Northern Times.
Liverpool, Merseyside, England, 1859-04-29 00:00:00

THE NORTHERN TIMES, FRIDAI, APRIL 29, 1859

MONETARY AND COMMERCIAL.

LIVERPOOL, Thursday Evening.
There has been a complete panic in the Liverpool
Cotton Market to-day, and prices have been extremely
irregular, in some instances Cotton having been
offered at a decline of fully a farthing 'per pound
below the quotations of Thursday last. The busi-
ness done has been exceedingly small, the sales
amounting only to 2,000 bales, the whole being
taken by the trade.
The condition of the Liverpool Stock Exchange
to-day, has been truly frightful. The depression
in the value of all the leading Railway Stocks
exceeds everything previously experienced. Cale-
donians, which were yesterday quoted at £7.5,
have been sold to-day at t7O. London and
North Westerns, which were quoted at 881, have
been dealt in at 851, and Lancashire and Yorkshire
have' declined from 881 to 85, but they subsequently'
rallied, and sales were made after official hours at
86. Several failures have been reported, and others'
are freely spoken of. The actual business done, in-
cluded Caledonians, 70 ; Lancashire and Yorkshire,
85:1, 851, 85, 841, 85, 851, 5 c; London and North-
Western, 851; Do. one•eighth Shares, 2 d; South
Eastern, 18. There was generally a better
feeling in the market after official hours,
and sales were made in Lancashire and York-
shire Stock at 851 to 86. London and North
Western at the same quotations. Midlands at
941, and South Eastern and Dovers at 184, 18 3-16.
The final closing quotations were :-Blackburn, 111,
11 ; Chester and Birkenhead, 60, 61 • Cale-
donian 70, 72 ; Eastern Counties, 104, 1 East
Lancashire, 84, 86 ; Great Northern, 96, 98 ;
Do. A., 81, 82 ; Great Western, 50, 51 ; Lancashire
and Yorkshire Stock, 80., 854 ; London and North
Western Stock, 85, 86 ; Do. one-eighth shares, 2,
d ; Manchester, Sheffield, and Lincoln, 34,
35; Midland Stock, 951, 951 ; North British, 50,
52; North Staffordshire, 4Z, 4;4 d; North Eastern
--Berwick, 83, 84; York and North Midland, 70,
71 ; Leeds Capital Stock, 42, 43; South Eastern
and Dover, 184, 184 ; Dutch Rhenish, 64, 61 di
Great Western of Canada, 14, 141 ; Do. New
Shares, 6, 51 d; Great Luxembourg, 5,5, ;
Grand Trunk of Canada, 71, 71 ; Lombardo-Venetian,
24, 2 d Do. New Shares, 3, 921 d.
In consequence of the great efflux of Gold, the
Directors of the Bank of England have, this day,
raised the minimum rate of discount to three and a
half per cent.
If panic has prevailed in. the Liverpool Stock.
Exchange, the condition of the London Stock Mar-
ket evidenced something .more than panic. Most
violent fluctuations took place in the English Funds,
and it was for a long time quite impossible
to give anything like accurate quotations. Consols,
after sustaining a decline of fully 21 per cent. from
the closing quotations of yesterday, subsequently
rallied to the extent of about one per cent. At
one time they were down' as low as 881. At noon,
they were quoted at 89, 88!., 884, 90; and at the
final close at 891. In many instances, dealers
positively refused to operate at all, except upon
the widest . margin. The , failure of fourteen,
and some accounts say nineteen, members of the
Stock Exchange was reported, in addition- to the
seven reported yesterday, and throughout the day
the wildest possible excitement prevailed. The final
closing prices for Public Securities were-Consols for
Money, 89, 891; ditto Account, 87Z, 884 ; Three
per Cents, 218, 222 ; Bank Stock and Exchequer
Bills, large, 5, 5 15 prem. All descriptions of Foreign
Stocks suffered in like proportion, and Turkish even
in a greater ratio than any other stock.
Considering the extraordinary depression in the
Stock Market, it may naturally be supposed that
the London Share Market was completely wild, and
with no disposition to transact business, prices suf-
fered a very heavy decline, and finally closed at the
following quotations :---Ambergate, 54, ; Caledo-
nian, 70, 74 ; Preference, 99, 101 ; Eastern Counties,
50, 51 ; East Lancashire, 84, 86 ; Edinburgh and
Glasgow, 70, 72 ; Great Northern, 95, 97 ; ditto A,
78, 82 ; ditto B, 126, 130 ; Great Western,
49, 51; Lancashire and Yorkshire, 83, 85 ;
Brighton, 105, 107 ; North-Western, 83,
85 ; South-Western, 83, 85 ; Manchester,
Sheffield, and Lincoln, 32, •34 ; _Midland, 92, 94 ;
North British, 49, 51; North-Eastern--Berwick,
83, 85 ; ditto • Leeds, 41, 43 ; ditto York, 69, 71 ;
North Stafford, 6, 51 ; South Eastern, 60, 61 ;
Turkish Sixes, 58, 62 ; ditto Fours, 99, 101 ;
Great Westirn of Canada, 131, 144 ; new, 7, 6
dis ; ditto Trunks, 7, 74.
The. Grain Averages for the week have been issued
to-day, and are as follows :-Wheat, weekly, 41s. 4d. ;
aggregate, 40s. Bd. ; Barley, weekly, 325. Bd. ; aggre-
gate, 335. 9d. ; Oats, weekly, 225. 7d. ; aggregate,
235. 4d. ; Rye, weekly, 325. 2d.; aggregate, 31s. Bd. ;
Beans, weekly, 41s. 4d. ; aggregate, 40s. 10d. ' • Peas,
weekly, 38s. 11d. ; aggregate, 395. 2d. Wheat
sold last week, 116,166 quarters.
The Liverpool Corn Market has been exceedingly
active to-day, and an advance in the price of wheat
is stated to have exceed four shillings per quarter,
and the advance in other articles has been propor-
tionate. There has also been great excitement in
regard to the article of Rice, and a large speculative
business has been done at a further advance in
price, particularly for floating cargoes. .The sales on
the spot comprise 650 bags Bengal at 12s, 5,000 bags
Larong at 9s, and 37,000 bags Necransie at 8s to
9s 3d; for arrival 900 tons Rangoon have been placed
at lOs 9d floating conditions, and 500 tons for this
port at lOs 6d N 11 s• per cwt.
We have received private advices from Alexandria
(Egypt) to the 18th instant, from which we quote
the following, in reference to Cotton and Corn :-
Corror: throughout the month has continued in steady
demand, with occasional days of brisk buying, when sellers
obtained some advantage ; ugood to fine " is a class now
rarely to be met with, and has been sold at equal to 9d. per
ib., f. o. b. The arrivals by rail and canal continue to a
fair extent, and although the exports (chiefly by
steamers) have been large, the stock on sale is
probably not less than 25,000 cantars. WHEAT :
Out of the 15,000 ardebs sold, 12,000 were bought
by the government at piastres 78, or 31s per qr. f. o. b.
1,500 ardebs for shipment to Malta at piastres 75, or 30s
per qr., f. o. b., and the remainder for consumption. The
receipts from the interior arc almost nil. BEANS : A few
boat loads of the new crop, from the neighbourhood of
Cairo and Delta, have reached this, and have been sold for
export. The quality is superior to that of .last year's early
arrivals, and seems to promise a fair crop. With regard to
its probable extent, our information as yet is not conclusive
as to a deficiency, though there arc reports of it formed
chiefly on the unfavourable inundation of the Nile last
year.

