Northern Times.
Liverpool, Merseyside, England, 1857-09-14 00:00:00

MONETA:a AND COMMERCIAL.

LIVERPOOL, Saturday Evening.
The demand for 'eeetton continues pretty active, and 1
full prices are r,f e'ely r aid, as holders only supply the
market very e.paringly. Surats to arrive are large/y,
dealt in. The sales to-day were fully 10,000 bteles,
including 1,003 on Speculation and for Export
The deep and widely diffused interest whieh this
community, and more espec'ally our commercial
reader% have in everything connected with the
great staple of our trade, Cotton, prompts us to
lewd our columns willingly to any discussions which
may tend, ever remotely, to preserve the high char-
anter for regularity, probity and fairness, which has
has ever marked the immense transactions in the
article here. In this spirit we recorded the results
of a meeting of a defaulting cotton spinner, in our
journal of the 1 lth instant, and now state some of
dye remarks made by parties in the trade in
reference to the system of buying cotton here :
Ths merchants who sell cotton take this stand. They
say, that in the infancy of the cotton trade the practice
was for the cotton spinner to buy his cotton through
a Manchester cotton dealer, wh3 made the purchases in
Liverpool upon the strength of his own credit, and charged
the spinner a buying profit or commission. When the
spinners grew wealthy. they soon saw that they were pay-
ing a dealer for a credit to which they were themselves
entitled, and gradually became themselves buyers direct
from the merchant, the buying broker then satisfying the
latter as to his security in trusting the spinner, and so the
merchant `sus contented, considering it a point of honour,
as between the buying broker and himself, that the former
had fatly assured himself as to his client's position before
introducing his name upon this market. So fully has this
been understood that there are many cases, even recent
ones, in which the buying broker has promptly made good
losses arising from default of his spinners. Were this con-
fidence, indeed, to be shaken and the merchant to be told
that the buying broker would take no responsibility direct
or implied as to the standing of his client—the cotton spin-
ner —what confusion would ensue. The merchant must,
then, keep a register of the hundreds of spinners who
frequent the market, and be constantly instituting
enquiries as to their standing, and delay in
closing transactions would follow. Or, it is probable that
certain high minded buying brokers, recognizing, if not
the moral obligation incident to their position, at least
the expediency of sustaining intact the merchants'
confidence, would have a preference in their purchases,
and take off the largest share of trade. The arguments
we have heard used by some buying brokers, in opposition
to the merchants' case have been to the effect, that they
are not paid a guarantee commission by the merchants,
and are not respinsible to them—that if a spinner is in
possession of a cotton mill, that is, per se, a proof ,pf
respectability—that if they were to bu.ty themselves in
making enquiries which would shake their confidence, and
thereupon to decline to bay ; such is the competition,
that other brokers, not so scrupulous, would act for
the spinner, and they would lose the business
Bat there are other parties who take an interest in this
description beyond the merchant and cotton broker—the
wealthier cotton spinners. In reference to the very case
upon which these observations are founded, we have heard
their comments as •follows:—" You Liveriorrinerchants
deserve to suffer from the indiscriminate trusting of spin-
ners : they trust parties without means, who are the crea-
tures of certain dealers in yarns, who own the mills, and
who sell the produce of such without regard to profit, and
to the serious injury of the solvent spinner, and you deserve
to suffer from such a system." The subject is now before
our readers, and it will gratify us if these remarks lend to
caution on the part of all who are interested, and to a
clearing off of any doubts as to the relative position which
each party in the trade should occupy towards the other,
not as a question of legality merely, but as an incident to
the morality of the trade, and to the maintainance of the
high principles of dealing which have hitherto been a
boast in the cotton trade.

ACorrespondent;sends us the following respecting
the anticipated deficiehey in our stocks of Cotton
at this port. Without guaranteeing the accuracy
of every statement made thereon, we think it of
sufficient importance for insertion in this
column :
I wrote you on the 291 July, that nothing but an
immediate advance of ld. to 2i. per lb, could check
consumption and prevent a panic, if not an entire stoppage
in the cotton trade. One penny of that has ahead! been
established, and the other must follow, and that speedily,
with a further penny beyond that if we are to be left with
a bale in stock by the end of the year. Whatever may be
the yield of the next American crop, we can't receive
any quantity before the let January, by which time we
shall be cleared ou,, even with the consumption checked
to 40,000 bales per week, as the following shows:—
Bales.
Stocks in. Liverpool this day....
P,obable imports to let Jan. from America 80,000
PP PP Bombay and elsewhere 220,000

600,000

Consumption and export Sept. 11 to let Jan ,
16 weeks, at 40,000 per week

Deficiency

Against a stock last year of ..

