Northern Times.
Liverpool, Merseyside, England, 1859-05-07 00:00:00

THE NORTHERN TIMES SATURDII, MAY 7, 1859

FRANCE AND GERMANY.

A note in the Moniteur of this day (Saturday)
denies the correctness of the statement that France
intends to place an army on the Rhine, and'says
The garrisons of the frontier towns have not been in-
creased by a single regiment. If the Emperor has
given to an illustrious marshal the title of Com-
mander of the Army of Observation, it was to indicate
that, in case our frantiers should be threatened, all the
garrisons would form one army under the command of the
Duke of Malakoff.

MONETARY AND COMMERCIAL.
LIVERPOOL, Friday Evening.
There has been no change in the Cotton Market to-
day. The sales have been 4,000 bales, and all to the
trade. Of the week's business, Messrs. Wright, jun.,
and Co., say :
The gloomy aspect of affairs existing at the date of our
last circular advices, per Persia, has rather increased than
otherwise in the interval. Advices from the Continent are
meagre, and the wires being in possession of the belligerent
powers, tends to limit information to garbled statements
of the progress of events, from which it is difficult to
draw deductions. The funds and public securities are
fluctuating and depressed, and the demand for money
accommodation is so urgent, and in excess of the
arrivals, that stringent terms for other than short-dated
paper are exacted. Continental exchanges have advanced,
and war requirements will tend to further stimulate the
movement, and our Bank interest rate is again raised from
nto 44 per cent. These combined influences serve to in-
crease the cautious action of the commercial community,
and check the onward course of trade, whilst holders of
Cotton in particular are eager to realise, and in many
instances accept prices widely at variance with quotations,
which are 7-,d. per lb. lower during the week, and still tend
downwards. The large quantity at sea, from American
and East India ports, imparts a desire to anticipate the
result of a heavy import freely offered, which is looked for
with a change of wind, and the demand is confined to retail
parcels, for the immediate use of spinners, whose contracts
for productions are gradually drawing to completion. To-
day's sales are estimated at 4,000 bales, the market closing
without any improving symptoms at irregular prices. The
total sales of the week, including what has been forwarded
from the ship's side, amount to 28,690 bales, of which
24,300 are American. Speculators have taken 1,100, and
exporters 1,880, leaving 25,710 bales of all kinds to the
trade. The import for the same time is 12,763 bales, of
which 9,964 are American. The quantity known to be at
sea from American ports is about 366,000 bales.
Messrs. Edmund Jardine and Co., in their circular
to-day, say :
We have again to report a very irregular and unsettled
market, the same causes which have influenced our Market
for some time past still exist, and with a further adiance in
the rate of interest at the Bank of England from 34 to 44
per cent., although favourably viewed, has produced great
caution on the
.part of purchasers, who have restricted their
operations to immediate requirements. The daily sales
throughout the week have been very small, which has been
abundantly met at a decline of Id per lb. for the current
qualities of American on the quotations of Friday last.
Surats are heavy at a decline of a Id. Brazil and Egyp-
tian are irregular, the former being id and the latter id to
Id per lb lower. Sea Islands have been in fair demand at
prices in favour of the buyer.
The Liverpool General Produce Markets this week
have been tolerably active. Ashes have been in
good demand, and sales comprise 400 barrels, chiefly
Pots, at 31s ad to 325, and Pearls at 31s 6d per cwt.
In Bark, small transactions in Philadelphia firsts at
10s, and 800 bags Baltimore at 7s per cwt. Clover-
seed is irregular, and only 250 bags have changed
hands at 46s to 52s per cwt. ; sowing season over.
A small parcel of Timothyseed realised 29s per cwt.
Lard has advanced to 60s and 63s per cwt., at which
rates 60 tons have changed hands. Linseed Cake is
more inquired after, at £8 10s to £9 per ton for thin
oblong. About 200 tierces Rice of fair to fine
quality sold at 21s 6d to 23s 6d per cwt. Arrivals
of Rosin being retarded by adverse winds, common
qualities have advanced from 4s 3d to 4s 4d per cwt.,
up to 14s for very fine. Tallow has declined is 611
to 2s per cwt., and only small transactions reported.
500 brls. Spirits Turpentine sold at 42s 6d to 44s 6d
per cwt.

