The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-04-26 00:00:00

COMMERCIAL AND MONETARY NEll S.

MONDAY NIGHT.
THE ail-engrossing' subject, both in monetary and
commercial circles, is the Budget of the Chancellor
of the Exchequer, and his scheme for reducing the
interest of the Three per Cents. The latter, al-
' though it has received the sanction of the House of
Commons, is considered to be open to some grave
objections, particularly as to the lengthend term
for which it is proposed to guarantee the reduced
interest, which will be on the average about V. 15s.
per cent. It is argued, and with some show of
justice, that a guarantee for forty years is giving
too great an advantage to the public creditor, as
many circumstances may occur in the interval to
render practicable a more advantageous bargain ;
the more probable, as the supplies of god from
Australia may operate to lower the interest of
money. The Budget we have commented npon in
another article, but we may remark that the Funds
have since experienced a decline, which is some
evidence that its passing is considered doubtful, as
a contrary opinion would naturally have induced an
advance. The Budget has also not been without
its effect upon the mercantile world, as the pro-
posal to repeal the Soap duty has led to a❑ advance
of about 71. per ton in the price of Palm Oil, which
forms a principal ingredient in the manufacture,
and induced considerable sales of cargoes to arrive.
Tallow has also experienced an advance, and Tea,
which is proposed to be affected by a reduction of
duty, has also risen in price. At the same time
there is a manifest disinclination to enter into any
speculative operations until the House of Commons
has decided upon the Ministerial scheme, and trade
generally is consequently inactive. It is, however,
generally believed that whatever may be the fate
of the present Ministry, the financial policy of any
Cabinet will deal with the Soap and Tea duties.
The Manchester manufacturers have so far car-
ried out their design of withholding their purchases
beyond their immediate necessities, that their trade
has been comparatively quiet, hut without any sen-
sible diminution in prices. As a purely speculative
operation, it has had a slight effect upon the Liver-
pool market, though the depression is confined to
the lower qualities of Cotton. This state of things
cannot, however, be expected to: be of any long
duration, should no material alteration occur in the
advices from America, as the Spring trade has now
fairly commenced; and the demand for home con-
sumption must shortly be active. Much stress has
been laid by parties interested for a fall upon the
excess of stock as compared with last year, but
until it has been proved that the crop is more in
excess than would meet the demands of a greatly-
increasing consumption, the additional stock will be
merely the result of earlier receipts: than usual, an
opinion which is entertained by some of the best-
informed men in the trade. The reports from
Bradford, Leicester, Nottingham, and other seats
of manufacturing industry, show a continued ac-
tivity, with, in some cases, an inclination to advance,
but speculative operations are considerably deranged
in the Woollen trade, owing to the high price of
the raw material, which leaves but a small margin
for the manufacturers' profit. The lace trade espe-
cially is buoyant, and hosiers have full employment
for additional machinery, with every prospect of a
continuance.

Messrs. T. and H. LITTLEDALE and Co., in
their half-monthly circular, observe :
The business of the past fortnight has not been active,
but the same healthy features continue to characterise our
different Produce markets ; the uncertainty as to the
Chancellor's propositions has had some influence, and the
injudicious haste to effect sales of the recent heavy arrivals
has also had a depressing influence—the quantities offered
at public sale being quite beyond the power of the trade
to take off. The Budget was brought forward on the 18th,
and contains a proposal to reduce the Tea duties to
Is. 10d., s. 6d., Is. 3d., and ultimately to Is. in 1856,
and a number of small duties removed entirely; hut, like
its predecessor, it will meet a good deal of opposition, and
may not passintolaw, though many of its provisions are good.

The return from the Bank of England, for the
week ending the 16th of April, gives the following
results, when compared with the previous week :
Public deposits .. £3,780,216; Decrease £952,892
Other deposits .. 13,622,968 ; Decrease 1,310,929
Rest .. 3,110,471 ; Increase 3,585

On the other side of the account—
Government securities £13,221,382 ; Decrease £150,000
Other securities .. 14,085,037 ; Decrease 790.590
Notes unemployed .. 8,906,720 ; Decrease 933,025

The amount of notes in circulation is £23,613,165,
being an increase of £636,450 ; and the stock of
bullion in both departments is £13,792,996, show-
ing a decrease of £433,338, when compared with
the preceding return.

ISSUE DEPARTMENT.
Notes issued ...£32,519,885 Govrtit. Debt.. £11,015,100
Other securities 2.984,900
Gold coin & bu1n.18,500,731
I Silver bullion .. 19,154

£32,519,885