Northern Times.
Liverpool, Merseyside, England, 1857-11-03 00:00:00

MONETARY AND COMMERCIAL.

LIVERPOOL, Monday Evening.
There bas been a moderate do mated for Cottoe
to-day. The sales were 6,000 bales, in-
cluding 500 on speculation and for caport, at steady
prices.

The Stock Exchange being closed to-clay, o^
courke prices of the leading stocks and shares
were merely nominal.

The London and Liverpool Share Markr_tts were
closed to-day, it being the regular business dity of
the Ist of November. Messrs. Du Fay, and Co.,
of Manchester, in their circular of to-day, say:—

The commercial crisis in the United States, which, at
first, merely had the appearance of a panic in the Stock
market though of the severest kind, has since assumed an
extension which was certainly not expected ii Europe, and
has at last become a general panic and a suspension of
specie payments by the banks. The precautionary measures
of the Bank of England, raising, in quick succession, the
rate of interest to 8 per cent., to counteract the sudden
demand for ihe export of specie, has had the immediate
effect of increasing the disposition of merchants and
traders to confine their operations within narrower lie its.
With money at 8 per cent , it is not probable that the
prices of produce and manufactures can be maintained at
their previous position, and a close scrutiny of commercial
securities by the monied interest is the natural conseq•ence.
That this proc-se is taking place, is proved by numerous
failures, both large and small, and, as is usual at such
times, a good deal of unsound trer!itg comes to light.
Though the commercial world has been taken by surprise
by the magnitude of some of the transactions so dis:l)sed,
there has, as yet, nothing occurre I to occasion a general
distrust. When the present gives so much occupation, it
is useless to speculate upon the future, and commercial
men are mere occupied in watching pending trans-
actions than in entering upon new ones. Not until we
have advanced a good deal further into the development
of the present disasters, will it be possible to form
an opinion about the future course of trade. Abundant
harvests have been secured in almost every part of the
world, and the labouring classes have almost everywhere
been well employed at full wages. These have always been
the main requisites of a healthy trade, and why should it
be otherwise now? Surely we cannot have consumed all
these fruits iu anticipation, and may therefore well expre;s
a hope diet the doings of those who wish to enrich them-
selves suddenly have raised but a temporary cloud, and
that a better a ate of th.ngi may not be so far distant as it
now appears. At present our mark st is in a vary unsettled
state—prices are quite irregular. Our spinners and mane.
facturers well know that, with the present reduced stock of
cotton in the ports, the prices of that article are more
likely to be maintained far a longer period near the point
they reached during the past m nth than either those of
yarns or goods under the present altered state of affairs.
It is only within the last week that a real fall in the
price of cotton has taken place ; Middling Orleans,
which, at the close of last month stood at 91(1 , is now
quoted 81d. As long as oit spinners were well under
contract they continued to ask very near the highest rates
current the month before, and only as they fell out of order.
they gradually lowered their demands. Very little business
was done in consequence. Manufacturers were still worse
off, they had in but very few instsnces succeeded to obtain
prices corresponding the cost of the raw materiel, and
the stagnation of business told upon them more imme-
diately. The only course (Ten to avert ruin was to resort
to short time and to limit production. On no former
occasion of short tim3 working do we recollect that the
measure forced itself so irresistibly upon individuals as at
present There were no meetirge to pass resolutions, and
no pre-concerted action, and, notwithstanding a partial
cessation from work never berore became so geeeral. The
tendency of this is to maintain prices of yarns and goods
whilst the value of the raw material is being influenced in
the right direction by diminished consumption. As yet
this result has not, however, been attained. Our prices
have fallen q•rite as much, if not more, than at Liver
pool. The pressure of stock and other matters is too
heavy upon some, whilst the present demand has at
once fallen very considerably below the supply. Great
irregularity of prices is the conseque ace, and it
will yet take some time longer before it will be
possible to give quotations otherwise than merely
nominal. We fear that many of the old channels of trade
are so utterly disorganised, that we shall have to go
through many changes before a regular steady trade can
spring up spin, and that in the meantime the present un
satisfactory state cf thirgs will have to continue. If pro-
duction is not diminished, prices will still more have to
give way, whilst on the other hand, we have never known
prices to go up here when spinners and manufacturers
were working short time. Tae accounts received from
India have been as favourable as could be expected during
the past month, and there is every reason to believe that a
good deal of busitess would have been done for these mar-
kets if the nets sity of great caution had not deterred many
from action. As it is, the purchases for India and China
are, after all, the only impor.ant ones reported during the
month, Money remains comparatively abundant at the
high rate of 8 per cent., and unless further extensive com-
mercial failures should shake coefidence it is not expected
to become really scarce. We snbj lin the last cotton ad-
vices from Liverpool. American may be quoted lower
than last week. Several irregular sales have taken place
at a greater reduction.

