The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-05-03 00:00:00

CWDIERCIAL AND MONETARY NE 11 S.

MONDAY NIGHT.
THE adjourned debate on the proposition of the
CHANCELLOR of the EXCHEQUER to perpetuate
the Income Tax for seven years, not having been
brought to a close, the week has presented very
little fluctuation in the money market, there being
a natural disinclination to speculate until some
decision has been arrived at, as the tone of the
debate offers little upon which to found a confident
opinion. The value of public securities has been
rather depressed than otherwise, owing probably to
the reduction of interest about to take place, but
money for mercantile purposes has been easy, and
consequently the tone which has generally pre-
vailed has been of a favourable character. The
weekly returns of the Bank of England show a
further decrease in the stock of bullion to the ex-
tent of nearly a quarter of a million, so that the
fears of a plethora of gold and a consequent dis-
arrangement of monetary transactions arising from
the gold discoveries in California and Australia
have not, as yet, been realised. It will be remem-
bered that a short time since, when the directors of
the Bank of England raised the minimum rate of
discount, it was said to be owing to the fears of a
drain from France to meet losses in Bourse specu-
lations. The check for a time was effectual, but it
is now said that the exportations of gold to France
are still going on, though in small quantities, but
with more frequency. Since the Bank account was
made up there have been several arrivals of gold
from Australia, viz. :—The Clifton, 27,507 oz. ; the
Brilliant, 15,183 oz. ; the John Taylor, 10,847 oz. ;
the Sir Robert Sale, 13,836 oz.; the Vimiera,
45,000 oz. ; and the Admiral, 22,000 oz., making
altogether about £530,000, besides what may have
been in the hands of passengers. The whole,
however, is no great sum against the drain which
seems constantly going on.
The state of the Cotton market is now exciting
considerable interest, and the reports from America
are looked forward to with great anxiety, as the
future value will much depend upon the final reali-
sation of the last crop. The attempts of the Man-
chester men to depreciate this market, by with-
holding all purchases beyond immediate require-
ments, have had the effect of limiting speculation,
and preventing a corresponding rise to that which
has taken place on the other side the Atlantic; but
they have not succeeded in producing the fall which
was anticipated. The advices received by the steamer
Atlantic on Wednesday show a still further dimi-
nution in the receipts at the shipping ports, and on
Friday the firmness in this market was secured by
the account that the actual stock taken that day
showed a deficiency o 4 65,300 bales, as compared
with the estimated stock, the discrepancy arising in
consequence of carriers forwarding Cotton imported
by spinners direct from the ships, and withholding
any return of them from the brokers. The effect of
this discovery is considerably to alter the aspect of
the weekly consumption, which, instead of being
2,300 bales per week below that of last year, as pre-
viously shown, is now proved to have been more
than 1,000 bales above it. In estimating the pro-
babilities for the future, it is necessary to take into
account not only the now diminishing receipts, and
also the increased consumption, which, in spite of
the Manchester reports, ooze out from some of
their trade circulars, but also the easiness of the
Money market, which must tend to inspire confi-
dence. The spinners are known to be very light in
stock even by their own admissions : Yarns, except-
ing perhaps the lowest qualities, are in good demand
at firm prices, and a continued advance in the value
of Wools,, the supply of which is below the demand,
must have the effect of improving the value of
Cotton manufactures, with which in many descrip-
tions of goods it enters into competition. We see,
therefore, no reason to lower that confident opinion
which we have previously expressed as to the pros-
pects of holders in our market.
Although the uncertainty as to the fate of the
Budget has prevented any decided operations, yet
no doubt is entertained of the proposed reductions
in duty on Soap and Tea being carried into effect,
and the market throughout the week has presented
a considerable degree of firmness on almost all de-
scriptions of produce. In Tea some large pur-
chases for speculation have been made in sorts
most likely to enter into general consumption, and
the tendency to a rise may have been further in-
duced by the reports of the rebellion in China
having assumed a very formidable appearance,
although by some it is considered that it will not
have any very sensible effect upon the Tea trade. We
have, however, so little information on the internal
affairs of the Celestial Empire, that it is difficult to
prognosticate the consequences of any movements
in which we have no direct concern. As increased
consumption of Tea will, no doubt, lead to a corres-
ponding increase in the consumption of Sugar. this
latter article has experienced an active demand,
particularly in qualities for refining purposes. The
materials for Soap have also experienced considera-
ble improvement, and an active business has been
done in Palm Oil and Tallow, both on the spot and
for arrival; and now that an efficient line of steamers
has been established between this country and the
coast of Africa, a very extensive trade in the former
article may reasonably be anticipated.
The return from the Bank of England, for the
week ending the 23rd of April, gives the following
results, when compared with the previous week :
Public deposits .. £3,712,989; Decrease £67,227
Other deposits .. .. 13,206,923 ; Decrease 416,045
Rest .. .. 3,114,339 ; Increase 3,868
On the other side of the account—
Government securities £13,221,382 ; the same as before.
Other securities .. 13,632,497 ; Decrease 452,540
Notes unemployed .. 8,584,145; Decrease 322,575

. .
The amount of notes in circulation is £23,408,330,
being a decrease of £204,835 ; and the stock of
bullion in both departments is £18,551,181, show-
ing a decrease of £238,815, when compared with
the preceding return.