The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-10-26 00:00:00

'VESTE n DAY.

The gloom and anxiety which hung over our commer-
cial community during the greater part of last week, ap-
peared towards the close to be decreasing ; and the ac-
counts from Manchester, in particular, were of a decidedly
more favourable character on Saturday. The official an-
nouncement yesterday of the stoppage of the North and
South Wales Bank, which we have noticed elsewhere,
once more revived the feeling of uneasiness amongst com-.
I. mercial classes ; for, although the Bank in question. is
not one which has a very large business in Liverpool, ex-,
cept amongst tradesman connected with the Principality,
' the slightest thing suffices to check confidence, at a time
like the present. The announcement of the failure
of the Union Bank of Calcutta has also added to
; the prevailing panic ; and until the bearing of that failure,
and.of the stoppage of the firm of Scott, Bell, and C0.,,0f
London, upon our community is more fully ascertained,
;it is scarcely prudent to speculate upon the contingencies'
lwhich may ensue.
In the meantime the small amount of business which
:was transacted yesterday was done on most unfavourable
terms for the sellers. Our usual correspondent writes of
the cotton market as follows :
" CorroN MARKET, GCT. 25.—A good demand for
cotton to-day, but only in small parcels ; consumers have
no confidence even in present rates being maintained, and
are not anxious buyers. 2,500 bales sold at last week's
prices. Holders meet the market freely, and submit to a
daily loss of about £7,000 in money."
The feeling amongst our corn merchants yesterday was
affected in some measure by the suspension of the. North
'and South Wales Bank; but the princiPal circumstance
which induced a tendency to submit to easier terms was
the circumstance of most of the advices from the country
markets bringing notice of declining rates. Of course
Monday is not a day in which much actual business is
done ; but the tone of the trade on that day frequently
affords a very fair criterion; from which to judge of the
feeling of the market at its opening.
We are not in a position to announce any definite in-
formation as to the Royal Bank or the Liverpool Banking
Company. The latter still keeps open for the transaction
of all business except the payment of checks ; and the
Directors of the Royal are still hopeful of procuring sup-
plies sufficient to enable them again to open their doors.

Birk., Lan., & Cheshire

Chester and Birkenhead
Eastern Counties...

,
Edinburgh and Glasgow-I
Great North of England
Great Western
London and N. Western
London and. 8. Western
Midland

Northern and Eastern

South Eastern and Dover
•
York and North Midland

FOREIGN.
Dutch Rhenish

Paris and Orleans .....
Paris and Rouen

BANKS.
Bank of L'pool, pd. £124-!
Borough Bank „ 10
Commercial „ 10
L'pool Banking Co. 10
M. and L. District 10
N. and S. Wales „ 10
Royal Bank „ 500
Union Bank „ 10

Jan. 1

June 1.

4 44- 34 4
(2-1 pd.) (54- Pd•)
50 51 42 422
23 231 19* 20
77 78 ..69 71
237 239 232 234
128 130 113 115
195 197 174.• 176
63 64 64* 651:
,129 131 .119 121
174 76 60 62.
40 41 36.1 361
92 94 85 86

Oct. 1.
11 1i
(61 pd.)
35-} 36
16 161
50 51
220 222
'9B 100
1511 1531
56 57
111 113
59 GO
29 291
(x div.)
ilto Stock

41 51- 4k 4a
(6 pd.)
481 491481 49
35 36.37 38

22 21
(7 pd.)
• 47. 48
36 361

23 231 201 201 20 2Ol
111 111 101 101' 94 92
171 181 16 16 141 154-
91 101 11 .111 91 10
131 13 121 12-4 12 .121
9 9 8 81- 88 81
805 815 810 820 770 780
121 'l3 111 111 94- 91

SCOTLAND WARD.-MEETING OF THE
FRIENDS OF MR. WOODRUFF.

