The Northern Daily Times.
Liverpool, Merseyside, England, 1856-12-26 00:00:00

MONETARY AND COMMERCIAL

The cotton market on Wednesday evening closed
with animation ; prices being in favour of the
seller. " Fair" cotton being quoted at 7 7.16 for
upland ; 7 for Mobile, and 7a for Orleans. The
sales on Wednesday were 25 000, and the prices
paid were for the most part + to 7 per lb. higher
than on this day week. This applies to American
descriptions. Other sorts are al3o a point or two
higher. The market both to-day and to niorrow
will be closed, and no business of any kind
transacted. The total sales of the week, up to
Wednesday evening, were 04,460 bales, against
35,475 bales imported. The quotations for "fair"
cotton were—uplands 7 7.16 ; Mobile, 7 ; New
Orleans, V, per lb.

The Liverpool Share Market Iva§ firm during
e greater part of the day, closing steadily at the

highest quotations of the day. The transactions
consisted of Blackburn, 7 ; East Lancashire,
2211; Lancashire and Yorkshire, 97; Liverpool,
Crosby, and Southport, 18.-1 ; London and North
Western, 105 k, 8, a s ; Manchester, Shef-
field, and Lincoln, 33i ; Midland, 82; North
British, 10; Dover, 22 ; Grand Trunk of Canada,
13 1.16 ; Great Luxembourg, 10 15-16 d ; Great
Western of Canada, new. 22p. ; and Liverpool
Commercial Bank, 14 The closing quotations
of the day were as follows :—Aberdeen, 13 13±.
Blackburn, 7 78, Chester and Birkenhead, 171
171. Caledonian, 311 31;7-,. Chester and Holy-
head, 19 191. Eastern Counties, 91 93. East
Lancashire, 22-Ft- 224. Great Northern, 22 221 -
Ditto A shares, 9 116 9 3-16. Great Western,
694 6911. Lancashire and Yorkshire Stock, 97 974
Liverpool, Crosby and Southport, 18i 18a. Lon-
don and North Western Stock, 105± 105
Manchester, Sheffield, and Lincoln, 331 334 Mid
land Stock, 821 821. North British, 915 16 10.
North Staffordshire, 54 sd. South Eastern
and Dover, 22 1-16 22-& York, Newcastle, and
Berwick, 201 204-. York and North Midland,
291- 30. Leeds Capital Stock 184 18a. Buffalo
and Lake Huron, 1- ln. Dutch Rhenish, 11-16
Great Western of Canada, 244- 241 Do. New
Shares, 21 2gp. Great Luxemburg, 11 1011:

Money continues in active demand in all quarters,
owing to commercial requirements for bills falling
due at Christmas, so that the Bank rule is fully
maintained. On Wednesday, the stock markets
showed increased strength. Business was limited,
but purchasers preponderated. Both in London
and at Paris a hopeful feeling continues to prevail
relative to the Swiss question. The pressure for
money is also regarded as merely temporary. The
funds closed firmly, at an advance of H per cent.
over the final quotations of the previous day. The
leading English railway stocks advanced / to -7" per
cent., and French shares were sensibly higher.
Consols, which closed on Tuesday at 931- to 3-7- ex
div. for the Bth January, touched, on the following
afternoon, 94, and closed at 94, " sellers." The
official business report is as follows :—Three per
Cent. Consols, for account, 93-1, 931, 931 94 ex div.
Three per Cent. Reduced, 938, 1, 94 New Three
per Cents., 93, 94. Bank Stock, 216. Three
and a half per Cent Exchequer Bonds, falling
payable in 1858, 98Z; ditto, 1859, 98t. India
Bonds, 2s. prem. Excheqner Bills have again
fallen ls. to 25., owing to the pressure for money.
The closing quotation was 2s. dis. to 2s. prem.
The London Railway Share Market opened
quietly on Wednesday but soon assumed an im-
proved appearance, purchases preponderating.
The advance, which was well maintained to the
close, amounted to h to Z per. cent in most of the
heavier stocks. The late fall in Great Northern
stock has brought forward buyers, and a rally of
1 per cent has taken place. South Eastern and
Caledonian advanced about 4, per shake. Very little
business was done throughout the day, but the
market closed firmly. In the afternoon the Lon-
don and North Western stock was quoted 1054' to
1052; Lancashire and Yorkshire, 961 to 971; Great
Western 69 691; Midland, 82 to 824 ; Berwicks,
20& to 21-4- ; South Eastern's, 22 t 0221 London and
South Western, 538 to 53a; Caledonians
314; York and North Midland, 2

H to 308 ; and

Great Northerns, 221 to 221.
The produce markets, both here and in London,
have closed for the Christmas holidays. A London
firm have issued the following circular on Wednes-
day evening.:—

