Northern Times.
Liverpool, Merseyside, England, 1857-10-31 00:00:00

MONETARY AND COMMERCIAL.

LivxurooL, Friday Evening.

There was a decided improvement in mercantile
circles tc-'.Uy,
the news from America having
induced a feehriv, of hopefulness f'or the future.
itt.specting the Borough Bank nothing new has
—the opening of doers yesterday, and
transpired
the repa merit of deposits lately made for ‘` special
purposeb" gave great satisfaction, and it is now
generally believed that every penny of the
of the bank will ultimately be paid, but, of
course, it will take slme Cute for realis,,tion.

A much better demand wa3 experienced for
Cotton tc-lay, and although the business done
was far from large, the market was decidedly more
buoyant than for some days past. The sales were
4.000 h iles,includinv, 2,000 ('n Speenlation. Messrs.
Wright, jau., and Co , in their circular, issued for
transmission by the Arabia, make the following
remarks on the movement of the zra,de th:oughout
the week :

We closed our last circular advices of 23rd instant, per
Canada, on a quiet cotton market, with limited sales, and
at drooping rates. On receipt of the Arabia's advices, on
Monday, a feeling of depression pervaded all classes, and
the appreheusion that the bank might resort to even more
etringeot measures for accommodation, caused a general
desire to suspend operations beyond the most pressing
requirements of the trade. Amore comp ehensive d gesticn
of the American accounts was about producing a different
feeling, when the news of the fall of Delhi was received.
and, coupled with more favourable commercial ad vices Lone
the East, would have htd a beneficial influence but for
the simultaneous announcement of cne of our banking
institutions having been cmapelled to close its cl tors.
Although this may be but temporary, it bas occas oned
serious inconvenience to many of cur fading firms. and
gives rise to rnmcurs of a deprecating character. Produce
of all kids suffered, and cotton 'interest for the time was
panic stricken. Sales in quantity were impracticable, and
where forced parcels were moved off, the price was com•
mensurate with the emergency ; some business having
transpired below the authorised reducion of id. to id.
per lb. in quotations, the week's transactions being chiefly
confined to such operations Many, however, anticipate
a different order of things when the present ieeling has
subsided, particularly if, as is generally expected, the
next American advices are more encouraging. The
shipments of specie to the West have been ar-
rested, but for export to the East large amounts
are still in preparatlin, end interest rates are likely
to rule h'gh for some time to come. The total sales
of the week amount to 14 270 bales. of which 7,330 are
American. Speculators have taken 1,400, and exporters
840, leaving 12,030 bales of all kinds .to the trade. The
import for same time is 13,670 bales, of which 8633 a•e
American. The quantity known to be at tea from Ameri-
can po; is is about 15 000 bales.