Yesterday evening, a very numerous meeting of the
friends of Mr. Woodruff. the Conservative Candidate for
Scotland Ward, (in opposition to Mr. Thompson,) was
held in the large room of " The Travellers' Rest Inn,"
Scotland-road, fOr the purpose of hearing Mr. W. explain
to them the principles upon which he proposed to act,
and of forwarding his election at the approaching contest.
Air. THOMAS HODGSON was called to the Chair, and
having explained the object of the meeting, pronounced a
high eulogium on the public character and good offices in
the Select Vestry, &c., of the candidate, whom he intro-
duced, and who was received with loud cheers.

Mr. WOODRUFF said he was sensible that he was not
Possessed of the full abilities to discharge his duties as their
representative, and he would not have come forward but
for the solicitations of many of his brother tradesmen,
and, others in the ward; in which he had spent the greater
part of his life. He alluded to the paving, lighting, and
cleansing of the town, and to the sanatory bill recently
obtained by the Corporation, and said he should support
all measures relating thereto, that were not marked by
extravagant expenditure. Due economy was at all times
requisite, but especially at present, when the ratepayers
were so much pressed. He had received great encourage-
ment in his canvas, and he trusted that being a resident
of the ward, and consequently deeply interested in its
prosperity, would be an additional recommendation in his
behalf. Should they not deem him worthy of being their
representative, he should, with the same feelings for the
ward, retire within his domestic circle.—(Loud cheers.)

The CHAIRMAN having stated that the '
candidate would
answer any questions, several were put to him. Ist.
Whether he would vote for Mr. T. B. Horsfall, if he
were proposed as mayor. , 2nd. Whether he would vote
for the opening of the Corporation schools for ;secular
education, irrespective of religion. 3rd. Whether he was
favourable to the admission to the schools of the clergy-
men of the several denominations to which the children
belonged. To the first, he answered that he would vote
for the man as mayor whom he considered would best pro-
mote the interests .of the town at large ; to the second,
." Decidedly no !" and to the third, " Certainly ! They
had as good right as any of the burgesses." He was well
received; and one of his strongest interrogators expressed
himself perfectly satisfied with his-replies.
A resolution was unanimously passed, acknowledging
him a reformer of all real abuses, and a fit per-son to repre-
sent the ward ; and another pledging those present zea-
lously to support him.
Mr. JAMES HOLME, being called upon by the chairman,
spoke at considerable length on behalf of the candidate,
noticing several large improvements that might be made
in the town, and pointing to the candidate as having
shown, by his conduct in the Vestry, that he was a prac-
tical man, of good common sense views, who would be a
great acquisition to the Council in Promoting the welfare
of the ward and the town at large. They wanted working,
sensible men, and no addition oC,prators.
Votes of thanks were passed to the Chairman and Mr.
Holme, amidst enthusiastic applause. Three cheer; were
given for the candidate, to which he feelingly replied, and
all seemed to be prepared to give him their best support
on Monday next. The meeting was the most enthusiastic
of the ward meetings that have yet been held.

