The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-04-20 00:00:00

FINANCIAL. AND COMMERCIAL SUMMARY.

The step taken,by the directors of the Bank.of England,
in advancing the rate of interest to 5 per cent., although:
it has seriously affected the price of government and othe,it
stocks, does not appear to have repressed the spirit, of
speculation which forms the prevailing feature of our lead-
ing produce and food markets, which oontinue to exhibit
a rising tendency.
A slight advance in the price of Consols was experienced
on Tuesday,,which was lost in the coursootthe day,,owing
to an impression prevailing that the Gazette accounts of
the Bank of England would be unfavourable, coupled with

the advance in tie corn markets. The former expectation
was fully realized on the appearance of the Gazette, which
showed a decrease in the public- deposits of X 1,017,572,
and in the. rest a decrease of £599,565, with an.increaseof
other deposits amounting to £1,7,55,653.
The amount of notes in circulation is X 20,403,425, being
an increase of £548,485 ; and, the stock of bullion in both
departments is £9,867,053, showing &decrease of £379,357
when compared with the preceding return, anti of upwards
of five millions below the ordinary stock held. A large
portion of this deficiency, it has beennseertained, has been
drawn off to cover our purchases of grain in the United
States, to which the amount of specie registered as im-
ported into the three principal ports---namely, New York,
Boston and New Orleans—between January Ist and the
sailing of the steamer was not much below £2,000,000
sterling, to which must be added very large sums taken
out by passengers of all descriptions (emigrants as well as
others), of which no record is made.
_ _

The arrival of the Hibernia mail steamer from Boston,
bringing dates to the Ist inst., has renewed the excitement
in the market for our principal staple, cotton, which may
be quoted fully one halfpenny per pound higher theism
the close of last week. The accounts of the crop are
generally confirmative of the anticipations held out of a
short crop, 1,800,000 bales being now stated as the ex-
treme quantity, whilst other accounts give it still lower.
The falling off of the receipts at the ports in America was
considerable, as compared with the receipts at the corres-
ponding period of last year ; and hence deficiency in the
stocks in the interior is augured. Many good authorities,
however, maintain that this test will prove a fallacious
one. Holdersf at the plantations are said to be not at all
anxious to hurry the crop to market, the high freights
offering for bread stuffs to Europe operating as an induce,
ment to hold back their supply for the present; whilst
the river shipping is almost exclusively employed in the
transport of provisions, at higher rates than th planters
feel disposed to pay. Probably, when this prelsing de-
mand for freights abates a little, we may find that the
stocks are not so limited as speculators would induce us
to believe.
Upon this subject the circular of Messrs. White and
_ _

Lewin, of New 'fork, made up to the 31st ult., states :
" The improved feeling and adyance in prices bas not been

confined to this market alone, but has been throughout
the entire south, and has resulted from the fact that a very
material falling off in the receipts at the ports has taken place
during the past month, and an impression which has become
very general, that the total crap will be much less than had
been previously supposed. In our last circular the excess in
the receipts since the Ist of September last, as compared with
those of the year previous, was 51,500 bales, while by reference
to the comparative statement given above, it will be seen that
the figures show a decrease on those of last year of 76,108 bales,
making a total falling;off in the receipts during the past four
weeks of 127,608 bales. The deficiency is likely to be an in-
creasing one for some four or five weeks to come, after which
it is likely the receipts may keep pace with the limited quantity
received last season. At all events the extent of the crop for
the season 1846-7 may be ascertained with sufficient accuracy
for commercial purposes by the Ist of May. The most gene-
rally entertained estimate in the extreme south is below
1,800,000 bales, and even in Charleston and Savannah, where
hitherto the estimates have been largest, they are reduced to
1,800,900 bales."

