The Northern Daily Times.
Liverpool, Merseyside, England, 1856-10-06 00:00:00

at one of the most abominable rot

mitted, are, according to his theory, to be laid
aside for the sake of realising the largest amount
of dividend from those who are liable, according

to the law of the land, to their lak i3chilling to those
who have been openly plundered by the men whom
the threatening shareholders raised to power.

Apologist

here he

the insatiable

ed Mtn to

may sprig

a fair and

The:j3ank

Reserve X 798.275.

The Produce Markets are without change.
We take from the Bankers' .3lagazine, just issued, the
following review of the Money Market for September :
" There has been a sudden and unfavourable alteration in
the appearance of financial and mercantile affairs during the
past month. Although the reports respecting the results
of the harvest are not quite so favourable as anticipated,
little doubt is entertained that adequate supplies will be
secured for consumption ; and, therefore, if low prices do
not rule, it is not likely that we shall see a high range
of,quotations. Other considerations, however, than those
associated with the yield of the crops have thus tempo-
rarily interfered with the easiness of the money market.
The demand for trading purposes has not been extensive,
i as he I and full provision could be made for

any enquiry which
)efore the close of the year. But it is

not even in this direction that the slightest apprehen-
sion is created. The principal causes are identified with
the absorption of sillier for remittance to India and the
East, and the, rumours circulated with regard to new
political embarrassments. These latter will-probably not
be found to be of much importance, but a drain of specie
through any channel is usually followed with discouraging
results. In the present instance the effect is perceived
through the advance in the rates of discount by the conti-
nental state banks, who have, in all cases, gone to 5 and 6,
while in some 8 and 9 per cent is the maximum point
attained. The Bank of Franca havinc, followed in the
same coarse, the directors of the Bank* of England, it is
thought, will have to pursue a similar policy, and, under the
circumstances, a general feeling of uneasiness is occasioned.
The India and China mail, of this day, will take out the
largest.amount of specie ever forwarded by one steamer to
that, destination, the total being expected to reach
£1,250,000. At the latest moment there is a good demand
for money at the current rate of 43 per cent, and the usual
allowance for deposits is made -
Th

ange in English securities has been nearly two per
cent, an,' the fall is equal to about one and a half per cent.
A variety of causes have operated to bring about this result,
but the principal uneasiness has been occasioned through
the gradual advance in the rates of discount by the Con-
tinental banks, who are attempting to arrest the drain of
silver. Political affairs have likewise exerted some
influence, and it is thought in some quarters that fresh
European conflicts may take place. Although the demand
for money has been well supported, the value of Ex-
chequer Bills has not experienced any sensible depreciation.
• Foreign stocks have fluctuated from one to four per cent,
and the market remains heavy. The operations have been
more extensive than usual, the speculators having sold for
a fall ; in this they have proved successful, as the decline
in the principal cases show. Turkish, Dutch, and
Russian have experienced the chief alteration. but other
descriptions have likewise been unfavourably influenced
by the nature of the transactions carried out ; at the
latest moment quotations get.erally exhibit heaviness.
In Railway Shares the movement has been also against the
support of present quotations. The market has, however,
not been altogether depressed, there having been an occa-
sional recovery from the decline; but the tendency on the
whole has been in an adverse direction. English as well as
foreign have suffered from these operations, and Indian
have part"

I in the average reaction.
Joint-stock Bank Shares have been subjected to some
fluctuation, and the market is in a weakly condition. All
descriptions have suffered more or less, but those of the new
establishments have experienced the greatest decline. Sales
have no doubt been forced by small holders, who do not
desire to continue responsible any longer than they are
compelled by law to support it. VI the course of a "few
weeks, it is believed that business in these securities will
assume a more settled appearance.
The following are the fluctuations of foreign stocks during
the month just concluded :

ENGLISH FUND

Price on

.11. • IV,/ ••ll
Price on Aug. 28. Highest. Lowest. Sept. 27.
Consols .... 95 to 931 951 931 931
Ex. Bills' 1 lis pm. to 14s pm. I7s p Ils pm. 133 to 16s p
average f

We iiive already observed that the rumour pointing to
a probable suspension of specie payments by the Bank of
France remains quite unconfirmed. The immediate
result of the adoption of this measure might, perhaps, be
a temporary stimulus to prices on the Bourse, and the
Bank of France would be enabled to discontinue its pur-
chases of bullion in London and elsewhere. In all
impartial quarters, however, it is believed that the step
would be attended with the most fatal results to the com-
mercial credit of France, especially as regards her foreign
transactions, and that a great stimulus would be given
to the hoarding of the precious metals throughout the
country. In view of these and many other perilous con-
sequences, it is not believed that the French government
would be induced to sanction such a policy, except under
the pressure of absolute inability to otherwise meet the
existing emergency. Amongst the hundred rumours
bruited about at Paris is one to the effect that the French
government has the idea of postponing the payment of
future instalments on the last loan. Most persons, how—
ever, arc inclined to doubt if the Treasury can dispense
with this supply.