The Bishop of London is said to be quite incapacitate
for public duty, by an attack of paralysis.
SUSPENSION OF A NEWCASTLE BANK.--The suspen-
sion of the Newcastle Union Joint-Stock Bank was an-
nounced on Thursday afternoon. The institution, it ap-
pears, opened at the usual hour, and business was
continued until the arrival of the south mail, when the
following was posted on the door :—" The Union Bank-
ing Company, in consequence of theeifficulty in the ob-
taining discount, are under the painful necessity of sus-
pending payment." Much excitement is said to prevail.
The Union Bank was established 11 years back, with a
paid-up capital of £152,400, and not many months ago
its shares, on which £5 were paid, were at £8 to 10. .The
number of partners is 505. An unfavourable liquidation
is expected, large advances, it is alleged, having been
made on collieries and other property of that description.
As in the other cases of Joint-stock bank suspensions
which have just occurred, its London agents (Barnett
and Co.) are entirely untouched by the event.
LILLIPUTION EXPRESS ENGINE.—On Saturday, an
experimental trial took place upon the. Eastern Counties
Railway, to test the powers of a small locomotive engine
of a novel description, designed. and constructed by Mr.
Samuel, resident engineer of the Eastern Counties line.
It is of two-horse power, runs upon four wheels, requires
no tender, and not only carries sufficient fuel and water
for its own consumption within the smallest possible
dimensions, but is also capable of conveying seven,persons
(besides the engineer and stoker) in the afterpart, which
resembles an open Irish car. The total weight of this
little locomotive !bijou is 22 cwt., its extreme length, in-
cluding boiler, Irish car, and all, is only 12 feet 6 inches,
and the height from the rails to the floor of the engine is
not more than one foot. At one time, the rate of travel-
ling was 43 miles per hour. It will be very useful for
newspaper expresses, as, owing to the small consumption
of coal, the company can afford to run the engine at one-
fourth the present charge for expresses:
WHAT WILL MINISTERS DO FOR COMMERCE ?—The
Times of yesterday contains a curious article, from which'
we extract the following. Our contemporary does not
seem to write as if his opinions 'were official ; but that
-- is
his usual custom :" Notwithstanding the multitude of
project§ for reforming the currency, and the quantity of
talk with which they are recommended, there is only one
question really before the public. It is conceivable,
though we believe most improbable, that a moderate addi-
tion should be made to the £14,000,000 formin_g the in-
convertible basis of the Bank of England issue. Undoubt-
edly there are many who shrink with proper horror from
a return to the depreciated-paper of the war currency, and
who would never give up the principle of using only such
notes as are the actual and efficient representatives of gold ;
but who, nevertheless, have such confidence in the credi t
of the country as to think that the above step would not
violate this principle. They think that the country, even
now, could bear an inconvertible circulation of Bank of
England paper to the amount of £16,000,000 as well as
£14,000,000; and that, in point of fact. this addition to
the liabilities of the bank would not entail the probability
of a run for its gold. Should the proposition ever come
to be seriously extertained, and gain more influential ad-
herents than it boasts of at present, there would then be
some scope for variety of opinion as to the manner in which
this increase of circulation should be effected. Such a
change would certainly require some additional security
for the public credit, and would also justify a change of
hands. So large an addition to the resources and influ-
ence of the bank would not be universally palatable. Dis-
missing, however, these subsidiary questions, we will sim-
ply put the question of two or three millions of paper lent
to the commerce of the nation," .

LATEST INTELLIGENCE.
(BY EXPRESS
LONDON CORN MARKET.—YESTERDAY.
The best-conditioned parcels of English Wheat met a fair
demand at about Friday's prices, being 2s. per quarter under
the quotations of last Monday; but damp samples were taken
slowly at a greater reduction.
A moderate sale was experienced for Foreign Wheat at la.
to 2s. per quarter below the currency of last week; factors on
the whole showed much firmness under the existing monetary,
pressnre, and there were no forced sales at this day's market.;
Town-made Flour was unaltered in value, and ship marks 01
good quality were not offered lower ; but on foreign a deciin•
of ls. per barrel was submitted to, and the sales made were
quite as irregular as the qualities were various.
Choice malting Barley brought nea-ly as much money,-but
secondary sorts were Is per qr, cheaper, whilst grinding samplee
brought full prices. •
There was a fair steady demand for good Oats, at fully.a.S
much money, but'other sorts were taken slowly at quite as high
rates.
Malt was not in so good demand, the buyers requiring
some reduction in price, which for good qualities the seller§
were not disposed-to accept.
Beans were suite, and fully as dear.

MONEY MARKET-YESTERDAY.

After the usual hour for closing the Stock Exchange on Satur-
day, the Consols ran up to 81i, and this morning they opened
at per cent. advance upon that price, being done at 82 ; they
declined to sit, and are now quoted at 821. 1n the foreign
market prices are rather better. In the share market price
are better. The`follovving are the quotations :
ENOLISEL—Bank Stock, 181 4; Reduced Three per Cents..
80 1 ; Three per Cent. Consols. 81 ; Three-and-a-Quarter per
Cents., 81 ; Long Annuities, 8 3-16 ; India Stock, 221 0;
India Bonds 40 51 dis. Exchecpter-bills, £1.003, 235. 275. (Ds'
Coqsols Three per Cent. for Account, 82k.

IMPORTANT RESOLUTION OF THE
BANK OF ENGLAND.

