The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1852-12-07 00:00:00

COMMERCIAL AND MONETARY NEWS.

MONDAY NIGHT.
THE all-exciting topic on 'Change, during the week,
has been the anticipated statement by the Chan-
cellor of the Exchequer of the intended financial
policy of Lord Derby's government. Early on
Saturday we received an imperfect sketch of its
leading features, and the impression generally pro-
duced was satisfactory. By this morning most of
our commercial men had been afforded time to
peruse carefully the speech itself, and their more
matured opinions have the same complexion as to
the scheme as a whole, some objections, however,
being entertained against details. The principal of
these relate to the mode in which the Tea duties are
to be reduced. At all times, it has been held objec-
tionable by the mercantile community to spread a
declared reduction of duty over any considerable
period, such tending to unsettle the regular
course of business. This effect has been particu-
larly felt in the case of the Sugar duties, the trade
in which article has been interrupted every year for
two or three months previous to each reduction of
duty. In a little less than three years more, this
source of embarrassment will be terminated, by the
duties on foreign and colonial being placed upon
the same level; and it is strongly suggested that it
would have been more advisable had the reduction
of the Tea duties been spread over three years,
instead of six, so as to arrive at the lowest point
about the satne time as the Sugar duties.
The meast.re—conceding the privilege of refining
in bond—offered for the relief of our sugar-growing
colonies, is generally regarded as calculated to be of
considerable advantage to that interest ; and, as it
is more closely looked at, is appeasing the dis-
appointment of that portion of them who demanded
more direct aid in their present struggle. The
objection against it urged by the Economist, and
which is to be brought before the House of Com-
mons by Mr. Wilson, the member for Westbury,
that it will encourage the refining of very low
qualities of colonial, and thus cause a considerable
loss to the revenue, is pretty generally regarded as
puerile, inasmuch as the increased cost incurred in
the process, compared with the yield, will not allow
of refined Sugar, produced from such low qualities,
competing successfully with that produced from
Sugars yielding from 60 to 80 per cent. The
stimulus which will be given to consumption by the
reduction of the Tea duties is another consideration
which is calculated to encourage our colonial Sugar
growers; and it is hoped, in addition, that an
equalization in the duties payable upon Rum and
upon British Spirits will be conceded at the proper
time.

To the shipping interest the measures of relief
offered by the Chancellor of the Exchequer are
regarded as most important; and especially their
exemption from paying dues upon lights which they
never use, and the withdrawal of the restrictions
upon manning vessels. Upon the whole of this
subject Mr. Disraeli appears to have been well
informed and most judiciously advised. Some steps
towards retaliation against countries which impose
differential duties upon goods carried in British
ships would have been most gratefully received, but
it is admitted that such a course, though eminently
just in itself, could not be resorted to in the present
temper of the public mind. The above portions of
the statement being all that are purely commercial,
we confine ourselves to their consideration here,
although other portions have been freely discussed.
The Returns from the Bank of England for the
weekending the 27th of November give the following
results when compared with the previous week :
Public deposits .. 7,258,422; Increase £597,361
Other deposits .. 12,493,548; Increase 79,100
Rest t. 3,123,998 ; Decrease 7,289

.
On the other side of the account—
Government securities £13,962,688 ; the same as before.
Other securities.. .. 11,963,622 ; Increase 358,019
Notes unemployed .. 12,506,195 ; Increase 378,845
The amount of notes in circulation is £22,703,065,
being an increase of £32,240 ; and the stock of
bullion in both departments is £21,707,665, show-
ing an increase of £385,671, when compared with
the preceding return.

ISSUE DEP
£35,209,260 I

ARTMENT

Govrnt. Debt.. £11,015,100
Other securities 2,984,900
Gold coin &bu1n.21,190,106
Silver bullion .. 19,154

£35,209,260