The Northern Daily Times.
Liverpool, Merseyside, England, 1856-11-10 00:00:00

MO NDAY.

POPULARITY OF LORD PALmEnsToN.--Amongst the
crumbs of comfort to be picked up by the great discom-
fited and disunited Conservative Opposition they will
not be able to gather many from the public events of the
week. Lord Pahnerston's presence was one great
ovation in Liverpool, as well as in Manchester. After
the ordeal of carrying on the war with efficiency, and
ending it with honour, the venerable member for the
great Borough of Salford, Mr. Brotherton, could find no
more popular topic than his steady support of the
Government, in the midst of the constituency that has
elected him without opposition, ever since they were
enfranchised by the Reform Bill. In like manner, when
a new candidate, like Mr. Edwin James, has to address a
large and enlightened constituency, like that of Kingston
upon Hull, he finds himself compelled to top the excel-
lent and liberal profession of his political faith, by
declaring his determination if elected to place his
co
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.n thelt
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or
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fives of the people are
a y
othpepoGsiotivoenrnmbyenat,nywictahrpninogt a single class excited into
Surely this is a state of harmony and of general prosperity
and content, which no true Conservative can desire to
disturb.—Observer

.------..--.'lP'.-.-------

vir. m. Hetherington, LL.D., of
who, after a
LECTURE BY DR. HETHERINGTON, IN HOPE HALL,—On
Esq.,
to the
the evening of Thursday last, the fourth of the important
sdeerliievse delivered lbecytutrhees,
Rev.
arranged to be given in this hall, was
Edinburgh. The audience was large and respectable. The
efehwairpwrealstintaikeeanrybyreenaharriskteo,phi
let
trroßdueseheedll,thEes
after announcing his subject
meeting. Dr. Hetherington, ,
proceeded directly to elucidate it. At the conclusion the
chairman threw out a suggestion which, he thought, might
be acted upon with great advantage. He proposed that
half a dozen gentlemen should offer their services gratui-
tously to the public in the way of reading eloquent extracts
from the works of eminent authors. He offered to take a
share in this entertaining and instructive recreation, provided
other five gentlemen would undertake to co-operate with
him. The proposal was received with marks of decided
approbation,

MONETARY AND COMMERCIAL.

