Northern Times.
Liverpool, Merseyside, England, 1857-12-10 00:00:00

Comnitrcfat.batts.—Ebb Egan,

At twelve o'clock, at the Commercial Saleroom, Temple-aux% a quan-
tity of Fruit.—George Badenach and Son.
At twelve o'clock, at the broker's office, 7, Exchange-chambers, 7
pkgs. Bees' Waa.—F. J. Eaton.
At twelve o'clock, at the brokers' office, 5, Exchange-buildings, 193
half-tierces Carolina Rice.—S•lishury, Turner, and Grey.
At one o'clock. at the Commercial Saleroom, Temple-court, a quantity
of Fruit.—Thomas Parry.
At twelve o'clock, at the brokers' office, 10, Water-street, 144 bags
Black Pei)per. —Hall and Jones.
At one o'clock,l4 Wide. Tobacco.--Charles Lear.
At twelve o'clock, at the Clifton Arms Hotel, Lytham, about 400 loe,s
Oatmeal.—Ross, T. Smyth and Co.
A; twelve o'clock, 300 bags Nitrate of Soda.—Cox Brothers.
At twelve o'clock. at the bro":ers' office, 3), Exchange-alley North.,
100 tierces Carolina Rice.—Shand, Higson, and Co.
At twelve o'clock, at the brokers' office, Oldhall-strcet 12 bales Silk
Chussum.—James Bateson, Sons, and Co..
At twelve o'clock, at the lr:•oker'e office, 3, Exchange-alley, It bales
Cotton, all faults. —J. B. Thomson.
At twelve o'clock, at the brokers' office, Royal Bank-buildings, 75
bales Cettoa, &c.—Newalluud Clayton.

AMUSEAENTS, PUBLIC MEErIN33, &c.

THIS DAY,

Xtrirk AstPIITTETEATRE—Dramtati3 Performance-7 p.m.
Hirgairza's CIRQUE VAltli;TE, Dale-street.-7 p.m.
LII4LIEW.OL ACALEMY'S EXHIBITION, Post-office-place.
Einar. coLoassum—General Entertainment-6.30 p.m.

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2IICTSD.4I", DECEMBRa 10, 1837.

TUE DAYS NEWS.

'We •publish additional despatches from India
this morning. We regret to say that the news
from Lacknow i& very disheartaing, Havelock's
position was .unchanged as he was completely
surrounded by the enemy. A number of the
English had'been.slain in a. sortie from Alumbag,
made for the purpose of establishing a communi-
catioaswith the Ilesidency, and Sir James Outram
was severely wounded. The forces of the latter_
had dwindled down to a fearful extent. The
correspondent cf the Daily Nees gives a very
gloomy picture, indeed, of the psi:ion of Havelock.
He•sayss--e" General Havelock is now occupying
the position so \long held by our garrison ; but, of
bie-whole .force, there are barely 700 fit for duty.
while the attacking force numbers thousands, and
is daily being reinforced by the baffled garrison of
Delhi. These latter, although worsted in every
encounter with our troops, aro creeping
gradually -into Oude, determined to make
their last and fiercest stand on the land
of .their birth." The despatch to the East
India House states that food was running short at
Lucknow, and the garrison were under the feces-
shy of slaughtering their gun bullocks, " but relief
was approaching." A large quantity of treasure,
captured from the mutineers,had reached Cawnpore,
valued above £KO,OOO. There is not much extra
from Delhi. The King would be sent to Calcutta.
Nena Sahib was still at work ; an agent of his had
put hirneeli' AV-the head of the insurgents of the
Gwalior contingent, and it was thought probable
that he may form a junction with the Dinapore
mutineers.
Parliamentary proceedings yesterday were not
of much importance. A petition was presented by
Mr. Rossini' from the Liverpool Chamber of
Commerce in•favour of the Bank Act Committee.
A long discussion occurred on the resolution of
the committee on Her Majesty's Message, con-
ferring a baronetcy on General Havelock, and
asking fora pension of £l,OOO a year to that veteran.
The general opinion seemed to be that the pension
ought to descend to the son, as he had participated
in his father's dangers and his father's glory, and
had also won the Victoria cross. A nutnber of mem-
bers addressed the House, and ultimately the report
was agreed to. Sir J. Pakington wished for infor-
mation respecting the administration of the Clive
Fund for providing the Indian army with military
cadets. He complained that, while some 600 or 700
officers had been thrown out of employment by
the disbanding of the native regiments, that the
East India House continued to send out numbers
of cadets from this country. Mr. V. Smith, in
reply, said that the East India Company had
maturely considered the subject, and that they had
not filled up anything like the number of vacan-
cies; besides, hon. members must not come to the
conclusion that there will be no more native regi-
ments. Tile Chancellor of the Exchequer stated
that there would be no objection to Lty on the table

