The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-08-09 00:00:00

COXILTERCIAL 4• _MONETARY _NEWS

MONDAY NIGHT.

ALTHOUGH the commerce of Great Britain may
be considered in a most satisfactory state, owing to
the steadiness of prices, the continued demand, and
the absence of all tendency to feverish speculation,
the long-protracted negotiation on the affairs be-
tween Russia and Turkey, and the uncertainty
which still exists as to the issue, have had rather a
serious effect upon monetary affairs. This is owing
in some measure to the various contradictory re-
ports received by electric telegraph, which have
tended to weaken public confidence, and the conse-
quence has been a decline in the value of Public
Securities to a lower point than they have reached
for a considerable time past. Somethin,,c, is also
owing, no doubt, to the continued demand for specie
as shown by another decrease in the stock of bullion
in the Bank of England, arising, probably, from the
arrivals from. Australia being smaller than were
anticipated: The uncertainty as to the productive-
ness of the approaching harvest has also not been
without its effect, and these combined causes have
led to an increase in the rates of discount. It was
by some expected that the Directors of the Bank
of England would have raised their minimum rate
of discount from 31 to 4 per cent., but Thursday
passed over without any change being announced.
While we allude to these various causes as having
probably operated injuriously on monetary affairs,
and thereby tended to restrict commercial opera-
tions, we-are of opinion that many of them may
prove to be groundless. We have endeavoured to
show, in a leading article, the reasons for believing
that political affairs in the 'East will not result in a
resort to hostilities ; the favourable change in the
weather must have removed many of the apprehen-
sions as to the coming harvest, and in the next
place the subsequent receipts of gold and the
arrivals expected will, no doubt, speedily place the
'resources of the Bank of England upon a more
satisfactory basis. A few days more may serve
materially to alter the aspect of affairs, and the
money-markets, relieVed from the pressure of doubt,
exhibit a buoyancy which will more than counteract
the present depression. The attempt of the CHAN-
CELLOR of the ExcH2QuEn to partially retrieve the
failure of his financial scheme by givinc, to trustees
who are bound to invest,. the power to accept his
proposed conversion has met with more opposition
than it seems to deserve. There is no doubt that
in the present position of affairs any attempt at
conversion is utterly hopeless, but a reaction might
enable him to rally so far as not to render his pro-
posed savinc, a positive loss.
The reports from Manchester state that al-
though there has been some 'inaction, owing to
the unsettled state of affairs in the East, prices
have been, firmly maintained, more particularly for
the home-trade goods and yarns. Indeed, business
appears to be on a most satisfactory basis, and the
settlement of the Russo-Turldsh question, which is
now immediately anticipated, will no doubt add ma-
terially to the buoyancy of the market. The turn-
out at Stockport is at length brought. almost to a
conclusion, owing, in a great measure, to the de-
mands for manufactured goods leaving the masters
no alternative than to submit to the demands of the
operatives.. From the other manufacturing4istricts
the reports are of a similar character, prices being
steadily maintained, notwithstanding a temporary
inaction.

The official returns relating to the trade 'and na-
vigation of the United Kingdom have been made
up for the month and six months ending. July 5.
In all the principal staples there has been a large
increase of imports, taking the months, as com-
pared with the correspondinc, period of last year,
but flour is one exception. corresponding
month's iinports
of rum, tobacco, wine, and sheep's wool are- larger;
but in cotton, brandy,.tea, and tallow there IS a de-
crease. The exports show a great increase upon
the month in cotton. manufactures, linens, metals,
beer, and ale, coals,. and some other articles. The
result is, that during the month ended July 5, the
exports were £6,772,733, being an increase of
£1,003,637. The six months' exports amount to
£41,866,557, an augmentation of £8,317,165.. Tp.e,
vessels engaged in the-foreign trade gave a tonnage
of 697,311,.being, an• increase of nearly 100,000
tons, and in this increase the ships in the United.
Kingdom and its dependencies count for about
63,000 tons. These are the entries inwards, and
the outward clearances are almost equally large,
although the scarcity of shipping has enraged the
increase to be.less conspicuous in British . vessels.
It should, however, be borne in mind that this vast
amount of exports has hen ontiroly owing to the
discovery of gold in our colonies, and the conse-
quent tide of emigration which has set in from this
country, as also from many European states, thus
creating an almost inexhaustible demand for articles
of general consumption.

The return from the- Bank of England for. the
week ending the 30th of July gives the following
results, when compared with the previous week :
Public deposits £2,175,265; Increase £325,607
Other deposits 12,755,038; Decrease 424,800
Rest • • • 3,248,703; Increase 5,122

Oh.the other side of the account—
Government securities.Ll3,337,333 ; Decrease R 200,000
Other securities .... 12,466,213; Decrease 86,800
Notes unemployed ... 7,970,510; Increase 137,515.

The amount of notes in circulationis £23,352,29t
being a decrease of £274,800; and. the stock. of
bullion in both departments is £17,739,107, showiiig
a decrease of £90,172, when compared with the
preceding return.