•
PRICES TO D &Y.
New Orleans Fair.. Ql,l Middling ..81st Ordinary...srl to 7cl
.
„ -81 d • 8-0 „ sk, to 7d/I to d
Atlantic „ .. • • Sid • •
Total taken for Cona'p 81i
ti0n,1857, 1,r97, 7io bales.lBss 1,83,3,130 hales.
PI Export (actual) „ 233,420 „ „ ..'22„5,8 „
American Brazil Egypti .n E India \V In la Total
atm& this day..1G3,,9) 25,130 7,539 119,300 1 •,9) 314 170
Sias time 106 339,920 33,400 44,180 31,99 J 1,199 448,680
Messrs. Feraworth and Jardine, in their circular
of this evening say :-
The more cheerful news received from India at the early
part of the week, and that subsequently from the States,
failed to check the feeling of depression and alarm pro-
duced by the embarrassment of one of our local bank.,
whose doors were closed on Tuesday last, causing in our
Market greet irregularity, send rendering quotations al-
together nominal from sales being forced either by neces-
sity or fear, this state of things however is generally con-
sidered to be temporary, as the improved tone of the
Itirney Market, and the sound conditicn of trade in general,
will tend to restore confidence. To day a decidedly better
feeling prevails., with very little offering in American
st descriptions, e-d Surats have recovered 1 per lb. frem the
quotations of 3esterday. The market closes with more
firmness and regularity in prices.
Respecting the state of bu,iness iiffuirs generally,
the circnlsr of Messrs. Leech, Harrison, and For-
this evening, says :-
We have just passed through one of the most eventful
weeks which our experience enables us to trace in the
history of cur commerce. The departure of the Canada
on the 2-1:11, with about £250,000 in specie, foreboding a
continuance of the specie drain for the United States
(whilst the B ink return showed the stock of bullion
lowered to £9,524,000), was followed by the Arabia's news
of further mercantile failures in America, and the suspen-
sion of specie payments by the New York Banks. On the
27th came the startling intelligence that the Liverpool
• Borough Bank had gone into liquidation, and subsequently
it entirely closed its doors, which, up to this time, are not
re opened, and on the 26th the capture of Delhi by the
British troops was reported, and received official confirms
tion the following morning. We are chiefly interested in
estimating the probable bearings upon our future trade of
Lew Baa; Winr-Cegirtfie TaCrifi ce'of" t ercantlle
houses at the shrine of the insatiable demand for specie, and
may shortly bring about the resumption of business
transactions nprn the basis of a Bank currency, so as to
stop the efflux of specie from th s side, and open a way for
the crops with which the United States is overflowing to
come forward in payment of their debts. This seems to
isa tee view held here, and we have consequently had no
further advance in the rate of interest-the lever which
the Bank of England resorts to when a hrge export of
specie is dreaded, Locally the failure of the Borough
Bank is of great importance; its capital was £1,000,000,
its deposits of equal amount, and its endorsements are
estimated at £2,500,000, but it did not issue its own notes.
A large number of mercantile houses banked with this
Institution, who hold largely of Cotton and other produce,
and the injurious effects of dull Markets have been aggra-
vated by the pressure of forced sales, and prices yield.
This may be only temporary, as efficient efforts must be
made by the Shareholders, who are wealthy, to save them-
selves, by carrying cut the liquidation p-omptly, and with
the least sacrifice to its customers. Already some
minor mercantile failures have taken place, as a con-
sequence upon this stoppage, The fall of Delhi, the
stronghold of the mutineers in India, and the
centre around which, whatever of superstition or
po'itieal aspirations they entertained revolved, effected,
too, whilst we had but a handful of British troops, seems
likely to have great itfluen, e in crushing the rebellion.
The accounts from Calcutta and Bombay for Engleh goods
are more encouraging, and trade there will by degrees,
probably slow ones, revert to its old channels. Ii the
midst cf these important events, though monetary negocia •
Lions have been restricted, no want of general confidence is
manifested. Legitimate business paper continues to betaken,
but the price has ruled at Bto 9 per cent. The general
impression is, that with the subsidence of the drain of specie
to America. money matters will be easier, as there is
abundance of capital in the country ; but this easement can
only be brought about gradually, as the drain for India is
likely to continue.
A slight advance was established in the prices of
the leading Stook) end Shores, on the Liverpool
Stock Exchange to-day, with a fair business doing.
The transactions were as follows:-Birkenhead,
Lancashire and Cheshire, 631, 63; ; Blackburn;
Si ; Caledonian, 384 ; Eastern Counties, 103 ,
Great Western, 51; Lancashire and Yorkshire, 93 ;
London and North Western 901, 964, 961. 901 961 ;
De , Shares, c. ; Midland, 824, 821 821 821;
Manchester, Sheffield and Lincolnshire, 380 ;
North Eastern, 224, 223 Great Ni rth Eastern
purchase, 21 d ; Leeds Capital Stock, 53 13-16 ;
Dovers 19 1-16, 19 ; Grand Trunk of Canada, 10
Liverpool Union Bank, 121. The following were the
closing prices : 8-4, 817 ; Chester
and Birkenhead, 633 61; Caledonian, 381, 30 ;
Chester and Holyhead, 15, 153 , Eastern Counties,
104, 10 13-16 ; East lelecashire, 90, 903 ; Do. 91,
shares, f p; Great Northern, 23k, 24; Do. A.
103, 104 ; Great Western, 51, 51k; Lancashire
and Yorkshire Stock, 93, 93} ; Do. OZ. shares, p ;
Liverpool, Crosby, and Southport, 183, 184; London
and North Western Stoclt, 961. 063 ; Manchester,
Sheffield, and Lincolnshire, 383, 383 ; Midland
Stock, 824 824 ; North British, 11 1346, 11 15-16;
North Staffoi dsh ire, 41, 43 d ; North Eastern -
Berwick, 224, 224 ; York and North Midland,
384, 383; Leeds Capital Stock, 234, 233; South
Eastern and Dover, 10 1-16, 194; Soottish North
Eastern, 11, 12 ; Buffalo and Lake Huron, 54 54 .1 ;
do., new Shares, 58, 53 d ; Dutch Rhenish, 51;
5 d ; Great Western of Canada, 181 1,54; dpi, new
tehares 24, 2 d ; Great Luxembourg, 0, 64; Grand
Trunk of Canada, 101, 108
The weekly Traffic Returnee received up to this
afternoon :-Beda!e end Leyburn 1231; Belfast and
Ballymena 1,231/; Birkenhead, Lancashire, and
Cheshire 2,6241; Blackburn 1,0181; Bristol and Exe
ter 6,5961; Caledonian 14,4431; Chester aad Holy-
head 6,4181; Omit and Bandon 2907; Cork, Blackrock,
and Passage 2161; Deeside 2531; Dublin and Belfast
Junction 1,5551 ; Dundee, Perth, and Aberdeen
Junction 1,0541; Dublin and Drogheda 1,5391;
Dublin and Wicklow and Dublin and Kingstown,
1,5531; East Anglian 1,2587; Eastern Counties and
Eas'ern Union 26,8591; East Lancashire 6,0207;