a statement of the expense of the war to the East
India C:Kapany, the ihcreascd number of troops,
and in what way it was proposed to be met: The
report of Supply was agreed to. The Chancellor
of the Exchequer stated that be did not anticipate
any increase in the war expenditure. The Bank
Aet Indemnity Bill was read a third time and
passed.
Mr. Vernon Smith read, in the House of Cbm-
moTs, yesterday, 4 telegraphic despatch dated
Calcutta October 61st; in which it was announced
that on the 21st October provisions were falling
short jr. Lucknow—that the 'gun bullocks were'
being killed to afford supplies ; but that relief wis
approaching; and that Ncna Sahib is at the head
of the Gwalior mutineers.

A Great Parliamentary Reform meeting was
held at .$l-effield on Monday. Resolutions in
favour of a rate-paying suffrage, the vote by ballot,
equal. electoral districts, the abolition of the pro-
pertly qualification for_members of Parliament,
and. triennial -Parliaments, were tathusiastically
adopted.

We have to record the death of. Mr. Hildyard,
M.P.., an event which opens $ vacancy in the
representation of Whitchaven. The deceased
gentleman, who was a Dc.rbyite in. politics, repre-
sented that borough since 0347.
Mr, Ser:-;ennt Shoe resignea. his candidature for
Ashton yesterday morning, and. Mr. Mason, the
late Conservative candidate, whose committee on
Monday officially intimated his retirement, has, it
appears, again come forward. Ve has no chance
of success. .

The nomination for the Paisley election took
place yesterday, and the show of hands- was in
favour of Mr. 'Tilley. A poll was demanded
in favour of Mr. :C. Ewing, who, by all accounts,
is safe to be eledted. 6
Mr. Bagethaw was elected, yesterday, by a large
majority, member for the borough of aarwich.
At the Assizes, yesterday, Andrew O'Brien,
Charged with the murder of his mother-inelaw, was
placed in the dock. The trial occupied the atten-
tion of the jury the whole of the day. The facts of
*the case are already is the hands of our readers,
and, after a patient hearing, the jury brought in a
verdict of "Not guilty, oft. the yrouwl of insanity." The
prisoner will be imprisoned during her Majesty's

pleasure. _
The weekly meeting of th. West Derby Guar-
dians .was held yesterday, at which the salary of
Dr. Nevins was increased by the sum of 303. per
week, for tha Purpose of enabling that gentleman
to pay for the services of an assistant.
We tepday publish a corrected list of failures that
have !Alm!' place .during the present commercial
crisis. The catalogue is a. long one. We give no
less a dumber than 110 firms, who have failed
within the past two or three montlis. _ _

The Regi§tnirg Tpturpq announce that the rate

of mortality in London has greatly increased during
the last few weeks. This arises chiefly from the
prevalence of influenza, as no fewer than one
hundred persons died from that epidemic last
week. However, notwithstanding the mortality,
the number of births during the period exceeded
the deaths by nearly four hundred.
The Continental news this morning is not of
any importance. The decree which has extin-
guished the Presse newspaper for two months is
felt in Paris to be a most extraordinary measure,
and we hear that the writer of the article which
condemned the paper is likely to be elected to
the Legislative Chambers, as the successor of M.
Carnot.

The Adriatic, which sailed yesterday for New
York, took out £4,500 in specie.

IT is quite evident now, that we shall not
have a repeal of the Currency Bill of 1819, or
the Bank Charter Act of 1844. Lord PALMER-
STON has said " You shall have money, at ten
'4' per cent., to avert National Bankruptcy, but at
"no lower rate." This is the language of
Dictators. The First and Second GEORGE'S
commenced their reigns under Whig principles,
very similar to those from which we are now
suffering in trade ; still, we believe that there
is sufficient innate strength in commerce to
make it the great governing power of nations.
Merchant's can rule banks with as much ease as
they create them, and establish principles of
action in monetary matters for themselves, which
well secure them against the ravages of a money-
oligarchy's panics. The spirit of CROMWELL,
whose patriotism and truth were only equalled
by his unflinching faith in the sacredness of his
mission, and the blessings it would secure to
mankind—still breathes in the English merchant.
For all moral purposes this spirit is easily
evoked► and, in the present hour of danger, may
be employed to world-wide advantage. We
shall, therefore, give our attention, as far as
possible, to the actual state of the Markets for
the great staple productions in which our
merchants deal, and endeavour to show our
Currency Quacks that, where there is a market,
there are men who can enter it honourably and
profitably without their dangerous aid, and
without risking all on their treacherous counsel.
The position of the Liverpool Cotton Market has
-excited the special attention of the London
Nioney-Jobbers within the last fortnight, and we
think it necessary to keep our readers and
consumer of Cotton as fully advised as possible
as to the actual current of trade at home and
abroad, as one of the practical means by which
that trade may be rescued from the grasp of the
supporters of a ten per cent. Whig Minister.

