The Northern Daily Times.
Liverpool, Merseyside, England, 1856-08-07 00:00:00

-half of our spare cash
will satisfy his cravings. But we cannot see the

n we find that only or

propriety of stultifying our home enterprise,
retarding our native industry, and frightening
people from embarking in the developement of our

own resources, simply to pr

vent friends from taking

off our money to enrich other countries. Three_
fourths of the Continental schemes before the public

are declared by foreigners themsefves to be little
han glaring delusions. Most of

:hem have

been openly denounced at Paris, Berlin,
Vienna as utterly worthless. Separate the few
fly hold out a prospect of profit from the
we need not be at all apprehensive as
't their drafts will have on the money

shams

mark

lions is not so serious an affair after

Iditure in the case of Turkey would be likely to
flow back freely ; in Russia, it would probably be
" hoarded with almost as much tenacity as in
" India." A comprehensive plan of railway for
Russia is a matter not to be coolly contemplated
in the absence of 30,000,0001. or 40,000,000.
The latter of these sums would carry her " net
work" over an area of about 100 miles round St.
Petersburg. It might make the CZAR'S power
more feared in Poland, and more dreaded in
Galicia. It might serve a puny political object,
but it would scarcely be entitled to the name of
a commercial undertaking.
Russia has to spread her railroads over 1,700,000
square miles before her plans can be considered
anything like " comprehensive" in the sense in
which our cotemporary wishes it to be received,
and whilst she maintains her present antagonism
to European progress, she will be compelled to
her railways out of her paper roubles, as
she has made Sebastopol, Odessa and Cronstadt.
The Western Powers will not supply her with
the money required to save her from " a repeti-
tion of her recent failure." The good common
sense, if not the patriotism, of England will shrink
from the commission of such a wanton act of
suicide. Despotism will not be suffered to use our
stupidity for its purposes. We have yet to see
how the CZAR 15 to pay the interest of his largely
augmented debt, before we think of lending him
money to construct military roads for our own
destruction. When a Russian line of rails has
been decided upon, and submitted to British
capitalists, there will be no difficulty whatever in
estimating its commercial traffic, stratagecal

value, and political objects But until we see a
plan of a Russian railway scheme on paper, and
discover that it is intended to unite the wilds of
Nova Zembla with the steril plains of Bessarabia,
or to bring the Kremlin within twelve hours of
Warsaw, we may-hold our peace.
There are other matters of far greater mo-
ment to be considered in connection with the
actual condition of the Money Market. Alarmists
are evidently on the qui vive. They are appalled
at the thoughts of the drain of gold which
23,490,0001. of capital employed in speculative
undertakings will produce. They see that coupled
with the spirited and legitimate operations of the
Bank of France, it would lead to usurious
rates of discount, and a scarcity of the precious
metal. They are concerned to see a sixpence
taken to improve India or to promote the welfare
of our Colonies. They would not have one farthing
invested in American debentures. They would
sooner see it given to Turkey, and thrown into
Russia, where " it would be hoarded with almost
"as much tenacity as in Tndia." But what does
all this confusion of ideas amount to ? The
Directors of the Bank of France have discovered
the weak point in our bullion system, and they are
taking advantage of it largely. They are buying our
cheap gold at a nominal loss, and are employing it
at a bona fide profit. They are draining us of a
large amount of bullion, and the great problem is
—how shall we stop them? The Bank of Eng-

land can only compete with them up to 31. 17s. 10-ed.
per ounce. The one sixtheenth of a penny above that

per ounce, turns the scale in favour of their
The low fixed standard men see their
singular and dangerous position, and they do not
hesitate to declaim against everything in the shape
of speculation, and fill the public ear with all sorts
of evil forebodings, because they cannot check the
Bank of France in a course which they ought to
have pursued long since. This is, verily, a subject
of incalculable importance, and as the money market
must be most injuriously affected by the alarm

rivals

we shall

not fail to return to it before the apprehended crisis

takes place

MONETARY AND COMMERCIAL,

LIVERPOOL, WEDNESDAY EVENING

There has been a good general demand for
Cotton in Liverpool to-day, and with a good
supply offering, prices have been well sustained.
The total sales amount to 8,000 bales, of which only
1,000 have been taken for speculation and export.
We subjoin a statement of the quantity of cotton
now at sea, made up from the latest American
advices of clearances :

