The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-01-25 00:00:00

'POOL STANDARD, TUESDAN, JANUARY

COMMERCIAL AND MONETARY NEWS.

market is steady, and rather more doing in several
descriptions, at previous prices. By auction this
morning, 1050 bags Bengal Rice were taken chiefly
at 12s. to 12s. 3d., including some broken at 11s.
6d. per cwt., also 1000 bags Saltpetre at 235. to 295.
6d. for 4 to 21 per cent. refraction, being a decline
of Is. per cwt. We have also to report 50 tons St.
Domingo Logwood at £5 per ton, and 950 bags
Myrabolams at 9s. 6d. per cwt.

MONDAY NIGHT.
THE anticipation that the Directors of the Bank
of England would make a further advance in the
minimum rate of discount, was fully realised on
Thursday, when it was announced that it had been
increased from two and a half to three per cent.
The first effect was a decline in the value of public
securities, which have since slightly rallied, The
London discount houses have also increased their
charge for accommodation, and most of the joint-
stock banks made a corresponding advance in the
interest allowed on deposits. It is now pretty
clearly ascertained that this step on the part of the
bank directors has been chiefly induced by the ex-
travagant speculations in Paris to keep up the value
of the French funds, for which a constant drain
was kept up on the bank coffers. This has now
subsided, and the rapid fall of all kinds of French
securities shows the effect of the operation. Another
cause, to which we previously alluded, was the
mania for speculation for Iron, particularly in
Scotch pigs, and this has so far been checked that
that article has fallen nearly thirty per cent. in
value. It is gratifying that, in the staple articles of
commerce, trade is in a healthy condition, and no
fears are at present entertained of any disturbance,
as prices generally have not been materially affected
by the late movement in the Money market. Even
in Railway shares, which are sensitive of monetary
changes, the fluctuations seem to have been in. a
great measure influenced by questions affecting
their intrinsic value as means of investment; and
this is so far satisfactory, as it serves to show
that operations have been mostly of a bona fide
character. In the Cotton trade especially there
has been considerable firmness ; and the ad-
vance which was anticipated last week has been
realised to the extent of fully 1-d. on the lower, and
id. per lb. on the better qualities of American,
while the amount of business transacted has been
on the increase. This has been in a great measure
owing to the recent advices from America lowering
the inflated notions of an excessive crop, and also
to the activity in the manufacturing districts,
where the demand has been on the advance. With
reference to the supply of the precious metals, the
Bank returns in Friday's Gazette show an amount
of £19,148,507, and since then there have been re-
ceipts to the value of about a quarter of a million.
With reference to the effect of further large supplies
much speculation has been indulged in, and writers
on the subject have ventured on some extreme the-
ories, for which they have but little foundation.
There can he little doubt but that the receipt into
this country of the large quantities discovered and
expected to be discovered in the gold fields of Aus-
tralia, may have some effect in increasing our ex-
port trade, and consequently of enhancing prices in
some degree ; but any comparison of the results
with the large supplies from America more than a
century since is altogether futile, inasmuch as the
circumstances and mode of conducting business are
very dissimilar. At that time, owing to the low
state of commercial credit, payments were chiefly
made in specie, which thus formed an important
element in trade, whereas now the precious metals
constitute but the small change of our home trade,
and are required but for the balance of our
Foreign Commerce. The establishment of Joint
Stock Banks, and the more general adoption of
banking operations, has done in a considerable degree
for England what a greater extension of the same
system has done for Scotland, and made the expan-
sion of trade less dependent upon a surplus supply
of sovereigns. The anticipated excess may have,
however, stimulated unprofitable speculation, but
will most probably find its exercise in the increased
demand for real property, which appears to be the
predominant desire in the possessors of realized
wealth. In the meantime the demand for our pro-
ductions will keep pace with the increasing re-
sources of the gold-finders; and England, in her
Australian colonies, find a ready and profitable
market, which will find full employment for the
industrious at home. The sales of colonial Wool
are announced for the 10th of next month, and it is
expected that about 35,000 bales will be brought
forward, of which the greater part is from Australia.
Recent advices from that quarter remove any im-
mediate apprehension of a falling off in the supply,
but complaints are made that prices here are not
adequate to the increased rate of wages in the
colony. This, however, is a drawback which the
vast amount of emigration will greatly, if not alto-
gether, remove.