- In the Salt Trade, during the last month, a more
lively tone has been visible in most descriptions,
although the exports for the period have been con-
siderably less than in previous years ; the scarcity
of Foreign vessels in port, and very few arriving,
owing to the prevalence of adverse winds, have
retarded the execution of numerous orders on hand.
Prices have remained steady, but higher ones may
fairly be anticipated, on account of the River
Weaver going to be let off, on the 21st May, for three
or four weeks; this, necessarily, will stop supply,
and create a scarcity of salt in the market. The
total export from the Port of Liverpool, for the
month, was 51,315 tons ; showing a great decrease,
when compared with that of the corresponding
month. of last year, when the export was 72,948
tons. The shipping season to the United States
being over, only 9,879 tons have been sent; New
York and Boston taking over 3,000 tons each. The.
British American ports have taken 22,938 tons ; out
of which, Newfoundland appears for 9,284 tons:;
Quebec,. &c., 6,397 tons ; Halifax, 4,381 tons ; and
St. John's, 1,134 tons. The Calcutta and African
trades still show a decrease in shipments, though, in
the former, a revival has latterly taken place. An
increase is visible in the Australian trade, 1,862 tons
having been shipped to Melbourne, Sydney, &c.
Shipments to the Baltic, &c., were 8,438 tons, Riga
taking 2,559 tons ; Narva, 1.873 tons ; Cronstadt,
•1,058 tons ; and Pernau 933. Exports coastwise
were 6,483 tons. The quotations to-day are as
follows :—Common Salt, at 4s 3d; Rough ditto, at
55 6d to 9s ; Stoved Ist Class, 7s 6d; Butter ditto,
6s per ton.

Messrs. G. F. Martin and Co. have this day issued
their usual monthly Hide Circular, and we quote
from it as follows :
Our market during the past month has been very excited,
caused by the Continental disturbances, and the very small
stock of hides held here and in London, the transactions
have been confined to the common descriptions, of which
our stock consisted, at an advance of id to Id per lb. I
Several cargoes of Monte Video, &c., have been sold to
arrive, but prices not reported. The sales, on the spot,
amount to 8,400 hides, at the following rates :--Ordinary
Buenos Ajos, average 6211b5, at 61d per lb., tare 51be.,

