Northern Times.
Liverpool, Merseyside, England, 1857-07-20 00:00:00

MONETARY AND COMMERCIAL.

LIVERPOOL, Saturday Evening.
The sales of Cotton to-day were about 8,000
bales, of which 1,000 were on speculation and for
export. The market was firmer, indeed prices
may be said to have advanced 1-16 d per lb.
In the Liverpool Share market to-day there was
rather more business doing, and prices are a shade
better. The transactions were as follows:-Birken-
head, Lancashire, and Cheshire, 70d ; Caledonian,
384, 383, 38a; Eastern Counties, 111, 11 13-16 ;
East Lancashire, 97; Lancashire and Yorkshire, 101,
1018 ; London and SouthWestern,lo3l, 1031; Man-
chester, Sheffield, and Lincolnshire, 434- ; Mid-
land, 838, 84 ; Leeds Capital Stock, 224- ; Doyen:,
22/ 224-,§- , 221 • Dutch Rhenish, 31 d; Grand Trunk
of Canada, 131, 13 13-16, 131; Great Luxembourg,
11. 9-16, 111, 11 916 d ; Great Western of
Canada, 228 22 22* ; Manchester, Sheffield, and
Lincolnshire 101. Shares, 128. The following were
the closing prices :-Blackburn, 74, 71.; Chester
and Birkenhead, 70, 701 ; Caledonian, 381, 381;
Chester and Holyhead, 181, 181; Eastern Counties,
111 118 ; East Lancashire, 971, 97Z ; Do. 9/.
shares, 1, 9-16 p; Great Northern, 241, 25; Great
Western, 64, 641; Lancashire and Yorkshire Stock
101, 1011 ; Do. 9/. shares, 1516, 1p ; Liverpool,
Crosby, and Southport, 191, 194 ; London and
North Western Stock, 1034, 1031; Manchester,
Sheffield, and Lincolnshire, 434- 436 Midland Stock,
838, 844-; North British, 11, 114; North Stafford-
shire, 4a, d ; North Eastern-Berwick, 22Z, 23;
York and North Midland, 364-, 364 ; Leeds
Capital Stock, 221, 224- ; South Eastern and Dover,
22 9-16, 224-; Scottish North Eastern, 121, 124;
Buffalo and Lake Huron, 41, xd 41 d ; Ditto New
Shares 41, xd 4d ; Dutch Rhenish, 31 xd, 34 d ;
Great Western of Canada, 211 22 ; Ditto New
Shares, /, 1 p ; Great Luxembourg, 114- 111 d ;
Grand Trunks of Canada, 134-, xd, 14.
The London Share Market was very firm to-day,
and a moderate amount of business was transacted.
The following were the closing prices :-Cale-
donian, 764, 77* ; Eastern Counties, 111, ; East
Lancashire, 97, 98 ; Great Northern, 994-, 991;
Ditto A, 94, 95 ; Great Western, 631, 64 ;
Lancashire and Yorkshire, 1011; London and
North Western, 103 i, 104 ; London and South
Western, 1004, 1011 ; Manchester, Sheffield, and
Lincolnshire, 431, 43i ; Midland Stock, 84.1
North British, 44, 45; South Eastern and Dover,
741, 751 ; York, Newcastle, and Berwick. 921 ;
York and North Midland, 721, 731; Great Western
of Canada, 21i, 224- ; Grand Trunk of Canada, 134-134.
The Funds now present a much firmer appear-
ance, and the gloomy feeling produced by the
late fall and the circulation of unfavourable
rumours, has given place to renewed confidence
and partial buoyancy. With an improving Money
Market, the prospect of cheaper money, a con-
tinuance of commercial prosperity, and the financial
condition of the country in the flourishing position,
as illustrated by the remarks of Sir Gorge C.
Lewis, last evening, the public cannot fail to take
the most sanguine view of the future ; and
although the Indian news may occasionally
produce uneasiness, the progress of political
events, as far as can be judged at present, is
by no means likely to interfere with the course
of monetary affairs. The Bank of England return,
Published yesterday evening, has given general
satisfaction, and encourages the belief that the
directors will soon be enabled to make a further
Concession. This morning there was a slight
improvement in all classes of Securities, and Con-
sols have risen about 1 per cent, having been 914
to 911 for Money, and 914 to 92 for the Account.
In the afternoon a still further rise of about k per
cent took place, Consols for Money closing at 911
to 914, and for the Account 94 Exchequer Bills
4 dis. to par., and the New Three per Cents 924-.
