The Sun.
London, England, 1855-01-02 00:00:00

THE LIV.ERPOOL SHIP TRADE.

(From Carry anc4 Co.'s Annual Ciro alai.)

We beg to hand you, as cnsturnaty at this time, our
annual statement of the past year's business in the sale of
ships at this port, and though we may consider it as
almost terminating with September, there being but
few transactions in the last quarter to report, we are
enabled to lay before you just such a result as we pre-
dicted—the returns for the year ended, showing an in-
crease of 91,570 tons in excess of the previous year. In
last January's annual letter we stated nothing was likely
te interfere with this result butthe interruption of our na•
tional peace, and which is here clearly proved. When in the
month of May war was proclaimed, though producing a
depressing effect upon most other trades, it was found,
from the anticipated large requirements of Government
for the transport service, rather to give an increased
stimulus to shipping property than otherwise, which
continued until the beginning of October, when the un-
fortunate stoppage of Mr. Oliver, with a fleet of ninety-
eight ships on hand, and which it is obi ions must be
thrown upon the market, brought about a reaction and
conse9ueut paralysis that has seriously affected us to
the present hour. The difficulty of speedily arranging
for the liquidation of an estate of such magnitude io a
manner that is satisfactory to all parties interested,
has hitherto retarded the payment of a dividend,
but it is understood that all difficulties have at length
been removed. The sale by auction of 22 of Mr.
Oliver's ships, amounting to 15,700 tons and realising
96,1851., being an average of 61. 2s. 6d. per ton has
been already effected, while many others are likely to
be speedily sold, so that there is every prospect of an
early dividend.
From January to October our high quotations of
last year were fully maintained, and in some instances
exceeded, and for that period we may quote first qua-
lity colonial ships to class seven years at 101. to 121.,
those classing six years at 91. to M.—and spruce ships
8/. to 101.—small vessels suitable for the coasting frade
at 71. to Si. 103. From October to the present there
has been a fall prices equal to 50s. per ton on largo
ships and from 20s. to 30s. per ton upon tke smaller
craft. \Ve have noticed with pleasure a decidedly im-
proved feeling among ship buyers within the last fort-
night, when snore sales have been made than for the
previous two months. A considerable number of Rus-
sian prizes have lately come upon the market and been
sold in some instances at very low prices.
As regards our prospects for the year before us, we
may state there are very few ships to come forward
from the Colonies. The reaction that has taken place
in our market and the high rate of wages no :V
paid to shipwrights, together with considerable monetary
depression experiesced in Canada, New Brunswick, &c.,
&c., will prevent much building and as our stocks are
not excessive and the losses of the past year greatly
above the average, we have reason to think the supply
will come short of the usual demand, awl prices must
considerably improve hefore spring. In confirmation of
this opinion we request your attention to the following
fact :—ln the December of 1853 there was on the stocks
at Quebec 29 ships, equal to 135,000 tons—in the De-
cember of 1351 there wers but 4, from 5,000 to 6,000
tons collectively, in any state of forwardness or likely to
be ready for launching during the spring. In New
Brunswick comparatively nothing is doing, and the same
may be stated of most of the other colonial building
stations.

Notwithstanding the very decided assurance given by
the Government that a strict blockade of the ports of the
Black S, a and Sea of Azof was to be enforced, we may
name that we have lately sold several vessels for this
trade, and as the cargoes continue to arrive freely from
these waters we are led to believe, however unjust it may
be to the merchant and importer, this outlet for small
vessels is not likely to be closed.
The number of ships that have changed hands in Liver-
pool in the year is 730 —equal to 380,080 tons—of which
53 are British, equal to 31,386 tons—against 659, equal
to 288,430 in 1853. '
The number of new colonial vessels that have come
into Liverpool and been registered is 123—equal to
125,994 tons--against 112=83;376 toss in 1853—show
ins an increase in tonnage of 45,618 tons over the pre-
vious year, and making the average measurement of
each vessel 1,048 tons.

The number of foreign vessels that have changed hands
in Ow year and been registered in Liverpool is 55—equal
to 36,665 tons--against 26=11,300 tons in 1853—show-
in an increase of 25,365 tons.