average 661b5., at 78d per lb., tare 61ba.; light ox, average
461bs. to 49albs., at 6P per lb., tare alba.; extra heavy,
average 84 1-7 lbs., at 61-d, tare lbs.; ox (all faults), aver-
age 601bs. to 631bs , at 56d to 6d per lb., tare 51bs ; cows,
average 4911 b., at 614 per lb., tare 51bs.; cows (all faults),
average 471b5., at 5d to 5241 per lb., tare 41bs.; ordinary
M.V., average 6611b5. to 681b5., at 71d per lb., tare Ms.
Stock 3,166 hides. The Leather market is very brisk,
and holders are asking higher rates ; latterly an advance of
lel to 2d per lb, has been obtained. The stocks of Leather
throughout the country are very small.
The London Stock Market has been quiet but firm
to-day, and in the absence of any new disturbing
cause, prices show an advance: upon yesterday's
quotations. At noon, Consols were quoted at 901
to 904, and they remained steady at that point until
the final close. The closing prices of other securities
were :- Consols, for Money and Account, 90/, sot ;
Three per Cents, 891, 891 ; Bank Stock, 215, 220 ;
Exchequer Bills-Large and Small, 17, 23 pm.
The London Share Market has been tolerably
steady to-day, and prices have shown a tendency
to improve. The following were the closing
prices :-Ambergate, 51, ; Caledonian, 711,
721 ; Preference, 98, 100 ; Eastern Counties,
501, 519 ; East Lancashire, 83, 85 ; Edinburgh and
Glasgow, 67, 69 ; Great Northern, 93, •95 ' • ditto A,
78, 82 ; ditto B, 124, 128 ; Great Western,
49, 50 ; Lancashire and Yorkshire, 83, 85 ;
Brighton, 103, 105 ; North-Western, 84,
86 ; South-Western, 84, 86 •, Manchester,
Sheffield, and Lincoln, 31, 32 ; Midland, 90, 92 ;
North British, 491, 501; ditto preference, 103, 106 ;
North-Eastern-Berwick, 82, 83 ; ditto Leeds, 41,
42 ; ditto York, 67, 69; North Stafford, 51, 5/ ;
South Eastern, 59k, 601 ; Turkish Sixes; 58, 62;
ditto Fours, 98, 100 ; Great Western of Canada,
134, 131 ; ditto Trunks, 7, ; new, 74, 61.
,The letters by the River Plate and. Brazilian
Mails were delivered this morning. Our corres-
pondent at Monte Video writes :-
MONTE VIDEO, April 1, 1859.-Produee : Transactions
in produce have been on a very limited scale this month,
not over'B,ooo animals having been slaughtered ; however
during the past few days a little more animation on the
part of bnyara has begin apparent, and the amount killed in
February will, probably be greater, than this month. Salted
Hides : .Sales during the month amount to about 18,000
at 70 reales to 71 reales- per 751 b. Wool remains firm in
price, with the exception of the unwashed which is
dull of sale. Hair is in good _ demand, particu-
larly " Mestiza" superior class. Hors* Hides both
classes : No alterations from February quotations.
Tallow : No alteration, last sale 100 pipes, at 22
reales per 25 lbs, stocks very limited. Sheep Skins : Very dull
of sale. Nutria Skins very scarce, and dull of sale.
Freights, in general, notwithstanding the hope expressed in
our last, that in the event of Saladeros killing heavily this
month, ,rates would be maintained ; such, we regret to say,
has not been the case with vessels on the berth, as a con-
siderable portion of the Saladero produce, this month, has
been for orders. Vessels loading on the berth have been
glad to fill up at our quotations; but in charters, Bone ash
excepted, rates shew no decline, and we close the month
with a scarcity of suitable disengaged tonnage. Exchange :
Operations commenced for this mail at 42d per current
dollar, but has since gradually declined, and to-day's current
rate may be considered at 414 d, transactions very limited.-
Export of produce from Monte Video, from let to 25th
March, 1859: 11,425 salted ox and cow hides, 13,968
salted horse hides, 367 dry horse hides, 185 pipes tallow,
12 cases mares grease, 3 bales wool, 36 bales sheep skins,
44 bales hair, 210 bales tobacco, 1,569 seal skins, 9 cases
seal skins, 49 cases seal oil, 1 cargo bone ash and bones.
From the Uniguay-15,510 salted ox and cow hides, 450
pipes tallow, 3 cargoes bones and bone ash. Rates of
freight -Hides Salted, England, 355. ; dry, ditto, 705.;
pipes, 355. ; cases, 355. ; bales, 30s. ; 5 per cent.
The London Wool Sales were resumed to-day,
Messrs. Simes and Co. commencing the series ;
although there was a fair attendance of buyers, and
the biddings were considered steady, the wool
sold at 11d. to, in some instances, 3d. per lb. beneath
the last sale's rates.
Considering the almost unprecedented extent of
the fall in nearly all classes of securities, surprise is
expressed at the magnitude of the dividends
already arranged by most of the failed firms in the
Stock Exchange. The effect of the embarrasments
which were precipitated by the Russian alarm, is,
however, still severely felt in every department.
Forced sales of securities continue to be pressed for
account 'of embarrassed houses, and have the more
influence at a time when such large quantities have
already been poured upon the market. The absorp-
tion by the public goes on, but appears to be still
exceeded by the sales. The rise in the rates of
discount also causes sales of English railway and
other stocks hitherto held on borrowed money.
The addition which will be made to the depositsin
the Bank, through the payment of about 18 per cent. on
the Indian loan, fixed for to-day, will form a partial
set-off against the demand on them in connection
with the repayment of £2,000,000 Exchequer Bonds
on Monday. The instalment on the Indian loan
represents about £900,000, but there will, of course,
be a good many defaulters, partly from inability to
pay, and partly from want of principle.
The probable financial requirements of the British
government are daily exciting more attention.
The Joint-stock Banks have raised their rates for
deposits from 21 to 3* per cent., being 1 per cent.
below the Bank rate of discount. The London and
Westminster Bank, however, allow only 21 per cent.
for sums below £5OO.
Messrs. Overend, Gurney, and Co. have raised
their rates for loans 1 per cent., fixing them as fol-
lows, viz., for money payable on demand, 31 per cent.;
at three days' notice, 31 per cent. ; and at seven days'
notice, 4 per cent.
The amount of gold withdrawn from the Bank
yesterday, for exportation, was £64,000, making
a total of £246,000 since the date of the last return.

£47,000 in American gold, by the µ steamers
City of Baltimore, Vanderbilt, and Lebanon, was
also purchased for the continent. The Vanderbilt
brought £186,000 in specie, but only £lO,OOO was for
England.

