The Northern Daily Times.
Liverpool, Merseyside, England, 1857-01-03 00:00:00

BREARS'TUFFS.

The opening of the new year again affords us an oppor-
tunity of addressing you, and, as customary, we offer to your
considera`ion the statistics of the corn trade of this port for
so much of the season as has passed since last harvest, and
corresponding period io preceding years, together with the
aggregate of the farmers' returns for the kingdom. The
most noticeable features are an import of wheat more than
double that of same period preceding season, and thrice the
average of last five years ; flour also shows a considerable
increase; Indian corn, 100,000 quarters in excess; oatmeal
46,000 loads, and beans and peas 36,000 quarters less than
last year. When we addressed you at this date last year
the country was labouring under the double loUd of a de-
ficient harvest and a bloody and expensive European war ;
now we have the prospect of continued peace, and conse-
quently access to all the grain producing markets of the
world ; whilst the last harvest, although much inferior in
quality to the average, has, owing to the large breadth of
wheat sown, yielded a much larger weight of food than last
year's, the inferiority being chiefly in the extreme northern
and southern counties. The necessities of the country last
season, were, it will be recollected, estimated at so high a
figure by the trade that they were charged with being
alarmists, yet experience has demonstrated that with an
import of wheat and flour amounting to nearly seven million
quarters, stocks were all but exhausted, and bad not an
early harvest in America come to the heln of a deficient
one here, a pinch would have been felt. We are, however,
still left to conjecture and uncertain calculation as to the
future, there being no reliable data from 'which to estimate
either the wants of the country or the amount of its home grown
supply ; the Irish and Scotch returns indicate an increased
production of wheat,andeorrespondine diminution of oats and
barley, whilst, when quality is set off against quantity, it is
extremely doubtful if these p!rts of the king 'om stand
in any better position than they did last winter. Our
own conclusion is that an imnort of at least equal to six
millions quarters of wheat will be needed to cover the
wants of the year of which one third has expired, and
we believe America will give us one half that quantity ,
already her shipments to Great Britain s'nce the lit of
September amount to upwards of 750,000 quarters wheat
and 400.000 barrels flour, against 350,000 quarters wheat
and 400,000 barrels flour last reason ; we do not estimate
future supplies to go on in the same ratio, but we believe
me may fairly calculate that, with the fine crop last
reaped, and the inducement of prices ranging 8s to 104
per 7011)3, shipments will equal in amount those of the
spring and summer of 1856 Upon the other hand,
however, Spain and Portugal, from which we formerly
drew supplies, are now our rivals in the market, bet we
calculate that their wants and those of France will not
in the aggregate exceed those of the latter country last
year. Notwithstanding the pressure of dear money, the
trade of the country has been more prosperous than in
any preceding period, as indicated by the value of exports,
being twenty millions greater than those of 1855, the
effect has been that good wages and full employment kept
np the consuming power of the labouring classes, the great
bread eaters, and with corn twenty per cent under last
winter's prices, other things being equal, we may fairly
assume the absence of any important preventive check.
Wheat, of which our largest stock is American, and which
we roughly estimate at 150,000 to 200,000 quarters, has
attracted buyers from the interior, and although we had no
market last Friday (26th ultimo), the sales of the last ten
days have been considerable, at Os 61 to 103 for white, and
8e 6tl to 9s for good red ; Saide wheats in moderate demand
at 7s 4d to 7a 105 per 701ba. Flour, of which we estimate
stocks at 100,000. to 150,000 barrels, has been in good
demand, and as the fine crop of 1856 has raised its
character, its, value is not so irregular as last season, we
quote good Westerns 32s 6d, Philadelphia 33s 6d, extra
Ohio and Canadian 35; to 36a. Barley and malt, unim-
portant as regards quantity, are du'l and neglected. Egyp-
tian beans, although in limited' supply, have been quiet for
some time at about 38s per 480 lbs, being much dearer than
Indian corn. Oats have been in large supply, and rather
depressed at 3s to 3s 3d for green, and 3s 4,1 to 3s 8d per
451bs for good prepared Irish feeding. Oatmeal in fair
demand at 28s to 29a per 240 lbs. Indian corn, of which
we had a stock of 238,000 quarters on Ist July, must now
exceed 300,000 quarters, but as the shipments from America
are apparently over for some time, and few cargoes on passage
from Black Sea, its value has advanced from 32s 6d 33s to
34s 6d for mixed and yellow, and white 36s to 36s 61. Tho
export to Ireland has been very small since harvest, but as
the potato crop turns out to be nut over an average, there is
a prospect for a good demand from thence, as well as for
feeding in this country. PATTERSON BROTHERS

MANCHESTER TRADE REPORT.

