The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-02-08 00:00:00

COMMERCIAL AND MONETARY NETTS.

MONDAY NIGHT.
IT is now generally admitted that the Bank Direc-
tors were amply justified in raising the minimum
rate of discount, and more recent circumstances
have fully confirmed this view of the case. The
returns, published in the Gazette of Friday last,
show a decrease in the stock of bullion to the extent
of £362,084 ; and as this so immediately follows
some large receipts, the subject is entitled to more
than ordinary consideration. In commenting upon
the previous week's returns, our London contem-
porary, the Economist—whose authority on this
subject we will not attempt to impugn—states, that
during the preceding fortnight the bullion in the
Bank had decreased by £1,380,000; and as arrivals
of gold had taken place, amounting to at least
£1,200,000, of which only £256,412 appeared as
increase in that week, it followed that the export
of gold during the fortnight in question had been
at least £2,300,000. Without any other data than
the Bank returns, this is at best but jumping at a
conclusion, unless we are prepared to admit that
the stock in the Bank coffers is the sole test of the
quantity of gold in this country, and that every
diminution is necessarily the result of exportation. It
is evident thatthere are no means of arriving at exact
conclusions on the subject, and we must be content

with mere inferences from circumstances which are
open to common observation, but these must not be left
out of view. The recent activity in the manufacturing
districts, with the corresponding increase in the
amount of wages—the busy trade which has been
carried on in this and other shipping ports in fitting
out vessels for emigration—the number of sales
which have taken place owing to the breaking up
of domestic establishments—the rise in the price of
most articles of general consumption—the specula-
tion in metals and other commodities—the pay-
ment of rents and ordinary Christmas accounts,—

operating almost together, must have tended in a
considerable degree to augment the circulation of

he precious metals throuihout the country, and

thus have assisted to diminish the stock of bullion
in the Bank of England. At the same time it must
he admitted that there are other circumstances of a
less satisfactory character, which have tended to a
material extent to produce that state of uneasiness
for the future, against which the Bank Directors
attempted to provide by their recent measures. It
is well known that the operations on the Paris
Bourse have been in a great measure insti-
gated by the French Government, in order
to bolster up a fictitious credit ; and we
have heard, on what we believe to be good
authority, that this last decrease in bullion
is owing to the financial arrangements between
certain parties in Paris and London for the same
object. That the measure of the Bank of England
was directed against this French speculation on
English capital is shown by its effect not only upon
the French funds, which fell in value, but upon
the exchanges, which soon began to improve ; and
that it had no injurious effect upon British
commerce, is also shown by the amount of
held by the Bank of England being but
very slightly diminished. We must also bear
in mind that emigration has in itself a tendency
to diminish the stock of gold, as almost every
emigrant takes out as much as he can raise, and
large sums in coined gold are also sent out to Australia
for the purchase of the uncoined metal. It is now
becoming pretty evident that we are indebted to the
Californian and Australian discoveries for the main-
tenance of our present favourable state of commer-
cial credit ; for, considering the large amount of
importations which have had to be paid for in specie,
particularly to France and Russia, where the balance
of trade is so much against us, we should without
such aid• have now experienced monetary difficulties
of no ordinary magnitude. Before leaving this
subject, we may revert to the obvious fact that, while
a rise from two to three per cent. in the rate of dis-
count may interpose a serious obstacle to monetary
operations of a purely speculative character, it can
make no sensible difference to legitimate eommercial
transactions. If this fact be steadily borne in mind,
the mercantile world have every reason to be grate-
ful to the bank directors for the course which they
have pursued.
On Thursday the tenders for the guaranteed 4
per cent. loans of £BO,OOO for British Guiana,
£60,000 for Trinidad, £50,000 for Jamaica, and
£3OOO for St. Lucia, redeemable in twenty years,
were decided upon by the Chancellor of the Ex-
chequer, and all awarded to the Atlas Insurance
Company ; the whole for St. Lucia, £27,000 for
British Guiana, and £20,000 for Trinidad, at £lO9
17s. 6d. per cent. ; £20,000 for Jamaica, at £lO9
15s. 3d., and £30,000, at £lO9 4s. 6d. per cent. ;
£53,000 for British Guiana, and £40,000 for Trini-
dad, at £lO9 l Os. per cent.
The Return from the Bank of England for the
week ending the 29th January gives the following
results when compared with the previous week :
Public deposits .. £5,235,993; Increase £237,239
Other deposits .. 13,066,193; Decrease 661,444
Rest t. 3,218,441; Increase 4,235

securities

On the other side of the account—
Government securities £13,800,613 ; Decrease 29,794
Other securities .. 13,654,165 ; Decrease 516,580
Notes unemployed .. 9,511,360 ; Increase 67,095
The amount of notes in circulation is £22,983,450,
being a decrease of £490,325 ; and the stock of
bullion in both departments is £19,042,835, show-
ing a decrease of £362,084 when compared with
the preceding return.
-aSUE DEPARTMF,'""
Notes issued £32,494,810 '

ISSUE DEPARTMENT.

Govrnt. Debt.. £11,015,100
Other securities 2,984,900
Gold coin &bu1n.18,475,656
Silver bullion .. 19,154

£32,494,810

£32,494,810

BANKING D
Prop.'s capital £14,553,000
Rest 3,218,441
Public deposits. 5,235,993
Other deposits . 13,066,193
7-day, &c. bills. 1,440,536

EPARTMENT.
Gov. securities.£l3,Boo,6l3
Other securities 13,654,165
Notes ..... •• • 9,511,360
Gold & silt'. coin 548,025

£37,514,163 I X 37,514,163
In our SHARE MARKET there has been great
activity during the past week. A very small pro-
portion, however, of the business has been bona fide;
the bulls and the bears have had the struggle to
raise or depress prices almost entirely to themselves.
Until Saturday, the bears appeared to have the best
of it, they having succeeded in lowering prices most
materially; on that day, however, a sudden check
was given to the decline, by the change of the
Russian and other exchanges in favour of this
country. This promising a more easy money market,
has given an impulse to everything, and we close