Northern Times.
Liverpool, Merseyside, England, 1857-11-23 00:00:00

COURT OF CHANCERY.-SATURDAY.

THE GREAT NORTHERN RAILWAY FRAUDS. CLAI MS
OF THE PREFERENCE SHAREHOLD FRS. JUDGMENT.
LIENI.Y V THE GREAT NORTHERN RAILWAY COMPANY—
The Lord Chancellor having appointed this morning for
delivering judgment in the case of Henry and others v.
the Great Northern Railway Company, the court was
crowded with anxious shareholders and others having an
interest in the various descriptions of railway property.
The transactions arose out of the enormous frauds of
Leopold Redpath, the principal registrar of the com-
pahy, the circumstances connected with which induced
the directors to repudiate the claims of the preference
shareholders. The object of the suit which was corn
menced before Vice-Chancellor Wool, was to obtain a
declaration that the plaintiffs and other preference
shareholders were entitled to be paid full dividends
from the 30th of June, 1856, before any dividends
should be paid to the ordinary shareholders, and
to restrain the company by injunction from de-
claring or paying dividends to the ordinary share-
holders without regard to such rights of the plain-
tiffs, and the other holders of preference stock•
The judgment of the Vice-Chancellor now appealed from
was to the effect that the plaintiffs and other holders of
preference stock were entitled to be paid dividends out of
the property realised by the Company from the 30th June,
1856, before any payment of dividends to the holders of
the ordinary stock. The Vice-Chancellor also observed
that the 3rd section of the Act of 1857 was cumulative
by way of security for, and not in substitution of such
preference dividends. From this decision the Company,
on behalf of the ordinary stockholders, now appealed.
The Lord Chancellor and the Lords Justices this morning
delivered their judgments seriatim, affirming the decree of
Vice-Chancellor Wood, that the preference shareholders
were entitled to be paid their dividends for the full year,
and that If there was not sufficient profits to pay the
dividends within one half year, they were entitled to be
paid the arrears out of the accruing profits, before any
dividend could be divided amongst the ordinary share.
holders—Appeal dismissed with costs.

BOYS' CLOTHING MADE WITH GREAT TASTE AT LEWIS and
C)APANY'S, Ranelagh street.

DEiTH OF MR. THOMAS SOWLER. —This gentleman,
who had been known fir man 3 years in Manchester as the
proprietor of the Courier newspaper, died on Wednesday
afternoon at his residence in Bowdon. 31-. Sowlor's career
in connection with the local press has been a long and
honourable one, and the, journal with which he was
connected never deviated from the political and ecclesiar-
tical p inciplts for the promotion of which it was est.bl'shed.
We b3:ieve the Courier was started by Mr. Sowler in 1825 ;
it has therefore reached its 32nd year ander nne proprietor-
ship, a rot very usual circumstance in pub is journalism.
Uutil very recently, Mr. Sowler took an active pin in the
management of the paper, hut of la'e his health has been
gridual'y failing, and au affection of the ch•'st has for
many months pointed to ano very distant termination.
We understand that Mr. Sowler visited Harrogate a short
time since, and returned to Bowdon recently, much im-
Preyed, as was imagined, in health. When he arose on
Wednesday:morning the improvement seemed to continue,
but in the afternoon he appeared to be sinking rapidly,
and he expired in his chair before evening. We believe
the deceased was in his 67th year.—Manchester Examiner.

MONETARY AND COMMERCIAL.

