The Sun.
London, England, 1847-11-15 00:00:00

S n't NOVEMBER 15, 1847.

question ; while, on the other hand, the determina-
tion of the United States Government was said to be
equally decided, not only to make no abatement on
the terms offered by Mr. Trist and rejected by
Mexico, but to insist on more favourable conditions
in consequence of the immense loss its army had
undergone.
In a Cabinet Council held at Washington on the
23d, it is said that Mr. Walker " goes for all of
Mexico—Mr. Buchanan for a part." It was expected
that Mr. Polk would submit the subject to Congress.
COMMERCIAL INTELLIGENCE.

We subjoin full commercial details from the New
York Herold :

SATURDAY, OCT. 23, 6 P.M.

Quotations for all kinds of stocks are slowly but
steadily settling down. There was a small panic in the
street to-day, and the decline became general. At the
first board Long Island fell off f per cent. ; Haarlem,
; Norwich and Worcester, ; Canton, ; Reading
Railroad. 1 ; Pennsylvania. s's, ; Illinois, G's, 4 ; In-
diana, s's, 1. Farmers' Loan and Treasury notes
closed at prices current yesterday. The transactions
at the decline were not very large, and there appears to
be no disposition to force stocks upon the market at
present prices. Many holders are under the impression
that prices may go down ; but, as the decline would
only be hastened and carried to a greater extent by
filling the market with stock, they prefer holding on,
and patiently wait for an improvement.
At the second board prices rallied a little. Haarlem
advanced per cent. ; Norwich and Worcester, ;
Reading, 5-6 ; Farmers' Loan, ; Long Island, it.
The demand for exchange for remittance by the
French steamer has been limited. Tlr. Missouri takes
out a considerable amount of silver in five-franc pieces.
Remittances of this coin are continually going on ; and
the shipment of any amount is not calculated to create
any feat s in financial circles. It is a species of merchan-
dise in which there is considerable traffic. Sterling
exchanges continue very quiet. Quotations have, dur-
ing the past week, been steadily settling down, and, as
the season advances rates must rule much lower than
those now current.
FOREIGN EXCHANGES.

79
BOrnemlieanmburgh 36 to 361
Amsterdam
391 to 40
OpanriLso.n..ds7.
23c.... ltooB
Domestic exchanges remain without any material
alteration, and rates cannot be considered otherwise
than nominal. It will be perceived that the balances on
our domestic trade are generally in our favour.
Uncurrent money is very abundant, and the brokers
in the street have as much offered for redemption as
they can conveniently take care or, and the rates con-
tinue steady at our quotations.
With the exception of a moderate movement in five-
franc pieces for shipmsnt by the French steamer Mis-
souri, there is nothing of consequence doing in the
precious metals. The small amounts passing to and'
from Europe by the steamers are nothing unusual; these
movements are continually going on, and have nothing
to do with the regulation of exchanges.
The damages to the public works of Pennsylvania from
the recent freshets have been very great, and happening
at this season of the year, exceedingly unfortunate. The
Juniata Canal is swept from Hollidaysburg to Duncan's
Island, and its embankments washed away in numerous
places. Every bridge over the Juniata is carried away,
and the new aqueduct above Newton Hamilton, rebuilt
about two years since. In some places, it is said, that
the canal is almost obliterated, and the damage such
that it cannot be repaired this season. The Susquehanna
division is not so seriously damaged, although there are
several heavy breaches at Duncan's Island and above it
that will require some time to repair. It is expected
that the repairs on this division will be made in time to
allow a large amount of coal to be taken to market
before the close of the navigation. The water in the
Susquehanna at Harrisburg was 17 feet above low-water
mark, about 4 feet lower than the great flood of
March, 1846.

The receipts of the Old Colony Railroad for the week
ending Oct. 16th, were 3,623 dollars 63 cents, being
1,157 dollars 88 cents more than for the corresponding
week in 1846.

The directors of the Galena and Chicago Railroad ac•
knowledge subscriptions to tha amount of 250,000 dolls.
When the subscriptions shall amount to 400,000 dollars,
we understand the operations will be commenced.
SUNDAY, OCT. 24, 6 P.M.