There is no mistake about these figure ; consumption
and export have averaged for the last two years 45,000
bales per week, and nothing but scarcity and high prices
will force it down to 40,000 ; and yet at this low estimate
we shall be alarmingly deficient. It is also evident that
prices will rule higher than at present all next year, this
American crop being a month later than last; short one
cannot exceed it even with a favourable picking season
We have already had from India 200,C00 bales more than
we received up to this date last year, and accounts from
Bombay speak of stocks there getting exhausted ; the
arrivals in consequence after January will be light. These
facts explain the daily hardening of the market, and afford
serious grounds for the
_consumers of Cotton to look
out.

This has been first making up day on the Liver-
pool Stock Exchange, and the Contangos have been
very moderate. The business was very limited,
the amount small, and favourable news from the
East would therefore have a marked effect on
prices. The following were the day's transactions
Eastern Counties, 11*; Lancashire and Yorkshire,
1001, 1001 ; London and North Western, 99k ;
Manchester, Sheffield, and Lincolnshire, 42 ;
North Eastern, 231; Dovers, 21*; Grand Trunk of
Carla ia, 121; Liverpool Borough Bank, 8.
Royal Insurance, 3 13-16 p. The sales
for the next account were-Eastern Counties,
11 7-16; Midland 82 ; and Grand Trunk of Canada
121. The following were the closing prices :-
Blackburn, 8, 81; Chester and Birkenhead, 66,
661; Caledonian, 41/, 411; Chester and Holyhead,
161, 17 ; Eastern Counties, 11 5-16, 11/ ; East
Lancashire, 96, 961- ; Do. 9/. shares, 1, 9-16 p ;
Great Northern, 24, 241; Do.' A, 11,
.111 ; Great
Western, 55, 551; Lancashire and Yorkshire Stock,
1001-, 1002 ; Do. 91. shares, 1, 1 p; Liverpool,
Crosby, and Southport, 19, 191 ; London and
North Western Stock, 991, 100 ; Manchester,
Sheffield, and Lincolnahire, 411, 421; Midland Stock,
811, 81g; North British, 12-1-, 121; North Stafford-
shire, 41, 4 d; North Eastern-Berwick, 23k. 231;
York and North Midland, 39k, 391 • Leeds Capital
Stock, 241, 241; South Eastern and Dover, 21
21 1-16; Scottish North Eastern, 12,1, 121; Buffalo
and Lake Huron, 5, 41 d ; Do. New Shares, 5,41 d
Dutch Rhenish, 31, 31 d ; Great Western of
Canada, 211, 211; Do. New Shares, 1,1 p; Great
Luxembourg, 61,7; Grand Trunk of Canada, 12 7-16,
121 The following were the Continuations paid :-
Blackburn, 81 con ; Chester and Birkenhead, 1;
Caledonian, *. 3s, 2s 91; Eastern Counties,, 71d,
93, Bd, 9d ; East Lancashire, 5-16 Great Wes-
tern, 3-16 ; Lancashire and Yorkshire Stock, 5-16.
1, 5-16; London and North Western Stock, /, 5-16,
I, 5-16; Manchester, Sheffield, and Lincolnshire,
1-16, 2s. 1,3 s ; Midland Stock, 1, 3-16, 1, ; North
Eastern-Berwick, is 63, is 9 i ; 4York and North
Midland, 3 a 3s 61; Leeds Capital Stock, f ; South
Eastern, is 6d, is 4kl, 1-16, is 41d ; Dutch Rhenista
9d, 10d; Great Western of Canada, 1-16; Do. New
Shares, 93, 1011 ; Great Luxembourg, 7d ; Grand
Trunk of Canada, Is ld, 1-16, Is, is lid, 1-16.
The demand for Money has slightly increased,
and only first-class paper is negotiated at a fraction
below the Bank rates This concession is made
in but very few instances. The. Bankers' Circular
of to-lay says
:-
The oninians we gave last week on the state of the
Money Market, tbough at variance with several of our
catemporaries, have been fully supported. There has been
no relaxation in the demand for the past week, but, if
anything, it has been more active, though the pressure has
not been Incas venLiat with good paper. The funds, in the
absence of further news from India, have bean very
inanimate daring the week and remain so up to the time
of our going to press; and at everything depends upon
the character of this news, conjecture is useless.

In the Market for the Public Funds and Securi-
ties to-day, there Was but little chauge occurred.

