Northern Times.
Liverpool, Merseyside, England, 1857-11-14 00:00:00

THE DAYS NEWS.

The gloomy feeling which has for some time
past prevailed in monetary and commercial circles,
has, in a Daimler, disappeared, and although con-
fidence is not quite restored, there is a much more
buoyant tone in trade generally. Yesterday, cotton,
provisions, &c., found ready buyers, at a much
higher price than could have been obtained on
Thursday. The Bank returns of the week are,
however, very far from favourable, but they ex-
hibit the cause which led to the suspension of the
Bank Act on Thursday. The amount of mullion
and coin held by the Bank was reduced to
£7,170,508, being a decrease of £1,327,272, during
the seven days subsequently. In the panic week of
October, 1817, the Bank possessed £1,142,183
more bullion in its coffers than on Wednesday last.
Between September 26:h and November 11. th, the
Bank parted with gold to the amount of £4,105,180,
though in this interval it had, by five suceeseive
steps, raised the rate of discount from 51 to 10 per
cent. in the same period, the reserve of notes
has fallen from 6,014,1001. to the remarkably small
sum of 037,7101., indicaeive of the excessive
demand for money,and of the necessity of afford-
ine immediate relief to the establishment. We
supply our readers with a list of the many failures
that have occurred in the United Kingdom during
the panic, they number just sixty, and their lia-
bilities must reach fully twenty millions sterling.
Among the list is a new name—the firm of Denny
Brothers, Dainbarton, engineers, & n &
There is a further despatch from Ladle. It ap-
pears that the passengers arrived at Marseilles,
report General Havelock's position to be very
critical. He is surrounded by a hostile popula-
tion, is in want Of provisions, and is encumbered
with women and children. Iniced, it is reported,
that Lucknolw, which was relieved by Havelock on
the 29th September, was at the latest date besieged
by Nene Sahib with 50,000 rebels. We are
informed that General Wilson's order to the British
troops was emphatically obeyed. " All the city
people found at Delhi were bayoneted by our troops "
In the same paragraph we find that" Europeans were
discovered there fighting on the part of the rebels ;"
if so, we do hope that they were spared for the
more ignominutis death of the gallows.
From Australia we have three weeks' later new's.
The Emeu arrived at Suez on the 3rd inst , after
having been ashore in the Red Sea. The Emeu
transhipped some £040,000 at Suez, but she brunch
no mails, as they had been transhipped to the
steamer Deddak, and in that ease they would
arrive at Suez in about three weeks. We need
not, therefore, expect any mails from Australia for
some weeks to come. The passengers and officers
in the Emeu have, however, supplied us with an
outline of the intelligence. We regret to say that
the ship Dunbar, from London to Sydney, had been
completely lost, and the crew and passengers, with
the exception of one seaman, 140 in number, had
met a watery grave. A collision had taken place
between two coasting steamers off Cape Otway,
near Port Phillip Heals, and one of them went
down with foriy persons on ho This is ruthel-
a fearful record from 'Melbourne. Several new gold
fields had been discovered. Money was scarce.
The wool market was active, and the clip et' this
year would not realise expectations formerly
indulged in
We to-day supply our leaders with a full summery
of the news brought by the steamer Teyiot, arrived
at Southampton from the Breziis.
Of local news there is nothing worthy of com-
ment in this column. Yesterday, at the County
Court, a case of some importance to the ship-
broking interest of the port was decided. We
refer our readers to an ample report in another
column. _ _