At the beginning of last year the war with Russia was
still raging in the Crimea, irnrnen4e preparations were
making by this cauntry to carry it on more effectually, and
apprehensions prevailed as to the additional burdens which
the cost of a prolonged war would cast upon us, whilst the
home trade was suffering to an unparalleled degree. Pacific
rumours, more or less correct, which reached us early in the
month of Jannary—such, for instance, as that Russia had
accepted the preliminaries of peace unconditionally—gave
rise to exp ctations of a speedy settlement, and a more
cheerful tone in general ; but it was not until a qnarter of
the year had nit its course, that the treaty of peace was
concluded at Paris, which announcement reached us, thanks
to the telegraph, almost at the same moment the document
was signed in the French capital on the 30th of March last.
The tightness of money, arising from want of confidence,
and the negotiation of a new French loan, depressed consols
unnaturally ; the lowest price was on the 16:h of January,
viz ' 851 ; a gradual rise took place soon after, and they
reached 91.4 to 92 at the close of the month. The rate of
discount was 6 per cent. The price of middling New Or-
leans cotton as low as 51e1 per lb on the 12th of January,
and wheat as high as 81s per Tauter derirg the month.
The present quotation for wheat is 61s IG i ; for middling
New Orleans cotton 74 per lb ; and for consols 91 This
fo-ms a striking contrast to the state of things in January
last, which we had hoped to have seen still more strength-
ened, but recent events menace again the state of peace, if
they do rot actually give rise to fears of renewed hostilities
We must, however, hope for the best ; meanwhile, we
have passed remarkably well through a severe ordeal of
war, high food prices, and its invariably impeding conse—
quences to trade: Scarcely emerged from these difficulties,
and with money still unusually high, speculation is again
active under circumstances that would have been considered
incompatible with it in former years. We cannot account
fJr this otherwise than in admitting that the large
importation of precious metals, during the last four years,
are beginning to tell in their effects upon prices generally,
but we trace it chiefly to the benefits conferred on the trade
of the world by the timely and beneficial change in 1846
of the :commercial code. Consumption has momentarily
overreached supply ; as regards the raw materials used for
manufacturing textile fabrics, not only cotton, but silk and
wool, have materially advanced.
High prices are the only effective cure for short supplies ;
they will either bring them forward if in existence, or
induce increased cultivation of the required produce
wherever nature will admit of it. We consider a high
range of prices of cotton not unfavourat le in a prospective
point of view, although we fear some slight derangement
of trade will be caused thereby, and losses entailed to some
of our producers, who may find difficulties to obtain at once
a proportionate increase of prices for their productions. If,
however, it is a fact, that demand has ousstepped supply, a
few pence more for a garment of cotton for instance ought
not to curtail consumption, but strange as it may appear,
there are at present articles of general consumption which
are sold to a loss; this is an anomaly which even the
initiated cannot satisfactorily explain.
We did not give a report of the market for November, as
opinions.were then quite at variance about the probable
course of prices both in regard to cotton as well as texile
fabrics, our market showed signs of weakness, and prices
were momentarily declining, when a sudden demand fcr
China arose and entirely changed the aspect of effairs ;
and since then a gradual improvement has continued.
Throughont February the home trade suffered, food prices
being high, but nevertheless an extensive general business
was done in anticipation of peace being speedily establi.bed.
Despite of a stringent money market, the value of all raw
materials used for manufacturing rose in price. Silk and
wool falling short of demand, and rising in value, cotton
was favourably influenced, and its consumption stimulated
thereby. The transactions in yarns and goods were exten-
sive, and the stocks in our market very light. Funds
improved gradually from 904- to 92 for consols, and middling
New Orleans e ,tton rose to 6i per lb. The stock of bullion
in the bank was, on the 16th February, £10,532,494. The
export of silver to India continued, and money remained

scarce, as much as 7 nor cent. having been paid for short
loans. In March the Characteristic of OUT market was
steadiness, demand and supply being in due balance. A
slight-giving way of prices of cotton iu Liverpool, on receipt
of the news per Canada, did not produce any effect upon our
market, and business was active, notwithstanding the ad.
vance asked for yarns and goods. The month of March
was fraught with events of paramount infer, s', namely, the
declaration of peace, and the birth of-the son ot the Emperor
of France, Napoleon 111. Consols rose Canino, March to
93; middling New Orleans cotton to 6/ I per lh. The stock
of bullion remained on the 22nd March, £10,372 711. In
the month of April thQ improvement •in the general aspect
of affairs was still further developed, although money,
which was easy at one period of the month, became ti;, hter
again ; further loans being talked of, and new difficul ies
met with in the final settlement of the terms of Ilya"
at Vienna. These circumstances caused funds to decline
momentarily. Consols closed at 92i : New Orleans