Since the settlement of the Account the spectila-
tors have been patiently awaiting the arrival of
tiv.7, Overland Mail, and with an absence of
business—which usually promotes weakness—the
quotations have certainly exhibited great strength.
This afternoon a small advance was established,
notwithstanding the unsalidfactory appearance of
the Bank Return and the diminishes confidence
felt in the progress of Monetary affairs. Pending
the receipt of la`ar intelligence, the operators
confine their attention to "options," and it is to
these that the additional firmness noticed to-day
must be attributed. Consols for Money closed at
901 to 901, and 90h, and for the Account 901 to
90i, and Exchequer Bills 7 to 4 die.
The following list shows the fluctuations in con-
sols during the last week :

...
Lowest Highest Closing
prices. prices. prices.
Monday Money ..... 901 9)1 901
Account _9Ol 901 90t
Tuesday Money .... 901 SOZ 901
Account ....901 901 904
Wednesday Money .... 90i 904 904
Account ti ....904 901- 91
_. _ _ .

Thursday Money .... 90i 90i 904
Acc.mnt ....90i 901 904
Friday Money .... 904 904
Account .....904 901 904
Saturday ....Money 904 901 904
Account ....901 904 904
In the London Railway Share Market, there was
a moderate amount of business done to-day. and
prices were very firm. Caledonians rose 4, Great
Northern 4 to 1, Great Western 4 to 1-, liiiglvon 4, •
and North Stafford 4 to 4, when compared with the
latest prices of the previous day. Eastern Counties,
Edinburgh, Perth, and Dundee, North Western,
Midland, North Eastern, (Berwick), Do, (Leeds),
and South Eastern are steady. Great Southern and
Western of Ireland, on the contrary,were flatter, and
also Manchester, Sheffield, and Lincolnshire, North
British and North Eastern. The following were
the closing prices :-Ambergate, Nottingham, Bos-
ton, and Eastern Junction, 51, 54; Bristol and
Exeter, 86, 88 xd ; Caledonian, 834, 83.1; Chester
and Holyhead, 33, 33 ; East Anglian, 20, 201;
Eas'ern Counties, 111, 114, ex d ; East Lancashire,
96, 97 Edinburgh and Glasgow, 624, 631 ;
Rdinburgh, Perth, and Dundee, 32, 33 ;
Great Northern, 96, 961 ; Great Southern
and Western (Ireland), 100, 102; • Great
Western, 55, 554, ex d ; Lancaster and
Carlisle, 77, 82; Lancashire and Yorkshire, 100,
1001; Lyndon, Brighton, and South Coast, 104,
106 ; Landon and North Western, 994 ; 1001 x 1 ;
London and South Western, 911, 921; Manchester,
Sheffield, and Lincolnshire, .414, 424; Midla,pd,
811, 82, xd ; Ditto Birmingham and Derby, 55,
57, xd ; Norfolk, 62,64, xd ; North British, 49, 50 ;
North Eastern-Berwick,. 924, 934, xd ; North
Staffordshire, 41, 4 dis ; Oxford, Worcester, and
Wolverhampton, 32, 33; Scottish Central, 104,
106; Ditto Midland, 72, 74; South Eastern,
68, 69, xd ; South Wales, 84, 85, xd ; Buck-
inghamshire, 92, 94, xd ; Hull and Selby,
165, 107, xd; Eastern Counties Extension, 5 per
Cent. (No. 1). 4, 4 pm ; East Indian Guaranteed
5 per Cents., 97/, 98 ; Grand Trunk of Canada,
49, 51; Great Indian Peninsula Guaranteed 5 per
Cent., 191. 191; Great Western of Canada Shares,
21, 211; Madras Guaranted 41 per Cent., 17, 18 ;
Do. Third Extension 5 per Cent. Guaranteed, 4,
dis ; Scinde Guaranteed 5 per Cent, 4,4, pm.
Respecting the movements in Mines eluting the
week the Mining Journal of to-day states-
Altogether a considerable amount of business has been
transacted in mines this week, and the market shows an
improved appearance. The latter part of the autumn is
the moat active season of the year for mines, and so
long as the standard for copper keeps up, a large business
may be anticipated. North Frances shares have been in
demand at 11 to 111, Portrellis United 51 to
6. East Russell 2 to 21, Pendeen 2 to 21, Sortridge Con-
sols 14 to 14, 2, Alfred Consols 131 t 0.141, Wheal Edward
71 to 81, Great Alfred 7 to 71, Wheal Wray 51 to 54,
Trewetha 14 to 14. Trelawney 22 to 24, Wheal Grenville
21 to 24, St. Day United 11 to 14 North Roskear 160 to
170, West Caradon 120 to 125, Wheal Margaret 67 to 68,
South Caradon 345 to 355, Basset 220 to 225, West
Basset 261 to 271, North Basset 14, Herodafoot 81 to 84,
Mary Ann 49 to 50, Grambles and St. Aubyn 80 to 90,
North Robert 31 to 4, Lu2eott 14 to 14, North Downs 2
to 21, Tamar Consols 1 to 14, Kitty Lelant 23 to 24, Par
Consols 201 to 211, East Alfred 4 to 41, Holmbush 2 to
.21, Hugaton Down 41 to 44, East Basset 50 to 52, Kelly
Brey 14 to 14, Wheal Zion 4 to 1.
The Imports of Specie have not been large this
week, not much over 100,0001, viz , by the Panther,
from Boulogne, 25 cases of bullion ; the Clarance,
from Antwerp, 26 cases of bullion ; the Argo from
New York, 4 0001; the Tamar, from the Brazils,
1,8541; the Gambia, from Africa, 2,906 ounces of
gold, or 11,6001; the Trimcomalee, 6,000/ in silver;
the Panther, from Ostend, 25 cases of bullion.