The market for these articles remain very steady,
and we have no change to notice
The follo-xing is from the Mexican C immittee
_ _

The committee of Mexican bondholders have received
advices from Mr. Whitehead. dated Mexico, the tad instant.
The packet again comes without remittances for the divi-
dend fund here, bat the money in the hands of the Mexi-
can agents of the bondholders, ready for shipment as
opportunity may offer, row amounts to about $12,500,
and shortly before the mail left the agent in Vera Cruz
had begun to receive duty bills from the Custom-h4use
there, which will enable him to make some remittance by
the next packet. Congress had, at the date of Mr. White-
head's letter, not yet opened its session, but it was then
expecte] that it wculd do so in a few days. The Ministers
had, on the installation of the President, as a matter of
official etiquette and duty. tendered their resignation, but
no new appointmen's would be made until after the instal-
lation of the Congress.
The Ecuatorian Commission of Agency have,
,this d:ty, received 2,7691 121. 41. on account of
Ecuador dividends.

The London and North VVstern Railway Com-
pany invite te:ders for the erection of a station at
St. Albans.

The Admiralty will receive tenders on the s•h of
November for the conveyance from Portsmouth of
one officer and 136 men to Jamaica, and one ofilier
and 124 men to Barbadoes. They also notify that
tenders will not be required on the 4.h of Novem-
ber for the conveyance of troops from Coik to
Gibraltar, Malta, and Corfu, thus rescinding the
notice previously given.
The announcement that the Hon Mr. Cadogan
has resigned his post as Deputy Chairman of the
Submarine Telegraph Company has been received
in the Cty with saVsfaction ; but it w considered
that, as a matter of course, he would be compelled
t I do so. Mr. Cadogan hints a wis'i for re-election.
The shareholders in the Submarine Telegraph
Company are now, therefore, about to be called
upon for an ansrver to the plain question—Do
they wish to retain at their board a gentleman who
is avowedly an habitual speculator ?
The Cairngorm has strived from China with
930,000 lbs of tea on freight.

BOYS' CLOTHING %IADE_WITH GRPAT TAQTE, at LEWIS and

COMPANY'S, Ranela4h-street.

The launch of the G:eat Eastern will begin this
(Tuesday) morning, soon after ten o'clock. The operation
will occupy the greater part of two days.
The Times announces the death of Mr James Morrison,
ote of the merchant princes of London. He died on Fri-
day, at his country seat in Birkshire. His accumulations
are estimated at nearer four than three millions.

CAFE OF Goon HOPE.—ller Majesty'eship Sparton has
brought news from the Cape of Good Hope to August 22nd.
Three regiments and two companies of artillery have been
font on to India. The Kaffirs on the frontier were dying
by hundreds from starvation, and several thousands had
entered the colony, where they were fed and clad by the
colonists
SHOCKING ACCIDENT FROM FIRE •ARMS.-011 Saturda
morning a frightful accident took place at the resident s of
Mr. W. Wetherell, Benriogson-road, London, which, it is
feared, will be atteLded with fatal results to Master W.
Wetherell, and a fine youth named lleveran, now on a
visit to the family, It s( ems the lads obtained Irma sion
of an old fowl ng-piece th tt had beer lying unwed f,r a
considerable time, and, having load:d it, they went into
the b,:ck garden to discharge It is imposed they must
have put in an excessive charge, as on young Wetherell
firing, the barrel burst, shattering his .ight hand, Pieces
of the metal lodged in different parts of his person, and a
large piece entered the chest of Master Heveran. Poor
Wetherall's right hand was immediately amputated, and
from the dreadful irjuries sustained, neither of the youths
is expected to survive.

At LEWIS & "OMPANY'S, Rsnelagh•atteet,
BOYS are CLO I LIED from the Ages of Six ke Twenty year,,