CHARLE STOAT,

NEW ORLEANS

Cambridge
Hartford .. .. . 1619 Mont Blanc _. . 844
Harkaway..
Alesto ... . ... 1467 iil a s Greenman 1530
Ocean Queen ....... 2793 Gosport
Alliance.. .......... 1201 Arabella . • . 2314
General Parkhill .„ . 1561 Baden 1834
-- Patterson
sunshine 3941
10,582 Dragon
C. S. Pennell
NEW YORK. H. von Gagern 1177
Old Hickory 5O
New World -
Plutarch
America..
Ocean Rover .. ....

C. Lawrence
Confederation
J. S. Parsons
Emerald Isle .
West Point .
G. F. Patten
Empire
Ellen Austen
Onego
J. Foster, jun
Enterprise
Light Brigade
Thornton
Sultana
G. W. Horton
Wideawake
Fanny 8uck......., nil. New York .... 5,647

Scotland
Connecticut
Conqueror...

2830
2967
3458
3530

:: }25001

12,785

SAVANNAH

!Consul
Elizabeth

815
292
nil.

3334
816
3070

Falcon

=--,
7220

TOTALS,

65,269

The Liverpool Share Market has been quiet, but
during the early part of the day prices were pretty
well sustained, but became easier towards the
close, when the quotations were as follows :
Aberdeen, 141 141. Chester and Birkenhead,
16} 161. Caledonian, 301 301. Chester and
Holyhead, 171 171. Eastern Counties; 10 3-16
10 5-16. East Lancashire, 21 13-16 21 15 16.
Great Northern. 241 241. Ditto A, 101 10.1.
Great Western, 041 641. Lancashire and Yorkshire,
981 981. Liverpool, Crosby, and Southport, 181
182. London and North Western, 1071 1071
Manchester, Sheffield, and Lincoln, 35 351.
Ditto New 6 per cent. Pref. , 11-16 13-16 p. Ditto
Pref, 12:1 131. Midland Stock, 84184*. North British,
9 9a. North Staffordshire, 4141 d. South Eastern
and Dover, 221 221. , York, Newcastle, and
Borwiek, 211 211. York and North Midland, 311
311. Leeds Capital Stock, 188 _lBl Buffalo and
Lake Huron, Ip. . Dutch Rhenish, 21 28p.
Great Western of Canada, 251 26. Ditto New
Shares, 31 31p. Great Luxembourg, 91 Oct.
The steamer Lebanon has arrived here to-day
from New York. and has brought one day's later
news, and 150,000 dollars in specie.

We have received Taylor and Bright's corn cir-
cular, dated Hull, August 5, and quote from it the
following in reference to the corn trade of that
district :-

