The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-09 00:00:00

MONETARY AND COMMERCIAL,

LIERP-00L, Wednesday Evening.
There is no 'char* t 6 notiCn in our Cotton
Market, tie sties of to-clay being estimated at
6,000 bales, including 500 on speculation, and for
export. In America, about 3,000,000 of bales
app, ars to be the favourite estimate for the crop,
but here many think it may reach 3,100,000. The
accounts from the Manufacturing districts are,
on the whole, favourable ; and there is a
fair demand, with light stocks on hand. Here
our stock of Cotton is steadily increasing, and with
the increasing ,value of Money importers are not
inclined to hold, but are generally free sellers.
The quantity of American Cotton at sea was
estimated, on: the 30. inst., to be 220,000 bales
against 205,000 last year.
The Liverpool Share Market was rather dull
to-day, very little business was done, and
'prices
are rather weaker. The same remark applies to the
Manchester Share Market:.

.
The stringency in the Money Market dcMtiniies,
and its effects are now beginning to show them-
selves in the rather numerous failures that are
being reported. To-day a Sootch Bank is said to
have suspended payment the specie movement
is being, anxiously whtcliecl, as in the eVerit of a
drain being resumed with the activity lately expe-
rienced,' the Bank will be compelled to further
restrictive measures. With respect to the last
memorial of the Directors, Messrs. Little.
dale's circular, issued to-day, says that
seldom has the eomniereill public been more
taken by surprise by the movement Of the Batik,
than by the advance of A per cent: on the rate of
discount on Thursday last The great uniformity
in the kturria for runny Weeks, indeed since the
opening of the year, and the improve:l position of
the bank of France, had dispelled the apprehension.
of any upward move, and coupled with the free
arrivals of bullion, had led . some to
anticipate a reduction. It would seem however,
that the Directors were deterfnined to run no
risks, nor to act On mere opinion as to what ought
or rhight not occur. but simply taking the position
of the figures exhibited by the returns—" That the
Bullion and reserve of Notes were being reduced,
and the demand for Discount increased mote
rapidly than was consistent with the present posi,
tion (not a strong one) of the Bank, they at once
put on the screw to stop the momentum." In the
opinion of soriae, the ship rhentS of Specie to the
East have Seen thel Majtimutti rate, and may now
diminish. Should -this be the case, and the
Bullion arrivals prove as ample as they promise to
be for sometime to come, the advanced rate may.
not be a long continuances
The Market for the Public rands and Securities
opened very fLinly this Morning, but .dterwards
became weak, and declined per cent. Consols
for Money were quoted.at 92 in the early part of
the day, and closed at -928. For the Account
(9th of May) the opening price vas 9:31 to 931 and
the closing figure 04 10.6 to 9:1 15 16. _

There Was not lunch business done hi the
London Railway Share Market to day, and
prices show a slight decline. • The fol-
lowing were the closing quotations:—Amber
gate, Nottingham, and East Junction, 58
51 ; Caledonian, 68i ; Edinbttrgh and Glasgow,
56, 57; Eastern Counties, 114, 11&; East Lanca-
shire. 98. 99 ' • Great Northern; 9613, 97; Ditto A,
86, 87; Great Western, 6611„ 661; Lancashire and
Yorkshire, 1002; Leeds Northern, 391, 402 ;
London and North Western, 1041, 1041-; London
and South Western; 101, 102 ; Manchester, Shef
field, and .Lincolnshire, ,381..381; Midland.Stopls)
84, 81 ; North Tiritisb, 41, 45 ; South Eastern and
Dover, 732, 74i; York, Newcastle, and t erWick,
86, 87; York and North Midland, 63k, -632; Great
Western of. Canada, 261-; Ditto New, 31 ; Great
Southern and Western, 104, 106 ; , Mexicans, 232
Northern of France, 391, 391; Paris and Sti•asburg,
3.4,346; Paris and Lyons, 612, 62; 13ussian,104.106;
Scottish North' Eastern and Aberdeen, • 25i, 264 ;
Paris and Orleans, 06,02; (ientral of Peance; 231,
24; Sambre and. Meuse, 01 ; Namur and. Liege,
81; Antwerp and Rotterdam, ?1.,- Dutch
Rhenish, 121, 13; Lombardo Venetian, 5,1, 5y ;
Great Luxembourg, 61 62.

