The Northern Daily Times.
Liverpool, Merseyside, England, 1856-10-08 00:00:00

MONETARY AND COMMERCIAL.

LIVERPOOL, TUESDAY VVENING

Business of all kinds has felt the depressing effect of the
raising of the rate of interest by the Bank of England,
hence, although our Cotton Market has been steady, it
closed with much quietness. The sales reached 8,000 bales,
of which exports and speculators took 2,500. A writer,
who signs himself "Facts," has addressed to us the follow-
ing remarks respecting the Cotton Trade :—ln doing so,
we have to state that the writer is alone responsible for the
accuracy of the several statements forwarded.

" At this season, the closing of the old and opening of the
new crop of cotton, it will well repay the trouble of investi-
gation to look to our probable supply for next year's con-
sumption—so important an item in the trade of Liverpool.
The crop just closed, reaching 3,527,000 bales, has afforded
our spinners a large supply (nearly two millions of bales)
at a moderate price, leaving us with a stock on hand, of all
sorts, of

And at sea from United States
To which add for shipments of new crop to
arrive by Ist January 50,000 „
And at sea from India to arrive by Ist Jan. 50,000 „

Gives a supply until Ist January of

745,000 bales

To meet a consumption and export for thirteen
weeks, at 46,000ba1e3 per week (the average

of the whole year beini nearly 47,000 bales
per week) of 600,000 ,
The crop being generally three weeks later this year than last,
irrespective of the old cotton on hands in the country
estimated at 250,000 bales, and the large stock held in the
ports, as compared to the late returns (only 64,000 bales),
must of necessity make the receipts in Liverpool quite a
month later than usual, besides the opening prices in
America being 2t cents per lb. higher than last year, will
retard shipments to England. Should the weekly con-
sumption continue at the average of the year, we cannot
have a stock of much over 150,000 bales of all kinds on the
Ist January (if our present figures are correct), and it will
be many weeks before the exports from the United States
to Great Britain will reach from 30,000 to 40,000 bales
per week, or enough to meet the consumption. There
were three vessels loading for England in all the cotton
ports of the United States at latest dates, we cannot,
therefore, expect more than 50,000 bales to reach us this
year. The latest quotations from New Orleans was 12
cents per lb., equal to 74d per lb. for good middling Quality.
The accounts of the growing crop are worse than known
for years, and estimates range from 2,800,000 bales to
3,300,000 bales (the latter the quantity grown last season).
In the Cotton region the estimate of three millions of bales
is nearly general, should an early frost not set in. Of the
last years' supply

