The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-11-09 00:00:00

FINANCIAL AND COMMERCIAL SUMMARY.

We are glad to say that during the past week greater
confidence has been exhibited in commercial circles ; but
though the markets are steady, there is not much im-

provement in prices and business continues to be tran-
sacted cn a most limited scale. There seems to be a
growing feeling that the worst is past, but though a slight
improvement has set in, it is not of course expected that
trade will for some time resume its accustomed vigour-
The state of our various markets will be found under the
usual heads.

The highest point reached by Consols during the week
was 8.31. which they reached on Friday and maintained on
Saturday. The lowest point was on Monday, when they
were depressed as far as 811, but since that day they have
gradually risen.
It may be accepted as fair evidence that money is be-
coming more easy, and confidence on the revival, that
Messrs. Overend, Gurney, and Co., the great discount
firm, gave notice on Friday, that in future they will not
give more for money on call than 5 per cent. The rate
allowed by them previously was 6 per cent. ; therefore
money is now 1 per cent. cheaper.
By the return of the Gazette of Friday the movement
of the Bank of England for the week ending on the 30th
ult. gives the following changes compared with the week
ending on the 23d ult. :—ln the department of issue the
notes in circulation had increased £144,045, which had
been produced by the increve of £119,157 of gold coin
and bullion, and an increase of silver bullion to the extent
of £24,888. On the debit side of the banking depart-
ment the Rest had increased £23,384, the public depo-
sits had decreased £70,362, the private or other deposits
had increased £330,933, and the seven-day and other
bills had decreased £15,678, making the total of liabili-
ties £32,629,628. On the credit side the Government
Securities had decreased £286,100: the other securities
had increased £942,769, the notes had decreased £370,530,
and the gold and silver coin had decreased £17,162, which
squared the account. The bullion in both departments
of.the Bank had increased from £8,312,691 to £8,438,874,
being a difference of-£126,183. The paper in actual cir-
culation, including the seven-day post bills, had increased
from £21,265,188 to £21,764,085, being a difference of
£498,897.

A meeting of the creditors of Messrs. Rickards, Little,
and Co.' whose stoppage occurred on the 9th ult., was
held on Wednesday. From the statement submitted to
the creditors, it appeared that the liabilities of the firm
amount to £144,676, while the assets do not exceed
£50,430. It was ultimately carried that the partners
should be allowed to liquidate the affairs of the estate
under an inspectorship.
A meeting was held on Thursday of the creditors of
Messrs. Barclay, Brothers, and Co., whose failure took
place on the 13th ult. From a statement submitted to
the meeting, it appeared that the liabilities of the firm
amounted to £389,504, and their assets to £398,491,
thus showing a surplus of £8987. A large portion of the
assets, however, consisted of sugar estates in the Mauri-
tius, which had been transferred by the Mauritius agents
of the firm, and there were creditors who held drafts of
the Mauritius agents upon the London firm, who would
not permit the transfer to be completed unless their
claims were secured. The settlement of the claims thus
described would reduce the assets of the estate to about
14s. in the pound, and when the contingencies connected
with the future prospects of realisations in the Mauritius
are taken into account, the dividend that will be ulti-
mately obtained must be expected to fall considerably
below that amount. At the conclusion of the meeting, it
was agreed that the affairs of the house should be wound
up under inspection.
The failure of the Honiton bank (Flood and Lott) was
announced on Thursday. It was an old firm, having
been established in 1786, and its authorised issue was
£19,015. According to the published return on the 9th
ult., however, its outstanding notes amounted only to
£14,906. The total liabilities are not supposed to be
large, and the partners express a full conviction that they
shall pay 20s. in the pound.
It transpired in the course of Tuesday that the private
bank of Adams, Warren, and Co., of Shrewsbury and
Market Drayton, had suspended payment. The author-
ised issue of this concern is £9700, and the whole of the
operations have been conducted on a very limited scale.
The London agents were Masterman and Co., who pre-
sume that the cause of their failure is the customary one,
of the funds being locked up in securities not immediately
available. The suspension of Messrs. Coates and Co.,
American Merchants, of Bread-street, Cheapside, with
branches in Nottingham, Manchester, and Liverpool, was
also announced. For the last fifteen years the firm have
been extensive buyers of manufactured goods for the
merican market, and disappointment in the receipt of
remittances is stated to be the cause of the stoppage.
The liabilities of the house amount to about £lOO,OOO.
On the 4th of the month, the bills which fell due were
most satisfactorily met. In London no failure whatever
was reported.

