The Northern Daily Times.
Liverpool, Merseyside, England, 1853-09-29 00:00:00

MONE,TAAY

AND COMMERCIAL

LIVERPOOL, Wednesday Evening

The intelligence received from London, is more
satisfactory than it has been for some time. A Con-
siderable reaction took] place both in the English
and Foreign market. As affairs stand at present,
little reliance can be placed on the reports we hear.
As the experience of the last month amply testi-
fies. The Marlborough, from Sidney, reported late
yesterday, brings 70,000 ounces of gold on freight:
There are other vessels reported from the same
quarter, but their names and freights are not yet
known;

The price of gold in Paris appears id be 0..08 per
Cent dearer than in London, the premiums bBitig,
per Millet.; and the exchange at short 25:07. Ham-
burg letters of the 24th inst. quote the price there
at 426, and the exchange at shcirt 13-2, which
make the price of Gold 1.52 per cent. dearer than
in London. The exchange at New York on the
17th inst., for bills on London at 60 days' sight,
was about 10927, and the par of exchange between
England 'and America being 109 23-4(5, it follows
that the exchange is 0.33 per cent. against Eng.
freitt which two niOnths; interest must be de-
ducted,

By the Overland Mail we litttri3 commercial ad-
vices from Bombay to August 29, Calcutta, August
19, and Canton; August 3. The Bombay Money

market was ih a healthy state. Money was abun-
dant for all legitimate purposefjo The Bank had
reduced the rate of interest 1 per cent. fibrer but,
lion wa's in demand for China. The crops are fiv
vOurably spoken of. A good deal of business had
been done during the last month, and prices gene-
rally had risen; but the price of piece goods and
yarns was scarcely reinunerative, and that of metals
still tinder the cost for which they could be landed.
The rates of exchange quoted. are-2s: 1 5716 d, for
first-class credits; and 2s. 1 3-Bd. for document
bills at six months' sight. On China bills at 60
days' sight on China, had risen to Rs. 247 to 250
per 100 dollars, and even at that were not easily had,
On Calcutta, bills,. at GO days' sight are quoted at
Rs. 99 to 99k.

The advices frefil Canton state that nothing had
been done in imports during the last two months,
except for local consumption and on speculation,
iii consequence of the low prices. The commercial
information brong,ht by the Indiana from the Cape
has not come to hand. The colony is said to be
quiet and prosperous:
By the Marlborough we are in receipt of advices
from Melbourne to 2nd July. We extract .from
Messrs. Wallin and Son's Circular the following
information :
" Our fast adviceS, per Shanghai, reported inac-
tive markets, which State of affairs, we regret to
say, has been followed up by a setions decline
iu
almost every article of commerce; the reasons for
this, which we expressed in our last, still exist in
an aggravated degree; with the addition of im-
mensely crowded imports. These depressing
causes being all of a transitory nature, their effect
will also be temporary ; and on the opening of the
roads to the interior we' look for a brisk demand
and remuMirative prices, The unprecedented re-
ceipts of American flour have caused a rush of
sellers, and sales have been ftade at rates so
irregular that we can scarcely give a quotation
one large parcel has been taken at 19s. per barrel
for shipment to England ; sound, sweet flour is
comparatively scarce, and for such there is a
steady demand for immediate consumption :
heavy oats continue in request; light sorts dull,
at 8s: per bushel : large speculative purchases of
oatmeal have been made at 2d, per lb.: bran
much wanted Carolina rice scarce—Aracan has
been sold as low as 4s. 6d: per cwt:: provisions
have shared the general stagnation; Honans' but-
ter has been sold at 2s. ; American, ls. 9d. bacon,
hams, and cheese quiet for the present ; pork for
ships' use saleable ; lard is never asked for but in
small quantities for chemists' use : malt liquors—
porter and ale are worth 14s, and 12s. per dozen
respectively : wines and spirits—claret and cham-
pagne are out of season; and consequently dull;
port in bottle more inquired for; sherry qiiiet ;
brandy firini at quotations ; case whiskey, labelled
and capsuled, is Worth 349. per dozen, and rather
saleable : bricks are worth A:18 per 1000 ; arrivals
of lumber are eagerly watched for, and bought
with avidity : general produce; boots and shoes
of heavy make, are worth 75 per cent. on invoice;
candles wanted ; soap steady ; square twist
tobacco there is a ready sale at our quotations :
cavendish is not worth more
.than 10d. ; tarred
and Manilla cordage still required ; naval stores
saleable ; sugars scarce : gold dust remains at
3 17s. 6d. per oz. exchange on London—bank
drafts at 30 days' sight, 2 per cent. premium;
Lighterage 40s. per ton, and upwards ; storeage,
4s. per ton per week.'
The adverse rates of the Foreign Exchanges for
some time past, have excited much uneasiness
at home and abroad. The change that has taken
place in the value of gold itself, and the relative
values of gold and silver in foreign markets, cannot
be attributed to the causes which have hitherto
produced fluctuations in the exchanges,
The extraordinary increase in the production of
gold, has led to a marked change within the
limits of this empire. Formerly our colonies, more
particularly those of Australia, were dependent on
England for supplies of both manufactures, and
metallic money or bullion; and, consequently, the
current value of both was measured by our standard
of value, or what is better known as the " Mint
price for gold," 17s. 102 d. the ounce. Since,
however, they and the United States have become
gold producers, that metal has been treated simply
as a commodity, leaving its value to be decided by
the demand in other countries.

