Northern Times.
Liverpool, Merseyside, England, 1859-11-23 00:00:00

Water-street.

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Vf (Suecessors to CHARMS WILL)ZER,) - •
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correctness, COMMERCIAL CIRCULARS, CATALOGUES,
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PRINTING OFFICES, 15, SOUTH JOHN-STREET.

MONETARY AND COMMERCIAL.

LIVERPOOL, Tuesday Evening.

The Cotton Market to-day was dult, and stilt I
limited in amount of business, the demand'beis
freely met by holders. The sales were confined
to 5,000 bales, of which 1,000 were for export, or
taken on speculation. Prices were withoutchange.
The ,Liverpool Share Market was quiet intone,
and rites scarcely maintained the advance of
yestertlay ; but at the close the feeling was firm.
The business done was small. It included Cale-
donians, at 91 k ; Great Northern A., •00; Great
Eastern, 651 ; Lancashire and Yorkshire, 961 1,,
1, y ; .Landon and North Western, 952, 4, ditto
Eighth-Shares, y d.; South Eastern, 2.3,1, 3-16.

CLOSING PR ES.
Ches. & B'head.. 77 7711 N. Stafford 4--1 41d
Caledonian 914, 92 N.. E. Ber..e. Stock 901 911
E. Counts. 10 15-16 11'. l'orkeapital Stock 75 75-.1;
E. L. Stock Leeds Stock . 461 471
G. N. Stock .. ..102 103 S. Eastern .. 3-16 231
Great Westerns.. 65 651 Dutch Rhenish .. 5 4.,id
Lan. and York .. 961 97 Gt. Luiem. 61-346 615-16
Ln. & Nor. West. 951 95-Z G. T.Ca'da 9 146 9 3-16
, 1-shares 15-161 yd G.W.Canada .... 131 131.
S. and Lincoln 351.35. Z , new shares 71 7d
NlidlandStoek _1051106 Buffalo &L. thiron 41 5
N. British St. .. 59 591 Great Ship.... 13 0 14 0

LONDON STOC

• • •

i EXCIIANGE.
Tuesday Evening.

The Market for English Securities to-day was
quiet,. yet: its One was, firm. Though Consols have
not advanced in value, quotations have been fairly
.sustained, the -price for a short period having
touched 96L; whilst the present values stand at
.961 to for Money, and 961 for the Ac.+_,Ount ;
Bank Stock has been dealt in at 228 ; Reduced
Three per Cents, 911, a, d ; India Stock, 2271- ;
ditto Debentures, 96k; ditto Bonds, 2 prem. ;
and Exchequer Bills, 30s. and 275. prem.
In the Market for English Railway Stocks
some descriptions ba-ve been quoted at; a slight
advance, but business in those securities has been
almost suspended. London and. North-Westerns,
Berwieks, and South-Easterns are per cent.
better, and South-Westerns have improved about
10s. per share.

The market for Foreign Securities was very
dull, almost no bUshiess being: ilone ; yet the few
transactions effected ; „were generally at firm
prices. Mexicans are steady at previous quota-
tions. Original Turkish brought 771 77 and 774,
and the New Sixes realised 68 for account. Ocean
Marine Shares are quoted 1 to 4 pm., and New
Victoria Loan iit- 1004 and 110.

The quotations for French Rentes at ten
Minutes pail twelve was 69f. -95 c., and subse-
quently- to 70f., the market being described as
firm.

THE FUNDg.-CLOSING PRICES.

COIL- Money , 961
„ Account.. . 961
Exchegnei Bills. 27 • 30
RIILWAY

Bank Stock 227 8
Three per Cents. 943-,
Next Account

A. Not. &E. J. . . 6
Caledonians .... 914 2
Dutch Rhenish.. -Z-
Eastern Counties 541- 5i
East Lancashire. -
Edinhall al,. 7324. (11
Great Northern..lo2

SHARDS,

`Lane.&Yorkshire 96'2 7
L.& N.Wester* 95a.
L. and S. W.... 94i 5.471.
Leeds Northern.. 461 7
Man. Sheff. &Lin. 35
Nfirltnncl Stook . .106 ft G
North British .. 59
N. Staffordshire.
S. E. and Dover,' 771
York,New &Ben 90.11,
York &N. Mid . 75 - I

„ A. 90 2

Gt. Western
Gt. W. Canada 13 5-16 7-16
Gd. Tk. of Ca.... 9
Gt S. and 1V 109 110

FOREIGN EXCHANGES.- - - -
Amsterdam, short.. • 11 13 to 11 131
Do., three months ll 15 to 11 1:53
Rotterdam., do.
Antwerp, do. 25 22 to 2.5 37A
Brussels, do. 25 22 to 25 37,i
Hamburg, do , l3 4'l to 13 51
Paris, short 25 7A to 25 1?-t,.
Do., three months. 25 32 to 25 35
Marseilles, do 25 32A to 25: 37i
Frankfort, do 117 k to 117 i;
Vienna, do l2 62 to 12 70
Trieste, do- -12 65 -to 12 73
Petersburgh, do. - 34 to 34A
Madrid, do 491 -- to 50 ---;.