- - - Of political gossip there is a variety just now.
starving. In 1857, with the gold fields of Aus-
The political portion of the working classes eer-
thinly seem much more disposed than ever they tralia at our command, and with nothing more
were to co-operate with those Reformers who
. belong to the middle ranks, in order to obtain a than an ordinary demand for bullion abroad,
good Reform Bill ; and inquiries continue to be ‘vhich could be stopped at any moment by adding
male as to the views and intentions of a few
gentlemen who appear to have held a sixpence to the price of the ounce of gold,
dential meeting last week. These inquiries, and Lord PALM,IISTON suffered usury to run on to
a slight expression of distrust, have evoked state-
ments to the effect that those who met have no ten per cent., and would not then have afforded
wish to keep the leadership of the Reform move- relief if it had not been that th,3re was some
ment in their own hands, that the last thing in d
anger of the " public deposits,' or the money
their minds was to have it consigned to a secret
coterie, and that their only object in holding pri- required for the current expenditure of the State,
vate intercourse was to ascertain how far a union
being swept away in a general run for gold. If
of action could be secured on such points as house-
hold suffrage, Tate by ballot, the_ repeal of the the real interests of the Bank. of England, or
property qualification, and the calling of a new
Parliament every third year. No statement those of the public, had been considered, the
however, has yet been made public as to the Bank would have been relieved from the trammels
.result of the private conference, and thus those of the Bank Charter Act, when the Directors
who are outside do not know whether the gentle--
men in question are likely to do much or to do were constrained to raise the rate to eight per
nothing. The Chartist leaders, it may be here
observed, arc again exhibiting signs of activity, and cent.' or if even threepence had been added to
are disposed to make any compromise with the the mint price for the ounce of gold, no pressure
middle classes in the way of agitation, save that of
would have been felt from the exportation of
abandoning the right of every man of age and
sanity, and untuinted with crime, to have a vote in bullion; and we should have been released from
the election of Members of Parliament. The term
the consequences of blind Legislative interference
" manhood suffrage," they would adopt rather
than " universal suffrage," as less likely to with the price of a commodity which the law
induce misapprehension ; and the cons:Auences declares to be essential to our existence and
of the political alliance they propose may ,
easily be foreseen—first, that the danger of which it compels us to have at any sacrifice.
collision at public meetings world be avoided ; Fortunately, the crisis originated with the
and, second, that the chance. of obtaining the Re-
form contemplated would become a certainty. It Bank of England, when trade was never sounder.
will readily be supposed that if a united agitation Our markets were only moderately stocked, and
of this kind is to be initiated, the working men
must be as willing to abandon all notir=ns of v:olent in some instances the supply fell short of the
advocacy as the middle class will be to yield the demand. Our orders were large and remune-
point of manhood suffrage such as it exists in
France or the United Sta'es. rative. Employment was with very .few excep-
tions good, and wile-es above the average of
The foreign news this morning intimates that
measures of progressive reform are constantly
former years. Our credit at home and abroad
to be reported from Russia. The tux hitherto
levied on foreigners residing in the two capitals never stood higher. The Bank alone felt a strain.
has been abolished. A great re action of tho
It was not designed to sustain national prosperity.
overgrown establishment of the civil administra-
tion is now to follow that of the military forces. It is left for. cabinets to decide when temporary
The announcement of a Turkish note, protestiog
enlargements in the issue of legal tender notes
against the resolutions of the Rouman Divans,
which, it must be confessed, went rather a are necessary to preserve the stability and welfare
little too far, perhaps on the principle of trade in •
of the nation; and since they will take upon
the East, to demand always much more than what
you may hope to get, is confirmed by the conteros themselves such thankless offices, and since they
of the Constantinople mail of the Ida inst. At the
have brought us into such an unenviable con-
same time a despatch from Constantinople of the
7th has reached us, conveying rather important dition, we would suggest that they be allowed
news from Teheran Five bodies of Turcoman
have invaded the territory of to take the initiative in getting trade out of its
troops, it appears,
the Shah, who had declined the assistance difficulties. Sanctioning an unlimited issue of
proffered to him, of the Russian forces. He
notes is one sound step; but coupling it with a
had, however, sent an extraordinary envoy to
St. Petersburgh, and if necessary promises to ten per cent, rate of discount, will detract very
call in the aid of a Russian corps. The elec.
materially from its efficacy. For trade
tions for the new Belgian chambers will take place,
in accordance with the constitution, about the we must have money at a commercial
middle of next month, namely, forty clays after i prce, and if mercantile men go to the
the decree of dissolution. The new ministry have
delayed occupying their official residences until Bank for money as little as possible at ten per