The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1851-09-23 00:00:00

THE LIVERPOOL STANDARD, TUESDAY, SEPTEMBER 23, 1851.

COMMERCIAL AND MONETARY. NEWS.

Monday Night.
-The gossip of the week has been unusually dull ; and tLe
state of the commercial pulse, in particular, is anything
but gratifying. But for the excitement crested by the ap-
proaching Royal Visit, the bustling importance into which

it has thrown some of our civic functionaries, and the
genial influence of fine weather, thoilagsin our Exchange
area would have been unendurable, and-Brunswick-street
a Slough of Despond. The most experienced are unable
to predict where the process of sinking is to stop, or when
produce or grain is to find its minimum, !People, more-
over, are beginning to entertain unpleasant doubts about
each other. There is a large balance of lose on imports
to be disbursed by somebody. Accounts of sales from
foreign markets are very unconsolatory. Freights are
unremunerative ; and payments from the country trade
are secured with extraordinary difficulty. 'Who are to be
the first sufferers, nobody can tell ; but that there must be
a collapse, everybody admits. The "Bank returns, too,
form a subject of uneasiness and puzzle to many. Packet
after packet brings us news of two or threemillion dollars
of specie being shipped to us from California; yet no sen-
sible augmentation of the bullion in the Bank of England
takes place. Where does it go to ? people are asking.
Clearly not to the Mint. It is absorbed by. the European
drain upon us, in liquidation of our increased imports of
wt eat and flour. For the present, at least, it is so ab-
sorbed ; but the wonder seems to be that there has not
some time ago been a reaction, and a rush of the precious
metals to the centre of the world's capital. We ought
before this to have had a large accumulation of gold ; or,
if that metal is ajust measure of value, its increase should
have been accompanied by a general rise in prices. We see
no such rise, however ; and people seem at a loss to account
for the fact. The recent discovery of a mountain of the
metal in Australia may perhaps solve all our puzzles.
The affairs of Birkenhead have not of late occupied a
very prominent position in the public mind. The dreams
of enthusiastic people, as to the rivalry which was to take
place between the docks in Wallasey Pool and those of
Liverpool, have not yet been realised. Still, we do not
despair of .the ultimate prosperity of Birkenhead. The
locality, in fact, is already being converted to its-natural
uses, as a.favorable one for the rough trades of the Mer-
sey. The mistake was in aiming at anything more. During
the past few months very extensive operations have been
)on the land on the Seacombe side of the Pool ;

going on t

and by the end of the year we shall have there a large
pottery in full operation, employing a considerable number
of people. Other similar trades will, no doubt, be brought
there, and occupy eventually the whole frontage on both
sides of the. Pool, increasing the numbers of the working
population, and the consequent value of land in the neigh-
bourhood. An extensive coal trade is also springing up,
which will no doubt increase.

The accounts from the United States, received by the
" Asia," up to the tenth instant, will not be regarded by
the manufacturing interests with much satisfaction. The
New York market for foreign dry goods generally has
been an unremunerating one during the whole of the
year ; and stocks, not particularly wanted, were sold at
the close of the season at great sacrifices. Importations,
it is said, must next season be greatly restricted. The
money market was still tight ; and discounts, as high as
15 per cent., had been submitted to for good paper. This
is regarded here as singular, when it is taken into consi-
deration how extensively America has of late been export-
ing specie to Europe. America must, but for the Califor-
nian riches, have long ago been driven to a contraction of
her large business engagements ; and it is manifest that
she must even yet be driven to retrench.

In the meantime the principal markets for manufactured
goods seem to be in no position to sustain the loss, even
of a single foreign market, much less so important a one
as that of the United States. The reports from Man-
chester for the past week are very gloomy. The Man-
chester Guardian says of the market in that place—" A
rather marked backwardness to operate in goods at large,
and in many descriptions ofyarns, hasshown itself amongst
buyers throughout the present week." This is attempted
to he accounted for by the fact, that the existing contracts
to deliver goods are expiring, and have been entered into
in the expectation of a lower range of cotton prices than
that raw material can now be bought for. Of Macclesfield,
we are told that—" Business, during the week, has
been less animated than in the week preceding; and
we have not heard of one single buyer in town this week."
Of Nottingham it is said,—" Lace : There are again com-
plaints this week of the want of business both in the ware-
houses generally and by the vendors of brown goods."
" Hosiery : Our business is still flat, but orders must
shortly be coming in for the home and foreign trades."
Of Leicester the reports speak more cheerfully. The
general tenor, however, of the reports from all our manu-
facturing districts are full of gloom. The last accounts
from India and China, dated August 7, are a little better
than those previously received. It is stated, however,
that several vessels, with heavy cargoes, had been kept out
at sea ; and parties in this country, acquainted with the
extent of our recent shipments, anticipate an increased
dulness as the result of their arrival.

