Northern Times.
Liverpool, Merseyside, England, 1857-11-10 00:00:00

MONETARY AND COMMERCIAL.

LIVERPOOL, Monday Evening
The position of Monetary Affairs is very unsatis.
factory indeed. The Bank of England has again
raised its rate of discount to 10 per cent, one per
cent above the ree during the panic in 1847.
Another Bank has also stopped payment. Today
the doors of the Western Bank cf Scotland were
closed at 2 p.m. The Bank is in Glasgow, hut it
bad upwards cf 100 branches throughout the
western counties of Scotland. Its liabilities are
stated to be about seven mPlions sterling The
Messrs. Littledale's, in their circular for transmis-
sion to India, make the following remarks on the
state of affairs :

The complete change. wbi&i has come upon the commer-
cial community ,ir.ce, we last issued our ci eular has been
most extraordinary. It, origin, doubtliss, must be traced
to the suspension in Now York on the 24th August of the
Agency of the Ohio Life and Trust Co., followed in quick
successi as by houses tf good standing, and endieg in the
suspension of Specie payments by alost., every Bank
throughout the Utnon-3et this convulsion is, we are told,
attributable to no. other cause than a senseless mistrust 4n
the part of Money-lenders and inconsiderate rushing by
every one to protect himself at the expense of the comma
nitv. For a time it bad positively no ,ffect in this c)untry,
but. the last few weeks we have been inoculated with a
feeling somewhat akia to that of cur transatlantic brethren,
though in no way approaching it in intensity, and as there
is the utmost difficul'y in effecti• g sales at anything at
all appoachirg oar previous scale of prices, we are now
experiencing the ruinous depreciation in p oduce and
property witnessed in former years, but it is satisfactory
that the antecedent prosperity of most pars nas engaged in
trade will enable them to stand all losses tolerable well.
Money has advanced since the close of September from a
minimum Bank rate of 5i to 9 per cant., being the higl est
ever remembered, it on'y having reached 83 in the memo-
rable tear 1547, when Gavernment anthorised the Barak of
Erg:and to extend its issue without limit, at a minimum
rate of 8 per cent. on good bias end go seen ities ; this
me Imre, it will be remembered, gave instant relief, V.ough
it came too late to prevent the wale-spr• ad ruin which
more timely aid would in a great measure have averted—
and th,,u,h our present, position does nut bear a compari ion
with that period, the causes beinz so widely different, it
wouli point to there bring now the greater necessity for
some assistance being cx ended, lest so great a sacrifice of
undoub'ed property should again have to he made—the
monied interest in London do not doubt the legitimacy or
security tf the bi:ls and documents cfferetl,—they simply
have not the Bank Notes with which to grant the ace...m-
m.idation.

Business here to-dey was very dull, and after
the receipt of the intelligence of the raising of the
rate ofinterest by the bank, Produce could hardly
be disposed of at any price. The sales of cotton
were about 2,000 bales, all to the trade. Prices may
be quoted id to Id per lb. lower than on Friday last.
The Liverpool Share Market was dull and
depressed to-day, and prices are lower. The follow-
ing wes the business transacted :-Blackburn, 77-", ;
Caledonian, 371, 371, 37; Eastern Counties, 101;
East Lancashire. 89 ; Great 'Western, 481; Lanca
shire and Yorkshire, 91-1,-. 91, 91, 901, 9o1; Ditto
£9 Sharer, par; Lancaster and Carlisle New Third
;•• hares, 7i p; London and North Western, 941.
941, 941. 94, 931. 931, 91, 9.11, 91, London and
South Western, 87; Manchester, Sheffield, and
Lincolnshire, 37 t Midland, 811, 801 80! ; North
Eastern, 211, 21a, 211 21f, 21i ; Lovers, 18a. 18
7-16; Dutch Rhenish, 01, 61d ; Grand Trunk of
Canada, 9, 8 11-16; Royal Insurance, 21 p. The
following were the closing prices :--Blackburn,
71-, 8 ; Chester and' Birkenhead, 63. 631; Caledo-
niar, 37, 37+; Chester and Holyhead, 14, 141;
Eastern Counties, 10.1 101; East Lancashire, 881.
89 ; Do. 91. Shares, par p; Great Northern, 231,
24 ; Do. A, 101, 10k; Great Western. 47/, 481 ;
Lancashire and Yorkshire Stock, 901, 901 ; Do. 0/
shares; par I- p ; Liverpool, Crosby, and Southport,
189, 181; London and North Western Stock, 91
90k; Manchester, Sheffield, and Lincolnshire, 361,
37 ; Midland Stock, 811, 808 ; North British, 111
1i ; North Staffotthhire, di, 41 d ; North Eastern -
Berwick, 2:4 221; York and North Midland, 38+,
381; Leeds Capital Stock, 23, 231; South East-
ern anti Dover, 18 5-16, 187-16; Scottish North East-
ern, 11, 12 ; Buffalo and Lake Huron, 51 5/1 d ; Do.
New Shares, 51, 51 d ; Dutch Rhenish, of, 61 d ;
-Great Western of Canada, 171. 171; Do. New
shares, 28. 21 d ; Great Luxembourg, sa, si; Grand
Trunk of Canada, El, St.
The Market for the Public Funds and Securities
was very dull to-day; but, notwithstanding the
rate of discount, the decline did not much exceed
to / per cent. Consols for Money at 881 to 881,
and for the Account at 888_ to 881-