COTTON.—The reports per Atlantic, received last
week, confirmed the accounts per Canada of higher
prices and decreased estimates of the crop, and
under the influeuce of these advices our market has
shown much more steadiness, and holders being
indifferent sellers, an advance of -1., d. per lb. was
obtained in the middling and lower descriptions,
and id. in the better qualities of American. But
this improvement must be looked upon with
caution, as there is only a certain quantity of good
American cotton each year, and at this period the
exporters invariably come forward and pick it up,
and hold it over for spring shipment. The stoic is
large, fifty per cent. heavier than last year, and the
quantity on the way considerable, and the probable
stock on the Ist May is variously estimated at
900,000 to 1,000,000 bales, and present prices Id. per
lb. higher than this time last year ; so that any
advance taking place now, could not but act preju-
dicially on all concerned in the import and con-
sumption of this great staple, for it would only
push up prices in the " States," and let the
Americans realise high prices for the remaining
half of their crop, which they have most un-
doubtedly done with the first, to the cost of many
of our merchants, and spinners particularly. Ex-
porters have operated freely in the better qualities
of Pernams, at steady prices, but in consequence of
a desire to sell Maccio, they have been taken in
quantity by the trade, at easier rates. Egyptian has
been in better demand, and is more regular in
price. For East India the inquiry is extensive, and
the lower qualities command much higher prices.
Speculators have taken 9,400 American, 870 Egyp-
tian, and 820 Surat; and there are reported for
export, 3,330 American, 950 Pernatn, 160 Egyptian,
2,200 Surat and 100 Madras. The demand on
Friday continued good, and the sales reached 6,000
bales, at steady rates, including 1,000 on speculation
and for export. On Saturday the business
amounted to 6,000 bales, including 1,000 on specu-
lation and export. Since then the same feeling has
been observable, and a good demandappearing from
spinners, as well as from exporters and speculators,
prices are rather dearer. TO-DAY the market con-
tinues steady ; the sales have been 7,000 bales, of
which 1,500 are reported on speculation and for
export, at very firm prices.

SALES. IMPO
Week Previ- Week
ending ously lending
Jan.2l. this yr.Jan.2l.
d. d.
Sea Island !l9 @3O 320 530,
Stained ' 6 8i loi 60 4381
Boweds 4 65 12660' 18170'
Mobile 45 6 4580 5830; 1 16537
New Orleans. 45 75 24600 38860 J
} 9940! 1.3',01} 6460
er
ranc aa tmi ,sec .c 665-1
Bahia, &c. 5i 65 2446' 2340, 5730'
'
Maranham
5,1 320 9io }
Sawginned.
Demerara,&.c
Egyptian
Barhadoes
Peruvian
Laguayra
Com.W.l.&c.
Carthagena
Smyrna
Manilla
Surat
Madras
Bengal

--I

DESCRIPTION.I PRICES

This 1 STOCK

"ear. Ilan. 21

335200

solo; 19560

83711 2200(
....II 19961

3460' 5831

} 250'

2.57 4990

4i 7100
- I 100

5090 ). 27121
620

58390 78600 41731

603990

WooL.—Both here and in the Yorkshire
markets the wool trade has been rather quieter
during the past week, owing chiefly to the stocks
in the hands of the dealers being much reduced,
and to the high rates asked for the small quantity
offered. The prospects of the trade are however
good, and holders are expecting higher rather than
lower rates. Messrs Greame and Co., in their
report state that the supply at present is quite
unequal to the requirement. The increased specu-
lative demand has rendered the position of
the manufacturer very difficult, the rise in the
price of manufactured goods being very far
from 'equal to that of the raw material,
and unless they can obtain something like an equi-
valent improvement in yarns and goods, the late
extreme rates must tend to curtail production ; in
the meantime, however, the prospect of current
rates being fully supported is pretty certain, and the
present eager demand for all sorts of clean low
Wool, is likely to continue, at any rate until a more
plentiful supply is obtainable. There has been
some large sales this week, both for export and
home consumption, and to arrive, chiefly in
Douskoi, Crimea, Egyptian, Turkey, Peruvian,
&c. ; the market is again almost cleared until new
arrivals, which are anxiously looked for.
IRON.—The market for Scotch Pig Iron has.
taken the turn which we predicted, and we have
again to quote a considerable decline in price.
About the middle of December last the quotations
were from 765. 6d. to 80s. per ton, and no later
than Friday last it was sold at- 555. 6d, since which
it has rallied, and to-day sold at 65-s, and closed at
61s. per ton,—a price no less fictitious than that
obtained in December. At SOs. men were sanguine
enough to imagine it would reach 100 s. and nos.,
and many backed their opinion both by betting and
purchasing the article, and to-day the buyers at 655.
were purchasing in the belief that they will again
see the prices from which it had fallen—an error
which many persons will find no less serious than
absurd. For with the following statistics it
is only a question of time as to. when
Scotch Pigs shall sell at 48s. a figure at
which the manufacturers can now afford to supply it, and
get a very fair profit. Something under twelve months
since they were supplying freely at 355. 6d. per ton, and
although wages have advan:ed in Scotland. they have not
done so at the some ratio as in Staffordshire ; nor does
coal:form such a desideratum in the former as the latter
place, added to which the chief production of the Scotch
works is Pig Iron, whilst that of Staffordshire is Malleable
Iron, upon which the great run has been made. The
great argument of speculators in Pig Iron is, the compara-
tive prices between Scotch pigs and railwag bars six
months ago, and relative values this day—a comparison
of no value, so long as the stock of the raw material is
larger, and can be supplied in superabundance, at a much
lower price than the quotations of the day, and leave the
supplier a handsome profit. With manufactured iron it is
very different, as makers are full of orders for some time at
the rates of the day ;.in the one case the price is legitimate,
in the other absurd, because the consumption of the
latter is not equal to the production of last year, when
prices were 355. W., and what comparison the present
consumption will bear to the present production, with
such an inducement to increase the :hake as present prices
offer, may be easily imagined.