LIVERPOOL, Saturday Evening.
There was more activity in our Cotton Market
to-day, and the sales were fully 5,000 bales,
including 1,500 on Speculation and for Export.
Prices also show an upward tendency.
The Liverpool Share Market has been dull all
day, with a limited business at rather lower prices,
Midlands having given way most. The following
were the day's transactions :-Birkenhead, Lanca-
shire and Cheshire, 621; Blackburn 81; Caledonian,
371 ; Lancashire and Yorkshire, 891, 89g-, 894, 894.;
o. £0 shares, par; Lancaster and Carlisle, New
shares, 7 11-10 p; London and North Western,
944, 94i, 94, 931 : De. 4 shares, 14 c d ; Midland,
8l a ; 81a, 81t, 8 li; Dovers, 18 5-16, 181; Grand
Trunk of Canada, 84, 8 13-16; Great Western of
Canada, 1.74 ; Do. £lO shares, 111; North Union
B, 153 ; Pacific Steam Company, 401. The
following are the closing prices :-Blackurn, 84,
9 ; Chester and Birkenhead, 624, 63 ; Caledonian,
364, 374 ; Chester and Holyhead, 141, 15 ; Eastern
Counties 102, 10a; East Lancashire, 874, 88; Do.
9/. Shares, par, 4 p; Great Northern, 231, 231 ;
Do. A, 101, 101; Great Western, 471, 48 ; Lan-
cashire and Yorkshire Stock, 894, 891; Do. 9/ shares,
par 4 ; Liverpool, Crosby, and Southport, 184,
181 ; London and North Western Stock, 932-, 931 ;
Manchester, Sheffield, and Lincolnshire, 351, 351 ;
Midland Stock, 811, 814 ; North British, 114, 111 ;
North Staffordshire, 44, 41 d ; North Eastern -
Berwick, 22 11.16 22* ; York and North Midland,
384, 38/ ; Leeds Capital Stock, 231, 231; South
Eastern and Dover, 18 3-16, 18 5-16; Scottish North
Eastern, 11, 12 ; Buffalo and Lake Huron, 51, 5g d;
Do. New Shares, 58, 54 d ; Dutch Rhenish, 64, Ga d ;
Great Western of Canada, 17i 17,4 ; Do. new shares,
3;-.1„ 34 d ; Great Luxembourg, si, 51; Grand Trunk
of Canada, 81, B*.
The demand for Money continues very active,
and rates are very firmly maintained, but on the
whole a much better feeling was apparent. The
expected arrivals of gold from America and Aus
tralia has no doubt added to the confidence already
felt, and much of the doubt, which still exists
will be removed should these arrivals reach any
material extent. A very unfounded report was
circulated. on the London Stock Exchange this
afternoon that another bank had failed, but the
statement turned out to be totally without founda-
tion.

During the past week there has been very little
change to report in the condition of the Western
trade of Leeds, business having continued very
dull. There was, however, a rather better tone
with regard tc future prospects as affairs get more
settled. The mills in most of the manufacturing
localities continue to run short time. At Bradford
there was no improvement to report, business
having been exceedingly flat, with few symptoms
of returning prosperity, little or no business
having been done in either Yarns or Piece Goods.
At Manchester the little improvement caused by
the few orders given out upon the arrival of the
Indian Mail has been entirely lost, and the market
is in an exceedingly depressed state. The advance
of id. per lb. on cotton caused increased activity
in all departments of the trade. Prices rule with
great irregularity, generally with a downward
tendency. _

