Northern Times.
Liverpool, Merseyside, England, 1857-10-21 00:00:00

THE NORTHERN TIMES.---LIVERPOOL, WEDNESDAY, OCTOBER 21, 1857.

CANADA,,

ARErVAL OF THE ANGLO-SAXON.

The screw-steamer Anglo-Saxon, Captain MIS/faster,
which sailed from Quebec on the 10th instant, arrived
here at eleven o'clock last night, after a most excellent
passage of a little ever ten days. She brought 63 cabin
and 112 steerage passengers.

The news is four days later from Canada, and two from
the United States. Its importance is confined o the state
of monetary affairs in the provinces. According to the
Montreal Argus, the aspect of the commercial horizon
brightens, and certainly the banks have pursued a liberal
and wise policy, and the result has fatly borne out the

,ost favourable anticipations. The Argus says :
Not a single mercantile house has succumbed to the
pressure, and all engagements have been promptly met at
maturity. Every reasonable facility has been afforded
to the prosecution of the ordinary business of the country ;
the discounts having, we believe, by the leading bank of
the Provinc.?. and other chartered institutions that have
acted with it, been extended rather than curtailed.
The main difficulty we have stated from the first, has been
caused by the extreme depression of Bills of Exchange
on Europe in the New York market, and the difficulty in
consequence on the part of our banks in lodging funds in
that city to meet the indebtedness of our merchants
there. So long as a Bill of Exchange is only worth par
in New York, it is evidt nt our banks cannot afford to pay
5 or 6 per cent prem:um here, for Exchange Bills on
England, which they would have to remit there for sale
to meet their drafts. tierce for such bills, and those
drawn against produce now being shipped, the proceeds
of which, it is presumed, will operate as a drain on their
funds the banks now pay only par, or the rate at which
their own bills are saleable in New York. For Bills of
Exchange drawn against credits in Europe, or for ship-
ments made prior to this crisis, they allow, we believe, 5i
per cent. ; within one per cent. of the rates at which they
sell.

The Commercial Advertiser, of the same city, remarks
that business continues at a stand-still, particularly the
export trade, the banks refusing even short and sigh,
drafts on Qiebec, Kingstol, Toronto, and other cities;
and cargoes of produce in transit u are mortgaged to pay
freight. The Bank of Montreal ha 4 250,000 dols. in
specie ordered from Englani, and the Bank of British
North America the same amoul'. The latter institution
is currently reported to have bought its bills in New
York, and to be still engaged in the same business. The
Advertiser is of a quite opposite ophlion to the Argus. It
says :

In the meantime while this financial fiddl in;; goes on,
.his Rome of ours is on fire ; and we warn the Banks that

they are preparing and inviting a run upon themselves by
the course they are takinv. to avoid it. It is far better
for them to pay out their specie to the last dollar as the
result of a bold and generous expansion to aid the prompt
transmission and conversion of the produce now ready,
than to have to pay it out in a run resulting from a panic
occasioned by themselves. A crash among the mercantile
houses here which will inevitably follow a persistance
by the Banks in their present course, will only precede
by a few hours a general run upon themselves. In the
former csse the whole country would support them in any
steps necessary for their 'protection ; but in the latter,
which seems their more probable end, there will not be
even pity to waste upon the infatuation which dragged
down ruin on our commerce, because as in some parts of
India, cowards and drivellers had command of the
sinews of war. If Canadian produce is not pushed for-
ward before the people of the United States come to
their senses, and the immense surplus of that country is
rushed into Europe, our shipments will come upon a
glutted market, and a certain profit will be turned to an
enormous loss. America will export this season more
breadstuffs than in any similar term of her existence ;
the cream of prices will be to the first market. Canada
would have secured this but for the insanity of her
Banks."

- Tha political o: general news by the Anglo Saxon is
very meagre indeed. The Provincial Parliament had
been further prorogued to the end of November, and in
the meantime several journals speak of a diss,lation. The

Deputy Receiver General has instituted legal proceedings

against the Toronto L aler, for presuming to suggest to
the Government that an investigation into his accounts
would not be out of place, considering his close connection
with Messrs. Cummings ani C 3 the U?per Can id a Bank
robbers. The Mo.ltreat Herald remarks—
He will make little by the manceuvre. We cannot
believe that the Government will be deterred on this
account from doing wha is clearly n duty—a duty which
they owe to themselves, and the country, whose financial
raanagers they are, and which the Deputy Receiver
General ought to have been the first to call upon them to
oiachargo Nor do aro think that any jlsry would el,. a
verdict against a journalist, wh®, iu the exercise of a grave
public duty, forced upon him by sucpieious circumstances
elicited before a police tribunal, advises the Government,
to take a certain course with ono of its servants, wh eh,
if fah hfully carried out, would set at rest, and for ever,
the suspicions we have referred to. Mr. Anderson is an
officer occupying an influential position, and holding
a high and important trust. It is necessary, therefore.
not only that he should be innocent, but, like Cxsar's
wife, above suspicion.'

COM ifERCIAL.
We take the following from :‘lessrs. Forsyth, Bell, and
Co.'s timber circular, dated _ _

QUEBEC, OCT. 10.

Since the early part of Sen'ern'aer, our markets have
gradually become worse and worse in consequence of the
unprecedented state of money matters in the United
States, and the great difficulty in negoei ding exchange
on Diglaud, which has been sold at 7 to 8 per cent lower
than the rate current a month ago.
These added to the continued low prices in England of
all wood goods, have greatly depressed prices, and the
news by telegraph, received here on the morning of
the Bth will, we fear, have a most injurious effect on
many interested in the trade both in Q Lebec and on the
Ottawa

F7'fWhite pine has been sold in the raft at Oil to Rd for 69
feet ; sil for 55 fec•ti and 8d for 75 to 80, while in red the
transactions havebeen
Oak is mere inquired for than it has been of late, while
elm, especially in shipping o'der, for 40 feet, camnamds
our highest quotations.
Standard staves are saleable at X5O, an I white oak puh-
cheons at .416 lOs to .ei7.

Dial;, both fl )ated and bright, are dull of sale.
Freights to Liverpool are offeriug freely, and 2,is has
been'given in one or two instances, but few people are
inclined to ship to thlt port ; but for L9ndou there is a
bett'er inquiry, although also at low rates.