We have been favoured by the authorities of the Bank
of England with the following copy of a letter addressed
to the Governor and Deputy-Governor by the first Lord
of the Treasury and the Chancellor of the Exchequer
Downing-street, October 25, 1847:4
Gentlemen,--Her Majesty's government have seep'
the greatest regret the pressure which has exist-ea 10V 90ne
weeks upon the commercial interests of the country, Eau'
that this pressure has been aggravated by a want of that
confidence which is necessary for carrying on the ordinarl.
dealings of trade.

They have been in hopes that the check given to trans•
actions of a speculative character, the transfer of capital
from other,countries, the influx of bullion, and the feel-
ing which a knowledge of these circumstances might have
been expected to produce. would have removed the pre-
veiling distrust.
They were encouraged in this expectation by the speed!'
' cessation of a similar state of feeling in the month:of
April last.
Theg hopes have, however, been disappointed, and her,
Majesty's government have come to the conclusion that
the time has arrived when they oug It to attempt, by some
extraordinary and temporary measure, to restore confi-
dence to the mercantile and manufacturing community,
For this purpose they recommend to the Directors of
the Bank of England, in the present emergency, to en-
large the amount of their discounts and advances, upon
approved security ; but that, in order to retain this
aope-
ration within reasonable limits, a high rate of inteit
should be charged. In present circumstances they wok
suggest that the rate of interest should not be less than
per cent.
If this course should lead to any infringement of the,
existing law, her Majesty's government will be prepare'
to propose to parliament, on its meeting, a Bill of Indem-
nity.
They will rely upon the discretion of the directors ti
reduce as soon as possible the amount of their notes,
any extraordinary issues should take place, within the
limits prescribed by law.
Her Itlajesty's Government are of opinion that ant
extra profit derived from this measure should be carried
r
to the account of the public, but the precise mode 01
doing so must, be left to future arrangement.
Her Majesty's Government are not insensible of tli6
evil of any departure from the law which has placed the
currency of this country upon a sound basis ; but tiler
feel confident, that in the present circumstances, the
measure which they have proposed may be safely adopteclt
and that, at the same time, the main provisions of tha
law and the vital principle of preserving the controver"
tibility of the bank may be fairly maintained.—We have
the honour to be, gentlemen, your obedient humble
servants, (Signed)
. JOHN RUSSELL.
CHAS. WOOD.
The Governor and Deputy Governor of the
Bank of England.
Resolved,-1 hat this Court do accede to the recom-
mendation contained in the letter from the Fit,
Lord of the Treasury and the Chancellor Of t
nEoxrc ha
ne qdu r,
Deputycl ate dG
ovthiser
its
ry ,
oaf nt dh
the
darneks soefd
Etnog
fath: d
,Gwohviecbr''
has just been read.
That the minimum rate of discount on bills nSkffrilr:
more than 95 days to run be 8 per cent. Stocic
That advances be made on Bills of Exchange, on „,ms,
Exchequer Bills, and other approved Securities, in sum
of not less than £2OOO, and for periods to be fixed by L
Governors, at the rate of 8 per cent per annum.
(Copy of reply.)
Bank of England, Oct. 1847.
Gentlemen.—We have the honour to acknowledge yobletter of this day's date, which we have submitted to Or
Court of Directors, and we enclose a copy of the resolt•-•*
tion, and -
We have the honour to be, Sirs, your most obedient
servants',
(Signed) JAMES MORRIS, Governor. ' •
H. J. PRECOTT, Deputy-Governor.
To the First• Lord of the Treasury and
the Chancellor of the Exchequer.

The Marquis. and Marchioness of Salisbury have ar-
rived at Hatfield House, Herts.
Sir Robert H. Inglis, Bart., M.P., and Lady Inglis
have arrived in Brussels from a tour in Germany.
William Henry Barber, the attorney for Joshua Piet- 4
cher, in the celebrated "Emma Stack" will forgery case
has received a conditional pardon. He is free to go to
any-part of the" world, except the United Kingdom. But
this is thought to be only a precursive step to an uncon-
ditional pardon.