z /lee tiv
Stocks and Shares declined in price. The
following were the closing prices :—Caledonian,
743 ; Eastern Counties, 52, 53; East Lancashire,
88, 90; Great Northern, 92, 93 ; do. A shares,
82, 81; Great Western, 471, 48i ; Lancashire and
Yorkshire, 901, 901; Leeds Northern, 463, 473 ;
London and North Western, 931, 941 ; London and
South Western, 85, 80 ; Manchester, Sheffield,
and Linco!nshire, 303, 37 ; Midland Stock, 801;
North British, 463, 473; South Eastern and Dover,
613, 62 ; York, Newcastle and Berwick, 893, 903;
York and North Midland, 763, 773 ; Grand Trunk
of Canada, 38, 86; Great 'Western of Canada,
173, 18; do. (New), 23, 23. After official
hours there was li tie or no business
done, at the following prices :—Ca edonian 711 ;
Eastern Counties 103. 103; East Lancashire 88, 90 ;
Great Northern 92, 03 ; do. A shares 82 84; Great
Western 1730 481 ; Lancashire and York-hire 903;
London and North Western 931, 91; Manchester,
Sheffield, and Lincolnshire 363. 37.; Midland Stock
80%, 81 ; North British 44, 473; South Eastern
and Dover 611, 611; York, Newcastle and Berwick
89%, 901; York and North Midland 76%, 77k.
Two more failures are announced in Liverpool,
the firms being those of Messrs. Douglas and
IVesteott, merchants and ship-brokers; and Mr. A.
E. Byrne, who is engaged in the Canadian wood
and shipping tra le. Both houses were respectable.
We understand that the liabilties of Messrs.
Naylor, Vickers, and Co. have been considerably
overstated. The amount is stated, on good authority,
to be under 500,0001. Neither is it apprehended
that other firms in Sheffield will be shaken by their
suspension. Their trade was almost exclusively
with America, and their liabilities in Sheffield do.
not exceed 5,0001, incurred chiefly with extensive
coal comp Inks. The meeting of creditors is fixed
for the rather late date of the 24th inst., in order
to allow time for representatives of the creditors in
Sweden to be present at it ; and not from so long a
time being required to prepare the accounts, from
which an accurate s'atement of the affairs of the
firm can be extracted at once. Although they have
four houses—one at Sheffield, one at Livierpool, one
at Ncw Yark, and oao at Boston—yet thespes consti-
tute the same firm with the same partners, one of
whom resides in Stockholm. There is, however,
no branch house there ; consequently there are no
complicated interchanges of accounts to arrang.,
and adjust, the present establishment at Sheffield
having always the transactions of every branch
posted up to the latest advices. It is believed on
all sides that the suspension of the business of
this important film will be but temporary.
The result of a visit to the sherry district is thus
described by Mr. F. W. Cosene, in a circular dated
the 4-h inst. :

Having just returned from the sherry district I consi-
der it desirable to place the following facts before yon. The
result of the vintage has not proved satisfactory ; the
show of fruit was much in excess of that of last year,
but in consequence of the unusually dry season the yield
of " Moto' has been less. The present state of
the sherry wine trade demands gray, consideration,
and it is desirable that home dealers should
clearly rea'ise their position as to future supply and
prices. The actual money wealth of the growers and
" Almacenistas" of Jerez, Port St. Mary, &c., has dar-
ing the last five years vastly increased consequent upon
the realisation of old accumulated stocks at very remu-
ner tive prices ; large sums seek investment, and as wine
is the only commodity produced, all 'capital must re-
main unproductive, or be invested in that one article. The
scarcity of young wines now we are coming upon the recent
short vintages, is severely felt, and as the " Almacenistas"
readily give higher prices than ever, comparatively new
wine realises the same value as that at which competition
now compels the shipper to supply fine old sherry to the
English wine merchant—the result is, that shippers must,
for another year, mainly depend upon their own reserves
to supply their connect ons, the present state of the trade
not justifying purchases at such rates as would render im-
perative an immediate advance of £lO per butt upon all
marks of current sale.

Arrival for the week ending 17th of N3rember last yesr,s 011 casks.
and delivery, 2.906 casks. The arrival last cv ek comprised 4 700
casks from Russia 2i.7 from Australia; 102 from South America,
and 53 from other places. Total, 5,063 ca.

BOROUGH HOP kl ARKET. —Nay. 9.
The market is steady for flue samples. Other sorts
move off but slowly.

LONDON CORN MARKET.—Nov. 9.

There was not a large supply of wheat upon the Essex
and Kent stands this morning, nor were thJ offers per
railway from the near counties so large as usual. Farmers,
it would seem, are indisposed to sell, at the now eon-
sideraVe decline. The trade in both wheat and flour
ruled dull at last Monday's quotations. The finer
descriptions of barley must be noted Is per quarter
cheaper, and other sorts next to unsaleable. Oats cannot
be quoted cheaper, at the same time it was impossible to
sell freely at last week's (potations Beans dull, but not
cheaper. Peas scarce, and fully as dear.