The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-11-16 00:00:00

FINANCIAL AND COMMERCIAL SUMMARY.

The London ll:Wiley market at the close of the week
was not quite so buoyant *s at its commencement. Con-
sols, however, ranged from Bkl to 85, both for immediate
transfer and for the present account; thus indicating an
absence of any expectation, on the part of speculators, of
any very early upward movement. For the opening. 18th
January, the quotation was 851. The same feeling of
dullness has spread over the share markets, both in
London and in the provinces. We have no further
failures of importance to notice, although many susp.en-
,ions of minor houses have occurred during the week in
the manufacturing districts. The amount of mischief
clone, and inconvenience inflicted upon the commercial
classes, thus far, may be estimated from the fact., stated
by the London Times, that the liabilities of twenty large
firms which have suspended amount to an aggregate of
£1,598,284, forming an average of £229,414 for each
firm ; and. that the dividend upon the whole is only
stated at about 13s. 6d. in the pound. Add to the above
•mount the liabilities of the suspended banks, of the large
failures which have taken place in Scotland, and the nu-
merous suspensions of houses with liabilities to the extent
of ten or twenty thousand pounds each ; and we shall
probably find the total amount drawn from active em.
ployment to be from eight to ten millions.
The progress of the realization of the assets of Messrs.
Sanderson and Co. was stated, at a meeting of the parties
interested, held on Friday afternoon, to be progressing
satisfactorily. Out of the £1.725 000 of liabilities at the
date of suspension, about £1,100,000 is understood to
have run Off, leaving the present liabilities £625,000.
The amount of the bills held upon houses which have
failed since their suspension, and have fallen due, is
stated at £35,000.

An adjourned meeting of the creditors of Messrs. Fry,
Griffiths, and Co. was held on Thursday, to receive the
report of the solicitor appointed to inquire into a ,ransac.
tion of the firm. by which some securities previously held
by Messrs. Overend, Gurney, and Co. had been ex-
changed for other securities, by which it was complained
that the creditors had been damaged. It appeared as the
result that Messrs. Overend, Gurney, and Co. had per-
mitted the exchange in question to be made, in conse-
quence of the securities originally held having been im-
properly lodged with them, Messrs. Fry and Co. having
no right of ownership over them to entitle them to pledge
them, and being subject to a prosecution for so doing by
the parties who had lodged them in their hands. Fur-
ther than in relieving their connections from possible
legal difficulty, Messrs. Overend, Gurney, and Co. were
considered not to have acted improperly, their own posi-
tion not being at all bent fitted by the transaction ; and
an opinion taken from Messrs. Fitzroy Kelly and S. IL
Lloyd, relieves them from any charge of having received
an undue preference. The estate, however, is dameged
to the extent of £11,462, or about Is. 9d. in the pound.
The probable dividend is set down at 4s. in the pound.
Of the recent suspensions in Manchester it is expected
Messrs. Fairbridge and Co. and Messrs. Marslatel and
Veltman will realise a surplus. The bankruptcy of Messrs.
Swab son and Birchwood is superseded, and their affairs
will probably turn out favourably for their creditors. The
statements issued by Messrs. Scholes, bankers, shows a
balance of .£19,000, after deductions on account of bad or
doubtful debts. The position of some of the other failed
houses is not so satisfactory. The creditors of Mr. David
Ainsworth, it is believed, will accent a compromise of
I3s. 4d. in the pound. The public will learn with plea-
sure that the business of Mr. Robert Gardner will be im-
mediately resumed, the Bank of England having come
to his relief. Considerable excitement was caused in.
Manchester in the early part of the week by a report to
the effect that the important bank of Messrs. Jones, Loyd,
and Co. were about to withdraw the accommodation
which they have been in the habit of allowing to their
friends, and restrict their operations to mere discounting.
The only change intended is, that their friends are not to
expect to have liberty to overdraw their accounts as a
matter of course ; but will be required, whet, an advance
is wished for, to send in a written application. The object
of the hankers is to obtain a more complete command of
their capital.

The Royal Bank of Liverpool is endeavouring to re-
lieve itself by an issue of preference shares ; and is suc-
ceeding in obtaining the renewed confidence of its deposi-
tors. Arrangements have been completed to secure the
London Joint-stock Bank as its agent, a meeting of the
shareholders has been called, and the directors are pre-
pared to recommend the resumption of business on the Ist
of December.

The North and South Wales Bank is also expected to
resume. much sympathy being manifested by the depo-
sitors towards the mannager and directors. The pro-
prietors have been summoned to meet on the Ist December,
when, no doubt, something definite will be resolved. We
refer our readers to another column for particulars relative
to the Liverpool Banking Company.
Business generally, both in London and the provinces,
wears an improved aspect. The market for colonial pro-
duce has been active, sugars being quoted at Is. to 2s. per
cwt. above the prices of last week. Coffee has also shown
signs of improvement; and the public sales in London
have been well attended, and a disposition to increase
stocks has been evinced.