The several phases of the day's intelligence were
discussed with great avidity at Lloyd's, the Jerusa-
lem, Baltic, and Jamaica Coffee-houses, the interests
involved and the points in dispute furnishing topics
for every class. There was great excitement at
Lloyd's and the Baltic, the Russian trade especially
manifesting a desire to trace the effect of the sup-
posed change in the relations between that country
and France. At Lloyd's war risks were demanded
on steamers and vessels in the Mediterranean, and
it is not improbable they will be extended to other
ports if affairs continue to present such a menacing,
aspect. In Mincing-lane and on 'Change consider-
able activity. was noticeable, saltpetre, tallow, and
rice being the articles principally affected.
Great excitement prevailed yesterday in the
Tallow Market, owing to the continental intelligence,
coupled with the news of an advance of 5 ro. at St.
Petersburg, whence the price comes quoted 1931 ro.
for delivery in August. The advance established
here yesterday amounted to is 6 to 2s per cwt. A
fresh rise of about 2s per cwt. has also taken place in
Saltpetre.
The public mind has become inoculated with a
feeling of anxiety as to the prospects of the Money
Market. Many of the banks and other establish-
ments are stimulating a pressure by hastily calling
in their loans, the result being the diversion of the
great bulk of the current business to the Bank of
England. The demand at that establishment
yesterday was general, and heavier than on any day
since 1857.

The amount of gold withdrawn from the Bank
yeSterday for exportation was 30,000/., making an
ascertained total of 370,000/. since the date of the
last return. 16,000/ in newly imported American
gold was also taken for the Continent.
To-morrow week, the 6th of May, the first instal-
ment of the new Indian loan must be completed, and
and will amount, in the majority of instances, to
about 18 per cent. The deposit having been, inju-
diciously limited to 2 per cent, there is an impression

that a number of unscrupulous subscribers may
prefer to forfeit it, with a view to avoid the obliga-
tion of further payments. Their moral obligation,
however, is clear.

