more especially the tax-payer, with a degree of
injustice which would not be submitted to, when

4enerally and

The young discount companies must, therefore,
make up their minds to wed Mammon as they
find him, and share that discount poverty
which has overtaken him in his old age.
We shall hear no more of six, seven, and eight
per cent. discount on commercial bills, unless we
abandon civilisation for bloodshed, and allow the
available means of industry-to be swept away from
us by every passing wind. Nor do we think that
under these or any other circumstances that
widen. the six, seven, and eight per cent. discount
circle, would at all benefit the trader. Men in
credit can always get money now if they will pay
the market price for it, and to give us the benefit
of a more uniform level, such as would not press too
heavily on the country when the State draws
deeply on the trader's till, we require a large
additional amount of circulation—legal tender—
increased means of converting produce into

currency wherewith •to discharge debts, and pay
wages and taxes. The new Discount Companies
do not propose, or pretend to make the neces-
sary addition to our available means, and we are
inclined to believe that the commercial com-
munity will be quite as well off in the
hands of their present hankers and bill brokers,
who will probably treat them more liberally in the
long run• The discount companies were designed
evidently to do good, Tut what commerce wants
is moromoney—circulation—to keep the rates of
interest from rising to those high and exorbitant
extremes from which our new discount deliverers
must look for a profit.

THE NORTHERN TIMES.---LIVERPOOL,

iIeMOMOVAS.,=9IB,3IOC,.VSM,JI.OIM,IEW IaTMW.TftII3

punishment for 20 years, and the fourth to 10 years
hard labour.

♦
PORTUGAL.

By the steamer Braganza, which arrive(

yesterday, we have news from Lisbon to the 22n
instant. From this, we learn that the Potnou
steamer Donna Maria 11., whose maehiner3,

down at Cape de Verde, on the way to Brazil, hos
lately arrived at Lisbon, to which port she had
taken hack her cargo and part of her passengers

The British steam transport Hobert Lowe, with
part of the Land Transport Corps from Balaklavo
had put into Lisbon on the 21st inst ,to coal.
The Peninsular packet• Madrid, from Southamp
ton, landed her mails and passengers at Lisbon or
the 21st, at nightfall, but to avoid further corn
munication, would take the cargo on to Gibraltar

aryl deliver it upon her retnrn, hoping thus to get
free pratique at Cadiz and Gibraltar.
The country was perfectly tranquil., and no fears
were entertained of its imitating the commotion

in Spain.
The following is a translation of the King of
Portugal's speech upon closing the Cortes at Lisboa
on the 19th inst. :

" Worthy Peers and Gentlemen, Deputies of the
Portuguese Nation,—At the moment of closing tho
session, the last of the Legisiature, I have again
come to testify how much I appreciate being in the
centre of the national representatives in order to
signify to you my satisfaction at the z 3al you have
manifested in the fulfilment of your important
legislative functions. The causes which gave rise
to the change of Ministry at the beginning of June
are well known to you. Convinced that increased
facilities of communication by means of good roads
and

of railroads is now as imperious a necessity as
as always of the highest convenience, you did
lot hesitate to vote the supplies which my Govern-
ment proposed for that object. I thank yon.
ind trust that my wishes and your own will

e fulfilled by the uninterrupte-d progress of
- -

public works, upon the largest Possible
scale, in order that the country may it. the
shortest possible period enjoy the immense
benefits resulting therefrom. The harvests this year
do not promise to be better than the last. I hope,
however, that from the measures you have adopted
to attenuate the evil, and above all, by favour of
Divine Providence we may be enabled to pass the
ordeal without seriously suffering its terrible con-
sequences. I deeply deplore that the cholera
morbus should have again afflicted the capital and
other parts of the kingdom. It however continues
to diminish in gravity, which fortunately never
became very alarming, and every care has been'
and still is, taken to diminish its ravages by the
prompt succour of those requiring it. It is pleas-
ing to me to announce to you that the public tran-
quility has been maintained in all points of the
kingdom.
" Worthy Peers and Gentlemen, Deputies of the
Portuguese nation,—l at fully assured that during
the interval of your Parliamentary labours, you will
still continue to render most valuable services,
fortifying the people in the. spirit of conciliation
and tolerance, and in respect and obedience to the
Paws
The session closed on the 23rd inst.