TEA.
Vie Circular of Woollatt, Gai,-d,-4. Co)
LONDON, Nov. 22.
The question just now asked everywhere in our Trade
is " What is to be the price of Tea ?" and we, therefore,
beg leave accurately to set forth the factS bearing on the
question, not for the purpose of advocating-any conclusion
of our own, but submitting them as aids to the formation
of a correct view of the matter. To accomplish this pur-
pose, it will be simply necessary to compare the present -
stock, the current import, and the probable future supply,
and the existing delivery of tea in the United Kingdom
with the corresponding data of previous years, leaving it
for each individual to decide for himself what effect upon
price is likely to result from any changes in these parti-
culars that may be thus exhibited. We therefore sub-
join the following figures :—Actual stock of tea in the
United Kingdom on Ist November, 1859, compared with
stocks of previous years at same date :—Stock ononr ISt
November, 1856, 90,200,000 lbs. ; ditto 1857, 80,400,000 •
lbs. ; ditto 1858, 74,400,009 lbs. ; ditto 1859, 51,100,000
lbs.
Showing that our present stock of tea is as much as
twenty million lbs. less than at same date lait year;
twenty-six million lbs: less than at same date of the year
before ;and actually thirty-six millions less than at same
date in 1856 ; being in all twenty-seven_millions under
the• average stock of the three preceding years.
It may. be, however, suggested that, although our
present stoc:k. of tea is thus lamentably deficient, the
deficiency. may possibly be made up by the current ex-
ports arriving and to arrive from China. We there-
fore examine this part -of the, question, , and regret
to say that the latest advices :from China- show
that the current export of this' season,' so far 'as it
can be at present known, is also sadly beloW the average
quantity. These advices could only give us the export
to the United-Kingdom for :the first three. months -(July,,
August, and September) of the current season Of
1859-60 : let us compare it with the export of the first
three months of Previous seasons.- - •
Export of tea from China to United Kingdom for the
first three month's of this season," compared' with the
corresponding exports for the first three months of pre-
vious seasons :—Export first three months of season
1854-5, 29,049,0001b5. ; ditto 1855-6, 25,551,0001b5. ;
ditto 1856-7, 20,370,0001b5.; ditto 1857-8, 16,492.0001b5.;
ditto 1858-9, 6,780,0601b5i; "ditto 1859-60,-15,298,0001b5.
These
figures show that the current export of tea
from
China, though greater than the corresponding
export of last year (an exceptional fact which was
Caused by the almost entire 'susPenSion of business
during the first
three 5000,000 lbs less
than the average correspond-
ing export of the
, wporuelcv establish
years, a falling. off
which, -if continued
blitsol it a
lff
force
therrdeeefi eentireioefn.cyth oi
•
season or 1859-60 a comparative
f
necessary fur-
export fur- ' .
nearly 20,000,000. . For the
fact to be appreciated, it fullis
ther to' observe that this falling off
is not the result of remissness or any indisposition
trade at the Chinese ports, but that on the contrary it
has occurred notwithstanding that this season, in exact
opposition to the-practice: of last season, the Chinese
merchants- have been making every. effort, -through fear
of trade being interrupted by war, to get off their teas
as early as possible, so much so that they are already
shipping the second crop, a thing heretofore almost un-
heard of at so early a date. We may also add in pas_
sing that the said three months` export of this year is
actually less by 7,000,000 lbs. than the consumption of
this country during the same three months. ,
It may, however, be asked,.maymot the matter be ad-

busted during :the forthcoming season by an improved,
total export from China ? To which many would reply,.
that in face-of, our preparations for war with the Chinese
Empire, farthcr,suppilies of tea,from that country cannot
be at all :caleulafed on, but, 'that consideration apart, if
we examine the total exports from China of late years,
we shall still find nothing to reassure us. We again
give the figures :—Total exports of tea from China
to the United Kingdom during the last five years—
Season 1854,5, 86,000,0001b5. • 1855-6, 02,000,0001b5. ;
1856-7, 61X00,0001bs.; 1857-8, 76,000,000 lbs.; 1858-9,-
.65,000,0001b5.

