The Northern Daily Times.
Liverpool, Merseyside, England, 1856-05-07 00:00:00

FRIDAY

tion of the country. They have 23,000,0001. to
fund and throw on the Stock Exchange ; 15,000,0001.
or 20,000,0001. to borrow on the money market
within the fiscal year; and heavy duties to re•
impose, in order to supply a surplus for this year,
and a revenue to meet an equally heavy expendi-
ture in 1857. Instantaneous reductions in our
armed forces are almost impossible. If we can
disband the whole of the militia and the volunteer
corps, and send two-thirds of our ships of war into
ordinary within the next twelve months, it will be
doing wonders, and much more, in fact, than we
have any right to expect, considering the apathy
shown by Parliament on the subject. If, there-
fore, no additions are made to the total supplies
granted by the House of Commons at the corn-
mencement of the session, we may rest assured
that the deductions will be but very trifling ; while
we are quite certain that trade cannot expand to
any remarkable extent, when the rates of discount
add fully 21 per cent. over a fair commercial rate
of interest to the cost of production, to which
also is to be added 3 per cent. for deprecia-
tion of our products, caused by making money
dear, and forcing " a fall generally in the prices of
"all commodities !" If dear money is to depress
the prices of every man's labour, and every shop-
keeper, farmer, and merchant's stock, the public
will see that the burdens of taxation must be
reduced.

On FRIDAY next, the 9th instant, at Twelve o'clock, at the
Brokers' office, 15, Oldhall-street,
60 Cases Malabar COFFEE,
just landed ex Lydia M'Henry, from Bombay; Nos. 6 and 7,
Albert Dock Warehouses.—Apply to
BUCHANAN, BROWNE &. CO., Brokers.

On account of whom it may concern.
On PRIDAT next, the 9th instant, at Twelve o'clock, at the
Brokers' office, 8, Lancaster-buildings, Tithebarn-street,
63 Bags CLOVERSEED,
just landed ex Floating Zephyr, from Philadelphia.—
Apply to SILL & MEUGENS, Brokers.

NEXT WEEK

WEDNESDAY.

On WEDNESMY next, the 14th instant, at Two o'clock,
at lames Procter and Co.'s office, 32, Castle-street,
The Whole of last year's import of Birch's Fine RUM,
60 Puncheons IB RUM,

8 Hhds., 16 Quarter-casks OLD BRANDY.
Apply to JAMES PROCTER & CO.,
_astle-street, and 16, Back Castle-street,

EVENING EDITION

sr An _Mussing Edition of the NORTHERN DAILY
TIMES is now Published every Afternoon, at Three o'clock,
containing the Markets, together with all the News of the
Day, up to the hour of going to Press.

Tas ANNUAL Susscsirrios To THE NORTHERN
DAILY TIMES is TWO GUINEAS PER ANNUM.