The Banker's Circular of this day, in allusion to
the present state of the Money Market, says : -
The drain upon the Bank has caused the sale of
3,037,6941. of G ,vernment securities, and an increase of
its private securities to the amount of 30,299,2701.,
or 4,185,8171. above the previous week. These facts are
sufficient to indicate the enormous demand upon the Bank
for assistance. As 2,000 0001. of notes have be, n issued
under the Treasury letter the Government securities have
been increased from 14,475,000/. to 16,475,0001. in
the Issue Department. It, therefore, appears that
previous to issuing the Treasury letter the power
of the Bank to issue notes had fallen to 20,554,5951.,
being only 371,2401. above the actual circulation on
the 11th instant. Such has been the result upm
the Bank's resources during a period of eight days.
The state of the Money Market has, notwithstandiog,
been of a glonly character, the numerous failures of large
houses have kept the public mind in a state of extreme
anxiety as to what might happen next. The large increase
of private securities shows plainly that the bank has
afforded extensive accommodation to the commercial
classes, end the bullion prospects a-e gradually becoming
;)righter. There is evidently a tone of greater confidence
returning; but there is still a very heavy pressure upon
trade is general. Ten per cent, as the minimum rate of
interest at the bank is quite sufficient to paralyze the
general business of the country ; and, however desirable
it may be, under present circumstances, to concede to this
demand, we must not lose sight of the causes which have
contributed to such a resul ; and when it is considered
that numbers of the largest mercantile heuses in the
kingdom have been compelled to appeal to the Bank of
England to sustain them during the last few days, a very
clear estimate may be formed of what might have happened
had the Government persisted in refusing to sanction an
abrogation of the Bank Charter Act. The merchants of
this country, however, ought at once to make themselves
acquainted with the practical bearing of this law upon
their operations ; hitherto they have remained contented
under a system introduced by a set of wily politicians and
millionaires, without troubling themselves either to think
or to act in such a mater. A correct knowledge of money
and banking is the science of commerce ; and it is because
merchants generally have neglected it that they have
frequently been m ado the sport of a cunning oligarchy
more dangerous than despotism.
The Market for the Public Funds and Securities
fluctuated materially to-day. In the morning a
considerable degree of buoyancy was apparent,
without, however, altering the prices. In the
afternoon, in consequence of some unsatisfactory
rumours, a decline of per cent. occurred, and the
and the 4
Market closed very dull at 891 to 894, and
for the Account at 90 to 904.
The following list shows the fluctuations in
Consols during the past week :-
Lowest Highest Closing
prices, prices. prices
Monday Money 894 894 89-1-
988890991 88889991
Account ...894
Tuesday Money .... 89
Account ....894
Wednesday Money .... 894
Account ....894 904 894
Thursday Money .... 894 89k 89i
Account ....89/ 897
894
Friday Money .... 891 90 90'
Account 904 904
Saturday Money .... 89 90 894-
Account ....90` 904 904
The London Railway Share Market was very
dull to-day, and prices may be quoted at a decline
of to L per cent. The following were the closing
prices :-Ambergate, Nottingham, Boston, and
Eastern Junction 48, 54; Bristol and Exeter 82, 84;
Caledonian 734, 744; Chester and Hold head 29, 31;
East Anglian 171, 18,1-; Eastern Counties 52, 53 ;
East Kent 17, 18; East Lancashire 87, 88; Edin-
burgh and Glasgow 57, 59; Edinburgh, Perth, and
Dundee 26, 27; Great North of Scotland 9, 10;
Great Northern 92, 93 ; Great Western 471, 48 ;
Lancaster and Carlisle 72, 76; Lancashire and
Yorkshire 89, 894; London and Blackwell 54, 51;
London, Brighton, and South Coast 102, 103;
London aid North Western 931, 94; London and
South Western 84, 85 ; Manchester, Sheffield, and
Lincolnshire 35, 36 ; Midland 81, 811 ' • Ditto,
Birmingham and Derby 54 56 ; Norfolk 56, 58 ;
North British 461, 471 ; North Eastern,
Berwick 901, 914 ; North Staffordshire 44, 4,4
dis ; Oxford, Worcester, and Wolverhampton
28, 29 ; Scottish Central 101, 103; Bucking-
hamshire 90, 92; Hull and Selby 104, 106 ;
Eastern Counties Extension 5 per Cent (No. 1),
104, 107 ; East Indian Guaranteed 5 per Cent. 103,
104 ; Geelong and Melbourne Guaranteed 5 per
Cent, 19, 20 ; Grand Trunk of Canada, 35, 37 ;
Great Indian Peninsula Guaranteed 5 per Cent,
204, 204; Great Western of Canada Shares, 174,
174; Madras Guaranteed 44 per Cen', 18, 19 ;
New Brunswick and Canada Railway and Land
(Limited) Guaranteed 6 per Cent, 14, 14 dis ;
Scinde Guaranteed 5 per Cent. 1, 1 pm ; Eastern of
France, 244, 25 x n ; Great Luxumbourg Constituted
Shares, 54, 54; Namur and Liege, 61, 7; Northern
of France, 34, 344- ; Norwegian Trunk Preference,
8, 9 ; Paris, Lyons and Mediterrannean Fusion
Shares, 32, 324 x n ; Paris and Orleans, 49, 51 ;
Royal Danish, 131 151; Sambre and Meuse, 6, 64;
Southern of France, 201 214; West Flanders, 44, 5.
Respecting the movement in Mines during the
week, the Mining Journal of to day says-
Alfred Console have fluctuated very much ; the price
declined from 17 to 13, sellers, but on Friday suddenly
became in demand again, and left off at 14; the lode in
the 130, as we stated last week, did not continue so rich
as it had been, but cutting it in the 140, which is daily
expected, may improve prospects again. Wheal Edward
shares have very much improved, and are more in demand
at 74 to 74; there is an impression abroad that these
shares will be better ere long. East Basset shares have
been much more in demand, and the price advanced to 90,
95 ; Grambler and St Aubyn has been reported as looking
better in the 36, and shares inquired after at 80 to 85;
Wheal Arthur, 31 to 4. In West Glenville, large transac-
tions have taken place ; the lode has improved to V2O per
fathom, but is not looking so well ; shares afer advancing
to 95., leave off at ss. to 6s. Great South Tolgus has
improved and shares advanced to 141 15; North Crofty, 5,
sellers. West Basset also improved.
ttithbbeorcgte::t
gold
o;fOrtoohlme. ,
Castor,viozp,obryof,trhooemeAHarsaderasb ebgsui,
lrfvare,ormi
The Imports ofl Specie during the week reach
Dolphin, from An peep, 8 cases 1 bag bullion ; the theln
market LONDONfer
homeMINING MARKET.-Nov. 22.
pal
coinbo x Bremen,g; o
tlhde
mining stocks to-day the principal
Panther, features is a brisk demand for Alfred Consols shares,
Panther, from Boulogne, 4, cases bullion ; the which have again risen, being marked 15-i and 151.