The exports during the week were :—By the
Teviot, for the Brazils, 108,.3351, of which 4001 is in
silver, and the remainder in gold; the Euxine, for
Cadiz, 34,352/.
There has been rather more animation in the
London Produce Markets this week, but the im-
porters and brokers still complain of the • dulness
of business. Owing to the cautious purchases of
the trade, sugar, although in improved request, has
declined on the average is pc: cwt. and the market
yesterday evening closed without any noticeable al-
teration. Coffee has been quiet, but no variation-
in prices has occurred. A few second-hand parcels
of plantation =ay have been sold on easier
terms, but in most instances previous values have
been supported. Tea has been firm ; Rice in good
demand at 3d per cwt advance, and Cocoa is also
dearer. In Spices the transactions have been
but prices are steady. Saltpetre is dull,
and about 1s per cwt cheaper. There has been an
excited market for Cotton, and an advance of 11,d to
id per lb has ensued: Tallow is buoyant, and
P.Y.C. is now about 633 61 per cwt on the spat.
There is no material change to notice in trade
in the manufacturing districts. At Leeds business
has been steady, but not brisk, and a fair amount
of business has been done at unchanged prices,
At Bradford the market has exhibited extreme
dulness, merchants being. reluctant to give the
higher rates demanded by manufactuters, owing to
the advance in the raw material. Tne high rates
now current for most descriptions of wool .have
checked business to a considerable extent. At
Halifax trade had been steady, arid full quotatisns
were current for all descriptions of wool and piece
goods. At Manchester the activity recently pre-
vailing had been checked by the advance rn the
value of the raw material. A good business, how
ever, had been done for the German and Russian
markets, but for the home trade purchases were
effected to a very moderate extent. Trade at
Leicester has been healthy, at about previous
quotations.
The directors of the North of Europe Steam
Navigation Company, who entered on their func-
tions on the 23rd June last, have issued a report
in anticipation of the meeting called for the 15th
instant. Further evidence is hero afforded of the
disgraceful management of the former officers of
the company. The revenue account shows a loss
of 38,2591. upon the half-year ending 30th June
last, and the company's balance-sheet exhibts an
aggregate loss of 187,167., including 65,2241.
desoribed as " depreciation." The directors con.
eider it expedient to sell as many ships as will
produce abbut 50,0001, " in order to place the com-
pany in a position to adopt whatever course may
afterwards be found expedient."

We (Bath Chronicle) are sorry to learn that Mrs. Tile,
the wife of one of our city mem"ers, is suffering from
very ill health, et Milvern, which c 'Lapels him to decline,
for the present, a complimentary dinner to which ht: hes
been invited by his friends and supneirters in B ,th.
THE INDIAN RELIEF FUND,—We have au hority for
st.sting that there is no foundation for the reported
donatioU of Lerd Dalhousie' of the pension of £5,000 per
a9num, which he receives from the Court of Directors;
a'tbough generally no'ified by the public press, nothing is
known of the fact at the Mansion.house.—Home News.

A BLACK Ilesc.u...—A gentlemanly looking negro vet
up on Friday week at a lodging-house in Ayr, and might
hare been seen riding on the Sands and elsewhere lb- Some
chys, having hired a horse of Mr. Smith of the Star Ho' el,
to whore he intro:uced himself. Ho left his landlady and
his horse unpaid, and decamped, after borrowing some
trifliag sums. He appears to bare been " starring" it in
other towns both in Ireland and Scotland as well ; and we
warn the natives to -be upon their guard if they do mt
w;sh to be done brown or black. He is, as we have said,
of gentlemanly appearance, plausible manners, and
agreeable address, and quite insinuating with the gills.