Mr. Wm. ;livens thus writes in his circular of Saturday :
" The Committee of Treasury of the Bank of England
raised the rate of discount on Thursday from 4e to 5 per
cent. Not the slightest intimation of such an intention
had transpired up to the moment when the change was
announced; but though the event came upon all our
markets as a surprise, it had been partially " discounted."
Still, at the close there were apprehensions lest the Direc-
tors at their weekly court the next day, should again
increase the rates to 5! per cent. The Bank, it is said,
were forced to this step by the pressure of applications
of the first character, sent in for the purpose of obtaining
extraordinary advances in anticipation of the 4th, before
an advance was made. All these parties, therefore, suf-
fered some degree of disappointment at this speedy action
on the part of the Bank, but no change was made subse-
quently. But it is believed that the Bank will be compelled
early next week to advance to 5i per cent., in order to
protect its Bullion, as, it is being withdrawn from it at
something like the rate of .440,000 per diem, yesterday no
less than X 70,000 was taken away. Continental letters
state that the premium on silver is rather falling, and
that large supplies having been ottained from England,
it is possible that 5 franc pieces may go to par. The
demand for money was not materially abated yesterday.
The demand for Capital abroad, and the tightness of the
Money Market at home, has, notwithstanding a consider-
able amount of fluctuation, reduced the value of English
Securities. Consols closed last Saturday at 93 1-16 to
3 16; once or twice subsequently they have touched 93,
and they have been as low as 921 tor the present account.
On Thursday the market was firm. and it was strength-
cried by rumours that the Indian Exchanges reported by
telegraph from Marseilles were more favourable, while a
less amount of silver could be sent there than was
originally expected. These reports caused rather a rapid
a tvance to 921 to 2, and they stood at that price when
the resolution of the Bank of Directors was announced.
That resolution caused a further advance to 92-1 to 93,
but quotations receded to 921 to j. Yesterday we had
fluctuating and not very satisfactory markets. Consols
opened at 93i to 1, and business being animated, they
touched 93i, from which point they receded to 93 to it.
Subsequently there was a decided re-action, and the
market eventually left off at 92i to /. The improvement
arose from an advance in the French Three per
Cents. of 1 per cent., and the decline to a
f sll in them of fully one per cent. The rise upon
the Paris Bourse, which was pretty general, was caused
by statements that the payment of the remaining loan
instalments ie. to be postponed till January, and that the
government will not require the aid of further loans next
year. The fall was attributed to the Moniteur not having
confirmed these desirable anticipations. Railway Shares
followed the movements of Consols, and our notice of one '
is applicable to the other. Foreign Shares have declined,
particularlyTerkish, and some other of the more speculative
stocks. Joint Stock Banks, particularly the new under-
continue heavy with a preponderance of sales,
eturn published last night was very unfavour-
Bsilion has decreased .4363,320, and the
The demand for money during the

;Vet' Li/ en.iiiikr the 27th ult., caused an addition to the Pri—
vate Securities of '1,324,827, and the aggreg2.te of this
item is now no less than .19,616 334 "

and The
Oriental shipments
Company'sof sp
,bywthhi
cehPetnhiins.s Peninsular
sailed from Southampton for Alexandria, are not. cjiiite so
large as had been anticipated, owing. to the withholding,
'cfseteailinderbuPllieortl;!
at the last moment, of some considerable amounts of
dollars which had been under orders for remittance by
this opportunity to China, but the destination of which is
now rather undecided.. The shipments by the Pera, how-
ever, still represent an aggregate of 778,763/, of which
3,7131 is in gold, and 775,0501 in silver. The sum destined
for the three Chinese ports,
is no less than 627,6601. The
particulars are subjoined,. viz. :--Por Alexandria, gold,
1,000/ ; for Bombay, silver, 30,550/ ; for Ceylon, gold, 1,3921 ; for Madras, gold, 821 ; for Calcutta, silver, 106,150/ ; for Penang, silver, 11,1901; for Singa-
pore,
silver, 159,8071; for Cauton, silver, 58,7711; and for
Shanghae, silver, 358,0421. The extraordinary magnitude 1