Northern Times.
Liverpool, Merseyside, England, 1860-01-02 00:00:00

GLASGOW IRON MARKET.—Dxc. 31.

No. 1, 565. 9d. to 575. ; Warrants, 575. 9d. to 585.,
prompt; ditto three months, 58s. 6d. to 58s. 9d. ; Makers'
Iron, 565. 9d. to 573. ; No. 3, 565. 9d. to 575. Market

TRADE CIRCULARS.

SHIPPING.

In their annual circular, dated to-day, Messrs. Curry,
Kel/ock, & Co., say r—We were obliged to eminence
our last annual letter by advising you of " another
year of diminished sales of shipping, as ,compared with
e previous one cf- about 18 per cent: ;" and thongh
we have a falling off to report this year likewise,lt--is
happily not to the same extent as last—the sales
being 461 ships, equal to 220,421 tons, against
482, equal to 221,419 tons, in 1858, and 586, equrl
to 258,868 tons, in 1857, showing a decrease of 21
ships, equal to 998 tons, as compared with 1858. The
sales of new colonial ships show an extraordinary
reduction both as to number a-id tonnage, being but
42=33294 tons, against 99=47966 in 1858. The
business done within the first three months of the year
was' very trifling, owing; in some degree, to the misun-
derstanding between Sardinia and Ausfria, and the
apprehension of a generally unsettled state of Europe
arising therefrom. However, when war was declared,
the demand for small vessels to take coals to the_Medi-
terranean depots, and the expectation of a general irn-
p_L•overnent in freights, in consequence, caused_an active
demanl, and for a few weeks prices might be quoted
at an advance of 10s, per ton. To the present we hare
not quite lost the advantage then gained, which, hew=
ever, has been felt more in giving increased facility for
selling ships, that for a long time buyers could not be
induced to treat for, than for any positive improvement
in prices. The preparations for war with China have
favourably influenced the market, from the high rates
offered both by the French Government and English
shippers of fuel. We regret, however, there areas yet
no satisfactory home freights to combine with these out
rates. Should guano charters be resumed, the
combined operations are likely to prove remunernez
ing, for the short time these freights opened a very
large quantity of tonnage was taken up at rates varying
from 60s. down to 455. Our present stock of ships laid
up for sale, including new and second-hand, is much less
than at the close of 1858, being 70, equal to 37,588
tons, against 122 in 1858, equal to 64,639 tons (and 161
in 1857), showing a decrease of 52, equal to 27,051 tons,
while the number of steamers is but 4—against 12 in
1858, and 16 in. 1857. A very large business has been
done the past year throughout the country in the sale
of screw steamers (which seem to be daily more inquired
for), a considerable number of which have been purchased
for foreign account. The prices obtained for British
high class ships have been considerably less than for
many Tears past, especially on the east coast. Liverpool
and Cumberland builders have all but ceased 'to buil4
except for order. Very superior 12-year ships, with
Baltic outfit, can be purchased at £l3 per ton. Iron first-
class vessels from 400 to 500 tons are much inquired for.
For new Colonial seven years A Ships, of very su-
perior quality, we have obtained as high as £8 10s.,
but in general the price has ranged from £7. to, £B.
Good second-hand vessels from 800 to .15,000 'eons,
suitable for the Cotton or Timber trades, or the con-
veyance-of coals to the East, are in good demand. The
last of the ships belonging to the Liverpool Borough
Bank Estate has just been sold.
Messrs. Alfred Brett and Co., in their annual circular,
say.:—There terminates, with the close of 1859, an
eventful period in the commercial history of marine
steam property; for, whether we regard it in relation-
to the past, the present, or the future, it is deserving of
serious consideration, not Only by those directly con-
cerned. in its welfare, but by those who study the
history and economy of maritime commerce. Owners
of steam shipping felt, very severely,' the effects
of the commercial crisis of 1857 ; but the
real depreciation, in the value of their property was not
then sufficiently bomprehended. Instead 'of an early re-
action in their favour, such as even the most cautious
had anticipated, the intervening time has added very
materially to their absolute loss; and whateyeT may have
been our occasional hopes of an earlier conclusion of
that disastrous condition of affairs, we are only now
warranted in the assumption that the turning point has
at length been actually reached. In the course of 1859,
steamers belonging to several ordinary and to some
powerful associations, have passed into new hands at
such low prices as we had not even speculated upon as
being eventually possible. Not very long before, the
'value of goon steam-ships at second and, -arid of
ordinary power, was computed at scarcely less than £lB
per ton, machinery included; yet instances have

since' occurred in which something under £lO per
ton- has been accepted, for single 'transfers as well
as for whole fleets. We can only trace the
real cause ,of this min:Las reduction to 'a superabunCkatt
supply--of tonnage, 'compared with -the requirements
of trade- and" combined with reductions in the price ef
both the material land labour used in the constrizetion
of new steamers. ;however unacceptable this conclusion
may fbe to these who look beyond the range of facts
into the deceptive region of some speculative theory'',
we have no difficulty in establishing oar proposition.
Since 1853, 'the value of material andlabour used in the
building of steam-ships has fallen from 25 to 31 per
cent.; concurrently with which, improvements in steam
engineering;(leading to more simplicity of arrangement,
greater development of actual compared with nominal
power, and with reduced cost), and the competition
ofnumerotts newly established with the elder existing
firms, both of builders and marine engineers, have
placed
contractors in a position to complete new steam-
ships, now, at from £l6 to £2O per 'ton, for which
formerly, 'from £2O to t3O per ton would have 'been
required-and readily given. As a natural consequence;
• also, of the excess, of supply over, demand, steam freight-
age has.generally fallen to rates unpriocedentedly low; re
that purchasers have been influenced in their Offers by
pro-bable-rcturns upon their investments, and their con-
clusions thereon have thus gone still further in the dine-
, tion of redUced values. Beyond the ordinary reaction,
however, which would in any case have occur ed, spe-
cial although in some instances temporary objects have
created new demands for steam shipping ; such as the
employment, or absolute, sale, of a very considerable
amount of •tonnage • and steam power for European
Governments, in war and transport service; which have
absorbed a large number of steamers that stood in
the way of any active improvement whether for sale
or •charter. To this we should add the fact, that English
ship builders and engineers have received such exten-
sive orders from abroad, especially from Russia, Turkey,
and Spain, as would place the customary advances
thereon, daring 1859, at about half-a-million sterling.
Corroboratively in favour of progressive improvement,
we have to .notice that British capital is now being
applied in the establishment of new steam-shipping
companies, for the extension of trade, already as:
eertained to be remunerative, or that, upon fair
practical data, promises to be so forthwith. Many
steam-ship builders of good reputation and un-
questionable resources, arc, nevertheless, open to
contracts at rates having relation rather to present than
past demand; and on terms, in short, which may
reasonably induce the employment of superabundant
capital. The general expansion of commerce, we think,
will 'now fairly warrant the prudent investment of
money in new steamships, due regard being had to the
great mechanical improvements in steam machinery
that have established their utility in 1859.

Q't grirtDtru Mmes