Another circular, that of Messrs. Schmidt and Co., of
New Orleans, dated March 18th, confirms the views ex-
pressed above, as to the supply being kept back. Refer-
ring to some large operations in that market, they say :
"The cause of this renewed improvement in the condition
of our cotton market must be attributed exclusively to the
sudden and palpable falling off in the receipts of the article at
the various points, and which has created a very.general belief,
that the crop will be smaller than was first anticipated, not ex-
ceeding 1,800,000 to 1,930,000 bales. On the other hand, it is,
however, proper to add, that the very sudden manner in which
the receipts have fallen off, has awakened suspicions in the minds
of many persons, {educing them to maintain that the supplies
are purposely kept back, and who, looking to the precedents of
former seasons, continue to count with confidence upon a fair
proportion of receipts during the remainder of the year. The
true state of the case cannot remain much longer a matter of
doubt ; in the interregnum, however, without the aid of fur-
ther and decidedly bad news from Liverpool, material reduc-
tion in prices here can scarcely be loot ed for."
The operation of these accounts upon the Manchester
market has been to increase the gloom previously existing
and to give a further stimulus to the working of short
time. The stocks of goods offering have been generally
withdrawn for higher prices than buyers were disposed to
give; and unless such higher prices are acceded to, produc-
tion cannot possibly go on. The orders brought out by
the Hibernia are represented to be very considerable; and
as manufactured goods are very scarce throughout the
United States, it is probable that the demand from that
quarter may in time give a little activity to the trade. At
present, however, there is no chance of anything extensive
being done at the low limits sent out.

Our corn market during the past week has exhibited
considerable activity, and higher prices have been given
' for all descriptions. It seems now to be pretty generally
held that we can have no relaxation of the existing rates
for a while, owing to the demand for the continent and
the difficulty in finding tonnage for the stficks held in
America. It is anticipated by the growers and merchants
that they will be enabled, in the course of a few months,
to pour large supplies into this country, their last harvest
being untoucheo this year, and a large surplus of that of
the preceding being still available. The shipments from
New York alone from September last, when the necessi-
ties of Europe were first known in that country, up to the
middle of March, have been, of flour, 909,949 barrels ;
corn, 3,081,314 bUshels; wheat, 1,304,846 bushels ; and
rye, 596,484 bushels. Taking the probable wants of Great
Britain for the present year to be 92,000,000 bushels,
America has thus sent us about 17 per cent of our defi-
ciency. It is calculated, howeverf, that in the next five
months she can more than make up the remainder, having
a surplus of at least 150,000,000 bushels, after providing
for her own population.
From St. John's, New Brunswick, the date of our
papers extends to the 27th of February. These state
that a scarcity of shipping had been created by the number
of vessels taken up for employment in the American
trade. The subject is thus alluded to :
" Only one ship has been chartered this month for timber or
deals, and the rate was 115 s. sterling per stand for having cargo
delivered. All other vessels have been taken up or have sailed
for ports in the United States, and some new ships have also
gone in the same direction. Inquiries are made for vessels to
take deal cargoes, and .e 6 per stand has been offered and
refused. No sales of timber to report, but the price asked is
30s. for 20 inch description. Deals are scarce. Red pine is
Iss. to 205., and birch 15s. to 225. Gd. Sterling Bank Bills
continue 8 per cent."
Freights at Quebec were low as compared with the
rates at New York. Two ships for Liverpool were taken
up on Saturday, March Gth, for flour at ss. 3d., for one
or about 900 tons, and ss. 6d. for a ship of 700 tons.
There will be twenty vessels (now building) ready for sea
by the 20th of May, capable of taking 150,000 brls.
flour. Freights at New York on the 19th, were quoted
at 7s. and 7s. Gd., showing them to be much higher than
the before-mentioned quotations at Quebec.
It is stated that the Bank of England has been offi-
cially made the agents in this country for the Russian
government. It may he hoped that the autocrat, by way_
of keeping a good account, will make a large lodgment or
his surplus gold here.
The amount of business transacted in railway
shares
during the past five days has been rmore limited thaii for
considerable time past. No dealings of any particular
and
moment either have occurred in any line at any time,
unless business were entirely suspended, a more. inactive
condition of things could not wail be co.ncei% primp
during the greater portion of the "ed., were heavy at
successive declines,
but no sooner did the Consol market
become firmer, than values improved to a proportionate
extent, and our usual weekly comparison of prices eAltibita
a rise ill variOu.9 instances.