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

trade. Apart from that consideration, however, we are
not without encouragement in hoping for an improvement.
One favourable system which we fancy we can perceive
is a growing conviction on the part of shipowners, to the
effect, that large colonial built ships are less profitable than
those of more moderate tonnage, and that fact, coupled
with the existence of an indisputable general excess, jus-
tifies us in entertaining a belief, that for the year a smaller
agg -agate tonnage will he launched. Now, we know that
in the natural order of events, the tonnage already in
existence will progressively disappear under the contin-
gencies to which such property is liable, and thus an
effectual remedy be supplied for the evil of which we now
complain. We are glad to be able to report a favourable
change opening up in the Australian trade ; there is
reason to believe that the accumulated imports on the
other side are now becoming absorbed, for the demand
here for tonnage for the Australian ports is improving.
Guano also is demanding a good supply of ships ; withia
the last few weeks, no less than 500,000 tons of shipping
have been taken up for that article alone. The Persian
war is likely to create a good demand ; the government
have already chattered about 24,000 tons of transport",
and much more must follow if the war is to be prosecuted
with any vigour. Besides these positive sources of im-
provement, there are others of, perhapS, a more equivocal
character; for example—there is a reasonable prospect' of
good freights from the B Lltic and Black Seas, as the
natural result of the opening of those trades ; and lastly,
though, perhaps, in no unimportant degree, we may expect
an improvement is freights, from an impulse that trade
generally is in all probability about to derive from a
reduction in the rate of interest, and a consequent cessa -
tion of the tightness of money by which our exports have
been unduly restricted for some time past. These causes
we think will be sufficient to ensure the shipowners
remunerative freights, althouzh it would be too much to
augur from them a state of things so entirely satisfactory
as could be wished.

We have received a number of annual state
ments, including those of Messrs. Connal and Co.,
Glasgow ; Mr. Tliorbnrn, Glasgow ; Messrs. Geo.
Pim and Co., Liverpool, but the crowded state of
our columns prevent us from laying their contents
before our readers in extenso. The latter firm
states that they are reluctantlycompelled to report
the

Wine and Spirit trade, as being in many respects in a
most unsatisfactory position, and during the past year various
circumstances have again so completely diverted the regular
course of transacions, that it is now far from a pleasing
task to review the past or anticipate the future. We have,
however, the soothing consolation that the rapid advance
in prices to be described in connection with this branch of
commerce are coincident with as great or greater in almost
every article of imp)rt or manufacture, such being in great
measure traceable to the increased production of gold and
enhanced value of labour, both opening wider fields for
British enterprise and British industry; had it been other-
wise, we could not have referred to a healthful state of
commerce during a period when a similar value of money
would formerly have created a panic and ruin to many at
home and abroad.

S lotch Iron Trade is thus reported by Mr.
Thorburn

Notwithstanding the demand continuing generally
throughout the year to exceed the supply, yet the prices
were comparatively steady, the fluctuations scarcely reach-
ing 7s per ton, either above or below the average price for
the year of 72=. 61. per ton. The inauguration of
Peace stimulated a speculative movement in the article and
the price quicky rose from 70s. to 795. but the maximum rates
were shortly maintained. The Colliers and Miners acceding
to the terms of the masters, about the beginning of June, a
number of furnaces were put in blast ; and the unsettled
questions with the Unite-I S ates assuming an unsatisfactory
aspect, sellers, in realizing, caused the price rapidly to
decline to 72s 61 per ton. The raising of the rate of dila-
clunt by the Bank of England to 7 per cent but slightly
affected the market, from the fact of the advance in the
value of money not being the effect of adverse circum-
stances, but as merely a consequence and an accompaniment
of an extraordinary commercial activity.

COURSE OF EXCHANGE,
Amsterdam .. 11 141 Gibraltar
Ditto, three months .. 11 174 Leghorn . .....
Rotterdam .... 11 17i Genoa 25 80
Antwerp ........ ...... 25 35 \than..
Brussels
Hamburg
Altona
Paris
Ditto, three months
Marseilles
Bordeaux •

129
•• • • .... 129}

Lisbon.

(Oporto

.... 511

Rio Jmeiro

Frankfort-on- Maine

_llB} 119

Buenos Ayres

New York, 6D days' sight
Philadelphia

... ...... lO 44
10 45
37i 37i

PRICES OP BULLION, PER OZ.
Foreign Gold, In Bars ..€3 17 9
Portugal Gold Coin 0 0 0
Mexican Dollars 0 0 0

49 49k

New Dollars . .
Silver, in Bars .. 0 0 0