We are happy to announce that the old and
respected house of Mr. Alexander Denny, iron ship
builder and engineer, Dumbarton, has again re-
sumed business.

Trade in the north of Ireland continues in a
much more satisfactory state than could be ex_
petted. A correspondent, under date of last
evening, says : _ _

Compared with ti:e suspensions in England and Scotland,
Ireland stands out in favourable relief; and the fact that
so very few of the manufacturing firms of this country
have felt it necessary to seek the indulgence of their
creditors, is gratifying evidence that their transactions are
carried on in a proper mercantile spirit, and that they
do not, as a body, c:minit the great mistake of confound-
ing over trading and speculation with enterprise and
energy. Employment in Belfast,,we are happy to say, is pretty
general—all things considei el ; and the reduced prices of
food prevents those who are not engaged from experiencing
any distress. We must make some exceptions with
respect to the sewed muslin trade; about two th msand
young women, who were formerly earning from 5s to 7s
and 8s a-week, having been thrown idle by the suspension
of the leading houses in that trade in Scotland, and the
contracted operations of the majority of the local houses.
But, the greater number of those young women have fathers
and brothers who are employed at ether avocations, so that
they are in a position far removed from distress. The latest
news from New York, and the United States, now celebrated
for the consumption of British manufactures, has given a
more hopeful feeling to the two trades in the North of Ire-
land. Business has Irgun to fall into a better mode of ope-
ration, and slowly returning confidence gives its effect
to general commerce. We hare beard of several pretty
fair orders from first-class houses, having come to
hand by tl- e last mail; others are expected by the Persia,
due to-morrow. Stocks in the hands of agents in Boston,
New York, and other cities in the Northern States, are
not large, and it is hoped that the recent terrible revolutions
will have a good effect in the end, by creating a desire, on
the part of our American customers, to turn a new leaf in
their commercial arrangements. Six, eight, or ten months'
credit should not exist in any country professing right ideas
of exchange, and now is the time to insist on a shorter
date for payments, not only of linens, but of all other
commodities. There were rumours last week that one of
the largest concerns in the bleaching trade had noticed
two hundred of its workers to leave the next fortnight.
These rumours, it appears, were incorrect, and it may
be hoped that no reduction of labour will take place.
Brown markets has a slight degree of animition this week ;
prices offered we e low, but in mcst cases holders refused
to do business except o❑ terms not much under recent
quotations. Light goods were more looked for. Tho
insane conduct of the Shane Frill mob has had a most
injurious effeet non thee weavers themselves. The
attempt to interfere with the progress of power-loom
enterprise is not only madness, but really the worst
possible course for the people's own interest. The yarn
trade continues quiet, with no change of quotation ; but
men with cash in their hands could, in some cases, boy
lots of yarns at lower figures. The Flax Markets were
rather brisker during the week. Some lots of fine flax
sold, on Wednesday, in Tandragee, at I ls. to 13s a stone.
The following are the Gazette average prices of
Muscovado Sugar, for the week ending Nov. 17,
1857, exclusive of Custom's duties payable thereon,

on the importation thereof into Great Britain :
From the West Indies, 235. 31. per cwt.; Mau

ritius, 16s. 2cl. ditto; average price of the foregoing
descriptions, 20s. 41. i. ditto.

AGRICULTURAL PRODUCE MARKET.—Nov. 21.
Per stone, 201bs. Per 9011 as. s. d. s. cl.
s. d. s. d. Potatoes, Seedlings 36t0 3 9
Hay, 01d...... 0 7 to 0 &Ditto, Kemps .... 4 0 to 4 4
Ditto, new.. 0 6 to 0 70itto, Whlterock3. 3 0 to 3 3
Ditto, clover 0 ii to 0 641 Ditto, Balshaws .. 3 o to 3 2
Green Clover 0 0 to 0 u Ditto, B. Farmers : 0 0 to 0 ID
Grass 0 0 to 0 0 Ditto, cattle ...... 1.0 0 to 0 0
Straw, whe it 0 21 to 0 34, Per too.
1
Ditto, oat 0 21 to 0 3 Turnips l9 0 tt 22 0
Ditto, barley .... 0 2 to 0 24 Carrots
Oats, Itt straw .... 0 oto 0 0 Mangle wurtel
Manure 4 6 to 6 6

LONDON TALLOW MARKET—Nov 21.
The market is steady at the annexed quotations:—
Town tallow, 48s nett cash ; Petersburg Y. C. on the
spot, 46s 6d ; all the year, 47s 6d; December, 48s
January and March, 483 6d.