Tile number of steamers registered in Liverpool is 40
—equal to 14,830 tens—of winch 13 are paddle=l,s92
—and 22 screwz---13 238 tons—against 44=9,237—
showing a decrease of 4 vessels and an increase of
5,593 toes upon the return of 1353.
Iron ships are somewhat less in favour owing to the
present difficulty of adjusting the compasses, and the
recent severe disasters arising therefrom.

The excitement occasioned by Mr. Oliver's failure has
been maintained for nearly three months, and does not
seem likely to subside for a long time to come. This is,
of course, attributable chiefly to the unusual magnitude
of his engagements. The debts are reported to exceed
800,0001. ; and the assets, if judiciously realized, to
amount to half-a million. But there are other circum-
stances which have contributed largely to keep the
commercial world of Liverpool in a ferment about
this matter. To throw a fleet of merchantmen, of
the largest size, and of more than 50,000 tons, sud-
denly into the market menaced our shipping trade
with utter stagnation. To prevent this it was ab-
solutely necessary that Mr. Oliver should be enabled
to avoid bankruptcy, and sell his ships gradually.
The principal creditors thereupon exerted themselves
to obtain a general assent to a trust-deed. It was pre-
pared and executed on the 7th of October, many coming
into the arrangement, upon the understanding, earnestly
pressed upon them, that it was the only way to pre-
vent the American creditors from appropriating to
themselves exclusively all that part of the shipping
that happened to be ix American ports. The trustees
under this deed forthwith proceeded to act upon it and
a few weeks since instructed their brokers to sell 22 of
the ships by auction. To give a stimulus to the sales
a novel expedient was resorted to ; it 'A as arranged that
purchasers should pay half the purchase-money in Mr.
Oliver's bills, tw be estimated at 50 per cent. of their
nominal amount. This plan might have answered but
for one obvious objection ; it placed several of the
creditors, and those among the largest of them, in a
more favourable position than the smaller fry ; for
it operated to give them a long priority of pay-
ment of a dividend of 10s. in the pound, every pur-
chaser of a ship on such terms receiving that divi-
dend on completing his purchase ; and many, there-
fore, refused 'to come in under the deed ; and a
creditor of the name of Evans, whose debt amounted
to nearly 7,0001., petitioned the Court for an adjudica-
fon in bankruptcy, on the opinion of Sir G. Stephen
that the extention of the deed of the 7th of October was
itself an act of bankruptcy. This proceeding added fuel
to the flames, and a scene then followed of the most ex-
traordinary character. Where was the deed ? Who
had lost it-? What had he done with it ? Guided, we
presume, by the same learned counsel, Mr. Cross, the
solicitor, summoned the trustees appointed by the deed,
and also their solicitors, and the solicitor of kr. Oliver,
requiring each and all of them to produce the deed to
the court, but produced it could not be ; for, as report
goes, one and all of them disclaimed ail knowledge of its
fate, except that some lad of 15, whom nobody knew, had
obtained it, en some pretence or other, from the counting
hours of one of the trustees the very day that the petition
was filed. It was ratkar prematurely concluded that Sir
G. Stephen had been foiled in his five days' examination,
and that the bankruptcy could now be averted till the
7th of January when the deed would have become valid by
the effluxion of time ; but, having thus proves the deed
to be irretrievably lost, Sir George, as we hear, tendered
secondary evidence of its purport, and this evidence was
received. By some unaccountable omision the solicitor
had not brought the petitioning creditor, Mr. Evans, to
prove his debt till the act of bankruptcy was thus
proved, or, if he was in attendance, he bad omitted to
examine him. On the last day, however, he appeared,
when he demurred to the form of the affidavit, and
requested time to consider it. It was granted, but
when it expired Mr. Evans, for some reason best known
to himself, declined to ieppear l Thereupon Mr. Her-
ring, of Newcastle, a new petitioner, came forward,
proved his debt, and, all other preliminary matters being
thus established, Mr. Oliver was adjudicated a bank-
rupt on Friday. Whether the adjudication will be dis-
puted we have sot heard ; but, in the meanwhile, the
messengers of the court have proceeded to take posses-
sion, and all the past arrangements are for the present
set aside, and in all probability will not be revived.—
Liverpool Albion.