The Sun.
London, England, 1869-09-07 00:00:00

TRADE AND FINANCE.

With the opening of September we !lave commenced
another commercial year, and one that will probably bring
forth great things. At the present moment, indeed, the
general aspect of affairs is not altogether satisfactory, and
it would appear that, even after the lapse of time, the
effects of the great panic of 1866 have not entirely
passed away. A certain amount of distrust still
exists among commercial men, induced, in the first
instance, by the discreditable revelatiims attending the
fall of the " Corner House," and many similar institutions.
Considering the high places into which this very ques-
tionable commercial morality had penetrated, and the
great extent to which it had spread, there an be
little wonder at the intensity of the reaction against
it, particularly as we have been favoured from time
to time with similar disgraceful disclosures. For instance,
the past few weeks has brought to light the condition of
the Albert Insurance Company, and it has been made
evident that the career of this concern has been attended
by circumstances which it is charitable to call discredi-
table. Even now well-informed circles are speculating as
to how long several other large life insurance
offices—who have enjoyed similar omnivorent lives
—can last. When institutions of this kind, which
contain within themselves every element of safety so long
as they are properly conducted, are attacked, it is diffi-
cult to see what branch of finance can be free from
suspicion. We have seen them all in question in turn,
and, as a rule, the attacks have been founded on reason,
and scarcely sufficiently determined to bring all the
hidden enormities to light. Great, but not un-
mitigated, good will result from these exposures,
and in regard to the insurance offices the axe has
already been laid to the root of that great evil—
payment by commissions. To this the fall of the Albert
is to be traced, and the greatest good that can be looked
for out of such a calamity is the abolition of so noxious a
system.

We have, however, now to consider what prospects the
ensuing year offers for a revival of business, or rather for
a return of that speculative business without which there
can be no buoyancy in prices. Within legitimate limits
speculation is a wholesome life in the markets, as implying
a steadiness in demand for the article operated in,
and we are not prepared to go the length
of condemning it as the author of many evils.
Much of the present depression in the a- due of
money is to be attributed to the general absence
of speculation in produce, and so long as this continues to
be the case so long will prices generally remain without
movement. We regret to say that we cannot see any
prospect of an alteration in this state of affairs. There is,
however, ono very important point to notice. The great
decline in the value of wheat has caused no
little change in the balance of trade by removing a feature
peculiarly adverse to us. This will be more apparent
from the following figures. During the six mouths en►ling
Juno last we imported produce from Russia to the extent
of £3,81.1,393 against £5,392,153 in 186 A, and a nearly
similar amount in 1&37. Thisyear, therefore, we are Lable
for £1,500,000 less than in ISdS and 1 867 —no considerable
amount in the case of one country alone. The whole of
this amount is to be accounted for by the
in the price of wheat, and as this decline is likely to make
further progress the balance of trade will proloably become
more and more in our favour. The case of other grain export-
ing countries would afford further arguments in support
of this view. Again, v.-e take the example offered by tl►e
United States, which spews a falling off in the computed
real value of the imports during the six months referred to
of nearly eight millions sterling, owing "to the limited
receipts of cotton and the decline in the value of wheat.
Do not these two items alone go far towards explaining
the continued ease of the money market? Probably their
influence has not yet come to an end, and, if so, the
ensuing year promises to be a period of cheap money. On
the other hand, we are unwilling to believe that another
twelve months will be allowed to elapse without some
active movement, and are glad to perceive some disposi-
tion to float promising companies, especially in connection
with submarine telegraphy, which bids fair to make rapid
strides.

The John Bull learns that the Bishop of Win-
cbester has acted most generously as to the retiring pansioa
to which he would be entitled on his forthcoming resigna-
tion, and will receive far less than he might have claimed.

The Bishop of Derry and Raphoe, according to the
John Bull, finds his onkagemlnts with regard to meetings
connected with the future organisation of the Irish Church
will prevent his preaching the sermon at the Church Con-
gress at Liverpool.

A new association in Birmingham, under the title
of "The Estahlidted Church Institution," is started. Its
objects urn the maintenance and advancement of the prin-
ciples of the Church of England; the promotion of a general
knowledge in subordinaticrn to religion ; the cultivation of
Church music ; and encouragement of kindly iatercourso
among all classes of Church:nen.

On Friday an accident occurred by ♦Lich one man
unfortunately lost his life and another was dreadfully in-
jured. The hum of the catastrophe was the partial explo-
sion of a boiler, ono of two used to chive the weaving shed
of Messrs. Crewdson, manufacturers, Walmer Bridge, a
village about six miles from Preston. The two men, the
fireman and engine driver, were at work in tho boikr-houso
at the time, when suddenly the explosion took place. The
fireman was killed instantly, and the engine driver was
badly scalded.

The extraordinary number of accidents from the
explosion of kerosene lamps which occur in New York is
attracting general attention from the American press. Four
or five such accidents take place every week, and fifty-two
deaths are said to result from them annually. It is thought
probable that a kerosene inspector will be appointed to en-
force the ordinances against the sale of dangerous illuminat-
ing fluids.

The " American Murray" continues to be the
rage, for raging is the only term to apply to those who
style themselves "hurray's fools." What the revereud
gentleman did was to write a book, entitled "Adventures
in the Wilderness." It was a forcibly written, impulsive,
little work, graphically describing his experience; and,
as it was published by an influential house and was exten-
tensively advertised, he brought the Adirondacks into pro-
minent notice. Describing the climate, Mr. Murray tore-
nounced it to be eminently adapted to restore impaired
health, and he related a marvellous cure of consumption\
To the sick the Adirondachs offered this attraction ; Mr.
Murray let the sportsman's cat out of the bag, revealing
their favourite ground to a lot of would-be sportsmen, and
for the lover of scenery he pourtrayod the mountain, wood,
and water. Those verywho hurried to theAdiroudacks
hatntvvealbieden .
Nut only
iinn
asepaii::o•ll,3
,erfhnallycuirien,pdreiepda,read for s
did the game fly before the army of would-be sportsmen,
but they cleared the country to the intense indignation of
the genuine sportsmen, while boats, guides, and every
means of locomotion, were taken away from those who
really desired to enjoy the natural beauties with which
the region alounds. A writer describing the wilderness,
declared the echoes of the hills to be scolding after this
fashion. "Murray is a humbug." Murray is a " T
am ono of Murray's fools." "Murray ought to be assas-
sinated." "Murray is responsible for more than one
death." Thus it ever is; the stupid attach their own
meaning to what an author writes, and then block up his
doorway with the blunders they have laid there. The real
season, too, is not midsummer, but autumn ; when the
midges, musquitoes, and the biting things so innumerable
as to obscure the sky are dead when the shooting is better,
and the woods tinted with the fall colouring, more brilliant
than any other sylvan scene in the world over.
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