Northern Times.
Liverpool, Merseyside, England, 1859-01-01 00:00:00

THE NORTHERN TIMES SATURDAY, JANUARY 1, 1859.

MONETARY AND - COMMERCIAL.-

LIVERPOOL,• Friday Evening.

When the present year opened, we .were just
recovering from a commercial panic
.which had
' swept over the-world. Confidence was -far from
being •restored, and' fears were entertained that
more leviathan failures would occur. Fotunately,
this has not been the case, and suspensions were
the exception and not the rule, as in the latter end
of 1857. This year, caution has been observed in
the place of random recklessness, and a degree of
confidence has been implanted which was formerly
nowhere to be found. The Money Market now
- Shows considerable improvement, the Bank rate of
disconnt being only 21 per cent., against 8 .per
cent. on the 31st of last December. The
Labour Market is fully occupied, and an .abundant
harvest has crowned the year. The year opened
with a general feeling of confidence in commercial
circles,. and indications of improvement having
been observable from the previous two or three
weeks, the gloom occasioned by the crisis and its
lamentable results was fast disappearing, and it was
confidently anticipated that,with a further reduction
in the rate of interest preparatiOns for business would
be conimmced on a less extensive, but more sound
and prosperous basis ; and this, we may say, has
turned out correct during the year. On the
Ist - of January, the Funds improved, Consols
closing at 94,1 to 911. The • money in the Bank
of England. then was £11,454,961, and the
rate of interest 8 per .cent., the Bank hav-
ing only £282 to each £l,OOO of their
liabilities. On the 7th January, the directors re-
duced the rate from 8 to 6 per cent., being
a reduction of 4 per cent. in a single fort-
night. The Funds at once became buoyant,
and advanced-to 951 to 951. On the 14th, another
- reduction of one per cent took place, the stock of
bullim being then 13,357,1171, and the cash to
liabilities per mil 355; but the business in the
funds was restricted, in consequence of the at temiited
_ assassination of the Emperor Napoleon, by Orsini.
Money was now very plentiful, and, in the ripen
market, rates were sometimes as low as 3 per
cent. On the following week, the directors made
no alteration in the rate of discount ; the funds
had recovered part of the decline, and were now
quoted at 9-1-Z to 95. On the 28th, the. directors
reduced the . rate of interest to 4 per cent, the
bullion then amounting to £15,398,724, and the..
cash, to liabilities per mil 409. Consols at
the close of the month were 951 to 951. February
opened with rather more buoyancy in the Funds,
and Consols obtained a fresh advance. On the
-sth the directors of the Bank reduced the rate
from 4 to 31 per cent., the stock of Bullion being
£15,793,696, and cash to liabilities per mil 477.
Consols slightly advanced and closed on that day
at 951 to 951. Towards the middle of the month
there was a plethora of money, and rates in the
open market were 21 -to 21 ISer cent. ; the applica-
tions to the Bank were trifling. On the 12th,
Consols were quoted at 961 to 961. On the 11th
there was another decreaSe 'in the rate of interest
of -1 par cent., viz., from 31 to 3. The BulliOn had
then amounted to £16,574,647, and the cash to
liabilities per mil 537. - Consols continued to
advance up to the 17th, when they were
quoted .at 971.; for a week afterwards they
slightly fluctuated, owing to. unfavourable political
rumours, and closed on the last &wok the month at
97 to 971. In March there was a paucity of busi-
ness; owing to the excitement consequent upon the
introduction of the Conspiracy Bill, which was ul-
timately defeated, and Lord Palmerston's Govern-
ment resigned the keys of office into the
hands of Lord Derby. At the eloSe of the
month a decline of 1 per cent, had occurred,
Consols being quoted at 964 .to 961. On the Ist
of April it was officially announced that the India
Loan of £5,000,000 had been taken, with a trifling
exception—the minimum taken was 97, and the
highest tender was 102. The Funds opened
' _rather firmer, but business remained in a very
dull position. From that time up to the delivery
-of the Budget by Me. Disraeli, Chancellor
-of the Exchequer, the Money Market continued
,quiet„ but some uneasiness was created by the fact
that the importations of specie 'ftain America had
_ceased, and that 'actual exports to the States had
occurred. At Paris, Monetary affairs; as' in
_England, _continued easy, and coin and -bullion
were superabundant, through the stagnatian of
trade, and other causes. The Funds, on the
Financial Statement, which had receded, became
buoyant, and advanced 1 per cent. .At the
close of .the month Consols were quoted
at 971 to
.971. In May, a buoyant feeling was
perceptible, and after the-settlement of the account,
speculators seemed disposed to enter into more
extensive operations, :the impression being that
the Ministry would be able to retain office-until the
end of the, session, and as political matters were
all quiet; and large remittances of gold expected
from Australia, Consols advanced to 981 ;
but they _afterwards became dull, and in the
middle of the month they declined to 97+. , Then
the debate .on the vote of censure, moved .by Mr.
Cardwell,. served to keep the funds in a state of
inactivity, and prices had-declined. On Mr. Card-
well withdrawing his motion an immediate_rise of
per -cent. took place, Consols being quoted at 98,
Afterwards .a moderate business was done, prices
_remaining pretty steady, being quoted at
..the end of the month at 97-Z-. During
the month of June prices receded, and at
,the close, they ,were quoted at 954 to 95+ ex div.
.The demand for money was now more active than
it had been for several months past, and the Bank
of England did a large discount business. At,the
close of July Consols had advanced to 961, _the
„continued successes in India and China having ren-
dered the markat,buoyant. August opened steadily,
.but there was little d&ng ; the settlement of the
Account passed off steadily, . but the house of
Hyde, Hodge, a:id _Co., of Louden and Honduras,
iu the timber trade suspended, which brought
down the house of Carmichael and Co., of Liver-
pool. Consols improved for the first week or two
and continued steady for the .remainder of the
month, closing at 95k. This firmness arose from the
greater confidence entertained in the progress of
foreign politics, the satisfactory termination of
the Cherbourg fetes, the more favourable iritelr
ligence from India, and, lastly, the conclusion
of peace with China. While these encouraging
causes had been in operation, the arrivals of gold
from Anaerica and Australia had increased, and the
shipments to the East and the Continent having
diminished, a considerable balance .found its way
to the Bank of England. The- result was an
accession to the general bullion resources, which
had the effect of slightly stimulating speculation
at the Stock Exchange, though not to the least
extent to excite alarm. Such was the abundance
of money in Lombard-street, that advances on
government stocks could be obtained at 1 per
cent. There was a gradual extension of business
in September, but the actual transactions were still
en a limited scale. Consols advanced day by day,until
they closed at 98+ to 981, being a rise of 2 per
cent during the month. The Bank of France
reduced their rate of interest to 3 per cent this
month. The stock of bullion in the Bank of
England was now over £19,000,000, and the bank
was gradually losing its discount business, being
undersold by the private banking houses. During
the first week in October, prices slightly fluctuated,
and in consequence of an advance in the
rate of Foreign Exchanges closed at a rather
lower figure than in Sept., viz., 971. Nothing
occurred in November to change the course of the
Money market ; 'the stock of bullion in the Bank
had varied a little. There was still a want of
repose, and that entire confidence in the public
mind, which would allow cheap money to
exercise its proper influence. In the earlier.
part of the month the depression, pre-
viously noticed continued, and prices declined,
but at the close of the month they had advanced
to 981. December opened steadily, but in a day
or two prices declined,- -and,- although the rate of
discount was reduced on the Bth to 21 per cent,
the bullion having reached £18,921,171, and the
cash to liabilities per mil 626, still the market
continued to decline' and closed this day, the 31st
'December, 1858, at 961.
In the Railway Share Market during the past
.year there have been several fluctuations, but
generally prices to-day .are higher than Ai De-

