Northern Times.
Liverpool, Merseyside, England, 1859-05-20 00:00:00

TRADE IN THE IRON DISTRICTS

----
The depression ender which the iron trade is suffering has
hastened the suspension of one of the most respected firms in
the district ; we refer to Messrs. Cresswell and Sons, of
Tipton, whose stoppage took place on Saturday last. It
was known in 1855 that the firm was largely indebted to
the Dudley and West Bromwich Bank, and the stoppage at
that time was regarded as imminent; since that period
trade has not been sufficiently good to enable them to
recover a good position. They had been dependent of late
very much upon orders from Messrs. Stitt, iron merchants,
of Liverpool, and reliance was placed upon a continuity of
these to meet their bills ; a short time since, however, a
communication was received from that firm to the effect that
in the prese.ut state of trade they did not deem it prudent to
take so large zi quantity of iron ; and Messrs. Cresswell, who
have struggled manfully against adverse circumstances, had
no alternative but to succumb, after communicating the
state of their affairs to the Dudley Bank, who, in addition
to being large creditors, are also proprietors by purchase,
thne or four years since, of the works ; and on Saturday the
stoppage took place as statosi above. It appears that there
is two years and a quarter's relit owing. which amounts to
$075. The bank, in anticiplition of a movement, we
believe, by a judgment creditor. by 7vhich a preference
might be obtained, felt compelled to put :n en execution;
&lid on Wednesday morning a sale of the stock .qn tin Vorkh,

consisting of many hundred tons of pig iron, ironstone, &c.,
was aelvertised to take place this day (Friday): Ameeting
ofthe creditors took place on Wednesday, Mr. G. F. Bowen,
of the North Staffordshire Mining Company, in the chair,
and about fifty other creditors were present. A long discus-
sion ensued, and in the course of it some strong observations
were made in reference to the hank directors for having laid
their hands on everything. Ultimately there appeared to
be an understanding that the bank would be induced to stop
the sale, some arrangement being made by which their
interest under the execution is not imperilled ; and a reso-
lution was carried, to the effect that the works be carried on
under inspection, with the view to the payment of a divi-
dend of 5s in the pound by instalments of 2s 6d each, at
twelve and twenty-four months, or in case of default the
property to be realised. By a subsequent resolution the
interest of the creditors, to the extent of another 5s in the
pound upon the Rhos Hall estate, was defined as proposed
by Mr. Knight; and Captain Bennitt and Mr. R. William-
son, of North Staffordshire, were appointed inspectors to
act for the creditors ; the Dudley and West Bromwich
Banking Company to name a third inspector. Mr. E.
Cresswell was present, and although the bank was much
censured, great sympathy was expressed for his positiun.
Abridged from the Midland Counties Herald. •

LIVERPOOL PRODUCE MARKET.-MAY 19,

Colonial, &c.: There is no improvement to notice in the
demand for Sugar ; 170 hhds Barbadoes are reported at
38s 6d to 44s 6d, and 300 bags Cossipore at 46s 6d per
cwt. Nothing has taken place in Molasses, .Rum, or Coffee.
No disposition was shown to purchase the Cocoa offered by
auction (500 bags), and-the whole was withdrawn, but 90
bags Trinidad have since been sold at 51s per cwt. The
business in Rice is confined to 2,000 pockets of Bengal at
13s. In Dyewoods, only 20 tons Limawood at £l4 per ton.
_Ashes are dull ; a few Pots taken at 32s 6d. Nitrate of Soda
steady at 15s 6d to 16s; and a further parcel of 170 bags Salt-
petre has realised 47s to 47s 6d per cwt for 31 per cent re-

u butes tit firtinscone ; smati Dustness in Oporto
red Argots reported at 438; and 170 bags Sumac at lls 9d
per cwt. Oils, &e.: Palm dull, at £45 per tun; nothing to
notice in Olive; Linseed at 30s 6d. P.Y.O Tallow at 583;

about 100 barrels fine Rosin have been sold at 16s to 17s ;
and a little' done in Spirits of Turpentine at 43s 9d to 44s

per cwt

LIVERPOOL COTTON MARKET.---MAY 19.
There has been an improved demand for cotton to-day
but, with extremely liberal offerings, prices are 4-d to 3d pe
lb lower than on Friday. The sales —includincr 10 Pprnam

