Northern Times.
Liverpool, Merseyside, England, 1860-01-07 00:00:00

TRADE OF LIVERPOOL IN' 1859.

(From J 4 H. Littledale 4 Ch's Annual Circular)
StTo.kiu.4—The past year has been a very unsatisfactory
one to most importers of Sugar,. prices ruling too high
abroad, and imports generally, leaving a loss of 3s. to
ss, per cwt. To the West 'lndia merchant, on the
contrary, it has been a satisfactory year, prices being
fairly remunerative to those engaged in the culture of
Sugar. In June there was considerable uneasiness on
account of the apprehension that the Government
contemplated an increase of duty, and large quantities
wece duty paid in anticipation. The market gradually
gave way, and in the autumn had receded 2s. to 35., to be
attri'mted chiefly to the very indifferent fruit, season.
The consumption, however, has kept up, and slightly
exceeds that of last year, being estimated 408,000 tons
against 400,0001astyear, and 340,000 in 1857—the import
also shows a small excess, being 430,000 tons, against
425,000 in 1858, and 390,000 in 1857. In our circular
of the Bth of November last, we stated that the injury
done to the Louisiana crop would reach 60,000 tons;
the correctness of our ivformation was doubted at the
time, but we now see other parties adopting the figures,
and even exceeding them. The aggregate of the supply
of Cane. Sugar for the present year seems likely to be
similar to that of the past, if not rather in excess,
with the exception of the marked deficiency in the
crop of Louisiana, and how this deficiency is to be
made up, we are at a loss to perceive, particularly
when we look at 'the enormous quantity America.

is eonsuming—last year she consumed 431,000. ,tons
against 331,060—thus showing an increase of 100,000
tons in twelve months, our supply will probably show a
falling off of 40,000 to .50,000 tons. With regard to
the probable proiuction from beet-root on the Continent,
it is difficult to obtain reliable information, but we have
every reason to believe it will be fully as large as
last year. In the months of November and Deceni-
ber the refiners bought freely, and prices rapidly
regained the depression of the autumn, and now rule
very much on a par with the rates current at the com-
mencement of the past year. The stocks in the
four ports show a slight excess over those of the
two previous years, being 98,000 against 91,000
and 90,000. Present prices of . sugar are not high,
and with peace and plenty should be maintained.
MOLASSES havebeen in steadydemand throughout the
year, with trifling fluctuations, and the market closes
tirm—middling and good West India are worth 15s. to
175.," and fine Barbadoes and Antigua 18s. to 19s. The
stock in this market is rather less than that of the pre-
vious—being about 4,000 puns. against 5,000, but in
London the deficiency is more marked—being 3,000
.tons against 6,400 tons.

TEA.--Throughout the past year the fluctuations of.
the market have been numerous, as detailed below, but
less than might have been expected; taking into account
the contradictory statements of supplies received by each
succeeding mail, and the disturbances in our relations
with China, the market has been freer from specula-
tion than might have been looked for under such
circumstances. The dealers, both wholesale and retail,
have been most cautious in their operations through a
total want of confidence in an anticipated short supply,
but as the year drew to a close, a more confident feeling
was perceptible. The present year again opens with
conflicting accounts on probable supplies—but certainly •
not borne out, by advises to last dates—exports being.
20,000,000 lbs. in excess of last season—this can only
be accounted for in the perfect conviction of the
shippers in an ultimate deficiency, seeing that such
prices have been paid which will require even a con-
siderable advance on present ruling rates- to give back
cost. We have again to draw attention to the deficiency
of supply. for the requirements of this market—dealers
complaining of being compelled to draw their wants
from other ports. The stock of Tea in Liverpool is
only 3,672,975 lbs.—the lowest known for many years
—totally inadequate for the requirements of this- impor-
tant district.