The markets for Russian produce remain flat. A
telegram from St. Petersburg announces an advance
of 6 ro., in the price of tallow, the quotation being
197 ro. on the spot, and for delivery in June. The
exchange on London has fallen to 334 d.
At Lloyd's war premiums have not advanced
within the last three days, and perhaps on account
of the indefinite nature of the risks at present to be
apprehended, no great amount of this kind of busi-
ness is being done. Neutral property in Austrian
ships from Holland to Constantinople has been
covered at ten guineas extra by vessels which sailed
in March, whilst the rate by a British ship is twenty
shillings for the same voyage.

No intelligence has yet been received of the Bom-
bay and Australian mails, the light portion of which
was due at Marseilles, on Monday. In the event of
the Bombay mail reaching Suez first, the steamer
would be detained at Alexandria for thp Australian,
or vice versa. The steamer appointed to bring for-
ward the Australian mail on the present occasion is
'the Emeu, which has hitherto enjoyed a fair repu-
tation.

With reference to the market for American
Securities, Messrs. D. Bell, Son, and Co., report as
follows :

The market for American Securities during the past
fortnight has been somewhat influenced by the panic that
has prevailed in that for other foreign securities, and some
forced sales have been made at a decline not exceeding about
two per cent. In the new railroad bonds that have been
saleable at any price. Business has been done at considerably
lower quotations.
The alteration at the Bank had no effect on the Funds,
which opened at the quotations current at four o'clock
yesterday, and remained at that level for about an hour
after the commencement. There were subsequently some
fluctuations, but the closing prices were 41 per cent. better
than yesterday. The rise in the rates of discount causes
sales of English Railway and other Stocks thereto held on
borrowed money. It thus happens that although Consols
have improved, several other classes of securities have
again given way. The amount of gold withdrawn from the
Bank to-day. for exportation was £64,000. £47,000 in
American gold was also purchased for the Continent.-.
Daily News City Article, Thursday Evening.
This has been settling day in the English Funds, and on
the whole it has passed off well. No failures have been
declared, a delay being granted in all cases of doubt to the
end of the week. The Bank of England will now make
advances to their customers on six months' bills at 51 per
Cent. The demand for discount at the advanced rate was

very active to-day, both at the Bank and in the open
market. All the Joint-Stock Banks have raised their
allowance on deposits one per cent., the rate being now 34.
The raising of the rate of discount by the Bank to 41 per
cent., is a result merely of the movements of the public.
There is no excessive pressure from ally immediate wants on
the part of the mercantile body, but the enormous outlay
consequent on the general arming of Eurdpe, it absorbs
specie and causes a continual increase in the value of
capital. During the two months preceding the declaration
of war against Russia, the Bank lost about £1,600,000 of
bullion ; in the succeeding two months, they lost an
additional sum of £2,100,000 ; and from that day, up to
nearly the end of the conquest, there was no further serious
reduction.—Tunes City Article, Thursday Evening.
The Times says the business of the banking firms of
Arnstein at Vienna. which has just failed, was extremely
large. Their liabilities are reported as £2,000,000, but
this seems to be mere conjecture.
The markets for Russian produce remain fiat.

A telegram from St. Petersburgh announces an advance
of 6 ro. in the price of tallow, quotations being 197 ro. on
the spot and for delivery in June. Exchange on London
has fallen to 332 d.
BANK OF ENGLAND RETURNS.
ISSUE DEPAILTMEIsTT.

Notes issued

X. CREDIT.
31,046,035 Government Debt 11,015,100
Other Securities
IGold Coinandother
Bullion

• £31,046,035 I
BANKING DEPARTMENT,

£31,046,035

DEBIT. £ CREDIT. E
Proprietor's Capital. 14,553,000 I Government Secu- 1 11,371,118
Rest
Püblic Deposits
Other Deposits
Seven-day & other 1 784,760 Gold and Silver Coin
Bills

19,137,314
8,790,350
634,445

Z 39,933,227

£39,933,227 I Total
Compared with the returns of the previous week,
the above shows the following results :

Active Circulation 22,246,295—1ncrea5e
Bullion
Rest

811,425
434,862
4,226

Seven-day & other 1

Bills
Public Deposits
Other Deposits
Government Secu- 1 11,371,118 No change

784,760—Increase

s,46B,oo3—lncrease
15,963,971—1ncrea5e

218,612
627,346

rities
Other Securities
Notes unemployed
Cash to liabilities
per Mil _ i

19,137,114--Increase;.
B,79o,3so—Decrease

1,681,613,
706,295

424—Decrease