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

FINANCIAL AND COMMERCIAL SUMMARY.

The depression and embarrassments in the commercial
world are, if anything, aggravated since our last, and al-
though last week several cabinet councils were held,
nothing has been permitted to transpire as to the result of
their deliberations.
The stringent proceedings of the Bank of England have
been the leading topic of discussion in the monetary circles,
the rates of interest charged far exceeding anything known
in regular banking business for upwards of a century. No
specific rule is adhered to, but it is currently reported that
they have exacted at the rate of 9 per cent. on public
securities, and it is an ascertained fact that they have taken
at the rate of 74 per cent. on commercial paper, with
scarcely five weeks to run.
. _

By the return of the Gazette, the movement of the
Bank of England for the week ending on the 9th instant,
gives the following changes compared with the week end-
ing on the 2nd instant :
In the department of issue the notes in circulation had
decreased £160,110, which had been accompanied by the
decrease of £181,316 of gold coin or bullion, and an in-
crease of X 21,206 of silver bullion.
_ _ _

On the debit side Of the banking department the Rest
had increased £22,078, the public deposits had increased
£85,656, the private or other deposits had decreased
£4•21 4379,86
, making7l, and
hethtesetvoetnai of the liabilities
daytaindotherbills3h6a,odirTuBesa. increased
On the credit side the Government Securities had de-
creased £235,000 ; the other securities had increased
£177,514 ; the notes had decreased £87,600, and the gold
and silver coin had increased £4,553, which squared the
account. _ _ _

The bullion in both departments of the bank had de-
creased from £8,565,307 to £3,408,750, being a difference
of £156,557.
The paper in actual circulation, including the seven-day
and other post-bills, had decreased from £19,577,278 to
£19,503,372, being a difference of £73,906.
The Liverpool Cotton Market was last week—if any
alteration can be noticed—not quite so much depressed ;
that is, sales have not been so much pressed. This will
be accounted for by the fact that the arrival of the Ame-
rican steamer was expected to bring sual news as would
give the market a firmer tone ; prices are lower to the ex-
tent of id. to Id. per lb, at which reduction nearly 4,000
bales have been taken on speculation, and 1300 for export.
The total sales were 21,700 bales, leaving the quantity for
home spinning upwards of 16,000 bales. The imports
have this week been very large, viz., 47,500 bales. The
estimated stock of cotton is now 415,470 bales against
614,600 bales last year. The prices of the committee of
brokers were declared to be as follow:—Bowed, 5;d.;
Mobile, 51d. ; and Orleans, Gid.
The tendency of the Corn Markets was last week down-
wards, and, although no reduction in prices could be
quoted at Mark-lane on Friday, the market was decidedly
weaker. At Liverpool there was a decline of 3d. per
bushel from Tuesday's rates. At Wakefield the decline
was 2s. per quarter.
In the manufacturing districts trade is quite at a stand
still, and it is stated in the Manchester Courier, of
Saturday, that whilst the present uncertainty obtains, it
becomes a matter of great indifference with the majority,
whether they do any business or not, until they are better
able to judge of the likelihood of their sales being met by
payment in due course. On the other hand, there are
very extensive orders from abroad held by buyers, who,
however, will not operate, not by any means because the
present range of prices is too high for them, but because
of the present stringency in the money market and high
rates of discount, which preclude the possibility of getting
their remittances turned into cash to meet the purchases,
except at,seriously high rates, and even were they willing
to pay the high discount charge, there is no knowing one
day before another, whether they will be able to obtain
discounts at all. Under such etseurnstances there is uo
wonder that they should keep back their orders ; but the
effect of such a stoppage to our export trade is to place an
insuperable bar to the return of bullion to this country,
the absence and export of which was the first cause to
lead us to the present commercial mania.
We have, on the whole, satisfactory accounts from
America. by the Britannia. The commercial houses there
te-
at
earece not,n t.
f theirhowever,
c claims,
iemx ps
nearly d th Thee
c
maintain their standing. The creditors in America of
Prime,eiv e more Ward,
a rdhn
whole of the funds of the house being absorbed in meeting
the drafts protected by Messrs. Overend and Co. Cotton
was a little lower, the news of the growing crop being
t and n
Co. e
rp
much better. Breadstuffs had advanced in value, and the
stock in New York being very light, little was shipping to
this country. Freights had, in consequence, receded to
Is. 3d. to ls. 6d. per barrel for flour, and id. per lb. for
cotton : thus extremes beget extremes, the high rates
of the spring causing ruinous rates in the autumn. Ex- '
change was 108 k to 1081 for private, and 109 for bp.nk
bills.

Notwithstanding the enormous fluctuation during the
account, only two small defaulters have been. declared in
the London Stock Exchang e
the differences being, in a
public point of view, of noimportance whatever. It is,
however, stated that a very great number of the out-door

operators have been extinguished ; as a proof of which the
courts and alleys surrounding the Stock Exchange were
clear of their presence on Friday morning. The pres-
sure for money in the house has been very severe, and the
rates of interest charged proportionably high, every effort
very naturally being made to avoid forcing securities on
the market. As much as 9 and 10 per cent. was current
on `Exchequer Bills for eight or ten days.
A meeting of the creditors of Messrs. Lyall Brothers
and Co., was held on Saturday. The statement submitted
shows a deficiency of £188,831, and a dividend of not
quite 95. in the pound ; but with commendable care to
guard against expectations that may prove fallacious. the
firm have excluded all estin.ate of the sums that may be
received from the estate of Lyall, Matheson, and Co.,
except such as are actually looked for by the three next
mails. Hence a claim of £203,675 figures in the assets
at only £60,000. Messrs. Lyall appear to think that the
Indian house " will be able to meet all their engagements
by the sacrifice of the partners' capital," in which case
the dividend would be increased to about 17s. ; but,
taking the much more probable supposition that that
house will not pay more than 10s. or 15s. in the pound,
the dividend from the pregent estate would then range
from about lls. to 14s. The concern is to be wound up
under inspection.
On the same day a meeting of Messrs. Usborne and
Sons' creditors took place. The balance-sheet nresented
shows a dividend of Ils. 3d. in the pound, and Messrs.
Usborne have made a proposition to pay 11s. in the pound
in the following manner, namely 7s. on the. 15th of No-
vember, 2s. on the 15th of February, and 2s. on the 15th
of May, the meeting agreed thereto.
With regard to the Abingdon Bank, the stoppage of
which has been mentioned, it is understood that Mr.
Luard, the manager of the London and County Bank,
left London on Saturday with the expectation of making
arrangements by which it may be enabled to resume busi-
ness. Should this step succeed, the concern will hence-
forth be carried on as a branch of the London and County
Bank.

Advices from Riga, dated October 7th, quote the ex-
change 34d. Of new sowing flax seed 24,000 barrels had
already arrived, of which 15,000 had been sold, chiefly for
Belgium and Germany, very little having been bought for
Ireland. The market for hemp was flat. Intelligence
had been received of the failure of Perkins, Schlusser, and
Muliens, but it does not appear to have produced any bad
results.