Messrs. T. and IL Littledale and Company, of Liver-
pool, m their monthly circular, which was issued on
Thursday, give a statement of their application to the
Bank of England on the stoppage of the Liverpool Royal
Bank, from which it appears that the rumours on the
subject were completely at variance with the facts. They
say, as mis-statements continue to be published, and much
misapprehension exists as to the late application to the
Bank of England, we think it well to state the facts for
the satisfaction of our friends abroad, which were simply
these :—" The stoppage of the Royal Bank, on the 18th
October, proved the climax of mistrust and alarm. At
such a juncture it was needless to apply to any other
kcal bank to take up the account ; we therefore went
to the Bank of England and asked them to open an ac-
count with us, on similar terms to those we had with the
Royal Bank, and to afford us facilities of discount to the
extent of 4100,000, both which were acceded to in the
handsome manner. No loan of consols or advance of money
was required or securities asked for, nor have we yet availed
ourselves of the amount granted for the discount of a sin-
gle bill." We take the following remarks on the present
position and aspect of mercantile matters from the same
source :—" We wish it was in our power to give a more
cheering view of the position of commercial matters, or to
express the confident hope that all danger was past, that
the storm had spent its fury, and that returning sunshine
might now be looked for. That the worst is over there
can be little doubt ; but the awful wreck that has taken
place, the number of fallen firms, the vast sacrifice of pro-
perty, the masses of dishonoured paper, and the large
amount of bad remittances still to be expected from India
before the tidings of disaster can reach Calcutta or him,
all tend to destroy confidence, or rather to prevent its re-
turn, and seriously to curtail the means of obtaining ac-
commodation. Recovery will be slow, but gradual. The
measures of the government, authorising the Bank of
England to extend their issue without limit at a minimumrate of 8 per cent. on good bills and good securities, has
no doubt prevented further disasters, particularly amongst
the banks ; but the remedy comes too late to be of effec-
tual service, confidence being so completely destroyed
that few bills are negotiable, and securities in the midst
of a prostrate trade are almost useless. A certain extent
of consumption, however, must go on, and the present
state of things will prove a total stop, or nearly so, both
to exports and imports. Our markets at home and abroad
will shortly get freed from every kind of stock, and
trade may then resume its wonted activity ; this, how-
ever must be a work of time. The Bank of England rate
being fixed at 8 to 10 per cent., and no limit put on its
issue, has made money more plentiful, and produced a
greater disposition amongst money-lenders to avail them-
selves of the profitable usury. The amount of paper cir-
culation will rapidly diminish, unless we have a great re-
vival in business, and we think the present high rates will
not long be maintained."

We also extract the following state of the cotton mar-
ket, during the past month, which, however, will have
been gathered from the statements which appear in the
Standard, week by week :
" The state of the cotton market during the past month
has been that of extreme depression, under the influ-
ence of the unprecedented pressure for money, and the
general derangement of trade, arising out of the nu-
merous and extensive failures that have taken place.
Prices have continued to fall, week after week, and in
American descriptions a decline of nearly Id. per lb. has
taken place, and our quotations for all sorts are regulated
accordingly. During the last week, the market assumed
rather a more steady and uniform character, and prices
having declined to a point materially below any other
market where cotton is produced or consumed,
i has at-
tracted the attention of foreign buyers, and n .cases
where the credits were available several Orders have been
executed. The sales in the month amount to 81,400
bales-12,300 on speculation, and 7,700 for export,
leaving 15,300 per week for the trade, which is less than
even the present reduced consumption. The import in
the same time has been 87,300 bales, and the stock is
now 418,490, against 570,900 last year."
The commercial intelligence from India by the present
mail is not of a character to lessen anxiety as to the state
of things that may ensue when the news of our recent dis-
asters shall reach that country. Money being comparatively
easy, the purchase and shipment of produce to England is
actively going on, and we have consequently still the un-
pleasant fact of freights being firmly maintained. On the
other hand, it appears that the demand for several descrip-
tions of manufactured goods continues to present signs of
revival. That this revival, however, will greatly extend
cannot be expected, while the present price of cotton and
iron, and the pressure for money here shall prevent its
being stimulated by sufficiently large and cheap arrivals to
counteract the possibility of a rise of prices.

CORRESPONDENCE.
BIRKENHEAD POOR-RATES.

TO THE EDITOR OF THE LIVERPOOL STANDARD.
SIR,—On Tuesday last many persons were summoned
at this place for poor-rates, and several papers report that
some defaulters pleaded that I had let them their houses
at a higher rent, that they might be free from taxes, and
me pay them. It is in part true. They being in general
poor, and keepers of lodgers, preferred paying their rates
weekly or monthly, with their rent, if I would pay their
taxes, which they could not meet in large yearly sums,
when demanded. My collector consented to the proposal,
on condition they paid their rent, but not else. The plain
fact is, that in few of those cases has half the rent been
paid, in some not one-third ; and in none the whole, nor
near the whole, even including occasionally taking rents
from separate apartments, which the inmates have in a
few cases desired, should be taken, fearing they might
otherwise still be held liable by paying to those who might
apply it to their own use, and yet I believe they have paid
as much as they well could under present distressing cir-
cumstances ; but not a penny of complainant's money,
under tax stipulations, has ever come into my hands ; and
I think I should have been sent fora few yards, to ex-
plain, before reporters published such offensive matter.
By inserting this letter in your valuable paper, you will
much oblige, sir, yours, &c., D. APPLETON.
Birkenhead, November 6, 1817.

east inimrs.

Has still disengaged room for a small quantity of dead weight,
and is intended to sail the 10th instant.
For CALCUTTA,
The well-known A 1 Ship MARY SOMERVILLE,
Z 1,4 JACOB Joussop;Crommander ;
°-• 407 tons register ; takes neither salt nor coals : in
Prince's Dock.—For terms of-freight, 3c. apply to Messrs.
TAYLOR, POTTER, and 94.lerchatitts, or to
lOORE and REWLEY.

Now loading, and will have quick despatch.
• For MANILLA,
AI6, The very fine new and extremely fast-sailing Spanish
'44IIZC Brig OQU EN DO, of Manilla,
ANTONIO MERCADER, Commander,
(Who is well acquainted with the trade;)
300 tons per register ; A I ; and co kered ; being a regular
trader between Manilla and Spa' nit having just completed
a passage from Havana to C in 26 days, offers amost eligible
opportunity to shippers ing to get their goods promptly to
market.—For terms reight or passage apply to Messrs. G.
and A. HERRING and Co., Washington-buildings, Brunswick-
street, or to W. and J. TYRER.