The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-02-09 00:00:00

FINANCIAL AND COMMERCIAL SUMMARY.

The Court of Directors of the Bank of England met on
Thursday afternoon, and adjourned, without having or-
dered any increase in the rate of discount, as was fully
expected in some quarters. It appears that many of the
directors are averse to further restrictive measures, and do
not expect that the bank will decide upon further raising
'the rate of interest at present. One great drawback to the
export of the precious metal is, the high rate of premium
now charged.
' The apprehension of approaching tightness in the money
market, however, still continues to depress commercial
activity, which is further affected by the diminution of
foreign exports and of consumption at home, caused by
the existing high prices of provisions. Some dissatisfac-
tion exists amongst the commercial classes, both here and
elsewhere, in consequence of the impression, which has
been excited by the wording of Lord John Russell's an-
nouncement of his Irish measures, that the amount re-
quired, or a portion of it, for the relief of distress in that
country, will be taken directly from the ordinary revenue
of the year, thus putting an end to all prospect of reduc-
tion in the tea duties, &c. ; and a memorial has been pre-
sented to Government on the subject. It is argued that
the funds for this purpose, a great part of which are to be
repaid in course of years, ought to he raised by way of a
loan similarly repayable. It does, indeed, seem hard that
the present generation should be called upon to furnish a
large sum of money, the benefit of the repayment of which
will accrue to their successors. The Ministerial intentions
upon the subject are looked for with some anxiety.
Our cotton market this week has not maintained the
slight improvement, noticed in our last, as having been
caused by the arrival of the Patrick Henry from New
York. The sales made up to Friday were 27,040 hales, of
which 7800 American and 600 Egyptian were taken by
speculators, and 850 American, 600 Surat, and 120 Egyp-
tian were for export, leaving 17,070 for the trade. The
market closed heavily, with prices Id. per lb. lower, fair
cotton being quoted by the Brokers' committee at 61d.
for Bowed, 70. for Mobile, and net. for Mobile. The
arrivals for the week were only 14,977 bales. The stock
on hand is now reduced to 449,510 bales, against 867,440
bales at the same period last year.
By the packet-ship Yorkshire, which arrived on Friday
night, we have advices from New York to the 16th inst.
A portion of her news will be found in another columns
The financial operations of the Government to meet the
expenses of the Mexican war, by the issue of transferable
notes of 50 and 100 dollars each, bearing 6 per cent. in-
terest, to be receivable for duties and secured by the pro-
ceeds of sales of the public lands, appears to have met
with favour in the monetary and commercial circles in the
United States; and is expected to operate favourably
upon the exchange with this country. A good deal of
animation had prevailed in the cotton market since the
sailing of the packet of the Ist ult. ; and an advance had
been realised of from Ito t cent per lb. Freights to
Liverpool, however, were less active, the last rates being
5-16 d. to tel. per lb. for square bales.
From New Orleans the dates are to the sth ult., at
which time the markets for breadstuffs and cotton had
given way, and freights had fallen. The rates to Liver-
pool were for cotton Id. per lb., flour ss. per barrel, and
corn 151 d. per bushel. '
The leading grain markets throughout the kingdom
continue to manifest a downward tendency, although
every effort has been made to sustain prices. he demand
for Ireland has abated ; and farmers in that country are
bringing forward stocks much larger than it was thought
were on hand. The farmers in the corn districts of
Great Britain, satisfied that prices have attained their
maximum, are pouring in their supplies in similar abund-
ance • whilst it is now certain that a vast quantity must
speedily reach from America and European ports. As a
proof of the stocks which farmers have hitherto had avail-
able, and which are now coming forward, we give the fol-
lowing statement of the arrivals at Wakefield market for
the months of January, 1846 and 7 :
Year. Wheat. Barley. Oats. Beans. Peas.
Qrs. Qrs. Qrs. Qrs. Qrs.
Jan. 1846. 37,102 25,645 6,616 4.832 1,860
Jan. 1847. 99,647 20,580 18,702 12,314 1,843
The yearly statement of Messrs. Aylwin, Doss, and
Co., of Mirzapore, (" the Manchester of India,") for
1845-6, received by the last arrivals, gives us a compare.
tive statement of the trade of Bengal, for the last and
preceding twelve months. The new tariff, which came
into operation on the Ist of June, 1845, by which in-
creased duties were authorised to be levied on several de-
scriptions of imported goods, has had the effect of dimi-
nishing imports, except in the articles of cotton, yarn,
and cloths, whilst it must have, at the same time, disap-
pointed the expectations of an increase of revenue to be
derived from its operation. The import of woollens has
declined in the year from 221 lees to little more than 10
lacs ; of metals from 99 lacs to 57 lees; and of wines and
Spirits, from 211 lacs to 15 lacs. The general reduttion
in imports amounts to nearly a million and a half ster-
ling; the to al number during the past year having been
62,000,000 r. against 76,900,000 r. in 1144-5. sere is,
however, one item of import in which a singulat'increase
has been observable—namely, English salt, no less than
18,500 tons of the finest description having been intro-
duced,—a circumstance which has interfered with the
Indian revenue by retarding the sale of the native salt
manufactured for Government, and of which the quantity
in store is understood to exceed 300,000 tons, valued at
three millions sterling.
On the other hand, the general results of the export
trade exhibit a favourable aspect, the total amount being
104,000,000 r., which shows an increase over the preceding
year of 11 lacs. Indeed, the exports of the country have
gone on increasing since 1835 until they have nearly
doubled. The most remarkable increase has been in the
article of sugar, the export having risen from 2,839,000 r.
to 17,893,000 r. In opium, indigo, raw silk, rice, saltpetre,
and hides, the increase has also. been considerable. The
export of raw cotton shows an opposite course, and has
been steadily diminishing year by year during the last 12
years ; the value of the exports, which in 1836, the last
year of prosperity, was 38 lacs of rupees, having now
fallen as low as 9,lacs. The export of cotton piece goods
to Great Britain, which once gave activity to 100.000
looms, has also rapidly diminished, and is now nearly ex-
tinct. With regard to the supply of cotton twist to the
presidency of Bengal, Messrs. Aylwiu contend that the
British manufacturer would find on advantage in con-
signing his goods direct to Mirzapore,. via Calcutta, in-
stead of sending them to an agent at Calcutta for sale,