Northern Times.
Liverpool, Merseyside, England, 1857-11-30 00:00:00

grounds. Small change and water were very scarce
at the Sandwich Islands.

COMMERCIAL INTELLIGENCE.
Niw YoRK, Nov. 17.

MONETARY AFFAIRS.
Our last advices were to the 14th inst. The same
favorable features which we then noticed have continued
to characterise the market in a still more decided manner.
But several branches of trade, and the Dry Goods houses
in particular, complain that the improvement is scarcely
perceptible with them. Payments are not punctually
met, and extensions have to be granted quite as much as
during the month of October, the banks being unwilling
to discount anything but unexceptionable paper. These
circumstances must lead to still further postponement in
the liquidation of balances due to Europe, and tend to
maintain, perhaps for several months, the exchanges
in favor of the United States. The news per Arabia,
with Liverpool dates to the 31st ult , announcing the
taking of Delhi, and the satisfactory manner in which the
suspension of our banks had been received abroad, has
imparted a fresh impulse to the Stock Market, manifesting
itself in a rise of 1 to 15 per cent. with the most specula.
tive movement known since the conimeacement of the
crisis. The banks have not yet come to a decision as to
the resumption of specie payments—but as gold continues
to flow to this point from all quarters, the resumption
will probably take place within a short time without
disturbance, Further important orders for Stocks con-
tinuo to come from Europe, but they aro for the most
part limited below present quotations. The Michigan
Central Railroad loan of 2,000,000 dole., 8 per cent., 1832,
(Ist mortgage) has been taken at 70 to 85—bids were
made for nearly double the amount asked for. The New
York state loans of 500,000 dole, six per cent, 1857, hits
been awarded at 105.40 to 108.13, or at an average of
106.21—the bids amounted to 1,014 000 dole. The New
York and Erie Railroad loan progresses slowly. The
subscriptions on account of the 6.000,000 dole wanted,
amounting at present to about 1,250,000 dols. The
Michigan Southern and Northern Indian Railroad loan is
likewise making slow progress—the subscriptions amount-
ing to about 200,000 dole on account of 2,000,000 dole
wanted. The Milwaukee and Mississippi Railroad
proposes to pay its floating debt with an issue of 600 000
dole ten per cent five years second mortgage bonds,
about 200,0000 dole of which have been subscribed.
Money is very abundant. Loans on call, 7to 6, and in
some instances even at 5 per cent. First-class paper in
demand at 10 to 18 per cent ; second-class, few purchasers
at 20 to 36 per cent. American gold, 1011 to 1.001.
Exchanges rather weaker, with a moderate business.
London, 107 to 108 ; Paris, 5 30 to 3.25
MARIE & Kenz.

Since our last advices of the 14th inst., the upward
movement at the Stock Exchange has continued without
interruption. The disinclination manifested by capitalists,
in the face of a rapid accumulation of capital, to
discount business paper, except with the greatest circum-
spection, produces a singular contract in our Money
market. The rates of discount outside of bank are from
12 to 24 par cent,, while loans on call, with good securities,
have been done as low as from 4to 7 per cent. This state
of things has had the effect of causing, to a great extent,
investments in stocks, and we have to notice a week of
great activity on the Stock Exchange, and a disposition
to buy, such as we have not had for many months. This
has been felt as well in investment securities as in the
more or less speculative Railroad Stocks. The fear as to
the news which the Arabia might bring from Liverpool,
to the 31st of October, hardly moderated the demand for
Stocks ; and the favourable interpretation given to this
news, when arrived on the 15th instant, caused a still
greater activity and advance, to which the purchasers of
the beers, in order to deliver their contracts, have con
tributed. At the same time, commerce generally remains
in a state of inaction, which contrasts singularly with the
excitement on the Stock Exchange. DE COPPETT & Co.