Great BritaintOok 1,921,000 bales.
Continent
United States , ..... ... 653,000 do.
The Continental and United State's buyers are operating
freely in the Southern Markets as it arrives, thus leading
to the supposition that they are also bare of Stocks."
Messrs. T. and H. Littledale and Co., in their excellent
circular, issued to-day, observe as follows :—" We have
seldom known a period when our Produce markets presented
a more healthy, sound, legitimate appearance than at the
present moment, and when a moderate advance in prices,
if not interfered with by the money power, was more likely
to occur from the position of stocks, and expected supplies.
Nor does this apply to a single article only, or we might
say to any one in particular, but equally to nearly all the
principal imports. Sugar and Molasses, though 15,000 tons
heavier in stock in bond, yet the quantity in hands of grocers
and refiners is known to be deficient, probably to about an
equal extent, whilst for the remainder of the year our
supplies promise to be much short of last year, and a con-
tinuous export to the continent instead of an import from
thence of 5,000 tons; but as it was speculation entirely
which forced up prices last Autumn, and as the present state
of the Money market will prevent such this year. prices
may not vary materially either way. Even the stereotyped
depression in tea seems at last likely to receive relief to
some small extent by reduced shipments from China—its
only hope. Coffee appears in a good position, particularly
hometwhieicfihndetehrmekocinooddns.s,u
mT forphtwei
ohnsiocamhp
same remark
oi inrske ariesalsaairnpggpel
iaeotxaahp
loreratttioaos well as
othera
uaer tei
oc
ml e
p, a while
tthh e
Grain. p e s e n
The
hprice iasg
o bed Rice,lbooewuirea nitotdosf
arenlyati
the Indigo crop is confirmed by the mail just received,
reducing the estimated out-turn to 100,000 maunds, warrants
a moderate advance in the article in this market. East
India Wool reached in our sale last week the highest price
at which we have ever known it sold, say is 3d per lb, on
the very day that the Bank advanced the rate of discount.
And last and most important of all, Cotton must be
considered as favourable for holders, each steamer bringing
accounts of damage in one form or other, which almost
destroy the hope of a supply equal to our requirements.
Such being the position of all our heavy articles, no alarm
need be entertained of a commercial crisis, and though
holders may be deprived of the legitimate advance which
otherwise might have been obtained, no great depression in
prices need be apprehended ; but is there not something
wrong in our monetary system which gives discouragement
to importers at the very moment when our supplies of raw
produce of every kind are likely to be deficient, and taxes
our merchant with a rate of interest at which operations
cannot be carried on with profit, simply because the
monetary affairs on the v.ntinent are deranged, and the
balance of Imports from China and the East Indies have
to be paid for in the current coin of those countries ? "
Alluding to the present state of the Money market,
The circular in question contains the following :—" The
advance by the Bank to 5 per cent on the Ist inst., was
looked upon as the inevitable consequence of the rapid rise
in the value of money on the continent—say 9 per cent at
Hamburg, 6 to 7 per cent at Paris and Vienna, but the
further rise to 6 on short and 7 per cent on longer paper
announced yesterday, caused a momentary surprise, vet,
seeing the state of money matters in France and elsewhere,
it is simply a measure of self-protection, and must the
sooner work a cure or compel the Bank of France to suspend
specie payments. We cannot but think with the enormous
addition made to the aggregate stock of bullion in circula-
tion throughout the trading world, and the still increasing
supplies from Australia and California, that this sudden
derangement— entirely a bullion one, aided probably by the
uncertain position of European politics—must shortly correct
itself, and the present pressure prove of brief duration."
The Liverpool Share Market to-day was dull and
depressed ; the sales were limited in extent, and prices had a
declining tendency.
The Grain Trade has still a hardening tendency. At our
Corn Exchange this morning a pretty extensive business
advanced
toreadn
prices
arci
ot ee ds aTnhd be
m oatrhk
tWoht e te
Leeds
adnd ouulr b l
werero alsogh t
firmer, with a fair amount of sales. The foreign arrivals
into Liverpool for the week embrace 40,350 qrs Wheat,
6.490 brls Flour, 950 qrs Egyptian Beans, and 20,770 qrs
Indian Corn. The supplies in this interval, coastwise and
from Ireland, include 1,580 qrs Wheat, 1,170 sacks Flour,
2,880 qrs Oats, and 6,530 loads Oatmeal. The exports com-
prise 2,850 qrs Wheat, 1,320 sacks and 6,960 barrels Flour,
and 4,120 qrs Indian Corn. A telegraphic despatch from
Manchester informs us that had the Bank done nothing,
prices of Yarns would have been id per pound higher:
There are excellent accounts of the Leipzic fair, Yarns and
toG selloods faettcnhoiwn g. limitsexmtreermohearnattsesw—aibt,eyhoonpdin hoping
fo lowergiven tpor
isle es
.n t s
toaTeh. e
Oa do vr
p aceoar correspondent n deil Oporto
writ are , ,
of the wine trade here consequent upon the mlserable
es ,vesroyohd deplorable pltohreaballeter in their
state
vintage, which, by :the bye, is nearly an entire failure, as
some of the largest and best vineyards which usually yielded
their hundreds of pipes have
given only three to five pipes—
for example, the Quinta de Seixo only produced three pipes,
Quinta de Rovis only three pipes, other Quintus, equally
extensive, produced no wine at all; in consequence of
the prices of August last. This has made our ek t very
cenon
whicht.
new wines are fetching here an advance of 25 per
f
active for some little time past, and prices are likely to go here at $3OO
up still higher. Old tawny wines are selling
to $350 (X 67 10s to £72), and brandy for fortifying the
wines at same prices."
25, thus writes : Since our circular of the 21st ultimo, we
n market, although
Messrs. Peel and Co., under date of Alexandria, Sept.
have bad continued activity in our grai •
prices have fluctuated, The transactions the place
amount to :-180,000 ardebs wheat; 26,500 barley ; 30,000
beans; 3.000 lentils; 7,000 ardebs linseed ; 210 canters
cotton ; 670 flax ; 80 ardebs sessame. Contras ,80ts fur future
deliveries are reported to have changed hands to the exter
it
of 367,000 ardebs wheat, at from piasters 87 to 95 ,
38,000 ardebs beans, at from piastres 77 to 802; 17,000
ardebs barley, at from piastres 57 to 67 ; but a great
portion of the wheat must be only cancelling previous
contracts. We are happy to say the Nile is rising very
favourably ; it is now about 44 cubits above. the same date
last year, and 4 cubits above the highest point reached last
being.
The present value
from :
year. he prices of Commesti Ili, on the spot, have varied
per qr., f. o. b.

6
Piastres. Piastres. s. d. s. d.
8926 t,o,
110088 f,o,r
BSaeihdeirewhhe,,at .. 100 to
100, 101;., or"
36 10 37 6to
37 38 0
76 " 87 " Beans ........ 79 ccB.3, " 29 0 `c 30 2
59 " 74 " Barley ...... 66 cc 68, "25 2cc25 11
2,700 ardebs fine Lentils have been sold at
.piastres 81 to
85, or 3ls to 32s per qr., f.0.b., and some inferior at piastres
79 to 80. Linseed : Sifted Seed has obtained piastres 134,
or 50s per qr., f. o. b. The small parcel of Sessame sold at
piastres 190 for Franey. Cotton : 6,200 cantars Pasha's
sold at $lO to $l2, or 6 1-16 d to 7-td per lb., f. o. b. ; 15,600
cantars Private sold at piastres 84 to 12, or 51 to 7id per
lb., f. o. b. The new crop may be expected to commence
next month. Flax : The only sales are 130 cantars dressed,
at piastres 130 to 135, or £35 103 to £36 163 61 per ton,
f. o. b ; 60 cantars half dressed, at piastres 120, or £32
153 per ton, f. o. b. ; 480 cantars rouFreigh., at piastres 65 to
80, or £lB to £22 per ton, f. o. b. ghts : There are a
great many vessels seeking, and for re-charter, with few
cargoes offering. The quotations of 4s to 4s 6d for beans
for orders, and 33 to 33 61 to direct ports, are merely
nominal. Cotton is shipping, at 5-,d pe: lb. Weights and
MeasurEs : 1 cantar gross-----921bs. nett cotton--_,9slbs. nett
flax. 100 ardebe=6s imperial qrs. beans, 621 imperial qrs.