There is a little uneasiness existing amongst our ship-
owners and underwriters on account of the protracted
absence at sea of a large amount of homeward-bound
tonnage. The accounts of gales in the Atlantic, received
yesterday, have added greatly to this feeling.
The stream of visitors from every part of the kingdom
to the metropolis, continues to increase as the exhibition
draws to a close ; and tradespeople and others are begin-
ning to form calculations as to the amount of money
which has, from first to last, been thus withdrawn from
the customary channels of trade, to be expended with
railway proprietors, or dissipated in the shops, the lodging
houses, and places of amusement in London. We shall
have had shortly about five months of this determination
of the resources and blood of the empire to its centre—
the great wen; and it is very probable that, as the parties
actually in the Crystal Palace have averaged somewhere
about 50,000 per day, at least a hundred thousand persons
per week may be set down as having visited London for
the five months that the exhibition has lasted. Take the
railway and other expenditure of each individual at £3,
the amount expended will be £300,000 per week, or
£6,600,000 for the twenty- two weeks' duration of the show.
This sum, with which the public have thus taxed them-
selves voluntarily, appears enormous, and, as being spent
in the luxuries of sight-seeing, is enough to account for
much of the dulness which the trading classes throughout
the country have been complaining of for months past.
So far as Liverpool is concerned, however, our shop-
keepers and tradesmen are now indulging in hopes that
her Majesty's approaching visit will be a little harvest to
them. Few will face the royal presence without their
best attire to display themselves in. Haberdashers and
milliners are getting up both their spirits and their stocks
of wearables ; and a general stimulus is likely to be given
to the retail trade of the town generally.

The past has been a quiet week as regards our produce
markets, but very active as regards idle rumours of dif-
ferent houses' credit, and we do think some step should be
taken by all honourable-minded men to check such dis-
creditable gossip. Surely it is time enough to hear of our
neighbours' misfortunes when they occur, without partici-
pating in them, if not immediately causing them. For
the sake of the gentlemen on the Liverpool Exchange, we
are happy to say that the rumours we refer to emanated
in London this time.

There has been a fair inquiry for Sugar, but at no im-
provement in price ; and since Friday's circular some
6,000 bags Bengal, chiefly white, have changed hands at
38s. to 41s. 6d. Tea and Coffee are flat ; to-day the trade
took 1,000 bags Costa Rica Coffee at 435. In Dyes there
is little stirring. For Cotton there has been a fair inquiry,
and the sales to-day reach 7,000 bales, at very stiff rates.
We understand that the firm of Messrs. Campbell, Ar-
nott, and Co., whose suspension was announced
last week, have effected an arrangement with their
creditors by an engagement to pay 13s. 4d. in the pound,
the firm continuing their business as heretofore.
The steady gradual improvement in the Sharemarket
noticed in our last two numbers still continues. The quo-
tations of each succeding day are recorded a fraction
higher. The increase in the traffic also has a favourable
iufluence, and is inducing operations for investment which
in the aggregate amount to a considerable sum. The
stocks considered cheapest for investment at present are
Lancashire and Yorkshire, Midland, and York and North
Midland. We annex the quotations of this day :—East
Lancashire, 131; Old Leeds, 521 1 3k 3 43k3k 3
2iii; Do. Fifths, 81d •, London stork, 1121 13 ; Do.
Fifths, 11 2p ; Midlands, 45 1 Ilkel2ic?4; Do. Halves,
19d ; Old Dovers, n
18a ik; York and North Midland,
171 ; Dublin and Belfast June. 224d.—Royal Assur. 4p.
In the New York Stock-market the tendency for non-
dividend paying stock had been downwards. The arrival
during the week, of £2,500,000 from California had re-
lieved the money-market. Exchanges were dull. Ster-
ling 91 to 101. The Cotton-market continued firm, with a
further advance in prices at gc. per lb. on most grades.
The demand for cotton fabrics continued steady. Wool-
lens heavy. Flour and meal rather firmer. Wheat in re-
quest. Tobacco firm. Freights very dull.
The return of the movement of the Bank of England
for the week ending on the 13th instant, in the Gazette
of Friday, gives the following changes compared with
the week ending the 6th instant :—ln the department of
issue the notes in circulation had increased £230,175,
which had been produced by an increase of £230,175
in the gold coin or bullion, the silver bullion remaining
unaltered. On the debit side of the banking department
the Rest had increased £3,088, the public deposits had
increased £664,357, the private deposits had increased
£71,634, and the seven-day and other post bills had de-
creased £17,150, making the total of the liabilities
£36,307,029. On the credit side the government securities
remained unaltered ; the other securities had increased
£243,367 ; the notes had increased £482,645, and the
gold and silver coin remained unaltered—which equalised
the account. The bullion in both departments of the
Bank had increased from £14,290,391 to £14,516,473,
being a difference of £226,082. The paper in actual cir-
culation had increased from £20,591,684 to £20,322,054,
being a difference of t 269,630.

AMERICAN STEAMERS.—The United States' steam-
ship Hermann, which left New York on the 6th instant,
arrived at Southampton on Sunday; and, on the same day,
and almost at the same moment, the British steam-ship
Asia, which left New York on the 10th, arrived in the
Mersey.

IVIAIVCIIRSITER AND LIVERPOOL AGRICULTURAL SO-
CIETY.—The fourth annual show of this society will be
held on Tuesday, the ith of October, in Miele, near
Manchester. The dinner will take place at the Corn Ex-
change, and the Earl of Wilton will presideo Full parti-
culars are given in our advertising columns.