The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-05-04 00:00:00

western cans

I. at the close of the market

established the

corn trade at 405., and yeste
holders very firm.

A London correspondent of the Manchester Guardian,
writing on Friday, says, " The pressure on the money mar-
ket cannot be saidto-beirt any degree subsi

,d, as far as

—counted freely,lakinimany, bills of the first class at
five per cent, June bills at five-and-a-half per cent, and
bills up to the 17th of July at six per cent ' - but, never-
theless, it is notorious that large amounts have been re-
fused, and that no apparent result has h..—
'tl Lombard-street -

red teas
o many bills are running off during the 'first fortnight in
May, that the bank will be able to continue an extended
accommodation, which will no doubt begin to be felt in a
few days ; and if confidence were restored, the present
difficnitics would be somewhat ameliorated. I believe
that it-is the-intention of the directors to extend theirae-
cornmodation as far as it is possible to do so •, but that
must necessarily be limited by the continued drain upon
them for bullion. The colonial, and especially the East
India interest, is suffering very severely from the difficulty
in getting the usual advances ; and unless some material
relief arrives soon, the most serious consequences are ap-
prehended. The bank accounts this week will look better.
The reserve of notes will be rather larger ; while, how-
ever, there will be a small reduction of bullion. The go-
vernment will do nothing at present, and Sir Robert Peel
will appear to-night, to vindicate his bill. They express
the greatest confidence that it is sound, and will work
through the crisis."
The Times of Thursday says, " Although the pressure
for money has assumed a less feverish character, there is
not much apparent mitigation of its intensity, and for
long-dated paper the rates still reported are severe. From
the provinces also similar accounts continue to be received,
and on first-class railway shares 81 per cent is stated to
be currently given. At Manchester the present state of
affairs has led to a modification in the mode of doing
business, the large American commission houses having
given notice to the manufacturers from whom they have
been in the habit of buying, that instead of paying cash
as heretofore, and receiving I} discount, they will avail
avail themselves of the three months credit to which they
are entitled, by giving bills at that date, except in eases
where the manufacturers may be disposed to increase the
discount to 2 per cent, (equivalent to 8 per cent per an;
num), and it may prove convenient to take advantage °I
that alowance."
A deputation of gentlemen from Liverpool and MO,:
chester had on Friday, as we learn, an interview with
Lord John Russell, on the subject of the excessive scar-
city of money. It is understood as the result, that
Go-
vernment, through the Bank of England, undertake to (
all they can for the relief of the manufacturing and trading
interests generally during the prevailing pressure, and tlI
deputation returned much more satisfied.
The weekly account of the Bank, published in Fri,4%)f
night's Gazette, gives the stock of gold and silver bulg,"s_
in the issue department as £8.549,140, being a decrease
since last week of £251,060, while in the banking depart'
meat the stock has risen to X 664,750.