The return from the Bank of England for the week
ending the Gth of November gives the following results
when compared with the previous return :
Public deposits • £4,991,313 Increase, £225,281
Other deposits 8,804,395 Decrease, 107,C47
Rest
On the other side of the account,—
Government Securities £10,598,607 Decrease, £15,000
Other securities .... 19,919,915 Decrease, 489,982
Notes unemployed .. 2,030,085 Increase, 853,345
The amount of notes in circulation is £20,396,445 being
a decrease of £436,305 ; and the stock of bullion in both
departments is £8,729,551, showing an increase of
£290,677, when compared with the previous return.
The market for our leading staple, cotton, has been
steady during the week ; and American descriptions have
brought an advance of k per lb. The sales of the week
have been 26,400 bales, of which speculators have taken
1850 bales of American, and. exporters 4180 bales Ameri-
can, 350 Surat and 100 Madras. The imports of the week
have been 27,244 bales. _ _ _

The market for manufactured goods is firmer; and al-
though there is not a large business doing, increased con-
fidence in operating for export is manifesting itself. The
country trade, however, is dull. The number of mills
working has increased during the week. The distress
amongst the operative classes is fearfully intense ; but
happily there is not apparent any of those attempts to ex-
cite them to displays of angry feeling towards their em-
ployers, which have been observed in former seasons of
depression.

Our corn market on Friday was inactive, the prices of
Tuesday being barely maintained. The markets in the
interior are well supplied and prices are generally re-
ceding.
Stock and money values are quoted higher, and dis-
counts are obtainable more freely and on rather better
terms than a week or two ago. First class paper only is
accepted, however, and inferior is not negotiable on any
terms. The general rate of discount for bankers' bills is
from seven to eight per cent. ; and the joint stock banks
are giving six per cent. for money for short fixed periods,
and five per cent. for it on call. The improvement in
Consols arises chiefly from the purchases made on behalf
of the public, the transactions being mostly in small lots,
for the purpose of investment.
The Bank of England has been supplied during the
past week with £475,000 in gold. About £200,000 more
was expected yesterday. In a week or ten days forward
about half a million more is expected as advised of. These
ample supplies are almost exclusively derived from
Russia. Such extraordinary imports of the precious
metals must necessarily be the result of financial opera-
tions upon a large scale, the actors in which do not appear
at present, although the origin may be guessed without
much chance of error. The " eight per cent." recipe is
working, as such potent medicine might be expected to
work. Such a price for money being proclaimed to all
the world (and the Examiner declares that the Bank has
itself paid seven per cent.), it is inevitable that money
should flow towards such a market. All the cash that
can be spared from Holland and other places, where 41
and 5 per cent. has been the current price, is naturally
forwarded to London, to gain sonic of the premium thus
offered. And thus the bullion in the Bank-coffers begins
to be augmented ; and as a consequence, the quantity of
the Bank's disposable paper is increased. The bullion
and coin in the possession of the Bank, according to the
Gazette of Friday, was, on the '6th of November, as
follows:
Gold coin and bullion
Silver bullion
Gold and silver coin

. £7,247,959
. 1,178,571
. • 303,021

£8,729,551
In the preceding week it was £8,438,874

Increase 290,677
And, as there has been a transfer of £126,363 of coin,
from the Banking department to the Issue department,—
the Bank is able to augment its "notes issued," from
£22,009,490 to £22,426,530. The result of the whole
affair will probably be, that having called Parliament
law,
—it
w,
itlol
tgurrannnt
natnthiantdnemn for
law has haa'avnitintliaotnedo,fatnhde
hence that no indemnity is needed !

LORD MAYOR'S DAY IN LONDON.—The usual cere.
monial of Lord Mayor's day passed off with greater eclat
than ever on Wednesday. A fine day for the show drew
thousands from all parts, and the dinner appears to have.
been on a most magnificent scale. Her Majesty's minis-
ters, the Foreign Ambassadors, and Judges of the land
were of course present. The premier, in returning thanks her Majesty's ministers, was very brief. His Lord-
ship said :—" 1 beg, in the name of her Majesty's minis-
ters and my own, to thank you for the great honour you
have done us'in drinking our health. We are fully aware
of the importance of having the support and confidence of
the city of London for the purposes of carrying on the
Fovesnment. lam sure that we, the Queen's ministers,
intend to do what we think will be most beneficial for the
country ; and in that behalf, omitting all subjects of poli-
tical controversy, 1 will say wo shall not hesitate to admi-
nister, and, if need be, to exceed the law, if we think it
necessary for the public welfare. I
.have heard with great
pleasure your lordship's sentiments in favour of the con-
tinuancepeace—sentimentsfriewnhdicthewelFe so well re-
of
sponded to by my illustrious French Ambas-
sador, who is here present. I wish,. like him, that that
peace which has now lasted for thirty years may long en-
dure, and my anxiety for its continuance, I own, arises
not more from a sense of the evils of the war which then
; closed, than from the experience of the benefits of that
peace we have so long enjoyed. (Loud cheers.)" He
concluded by proposing in complimentary terms, the
" health of the new Lord Mayor." The only other no-
ticeable fact was, that Baron Rothschild returned thanks
for " the health of the city members." His speech was
not, however, deemed worth reporting, for not a line of it
is given.