The Northern Daily Times.
Liverpool, Merseyside, England, 1856-09-15 00:00:00

MONETARY AND COMMERCIAL.

LIVERPOOL, SATURDAY EVENING.
There is rather more tameness in the Cotton
Market here. To-day the sales were restricted
to 6,000 bales, of which 1,000 were taken by
exporters and speculators. Prices of all kinds
were well sustained. The accounts by the Africa
report a steady market at New York, and the sales
moderate in extent, according to the statements

contained in -Mr. W. P. Wright's circular
• • -

receipts at the ports this year exceeded those of
1.855 by 689,000 bales, and the exports to Great
Britain this year were 408,000 more than in 1855.
Our Railway Share Market is still without any
symptoms of improvement: There was no dis-
position to operate in any of the lines. The
chief business was done in Lancashire and
Yorkshire Stock, which opened at 961, but fell to
96. The sales reported were 961, 1,6, 6. Mid-
land Stock brought 77x. Eastern Counties, 8 11- 16.
Blackburn, 71, and North British, 9 15-16. The
market closed with a dull and drooping tendency,
sellers being disposed to press their stocks upon
the market.

There is still much stringency in the Money
Market. The constant drain of specie to the East,
and the anticipation that the Bank of England may
be induced to increase the rate of interest, have
their effects upon commercial circles, and causes
much depression in the public funds. On Satur
day Consols opened at 93, 938, the final quota-
tions of the previous day, but subsequently they
declined a quarter per cent to 93a, a, and for the
account, 934, 934, closing with a still further
depression.