ember- last.: I:widen and North Westerns are,
however, an exception. They are now quoted
98-; this time last year they were 991: Midlands
have advanced about 12 per cent., being now
quoted at 1032.
The year 1858 has been disastrous amongst the
banking institutions. Liverpool has sustained a
heavy loss in the downfall of the Borough.
Scotland (where considerable produce paper was
negotiated) has been equally unfortunate ; and in
London, so many schemes and loans are afloat for
absorbing capital, and there are so many financial
applicants for general purposes, that cotton gaper
does not enjoy its usual preference. In a mercan-
tile point.of view; few have reason for congratula-
tion as to the result of the year's operations ; but
if the low value of all commodities and an active
state of trade in the manufacturing districts have
anything to do with future prosperity, the
propects for the year we are entering upon are of
a most gratifying and encouraging nature.
In the early part of the year there were some
very considerable fluctuations in the price of
Cotton. On the Ist January middling Orleans
were quoted at flid per lb., and during that month
and the following a steady and rapid advance took
place in American descriptions, particularly in the
latter .month, at the close of which Middling stood
at 8d per lb., having risen 13-,d during that time ;
this, however, was the result of extreme scarcity, .
caused in a great measure by a protracted period
of easterly winds, which reduced our stock to a
point which had not been touched for nearly a
quarter of a century. During the mouth of March
the arrivals amounted to 400,000 bales ; this
heavy import coming principally into hands already
weakened, and when the financial position of the
commercial world Was- still prostrate from the
effects of the fearful panic which closed the event-
ful year of 1857, obliged them to throw the
greater portion on the market, causing an imme-
diate and rapid. droop in prices,- and in the course
of three weeks middling declined ld., being again
quoted 7d. per lb. ; from this point up to the
present time there has been little fluctuation,
although the quantity taken for consumption has
been greater than at any .former period, com-
mencing at the opening of the year with barely
30,000 bales, but progressing to 43,000 bales,
making the weekly average for the year 41,300 bales.
The total imports during the year were-2,334,516
bales. The stock in Liverpool to-day was 348,900
bales.