The weather during. the past week has been of the most
splendid character—all, in fact, that could possibly be
desired ; an uninterrupted hot sun, with strong night dews,
and such appears to have been the case all over the island.
Everywhere the wheat is looking well, not indicating a
heavy crop but a healthy, yielding one, and such as is pre-
ferred with the prospect of a somewhat later harvest than
usual. Under such circtnnstanees, it was not to be expected
that the high price of wheat could be maintained, and a
regular panic has all at once set in, of which, when about
spent, men who understand the trade will take advantage
with every prospect of being rewarded, as it will ere long
flash upon the public mind that the crop is not yet secured,
and that hardly within the memory of man was the con-
sumption of a new crop entered upon so greedily as from
the universal paucity of stocks must be the case this year.
Our arrivals are moderate, and chiefly of low quality.
There is a total want of sympathy here with the panic-
stricken holders on Mark Lane ; indeed, we have not heard
of a single forced sale ; all goes quietly to granary.
The receipts at the Custom House at Havre, in
consequence of the new regulations of the tariff on
cereals, &c., show an immense falling off. During
the month of July last they amounted to 4,226, 141 f
only, while in the same month last year the total
receipts were 9,494,664 f.
The advices from Paris continus to refer to
approaching issues of new shares by several rail-
way companies, including the Northern of France,
and Southern of France. It is whispered that
fresh issues of bonds are interdicted by authority,
the recent wholesale creation of these securities
having rendered them so cheap as to induce
numerous parties to exchange into them from the
Rentes, to the prejudice of the latter.
Letters from Constantinople to the 25th July
mention that the government are still occupied with
the question of establishing a national bank.
Although as yet nothing decided has been done in
the matter, it is confidently stated that the com-
mission appointed to enquire into the subject have
rejected all the projects brought before them,
excepting those of Layard, as representative of the
Ottoman Bank in London, and that of Messrs.
Rothschild. It appears that the latter house is not
inclined to combine with Mr. Layard in a fusion of
their interests.

Letters from Holland mention that the govern-
ment are actively pursuing the commercial reforms
announced during the last session of the Legisla•
ture. They have prepared a measure tending to
the reduction of the duties levied upon vessels
passing through the Netherlands, up the Rhino.
This law will be not only of material benefit to the
German cities on the river, but will tend to facili-
tate trade with the French towns on its left bank,
and increase the traffic in merchandise with the
interior.

The balance sheet of the State Bank of the
Netherlands on the 31st July last, was as follows :
—Notes in circulation, 96,602,525 florins ; accounts
current, 12,294,298 florins ; cash and bills on
hand, 72,731,330 florins.

The committee of Spanish American bond-
holders invite a meeting of the holders of Central
American bonds for the Bth instant, and a meeting
of the Venezuelan bondholders for the same day.
The circular issued by the directors of the Riga
and Dunaburg railway excited considerable sensa-
tion yesterday. There is
.a strong disposition on
the part of many of the shareholders to resist pay
ment of the call of 41, on the ground of the serious
discrepancy which exists between the explanations
now made and those given in the company's pros
pectus. The prevailing feeling amongst the share-
holders now is, that a general meeting shoUld be
convened, and a committee be appointed, charged
to take measures for investigating the company's
position.

The Funds remain quiet at the decline estab-
lished yesterday. The last quotations of Consols
was 95! to 951 The settlement engages the chief
attention.

Of the specie brought in by the Africa from New
York, about 50,0001 was destined for Havre. The
whole of the remainder has been taken for .the
Continent. The bar silver brought in by the
Magdalena was sold yesterday for India at 5s lid
per ounce standard, showing a rise. of id. The
dollars by this vessel were taken for China at 5s ld
per ounce, being no less than id" above the last
quoted price.
A fiir business has been done in Railway Shares,
and most of the leading lines have improved about
per cent. upon late rates. We are informed that
the letters of allotment for shares in the European
and Indian Junction Telegraphic Company were
issued yesterday. Nearly all the scripholders in
the Euphrates Valley. Rail Way Company have
availed themselves of the privilege of taking one
share in the Telegraph Company, for every five in
the railway. The apPlications from the public.
amounted to four times the number of shares set
apart for them. The following were quoted to
day as the closing prices for Railway Shares :
Caledonian, 607: 61. Eastern Counties, E 0
10k. East Lancashire, 86 88. Great Northern,
98 99. Great Western, 63i 64. Lancashire
and Yorkshire, 98Z 98:. London and North
Western, 101 108. Manchester, Sheffield,
and Lincolnshire, 35?. Midland Stock, 841
85. North British, 361 371. South Eastern and
Dover, 731 74! York, Newcastle, and Berwick,
$7 88. York and North Midland, 64; 64i.