E4e RorOtru

To render peace a blessing to ourselves and the
rest of the world, we must prepare for it as becomes
a sane people. Politicians are. at all times, more
or less adventurous, and risk heavy stakes on the
wheel of fortune. But it behoves us, as a commer-
cial nation, to look as COCKER would at those
figures which disclose our social condition. The
Government can, no doubt, find three or four
hundred supporters to vote away, without much
compunction of conscience, on the Budget, and all
that belongs to an excessive expenditure, and,
consequently, the commercial classes ought to
exercise three-fold caution in their trade transac-
tions. Money will not be cheaper so long as the
CHANCELLOR of the EXCHEQUER goes on issuing
millions of Exchequer Bills, and the expenses of the
PAL. MERSTON Cabinet render a resort to large loans
unavoidable. France and all the other Continental
States are better off than we are, for they can get
money for their productive purposes at 2 and 3 per
cent. less than we can ! There is much here for
consideration. The minimum rate of discount in
France being 5 per cent., the producer saves, as
compared with the English manufacturer, 2 per
cent in the cost of production, towards taxation !
This, of itself, is no very contemptible affair in a
race of competition. We need not, however, cavil
at the advantage the Frenchman enjoys. It is our
duty, on the other hand, to look at home, and
endeavour to meet those manifest difficulties which
are before us. If Parliament does fulfil the trust
resting on its shoulders we shall not have to
contend with impossibilities, which can only be
continued in ignorance or for party purposes.
If we are to have a year of trade at all equal to
the burdens thrown on industry and the general
resources of the public, great reforms must be
made in our monetary and banking system-7 per
cent. is not a commercial rate of discount. Land,
in the days of rampant " protection," could not
pay such interest for money, and how can trade,
with all its hazards, bear to be fleeced to such an
extent ? If the Cabinet have nothing to suggest
for the relief of trade and the ratepayers through-
out the country beyond the propriety of renewing
the Bank Charter Act, and keeping up usurious
rates of interest, we can judge pretty accurately as
to what the future will be. Increasing production
is our only resource ; but why, in the name of
reason, risk anything of the kind, when we
have the bank screw used, as its advocates openly
avow, to lower the prices of all commodities, in
order to get back gold in exchange for our depreci-
ated products ? This principle of dealing with the
trade and industry of the people is warmly sup-
ported by the present Ministry, who have declared
their willingness to renew the Bank's Charter.
but they forget to shape their estimates of expen-
diture according to the restrictive and many
baneful influences it must have on trade. We
have never heard any paternal Chancellor of the
Exchequer say that, " as gold has left us, discounts
" being oppressively high, and as the Bank of
" England has applied the screw to lower the
" prices of commodities, I will endeavour to get
" through the fiscal year with 5,000,0001. or
" 10,000,000/. less than we required when the
" general aspect of things was better." But we do
call on the House of Commons to look coolly into
the facts which are staring them in the face ; and
we would have the mercantile men of the North
remember, that there can be no real health or
profits in trade, when the minimum banking rate
▪ of discount is 6 per .cent., and when taxation is
1 double what the public can afford to pay in either
• war or peace.

WEDNESDAY, MA Y 7, 1856

THE financial condition of the country is the
only matter of material importance before the
public. Downing-street may be a den of lions,
the Houses of Parliament the homesteads of
rampant Bulls ready for battle, but the slow and
sullen Bears of Threadneedle-street and the
money market rule the host. The Bear looks at
palpable facts, and will not forsake common
sense for political speculation or party nonsense.
We do not know a more important personage or a
more " glorious institution " than this very Bear.
He is the stern arbitrator in every case where
peace and war, famine and plenty, dynasties, and
refractory subjects, are brought on the great stage
of life. He pays no heed to the aspirations of
loyalty, nor the impulses of patriotism. He is a
skilled politician, and goes at once to the root of
the State's power, and having the true key to the
prospects of trade, and the limits assigned to
Ministerial tactics and party strategy, his acts
are generally found to have been replete with
wisdom, and the present moment bids fair to be
one of the richest Bear harvests we have witnessed
for some time. France commenced the war with
15,831,00Sl• of gold ; she returns to peace with
11,176,2631., being a deficiency of 4,205,735/.
England entered on the war with'a bullion reserve
of 14,822',8391. ; she comes back to peace with
0,723,1301., having parted with 5,090,7001. in got&
or considerably more than one-third of the avail-
able means of trade, taxation having been nearly
doubled in the meantime, and the banking rates
of discount raised to seven per cent. as a means
of causing - a fall generally in the prices of all
" commodities.

Our Bears could not ask a more favourable
concurrence of circumstances for their purposes.
Lord OVERSTONE, as the leader of high commercial
circles, ought to be able to point out to his con
stituents a ready road to a million or two without
risk. It SWUM be impossible for the PALMERSTON
Cabinet to bring forward a Budget in accordance
with the aatual monetary and commercial condi-

1110ETHEILII TiIIFS.-LIVERPOOL, WEDNESDAY, MAY 7,1 U&

MONETARY AND COMMERCIAL.

LIVERPOOL, TUESDAY EVENING

There has been no change in the tone of the
Liverpool Cotton Market to-day, and with a quiet
demand prices have been steady. The sales
amount to 7,000 bales, of which 3,000 have been
taken for speculation and export.

