The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-05-02 00:00:00

COJIMERCIAL 4 MONETARY NEWS.

MONDAY NIGHT.

THE money market during the week has pre-
sented few changes worthy of notice, the value of
public securities having been but slightly affected
by the intelligence from the seat of war, and
monetary affairs generally appearing to be under
that state of apathy which has prevailed for some
weeks past. Thursday passed over without any
alteration having been made in the rate of dis-
count by the directors of the Bank of England,
and the returns on Friday, though showing another
diminution in the stock of bullion to the extent of
£196,780, were deemed to be less unfavourable than
had been anticipated. It was naturally to be
expected that the actual commencement of hosti-
lities, involving the necessity of additional taxes
and the export of specie to the Continent, would
seriously affect monetary arrangements in this
country, and, therefore, the steadiness of prices
and the little fluctuation which has taken place in
the price of stocks, must be considered as rather
favourable than otherwise. In searching for the
probable causes which have operated to produce
this state of things, we must bear in mind that
high prices have now prevailed for more than a
year, and that the activity which has been evident
in almost all descriptions of commercial and manu-
facturing business have rendered necessary the
employment of a much larger amount of the circu-
lating medium than ordinary. This was sufficient
to account for the steady drain upon the resources
of the Bank of England which has existed for a
long time past ; and now that the demand arises
from another quarter, the stagnation in the home
trade, by settine, free a large amount of floating
capital, tends tob render the demand from abroad
less oppressive than it otherwise might have been.
Our merchants, with exemplary prudence, have
been preparing for the anticipated pressure, so that
now it is less felt, and unless some unforeseen
circumstances should occur to disturb commercial
security, there appears at present no prospect of
any serious derangement.
The scheme of the Chancellor of the Exchequer
to raise six millions by Exchequer Bonds, bearing
interest at three and a half per cent., is now before
the public, and as the time for receiving tenders
expires to-morrow, it will soon be seen how far
the demand has been responded to. Should the
Minister be successful in raising the amount at
par, it will be but a sorry proof of his abilities as
a financier, for the money which this loan is to re-
place paid off obligations bearinc, only three per
cent. interest, so that the country will have to
pay about £30,000 a year for a mere ministerial
crotchet, which was to save twice the amount.
There have been several arrivals of gold from
Australia during the week, amounting to about
half a million. This will have a favourable effect
in the present juncture of affairs, when further
supplies are so much needed. We believe, how-
ever, that the evils to arise from monetary demands,
owing to war, have been considerably exaggerated,
and that, with the exception of a diminished de-
mand for home consumption, caused by additional
taxation, the part which Great Britain has engaged
to perform in the strife, may be undertaken with
far less exhausting effect upon our resources than
is commonly supposed.

The trade in the Cotton manufacturing districts
has been very inactive during the week, arising
in some measure from the lower prices of the raw
material, and influenced also by the prospect of a
speedy termination to the long-protracted strife of
the operatives at Preston, and to the recent dis-
turbances at Stockport, where many are returning
to work on the masters' terms. A notice of reduc-
tion in the rate of wages has also been given by
the millowners at Blackburn, and, in_ the face of
these reductions, buyers are withholding their
demands for Yarns and goods, with the expectation
of obtaining them upon easier terms. In the
Woollen districts, trade is in a very depressed state,
manufacturers still complaining that the present
low rates will not remunerate them for the high
price of the raw material. In the Hosiery and
Lace trades there is also great depression, from an
evident disinclination to purchase beyond imme-
diate requirements.
The Corn trade has been no exception to the
general dulness, and though prices have been
generally pretty steady, this is owing chiefly to
the firmness of holders and the recent unfavour-
able weather keeping vegetation backward. The
supplies, however, are fully equal to the demand,
and, should warm genial weather set in, it is ex-
pected that prices will go lower. There is still
great complaint as to the high price of bread,
which is not warranted by the present rates of
Wheat and Flour.

Our SHARE MARKET during the week has been
steady, the transactions having been few and
small in amount. There is an evident disinclination
to speculate, as neither a rise nor fall can be safely
calculated on. TO-DAY, being the lst of May,
was kept as a holiday, and no business was done.
The return from the Bank of England for the
week ending the 22nd of April gives the following
results, when compared with the previous week :
Public deposits ... £1,767,723; Increase £2,359
Other deposits ... 12,053,525; Decrease 741,676
Rest ... ... 3,166,153; Increase 6,727

On the other side of the account—
Government securities £13,349,067; Decrease £337,529
Other securities ... 14,336,835; Decrease 426,421
Notes unemployed ... 4,291,815; Increase 13,690
The amount of notes in circulation is £22,270,195,
being a decrease of £220,160 ; and the stock of
bullion in both departments is £13,314,093, showing
a decrease of £196,780, when compared with the
preceding return.