Nothingie,an be gathered from these figures except an
admission that so far from the falling off in our supply
of tea being an accidental incident that may atnll times
be arrested,.it is the result of a chronic and steadily pro-
gressing deficiency of export ranging over two or three
years. It will also not fail to be noticed that the
65,000,600. which constituted lait year's supply, is actu-
ally less by about 20,000,000 of lbs. than the consump-
tion of same year; a startling fact which but for the old
accumulated stock possessed by us would have been pro-
ductive ef-a serious national injury.
Supplementary to the foregoing statistics, Whidh exhi-
bit an qctaal stock of tea deficient from. the average of
previous iftrs by no less than 27,000,000 lbs., and a
yearly export of tea from China gradually growing- in
deficiency, dill it stands alio at 20,00,000 lbs. below the
average .of.previous years, it remains to show what the
progresi of our consumption is in face of this falling off
in supply.
Consumption of tea in United Kingdom for present
and previous years : Total 'delivery of tea 1n..1857,
78,760,00011 s.; 1858, 81,000,0001bs.,; 1859 ithat
the delivery ler 1859 will amount to '87,000,0001b5. at
least, supposing that the deliveries of November and
December will be in proportion to the rest of the year,
a matter about which there cannot be any doubt what-
ever) will be 87,000,0001b5.
The above shows an increase in the consumption
of this country at the rate of 6,000,000 lbs. of tea
yearly, against which we can show nothing but an
'lenormons decrease of supply. We must leave the
'figures *to tell their own talc ; a glance, however, over
the-general statistics of the trade will detect one or two
other facts worthy of note.
On Ist February, 1857, the stock of tea in the,United
Kingdom was upwards of 100,000,0001b5. with common
congoii at a price of ls. ; on Ist November, 1859,
the stock is 54,000,0001b5., or about one-half With
common congou at a price of 34d.
On Ist November, 1859, the stock of congou in the
United Kingdom had actually fallen to only 28,000,0001b5,
or less than six months' consumption, an event unparal-
leled in the annals of the trade. •

What is to be the price of tea will be decided like all
-questions of price, by the proportion that supply.. bears
to demand,, and the preceding statements show what is
the case in that respect-witlyregard to tea so far as the
visible present is known. What effect the unknown
- future may have upon our market we do not presume
to predict, our friend's can judge for themgelves as well as
we can; but we must say that we ourselves fail to see
in the fortheomipg future 'anything- that promises well
fk. the consumer and distributor of tea.

In conclusion we may say that our auswer to the ques-
tion with which weista4ed of "`What is to be the price-
Of Tea ?" must be given by stating in reply *that the
price of every commodity is decided -by the quantity of
it that will be supplied, in yeply to.the demand.for it
that will be proffered and 'to-refer our friends to the
foregoing statistics for a statement of what is, and what
is likely to be the case in this respect with.regard to tea.

The following appeared in -a part of our
impression of yesterday_:— .
THE MONEY MARKET.
The belief in the speedy convocation, of a Con-
gress continues ,to give support to tho funds.
The vague fears lately expressed, relative to the
foreign-policy of France, appeared to have sud-
denly lost their influence. A rise, oft to, 3.46
per cent. was established in Consols. In the
other departments of the "Stock Exchange the
tendency was also .to improvement. Notwith-
standing the continued dulness of bUsiness, the
derciaidi or money to-day was-activd," and dis-
counters, in many instances, have asked a
fractional advance on the Bank minimum. There
were no transactions in bullion
,at -the Bank
to-day.—Daily Netts.

The news of the step.taken to limit the expres-
sion of animosity by' the - French ion nl., +o
gether with the announcement that the Regency
of the Chevalier Buoncompagni is at least to be ,
permitted pending the deliberations of the Con-
gress which seems likely to be formed fOrthwith,
cau.Ned the English funds to open this morn-
ing at a further advance of it. The 'demand
for money has been ,more active, partly in conse-
quence of the paythent of about £1,300,000 on
debentures of the East India Railway Company.
On the Stock Exchange the rate was not more
than 2 per cent. The railway market has again
shown a strong tendency, and in most principal
British stocks there has been an advance of to
per cent—Times.

COMMERCIAL. .

The Glenclune and New Margareth have
arrived from China, with 1,038,300 lbs. of tea.

The accounts from the manufacturing-districts
continue to speak of a fair and steady condition
of business. - '
The quantity or tallow left over in St. Peters-
burg at the close of the navigation is between
23,000 and 25,000 casks.
The loss of the ship Duke of Wellington (burnt
at sea) will, it is said, fall• upon Lloyd's and the
insurance offices in London.

The Times says the French rate of exchange
shows considerable firmness, and there is scarcely
any margin of profit ih sending gold to that
country:
A numerous fleet of Indiamen arrived yesterday
in the port of London, including no less than 24
vessels, the greater proportion being announced
from Bombay.
At the Court of Bankruptcy, yesterday, a call
of .£1 -IN.-per- share was ordered to- be made
upon the contributories to the Bog Mining Com-
pany, limited.

THE DERBY BANQUET.

Nor ready, in a separate Form; Price

A REPORT of the SPEECHES at-the DERBY
BANQUET.
. ,
The obj.eet of this Publication is to meet the demand which
still continues for Monday's Northern Times, containing the
Report 041u:spa?' uet, our large impression of which was all
exhausted by'Mo ay afternoon.
Published at th Northern Times Office, 13, South John-
street Liverpool . ..• tr