LIVERPOOL, SATURDAY EVENING
Although the Persia's advices, received here last
evening, have not added much, if any, additional
information respecting the growing cotton crop in
America, the market to-day was rather firmer, closed
with activity, and an upward tendency. Compared
with the rates quoted in our report of yesterday,
prices of American are a point against the buyer.
The estimated sales are 7,000 bales, of which 2,000
American were taken on speculation. The import
since Thursday is put down at only 5,000 bales.
According to private letters from New York, per
the Persia, it appears that the estimate of the crop
has been generally reduced to 2,750,000 bales,
many persons, said to be well informed, consider-
ing it an impossibility that 3,000,000 bales can be
received into the shipping ports. Now, if a crop
of 3,500,000 bales leaves us with a stock of from
120,000 to 150,000 bales at the end of this year,
what would be the state of the market at the end
of next year, should the estimates of the present
crop turn out correct? We have already seen that
the present high range of prices has not had any
effect in checking the consumption. It is true
that a few spinners have had recourse to short
time, and some have commenced to spin finer
numbers, but, with the increase of new mills, we lo
not think that the consumption of cotton is at all
likely to fall oft. At present" fair" Orleans and Mo-
bile are each one penny per lb dearer than at same
time last year, and Upland a penny one eighth Lord
Palmerston, in his speech at Manchester, alluded to
the supply of cotton,and very properly reprobated the
principle of depending upon the United States for
the same. He promised our Manchester friends
that her Majesty's government were quite alive to
the matter, and would do all in their power to
extend the cultivation of cotton in India and
Africa. This is all very well ; but we must remind
his lordship that many years have passed by, since
it was demonstrated that India was capable of
furnishing to the mother country immense quanti-
ties of this article ; and that the soil and climate
of Africa were such as to warrant the same sanguine
expectations expressed by the noble Premier on
Thursday. Now, if this be so, not only is the
government of Lord Palmerston, but also those of
the late Sir Robert Peel, Lord John Russell, Lord
Aberdeen, and Lord Derby, to be blamed for the
puny efforts which they have made to ensure a full
supply from all our cotton-growing colonies. And
although it may answer Lord Palmerston's purpose,
to tell the people of Manchester that he and his
colleagues will do all they can, to enable spinners
in this country to obtain their supplies of the raw
material from India, Africa, &e. &c., we cannot help
remarking, that " going to die, never fills a grave
yard ;" and that the display of a little more activity
in such an important movement would earn the
gratitude, as it would benefit the social condition of
millions of our working population, aggrandise our
commercial position as a nation, and render us
independent of any foreign country or clime, for
that commodity which affords constant employment
to overwhelming numbers of the operative classes
in many parts of the United Kingdom. Since
writing the above, we have received the following
from a well-informed correspondent -" Accounts
from New Orleans, dated Oct. 28, say that it was
then raining fast, but the market nevertheless active,
with sales of 10,000 bales, at the basis of 11-Ic to 11/c
for middling Market closed buoyant. Freights
and sterling unaltered. At Mobile, yesterday, 27th
Oct., market extremely firm and hardening. Sales,
600 bales at llle for middling of strict grade.
Freights firm at 9-16 "
The Liverpool Share Market to-day was steady,
but the business transacted rather limited, and at
the close of the day, prices were considerably
lower than last evening. The decline in London
and North Western Stock was from Ito ; Midland
Stock 4 to I ; and Lancashire and Yorkshire Stock
to 2 ; Dover to I. We append the closing rates
of the day :-Aberdeen, 12/ 124. Blackurn,
94. Chester and Birkenhead, 15/ 16. Cale
donian, 281 281. Chester and Holyhead, 17_
184- Eastern Counties, 9 1-16 9 3-16. East
Lancashire, 201 201. Great Northern, 2:-”
231. Ditto A. Shares, 10 101. Great Western
641 65. Lancashire and Yorkshire Stock, 93
04. Liverpool, Crosby, and Southport, 18 181
London and North Western Stock, 1021 1021
Manchester, Seffield, and Lincoln, 331 34. Mid
land Stock, 781 781. North British, 9,1- 9/. North
Staffordshire, 51 %-d. South Eastern and Dover,
201 20 15-16. York, Newcastle, and Berwick, 20
204. York and North Midlan(l, 291 294. Leeds
Capital Stock, 171 18/. Buffalo and Lake Huron,
Hp. Dutch Rhenish, 1 lip. Great Western of
Canada, 24 241. Ditto, New Shares, 2 240. Great
Luxembourg, 11
The London Share Market opened with a rather
firmer feeling, but the business done was by no
means large, nevertheless, the few transactions
reported were at slightly enhanced rates. The
business reported comprised Caledonian. 564.
Chester and Holyhead, 354. Edinburgh. Perth,
and Dundee, 33 334 Great Northern, 934. Do
A, 82. Great Western, 65 651. Lancashire and
Yorkshire, 944. London and North Western, 103
1021. London and South Western, 1044 1051.
North British, 37. Midland Stock, 794 781. North
Eastern, 80i 81. South Eastern, 70.
The Money Market continues in a rather uneasy
position, and the movements of the Bank of Eng-
land are watched with great anxiety by the com-
mercial community at large. Under these circum-
stances, although there is rather less demand for
discounts, no change has manifested itself in the
Discount Market which can justify any hope that
a decided improvement is at hand. On the con-
trary, the advices from several parts of the country,
and the variety of rumours afloat touching the
financial ability of important firms and companies
-which, by the way, are supposed to be unfound-
ed-tend to show that increased . apprehension
exists of the pressure becoming still more severe
and disastrous. Such rumours exercise a
mischievous consequence, and it, therefore, behoves
the public to display much caution in their
reception, and particularly in acting upon them, as
no doubt they emanate from interested parties.
W e may here remark that, in some quarters, there
is a more hopeful feeling, owing to the article in the
Paris Moniteur, and the expectation that a million
or a million and a half sterling specie will arrive at
the Bank next week from Australia and America.
It is generally thought that this sum will not only
prove sufficient to meet our immediate export
requirements, but leave a small balance in the
stock of bullion at the Bank of England. Never
theless, the decline in the Foreign Exchanges
creates some uneasiness, inasmuch as in the event
of a further reduction taking place, it is quite
probable that gold, in the usual course, will be
freely exported.
The returns of the Bank of England, as
gazetted last night, are again unfavourable. The
decrease in the stock of Bullion, although small,
shows that the tendency is in the wrong direction,
and that the non-arrival of expected vessels from
Australia begins to exercise a prejudicial effect.
One of the most discouraging features of last night's