During the first seven months of this year the
Wool trade was dull and languid, but in August
a spirited demand set in, and prices have consi-
derably advanced, closing at an advance of about
2d. to 4d, per lb., according to quality. The
future prospects of the trade are looked upon as
encouraging. The imports of Wool into Liverpool
during the past year were 148,883 bales.

After five years of great prosperity, there has
followed a period of depression in the Iron Trade.
At the opening of the
.year a hopeful feeling pre-
vailed, that the low prices then engendered by the
commercial crisis of 1857, would promote an ex-
tensive demand, large purchases were made at
from 535. to 575. per ton, and the price gradually
rese to 60s. by the middle of March ; but it being
obvious that the Make was continuing consider-
ably in excess of the total deliveries, a quick
reaction set in, the price declined to 525. 6d.
by the end of April, and has since fluctuated
between riSs. and 565. for Mixed Number&
Although these quotations were unremunerative
to the Iron 'masters generally, and calculated
to curtail the production, still the pig-iron pro-
duced in the year just closing reached the im-
mense qtantity of 945,000 tens, which, at the
average price for the pear, represents a total
value of 2,554,00e7. sterling. Of this, there were
consumed and exported, foreign and coastwise,
810,000 tons.x will thus ,be perceived that the
stocks, which are now 295,000 tons in warehouse
keepers' and makers' stores, 'have increased 135,000
tons in the year. This accumulation is chiefly
owing to .the cessation of one of our largest
malleable .iron works, and a falling off in the
experts to the colonies, the United States, and
the continent of Europe.

The annual circular of -Messrs. Cunard, Wilson,
and Co., brokers for the sale of ships, appears in
our columns this morning, in connection with
which they have issued their usual monthly list
of vessels now on sale. There are also several
other annual statements worthy of attention.
The Liverpool Cotton Market was quiet to-day,
the sales reaching 7,000 bales, at steady prices.
Messrs. Kershaw and Jardine thus report the
week's movement :

The demand from the trade during.the past week has
been to a fair extent, and has been fully met by holders
at the quotations of Friday last, which remain unchanged,
and we close steady for all descriptions of American.
In Brazil and Egyptians a moderate business has bcea
done. Sea Islands have been in large demand and are
rather firmer. The sales of the week are 56,020 bales,
of which 3,740 were on speculation and for ex port, leav-
ing 52,280 bales to the trade.