• 50 Bahia, 74-d to 7 d ; 1.50 Maianham,
Egyptian, lid to 101 d ' • 500 Surat, 4d to 5,_
are reported 8,000 bales,-of which 1,000 are on speculation
and for export.

buco, fqd
84-d ; 500

3TER CORN MARKET.—MAY 19.
and holders of wheat and flour com-

MANCFIE
A. good attendanc

iy asking an a

Vance of fully

per quarter and

sack, but there was no disposition on .the part of buyers to
operate, and in the little business done the currency of this
day se'nnight could not be exceeded. Oats and oatmeal
rather lower. Beans and Indian corn firm.

LONDON PRODUCE MARKET—MAY 19.
Sugar : The public sales of llavannah went off without
spirit at is under last week's currency. The refined market
very dull. Brown lumps, 51s 6d.
Coffee : The good coloury descriptions about maintain
previous rates. Other descriptions are difficult of sale,with-
out submitting to lower rates.

Tea : The public sales declared for to-morrow have pre-
vented business by private contract.
Rice : Middling Bengal sold freely at 10s to 10s 9d,which
were previons rates.

Saltpetre : Refraction 6 to 7 sold at 45s 9d to 46s
Jute sold heavily at a decline of 20s.
Hemp : Russian quoted £3O to £3O 10s.
Markets generally quiet to-day.

GRAIN AVERAGES.-MAY 19

The following are the Grain Averages for the week ending
May 14th :—Wheat, weekly, 52s sd, aggregate 43s 10d;
barley, weekly, 32s 10d, aggregate 31s ld ; oats, weekly,
25s 4d, aggregate 23s 9d; rye, weekly, 33s 4d, aggregate
31s 8d ; beans, weekly, 45s Id, aggregate 52s Id ; peas,
weekly, 425, aggregate 39s Bd. Wheat sold last week,
98,805 quarters.

BOROUGH HOP MARKET,

--MAY 19

Choice qualities of hops are in active request, and prices
still have an upward tendency. All other kinds moved off
steadily at full quotations. The show of samples has
become very moderate.

METROPOLITAN CATTLE MARKET—MAY 19.
To-day's market was moderately supplied with beasts
and sheep. Beasts moved off slowly ; sheep steady at Mon-
day's currency. Lambs, the supply of which was limited,
were in rather improved request at full prices. Calves dull,
and 2d to 4d lower. In pigs very little change. Beef,
3s 2d to 4s 8d; mutton. 3s Gd to 5s ; lamb, 5s 2d to 6s 4d ;,
veal, 3s 6d to 5s 2d ; pork, 3s to 4s 2d, per Blbs., &c.,
Total supply : —Beasts, British 950, foreign 30 ; cows,
British 130 ; sheep and lambs, British 800, foreign 500 ;
calves, British 95, foreign 50 ; pigs, British 150.

LONDON 'Ye' L 1 017 MARKET.—MAY 19.
The n',~ 1-6; is ecady. Annexed are the quotations :
Town tallow, .5,3 s 3d ret cash ; Petersburg YU oa the spot,
55s to 55s 3d ; June, 555; July to September, 55s 6d to
565; August to September, 565; October to December, 56s
9d buyers.

LONDON MIN:.NG MARKET.---MAY 19.
Wheal Grenville shares are in demand to-day, and have
been dealt in at 4to 41-. Providence shares are officially
marl i,64 in the Stock Exchange 87, and Tincroft 41. Shares
in the undermentioned British mines have likewise been
dealt in, viz., East Basset (which are flat), Great Hewas,
Tretoil and Messer, West Caradon, and West Seton. In
foreign and colonial descriptions inactivity is still the pre-
vailing feature.

-LONDON MONEY MARL: ET.—MAY' 19.
Consols opened very steady and quiet at 911 to 911 for
account, and 91 to 912 money, and continued "without
change all morning. Little or nothing done, and shares
very inactive and unchanged. French unchanged ; Lom-
bards, new, 4-4.
BIRMINGHAM CORN MARKET. MAy 19.
Large supply of wheat, and the trade dull, at about is per
quarter dearer than this day week. Barley, oats, and beans
unaltered. Peas held for more money.