The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-12-07 00:00:00

FINANCIAL AND COMMERCIAL SUMMARY.

The further reduction of the rate of interest by the Bank
of England to six per cent. having not more than ninety-
five days to run, and the apparently improved condition
of that body, together with the fact of a continued influx
of gold into the country, has acted favourably upon the
market for public securities. Commercial failures, how-
ever, continue to occur; and public feeling is kept in a
state of great anxiety, with respect to the effect in India
of the news of the stoppage of the Indian houses in this
country. The fact of bullion arriving here, moreover, is
not so satisfactory, as to our permanently improved
position, as,it would have been, had it indicated a turn
Of the tide of national interchange in our favour. It is
admitted, on the contrary. that a large amount of the gold
received has been remitted, by parties by whom distrust
is felt in the commercial paper offering, and who prefer
incurring the expense and inconvenience of this bulky
mode of transmitting payments to the risk of meddling
with bills, of the solvency of whose drawers and acceptors
they are not satisfied. The improved position of the sus-
pended banks in our town, as well as the relaxation by
others of the recent stringency of discounts, has afforded
a sensible relief to our commercial community. The
Royal Bank resumed business on the Ist, as announced ;
and the directors thus far have met with a large amount of
the confidence of the public. The North and South Wales
Bank purpose an early resumption, the deficiency in their
available capital caused by the large outstanding debts of
£60,000, owing by the Birkenhead Commissioners, and
£30,000 advanced to some Welsh collieries, being intended
to be made up by the issue at par of 10,000 preference
shares of £lO each, bearing interest at 7 per cent. A
meeting of the shareholders was held on Wednesday, at
which a very satisfactory statement was exhibited, by
which the good assets were shewn to exceed the liabilities
by £152,668. The affairs of the Liverpool Banking Com-
pany are also exhibiting an improving aspect.
Our cotton market has declined since the arrival of the
steamer ; and prices may be quoted nearly id per lb.
lower, leaving off very dull. The sales for the week have
been 22,600 bales, of which 700 American and 100 surat
/were for exportation. The estimated stock in Liverpool
is now 377,560 bales, as compared with 474,010 bales last
year, leaving a deficiency of 96,450 bales. The still de-
creased consumption however, amounting to upwards of
8000 bales weekly, together with the certainty of early
large arrivals, which the manufacturing interest are not
likely to be, for some to come, in a position to take off,
promises for us shortly a largely increased stock of that
raw material, which will have to be warehoused and held
over until wanted for consumption.
The following extract from the monthly circular of
Messrs. M'lslair, Greenough, and Irvine, of Manchester,
may be taken as a fair exponent of the position of affairs
in that locality :
"Though business here is necessarily very far indeed
from being in a satisfactory condition, it is peculiarly gra-
tifying to us to be enabled to communicate to you the
existence of partial but decided improvement. In ordi-
nary times the extent of the improvement would scarcely
have been perceptible, but following a protracted period of
unexampled severity and prostration, it is naturally more
felt and appreciated.
" The operation upon the Bank Charter Act, and the
recent reduction in the rate of interest, have contributed
to produce this desirable change. The last movement of
the Bank of England has been viewed very satisfactorily,
not so much on account of the difference of one per cent.
in the minimum rate of discount, but as a step indicative
of returning confidence, and introductory to early and
more substantial changes in the same direction. Money,
at its present value, is incompatible with profitable mer-
cantile transactions, and must, while it lasts, continue to
suspend undertakings admitting of delay.
" Unhappily more failures—and some of them important
ones—have taken place during the month ; a fact which
has materially impeded the gradual progressof amendment.
The market has.becorne so extremely sensitive—to an ex-
tent hitherto unknown to. us—that the mere existence of
rumours, which would at other times have passed un-
heeded, produces, as it were, instantaneous alarm and
fear. This, indeed, is no more than a necessary conse-
quence. Confidence has been fearfully shattered • and
however desirous all may be to witness its thorough re-
storation, the period of its revival cannot assuredly be de-
termined until the consequences arising from the suspen-
sion of so many firms can have been ascertained, and the
consciousness which very naturally prevails as to the cer-
tainty of additional disasters shall have been removed.

"'!he demand for the country trade has been very
limited. Even in ordinary years, November is never a
month of much activity, but the transactions of the present
indicates pretty conclusively that the effects of the times
are becoming more visible in this branch of trade. The
suspension of many undertakings, and the consequent
withdrawal of the sums hitherto in circulation, for the
payment of wages, &c., combined with the scanty means
of the operatives in the manufacturing districts, cannot but
be severely felt. We are glad, however, to uerceive, that
in this and some of the adjoining districts, there has been
a considerable increase in the production during the month.
Several mills which had either stopped or were working
short time, have returned to full employment. Were it
not for the sake of the operatives, any material increase at
present in the production generally is not desirable.
" Prices, though steadier and firmer than they were a
month ago, are yet very irregular and determinable in
many instances by the position of the seller. Stocks in
the aggregate are much about the same as they were at
the close of October."