Sax.—The review of the past year furnishes a very
improvement, and when a temporary
depression
satisfactory result, as all parties interested in this trade
have participated in the profits resulting, particularly
manufacturers and throwsters. There has lbeen newly
n
price,) it has always resulted in a snore active de-
mand. China Silks have been greatly in the ascen-
e continued
has
ttaken
place (snore from feeling than
r dant both in consumption and price, the deliveries for
1859 are 78,983 bales China, in which are included.
' 1,487 bales ThroWn—the imports 78,137 bales, includ-
ing 6,468 Thrown—and the present stock consists of
15,227 bales China and 2,451 bales Thrown. The
prices in January 1859 were Tsatlees from 19s. 6d. to
235., and Taysaams 15s. 6d. to 19s. 6d., and in January
1860—Tsatlees 21s. to 265., and Taysaams 17s. 6d. to 2.1,.

Bengal Silks—ln this description we have to notice in-
creased consumption, as well as an improvement in prices
--rhe deliveries being 14,153, imports 10.518, and pre-
sent stock 6,472 bales—the advance in price from 10 to
15 per cent. In consequence of the care taken in reeling
and cleaning, the use of these silks has become much more
leneral, and in many cases a good substitute for Italian.
talian Raws : The diminishing imports of these Silks,
owing to the failure of the Italian crop, has so
enhanced prices, that its use is beyond the range of
the general manufacturer, and other descriptions have
been substituted. The present stock is only 340 bales.
In Brussa Silk the imports are 277 bales, and stock 102
bales. In Persian 1602 ballots and 813 stock. The
high price at which these Silks have been limited,
has nearly excluded them from home consumption
East India and China, Silk Piece Goods.—The'past year
has been a very quiet one for these goods, and we have
no particular feature to notice. The imports of Corahs
are 125,000 pieces in excess of 1858—but the deliveries
only 43,000, and the present stock 123,140 pieces. In
Bandannoes and Choppahs the excess is 3,557 pieces, and
a decrease in the deliveries of I,3ol—stock 9,059 pieces,
but little fluctuation -in prices, and a want of ani-
mation at all the public sales. The principal
demand has been for the best qualities of Corahs, which
are scarce, stock on hand consisting chiefly of inferior
qualities. Foreign Gum Waste and Knubs and Husks.
—The first six months of the year, Waste spinners
had to contend against accumulated stocks, depressed
prices for their Yarns, and a high cost for the raw
material—but from July to December they have ex-
perienced a gradual increase in the demand, with im-
provement in prices. Such manufacturers whose ma-
chinery is adapted for what is usually known as " Long
Spun Silk," have been in a much better position, and
readily disposed of this description at remunerating
prices; whilst the short spinners have not been able to
obtain on their productions anything like a proportioned
advance to the price of Gum Waste. Home made is:
now becoming very plentiful, and dealers and throwsters
show every disposition to,realise at present rates.
Woor,.—lf we may measure the degree of prosperity
.by the amount of business done, we may safely conclude
that the year 1859 has been the most successful year
ever experienced by the woollen and worsted manufac-
turers of this country,—removed from the immediate
influence of continental broils; with provisions at a low
price and full employment at high wages for the
working classes, our home trade has exhibited a
capacity of consumption for all kinds of manufactured
goods, truly unprecedented, and this hi's been con-
siderably augmented by Government orders for the
army and navy; our shipping trade, too, in the United
States and Australia has been' on an enlarged scale--
while to India, China, Mexico, and other minor ports, it
has been quite up to average; and' if against these we
have to place a somewhat diminished export of goods
to the Continent, we must consider ourselves fully com-
pensated on this score, by additional foreign orders,
which would have gone to the Continent, having
been placed in the hands of British manufacturers on ac-
, count of the greater security of their being executed.
The aggregate imports of Wool into the United King-
dom for the year 1859 are 443,527 bales aainst 418,201
bales in 1858—showing an increase of 2,326 bales—
and if to this be, added the. decrease of exports which
may be estimated at 8,900 bales, we have had a palpable
increase of supply of 34,226 bales—but the extra con-
sumption of the year is even larger than this, for stocks
:ire appreciably lighter now, than at this time last year.
'he course of prices will be seen by a summary of the
.ctuations in the three leading staples—arising
entirely from-political interferences. From lit January
to the month of May, when things might be con-
sidered at the lowest point of depression, English Wools
had fallen 4d. to 43d. per lb.—Colonial -Wool, on the
average 2d. to 20. per lb.—while East India Wools,
which advanced 1„d. to I,ld. per lb. in January, cannot be
said to have absolutely fallen, even in May, for although
at the commencement of the Liverpool Sales on the
12th May, they, were quoted id. to id. per lb. easier,
the decline was fully recovered during the progress
of the sales, which closed on the 20th May. From
this time confidence returned and prices gradually re-
sumed their normal sway—and by a comparison on the
Ist January, 1859 and 1860, we 'find English Wools
just the same—Colonial, about the same, or within a
fraction—and East India Wools lid. to 2d. per lb.
dearer. It is worthy of remark, that the present range
of prices are just about on a parity with those ruling prior
to the panic of 1857 as well as those prior to the
Crimean war in 1853. Under the pressure of the high
prices to which all descriptions of Wool have tended
during late years when not counteracted by extraneous
causes, the introduction of cotton in worsted and woollen
fabrics (so called) is becoming more and more extensive
—and although at first sight this might seem to mili-
tate against an increased demand, and perforce, a higher
range of prices, for Wool—still when viewed in its prac-
tical workings, it will be seen that its tendency is to in-
crease rather than diminish the consumption of wool—in
the first place by the union of these materials in the
same texture, a sightly and serviceable texture is obtained
at a considerably diminished cost, which thus brings
it within the rs_ach of the consuming million—and again,
by the same combination fabrics are produced which are
adapted t 6 all climates and all seasons, and which more-
over, while permitting an endless variety of style, such
as could be got from neither material alone, stimulate
by their very cheapness an ever increasing consump-
tion. Although the present is usually a dull season of
the year, when manufacturers are languidly employed
and stocking goods—they are as busy now as they pos-
sibly can be ; most of them engaged to order for months
to come, and unable to make goods as quickly as wanted
—and we see no reason, should we have continued
peace, vihy the year 1860 should not prove as satis-
factory as its predecessor. The Liverpool imports for
1959 are 161,340 bales against 138,097 bales in 1858—
they include 41,191 bales East India and 19,714 bales

