The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-03-22 00:00:00

THE LIVERPOOL STANDARD, TUESDAY, MARCH 22, 1853.

COMMERCIAL AND MONETARY NEIL S.

MONDAY NIGHT.
THE late arrivals of gold, though larger than or-
dinary, and the prospect of further supplies almost
daily expected, have not had the effect of enhancing
the value of public securities ; but, on the con-
trary, they have gradually declined. If this fall
has been occasioned by the demands for commercial
operations leading to sales of stock, it is rather satis-
factory than otherwise, and the continued buoyancy
'of most of the home markets afford a reasonable
ground for believing this solution to be the true
one. Nothing has yet transpired as to the inten-
tions of the Chancellor of the Exchequer, with re-
ference to the interest of the National Debt; but it

may be remarked that the Three-and-a-Quarter per
Cent stock has for some time past been at least four
per cent in price above Consols ; and as the intrin-
sic difference in value is not more than ten shillings
per cent, it may be that the moneyed interest enter-
tain the belief that the Government contemplate a
reduction in interest on the latter stock. Without
expressing any opinion on the propriety of such a
step, we must admit that the large receipts of bul-
lion, the heavy balances in the Exchequer, the high
price of public securities, and the satisfactory state
of the Revenue, seem to present a favourable oppor-
tunity for making such an important saving in the
National Expenditure. If Mr. GLADSTONE really
possesses the ability which his friends claim for
him, he may present a Budget which will startle
by its daring those who have not thought of the
possibilities. If he wishes to immortalise his name,
he may propose a reduction of Two Millions a year
on the interest of the National Debt, and with the
present surplus Revenue render unnecessary a re-
imposition of the Income-tax, except, perhaps, a
very small rate on realise 3 property. The returns
of the Bank of England show an increase in the
stock of Bullion to the extent of only £83,998; but
it must be remembered that the account is made up
to the close of the previous week, and the late
large arrivals of gold have been received since that
date.
The manufacturers of Manchester seem to have
recovered from their apprehension of being over-
stocked with the raw material; and recent accounts
report an improved demand, ;both for yarn and
fully manufactured goods. This is, no doubt, owing
to the firmness of the Liverpool holders, and the short
stocks in the hands of the spinners, and confirms
the opinion we expressed a short time since, that
the decline in the value of low quality goods was
but a slight re-action, which would, probably, be not
of long duration, and that the agreement to work
the mills short time was but a movement with a
view to influence the Liverpool market. The ac-
counts from America, though agreeing hi the reports
of a large supply, by means warrant the concht•

sion that it will prove excessive, more particularly
when the increasing demand for actual consumption
is taken into account. At the same time, it must
be admitted that in estimating the prospects for the
future, much will depend on the receipts at the
American ports during the present month, and con-
sequently the advices by each mail will be looked
for with a considerable degree of anxiety. At Not-
tingham, the hosiery trade is in full activity ; and the
markets for most descriptions of produce display
great firmness.

There is much agitation now going forward for
the repeal or reduction of duties on articles of gene-
ral consumption, with a view of influencing the
CHANCELLOR of the EXCHEQUER in the prepara-
tion of his Financial Statement, which is promised
on an early day after the Easter recess. The ques-
tion of the abolition of the Soap-duty has been
taken up by influential parties; numerous petitions
on the subject have been presented to the House
of Commons, and on Friday a deputation, consist-
ing of Mr. JAMES ASPINALL TOBIN and Mr.
GEORGE HORSFALL, of this town, accompanied by
Mr. CHARLES TURNER, M.P., waited upon the
CHANCELLOR of the EXCHEQUER, in order to
press the subject upon his attention, with reference
to the trade in Palm-oil from Africa. The reduc-
tion of the duty on Tea, which was promised by
Mr. DISRAELI, has also been stoutly advocated,
and a London merchant has issued a rather volu-
minous circular, which he entitles—" A few words
on the Tea duties." He advocates a large and im-
mediate reduction, and confidently predicts that it
will cause no loss to the Revenue, by the impetus
which it will give to increased consumption. He
combats the objection which has been raised as to
the difficulty of obtaining increased supplies from
China, by stating that the whole amount now im-
ported does not exceed a fortieth part of the quantity
consumed in the Celestial Empire, and that any
probable amount of increase could he supplied with
the greatest facility, owing to the vast resources of
that country.
The attempt of some Liverpool shareholders'to
repudiate thd Preference Shares of the North British
Railway, on the alleged illegality of the resolutions
by which the Preference Stock was created, has
naturally excited much indignation, as being an act
fully as dishonourable as the notorious repudiation
of Pennsylvanian Bonds. It has, however, been
twice defeated ; for, on the application to the Court
of Session in Scotland, the Lord Ordinary gave
judgment against the repudiators, and condemned
them in costs; and at the half-yearly meeting held
in Edinburgh, on Friday, the motion to refuse the
payment of dividends on the Preference Shares was
lost by a large majority, only three hands being
held up for it. A poll was demanded, and the
result was a majority of 9,896 to 5,958 votes against
the repudiation. This decision does honour to the
company, for it would strike at the root of all con-
fidence in share dealings, if such engagements were
allowed to be set aside on a mere charge of infor-
mality. Another good sign at the meeting was, a
vote of want of confidence in the deputy-chairman
for his collusion with the Liverpool repudiators.
The return from the Bank of England, for the
week ending the 12th of March, gives the following
results, when compared with the previous week :
Public deposits .. 7,607,914; Increase £295,163
Other deposits .. .. 13,051,136; Increase 428,835
Rest .. 3,622,448; Increase 4,746

On the other side of the account—
Government securities £13,464,53b ; the same as before.
Other securities .. 15,396,827 ; Decrease £4,393
Notes unemployed .. 10,665,430; Increase 579,400

The amount of notes in circulation is £21,713,170,
being a decrease of £562,700 ; and the stock of
bullion in both departmentr is £18,973,310, show-
ing an increase of £83,998, when compared with
the preceding return.

ISSUE DEP
Notes issued .. £32,378,600 I

£32,378,600

BANKING D
Prop.'s capital £14,553,000
Rest 3,622,448
Public deposits 7,607,914
Other deposits
7-day, &c. bills 1,292,007