The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1839-11-08 00:00:00

THE MONEY MARKET.

CITY, MONDAY' EVENlNG.—Considerable sensation has
been excited amongst our monetary and commercial interests,
by the announcement of a morning contemporary, that the
new members of the bank parlour had devised a new mode of
contracting the circulation—namely, by " taking loans of
money by whatever parties they may be offered, at the rate
of 6 per cent."
An operation of this nature would amount to nothing more
than the baneful practice of re-discounting so contrary to all
sound principles of banking. We believe that the rumour
upon which this peculiar statement was founded arose out of
the transpiring of the fact, that overtures had been made by
a firm of the highest standing and very great resources, to
re-discount any paper held by the bank at the same rate at
which the direction had themselves discounted it—namely,
6 per cent. There is no doubt but that a firm of the magni-
tude to which we refer would be happy thus to accomodate
the bank with its surplus capital. But to re-discount paper
at the same rate it was discounted, although something might
be gained in the reduction of the time which those bills had
to run, would, at the end of the year, chew but a very Fle-
mish account. Without, however, dwelling upon the policy
of such dealing, we can state, in the most positive terms,
that the bank has not adopted any such plan of curtailing
their circulation,—and more, that at present it is not con-
templated.
The only operation attempted by the bank to controul the
continental exchanges has been the late negotiation with the
Bank of France for a supply of bullion. That source is not
yet exhausted, and our remarks yesterday fully explain all
the difficulties attending a negotiation when the tide of bul-
lion does not freely turn towards this country by a single
operation as it were.
The ohief causes for the unfavourable state of the exchan-
ges may thus be enumerated :
First, the late heavy imports of corn have already absorbed,
on the whole, about 8,000,000 sterling ; the exports of manu-
factures from hence to the continent while this has been going
on, has been !about 6,000,000; from that, deduct 3,000,000
of credit from the Bank of France, used on account of bul-
lion, and add nearly 1,000,000 absorbed by over-due Ame-
rican paper, making a total of about 12,000,000 sterling ab-
sorbed by transactions that must be represented in gold.
To remedy this most important existing evil, there is a
strong feeling with practicid men that the Bank of England
should open further credit accounts for bullion with the prin-
cipal leading banks of the continent, in order effectually to
obtain a sure and safe mode of equalising the exchanges of
Europe in preference to any other operation. That the bank
must provide for its continental credit, with its own circu-
lating medium here, there is no doubt. Under a partial ope-
ration of this nature, to which we have before alluded, there
may be some hazard of subcess ; it is, however, very feasible
that a more extended or universal junction with the leading
banks of Europe might produce that equalisation in the ex-
changes which would at once relieve the bank and our vast
commercial community from jeopardy, if any really prevails.
We do not profess or assume to be the crgan of the Bank of
England, but without transgressing the truth, we may con-
clude by stating that the bank direction have every confidence
that the Money Market will assume a better appearance,
and that they will be able, at present, to struggle against the
"system" which has fixed them in their present position.—
Morning Herald of Tuesday.

CITY, TUESDAY EVENING.—The non-arrival of any fur-
ther advices from the United States, in consequence of the
late adverse winds, still continues to cause great anxiety
amongst the commercial interests and others, who, directly
or indirectly, have property at stake in that portion of the
American continent. It is true that a temporary calm pre-
vails in our Money Market, so far as regards general credit,
but discounts still are comparatively high, and will remain so
until the arrival of further intelligence from New York, the
nature of which will materially tend to govern future rates of
interest ; but we have some reason to believe that the remarks
which appeared under this head, yesterday, have tended to
allay much of the apprehension that prevailed during the
early part of that day.—Morning Herald of Wednesday.

CITY, WEDNESDAY EVENING.—The aspect of the funds
has not varied to-day, and the English market is obviously
in a state of suspense, waiting and rather apprehensive of
some indications from without which might unfavourably
act upon it. The Liverpool steamer from New York is most
anxiously looked for, and considerable importance is evi-
dently attached in all quarters to the sort of intelligence of
which she may be the bearer. Mr. Jaudon, who had ap-
pointed to leave for Amsterdam to-day, in expectation of her
appearance before this, has postponed his departure in con-
sequence, as the conclusion of any arrangements with re-
ference to the loan to be negotiated there, if possible, for the
United States Bank, must mainly be contingent on the na-
ture of the advices from New York. The earnestness with
which considerable imports of sovereigns for account of the
Bank of England are announced and dwelt on in certain
quarters, is far from contributing to dispel the sort of uneasy
feeling abroad. Consols remain 90* to for money, and
90a for account, with little business doing. Bank Stock,
180 to 1; India Stock, 250 to 2 ; Exchequer-bills, Bs. to 6s.
discount.— Times of Yesterday.

POLICE INTELLIGENCE.-TVESDAY.

IMPUDENT ROBBERY.

Margaret Macnally, a gigantic female of depraved habits,
was charged with having robbed William Corbett, a diminu-
tive sailor.

The complainant stated, that he was master of the sloop
Victoria, lying in the Canning Dock. He was proceeding
home to his lodgings in Back Queen Anne-street, about one
&clock that morning, and when passing through Tithebarn-
street met the prisoner. She accosted him, and in reply to
her importunities he told her that he had no money to spend
foolishly; He had in his jacket pocket a book with a ten
pound Bank of England note in it, and a watch in his fob.
The prisoner seized him, and dragged him into a court in
Orange-street, and took his pocket-book from his jacket.
He endeavoured to regain it, and a struggle ensued, in the
course of which they both fell. He then discovered that his
watch had been taken out of his fob. He managed to pull
the prisoner into the street, where she struggled to break
from his grasp. He held her some time, but at length she
compelled him "to let go." He ran to the corner of the
street to look for a constable, and found Police-officer Lup-
ton. They went back into the entry, and found the pocket-
book, but the ten pound note was not in it. Lupton went in
search of the prisoner, and soon succeeded in apprehending
her. In the house where she was taken, he found a pocket-
handkerchief, the property of witness, and on her person
was found a fourpenny piece, which she said witness had given'
her. He had a fourpenny piece in his pocket, but did not
give it her. Neither the note nor watch were found. The
officer corroborated the latter part of the above statement.
The prisoner, in her defence, said, she never took a
farthing belonging to the complainant, and that he informed
her he had been robbed before he met her. She was com-
mitted for trial.