The advices from India, per the overland mail, received
on Saturday, were rather more favourable for the cotton
manufacturer. The market for cotton piece goods had
been steady since the previous advices ; and although a
large business had been done, and no material advance in
prices was to be noted, an advantage was secured to the
exporter by the greatly improved rate of exchange for
remitting. In bleached goods no change was noted ; but
in cotton yarn a large business was doing at better prices.
There was no change, either, in woollens.
Cotton for export had given way in price, and a large
business had been done for England. Some extensive
contracts had been made for the ensuing new crop at 98r.
per candy of 784 lbs., laid down in Bombay and delivera-
ble in March.

Freights to Great Britain had been abundant, and
prices had receded in consequence. The circular states
that—" For Liverpool, engagements have been made at
£5 15s. and £5 17s. 6d. per ton, the former rate for an
entire large vessel, and the latter for a small vessel. For
London, £6 to £6 2s. 6d. has been given. The rates of
the day are quoted £5 15s. to £6 for Liverpool, £6 to
.£6 2s. 6d. for London. For China we quote 19r. per
candy, at which rate a country vessel has been put on the
berth.

The exchange at Bombay had taken a sudden rise from
ls. 10$d., which was the rate at the departure of the pre-
vious mail, to ls. llid. for first class paper, being an
increase of Id. per rupee, or about 4 2-sths per cent.
The money market continued easy.
The reports from our leading corn markets are this
week rather contradictory. In Mark-lane, on Friday, the
trade was dull, and prices barely maintained for the best
samples. In Liverpool, on Friday, wheat was 2d. per
bushel and flour 6d. per sack or barrel lower, except choice
fresh Western Canal, which commanded nearly the rates
of the previous Tuesday. At Wakefield we may quote
prices Is per quarter lower, and at Birmingham dull at
previous rates.
The markets on the Eastern Coast on the contrary were
firmer during the week at advanced rates, ranging from
ls. to 2s. 6d. per quarter. The news brought us from the
United States by the steamer Washington, from .New
York on the 22d ultimo to Cowes, will probably increase
the depression which prevails generally in the trade, the
markets in America being reported as dull, at receding
prices, and large stocks being expected to arrive at the
ports, owing to the River and Canal Navigation being
open. As to the extent of the cotton crop, some esti-
mates are carried as high as 2,500,000 bales.
Although opinions differ widely on the progress of the
currency debate in parliament, and on the intentions of
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mained flat, but at the close of the day they maintained
that price. There were not any large sales of Stock. Ex-
chequer Bills went back to 3s. premium. Bank Stock at
197, and the New Three-and-a-Quarter per Cents. at 85i.
In the Foreign Stock Market there was a good demand
for Mexican Bonds, at an advance to 181. The price at
the close was 18 and 17i for Account. Spanish Stock 29
for the New Three per Cents., and Dutch Two-and-a-
Half per Cents. at 55. In the Railway Shares a fair
amount of business was done, and prices remained without
any alteration requiring especial remark.
The Bank of England averages for the week ending
Nov. 27, give, as compared with those of the week pre-
ceding, the following results :
Circulation issue. £23,956,165 .. Incr.. £430,320
Circulation active 18.90,575 .. Dec .. 328,175
Public deposits 7,729,572 .. Incr.. 509,709
Other deposits. 8,238,554 .. Incr.. 372,072
Oovernmentsecurities in .
banking department 10,946,594 .. Incr.. 312,987
Other securities 18,531,810 .. Dec.. 259,307
Coin and bullion
Seven day and other bills 891,079 . . Incr.. 9,755
The rest 3,629,567 .. Incr.. 6,244
The reserve in the banking department amounted to
£5,563,368, notes and coin together, which was an in-
crease over the week preceding. The private
their increase, seem to indicate an easier state
ocdrfeertaiseeitf'by osmoney market. The large increase of bullion will
tend to strengthen confidence. The returns, however;
must be left for further observation hereafter.
A correspondent sends us -the gratifying intelligence
that the deposits in the Royal Bank, which resumed busi-
ness on Wednesday—have been three times the amount
of the money drawn out: Confidence is, in fact, quite
restored to this establishment..
We announced last week, the receipts on the previous
we have received £120,000 in addition from the
day from America; by the Caledonia, of £156,000. Since
and £lO,OOO in silver from South America. About
t£ShCiatntle,oso,o was received at Southr.mpton, on Friday, from
New York, and on Saturday, £350,000 arrived in silver
at Portsmouth, from the 'Pacific. The receipts from the
Continent are small. They scarcely exceed £39,000.
The Gazelle of Friday, shOws a degree of distress in
the blinding trade front the.number of bankruptcies.
The East India firm, the state of whose affairs has ex-
cited so much interest in the city for several day's past, is
that of Fletcher, Alexander, and Co. Applications had
been made4o the bank for an advance of £300,000, but it
was stipulated that this could be conceded only on the
house providing guarantees for its repayment. The ne-
cowry ILA was fully complettil on Friday, and submit-