cotton remained at 611. per lb. ; and the stock of bullion
reduced to £9,875,732. May, usually a quiet month tot
business, but owing to a redaction in the rate of interest,
and expected decline is the price of breadstuffs, our market
was active and steady, notwithstanding the flatness in the
Liverpool market, and apprehensions about disturbance of out
' our amicable relations with the United States of America. Dis-
' count which was 6 per cent since October last, was reduced
to 5 per cent, and this step on the part of the directors was
considered as a partial guarantee that the long existing
pressure in the money market was over. Railway stocks
improved, and consuls were done at 941 to 948, -with an
upward tendency. Middling New Orleans cotton was quoted
6 5-161 per lb. at the close of the month. Stock of bullion
experienced a reduction to £9 801,865. June, the anxiety
about the difficulties with the United States increased, and
produced a depressing effect, which was momentarily
increased by news from Paris, announc'ne.' an important
failure of one of the directors of the Credit Mobilier, and
a decline in the shares. As money became, however easier,
and the stock of bullion increased, business resumed ire
healthy tone. In our market a slight advance was paid,
and cotton showed again an upward tendency, notwith-
standing large receipts in the American pons. Consols
rose to 95. Middling Naw Orleans cotton was 6 3-16 d per
Ib, and stocks of bullion inert-eased to £12,058,792. July,
an unpropitious state of the weather-called forth apprehen-
sions about the result of the harvest, towards the end of the
month, however, a favourable change expelled the fears
entertaine 1 on the subject. Large arrivals of wheat,
attracted by the high prices ruling here, led to the hope
of moderate rates of breadstuffs, the only bar to a good
home demand. The value of money was steadily maintained
owing to an active demand for it. At Hamburg discount had
had risen to 7 per cent, and a drain of bullion was expected.
The funds were maintained on the wholeesteadily. Consols
94 to 96. Middling New Orleans cotton sold at 6 5.16',
and the stock of bullion was on the 19:h, £12,330,735
August : a good demand for textile fabrics prevented accu-
mulation of stocks, and produced a gradual improvement in
prices. More favourable weather gave an impulse to the
home trade, although purchases were made with much
caution. The drain of bullion to the continent continuedo
but money, though in demand, was not stringent. Console
varied very little, and were at the close of the month at 95.
Middling New Orleans cotton was 61 I, and stock of bullion
on the 23rd, £12,330,756. Sept.: Tne drain of bullionto the
Continent continued, where discount maintained an unusual
high rate. The failure of the Royal British Bank induced
caution on the part of the directors of the Bank of England,
and money became higher without exercising any marked
effect upon the legitimate commerce. A steady business
was transacted in oar market, and cotton was firmly main-
tained in Liverpool, notwithstanding the belief then
prevalent, that the crop would exceed last years. Consols
fluctuated, and declined from 95 to 92. Middling Nevi
Orleans cotton was quoted 67,d nor lb. The stock of bullion
was on the 20th, £12,725,124. October: The continued
drain of bullion both to the continent and the east compelled
the Bank of England to raise the discount early in the
month to 6 per cent. for sixty days paper, and to 7 per cent,
for the three months bills, this sudden step exercised a per-
ceptible momentary influence on our market, buyers
acting I cautiously. A crntinental crisis such as we
had in 184546, was feared, particularly in France, where
a failure of the crops and large undertakings absorbed the
floating capital to an unusual degree. Notwithstanding the
monetary tightness a large speculative business took place
in Liverpool ; prices of cotton rose from tel to td per lb ,
as the opinion about the extent of the crop changed.
Fluctuations arose later on, but they were of little ctn.
.sequence. Console varied in October, from 92i to 911,
and closed at 924. Middling; New Orleans cotton was at
the highest 6 11-161, and stock of bullion, £9,637,596.
Early in November the Bank of England raised the rate of
interest to the uniform rate of 7 per cent for shorter and
three months bills. The money market was much deranged
thereby, the check to business was, however, not ve,y
great. Manufacturers and spinners were too well engaged
to sell uuder existing prices, whatever the discount might rise
to, and we had thus a steady market, and scarcely any
change to notice in prices, so much so, that we postponed
our trade report. Consols, which•were 928 at the begin-
ning of the month, rose to 94t Middling New Orleans
cotton to 6 15.16 d, and the stuck of bullion rose on the
22nd to £9,897,636. December : The business in the list
month forms an exception to previous years, an active trade
being carried on at improving prices, up to the last day of
the year, which was one of excitement, owing to the
stocks of cotton having proved this time lest-
than the previous monthly statement had shown.
Although this error is by no means large, amounting only
to 10,000 bales, the stock on hand remaining, contrasting
with that of 1855, seems to have made a deep impression
upon our manufacturers, who perceive now that their power
to consume is much a-head to the power of supply under
present circumstances., Liverpool is now not the only cotton -
market, we have also Havre, Hamburg, Bremen, and others;
and it may possibly be that each market is holding a few
bales more than last year. which can only be known later
on. The business in our market was large throughout
December, and as stocks were wanting, manufacturers were
taken under contract. Manufacturers have raised their
quotations to-day under an impression that cotton will
experience a further sensible rise during the present month.
Du FAY & CO.