The weekly circular of Mr. W. Avens contains
the following remarks respecting the Money and
Consol Markets :
The Money Market is in a condition that has occasioned
much perplexity, and a very general amount of uneasi-
ness. The demand during the week has been large and
constant, both upon the bank and in Lombard-street, and
there are no visible signs of its immediate abatement. At
the same time, the Consol settlement which was brought
to a termination on Thursday, caused much enquiry upon
the Stock Exchange; and the pressure in this quarter can
hardly be expected to diminish for the present. seeing
that the railway and foreign settlements occur next week,
while the final instalment upon the loan, amounting to
1,000,0001, is due next Thursday. Concurrently with the
adverse influences arising from these circumstances, is
the continuous demand for gold from the continent. The
continent has for some months past been absorbing nearly
all the gold that has arrived, partly in payment for silver
to meet the drain for that metal from India and China,
and partly for financial and political purposes. The
rapidity with which silver has been bought up, and the
increasing demand for further supplies, has alarmed all the
continental banks without exception. and the rates of inte-
rest have been arbitrarly increased with the avowed object
of stopping the export. This policy will certainly fail ; but
in the meantime, a feeling of alarm has been engendered,
which has depreciated the value of most descriptions of
securities. Our own market, besides being affected by
these circumstances, has been unsettled by rumours
hitherto unfounded, but the Bank of England would find
it. necessary to increase the minimum rate of discount
from 41, to 5 per cent. So that, on the whole, the condition
of the money market is practically not one to give much,
if any, hope of immediate improvement, though we have
reason to believe that the banks and discount houses have
still good reserves. The specie imports during the week
amount to neariy £424,133, partly from Australia, and
partly from the United States. The exports are about
£lOO,OOO, so far as they are at present known ; but it is
stated that the whole of the balance will be sent to the
Continent. Consols, from the market being influenced by
the dearness of money and the business of the settlem
whilst it has derived no support from the public,
have again declined. One cause of the
depression
has been an over supply of stock. The first
price ' for the Bth October after the close of the settle-
ment was 9,q to last night they closed at 94 *. Rail-
way
Shares have also declined, some to a considerable
, from the same causes which have depressed Con_
sell it is believed that continued favourable traffic
returns will upon the slightest appearance of ease .
Jointn the
Money Market. cause a reaction in this market.
Stock Banks, like most other securities, i
are lower, par-
ticularly the new undertakings ; and business n them has
been far from active. The effect of the suspension of the
Royal British Bank are, still felt in this market. The
other markets continue in a dormant state.
The following table shows the fluctuation in
Consols during the week ending Saturday last :
Lowest Highest Closing
prices. prices. prices.
Monday ....Money •94;1 95 912
Account .. 941 944 94i
, Money 94?-, 94 941
Account .. 94Z
Wednesday..Meney 94 911951 i
Account .. 95
Thursd Money 934 941- 94
Account 941 94.5
911
Money 944- 9
937
Friday
Account 94i .. ,; 94=7, 91k
Money ~ 931
934 933
Account .. 93i
94
The 931
imports of specie during the past week
amount to fully half a million sterling, and include
127,5501 per the Canada, from Boston' 40,8001
from New York, per the Baltic ; 7,4521 from the
Brazils, per the Tamar ; 256,000/ from Melbourne,
per the Sardinian, in addition to 21 cases from
Antwerp, and 5 cases of silver from Oporto, the
amounts of which are not declared.
The exports of specie in the same period were--
by the Tynemouth, for the Cape of Good
&e., 8,0001; the Sultan, per Lisbon Hope,
,
Cadiz, 10,0001; the Avon 1,0001; and
, for the Brazils,
making in all 75,0001.
The London Share Market on Saturday was very
stupid, and a further fall has taken place. Midland
Stock was marked as low as 76f ex div, London
and North Western at 1011 ex div, and Great
Western 621 ex div. In some cases, however, there
was a partial recovery from the lowest point of the
morning. Among the transactions of the day were
—Caledonian, 52. Chester and Holyhead, 15f 16
Eastern Counties, Ba. Edinburgh, Perth, and
Dundee, 34 Great Northern, 922 Great
Western, 934. Lancashire and Yorkshire, 96.
North Western, 1011. South Western, 103. land, 761. North British, 39 Mid,. North Eastern,
Berwick, 78, South Eastern, .
The state of trade in the manu7ottncturing districts
continues brisk, employment is good, and the con-
ditions and prospects of the operatives encourag-
ing. At Manchester, prices are firm for most
descriptions of cloths, with a fair amount of
business doing both for home consumption and for
export. Yarns have been active, and prices steady.
The Hosiery Trade, at Leicester, is steady, at full
prices. The Woollen Trade, generally, is considered
to be in a very satisfactory position. At Bradford
a fair amount of business has been transacted in
goods suitable for the home trade, and also for
fancy goods for exportation. A large business has
been transacted in Woollen Cloths at Leeds, more particularly in those suitable for the
home
and Irish Winter trade. With respect to the state
of the Birmingham Iron Trade, there is some
diversity of opinion, but the prevailing impression
is, that it is rather better ; that there is more
animation in the pig trade, and that there is a
better demand for finished iron, especially for
sheets and bars. The best makers of the former
are now pretty full of orders, and although the
second-rate houses are still slack, there is un-
doubtedly a better trade, and unless the Money
Market becomes more stringent, there seems to he
a prospect of trade becoming more active. In
referring last week to the fact of there
being no great accumulation of pig iron,
we might have added that the number of
furnaces in blast is not so great as it was some
time ago ; this has prevented accumulation,
although the mills and forges were partially
standing. The accounts from the Midland dis
triets relative to the manufacturing trades are
upon the whole, favourable. At West Bromwich
the hollow-ware manufacture is still tolerably
brisk. At Dudley the manufacturers are better off for orders than they were two or three weeks
ago ; there is a great demand for gas tubing and
fittings. From 'Walsall the report is that trade is
steady, the country orders for saddlers' iron-
mongery being rather better. The nail trade is
dull, with the exception of horse-nails, for which
there are orders in from America.
Our commercial advices from the United States
are considered satisfactory. Money was in fair
request at the principal commercial cities and
towns throughout the Union. The New York
Returns for the week, ending August 30, show
the following changes from the previous statement
of August 23 :
Decrease in Loans ...................................... $814,093
Increasein Specie ......................................... 50,505
Increase in Circulation ....................................
Decrease in Undrawn Deposits ..................... 1,417,332
,326
At the close of August the City Banks of New
York held in specie, 12,965,257 dollars, and the
Sub-Treasury 13,670,817 dollars, making a total of
26,636,054 dollars, being an increase of 3,251,510
dollars on that on hand at same period in 1855-
We have received. by the Africa, some interesting
details on the result of the late harvest, and statis-
tics of the shipping trade of the United States, to

Tuesday.

Thursday

Saturday.