Markets.

Lyttelton Times, Volume IX, Issue 546, 27 January 1858, Page 4

Markets.

■„■>- LONDON. , . A commercial crisis of unparalleled' severity culminated on the 13th October, and cash payments were suspended! by the "bank's of NewYork.

A most alarming' monetary crisis was raging in England! • The /Bank /Charteri Act ;w,as suspended on the 12th; November. The monetary world has experienced an excitement unparalleled' sinceithe height of theflanicin 1847. DiscoWt has been raised by ra,pi(l successive advances to the unprecedented rate of 10 per cent. On ;the19th'of' October, the pressureon the Bank con-.; tinumgl unabated,;the: rate waff;raised- to 8 per cent; again on Thursday, the sth of1 November, to 9 per cent; and on Monday, the 9th Novem-, ber, to lO'per cent,= at which it at present stands., The intelligence of;the suspension,of Messrs.' Bennistoun Brothers, and Cp., .of Glasgow,; for two .millions, will produce "great' astonishment. It is stated, that ho. u|tiniate-'deficiency can be' apprehended ' from' this «joifrcej, "' During i the month of' November the following suspensions had taken place :^-T.he : City of Glasgow Bajik; the Liverpool Borough Bank; Messrs. Sanderson, , Sandeman, i iand, Co. *;; Mackenzie,', Ramsey, ,and Co.; Douglas and Westcott; B.F. B'abcock iand Co.; E. B. 'Codrlrigtbri'anct' Co.!; >H. Dutilh; < Tithch'andSkert; Diiapers,' Patrpni, and Co.; Bowman, Grinnell, amLCo,; .R. Bainbr^dgerand' C.oi;"Jellicoe and Wise; JoseP, de Saarid Co. . The 'Times *' of the l'6th November lias the. fdlloWing remarks in: the. money, article;:-^ ; , The ;panic ' is-1 generally- subsidingi' and i the ■ efforts.-;of those who boast of ithe,means, of. deception• and contrivance^ by which/it was jpromoted are now turned in an.' opposite direction.: The funds .have, accordingly, closed this evening at a further adva'ncie'of half per cent. Consols .' for money opened1 at the price;Qf'last,eyenmg— -89 to ■£, and'the' official close of the, quotations were.B9itof.for money,; and ;895. to 90 for the;' account. : After regular hours the^ was ; a fxesli' improvement of. an eighth, the ; latest bargains " for the account beiijg.96.to'|. Bank Stock) left off, at 211 t0213; Reduced, 88£ to §;? New Three per Cents, 88' i' to '%). India Stock,; 211' t0J214; and India Bonds,' 50s1. to'4os.' discount. Exchequer Bills; were^agairT slightly better,owirig to ..'. the impressioii that it niay be intended to relieve the money market by'funding, a considerable portionof the amount out standing, and the jflnal quotation was 2ls. to, 15s; discpunt. . ! . The rate for,short loans .on.', Government secur rities in the StockExch'^nge today was 8 per cept.: At the Bank of England and in .th<3 discpuntmarket'^he demand, Although extremely heavy, again showied a diminution:' ' , . As the Bank' Charter Act'hati not been infringed'up to Tlvursday evening, it was thought possible this same result might be witnessed as'in'; 1847,1 when, although the authority was given it was 'not found necessary to use it. It now appears however, that :the_ regular ifsue had been exceeded, and that an Act of Indemnity will have to be obtainea from Parliament.'; Last night the excess of credit notes in circulation beyond' the. .prescribed; four teen million : was £180,000, and to-day' it: is believed the amount will be found to have been further increased- ; ; -' liitne second edition of: the "Times' there is a telegraphic summary of news from America up to the sth November.- The money market at ■ that .date was much easier, a large arrival of gold having been received from California. Cotton, -was dull, but breadstuffs ;were in good demand, at upward prices. JSugar, too, was dull, jwi.th the new crop coming' in. ; The Bank statement indicated increasing strength, but ho disposition to extend in the aggregate their loans from jveek

tp^weeK. ' r -■■■*<■*;■■'■ -■ ■ - : * TTOQL MAEKET. ; ; The '-A. andlsf] Z.'Gazette' of Npv. 7,.says:— Dulness pervades,the wool market, and the further advance in the fate of discount tKrow : s : still iurther; gloom oVer tlie: prospects. In ?Eng- : lish: wbbls'the:supplies held by. staplers areivery abundant as compared with; tlie -^present: limited requiremeiats )of the: trade,! laSid when sales are effected it is at a considerable reduction in price^spmething. Hkft:3d. or 4ds below the actual cost. TJie 'for'thcomirig colonial wool sales. JinLondon,' commencing pn the ,12th inst., are looked forward to' with' 'great interest. The opinion generally' entertained is that present prices can-, not be maintained and that a; considerable reduction must be the result. The quantities received up- to the stlv inst ri ;\yith,; (the stpcks on hand, make, as we are.informed by Messrs. Bradbury and Cook's'circular, the amount tP-bl'offered 44,467 bales, of which 1^529 are from New Zealand, v 'j m ■': v ■■ .; / /"-, <; : \ " ■ The ' Honie News! of November .16 reports as follows:—During'tlie whole of November, the wool market has remained exceedingly inactive, and a general tendency was manifest in the north to quit stocks of-the raw.material in anticipation of a considerable decline in our, present sales. This feeling was daily con^rmedb^ fresh accpunts from America andthe failures at-home, coupled with a gradual though, rapid'rise in the .jßa'nk rate to the unprecedented of^^.lo per cent. Such a combination of circumstances produted a most depressing effect, arid'brought business, to a complete standstill in the manufacturing districts.' The various rumours afloat led many to anticipated decline of 4d. to 6d; per lb.^ and, inconsequence, the '■ attendance of buyers; both home and foreign,'was I greater, than at any former .period. The first sale, which took; place iL':.«the 12th November, quieted many; for; after an attempt on the part of some.buyers to| bring down prices' by 'low '■ bids, the' -foreign; buyers commenced, and the result:was an established decline of full 2Jd. to 3d., arid iat this redjiction biddings were languid, except for reallyj goo.d descriptions which received, more attention'arid were well competed for. , It^vpu)d be premature; at present to qupte'prices.as much irregularity occurs at each night's sale..' ; . ,- \