Since the arrival of the steam-ship Cambria from
Liverpool the stock market has been very unsettled ;
prices for stocks have been steadily settling down, and
there appears to be no disposition to engage in any very
extensive operations, either in stocks or merchandise.
We do nut expect to see any improvement in financial
or commercial matters until more favourable intelligence
receivedis from Europe, and we can hardly look lor
anything of that kind for some weeks, or perhaps
months. The next arrival from England will, without
doubt, give us another long list of failures, and the
effect upon this market will be similar to that experi-
enced open the arrival of the last packet. No fears
are entertained that we shall be drawn much
deeper into the difficulties which surround the commer-
ial of England ; but the relations of the
we countries arc so intimate that we must be indi-
rectly affected by the ruin which is spreading so rapidly
over Great Britain. If the effect goes no further than the
destruction of confidence in our own market, it is of a very
serious nature, but it must go even beyond that. There
13 no doubt but that we have been serious sufferers in a
eecuniary point of view ; that we have lest millions Of
dollars and may lose more ; and that our trade with that
country must for a time be seriously restricted, prices of
our products seriously reduced, and the demand seriously
reduced in extent. These things cannot but have a very
important influence upon the commercial classes of the
country, and must tend to the contraction of our foreign
trade to a great extent. All these things may be rea-
lised to the extent many anticipate, but we do not look for
such results, unless almost an universal state of bank-
ruptcy takes place iii Europe ; unless the failures reach
a different class of concerns to those already reported,
and the real interests and the most substantial portions
of the people of that country become affected by the
financial embarrassments of the times.
The suspension of a hundred or two of the mercantile
firms of England, who have for so many years been in a
state of bankruptcy, will not have any material influence
upon this country, and the effect there cannot but be
:emporary, and the result will be exceedingly beneficial
to the world at large. The artificial, fictitious, rotten
Istem of credit which has existed for so many years in
London has given a position in the commercial world
to many houses which has enabled them to carry on an
immense business, independent of any actual capital,
and to extend their operations into every corner of crea-
tion, and involve themselves in immense speculations,
depending entirely upon bunk facilities to carry out
their plans. The downfal of these concerns, and their
extermination from the commercial lurid, must ulti-
mately have a very favourable influence upon corn-
aiercial affairs generally. The first effect of these sus-
pensions could not be otherwise than disastrous; a com-
mercial revulsion to any extent, from any cause, pro,
duces at first a panic, and for some time after a distrust
and a loss of confidence, which for a time exerts a de-
pressing influence upon all classes; but as soon as the
shock has passed over—as soon as the rotten concerns
have been cleared out, a healthy reaction takes place,
and the recovery, although slow, is sure and steady. We
look upon the revulsion in England, which at the last
accounts were in full blast, in this light, and the result
will be similar to that predicted.
We have heretofore found the best markets for our
most important staple productions in Great Britain, and
whatever tends to cramp or cripple that demand is. of
course, for the time, a great evil. Our cotton has been
the most important raw material ono country ever fur-
nished
another. The industry of England has depended '
upon it, and her wealth has been increased enormously
by the addition of that industry to the first cost. It has
given employment and subsistence to millions of her
people, and afforded an important item of transportation
to the commercial marine of that country. England
has been such an important customer for this staple,
that all others have been made subservient, and we have
been, in a measure, controlled in prices by the will of her
manufacturers. It therefore appears plain that whatever
affects the demand for this staple in England affects
prices in this country; and if the manufacturers of
Europe curtail their operations we must reduce the
supply of the raw material. It does not, however, follow
that the consumption of cotton is reduced in proportion
to the reduction in the demands from the manufacturers
of Great Britain. A demand for the raw material
springs up .in other sections, and the markets
of the world are supplied from other sources.
If the manufacturers of Great Britain work short time,
and consume one-third less cotton than usual, the sup-
ply of manufactured goods from that source becomes
reduced, and the consumption must be supplied from
other sources, or reduced to a corresponding extent.
Notwithstanding the deficiency in the harvests of Eu-
rope generally, the masses have been in a very prospe-
rous condition, and have been in a position to consume
these fabrics as largely as usual, and the demand in the
aggregate has doubtless been as large as usual. It is,
therefore, a very important question with those coun-
tries which have hitherto imported so largely of British
cotton manufactures, what increase there has been in
their domestic supply, and what progress they have
made in the establishment of manufactories within their
• own limits. The United States have progressed won-
derfully in this element, and anything tending to de •
press Cho manufacturing industry of England gives a
great impetus to it in this country. We have no returns
showing the actual increase in this branch, but we have
'no doubt it has been a very large per cent. A few
years will suffice, at the rate we have advanced within
the past few years, to place us independent of Great
Britain, not only for supplies of manufactured goods,
but for markets for the raw material.
Wall-street has for a day or two been considerably
agitated by the announcement made that a letter had
been received from a former GovernorAf the Bank of
England, predicting a panic in the commercial and
financial circles of Great Britain, soon after the sailing
of the packet of the sth inst., that would ruin some of
the most extensive houses in the kingdom. There is no
doubt but that such a letter has been received from the

