Northern Times.
Liverpool, Merseyside, England, 1857-11-13 00:00:00

BICSERSHAW COALS.

ACKERS, WHITLEY, & CO., Proprietors of
the Bickershaw Collieries, beg to give notice that
heir Celebrated COALS can now be tlMained in any quantity
elivered in River or Dock, on the shortest notice.
Prices, copies of analysis, and full information may be had by apply
g to their representative,

J. C. REEVES. 34, James-street, Liverpool.
Tested by the City of Dablin Company, May 2. 1850—Clinker 0.96

cent.
Tested by the City of Dublin Company, May 2, 1857—Clinker 0.88

p er cent.

MONETARY AND COMMERCIAL,

LIVERPOOL, Thursday Evening.

There is a much more cheerful feeling in mercan-
tile circles ; in fact, a degree of confidence.is appa-
rent, and it is now almost certain that the worst
'has passed. The Bank Charter Act of 1844" has
been suspended, 'and the Bank of Eagland is
empowered_todssue notes to an unlimited extent,
provided that the rate of discount is not raised
above 10 per cent. That this ought to have been
done some weeks ago is quite apparent. How it
was at last brought about we may mention. It
appears that, yesterday afternoon, one of the
leading men of the foremost private banking and
discount house in London waited upon Sir Corne.
wall Lewis, Chancellor "of the Exchequer, urging
upon him the absolute necessity of some action on
the part of the Government, and intimating that,
unless such was done to relieve the mercantile
circles, his firm, along with others, would be obliged
to susnend that afternoon. A. gentleman from
another leading firm also -expressed views of a
similar tone, and the Chancellor said that
it. should receive attention. The result is, that
this afternoon it was announced that the Bank of
Englind had been empowered to issue an un-
limited number of notes, provided they did not
raise the rate of discount above 10 per cent. The
consequence of this operation will be as follows :-
-Allethe casb hoarded for the past few weeks, will
at once be offered on deposit. The private
banking houses will then he in a position to dis-
count paper at a lower rate than the Bank of
England, and the latter institution, in self-defence,
will be compelled to lower their rate of discount to
a standard, somewhat on a par with the private
banks. It is not expected that, although the hank
has the power to issue notes ad libitum, they will
find it necessary to send out one more note than
they are authorised by the law known as "Peel's
act." In 1847, when the charter was suspended, the
Bank did not issue a single note in excess of its
powers, yet relief was at once felt by the mercantile
classes. The ireelligenc eof the suspension of the
Bank Act was first known on the Stock Exchange
yesterday ; it soon made its way to the Exchange
flags, where it was received with loud cheering
However, it was come time ere it was telegraphed
down to the Commercial bodies of the town, and a
disposition to doubt it was expressed ; but about
four o'clock the " flimsy," containing the announce-
ment, was posted on the Exchange pillars, and
a burst of applause immediately followed. The
result of the announcement was, that all the Cotton,
Corn, and General Produce which had previously
been a perfect drug in the market, was at once
withdrawn, and prices that in the forenoon would
have been snapped at, were, at four o'clock,
looked upon with disdain.
The run upon the Glasgow Banks has entirely
ceased. To-day the notes of both. suspended
Banks were taken in all business transactions.
The Scotch Banks have, however, as a necessary
precaution, ordered large drafts of gold from
London.

The adjourned meeting of the Shareholders in
the Borough Bank, was held to day. All the reso-
lutions agreed to at the former meeting were passed
unanimously, and Messrs. Braneker, Dixon, Ser-
jeantson, Rawson, and Banner, were appointed
liquidators, far the purpose of winding up the
affairs of the company, and distributing the assets
The preposition that depositors under 2001. be at
once refunded their money, was agreed to. as also
the following:—All depositors above 2001, to be
supplied with bills of 6, 12, 18, and 24 months ;
that is to say, bills for ss. in the pound each for
each date, being such terms to run ; that all
creditors of the Bank who are shareholders
are to liquidate their claims, before they
can claim anything on shares ; and that
the bank, should it be in a position at any
time, can claim to at once liquidate the bills, and,
therefore, are authcfsed to call them in--the bills
to bear 7 per cent., but only so long as they Tun.
Such is the satisfactory terminatian of the suspen-
eion of payment by the Liverpool Borough Bank
A gentleman well conversant with the banking
interest, and all that appertains thereto, sends us
the following for publication. We are glad to see
that his remarks are in complete accordance with
what we have over and over again advanced in
our columns. -In fact, in our first publication we
advocated the views of our correspondent :--

TO THE ZDITOR OF THE NORTHERN TIMES.