After the official hours the transactions were at

the annexed prices :—Caledonian, ; Eastern
Counties, 11 3 16, 11 5 16 ; East Lancashire, 98,
96 ; Great Northern, 96f, ; do. A shares, 86, 87 ;
Great Western, 641, 641 ; LancaShire and York-
shire, 100 k, 1001 ; London and North Western
1041, 1048 ; Manchester, Shefeld, and Lincoln
shire, '3Bl, 38i ; Midland Stock, 802, 80/ ; North
British, 439, 442; South Eastern and Dever, 731,
731 ; York, Newcastle and Berryiek,' 851, 869 ;
York and North Midland, 631 6t
Messrs. Littledale and Co , iu their circular state
that the

Tea Market has for the past month teen inactive. The
general elections, the near approach of a new rate of duty,
and the various and eantradictory reports received upon
political matters in China, combining to produce a stag.
nancy in trade, the more apparent after th,3 several months
excitement we haVe of late experienced. In the early part
of the month there was a steady demand for Sugar, without
change in the value, but the last fortnight a general inquiry
has sprung up from the refiners, aided by exporters and
speculators, and the market has been nearly cleared of
everything offering, besides large purchases being effected

„ .
for arrival of MaUritius, Manilla, and Brazil ; indeed, the
purchases have been unprecedentedly extensive, shewing
the confidence buyers generally entertain in at least
present prices being maintained. The buoyancy which
has characterised the Silk market for so many months past
has considerably subsided. The recent heavy arrivals, with
the prospect of a large importation of China Silk has caused
manufacturers and dealers to withhold from buying, this,
with the disposition shown by most importers to realise, has
resulted in a reduction of 2a to 2i 6d per lb on all inferior
qualities, of which nearly the whole of the present stock
consists, very little good silk is now on hand.. Within the
last few days there has been more inquiry, which has
checked any further reduction, but much anxiety is now
beginning to be felt as to the probable extent of the
European Silk crop for the coming season.
With regard to the article of Wool, the circular
alluded to contains the following interesting and
important remarks :

We are glad to notice that the Liverpool ships in the
Australian service continue to return freighted with goodly
cargoes of wool, and although an unfounded but well che-
rished prejudice has hitherto caused the bulk of such cargoes
to be despatched to the London market, the few parcels
continually left here for sale have been well cared for, and
the net proceeds will speak for themselves. On this we
woUld not attempt to base a position ; nor on instances
where, durirg the temporary stoppage of wools in Liver-
pool, ld and up to 2d per lb have been offered for them
mote than they have afterwards realised in London ; nor on
an instince occurring lately, where a parcel having been
divided- between the two markets (we suppcse as a test) the
Liverpool portion sold for 22d per lb more than the Lon_
don one, only five days elapsing betwixt the two sales—for
these might be pooh! pooh'd as " isolated and exceptional
cases." The question must be tried on the broad
principles of commercial economy ; we would ask
is it not one of the soundest maxim.: in trade
that the nearer the place of consumption a raw product is
sold the more it is worth ? But, in the case before us this
wholesome maxim is Rot only disregarded taut reversed—
wools arriving in Liverpool, averaging 65 miles from the
seat of consumption, are wafted abo e 200 miles to Loudon,
or actually 140 miles further from the consurii, g rhs. Hers,
thus involving the additional expense of upwards of 300
miles of costly railway carri,ige, to be borne either by
importers or manufacturers- But we hear in London that
the buyers prefer the London market ; perhaps so—and the
quesions suggest themselves—Do buyers refer a dear or a
cheap market? if such a preference exist,-who pays for it?
If London be a superior market, it ought to maintain its 4
as such, when placed on a fair footing and in fair comped-
tion with Liverpool in other wools; but if we take East
Indies, the only other class that -can be strictly compared
with colonial wools, seeing that both are sold by public
competition, to consumers who in England reside in
the same district; and when to the continent, in
about the same proportions relative to their
respective imports. The matter stands thus—that
in 1851 the London and Liverpool imports were equal—on
a fair footing, therefore—but that, compared with Liver-
pool. London has lost ground ever since ; that at the end of
1856 its import has not even doubled ; while during the
same period the import of Liverpool has increased above
fivefold. The system of holding the Colonial Wool Saks
only four times a year, compels buyers to purchase in
advance, an average three months' stock ' • but there are
hundreds of the smaller men who cannot afford to do this,
but who can very well manage a stock of six weeks— half
the weight of these men is therefore excluded from compe-
tition in the sales, and it is to their operations, necessarily
intermittent, that in no small degree causes the uncer-

tainty, the ephemeral fluctuations in a London Colonial
Sale; at one time unreasonably exalted 2d, 3,1,-lii23 even
43 per lb., and at other times as unreasonably depressed.
WLea prejudice so far wears down as to permit Liverpool
to take its legitimate share of this trade—to step in be-
twixt the London quarterly sales and in eindt to establish n
series of sales regularly every si± weeks; such needless ano•
miles will disappear—higher average prices, reduced
charges; and above all, comparative steadiness, will be
communicated to this important branch of England's
commerce.