5

Australian. The next Liverpool wool sales will com-
mence on Wednesdayy • the 25th instant, when about
12,500 bales East India, 3,000 bales sundries, and
1,000 sheets English will be offered,
Corrox.—With an import of 2,800,000 or 400,000
bales more than in 1858 the stocks here are on'y
100,000 bales in excess of the previoas year. The
delivery for home consumption from the ports of the
'United Kingdom average 44,115 bales against 41,591 in
1.858, "notwithstanding which it is an acknowledged fact
that spinners are now almost bare of cotton, whilst they
began the year with a fair stock. There has been a
decrease of about 120,000 bales in the consumption of
East India cotton, therefore that of American in 1859
Must have exceeded 1858 by nearly quarter of a million
bales, as there has been little or no variation in the other
descriptions. Throughout the year the trade have been
making large profits, more especially in the better kinds
of Yarns and Goods, and consequently the run has been
on the higher and cleaner grades of American, which close
a trifle higher, while those of low middling aad downwards
are id. to Id., and East India Cotton fully Id. per lb. lower
than this time last year. Should the consumption continue
at the present rate, a very large crop of American Cotton
would be again disposed of without any material increase of
stock, and probably without much variation in prices of
the better descriptions, while those of the lower grades, in
legs demand, and also those of East India Cotton, would
probably further decline. During December our market
has been very quiet. Though the trade bought to a
fair extent, there was little or no speculation, with a
small export demand, while the supply was large—
buyers consequently gained' an advantage of about 1-16 d.
per lb. per week, and we close about -',d. lower for all
descriptions of American Cotton. East India Cotton from
its proportionately low prices attracted some attention,
and both exporters and speculators bought freely, about
the middle of last month. But as the consumption here
does not increase; the demand in the absence 'of export
at this season has again' fallen off, and prices show a
decline of about 71d. per lb. in Oom-rawattee and Candish,
the stock of which is heavy, and id. per lb. in other
grades.
GENERAL Restanns.--Seldom have two years suc-
ceeding each other been so much alike in their com-
mercial character as 1858 and '59, so much so indeed.
that a repetition of the remarks made at the close of the
former describe accurately the latter in many particulars..
New, as then, it may with truth be said—" to the
cotton spinners and manufacturers of Lancashire the
past year stands out in bold relief, as a period of
prosperous activity unequalled since the panic of
'47 ; with a margin between the price of the raw
material and Yarns greater than for years past and with
more orders on hand, than can be executed for months
to come—well may it be said that Manchester is
dazzled by the splendour' of such a state of things."
.
Could we describe more aptly the prosperous condition
of the cotton district of Manchester, except that the
business done has been larger and the profits even
greater than in 'sB—scarcely since the clays of Ark wright
have such profits and such activity been combined.
The woollen districts of Yorkshire did not rally so
quickly from the panic of 1857, but' they got pretty
right again in the following six or nine months, and
have had a career of success since that time with a short
interruption from the Italian war, fully equal to that
of the sister country. And not less aptly we regret to
say does the language of, '5B describe the state of the
more immediate trade of this port during the past
twelve months,—we are again compelled to say that
1859 "has not been a good year for Liverpool nor for
the import merchant generally. The £30,00;x,000, the
approximate value of our chief import—Cotton—has
been turned over without profit, in many instances with
heavy loss, and we fear the same will hold good with
respect to our other imports in the aggregate--though
some few articles hate paid fairly." It, has in fact been
a wretched year for imports, but a good one for exports.
The Eastern trades have again been the best, exports
being enormous beyond precedent and leaving good results,
though these have been sadly reduced by the losses on
returns both from Bombay and Calcutta. The China
trade will this year carry the palm over other Eastern
markets,—goods outward have done well, and the
returns—Silk and Tea combined—have also left a fait
result on the aggregate. We *wrote in our last Annual
Circular " The interest that most deeply affects Liver-
pool is her' shipping interest, and this has been the
