Northern Times.
Liverpool, Merseyside, England, 1857-11-18 00:00:00

TO THE EDITOR OF THE NORTHERN TIMEX.

Sir,—Since the commercial world is no poorer in gold
and cotton on this 14th day of November, than it was
two months' ago, how is it that cotton, then worth 103
psr lb , has since bean unsaleable at 63d per lb. ? It is
evident that, monetary difficalties alone have caused the
depression.
Now, the difficulties and perplexities having immedi-
ately arisen out of a demand for gold, it must be equally
evident to all unbiassed minds that the extraordinary
supplies of that precious metal during the last few years
has not, in any measure, relieved us from these monetary
convulsions ; indeed, I think that the results may be
fairly said to be more and more aggravated in their
effects. As the gold of the wo, Id becomes more abundant,
which most glaring fact ought now to establish the
opinion, that so long as gold be allowed to retain a fixed
and defined nominal value, no permanent benefit can be
derived from the magnitude of our stores; and AsAir,
to
were the only nation unshackled by assist
our neighbours, and that with nnmeasurable advantage to
ourselves.

Decrease our stores of wheat, sugar, &c., and cotton
thereby is not, in an initnarliata Renee. affected : but no
so"ner do we decrease our available stores of gold, in a
commercial sense, even for a season, than down goes
every description of property, though intrinsically
equally valuable, irrespective of any new feature in their
circumstances ; so that if I have purchased to day a
property at a fair remunerative price, on the morrow I can
only realise its value at a ruinous sacrifice and for no
other reason than that gold is exported; or, what would be
equally possible, that the nation having become alarmed,
every individual had secured in his tiny coffer his ten,
twenty, or hundred bright sovereigns ; there to be housed
for a season, withsut any chance of interest or advantage.
Under such circumstances as alluded to, and now patent
to the wide, wide world, every article of value seems to be
bereft of its prestige, excepting this fleeting metal, (proved,
over and over again, to be untenable, notwithstandine all
-the enacted laws to bind it down within certain limits),
which has relatively increased in value, at this present
moment, almost fifty per cent. This condition of things,
we repeat, and would reiterate and cause to reverberate
through the length and breadth of all commercial nations.
Let me ask what arguments can be brought to bear
against the d,monstrative evidences of the day. "The
proof of the pudding," we ray in vulgar aphorism, "is in the
eating of it." Surely that proof can, -at the present moment,
require no argument to authenticate it, now that it 'is
opening up to view the puerile folly of our currency laws
and practices—l could almost say the imbecility of our
superanuated commercial sages and our worn-out antiqua-
ted dogmas on the subject.
Now, let us tarn to this temporary Government relief—
to the temporary relaxation of a law perfectly impotent in
time of trouble. What is it ? It is as a mere sups: ficial
covering applied to a wound rank with gangrene; it may
conceal it for a time—it may even give ease to the patient
for a short season; bat the evil itself not being touched,
much less removed, by the application of a plaister adspted
only to a flesh wound, cannot but go on from bad to
worse.

The rec:"gnisation or abrogation of the Bank Charter,
whatever the advantages thereof may ba, can effect no
abiding good, no permanent cure to the existing cause of
evils, so long as gold be allowed to affect the nominal
valve of all other things, and to operate so unjustly on
every legitimate commercial operation.
One word more What if the Bank issue ten million
relief.notes ? Why (unless the law to pay on demand
bo also rescinded), if the public should, by some unac-
countable influence, still take alarm, what is to prevent
their rusifto cmvert these very notes into gold, for which
it would. be well known they would have no specie. That
such a consequence is possible, all must see, but who can
contemp'ate such a state of things without dismay ? The
very idea is calculated to p esent before us, ruin, riot, and
revolution ; for evil-disposed men would gladly take
advantage of such a state of things to clamour for the
propogation of democracy, radicalism, and all their trains
of concomitant evils.—Yours, &c., Coaxgraus.

BANKRUPTS.

By British and Irish Magnetic Telegraph.