In all gold-producing countries, the value of the
precious metals was previously regulated by the
cost of its production, and must have continued
so; but from the discovery of large surface deposits,
gold can now be produced at a nominal value, as
compared with any other period in• our history.
The difference between the nominal value, and
the actual price of gold in our market, is the profit
of the producer. Now, if we assume the cost of pro-
duction to be 10s. the ounce, (which would be
amply remunerative, seeing the little labour ex-
pended in its production), it would be quite impos-
sible to ascertain the actual rate of exchange
between any two countries on the principle hitherto
employed, i. e. " the sovereign or pound in account
being a fixed and unvariable quantity of gold at
17s. 10-411. the ounce., the real value of gold in
the English market being only 17s. 9d. the
ounce. The employment of our Mint price in
calculating the rates of exchange, must therefore
be both erroneous and dangerous. If, for example,
in converting Foreign corn into British, we were
to base our calculation on the Mint price of
£3 17s. 102 d. an ounce, we should have the differ-
ence between the Mint price and the market price,
of £3 17s. 9d. for or against us.

Again the value we give to Foreign monies is
based on our mint price for gold, and not on the
actual market price of the day ; from which it would
appear that the " fixed and invariable quantity" of
gold in the sovereign, has led to a belief that the
invariable quantity implies a fixed and invaraible
price for the gold of which it is composed This
is the error into which those who prepare the cur-
rent return of exchanges appear to have fallen,
but we cannot conceive anything more dangerous
to the Monetary and Commercial Interests, than
the publication of the foreign Exchange returns,
which are based on such erroneous data.

THE EASTERN QUESTION-A requisition to the
Mayor of Leicester is in course of signature in that town,
requesting him to convene a public meeting of the inhabi-
tants to express their feeling upon the Eastern question.
PEACE CONFERENCE AT EDINBURGH.—The pre-
parations for this conference are proceeding.. Richard Cob-
den, M.P., John Bright, M.P., Edward Miall, M.P.,
George Wilson, Esq., of Manchester, and other influential
individuals, have signified their intention of being present.
COTTON FROM INDIA.—Mr. William Rathb one,
of Liverpool, has received instructions from the Hon. East
India Company, to forward to Mr. Hugh Fleming, the
Soeretary to the Manchester Commercial Association, to be
disposed of by him in Manchester, 650 bales of cotton from
the Dharwar collectorate, received from Bombay, per the
Dundonald.

PROPOSED METROPOLITAN MANIFESTATION IN SUP-
PORT OF TURKEY.-At a meeting of friends to the inde-
pendence of Turkey, held at Anderten's Hotel, Fleet-street,
yesterday evening, Mr. J. A. Nicholay in the chair, the
following resolution was unanimously adopted :—" That a
metropolitan aggregate meeting, for the purpose of eliciting
an expression of public opinion with regard to the Russian
invasion of Turkey, and the duty of this country in con-
sequence thereof, be holden on the earliest possible day; and
that a sub-committee be appointed to forward the necessary
arrangements, and to report to a, general meeting of the
committee on Saturday evening, October 1." The sub-
committee having been appointed, the meeting adjourned
until Saturday evening, at the above-mentioned place.