The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-04-12 00:00:00

I COMMERCIAL AND MONETARY NETT S.

MONDAY NIGHT.
AMIDST the various speculations which have taken
place on the long-expected Financial Statement of
the CHANCELLOR Of the EXCHEQUER, which he
• has promised to make on Monday next, we may
take credit to ourselves for having been alone in
predicting that he would interfere with the Interest
of the National Debt. So far he has anticipated
the Budget ; as, on Friday, he proposed a series of
resolutions with the view of reducing the Interest
upon certain portions of the Three per Cent. Stock,
with permissive powers for the voluntary conversion
of a further amount. The first part of the scheme
provides for paying off the following Stocks, which
unnecessarily at present form distinct features of
the public liabilities, namely—
Debt due to the South Sea Company, at 3
per cent. .. .. .•
Old South Sea Annuities, at ditto
New South Sea ditto, at ditto
South Sea ditto, 1751, at ditto,
Bank Annuities, 1726, at ditto

£3,662,784
3,010,378
2,137,984
480,200
709,292

£10,000,638
And that the holders of these are to have the option
of £lOO in money for every £lOO stock, or of
taking instead—
£B2 10s. New 31 per cent. Stock guaranteed against re-
duction for 40 years—namely, till the sth Janu-
ary, 1894, and which will yield an annual interest
of £2 17s. 9d. ; or,
£llO tr-o-and-a-half per cents., auaranteed till sth Janu-
ary, 1891, and yielding annually £2 15s. •, or,
£lOO Exchequer Bond, bearing 21 per cent. for 10 years
—namely, till Ist September, 1864, and 2.1 per
cent. for an additional 30 years—namely, till
September, 1894.
Another of the resolutions provides that all holders
of Consols or Reduced (the aggregate amount of
which is £494,093,474), are to have the power,
by giving notice any time before the lath of
October next, to commute those stocks for
either of the three descriptions of new secu-
rities now to be created, but a subsequent
resolution states that no amount of Exchequer
Bonds shall be issued, exceeding, in the whole,
the sum of thirty millions; so that, in the event of
this becoming the favourite mode of conversion, it
will be necessary to apply to Parliament for new
powers. Upon the plan becoming known, it was
so far favourably received that Consols advanced in

value; a fact which may be accounted for by the
proposed conversion of a portion creating a scarcity
of the floating amount on the present basis. The
proposal to create a new Three-and-a-half per Cent
stock at £B2 lOs., and that for Exchequer Bonds
at Two-and-Three-quarter per Cent for ten years,
are thought to be advantageous, though unneces-
sarily favourable to the public creditor ; but the
second proposal, of giving £llO for a Two-and-a-
Half per Cent stock, though paying the same
amount of interest, is thought to be injudicious,
because it will virtually be adding to the capital
stock, and may render the future dealing with it a
matter of greater difficulty. The scheme, on the
whole, displays considerable ingenuity; but it
would have been considerably simplified had it
been confined to the creation of a new stock bearing
interest at 21 per cent for a guaranteed term of
years, which would have made it an acceptable
bargain, with the addition, perhaps, of a limited
amount of Exchequer Bonds, on the terms, proposed.
The activity which was prevalent in all depart-
ments of the Home trade during the previous week
has experienced a slight lull, which is no more
than might ordinarily have been expected; but
nothing has occurred to destroy or even weaken
the general feeling of confidence in the maintenance
of prosperity, which has prevailed for some time
past. The intelligence brought by the Africa hav-
ing been acted upon by anticipation, there was no
further impetus given to the Cotton trade in this
port, but prices have been well maintained,, and
holders have, as yet, shown no disposition to realise,
except at full rates.. Even Manchester has- re-
frained from its late grumbling tone ; and the
reports from the other manufacturing districts con-
cur in representations of continued activity in every
department of industry.. Nothing has yet occurred
to mar the predictions which we ventured to ex-
press a short time since, and we entertain no doubt
but that Cotton will reach even a higher figure
before a falling off in the demand will show that
the supply has been in any degree excessive.

_ .
The returns of the Board of Trade for the month
ended sth of March, have just been published_ rn
the declared value of British goods exported, there
is an increase of £919,097, as compared with the
corresponding month of last year. The increase is
principally upon Metals, £325,087 ; Cotton Ma—
nufactures, £2'3.1,485.; Haberdashery, £162,237';
Woollen Manufactures, £90,03T; Leather, £80,682;
and Silk Manufactures and Thrown Silk, £88,345;
while there is a decrease in Cotton Yarn of .r.,123,417,
and Woollen Yarn, £18,715. In imports of raw
materials there is a decrease in Hemp, Silk, and
Tallow, and an increase of Flax, Cotton, and'Wool.
The quantities of Provisions,. &c., taken for home
consumption, shows an increase in Wheat,. Flour,
Cocoa, Coffee, Sugar, Rice, Spirits, Tobacco, and
Spices ; and there is a decrease in other Grain,
Indian Corn, Butter and Cheese, Eggs, Tea, Wine,
Opium, and Fruits.
The return from the Bank of England,,for the
week ending the 2nd of April, gives the-following
results, when compared with the previops,week :
Public deposits .. £8,234,115; Decrease £234,643
Other deposits .. 12;690,203 ; Decrease 31,579
Rest .. .. 3,635,929 ; Increase 5,291

On the other side of the account—.
Government securities £13,464,535 ; the same as before.
Other securities .. 16,385,120 ; Increase £453,673
Notes unemployed .. 10,182,860; Decrease 607,450
The amount of notes in circulation is £22,387,170,
being an increase of £593,475 ; and the stock of
bullion in both departments is £19,007;449, show-
ing a decrease of £115,547, when compared with
the preceding return.

ISSUE DEPARTMENT.
Notes issued ..432,570,030 Govrnt. Debt.. £11,015,100
Other securities 2,984,900
Gold c0in5z,bu1n.18,550,876
I Silver bullion .. 19,154

432,570,030

X 32,570,030

BANKING D
Prop.'s capita1.X14,553,000
Rest.
Public deposits. 8,234,115
Other deposits. 12,690,203
7-day, &c. bills. 1,356,690

£40.469,937