Robert Smither, Winehes,er,miller.
Thomas Bsrnaby, Woolwich, and Borough Market, South-
wark, tallow chandler.
James Hawkins late of Lee, Kent, victualler.
liebert True, Market Deeping, butcher.
John Gabbing, Cjrnmer, grocer. •
Gem-go Cooke, LeedF, grocer.
James Farnsworth, Codtor, Derbyshire joiner.
Martha Johnston, Cambridge-terrace, 11) de-park, b Dsrding.
school keeper.
Nathan Hermann, Great St. Helens, merchant.
John Man, Plymouth, ironmonger.
Jchn Shepwood Faversham, watchmaker.
Andrew Frood, Soho-sireet, Liverpool, draper.
Richard Sanders, Doughty-street, builder.
James Coiling, Fordham Cambridgeshire, horse dealer.
Robert Nattall, late of Liverpool, victualler.
James Bartlett and William Bartlett, Bristol, tailors.
Thomas Day Birch, Essex, victualler.
Joseph Poole, Wellington, inaLeeper.
William Miles, Mark-lane andHornchurch, corn merchants.
Matthew Weston and Frank Weston, Manchester, cheese

factors.
George Seaman, Eon, grocer.
Henry Schwabe, Liverpool and London, merchant and
shipowner.

BASKRUPTCY ANNULLED.
Frederick Ryder, Baeingtiall-street, stationer.

MONETARY AND COMMERCIAL.

LIVERPOOL, Tuesday Evening.
On the Liverpool Exchange this afternoon, there
was a more gloomy feeling than for the past two or
three days. The chief cause appeared to be the
reported suspension of the Wolverhampton and
Staffordshire Bank, and the consequent derange-
ment of an important section of the Iron Trade,
and vague rumours, which were in general circula-
tion, as to an intended advance in the rate of
Discount, by the Bank of England. With regard
to the former, it is stated that the event had been
expgcted for some days, and that its effects
will, in consequence, be less serious than
they might otherwise have been. Various opi-
nions were held as to the effect it will have upon
the Iron Trade, some entertaining the belief that
as many of the Ironmasters will be deprived of the
facilities they have had, will be compelled to stop
their works, and that a diminution of the supply
will cause an advance in prices ; whilst others
were of opinion that prices would recede by reason
of forced sales, which would necessarily be made
in order to close accounts. It was stated that some
six or eighthouses in the Iron districts had already
suspended, and that as many more would follow
before the close of the weak. In the mean time
the market here for Iron was well sustained,
and prices were firm to the close of the
market. Prices were also well maintained in
Glasgow to-day, Mixed Numbers being quoted at
53s Od to 54s per ton. The authorised note issue
of the Northampton and Staffordshire Banking
Company is £35,378, and its actual circulation
appears to have averaged of late about £32,000.
Some anxiety is expressed regarding the present
state of the Money Market. It does not improve
so quickly as was imagined would be the case.
The demand for Money continues brisk, but it
should be recollected that during the last
few weeks discounts have been almost sus-
pended. Now that accommodation can be
obtained numerous arrangements that have been
postponed during that time, are being carried out,
which temporarily prevents reduction in the rate
of discount. Sovereigns are returning to the
Bank of England from Scotland. but uneasiness is
still excited by the continual flow of coin to
Ireland. Yesterday, a private meeting of the
shareholders of the Western Bank of Scotland,
was held at Glasgow. There was a unanimous
expression of feeling to go with the bank, and
and for this purpose upwards of 600,0001 were
subscribed by the more wealthy shareholders, for
which they were to receive 7 per cent. the first
year, and 5 per cent. afterwards. The deficiency
of the funds of the bank has not as yet been
ascertained, but it is thought that a million sterling
will suffice to meet the loss and enable the business
of the hank to be carried on as usual. This sum
it is confidently expected will be made up in a few
days. Many of the depositors have expressed their
confidence in the new management, and will
continue to transact business with the
Western. The public has every confidence
now in the notes of all the banks. In Ireland
credit continues wholly unimpaired, though it is
stated that a house in Queenstown, largely engaged
in the shipping trade, has stopped payment. The
liabilities are estimated at £BO,OOO. On the Conti-
nent the commercial crisis is far from being on the
wane. Several failures of French houses engaged
in the American trade are announced. The
Bavarian Bank has raised its rate of discount from
5i to 6 Der cent. Letters from Frankfort state
that the commercial crisis has exercised a disastrous
influence on the manufactories which principally
work for the American market, such as jewellery and
Cotton manufactures of Saxony, and Silk, Hosiery,
Cloth, and Watchwerk in Switzerland. These
branches of industry have been obliged to discharge
part of their workmen. The Bank of Prussia has
found it expedient to give notice to all persons
who have deposited securities with them for loans
that have run more than a year, that they require
payment of the said loans and redemption of the
said securities. It appears that the Bank has also
observed the same course towards parties who have
effected loans with that establishment only a few
ru7k hiespeelai reason iyse,,E ,e,
The total amount thus called for does not at
nresent exceed 300.000 thalers. The National
Bank of Turin has raised its rate of discount to 8
per cent., as has also the Bank of Leipsie. It is
said that the Bank of Spain is preparing to issue
bank notes of the value of 100 reels. This latter
Bank has, however, after a long sitting, determined
not to raise the rate of interest for the present. It
now stands at 5 per cent.
Business was extremely dull in Liverpool to-day.
Cotton only soldto the extent of 1,500 bales, hut
prices were generally well supported. At Man-
chester, however, a decline of 1111. per lb. in
Goods, and 213. to 3d. per lb. in Yarns has been
submitted to, and without producing business to
any extent.