The Return from the Bank of England for the
week ending the 15th January gives the following
results when compared with the previous week :
Public deposits .. £4,939,878; Decrease £832,036
Other deposits .. 13,284,158 ; Decrease 1,026,490
Rest .. 3,208,878; Increase 32,259

On the other side of the account—
Government securities £13,870,796 ; the same as before.
Other securities .. 14,157,548 ; Decrease.. 863,005
Notes unemployed .. 9,004,185; Decrease. 805,295
The amount of notes in circulation is £23,661,370,
being an increase of £300,685 ; and the stock of
bullion in both departments is £19,148,507, show-
ing a decrease of £617,114 when compared with
the preceding return.

ISSUE DEP.
Notes issued £32,663,555

ARTMENT

Govrnt. Debt.. £11,015,100
Other securities 2,984,900
Gold coin & bu1n.18,645,401
Silver bullion .. 19,154

.E 32,665,555

£32,665,555

BANKING D-E

PARTMENT.

Prop.'s capital.il4,s3,oOo --d-O;:Secn;ities..£l3,B7o,796
Rest ..
Public deposits. 4,939,878 Notes
Other deposits . 13,284,158 Gold & silt'. coin 482,952
7-day, &c. bills. 1,529,567

£37,513,481

£37,515,481

Our SHARE MARKET was very much depressed
at the early part of the past week, in anticipation of
the further raising of the rate by the Bank. Prices,
however, reached their lowest point on, the day of
the meeting of the directors. Since that day
(Thursday) there have been symptoms of returning
confidence, and prices each day have steadily ad-
vanced. Money, too, is becoming more easy, and
from all appearances in this market, the account of
the Bank will soon be forgotten. We annex this
day's prices :.-Chester and Birkenhead, 22; Cale-
donians, 34-- 3 ; Eastern Counties, 1277 i-; East Lan-
cashire, 181; Lancashire and Yorkshire, 7914 80
79} 80 791 80 791 ?,- 1,-; London stock, 1211-
; Sheffield stock, 301 1; ditto £6 new pref.,lp;
Midland stock, 78 * 8 ; North British, 9 1-16 ;
Dover stock, 24 3i ; York and North Midland,
274 ; Dutch Rhenish, 2d.
PRODUCE.-The market for Sugar has continued
in its previous quiet state, and prices generally have
undergone a decline of 6d. per cwt. ; the sales are
Confined to 350 hogsheads British plantation, 4,000
bags Bengal, and 1,350 bags Madras, the latter
from 30s. 9d. to 345. Foreign has been in fair
demand all the week, but without any improvement
in prices; the sales on the spot are 70 cases, 2,100
bags brown Brazil, from 16s. 9d. to 18s. 3d., and
180 boxes yellow Havana, at 21s. to 225.; a cargo
of brown Pernambuco has been sold, deliverable at
an outport, at 18s. per cwt. from the Queen's beam,
and likewise one of yellow Havana, the particulars
of which have not transpired. Molasses : No sales
reported. In Coffee the business is quite unim-
portant, being confined to a few casks Jamaica, at
40s. to 545. per cwt. In Cocoa, Ginger, Pepper, or
Pimento, nothing of interest has been done. Rice :
The market is without change, and about 3,000
pockets Bengal have been disposed of, at 12s. 6d.
for good white, also 80 tierces Carolina, with all
faults, at 20s. 6d. to 265. 6d. per cwt. Rum :
Holders having shown more disposition to meet the
trade, the sales have been 550 puncheons Demerara,
at rather easier prices. Tea : Several parcels of new
blacks and greens have been taken by the trade,
out of recent arrivals, at fair prices; but there has
been very little done in old Teas, and rates are
barely supported. On Wednesday, 23 chests Madras
Indigo were offered, but only 16 chests sold, at
4s. 6d. per lb.; 100 hales Gambier have also been
taken at 245., and a few tons Cutch at 255.; 10
chests fine Gum Arabic at 575., 40 bales Munjeet at
405., 200 bags Sago Flour at 225. 6d. to 225. 9d.,
220 boxes Pearl Sago at 19s. to 205., about 1,000
bags Myrabolams, at Bs. to 10s. 6d., 350 slabs
Straits Tin, to arrive, at 98s. per cwt., and a few
cases Castor Oil at 4d. per lb. The market for
Olive Oil has continued in an excited state, and
about 200 tuns have been sold during the week,
including more than half to arrive, establishing a
further advance of £1 to £2 per tun. The market
for Tallow is dull, and Petersburg yellow candle is
rather lower, having been sold at 465. 6d. in small
lots, and there are now sellers at 465. 3d.; 120
casks South American sold at 455. 6d. to 465. per
cwt. 2,500 bales Jute have changed hands at very
extreme prices, from £l5 15s to £lB 10s. per ton.
To-DAY there has been rather more doing in Sugar,
but without any improvement in prices ; the sales,
iueluding Saturday's business, consisting of 100
hhds. Barbadoes at 355. to 38s. 6d., 4250 mats
Mauritius at 345. 6d. from the quay, and 300 bags
and brls. Pernams at 195. 6d. to 20s. per cwt. for
yellow to low white. Of Rum, 110 puns. Demerara
have found purchasers, without change. The Tea

