Northern Times.
Liverpool, Merseyside, England, 1859-01-06 00:00:00

MONETARY AND COMMERCIAL

LIVERPOOL, Wednesday Evening.

There was a moderate business done in the
Cotton Market to-day, the sales consisting of 8,000
bales, including 1,000 on speculation and for export,
at full prices.
The Liverpool Share Market was dull to-day,
and at the close, prices were rather lower.
In the London Railway Share Market to-day
there was a considerable degree of weak-
ness, and prices drooped ; but rallied
somewhat towards the close. Foreign Stocks
left off weak, and closed dull. Turkish
were heavy. Banks, Mines, and miscellaneous
Shares were steady. The following are the
closing prices : —Ambergate, 6,6 N ; Caledonian,
881,881; Do. Pref., 103, 105 ; Eastern Counties, 64--
631 ; East Lancashire, 96, 97 ; Edinburgh and Glas-
gow, 691, 701 ; Great Northern; 1061 ; Do. A. 90 ;
Do. B. 133, 135 ; Great Western, 561, 57 ; Lan-
cashire and Yorkshire, 981, 99; Brighton, 111, 113 ;
London and North Western, 961, 97 ; London and
South Western, 94, 95 ; Manchester, Sheffield,
and Lincolnshire, 391, 40 ; Midland, 1021, 1031;
North British, 61, 611 ; ditto Pref., 111, 113 ;
North Eastern—Berwick, 94, 941 Leeds, 481,
491; York, 78, 781 ; North Staffords, 41, 4 ;
Dovers, 741, 751 ; Turkish Sixes, 901, 914 ; ditto
Fours, 1051, 106 ' • Great Western of Canada, 16a,
164; ditto New, 31.7-4, 3?,-d ; Grand Trunk of Canada,
91 91; Bank Stock, 2244, 226.
With the exception of a few unimportant fea-
tures, the commercial engagements of the 4th of
the month were met in a very satisfactory manner.
A large quantity of mercantile paper had to be
provided for, as usual, at this early period of the
year, and hence the recent activity in the Money
Market. A good inquiry for accommodation is still
experienced, but the applications are less nume-
rous than they were last week, when the rates
charged in private discount circles were rather in
advance of the minimum. During the next two
months several heavy payments have to be made,
including £450,000 to complete the first por-
tion of the Turkish Loan, and at a later
period the delayed subscriptions to the second,
which, together with the one million sterling
required for the Australian Debentures, will tend
to sustain the demand for money, although its
effect may be partly neutralised by the release of
the dividends on Consols and other securities. At
the Stock Exchange, the supply of money is
abundant, and the demand limited, loans being
still negotiable at 11 to 2 per cent.
The market for the Public Funds and Securities
opened weak, on the unfavourable aspect of
continental political affairs, and receded, until
they were offered at 961. Prices, however, closed
rather firm.
The traffic returns o£ the Lancashire and
Yorkshire Railway this week, were £24,140, and
of the Manchester and Sheffield, £10,274, being
an increase of £5,212 in the former, and £1,238 in
the latter.

The London Corn Market was very firm to-day,
and a moderate business was done.

A fair demand exists for the leading articles of
consumption in the Produce Markets, and prices
are well maintained.

Respecting the general trade of the country
throughout the past year, we find the following
remarks in Messrs. Littledale and Co.'s circular,
a proof sheet of which we have been kindly fur-
nished :
The tone of the Annual Circulars in their review of
the past year will vary so much, that unless taken toge-
ther .as representing different branches of trade and
commerce, a totally wrong impression may be arrived at
as to the character and result of that year. y To the cotton
spinners of Lancashire, for instance, it stands out in bold
relief, as a period of prosperous activity unequalled
since the panic of 1847, beginning with a paying
margin of 3id per pound between the price
of the raw Cotton and Yarn, and closing with a
margin of 6d ! and with more orders on hand
than can be executed for two months to come--well
may it be said that the trade of Manchester are " dazzled
by the splendour" of such a state of things, and already
forget the very existence of the panic of the previous
autumn. The. writer on finance may make use of lan-
guage equally eulogistic of our position, and of the power
of our monetary laws, which, in the brief space of three
months, so turned the olden current, as to change that
position from one of abject despair, with discounts at 12
to 15 per cent., and a stock of Bullion in the Bank
reduced to £6 millions against £3O millions of bills dis-
counted ;—to discounts at 3 per cent., a stock of Bullion
of £l6f, millions, and Bills in the hands of the Bank
reduced toXIBI millions—with a reserve of notes increased
from £950,000 to £9,370,000 !—but at what cost was this
accomplished ? The political review is also most flatter-
ing - the troubles in India have been wonderfully sub-
dued, and to the restoration of our trade 'with that vast
country Manchester alone owes her sudden revival,
whilst the opening of China and Japan, by enlarged and
enlightened treaties, must ever mark the year 1858 as an
epoch of commercial progress. If we add to these our
abundant harvest,—the full employment of the great
mass of our industrial classes, and the satisfactory
trade and revenue returns —we have pretty well
exhausted the favourable features of the past twelve
months, and must turn to the other side of the picture,
which we regret to say comes nearer home. 1858 has
not been a good year for Liverpool, or for the import
merchant generally. The £28,000,000, the approximate
value of our chief import—Cotton—has been turned over
without profit, in many instances with heavy loss, East
India excepted, and if we take a similar sum as the
aggregate value of our other Imports, we fear the
result will be even less favourable ; some articles of
course have paid fairly, but they are few in number,
whilst others of greater magnitude have lost con-
siderably. The Corn trade, next in importance
to Cotton, has been a continuous down hill incline, and
the loss on imports heavy. The Timber Trade, though
not so fluctuating, has done no good to the importer.
The Eastern trades have no doubt been the best, the
exports being enormous beyond precedent, and having
left large profits—some part of these have been can-
celled by the losses on returns, yet Bombay carries the
palm, as by far the most prosperous trade of
the year. But the interest that most deeply affects
Liverpool is her shipping, and this we fear has been the
worst business of the year. It is not the shipowner only
that is affected, but the tradesman, store dealers, .and
artizans, all suffer alike ; and hence the depression so
widely complained of in this town. On the whole, the year
1858 has closely resembled the year 1848, and if its successor
is to prove the antitype of 1849, which is suite probable,
we may look for a return of general prosperity. Certainly,
the fundamental elements were never more favourable

food and money cheap and abundant—the operative
classes fully employed, and what is the best guarantee of
a great and good trade, the largest supply of cotton ever
grown in America.