The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-09-20 00:00:00

THE LIVERPOOL STANDARD, AND GENERAL COMMERCIAL ADVERTISER

formed as to the probabilities of the future. The
returns of the Bank of England published on Fri-
day last, show that the drain on their stock of

specie had not concluded, as the diminution was
about £300,000, and this circumstance, coupled
with another rise in the minimum rate of discount,
led to an alarm in the money market, which was
greatly augmented by the recent reports from the
East of the warlike preparations in Turkey. The
whole of the depression may, however, be attri-
buted solely to feeling, with little reference to the
probabilities arising from actual facts, and the ob-
vious deductions from them. Indeed, it is the mis-
fortune attending commercial affairs, since the
railway panic in 1846-7 that judgment has had
to give way to mere impulse upon important ques-
tions, so that panics have sometimes originated
with hardly a justification. This is particularly
the case at the present time, when an undue im-
portance is attached to the rise in the rate of dis-
count and the withdrawal of specie. Although there
is a balance left of more than sixteen millions,
fresh importations are daily being received, and
the amount of unemployed rates in the Bank is
£7,669,090, a margin, it might be conceived, ample
for all contingencies. The occurrence of these
paroxysms of tightness is attributed by many to
the operation of the Bank Restriction Act of 1844,
by which the Bank is prohibited from issuing notes
beyond its stock of bullion added to £1.4,000,000.
Such a restriction is positively useless for any
real benefit, inasmuch as it is virtually inopera-
tive, and is absolutely injurious whenever it
is attempted to be brought into action, as was
evident in 1847, when the Government were called

upon to guarantee indemnity for a breach of the
Act. It is therefore no security for monetary sta-
bility, and productive of unnecessary alarm, which
sometimes tends to precipitate the evil dreaded.
The present state of commercial affairs should tend
far more to inspire confidence than mistrust. In
almost every department of industrial activity,
trade, until within the last few weeks, has been in
a healthy state, commercial operations generally
have been singularly free from speculative move-
ments, and even the state of the weather which, at
harvest time, is of more than ordinary importance,
has been particularly favourable. The only dis-
couraging influence has been that arising from the
affairs between Russia and Turkey, upon which we
have commented elsewhere, and this has now been
placed on a footing which completely absolves
England from the necessity of any active operation
in favour of Turkey.

The reports fron7l all the manufacturing districts
show an evident disinclination to operate beyond
immediate demands, owing to the uncertainty
which prevails, not only in political affairs, but also
as to the conduct of the operatives, many of whom
are either out on strike for higher wages, or have
threatened such a movement. As these influences
are, however, antagonistic, they may help to neu-
tralise each other.
The SHARE MARKET has been very unsettled
during the past week. On Thursday, when the
Bank-rate was raised to 41, prices declined ; since
it has rallied again, caused by bears repurchasing.
The public buy sparingly, though a further slight
decline would bring in good buyers.—Chester and
Birkenhead, 171 ; Caledonians, 281 1 1 12;
Chester and Holyhead, 171; Eastern Counties, 121;
East Lancashire, 17 16 13-16 ; Lancashire and
Yorkshire, 68 71 4 7 fi 11 7 i; Leeds Northern,
132: London Stock, 103 1021 1 1 1 ; Ditto
Eighths, fd ; Sheffield Stock, 21 4 -g-; Midland
Stock, 591,1111144311841:, North
British, 61 ; Dover Stock, 181 1 11-16 4 I
11-16 a ; York and North Midland, 24 231; Great
Southern and Western Pref. Eighths, 81; St.
Helen's R. and C. 5 per cent. Stock, 109 ; North
Union A Stock, 255 ; Liverpool Fire and Life In-
surance, 68 s 1 ip.
_ - -

The return from the Bank of England for the
week ending the 10th of Sept., gives the following
results, when compared with the previous week :

Public deposits
Other deposits
Rest ... ..

£5,251,010; Increase £549,412
10,862,058; Decrease 155,255
3,641,708; Increase 7,185

On the other side of the account—
Government securities 212,767,018; Decrease

Other securities 14,957,874; Increase 411,680
Notes unemployed ... 7,669,090; Decrease 27,605
The amount of notes in circulation is 02,197,680,
being a decrease of £268,265 ; and the stock of
bullion in both departments is £16,201,352,5h0wing
a decrease of £298,716, when compared with the
preceding return.