The accounts received from America by the
vldriatic represented the markets for every kind
of produce as in a state of violent fluctuation.
Brealstuffs had resisted the downward impetus
the English news was likely to impart to them.
This may be attributed in some measure to the
near approach of the season when communication
with the West is almost entirely cut off by frost.
There was no great stock of Breadstuffs in the
Atlantic ports, though the accumulation at Chi-
cago, and the intermediate stations was enor-
mous. This information will be of service to
those financiers who make corn the standard by
which they direct their operations. The most
unsettled article, however, of American export
is cotton. Indeed the prices in the different
shipping ports vary to a surprising extent. The
stock at New York was limited to about 5,000 bales.
and the demand at that port was equally limited,
appearing to proceed mainly from those spinners
who were resuming their suspended operations.
There were, in fact, no other buyers. From New
Orleans shipments have been made pretty freely
to England. The quotations according to the
New Orleans Price Current, received by the
.Idriatic, being 111 cents per middling Orleans,
which with id freight, and 98 exchange for bill
of lading bills, would be equal to 8d per lb. laid
down on the quay at Liverpool, inclusive of sales
charges. What will the London Times say to
this ? Our cotemporary will be glad to hear
that subsequent telegraphic reports, received by
the Canada give lower prices for cotton, both at
New York and in the Southern States. The
City of Washington's advises are fortunately
better, despite the effect previously produced, and
the discouraging, and, we will add, disgraceful news
from England, which caused purchases • for
European account to be almost entirely suspen-
ded, and shipments td this country suddenly
checked.

The receipts at the S )uthern ports were in the
meantime very light. It is said that the planters
are careless of sending their .cotton to market
until a better price can be realised for it, and
their hands are more profitably employed in get-
ting in the balance of :he crop. One thing is
certain, that the Planter
,is better able than any-
other producer to withhold his stuff from market,
inasmuch as he is usually paid for it before
the seed -is put •into the ground. The Factor,
whose acceptances were cashed for this purpose,
may be inconvenienced if, at their maturity, he
is not in receipt of the cotton on which they
were predicated ; but that is his affair, not the
, Planter's. No one will doubt that, "It is ill
" taking the breeks off a lighlandman," but
that delicate operation will be almost as easy as
getting down cotton from the Red River before
the owner chooses to send it. The Factors
appear, it is said, to have received considerable
assistance from the Banks under the circum-
staneps; still that does not bring the Cotton to
market, Whether it will be sent down more
readily when the prices have declined under the
weight of our adverse accounts, remains yet to
be seen. As to the crop, conflicting statements
are rife, as they usually are at this period of the
yew, Messrs. T, J. $ tpwigt and Co., in their '

Circular, while professing their inability to name
the yield of the new crop within a quarter of
a million bales, either way, seem inclined to
fix the maximum at three million bales.
Frost accounts were coming in plentifully, and
though they must be received with great caution,
we think few of our readers will be of the opinion
of the New York Journal of Commerce, who,
while reporting a slight frost in Mississippi,
observes that " a good frost would now be rather
" beneficial than otherwise." But whatever may
be the amount of the crop, there is little doubt
it will all be required for consumption. The
American spinners are fast recovering from the
shock they have sustained, and in all probability
the Cotton Mills of the Northern States will be all
at full work within three months hence.

Our English mills, on the other hand, are not
checked or stopped for want of orders, but for
want of money—for want of some representative
circulating medium wherewith to pay wages—
for want of credit to which they are so
well entitled—for want of the accustomed
facilities, now abruptly refused. Let the
Bank of England reduce its prohibitory
rate of interest, if only for a respectable commer-
cial appearance sake, and we shall soon see the
cotton mills of Lancashire in full activity again.
But Nre shall vainly look for the resumption of
healthy remunerative trade, until we have seen
the last of Lord OVERSTONE'S pet TENT per cent.
The most we can do is to keep the com-
mercial public fully advised as to what
the actual course of trade is. The
relief the mercantile and trading com-
munities require can only be obtained
by a sweeping measure of Parliamentary Reform,
and as our money-laws are to be re-enacted in
obedience to the foregone conclusions of the
Legislative mind, the whole question has
resolved into a matter of detail, which can offer
no reasonable obstacle to the Reform movement.
That the trade of Great Britain has as sound a
core as it ever had, and that the panics to which
we are now exposed, are systemised seasons of
national plunder, we are fully prepared to prove.
The London Times, in fact, does this for us, ex-
ceptthat it makes the crimes of its employers ap-
pear to be the vices of the merchant and the sins
of the tradesman.

