The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-01-24 00:00:00

COMMERCIAL 4' MONETARY NEWS.

MONDAY NIGHT.

THE still unsettled state of affairs in the East,
and the belief that it has assumed a far more war-
like appearance, have operated to produce a consi-
derable fall in the value of public securities, Consols
having been to-day as low as 90, which is a decline
of
.more than three per cent. within the week.
Part of this decline may be attributed to the fall
in the French funds, affected not only by the
Turkish question, but also by the rise in the rate
of discount adopted within the last few days by
the Bank of France. This measure has been in-
duced by the reduction in the stock of bullion,
which has amounted to no less than 23,000,0013
since October last ; and it may have the effect of
causing further remittances of gold to be made
from London to Paris. The weekly returns of the
Bank of England show an increase in the stock of
bullion to the' extent of £238,060—a large sum,
when it is considered that the Public Deposits
have decreased no less than £5,078,000, arising
from the payment of the dividends and the holders
of uncommuted stock. The " other deposits" have ,
increased £1,395,858, while the " other securities "
have decreased £2,073,114, showing a considerable
falling-off in the extent of accommodation. The
rate of discount on good paper has been about 5
per cent. ; and, notwithstanding the failure of a
highly respectable firm near Manchester, for about
£lOO,OOO, little has occurred to disturb the confi-
dence which prevails in the security of commercial
credit. It is said that the rate of discount in Bel-
gium is to be raised, but as that has ruled at only
2 per cent. for some time past, the increase is not
likely to have any effect on interest here. A
rumour has been current in Paris that the expenses
of the war against Russia are to be met by a joint
loan of £16,000,000 to England and France. This
loan, it is said, is to be issued at 78, as a medium
between the prices of the French Threes and the
English Consols. Such an arrangement would
doubtless suit the various financial houses on both
sides, eager for commissions, but, except in the
wishes of these persons, it can certainly have no
foundation. A correspondence with the Govern-
ment, on the collection of the export duties on teas
at Shanghai, has been published by Messis. Sillar,
Brothers, of this port. Since the occupation of the
place by the victorious insurgents, the British and
American exporters of tea have been required by
their respective Consuls to give promissory notes
for the amount of the duties, and the object of
Messrs. Sillar was to ascertain from the home
Government the reasons upon which this demand
was founded, and the intentions entertained as to
the appropriation of what may thus be collected.
The reply of the Board of Trade is, that it will be
handed over to the Imperialists if they should re-
cover their power, or to the insurgents if they
should succeed in establishing a permanent autho-
rity, supposing in either case it should be proved
that the ships of other countries have not been
meanwhile allowed to take cargoes free or on less
favourable conditions than those observed by Eng-
land and America. Messrs. Sillar allege, however,
that such has notoriously been the case already, and
in their dissatisfaction at the answer obtained, they
recommend shippers forthe future to charter foreign
vessels. The duty is equal to an average of about
20 per cent. upon the original cost of the tea.
Assuming any extensive shipments to have been
made with the advantage of a difference of this
kind, the result would, of course, be a very unfair
one for those who are called upon to undertake a
liability of payment, but it is not easy to suppose
that the Consuls of the two countries can have acted
without a sufficient acquaintance with the facts of
the case, as well as with the views of the mer-
cantile community at Shanghai, to justify their
course.

The return from the Bank of England for the
week ending the 14th of Jan., gives the following
results, when compared with the previous week :
Public deposits ... £3,213,993; DecreaseEs,o7B,ooo
Other deposits ... 14,140,492; Increase 1,395,858
Rest ... 3,295,813; Increase 47,919
On the other side of the account—
Government securities £13,644,025; DecreaseEl,lB9,274
Other securities ... 14,663,295; Decrease 2,073,114
Notes unemployed ... 7,443,015; Decrease 357,585
The amount of notes in circulation is £21,940,825,
being an increase of £592,625 ; and the stock of
bullion in both departments is £16,069,132, showing
an increase of £238,060, when compared with the
preceding return.