[PRICE SD.

source named, but as the writer evidently alludes to the
explosion of some concern more important than any yet
reported, we can form no idea of what the result of the
prediction will be. The suspension of the Bank of
England could not have taken place so soon ; the sus-
pension of the house of Rothscbilds was even more
doubtful than that of the Bank, and no one anticipates
the suspension of Baring, Brothers, and Co. Whatever
failures take place will, without doubt, be of a similar
character to those already reported. A few days will
settle all doubts.

The annexed table exhibits the quotations for stocks
in this market, fur each day of the past week, and at
the close of the week previous. It will be perceived
that the transactions have been confined to a very few
stocks :

QUOTATIONS FOR THE PRINCIPAL STOCKS IN THE IC Ew

YORK MARKET.
Mon. WO. Th. Fri. Sat.
Treasury Notes, 6's 1014 1014 1011/8 101% 10114
New York State 6's 1061/.2
Ohio 6's 100% 100 100 99% 99
Kentucky 6's 933jq
Pennsylvania s's... 76% 761,4 76 74% 74
Illinois ... ... 43 42% 4212 42 41%
Indiana ... 42 41 40
Reading RR. Bonds ... 704 6976 694
Reading Mortgage Bonds 661/ 663/4 66% 66
Reading Railroad ... 564 :5% 56 55%
Norwich and Worcester... 431,E 4214 42 41 41
Harlem Railway ... ... 483/4 48 46% 47%; 454
Long Island ... 29 284 27 28%
Mohawk ... 67
Farmers' Loan ... 27% 271,4 27 27 2644
Canton Company.. ... 30% 304 29% 29% 29',4
Morris Canal ... —11 M
North American Trust ... 71/s

A comparison of prices current at the close of the
market yesterday, with those ruling at the close of the
previous week, exhibits a decline in Treasury notes of
I per cent.; Ohio 6's, l; Pennsylvania s's, 2i; Illi-
nois 6's, 11; Indiana, 1; Reading Bonds, 11; Mcrt-
gage Bonds, i; Reading Railroad, 2i; Norwich and
Worcester, 2; Harlem, 21; Long Island, I; Farmers'
Loan, /; Canton Company, i; North American Trust,
I. There has not been a single sale of several of the
fancies during the past week.
The value of merchandise imported into this district,
exclusive of that sent to the warehouse, and the amount
of duties paid for the week ending the 22d inst. inclu-
sive, were as annexed:—
COMMERCE OF THE PORT OF NEW YORK—WEEKLY
IMPORTS.

Week ending Oct. 22, 1846. 1847. 1847.
Dollars. Dollars. Dollars.
Free Goods ... 135,435 16,395 decrease 119,040
Dutiable Goods ... 680,219 807,408 increase 127,189

Total Mdse.
Specie ...

... 815,654 823,803 increase 8,149
... 20,153 73,884 increase 53,731

Total 835,807 897,687 increase 61,880
Duties received ... 189,738 232,390 increase 42,652
The increase in duties received for the week was
about five times as large as the increase in the aggre-
gate value of merchandise imported. Upon an increased
importation of 127,189 dollars in dutiable goods, the
duties were 42,652 dollars. Under the new tariff there
has been a great falling off in the value of free goods
imported, by which a larger revenue has been received
by a reduced aggregate importation.