Friday

Bank Returns, is decrease of notes in reserve.
Indeed, the other items do not present results
calculated to impart confidence. The following
statement shows the results of last evening's
Returns, when compared with that of the previous
week :
Public deposits £4,713,654 Increase.... £512,370
Other deposits .... 9,912 776 Decrease 131,987
Rest 3,199,836 Increase.... 12,431
On the other side of the account--
Government securities £10.737,841 Decrease £3,004
Other securities .
Notes unemployed .... 2,943,665 Decrease 121,685
The amount of Notes in circulation is £20,536,405,
being an increase of £63,550 ; and the Stock of Bullion in
both Departments is £9,596,327, showing a decrease of
£41,269, when compared with the previous Return.
The Consol Market to-day has been rather
languid, a variety of causes having been in
operation. The business transacted was limited,
and prices favoured the buyer The public
have ceased to operate, but this arises from
the fact, that latterly they have been extensive
purchasers. Consols for the December account
opened at 03, and advanced to 93k; they then
receded to 931, and 9' ; in some instances 94 was
marked up. The closing rate was 93. For Money
the first price was 92-a ; afterwards an advance of
took place, some transactions being effected at 92k,
and, after some fluctuations, settled down at 92a, at
which quotation they closed flatly. The dealings
in the New Three per Cents were quite tame. The
opening sale was made at 92k, then 92, and
afterwards 91i, leaving off at 91/, sellers. Exche-
per Bills (Large) were done at 2s premium, and

small 3s premium. Subjoined are the fluctuations
in Consols during the week :
Lowest Highest Closing
prices. prices. prices.
Monday ... .Money 92,1 931 93t!T
Account 921 931 931
Tuesday ......Money .. 921 931 93
Account ... 921 931 92-7-
Wednesday... Money 921 93 921
Account .. 93 931 931
,Money 92a. 93 93
Account .. 93 931
931
.Money ... 921 92'4 921
Account .. 92 93 93
Saturday ....Money 92 92s 92a-
-93
Account ... 921 93,L
The accounts of the state of trade in the manu-
facturing districts do not vary materially from
those previously noticed in these columns. The
Manchester market has been dull and quiet
throughout the week. The reaction in our Cotton
Market has exercised an unfavourable influence.
Producers, although apparently firm in price, have
to contend against a decidedly drooping market.
The depression is most observable in Yarns, which
have receded fully Id per lb. In the Goods Mar-
ket there is not any perceptible change, but the
demand is slightly checked, and the business going
forward quite inconsiderable. The Woollen Trade
at Leeds has become quieter, and during the week
there were very few buyers at the halls or ware-
houses. The Worsted Trade at Bradford has
manifested a drill tone, but there has been rather
more business doing than for some weeks past.
No change of any moment can be noted is the
Halifax market. The business transacted during
the week has been small, without change in price.
At Leicester, manufacturers complain of a defici-
ency of orders, and are ceasing to make as soon as
those on hand are completed. Spinners are not
fully employed, preferring to work short time to
increasing stock at present prices of wool, although
the markets are firm. The Nottingham Lace
Trade has experienced no change during the week.
The demand for all classes of goods is limited.
The Hosiery Trade remains quiet, but steady. A
fair American demand continues, but the home
trade is very quiet.
The arrivals of the Precious Metals during the past
week have been about 751,0001, viz., 279,000/ from
the West Indies and Pacific, 349,000/ from the
United States, 8,0001 from the NV est Coast of Africa,
15,0001 from the Mediterranean, and 100,0001 from
the Continent, chiefly in silver from Antwerp.
The Bankers' Circular thus returns the imports of
the week :—By the Pera and Euxine from the
Mediterranean, 15,0881; Niagara, from Boston,
64,0001; City of Manchester, from Philadelphia,
12,0001; Parana, from the West Indies, 339,0001;
Rhine, from Ostend, 40 cases bullion ; Pilot, from
Antwerp, 7 packages ; Ravensbourne, from Antwerp,
11. packages ; Seine, from Boulogne, 2 cases ;
Niger, from Africa, 8,0001; and the Baron Osy, from
Antwerp, 24 cases of specie, and 32 cases of bullion.
The chief export has been to the East Indies and
China, viz., 607,9161, of which 36,360/ was in gold,
and the remainder silver; 234,206/ of the latter
metal was for China, viz., 1,000/ to Penang, 118,634/
to Hong Kong ; Canton 48,670/, and Shanghae
67,502/.
The price of gold at Paris is 6 per mille
premium, and the Exchange on London at short
25'271, making gold 0 2 per cent dearer in Paris
than in London. The quotation of gold at Ham-
burg is 424 per mark, and the exchange on London
at short 13 3, making gold 0 7-10ths percent dearer
in Hamburg than in London. The course of
exchange at New York on London is 1091 per cent,
or nominally in favour of England 017 per cent,
which leaves only a small profit upon the impor•
tation of gold from the United States of America,
Monetary prospects are said to be less unfavour
able in the chief cities of the Continent. Although
there has not been any great dimunition in the
rates of interest either at Paris, Amsterdam, Ham
burg, or Frankfort, there is evidently greater con-
fidence than prevailed a few weeks ago. Vienna
advices speak of the more hopeful position of the
Money Market in that city, and assert that the
total amount of specie in the vaults of the Bank
was steadily increasing. It is said that every
endeavour is being made to inaugurate such a
state of things as will warrant the Government
in deciding upon a resumption of specie payments.
Yesterday there was a meeting of the creditors of
Messrs. Fox, Henderson, and Co., at the Court of
Bankruptcy, Birmingham, which resulted in an
arrangement to liquidate the estate under inspec
tion, and a favourable feeling has been exhibited
towards the partners. The accounts as now made
up show uncovered liabilities to the extent of
114,000/., with assets valued at 121,600/. to meet
them. This is a more encouraging prospect than
was at first expected, and, according to the state-
ment of Mr. J. E. Coleman, there is little fear of
the full amount being realised. The balance sheet,
as presented at the meeting yesterday, exhibited
a very different total to the estimates formed of
the engagements of the firm when they suspended,
it then being stated that they involved 320,000/.
The difference, however, arises from the secured
creditors having been kept out of the accounts,
and only those being represented which will
have to participate in the available assets.
As the firm will immediately resume operations,
they will possess the opportunity of retrieving
their position unencumbered by those heavy losses
which have hitherto restricted their operations,
and assisted to depreciate their credit. The
unfavourable results attending the development
of several of their foreign contracts have evidently
been the proximate cause of their difficulties,
which they have struggled hard to overcome
through a period of severe and continuous mone-
tary pressure.
The London Wool Sales commenced on Thurs-
day, when about 2,044 bales of Sydney, Port
Philip, Van Diemen's Land, Cape, and New
Zealand, were offered for public competition.
Fine qualities of Australian combing wools
realise an advance of fully is to is 2d per lb. on
the prices obtained at the last sales, and other
qualities brought about former currencies. The
attendance of buyers, both for home consumption
and for exportation, was very numerous, and the
biddings generally were made with much anima-
tion. The sales close on the 29th instant.
With regard to the Guano trade, we observe that
the Board of Trade Returns, just published, show
the startling deficiency of the imports of all sorts
t 3 be 49,000 tons at 30th September, or nearly 25
per cent less than same time last year, and more-
over an increased export of 12,000 tons, whilst
during October, with such heavy declines, the
comparative stock must be still further reduced at
least 5,000 to 7,000 tons. These facts, therefore,
are ominous for our farmers, for with Peruvian at
13/ and 141 per ton in the United States, we can
draw no supplies from that quarter again ; and it is,
moreover, a striking fact that, while the average
annual import of the United States during
the previous four years was scarcely 90,000 tons,
in 1855 there was imported into New York 84,355 „
Baltimore
Philadelphia
Boston
New Orleans