The public sales of produce this week, which have not
been very extensive, have gone off without animation. For
suger there has been but little demand, and the small quan-
tity offered has been sold at about previous rates. Coffee has
realised full quotations, and the marketis firm; a floating cargo
of Rio has been sold for the Me:titerrancan. In saltpetre
scarcely any business is reported, and quotations are quite
nominal. Rice continues steady, the chief transactions
being in low qualities. A slight decline has been established
in the value of black pepper. In tea a very large business
has again been done at advanced rates. Common congou is
quoted 10/d per lb.
The excellent circular of Messrs. Brown, Hunter,
& Co., just issued, contains the following brief
review of commercial operations during the past
year ,

" In reviewing the coarse of events of the past year, it is
satisfactory to observe the remarkable stability which has
characterised the commercial community, notwithstanding
the unfavourable circumstances that have existed ; probably
there never has been a year in which fewer failures have
taken place in connection with business operations. It
having opened under a continuance of the war with Russia,
prospects were far from encouraging ; and had hostilities
been prolonged for any length of time, as seemed probable
from the vigorous preparations made throughout the
winter, the consequent evils of dearer money than has been
experienced, with necessarily increased taxation, have been
averted; and commerce has escaped the ordeal of a greater
pressure, that wonld have severely tested its elasticity. The
sudden return of peace, however, was not without its ill
cff,cts, for, with a stringent money market, and the imme-
diate reaction from high to unduly low prices of many
articles of produce, heavy losses were entailed upon holders.
Happily, the prosperous condition of the trade of the
country, evidenced by the great activity that has prevailed
in the manufacturing districts, a well employed population,
and the great increase in the value of exports of British
manufactures, which exceed the previous year nearly
twenty millions, by stimulating the demand for,
and keeping stocks of produce moderately low, has
sufficed to counteract a continuance of depressed
prices, and Las averted losses which must have taken place.
It is, therefore, with pleasure, we have to record that the
year closes with a far more favourable retrospect than was
anticipated at its commencement. The position of the
money market, as affecting the value of produce, is a most
singular featu-e, among other characteristics that have
marked this year's progress. In October, 1855, in conse-
quence of the great drain of gold to meet the expenses of
the war, the rate of discount at the Bank of England was
raised to 6 and 7 per cent. on short and long dated paper,
and remained so until May, exercising a most injurious
effect meanwhile upon prices and, in fhe latter month, it
was reduced to one uniform rate of 6 per cent. Immediately
after, increased activity in business, and an advance in the
value of produce, followed ; and, as the stock of bullion in
the Bank rapidly augmented, two further reductions, in June
and July, were made to 5 and 43 per cent. From this
period, a decided change took place; a great demand for
gold for Franca set in, together with large purchases of
silver for tranernis don to Lelia and China. The bullion,
which had reached nearly twelve millions, began todecrease,
notwithstanding large arrivals of specie, which were not
only immediately absorbed, but the efflux of gold could not
be arrested, and, in October, the rate was twice raised from
43 to 6 per cent., on 60 days, and to 7 per cent, on bills
having longer to run—and in November to one uniform rate
of 7 per cent. The stocks of produce meanwhile having
greatly diminished, and deficient supplies being exoected,the
effec t of tight money was just the contrary to that experi •
fenced in the early part of the year, prices during the recent
monetary panic having advance-1, thereby showing, fortu-
nately for the interests of the mercantile community, that
the trade of the country is on so secure a basis ne to rise, as
it were, triumphant from the clogs end impediments of a
wavering money market, so easily affected from without ;
but there surely must be something wrong in the currency
laws of this country, that when there is a trifling diminu-
tion in the stock of bullion in the bank cellars. such high
and exorbitant rates of interest should exist, which tend
materially to fetter commerce, and to restrict the operations
of merchants, from the difficulty of negotiating bills, having
long to run, whilst at the same time there is plenty of money
in the country for all legitimate purposes. The prospects
f r the approaching year are, at present, encouraging, and
money, at moderate value, would doubtless exercise a
material influence over the tone of commercial transactions;
still, however, as prices are mainly regulated by supplies
and demand, any superabundance or diminution of the
former must necessarily subject them to fluctuation, rela-

tiTely with the briskness or slackness that may
enced in the latter.

le ever'.

The-same authorities thuirnatiue the movements
of the Wool trade since the Ist of Jan. last :
Notwithstanding the dearness of Money throughout the
year, the Wool Market has manifested great buoyancy,
with an increased deniand and general upward tendency
in price.. The reduction of the duty- into France gave a
great stimulus to the first London sales of Colonial WOol
in February, whim prioeiOadVaiked 3d per Ib, and the
Succeeding sales in M
lb, which, hOwever
the quantity brou

until gbo

y opened at a further r]

;lost befc

i the middle of the

2d per

In Jtily

100 bales

Id per lb, which lasted

. _
of May were re-established ; a f
November sales of ld to lid per )

Closing r

) folio

nent in

The total

quantity sold 'during the yea
~aainst 211,455 bales in 1855
Atistealia have not. t

in this marl

,aving to t

o admirably adapted f

increased,