The Liverpool Share Market in the early part of
the day showed considerable firmness, and a fair
amount of business was done, but towards the
close it became rather easier, and closed at
the following quotations : Aberdeen, 12/ 13.
Chester and Birkenhead, 15,1 151. Caledonian,
30 30*. Chester and Holyhead, 151,-- 16. Eastern
Counties, 0 15-16 10. East Lancashire, 191 191
Great Northern, 231 24. Ditto A, 98 9*.
Great Western, 62 628. Lancashire and Yorkshire
Stock, 88* 89. Liverpool, Crosby, and Southport,
16* 171. London and North Western Stock, 1004
1001. Manchester, Sheffield, and Lincoln, 29 291.
Ditto Pref., 111 12. Ditto New 6 per cent. Pref., 7-16
9-16 p. Midland Stock, 748 741. North British, 81
B*. North Staffordshire, 6 51d. South Eastern,
21j 21 7.16. York, Newcastle, and Berwick, 194
19*. York and North Midland, 27* 271. Leeds
Capital Stock, 15* 151. Buffalo and Lake
Huron, 2 2*.p. Dutch Rhenish, 1-*- lip. Great
Western of Canada, 261 26 11-10. Ditto New
Shares, 38 3 11-16 p. Ditto 2nd issue, 31 3 11-16 p.
Great Luxembourg, 71 71d.
There has been but a small amorint of business
done in the Manchester Goods Market to day.
The non-arrival of the American steamer renders
both buyer and seller undecided as to what course
to, pursue, As regards prices generally, buyers
had the advantage.

At the Liverpool Corn Exchange to-day there
was more firmness, and an advance of 3d to 4d per
bushel in the price of wheat was generally estab-
lished. Flour was also 2s per barrel higher than
on Tuesday last.
The arrival of the undermentioned vessels from
Australia is announced, viz :

Gold on board,

Name From Sailed Ounces.
Thames ..Geelong.. Jan. 25 41,788
Albatross . MelboUrne.... . . Jan. 18 ..18.902
Statesman .........Geelong.... ... . .. Jan. 25.... . 14,198
Ellenborough,.... Sydney Jan. 24 l4l

Total ounces.

The total value of these supplies is fully 800,000/,
nearly the whole of which will, it is hoped, be sent
into the bank. The dates have been anticipated by
former arrivals.

The London public sales of colonial wool corn.
mence tomorrow evening, and as the manufac
turers both here and on the Continent are generally
without stocks, a considerable attendance of
buyers is expected. The high prices now ruling
for cotton as well as wool are exercising a powerful
influence upon the state of the markets in the
textile manufacturing districts, where business is,
in some cases, alleged to be the "reverse of
remunerative." There appears to be a general
expectation that higher quotations, at least for
wool, will prevail, and there is likely to be great
competition at the auctions, at which about 40,000
bales will be offered.

LATEST INTELLIGENCE.

, Advices from Martinique to the 11th April have
come to hand, stating that the arrivals and depar-
tures of vessels during that month were above the
average, and a brisk trade was doing in sugar.
Notwithstanding an advance in prices of 2fs. per 50
kilos. on rates of the present month, the demand
was animated after the arrival of the packet report-
ing favourably upon the European markets. For
good qualities the prices paid ranged from 26f. to
28f. per 50 kilos., and for ordinary sorts 23f. to 25f.
Other articles of export ruled as follows :—Coffee,
not in request, and prices nominal ; cocoa in de-
mand at 00c. per kilo. ; tafla steady at 50f. per
hectolitre, and Campeche 48f per 500 kilos. In
imported merchandise the market was almost
glutted, chiefly from Marseilles, which had caused
a sensible fall in the prices of the different articles
of consumption, especially in flour. A large
quantity of French flour which had arrived was
found to be caked, and was sold by public auction
at a considerable reduction, which assisted in
lowering the price ; while the small stock of
American flour on hand has to submit to the low
rates of French.

By a decree of the 26th of April the duties to be
levied on imported cocoa in France are are follows:
—7sf. per 100 kilos. in foreign ships, and 65f. per
do. in French vessels. Another decree of the same
date fixes the duty on imported iron pipes of all
diameters at 30f. per 100 kilos. There is great
demand at present in this article in France,
and prices are advancing upon English pig and
bar iron.