THE SUSPENSION OF THE BAN;{ OF ENGLAND.—That
terrible event, which has been darkly foreshadowed in these
columns on various occasions during the past three weeks,
has come to pass at last; the Bank of England has virtually
suspended specie payments. True, it is not literally a
suspension. The bank continues to redeem all its notes in
coin, for the present. But it has been authorised to issue
notes beyond the point of possible redemption, and it has,
therefore, proximately or constructively suspended. Should
business suddenly revive and confidence return, it might
not be found necessary for the bank to issue
,a larger
amount of notes than it could conveniently carry; in 1847,
when Lord John Rassall, like Lord Pahnerstoa now, took
the respensiblity of authorising the bank to break the law
and overissue notes, very few notes indeed were issued,
and the bank took care of them without difficulty. But
should the present crisis last for auy great period of time,
should disasters of still greater magnitude than those which
have yet occurred befall the straitened commercial world,
it might become necessary for the bank to issue such an
amount of notes as it could by no common possibility hope
to be able to redeem is coin. That contingency, which
would be nothing less than the utter ruin of the bank,
is now rendered possible. Of the attitude of the other
European banks we have but few details. All are
raising their rates of interest to the neighbourhood of ten
per cent. 13at can they stay the storm with appliances
of that kind ? We think not. The panic which caused
the stoppage of the Bank of England must spread across
the Channel; and it will be a piece of uncommon good
fortune if the banks of France, Prussia, Hamburgh, and
Frankfort do not find themselves under a positive neces-
sicy of suspending specie payments. The shrewdest
financiers foretell the speedy suspension of the Bank of
France by the last mail. We are thus in the same boat,
and the London Tieees will probably revise the strictures
it contained so:ne d.:ys since on the uncommonly mercu-
rial temperament of the American people, and their
liability to be led away by gusts and flaws of panic.
Even solid Jelin Bull, it seams, went roaring to his bank
for the guineas. If the truth were known, indeed,
we suspect that all the commercial and corporate rotten-
ness is not on this side of the water; queer stories
about frauds and breakdowns in England are
being whispered already ; the Royal British Bank,
it is feared, was not a unique specimen. Persons
whose station and character give importance to
anything they say have openly expressed very grave doubts
of the solidity of financial houses against whom it has b en
rank heresy to breathe a thought ; and indeed, as all the
private bankers of London and money operators generally
have been largely concerned in oar railway schemes, it
would not be very surprising if most of them ware found at
this moment overloaded with such securities—on which, of
course, no money or aid could be now obtained. Public
rumour likewise tolls some strange accounts of the manner
in which the English joint stock banks have been managed,
and the state in which they are at present : bat, as yet, all
his is rumour. If the banks and bankers are solid, the
action of the government has saved them ; if they are
rotten, they are past salvation. In one point of view, the
action of the British government creates a complication
entirely unprecedented in history. Such a financial crisis,
so wide-spread and so radical, leading to such terrible
results, in the midst of profound peace, and bursting upon
a thoroughly active and shrewd commercial community, is
entirely without parallel in modern history ; and
though Sir Robert Peel foresaw that the bank would
in time of panic, be forced to obtain abnormal relief from
the government, though in fact that relief was actually
obtained ten years ago, the interference of the government
at this crisis immensely complicates and embarrasses the
imbroglio. It is utterly impossible to say how things
may end. The revulsion may continue and may lead, after
breaking more commercial houses, to a general social and
political revolution, extending throughout Europe ; or it
may end as it did here is a general liquidation and con•
traction with occasional failures, and ultimately a complete
stagnation of business. At all events, whatever chaage
the virtual suspension of the bank may cause, it is suite
evident that nothing can for the present restore to England
the control of the commercial affairs of the world. That
control has been vested in the United States by the force
of circumstances. The priority of our revulsion Sere, and
the suspension of our New York banks ; tle sudden
aggregation of specie here, and the stagnation of trade
have placed the United States in a position to command
the world, in a commercial point of view. We can exact
specie for our cotton, and Europe cannot do without it;
we can keep all our gold, and England isamot take it from
us. If our banks play their cards with ordinary discretion
this crisis will crown the commerce of the Unfold States