Sir,—lt has often occurred to me, that if an establish-
ment such as the above was opened by the bankers in this
extensive commercial port, it would le found to be a great
relief in facilitating the discharge of obligations on behalf
of. their customers on the spot, instead of being obliged to
provide for them in London, and during the present awful
crisis, when bank notes are hardly obtainable, it would
prevent a large amount of local pressure. 'there are
thirteen banking establishments in Liverpool, whose
customers domicile their acceptances at the agents of
the respective bat ks in London, and a large portion of
these acceptances are held by the commercial houses here,
who pay them into their bankers for credit and collection.
/tow easy, then, would it be, if the" representatives of each
bank wee to meet daily at a certain hour at the Clearing
House, with a list of the acceptances they hold falling due
the followi?rq day in London, and exchange one with
another such acceptances as were provided for, and
about which there - could he no doubt, leaving such
as were not in order to be sent to London the
same day for presentation in the usual course.
Bankers here have it printed on their advice slips, that
they require three days' notice from their customers to
restore their acceptances, therefore if this rule was pro-
perly understood, al' who could would provide for their
engagements, certainly, the day before, and upon the
exchange being mutually adjusted, a cheque, or cash, could
be given each day for the balance. Cheques might be
exchanged in the same way. TLis arrangement would
displace the necessity of each of the thirteen banks
to a great extent, discounting in London, or providing their
agents with bank notes to discharge a considerable amount
of their obligations, and would be the means of economis-
ing the circnlaticn, and at the same time effect a saving
of some importance, by their not increasing their London
agents commission. I am well aware there exists a very
jealous feeling among bankers in this, as in other localities,
but in carrying out a great painciple, such little feelings
ought not to be allowed to operate to the prejudice of an
importont public convenience. It may be argued that the
adoptien of such a plan, would prove inquisitorial as
regards the transactions of the customers of the different
banks ; but, even if this was the case, the plan suggested
would tot disclose more than is known without it, for the
London agent every quarter seed down their paid
vouchers which are conned over by the bankers at their
leisure, therefor this objection falls to the ground. Hav-
ing now laid before you a few suggestions for carrying cut
a valuable princip'e, and one that would be most benefical
in its results to the banl ing interest of this great commer-
cial entrepot, I would, in conclesion, submit that the
private bankers and directors, and managers of the joint-
stock banks here should meet and debate the practicability
of establishing a clearing-house, which in London is
proved to be of such transecendent utility, particularly
since the joint-stock banks have been admitted to it. The
Stock Exchange here has its clearing-house in which they
settle their differencies, and where can be the difficulty
of the bankers' inaugerating one ?—I am, sir, your
obedient servant, PLUTUS.

Liverpool, 12th Nov., 1857.
We have to announce the suspension, which we
are informed will be only temporary, of Bowman.
Grinnel and Co., engaged in the New York trade,
arising from a sudden lock up of a considerable
sum of money in the Borough Bank where they
kept their account, the impossibility of selling any
description of produce, and disappointment in
money remittances from the United States. We
understand that the whole of their liabilities, which
are not large, are upon Bills of Exchange, drawn
in New York. Mr. Grinnell, one of the partners,
lately sailed for that city to hasten home funds,
and we are assured, when the acceptances are
returned there with protest, they will be promptly
p:•ovided for.
Of course, the change in the Bank Charter was
not announced until the evening, therefore the
Cotton Market te-day was dull, and the sales are
reported at about 2,000 bake, all to the trade.
The Liverpool Share Market shows a still further
decline with exceedingly little business passing.
The following were' the quotations : Blackburn,
; Chester and Holyhead, 34/ ; Eastern Counties,
10. 101 ; Lancashire and 'Yorkshire, 84., 881, 88/ ;
London and North Western, 94, 931; Manchester,
Sheffield, and Lincolnshire. 34 35; Midland, 791,
801 803 ; North British, 11 3-16 North Eastern 22 ;
Dovers, 171; Dutoh Rhenish, 61, 61 F; Grand
Trunk of Canada, 8, 8. The following