The Liverpool Share Market was in a languid
state to-day and with little doing. Prices show a
further decline :-Caledonian, 374 374; Lancashire
and Yorkshire, 901 904, 904, 901 904 ; London and
North-Western, 944, 911 0,. 944, 944, 944, 944, 94 ;
Do. 8 Shares, Id.; Manchester, Sheffield and
Lincolnshire, 36, 354 ; Midland, 814, 811 814, 81,1,81;
North-Eastern, 224, 22122&, 224. 221 ; Dovers, 184,
18 7-16, 181 18 7-16, 181, 18 5-16 ; Grand
Trunk of Canada, 81 8 9-16; Exchange
Buildings, 270. The following were the
closing prices :-Blackburn, 84, 9 ; Chester and
Birkenhead, 624, 621; Caledonian, 374, 374; Chester,
and Holyhead, 144, 15 ; Eastern Counties,
105, 10-a ; East Lancashire, 89, 894 ; Do.
9/. Shares, par, 4 p; Great Northern, 231, 231 ;
Do. A, 101, 104; Great Western, 474, 48 ; Lanca-
shire and Yorkshire Stock, 901 904 ; Do. 9/ shares,
4, 4 p; Liverpool, -Crosby, and Southport,
184, 184; London and North Western Stock, 944.
; Manchester, Sheffield. and Lincolnshire, 354,
351; Midland Stock, 814, 811 ; North British, 114,
114 ; North Staffordshire, 44, 41 d ; North Eastern -
Berwick, 22k, 224; York and North Midland, 384,
384; Leeds Capital Stock, 234, 234 ; South East-
ern and Dover, 18f, 18 7-16; Scottish North
Eastern, 11, 12 ; Buffalo and Lake Huron, 54. 54 ,1;
Do. New Shares, sf, 58 d ; Dutch Rhenish, 64, 6 d ;
Great Western of Canada, 174. 174 ; Do. new shares
34, 3d ; Great Luxembourg, 54, 54 ; Grand Trunk
of Canada, 84, 84.
The Funds to-day were fiat, but we do not notice
any decline in prices. Consols for Money closed
at 891 to 894, and for the Account at 89 13 16 to 89
15-16

In the London Railway Share Market to-day,
the business transacted was of a most limited
character, and we must notice another decline in
prices. The closing quotations were :—Caledonians,
741 ; Eastern Counties, 101, 101; East Lancashire,
89, 90 ; Great Northern, 921, 931; Do. A 80, 82 ;
Great Western, 47f, 481; Great Western of Canada,
171, 171 ; Grand Trunk of Canada, 81, 81 ; Great
Southern and Western, 96, 98; London and North
Western, 941, 94i; London and South Western,
84, 85 ; Leeds Northern, 47; 48, ; Manchester,
Sheffi-ld, and Lincolnsh!re, 351, 36; idland Stock,
811, 811 ; North British, 46, 47 ;. South Eastern and
Dover, 601, 61i ; York, Newcastle and Berwick.
901, 93*; York and North Midland, 77, 78.
The Breadstuff Trade is very depressed. At the
various markets held to day', a reduction of from
2s. to 4s. per quarter in wheat was submitted to
by holden-, without inducing purchasers to come
forward to any extent. Flour was also ls. to 2s.
per barrel and sack lower. Barley, Beans, and
Peas could not maintain former quotations.
There is but little doing in our General Produce
Markets. The demand for su-zar is, however, very
steady.
We are requested again to state, that the firm of
Denny Brothers,- of Dumbarton, whose failure has
been reported, bad no connection whatever with
the old and highly respectable firm of William
Denny and Brothers, of the same place, and whose
name was erroneously mentioned in a portion of
our paper of Saturday.
The following are the latest quotations of the
Foreign Exchanges :—Amsterdam short, 11 17, 11
18 ; Ditto, 3 months, 12 12* to 12 2 ; Rotterdam,
do , 12 121 to 12 2 ; Antwerp, do, 25 75 to 25 85;
Brussels, do, 25 75 to 25 85; Harnburgh, do, 13
111 to 13 121; Paris, short, 25 35 to 25 50; Do.•
3 months, 26 to 20,15; Marseilles, do, 20 5 to 26