The Stock Exchange was to-day visited by a panic
scarcely paralleled in intensity within the memory of the
oldest members. The positive statement that an offensive
and defensive alliance has been concluded between Russia
and France, and that the former Power is making the
military dispositions requisite to overawe Germany,
afforded at once full scope for alarm. A coalition, of
this kind is regarded in many quarters as not merely
sounding the knell of the Anglo-French alliance,
but as pregnant with direct menace to England.
Many persons jumped at once to the conclusion that the
execution of the long-meditated designs of Russia against
Turkey is now approaching, perhaps, in virtue of the
Russo-French compact, and a fall of 18 per cent. took
place in Turkish Stock. Throughout the day, the urgent
necessity of corresponding. and costly armaments on the
part of this country, was painfully impressed, and deepened
the feeling of gloom that universally, prevailed. The
English Funds opened this morning about 2.4 per cent.
worse than at four o'clock yesterday. The quotations
between four and five o'clock were the worst
of the day, and nearly 34 per cent. below
those current at the same hour yesterday. On
this the first day of the fortnightly settlement in shares
and foreign stocks, six or seven members of the Stock
Exchange have been declared unable to meet their engage-
ments. English railway stocks have fallen 3to 5 per cent
In the other departments of the Stock Exchange it was
extremely difficult to transact business, the confusion being
general.—Daily News City Article, Wednesday evening.
The news of the French and Russian treaty took the
Stock Exchange this morning by complete snrprise, and
caused the markets to open in a state of panic, which was
aggravated, before the closing of the day, by the announce-
ment that, although Austria had accepted the direct
mediation proffered by the Derby Cabinet on Monday,
France has declined to entertain it. Finally the last dreams
of the possibility of peace having at length been dissipated,
there was a fall to 91 to 911, at which quotations the
I regular business of the day terminated ; subsequently,
however, there were numerous transactions, and consols
were offered at 90:3. The general depreciation in the
nominal value of the funded and share property of the
country, even since yesterday, may be roughly estimated
as equal at least to about £50,000,000 sterling.
An advance of the rate of discount to at least 3 per cent. is
generally expected to be announced to-morrow. The
bankers and discount houses refused in most cases to take
paper to-day, having any length of time to run at the
present rate of 21 per cent., and consequently the demand
on the part of the leading mercantile firms was thrown
almost exclusively upon the Bank of England. Large war
insurances have been taken out at Lloyds by foreign ship-
owners, and on nearly all kinds of policies increased
premiums are demanded. Sardinian and Austrian vessels
can scarcely be insured on any terms, and even for English
for protracted periods, especially in the St. Petersburg trade,
a considerable addition is made. Hamburg is certain to
remain neutral as long as possible. Yet, for her ships going
for coffee to Brazil, as much as three guineas per cent. has
been required for extra risk. The war has led to a fall of
kd or a td per lb. in cotton. Sugar and indigo have
likewise been effected, and are very flat. Rice and saltpetre
have advanced. Most kinds of Russian produce is again
firmer to-day. Within the week, tallow has advanced three
or four per cent., and linseed five per cent.—Times City
Article, Wednesday Evening.

ADVANCE IN THE BANK RATE OF DISCOUNT.
LONDON, Thursday.—The Bank of England has this day
advanced its rate of discount to Three-and-a-Half per cent.

LIVERPOOL PRODUCE MARKET.—Apitn, 28

Colonial, &c.: The Sugar market remains quiet, and only
65 hhds Jamaica sold at 40s per cwt. A cargo of clayed
Cuba Molasses, for arrival, is reported at 14s 3d per cwt.
A better inquiry has been experinced for Rum, 150 puncheons
Demerara and 70 puncheons Jamaica having been sold at
firmer prices. We have had a very excited market for Rice,
and a large speculative business has. been transacted at a
further advance, particularly for floating cargoes ; the sales
on the spot comprise 650 bags Bengal at 12s, 5,000 bags
Larong at 9s, and 37,000 bags Necransie at 8s to 9s 3d,
and for arrival 900 tons Rangoon at lOs 9d floating condi•
tions, and 500 tons for Liverpool at lOs 6d to Ils per cwt.
Nothing to notice in Dgewoods. Ashes firm ; Pots at 31s
to 31s 6d, and Pearls at 31s 6d. Of iVitrate of Soda, 1,000
tons have changed hands at 14s 9d to 15s 6s per cwt, and
holders asking higher rates. Nothing further has transpired
in Saltpetre. 100 tons Brimstone aro reported, at £7 17s 6d
per ton for best seconds. 120 bags Catch, at 37s ; 5 casks
fine Bees' Wax, at £9 10s per cwt ; and 50 bags Singapore
black Pepper, at 4d per lb. Oils, &c.: 300 tuns Palm,
taken to arrive, at £45 10s ; of Olive, 100 tuns at £47 for
Malaga, £47 lOs for Toronto, and £43 per tun for Mogadore.
Tallow, at 60s for P.Y.C. ; and 10 tons Tuscar Lard sold
at 575. Of Rosin, 400 barrels common, at 4s 2d per cwt, ex
store. Of 630 packages Para India Rubber offered by
auction, about 80 cases and 240 bags found buyers, at 2s 2d
for fine, is 7d to is 9d for middling, and is 11-,d to is 4d
per lb for negro head. We have also to report 300 bags
Bombay Linseed, at 52s 6d; 1,250 bags Bombay Rdpeseed,
at 37s for low to 46s per quarter for fair; 40 tons Valonia,
at £l5 lOs per ton for fine ; and 5 tops Linseed Cake, at
£8 15s per ton, English make.