MARHET AVSRACiES.-Town tallow, 51s 3d ; fat by
ditto, 2s 8d ; yellow Russian, 49s 6d ; melted stuff, 37s
6d ; rough do., 22s 6d ; tallow graves, 17s ; good dregs, 7s.

SMITHFIELD HAY MA.RKET—Nov. 21.
The supply of meadow hay shorter ; trade brisk, at
last day's prices. The supply of clover very large, with
but little demand ; prices for everything except the best
qualities about 5s lower. Prime meadow hay, 65s to 70s ;
superior ditto, 72s to 80s ; inferior ditto, 50s to 60s ;
rowen, 50s to 60s ; clover, 80s to 1003 ; second cut, 72s to
84s ; straw, 25s to 30s.

Teviot; from the Brazils, 1,0821; the Europa, from
America, 6,500 dols or 1,5001; the Teviot, from the
West Indies, 156,0001; the Baltic, from America,
9,4001; the Britannia, from the Mediterranean,
5,1001; the Brenda, from St. Petersburg, 5 casks
specie, about 62,0001; the Albion, from Boulogne,
11 cases bullion ; the Australasia, 149 packages
gold dust, or 525,916/; and the Persia, from
New York, 605,191 dollars, or 121,000/.
The Exports are abdut 500,0001., viz.:—By the'
Africa, for New York, 58,0001 ; the La Plata, for the
West Indies, 18,300/. ; the Alhambra, for Cadiz,
15,5001. gold, and Lisbon 10.000 bar gold ; the
Nemesis for India, &c., 318,7881., of which 5,7351.
was in gold and the rest silver, divided as follows :
Gold to Alexandria, 1,000/. ; Aden, 500/. ; Ceylon,
2,200/. ; Madras, 1,135/., and Calcutta, 9001. Silver
to Calcutta, 172,874/ ; Bombay, 118,1951.; Hong
Kong, 13,2291 ; Penang, 3,885 ; Singapore, 2,000/,
and Shanghai, 2,270/. ; the Fulton, for New York,
21,375/. ; and for Havre, 300,000 dols ; the Kan-
geroo, for America, 10,0001. ; and Aineriea, for
Boston, 22,000/,
The Official Return of the Exports of Specie,
from the Port of London, for the week ending
November 13, show a total of 3,050 ozs. of gold and
102,000 of silver.
In the London Produce Markets, early this week,
a large bubiness was transacted, at enhanced
prices. Since then, however, the recurrence of
failures, and the continued stringency of the
Money Market, has caused renewed depression,
and there has been a partial reaction in price.
Sugar was in active demand at a rise of 2s. 6d. to
4s. per cwt., but ls. to 23. per cwt. has since been
lost, and the market closed yesterday afternoon
with a heavy appearance. Coffee was also at fuller
rates, but the quotations are now ls. to 2s. per cwt.
lower, and the inquiry has abated. Tea has been
dull, but tolerably steady ; Cocoa has been offered
at a reduction of 2s. to ss. per cwt.; and Rice has
been very inactive, at little better than nominal
rates. In Rum the dealings are very important;
Saltpetre is 3s. to 43. per cwt. lower, and in Spices
the transactions have been limited. Tallow is flat
at 483. 6(1. per cwt. on the spot. The Public Sales
of Colonial Wool are proceeding with more spirit,
the manufacturers being encouraged by the im
proved accounts from America and India.

Wheal Edward shares have also been dealt in in the
Stock Exchange at 7i. Other stocks are dull. Mariquita
shares have been dealt in at 12s 6d. All foreign de-
scriptions have been neglected. Subjoined is the official
list of prices in the Mining Exchange :—Alfred Consols,
13, 14, 13 134 ; East Basset, 91, 93 ; East Russell,
2 3.16 ; Grambler and St. Aubyn, 771, 821; Kelly Bray,
30., 323 6d., 515., North Bassett, 112, 12, 12i ; Sortridge
Consols, 2, 2 1-16 ; West Grenville, 6s. 63. 3d. ; Wheal
Edward £7 83. 91., £7 6;. 31., 71,- ; Wheal Grenville,
275. 6d., 323. 6d. ; Wheal Uny, 74, 1. In foreign and
colonial mining securities thire was no alteration worthy
of notice.