The following list shows the fluctuations in Con-
sols during the past week :-
Lowest Highest Closing
prices. prices. prices.
Monday Money ..... 92 921 921
Account _921 921 92a
Tuesday Money .... 911 S 2 92
Account 92- 921
Wednesday Money .... 914 914- 91-1
Account 921 91,1
Thursday Money .... 914 91;491
Account -.911 917-, 914
Friday .... 911 91* 91,-;
Account _914 911 91*
Saturday ....Money 91,4 914- 91.
Account , .91i 928 eel
ee
The Bankers' Circular of to-day, thus notices the
state of the Money Market :-
In the presence of numerous favourable circumstances,
such as an increase of specie arrivals, the prospect of an
abundant harvest, and an easier condition of the Money
Market, the English Funds have been affected almost
entirely by the affairs connected with India during the
writ. On Thursday, the Bank of England lowered the
minimum rate of discount from 6 to 5* per cent., and the
Join!-Stock Banks and discount houses made their ens-
Loin are
A y reductions, the latter reducing their rates at call to
Per cent., and to 5 per cent. at seven days' notice,
w ile the former have reduced their rate on deposits to
41 per cent. There is no doubt that these changes have
been the result of a greater amount of money
at the command of both parties, owing partly
to a diminished demand and to an increase in the supplies.
The Bank returns of to-day did not fully warrant the
course taken by the Bank, but at this period the returns
are always exceptional, on account of the payment of the
dividends ; but the reduction was probably made upon the
state of the Bank accounts for the present week. Consols
have declined as low as 911 for money ; India Stock has
declined from 222 in May to 212, and the Bonds have
fallen to 20s discount during the past week. The future
state of the Money Market seems now to hang upon the.
demands for India, which, under the most favourable,
views of the Case, will involve the expenditure of sever ea'
millions. An opinion has been expressed by a cotempr vary
that the necessary sums may be easily raised in Ir,dia
to
meet these demands ; but from a close examivaati„ of
the financial condition of the government in In",ia, and of
the company's affairs at home, the accuracy Of, this opinion
is open to very serious doubts. We are in, elined to believe
that if any large sum be required, it must
the London Money Market. be sought for in
The imports of specie dud. ,
"g
the week were
about 1,150;000/ , viz :-B
the Frances Henty.
from Melbourne, 24.732 oy' f
es. o gold, or 98,9281;
the Roxburgh Castle, f
gold, or 122,504/ ; tiler" e Melbourne, 30,626 ozs
James Baines from Mel-
bourne, 60,314 ozs go'
911 256/. the Europa
id,or
from America, 455,0 p
from New (Mean' dols, or 91,1971; the Horizon
Indian from Ale at.;
e 3 cases specie ; the West
8,0001 in silver ; the Tagus
from the Medit'erranean, 2 100/ ; the Clarence from
Antwerp, 19 C
logne ases bullion ; the Albion from 8e1t-
,6, 00/ 'the
' cases bullion; the Medway from Brazils,
14'" bine from Boulogne, 30 cases of bullion ;
Lae Ono
oco from the West Indies, 922,551 dols, or
184:519't
the Persia from America, 881, 885 dols,
,s
"
377.
...he exports during the week reached 70,000/. ;
Isarnelv, by the La Plata, for the West Indies,
19,428/, of which 1281 is in gold, and the remaining
silver ; the Sultan, for Lisbon, 30,0004 and Cadiz
18,7501,
The official returns of the export of the Precious
Metals from the port of London, for the week end-
ing July 10, show a total of 13,075 ozs of gold, and
55,600 ozs silver-
The impression has become stronger that there
is no chance of the proposed Turkish loan being
entertained,
to drop. Probably the project will be allowed
Parcels of Australian gold to the amount of'
155,0001. were yesterday sent into the Bank,
a total of between making
370,0001. and 400,000/, this
week.
We believe the total remittances of specie
and bullion to the East, by the Indus
on the 20th instant, (Monday), will reach only
about 530,0001,, showing a Considerable reduc-
tion, compared with recent shipments. On the
4th instant the total was 859,2201., and on the
20th ult., 1,142,6161, being the largest ever known.
It is computed that the shipments of silver by the
' packet of the 4th August will considerably exceed
those by the present steamer, about 200,0001
having already been sold. This amount has yet
to be imported from the Continent or elsewhere.
We understand that the real reason of the com-
parative smallness of the shipments by the Indus
rests with the fall in the price of silver in London
which followed the recent reduction of the East
India Company's rate of exchange, VA price