The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-10-19 00:00:00

THE MONEY CRISIS.

STATE OF TRADE IN LIVERPOOL, YESTERDAY.

Amidst the unparalleled sufferings endured by the com-
mercial community, and the disasters to which they have
led, it has been a source of pride to us that Liverpool had
so far maintained her credit in tact, and that no failures,
which could be regarded as important, had occurred
amongst her merchants. This fact has been generally
regarded as affording a proof that our system of business
is a sound one, based upon undoubted capital, and con-
ducted with more than ordinary prudence. How long
we shall be allowed to plume ourselves upon our unas-
sailable position appears just now about to be tested.
The screw is tightening ; and unless something is done to
assist us at once, we fear that a train of calamities must
ensue similar to those which have occurred in the
metropolis.
Yesterday, at the commencement of business, we had
the astounding announcement that the Royal Bank
had suspended business, and would remain' closed until
the return of a deputation which had proceeded to Lon-
don. The effect which such a blow produced on 'Change
is scarcely describable. Even although it was feared by
some parties a week a-go, that something was wrong with
the. Bank, from the circumstance of their shares having
fallen about £BO per share in one day, a feeling of uni-
versal alarm and distrust pervaded every circle, varying in
intensity according to the opinions of parties upon the
question whether the stoppage will be partial or total.
The following is a copy of the printed notice pasted on
the outer door of the bank, and which was read yesterday
by thousands.
"The Directors of the Royal Bank of Liverpool regret
to have to announce that, owing to the extraordinary
pressure of the times, they conceive it to be to the interest
of all concerned to suspend the operations of the Bank,
until the result of the proceedings of a deputation, now.
in London, has been ascertained, which will be imme-
diately announced.
" Monday, 18th October, 1847."

In the mean time business of nearly every description
is almost a stand 011, and prices strictly nominal. The
following remarks on the state of the cotton market, as
furnished by our usual correspondent, may be ,applied
pretty nearly to all other markets :
At the close of last week many congratulated each
other on the assurance of having passed through the most
trying waak, and looked forward to a better state of
things : the first news this morning was, the suspension
of the Royal Bank, and no pen can describe the
scene on 'Change ; it has been full of groups all
day, and business has been almost superseded by the
conversation bearing on this calamity, and those which
will probably follow in its train. The sales are supposed
to reach 1200 bales, 200 for export. Prices are nominaly
quoted below those of Friday, but the market is very
irregular. The accounts by the steamer were more cheering
for the coming crop, now variously estimated from 1,800,000
to 2,000,000, to range according to the period at which
" King Frost" may appear, and put a stop to all further
yield in the plant. The price of the day is regulated
solely by the necessities of Holders, and the absence of
banking facilities leaves them much in the hands and at
the mercy of the consumer, whose position again is far
from enviable.

On Saturday there was a strong feeling in leading com-
mercial circles to apply to Government far assistance. A
Memorial, which originated with the American Chamber
of Commerce, was placed for signature in the Exchange
News Room, representing the fact that
" Produce, of every description, is only saleable in small
quantities and at enormous sacrifice. Bills of exchange, and
the most valuable securities, are unconvertable into cash,
even at great depreciation, except in the most insignificant
amounts. Foreign orders for produce and goods cannot
be executed for want of the customary facilities for dis-
posal of bills drawn against them.. Confidence is all but
annihilated, and the currency of the country in a great
measurewithdrawn and hoarded,"
and praying for relief. With this it was intended that a
highly respectable deputation should proceed to London ;
and the memorialists had invited Mr. William Brown,
M.P., and Mr. Cardwell, M.P., to attend them on its
presentation to Lord John Russell. The China Associa-
tion also met on Saturday, for_ a similar purpose, as did
other. Bodies. Nothing, however, of a decisive character
was done. Yesterday, however, the suspension of the
Royal Bank, and the insecurity created, prompted the
step of inducing the Mayor to go up to Town, accompanied
by a Deputation, to represent the interests of the town at
large. We give his Worship's note to us, announcing
his consent to exercise his influence in the emergency.

Town Hall, 18th, Oct., 1847.

SIRS I think it right to state to you, for the informa-
tion of the public, that at the united request of the
several Mercantile AssoCiations of this town, I have con-
sented to proceed to London this evening, in order to re-
present to the Government the deplorable condition of
mercantile affairs.
I have invited Mr. Wm. Brown, Mr. Cardwell, Mr.
Horsfall, Mr. Hornby, Mr. Nicol, and Mr. Chas. Turner
to accompany me,and I hope their statement maybe such
as will induce the Government to interfere.

I am, Sir, yours faithfully,
GEO. H. LAWRENCE.

To the Editor of the Standard.
All sorts of rumours were of course in circulation
during the day, implicating the credit both of Bankers
and of Merchants. Of these; however, we cannot here
take notice.

Our statement of the monetary and commercial affairs of
the week will be found in the usual place. The news re-
ceived by the Britannia, which arrived here on Saturday
morning, does not appear to have had any effect either on
the cotton or the grain markets, the state of the money
market being now the only influence which affects the
public mind. Wheat and Flour are ready of sale, with
prices a shade easier. The accounts received yesterday,
from the markets in the eastern part of the kingdom,
report a decline of 2s. to 3s. per quarter.