Northern Times.
Liverpool, Merseyside, England, 1859-01-01 00:00:00

GENERAL PRODUCE.

In reviewing the course of business during the past
year, the anticipations entertained at the commencement
have not been realised, and the retrospect affords the
strongest proof of the intensity and severity of the late
panic, which has continued so long to exercise a most
baneful influence over the trade of the country. The
year opened with low prices of all articles of consump-
tion. Money, previously scarce and dearer than ever
before known, rapidly returned into the coffers of the
Bank of England. In January the minimum rate of
discount at that establishment was thrice reduced, from
8 to 4 per cent., and again in February to 3 per cent.,
which was lower than it had been since January, 1853.
It stock of bullion in a few months increased threefold,
and its reserve of notes from below two millions to above
twelve millions sterling. Notwithstanding these favour-
able circumstances, no corresponding improvement took
place in the value of Produce, and in fact prices declined
to a lower point than during the crisis ; the cheapness
and abundance of money failed to produce the slightest
effect, It seems inexplicable that if the withdrawal of
gold from this country, whereby its value is unduly
enhanced, is the precursor of depression and prostration
of confidence, upon the same principle the past year ought
to have been one of prosperity. No doubt the energies
and resources of the trading community received a shock
so severe as could be recover e I only in procees of time, and
whilst stocks accumulated, and holders were obliged to realise
and submit to great sacrifices, the markets have been too
liberally supplied with produce, the low prices holding
out no inducement for speculative operations. - The
shipping interests have perhaps suffered to a greater
extent than any other class; for whilst their property has
become so seriously depreciated in value, rates of freight
have been lower than ever before known • still the im •
porter, from the high prices ruling in the producing coun-
tries, has not thereby had a Sufficient margin to ensure a
profitable return. On tue otner mina, [Am grucial tiadv
of the country has been in a healthy position, manufac-
turers have not only been fully, but profitably employed,
and, with cheap food, the working population have no
cause for complaint. The prospects of the incoming
year are certainly in every respect most encouraging' and
it is to be hoped that the disappointments that have been
experienced during the past, will be more than counter-
balanced by the results of next and future years. Busi-
ness, it is to be expected, will. be conducted upon a safer
basis, and reckless trading discouraged, after the caution
learnt from past experience. During the past month a fair
amount of business has been transacted, considering the
late period of the year; and, with the exception of rice,'
prices have been well supported. The public were taken
by surprise by the unexpected reduction in the Bank rate
of discount, on the 9th instant, from 3 to 21 per cent.,
which has net been so low since 6th January, 1853, when
it continued only for a fortnight. Whether such a
measure has been adopted to inspire confidence, or with a
view of competing with private banking establishments,
which have been for some time discounting at a lower
Kate than the Bank of England, the advisability and
prudence of such a course is very questionable, monetary
facilities having been already too low, and any movement
in the other direction must only disturb and unsettle trade.
The stock of Bullion held by the Bank of England by
the last returns was £19,148,997, against £18,780,330;
and its Reserve of Notes £13,242,060, against
£l2 820 861 at the same period last year.
BROWNE, HUNTER SC CO.