worst business of the year,"—and still we fear the
comparison for the two years holds good, outward.
freights have been better, but homeward perhaps the
worst ever remembered,—from Calcutta at one time
ships were paying ls. per ton premium for
Saltpetre to bring it home for nothing ! And
even these were not the worst cases that have
occurred,—many shipmasters, rather than accept the
ruinous freights offering were induced to buy cargo on
owners' account, which left worse than no freight as
the nett proceeds. Screw steamers, which are rapidly
on the increase, have done better than sailing ships,
but we think the latter .have a good turn coming.
It is almost enough to excite a spirit of jealousy
to witness, for two years in succession, such
an invidious comparison between the two great northern
centres of trade. And without wishing our more for-
tunate neighbour one iota less prosperity for the
coming year, we certainly do hope Liverpool may enjoy
a better share than she has done since the panic of
'57. And we feel pretty confident. that she will do so
in 1860. It has generally been the case that the Liver-
pool markets, not Cotton only, but other articles. have
followed the increased activity of Manchester, and
we think they will do so again. The increase in the
manufacturing power to be brought into operation with
the new year will be large, and the increased supply of
the raw material equally so ;—here then is a guarantee
for a large trade—the largest ever known if not dis-
turbed by war. Stocks of Produce are moderate. Prices
equally so ; money abundant ; credit thoroughly reco-
vered from its last severe shock,—indeed we have a
vivid recollection of 1850, and have a feeling that 1860
may in many respects resemble that prosperous year.
MoNEY.—With the exception occasioned by the
Italian war the value of money has been remarkably
steady throughout the past year, the bank rate of dis-
count being the same at the opening as at the close,
namely, 2,4 per cent. In April it was suddenly raised
1 per cent, and again in May 1 per cent., making the
rate 4;1- ; at this it remained only a month, being reduced
11 per cent, early in June, and again per cent. in July,
thus bringing it back to the point of 21, at which it has
since stood.- The value in the open market has followed
closely that of the Bank, and the supply has been equally
uniform ; at one period of the Autumn sonic little
uneasiness began to be felt, owing to the increased
demand ; and it was thought the Bank would raise the
rate, but she did not, and the apprehension quickly-
passed off. It was sufficient, however, to create a feel-
ing of self-preservation in the minds of some of the
large money operators, who began to prepare for a
squeeze by realising stocks, &c., to lay up a reserve at the
Bank of England, available in case of need—the first turn
of the wheel in the old direction, to create the very evil
which was dreaded—but it is not to be wondered at, so
long as the bank adheres to the very questionable reso-
lution passed at the close of the last panic, not to re-
discount for any discount-house, and we are much mis-
taken, if we don't see the stringent action of this measure
before the end of the present year, should anything ad-
verse arise—any obstruction to the gigantic operations
and railway speed which it seems destined to witness.
The past year has been remarkably free from speculation
of every kind and the only excitement it has witnessed
was at the sudden outburst of the Italian war in April,
when upwards of sixty firms, many of them amongst the
oldest and most highly respectable, on the London Stock
Exchange, were prostrated at one blow, chiefly by a
report in the Times of an alliance between France and
Russia. The fall in public securities at that moment
varied from ten to fifty per cent., but they gradu-
ally regained their position, and with the excep=
tion of the prices of Stocks, Funds and Produce
have been remarkably steady throughout the year,
and the course of the Money market equally
so. The year opens with a general feeling of confidence,
which is mainly to be attributed to the altered tone of the
public press of this country and of France. The absurd
idea of invasion!! has happily subsided, and if that is to
be considered our' greatest point of danger, we may
assuredly rest in peace. The stock of bullion at the
opening of the year was £19,145,649—the reserve of
notes £12,161,000,—at the close of the year £16,810,054
and £3,780,980—b0th items being, perhaps significant
of caution. Rates of discount in_ the open market in
January last were very similar to the present, say 2t,
per cent. for the 'best short paper, to 3 per cent, for
three months, 3Q to 4 per cent. for longer dates and
' home bills.