COTTON.-The several circumstances we have
alluded to above have had the effect of almost pa-
ralysing operations, beyond the demands to enable
spinners to complete the contracts they have in
hand. The sales during the week ending on Fri-
day amounted to only 28,200 bales ; and, as the
consumption is computed to be about 37,000 bales
weekly, the manufacturers' stocks must be consi-
derably reduced, and lead to a great demand when-
ever industrial activity may be resumed. Prices
have, however, been fairly maintained, the re-
duction in the quotations being only *d. per lb.
We have no subsequent improvement to notice, as
the sales on Saturday and To-DAY amounted to only
9,000 bales, including 2,000 chiefly for export.
The previous rates being barely supported.
PRODUCE.-In Sugar, no change to notice, the
sales, which are again chiefly to the refiners,
amount to 1,100 hhds. B.P. and 3,000 bags of
Bengal. Foreign : 400 cases good brown Bahia
sold at 21s. ; 1,300 bags white Pernambuco, at
245. to 255. per cwt. in bond ; and 200 hhds. Suri
nam, at 325. 9d., duty paid. No sales in Molasses.
At public sale, Jamaica Coffee sold at extreme
rates, and the business in Foreign was done at
steady prices. Of Rice, 1,100 bags Bengal sold
at 13s. 6d., and 1,200 bags Arracan, from 6s. to
10s. per cwt. Of Rum, in the absence of supply,
the business was limited. In Tea a good business
was done in the Hohow and Pekoe kinds of Con-
gou • the former at rather easier rates, but the
latter at full previous prices. The transactions in
all common blacks and greens have been on a very
limited scale. Saltpetre, without change, 1,200
bags disposed of at 265. 6d. to 30s. ; and 200 tons
Nitrate of Soda, at 17s. to 17s. 6d. per cwt. Tur-
pentine in demand, and prices again slightly ad-
vanced. American Rosin in brisk demand. In
Hides no transactions/ Olive Oil in limited re-
quest. Seal Oil sold at £33 ss. to £33 10s. ; Cod,
£32 ; and American Sperm, £B7 10s. per tun ;
pale Rape Oil, £4l to £42 per ton ; and brown
at £4O; Linseed Oil in limited demand, at, 28s. 9d.,
to 295. per cwt.. American Spirits of Turpentine,
495. to 50s. 6d. per cwt, Palm Oil in active de-
mand, and 750 tons on the spot sold at £36 15s.
to £37 10s. ; and 2,050 tons to arrive at £37 to
£37 10s. per ton. A large business has been done
in Tallow, at 535. to 545. 6d., for Petersburg Y.C. ;
and 525. to 535. per cwt. for South American.
Upwards of 200 tons American Lard sold at 58s.
to 595. per cwt. • Petersburg clean Hemp, £34 to
£35 per ton. Holders of Jute firm, at £22 10s. to
£24 ss. per ton, being extreme prices. To-DAY
there is no change to notice in Sugar. The busi-
ness, including Saturday's sales, comprises 100
hhds. Barbadoes, at 325. to 425. for grainy ; 110
hhds. Antigua, at 335. 6d. to 375. 6d. ; 1,500 bags
Benares, at 375. to 38s. 6d. • and 1,100 bags
Madras, at 31s. per cwt. The sales in Molasses
consist of 400 puns. Barbadoes, at 17s. from the
quay ; and 70 puns. St. Lucia, at 15s. 6d. per cwt.
50 puns. Trinidad Rum have realised 2s. 9d. per
proof gallon from the quay. The Tea market wears
a firmer appearance, but operations are limited,
pending the delivery of the China letters ' • common
sound Congou 11d. per lb. in partial demand.
There has again been a speculative demand for
Rice, a cargo (500 tons)of Arratanhavingbeen sold
for the Continent at lls. 3d., floating conditions,
and 9,000 bags to arrive at 11s., besides 500 bags
on the spot at the same price, and 600 bags broken
Bengal at lls. per cwt. 150 bags Saltpetre sold
at 265., and 275. 6d. for 8* and 51 per cent. re-
fraction. 600 bags Sago Flour, to arrive, at 205.6 d.
per cwt., and 80 cases Castor Oil at 4d. per lb.
WooL.-The business of the week has not been
animated, which may be accounted for by the affairs
in the East assuming a more unsettled aspect, and
the increasing firmness in the money market,
together with the approaching sales, which com-
mence here to-morrow, and will continue until
Monday next, for which buyers are holding back.
About 14,000 bales will be offered at this series,
being the largest sales ever held here, consisting
chiefly of East India, Turkey, Portugal, Peruvian,
Russian, Buenos Ayres, and Egyptian. With the
present aspect of affairs generally, the result of
these sales are not expected to be very encouraging,
though there is no very particular decline in prices
looked for.