Thursday

Making a total of

163,616 tons.

And with such prices for their grain, especially
when it is to be carried far into the interior, an
immense stimulus is given to its extended uses
as a fertiliser concentrated ; and now when it is
becoming so extensively used in France, Spain,
and throughout the sea-bound countries of Europe,
as well as both in the West Indies and Mauritius,
the question of future price and supply is all impor-
tant. Of course, the remonstrance made by our
Chamber of Commerce some years ago, through our
Government, about throwing open this trade with
the Chinchas failed, for Peru, never out of political
squabbles and debt, will make the most of these
islands, and having so many other buyers, they
have not Britain alone to look to as a customer.
Much very ineffectual research has been made
both by the Americans and ourselves for guano
deposits over the last ten years, and much of them
too, when found, being so poor and remote, as to
be abandoned, not paying even a freight. This
has been the case from the Le Angels, &c., in the
Gulf of California, Patagonia, and in other guar
ters. Our farmers are certainly too much preju
diced in favour of only the ammoniac guano, the
property of which is so evanescent. On the other
hand ,the Americans look mainly to the permanent
and fertilising phosphates of lime. An intelligent
and well informed correspondent, who has resided
for a long time on the Pacific coast, states that, from
all he had heard and observed, he does not believe
that the supply of the Chinchas and Lobos Islands
will hold out many years.