A BRIDESMAID ON FlRE.—When the parties went
into the vestry of the old church at Brighton on Tues-
day, after the wedding of the Rev. J. Image and Miss
Laurance, the dress of the sister of the bride caught fire
from the stove, and a great deal of it was consumed,
blit fortunately without any further injury.— West Sas.
sex Gazette, °

CORRESPONDENCE .

[We do not bold ourselves responsible for the opinions of
our correspondentel

DOCK BOARD.

TO THE EDITOR OF THE NORTHERN DAILY TIMES,

Srui—ln your account of the proceedings at the
Mersey Dock Board yesterday, I am reported to have
said, "that I hoped to see a paid chairman of the board
appoicted." What I did say was "that I hoped the
day would never come when we should see a paid chair-
man at the board." I have a strov opinion upon the
subject, and in favour of local and independent govern-
ment. I shall feel obliged if you will insert this cor-
rection.—l am, &c., • S. J. ARNOLD.

Liverpool, Jan. 6, 1860.
[ln reference to this complaint, we are sorry to have
ascertained that it is well-founded. It is but justice to
the reporter, however 4 to say that in his MS. the state-
ment of Mr. Arnold is correctly written ; the error there-
fore .is an inexcusable typographical mistake, the
occurrence of which we deeply regret.]—En.