The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-09-06 00:00:00

THE LIVERPOOL STANDARD, AND GENERAL COMMERCIAL ADVERTISER

COMMERCIAL

MONETARY

NEWS.

MONDAY NIGUIT.

ANOTHER week's return of the stock of bullion
in the Bank of England, has again shown a decrease
to the extent of more than £200,000, and as a con-
sequence almost inevitable, the Directors have once
more raised the rate of discount, the minimum
being now four per cent. The first effect was a
fall in the price of Consols ; and, notwithstanding
the assurances from the east of every obstacle
being removed from an amicable settlement, the

Funds have not since rallied, and are now as low
as they were during the war panic. The cause of
this movement on the part of the Bank Directors,
is owing, in the first place, to the constant drain
upon their resources of specie, and the causes of
this drain have therefore formed a topic for discus-
sion. Among those most prominent, are the
great excess of our Imports, creating an ad-
verse balance of trade, and the recent large
purchases of foreign corn requirino•
b corres-
pondino• large exports of specie. As requiring
diffi-
culty has arisen in the face of several large re-
ceipts of gold, arising out of transactions altogether
distinct from the Import trade, some degree of
alarm is excited, and the question is asked, what
would have been our position, had it not been for
Australian gold In indulging these apprehen-
sions, sufficient allowance is not made for the great
difference which exists between Imports and Ex-
ports. Supposing both to have increased to the
extent of only Five Millions : in the one case pay-
ments will have to be made within three months
at farthest; whereas, on the latter, more than a
year may elapse before any returns may be re-
ceived. Every increase of trade, therefore, even
of the most profitable kind, involves an absorption
of capital, and when it is remembered that the
recent increase has been very large, not only in our
foreign transactions, but also in our home trade,
and the great augmentation in the value of labour,
there is amply sufficient circumstance to account for
that drain upon the Bank resources which seems to
have created the alarm. It has, however, had one
good cffect, in restraluing over speculation ; but
though it has al

kso assisted to produce a stagna-
tion in business,' we do not anticipate that it will
be more than temporary. A cessation of the de-

mand from the continent, and the arrival of a few
more cargoes from Australia, would very soon
animate all our home markets ; but though this
result may not be reached for, a few weeks, it will
not be much longer. The late excitement in the
Corn-market, by which the price was raised be-
yond all reasonable limits, has already experienced
a re-action ; and though the difficulties in the
Money-market may help to break the fall, it will
not be long before Wheat finds a much lower level.
The shipments of specie by the Peninsular and
Oriental steamer Indus, have reached £450,500, of
which £364,700 is silver, and £85,800 gold. Of
this amount £164,000 is for China, and £70,000
for Alexandria.. There is also the large item .of
£165,000 for Bombay.

In our SHARE MARKET we have still to report
great dearth of business, and an almost continuous
decline in prices. The more favourable weather
on Saturday and to-day appear, in some measure,
to have stayed the downward tendency, but in the
absence of any good buying this can only be tem-
porary. Our Local Stocks are in demand at former
quotations. We annex this day's prices :—Aber-
deens, 12+ ; Chester and Birkenhead, 19 s ;
Caledonians, 33 * 3 ; Lancashire and Yorkshire,
74+ *4 * London Stock, 1098 9411 + + ;
Sheffield Stock, 25+ ; Midland Stock, 68* + 8 4 *
+ 8 -4 ; Dover Stock, 20-I 8 -} ' • Bank of Liverpool,
22; Liverpool and London Fire and Life new
issue, 7p ' • Exchange Buildings, 327.
The return from the Bank of England for the
week ending the 27th of August gives the following
results, when compared with the previous week :
Public deposits ... £4,601,685; Increase £538,639
Other deposits ... 11,133,356; Decrease 490,227
Rest ... 3,291,440; Decrease 60,408
On the other side of the account—
Government securities £13,027,582, the same as before.
Other securities 13,830,835; Decrease 46,115
Notes unemployed ... 7,755,345 ; Increase 110,465
The amount of notes in circulation is £22,776,305,
being a decrease of £226,505 ; and the stock of
bullion in both departments is £16,962,918, showing
a decrease of £208,875, when compared with the
preceding return.

ISSUE DEPARTMENT,

Notes issued £30,531,650 Governmt. Debt £11,015,100
(Other Securities 2,984,900
Gold
coin & bu11'n.16,531,650
Silver bullion ...

£30,631,65&
BANKING DEBAILTMENB

£30.531,650

Prop. Capital ... £1.4,553,000 Gov. Securities £13,027,582
Rest .. ... 3,291,440 Other Securities 13,830,835
Public Deposits 4,601,685 Notes ... 7,755,345
Other Deposits 11,133,356 Gold & Silver Coin 431,268
7-day & other bills 1,465,549

£35,045,0301

£35,045,030

COTTON.—The business done during the week
has been somewhat greater than the previous
week, but the stagnation in the manufacturing
districts has prevented any animation, and pur-
chases are confined to immediate necessities, with
the exception of a fair proportion on speculation
and for export. Prices have, however, been main-
tained, the difference, if any, being slightly in
favour of the buyer ; but the opinion still prevails
that prices will go higher, and circumstances seem
to warrant the conclusion that this opinion will be
the correct one. To-DAY the market was very
inactive, and the sales limited, the transactions,
including those on Saturday, amounting to only
10,000 bales, of which 2,500 were on speculation
and for export. Wq give the following extract
from the circular of Messrs. T. and H. LITTLE-
DALE and CO.

" The prospects for the coming crop are not so favour-
able as at this time last year. In the spring it suffered
from drought, and latterly from too much rain, and it is
late—but these drawbacks, it is to be hoped, may be re-
medied in a great degree by a fine September, and an
open picking season. The new Cotton will come forward
late, as prices as well as freights are likely to be high, and
from the ravages the yellow fever is making at New Or-
leans, and by the last accounts at Mobile, it is to be feared
business will be interfered with, and at all events delayed."