1849. 1850. 1851. 1852.
Tons. Tons. Tons. Tons.
Production —.692,000 .. 630,000 .. 775,000 .. 775,000
Foreign } 153 183 134 574 192,670 .. 224,070
Shipments "" ' " ' •
Coastwise i
Shipments f " • ' 221'943
Stock, 31st Dec.. 200,000

190,083

260,050

199,950

275,003

350,000

,50,000

From this statement it will be seen that, notwithstanding
the high rate of freight, foreign shipments have consider-
ably increased, whilst the opinion is that they have
decreased. Those coastways have decreased about
60,000 tons, yet the decrease has been compensated
by the over delivery by land carriage. The pro-
duction is equal to that of 1851, and greater than that
of 1849 and 1850, and at the present price it will, no
doubt, be very much augmented, as new furnaces
are being put in blast every day, and it will not be a
matter of surprise if the production of 1853 should
amount to 900,000 tons. The stock of 1852 is 100,000
tons over that of 18M, although we find the production
no greater, but the same in both years. Many of the
banks who advanced on pigs are giving notice that the
warrants must be taken up—and as a natural consequence
these lots will come upon the market ; whilst speculation
will be crippled, and the price must work to something
like an intrinsic value. It is the interest of those who
are large holders to bolster up the market by making still
larger purchases, and when they find they can reduce the
loss which the late decline has entailed upon them, they
will, as the London Times quaintly expressed it some
time since, " walk quietly out," and leave the pigs in the
hands of a class of uninitiated and unfortunate speculators,
and the casualties of 1845 will be enacted.

THE MADIAI.—An enthusiastic " Indignation " meet-
ing was held in Birmingham on Friday, and a strong pro-
test made against Itomish persecution.
THE GRANITE CITY, one of the finest clippers yet
built, has been launched at Aberdeen, for the East India
and China trade. She will carry 1,400 tons.
THE QUEEN has directed letters patent to be passed
under the Great Seal, appointing Arthur, Duke of Wel-
lington, blaster of the Horse to Her Majesty.

DOWLAIS IRON WORKS.—The men have sent notice
to their employers that their wages must be raised after
the middle of March. The colliers also in the same dis-
trict are agitating for an advance.
The EARL OF BEAUCHAMP died on Saturday, at his
residence in Portman-square, at the age of 60. He has
left no issue, and the title descends to General Lygon,
M.P. for Worcestershire.
COLLIERY ACCIDENT.--A frightful accident occurred
on Friday, at the New Cottam coal-pit, near the Ecking-
ton station, on the Midland Railway. An iron ring
attached to the wire rope snapped, and seven men were
killed.

CAPE MAIL.—The General Screw Steam-shipping
Company's mail packet Lady Jocelyn, Commander Stu-
art, arrived at Plymouth yesterday (Monday). Her dates
are—Calcutta, Nov. 15 ; and Table Bay; Dee. 16 ; but
her news is not important,