The Liverpool Standard, and General Advertiser.
Liverpool, Merseyside, England, 1854-11-07 00:00:00

ng, so that his own opinions are for the time

inlmown

for impartiality as a magistrate, for

courteousness of demeanour, for general attention
to the interests of all, and for that grace of hospi-
tality which not only becomes his position, but
which reflects credit on the community. All these
qualities Mr. LLOYD has exhibited in perfection ;

and in retiring, at the expiration of his year of
office, we need only desire that his successor will
follow so excellent an example. The office of Mayor
of Liverpool has lost nothing in his hands, but has
rather received additional lustre. In the opening
of St. George's-hall his labours were unceasing to

give due eclat to the important event ; and in his
subsequent reception of the distinguished visitors
to the meeting of the British Association, he left
nothing to be wished for. The Town-hall was
thrown open with a profuseness, but yet elegance,
of hospitality, which elicited universal admiration,
and at the close of his mayoralty he enjoys the
respect and esteem of men of all classes with whom
he has been brought in contact. We repeat that,
in enaressinghearty thanks to him for the admirable
ma6er in which he has done honour to his office,
and good wishes for his future welfare, we are but
expressing the unanimous sentiment of the people
of Liverpool.

We might comment on some ill-natured remarks
in a Radical contemporary with reference to the
well-merited vote by the Town Councilof a Thousand
Pounds to the Mayor for the additional expenses to
which he had been put, owing to the peculiar claims
upon him during his year of office. We are satisfied,
however, that such sentiments will meet with no
response, as there is not a burgess to be found
who, after the arduous duties which Mr. LLOYD
has so well performed, would wish to make him
also a pecuniary sufferer.

THE COMMERCIAL CREDIT OF
LIVERPOOL.

The Times of Thursday gives the publicity of
its large circulation to an article from The
Bankers' Magazine on " The Liverpool Failures."
The statements therein made are not warranted by
facts ; if true, the conclusions are erroneous ; and
the style of argument is altogether unworthy the
prominence given to it. It commences with the
broad assertion that "Liverpool has been frightened
from its propriety by a series of failures comparable
letenle/ar`sNiNceitiniMitiil Lthg.trPAS,,Peri4
alarm occasioned has consequently produced a deep
influence upon credit." So far from this being
true, the failures have been few in number, and,
even with all the exaggerations of mis-statements,
were at once attributed to their true cause, and
opinions only differed as to the extent of the loss
incurred. An examination into the state of affairs,
so far from showing a system which by this

writer's account is utterly indefensible, tends rather
to strengthen the opinion to the contrary. If the
statement can be relied upon, and no reason has
been adduced to doubt its accuracy, the creditors,
after allowing for a heavy depreciation of assets,
will receive a dividend of about 17s. in the pound,
while there is a prospect, should the realisation
prove favourable, of paying the creditors in full
and leaving a surplus. To take, however, the most
moderate view of the case, we look in vain for
proofs of that reckless speculation which has called
for this wrathful denunciation of the merchants
and bankers of Liverpool, as though the former
were engaged in the worst species of gambling,
and the latter, ignorant of their business, were

dupes and victims.
The comparison with the panic of 1847-48 is
positively absurd, for there is not the slightest
resemblance in any of its features. Then the
country generally was suffering from the re-action
of the extravagant Railway mania of 1845-46, still
further increased by the scarcity and high prices
of 1847, which led to a general stagnation of trade,
and a frightful depreciation in the value of almost
every commodity. Now, on the contrary, the
whole alarm has been occasioned by almost a single
instance of over-trading, but so far removed
from the character of recklessness with which
it has been so profusely charged, that the
creditors are scarcely injured more than by the
inevitable delay.

If, however, we admit all that has been said
with reference to these particular transactions,
they in no way impugn the commercial character
of the town, nor justify the remarks of The
Bankers' Magazine—which have been endorsed
by The Times. All the circumstances which pro-
duced the panic of 1847-48 and previous monetary
panics, are totally wanting in the present instance,
and the circumstances are so completely excep-
tional, that the comments upon them are quite
uncalled-for. Instead of falling markets, prices
have been fairly maintained ; instead of decaying
trade, it has experienced a steady increase ; and the
year's accounts in almost every merchant's books
must show the balance on the right side.
It may not be difficult, however, to find a clue to
these attacks on the credit of Liverpool, coming as
they do from London, in the relative position of
the two places. While the one has been com-
paratively stationary, the other has rapidly pro-
gressed, until it has distanced its once formidable
competitor, and this may be the means resorted to
with the view of checking the tide of success. The
attempt, however, must be vain, for the actual capi-
tal possessed by many Liverpool houses is fully equal
to those of London ; and the business of banking,
instead of being conducted with such evident dis-
regard of consequences, as implied in the charges
we have alluded to, has been eminently successful ;
nor could these writers point to any banking firm
in London, even including the head concern in
Threadneedle-street, which ranks higher than those
of Liverpool. In all Bill transactions there is a
certain amount of risk ; but it is essential to com-
merce that such should be encountered. In no
place, however, has banking business
acted with more prudence, which is th
of stability, than in the town of Liverpool

seen trans-

saiefuard