The Liverpool Share Market was rather firmer
to-day, and prices somewhat higher. The transac-
tions consisted of-Chester and Holyhead, 481;
Lancashire and Yorkshire, 992-, 991 ; London
and North Western, 96a, 98 ; Ditto one-eighth
shares, 1, d ; Manchester, Sheffield, and Lin-
.colnshire, 394 ; 40a; Midland, 103 k, 1044 Dovers,
22 9-16, 22 13-16 ; Warrington and Stockport, 8 ;
Buffalo and Lake Huron, 91, 9 ; Grand Trunk of
Canada, 91 ; Great Luxembourg, 7t, 7 11-16.
The following were the closing prices :-
Blackburn, 113-16, 11 5-16 ; Chester and Birkenhead,
.671, 671 ; Caledonian, 88.1, 89 ; . Chester and
Holyhead, 48, 481; Eastern Counties, 121,
13 ; East Lancashire, 94 97. ; Do. L 9
shares,l, 1 p; Great Northern, 106, 107 ; Do. A, 92,
93 ; Great Western, 561, 57.; Lancashire and
Yorkshire Stock, 991, 992-; Do. £9 shares, 1, &T) ;
London and North Western Stock.; 971, 97k ; Do.
one-eighth shares, 13-16,1 d; Manchester, Sheffield,
and Lincoln, 401, 401 ; • Midland Stock, 1032-, 103 k ;
North. British, 62, 621; North Western, 134,
131 ; North Staffordshire, 48, 4 d ; North
Eastern-Barwick, 941, 951 ; York and North
Midland, 78, 781 ; Leeds Capital Stock, 49,
491 ; South Eastern and Dover, 224, 22 13-16 ;
Dutch Rhenish, 3 15-16, 3 13.-16 d Great Western
of Canada, 161 162- ; Do. New Shares, 4, 31 d ;
Great Luxendourg, 71, 7 Grand Trunk of
Cauada, 91, 91;.
In the London Railway Share Market the deal-
ings have been of a moderate character. . Prices,
however, continue firm, and in several instances
there is a slight advance. Caledonians have un-
proved to 88z, 89 - Great Western, to 584, 06i ;
Lancashire and Yorkshire, to 991, 991; North
Western to 971, 971; South Western to 951 ;
Midland to 1031 ; North British to 611 ; and North
Eastern, Berwick, to 941, 95. gdinburgh, Perth,
and Dundee have declined to 282.; and Great Nor-
thern to 1061. In the Foreign Market prices are
nominal, no business having been transacted. The
Colonial Lines are steady. East Indian realise
109 ; Grand Trunk of Canada, 361, 37 ; and Great
• Western of. Canada have improved to 16a, 161.
Continued heaviness is experienced in the Market
for Public Securities, owing to a few speculative
sales, which appear to have been induced by the
pressure for money, and the negociation of the first
portion of the Victoria Railway Loan. Strict at-
tention is paid to every circumstance which is
likely hereafter to affect the course of financial
affairs. Frequent reference is consequently made
to the loans for Austria, Russia, and Portugal,
which are said to be in contemplation. There is
nothing in the present augmented inquiry for
discount accommodation, however, to ,justify the
opinion that an adverse movement is about to take
place, as it is evident that the additional applica-
tions have been caused by numerots payments
having to be made at about the same period.
Various calls in oint-stock undertakings are now
being provided for; and as money is always in
active request on commercial account at the end
the year, the increased supply of bills for nego-
elation cannot create surprise. Towards the close
a slight improvement took place in the Funds,
will be very favourable. Consolsiti 61_96k.
e
Debentures, 991,
99i ; ditto? Bonds, las pre
TowheinNgew T
to an
hrimeepsranessdioßn
m Exchequer Bills
•
Annuities, 18 3-16.. Indian 1,004
Reduced
dt he: returnseng

-11tareh; 37s to 39s prem. ; and ditto, June, 37s to
39s prem. Bank Stock is.flat at 2249.
A more lively demand has existed in the. Salt
trade during the last week, and higher prices may
be anticipated as the supplies come short. The
quotations are thus rendered by Mr. T. J.
Wirninck :—Common Salt, 4s. ; Rough, 6s. to Bs. ;
Stoved, 7s. 6d.; Butter Salt, 6s. per ton.
There was an extraordinary meeting of the
Trust and Load Company of Upper Canada held
to-day, Mr. Weguelin, M.P., in the chair, at which
the directors were empowered to exercise the bor-
rowing poWers of the company by virtue of the
10th clause of Act of Parliament of Canada passed
in 1858.

FOREIGN EXCHANGES.
Amsterdam Short ll ... 14i to 11 ... 15f
Ditto Three Months.. 11 ... 17f ... 11 ... 17
Rotterdam
Brussels

Antwerp
Tiamburgh
Paris
Ditto
Marseilles
Frankfort
Vienni
Trieste
Petersburg
Madrid

If 25 ... 32 ... 25 ... 35
13 ... Q .., 13 7
.Short 25 ... 10 ... 25 15
Three Months 25 ... 321 25 ... 37
25 ... 35 ... 25 ... 371
... 1181 1181
... 37 ... 10 ... 42
... 38 ... 10 43
.. 35i .. 36
491 491