The English Stock Market continues good in
character, but the upward tendency is restrained
by uncertainty as regards the next Government
Loan. During the morning increased firmness
was shown, and a further slight advance was estab-
lished, but the closing quotations were about g per
cent below those of yesterday, being 92 13-16 to 92
15-16. The influx of gold into the Bank is very
favourably viewed, inasmuch as the influence of
remittances for account of the Turkish Loan will
be thus counteracted. In the Stock Exchange,
to-day, money commanded about 521 per cent for
terms on Government Securities. The Discount
Market presented a quieter appearance. It is
announced by telegraph that the Bank of Berlin '
had just reduced its rates of discount to Four per
cent. At Paris, to-day, the Three per cent. Rentes
closed the same as yesterday. The whole of the
167,5001. in gold, brought by the Thames, from
Geelong, was to-day purchased by the Bank.
There was no alteration of moment in the Foreign
Exchange this afternoon, but the demand for bills
on Paris, Hamburg, and Amsterdam continue, and
effectually prevents any upward tendency in the
rates. The Danish Consul General in London is
authorised pro te►n to execute all acts required for
the clearance of vessels bound to and from the
ports of Russia, with the exception of certain
goods intended for the Black See. The Rail-
way Share Market to-day showed great firm-
ness by closing at the following quo.
tations:—Caledonian, 598. Eastern Counties, 01-,
10. East Lancashire,/,76 78. Great Northern, 951951.
Do. A, 79 80. Great; Western, 62 62. Lancashire
and Yorkshire, 8S 88,1. London and North
Western, 1001 1001 Manchester, Sheffield, and
Lincolnshire, 291. Midland Stock, 741 74.
North British, 34 35. South Eastern and Dover,
71 711. York, Newcastle, and Berwick, 78 79.
York and North Midland, 55 56.

REPRESENTATION OF LANCASTER —The _Lancaster
Guardian states that Mr. Robert Baynes Armstrong has
expressed his intention of appealing to the suffrages of the
electors at the first opportunity. Mr. Armstrong, who
comes forward on the liberal interest, will be opposed, as
has been already intimated, by Mr. Robert Gladstone, of
Manchester.
FATAL CARELESSNESS.—Mr. E. Herford, city coroner,
held an inquest at the Manchester Infirmary on Monday,
touching the death of Charles Ridings, the engine driver of
the Manchester, Sheffield, and Lincolnshirs Railway, aged
32. About half•past five o'clock on Wednesday last, the
deceased and his stoker, Richard Boardman, left the Ard-
wick station in charge of a goods train for Lincoln, They
went on safely as far as Guide Bridge, and went into a sid-
ing to draw some waggons out. The deceased then told his
stoker to hook off, that is, to detach one of the engines, so
that he might go underneath to see if the axletree was all
sight, as they had both noticed that there was something
wrong. Before he went under, he told Boardman to pay
attention to him. The steam was m.king a great noise
with blowing off. The deceased having got underneath,
told the stoker to move on, and then stop. He then called
out a second time, and the stoker gave half a turn, and had
scarcely done so when another engine, formerly attached,
but then detached unknown to Ridings, came up and
crushed him. It was about forty yards off when
the deceased first went underneath his own engine.
Boardman, hearing the cry, got off immediately, and found
the deceased had caught between the smoke box of the
second engine and the 'ground, and that he was very badly
hurt. He was first taken to the lodge and thence to the
her up the line to do what he
ougiat to have gone furt
Infirmary, where he died on Sunday morning. The de-
ceasedhad to do. He ;;.2"1, however, done the same thing before,
by
nhis stoker._ He gave no notice
and had been cautione::.'
etas_ driver,,. who
to the other engine driver, .: d the stoker on this occasion
as he thoughtd e,y he
Fromwas
did not think of reminding hinif • -
to the
Dv the de-
going under and coming out again
evidence of Edward Spencer, another
was originally coupled on to the engine driven
ceased, it appeared that his attention was direetta.
guard, who was signalling for them to stop, as they we. 7
standing. When his engine moved he did not know that
his engine was not fastened to that driven by the deceased ;
and on his moving the deceased was in consequence aceiden.
tally crushed. He and the deceased were on the best of
terms. The jury returned a verdict of " Accidental death,"