The Sun.
London, England, 1866-08-07 00:00:00

INDEMNITY BILL.

This bill was road a second time, and the standing
orders being suspended it was passed through its remain-
ing stages.

NEW MEMBER.
On the motion of Col. TAYLOR, a new writ was ordered
to issue for Carmuthenshire, in the room of Col. Pennant,
now Lord Penrhyn, called to the House of Lords.
EXTRADITION TREATIES ACT AMENDMENT

Past and Prospective Importations into
Americs

(From the New York Commercial Chronicle.)
The total imports at this port, for the fiscal year
just closed, reach the very extraordinary figure of
$301,000,000. It would, perhaps, be rash to pro-
nounce this an extravagant importation, all things
being considered. The close of the war found us
with a general scarcity of goods. Domestic pro-
duction and importation had both been regulated
with a conservative regard to supplying the wants
of the Northern markets only. The South, which,
had been shut out from regular supplies of ma.-
chandise for four years, had to be supplied chiefly
from this market. With nearly two and a-half
millions of bales of cotton, worth, on an average,
forty cents per pound, the people of that
,section,
had adequate means of supplying their large wani,s.
In this extraordinary condition of supply and de-
mand there was surely a basis for an unusually
large importation, alike for the business of last Fall
and the season just closed; perhaps it would be
more just to credit the importers with sagacity than
to charge them with recklessness in making such
ample provision.

At the present juncture the question presents it-
self—Are the importations of last year to be re-
garded as the measure of those for the year on whir, h
we have entered ? For very obvious reasons we
think not. There is no longer any extreme pressure
upon the South to purchase goods; and having
supplied their more urgent necessities, they win.,
perhaps, during the next season, show a dispo,4_
tion to economise consumption, so as to pro:fide
themselves with the means of producing or trending.
It is, in fact, only through the most rigid economy,
for a series of years, that the South can recover
from the injuries it has sustained by the war. It
would, therefore, be unreaspnable to expect 'chat
the Same amount of goods will be sold to the south
during this year as last. Nor does there appear to
be any reason for supposing that the Fall trade, at
least, there will be any large demand for foreign
goods for the Northern market. Since the close of
the war there has been a heavy decline in the value
of many commodities, which has limited the profits
of some, and involved not a few in actual loss. To
the majority of traders their balance-sheet for July
Ist, 1866, affords little satisfaction ; and this lack
of commercial prosperity is quite likely to be suc-
ceeded by a contraction of expenditures among the
trading classes. At the same time the burthens of
taxation are felt with greater severity, as the internal
revenue laws are enforced•more completely, which
again becomes an incentive to economy of consump-
tion.

Nor is it to be overlooked that domestic manufac-
turers are. now in a position to turn out a larger
amount of products than a year ago, owing to labour
and capital having returned to their wonted chan-
nels ; and, as the result, the markets are better sup-
plied, and goods are slightly accumulating. It is
reasonable to suppose that importers will take into
consideration these facts connected with the demand,
the condition of the markets, and the production of
domestic goods.
On the other hand, the panic at London, and the
outbreak of war in Europe, have raised peculiar
difficulties in the way of importing. Just at the
time when the importers were arranging their orders
for the Fall importation the money markets of Eng-
land and the Continent were convulsed by panic ;
and notwithstanding the assuring effect produced
by our large shipments of specie, a large amount of
American commercial credits on Europe become un-
available, and orders consequently have been cur-
tailed. English merchants, owing to the loss of the
Continental trade, will probably be found willing
to credit our importers to any extent they may
desire; but the latest private advices from London
bankers indicate that Americans are ordering with
much moderation. The German markets are, to a
large extent, closed to us by the operations of war.
Military movements appear likely to centre in the
heart of the industrial States. Large numbers of
operatives have been drawn into the army, and
manufacturing operations are very extensively in-
terrupted. More than this, the transportation routes
are partially closed, and foreign credits are still de-
ranged. Under these circumstances, there can be
but little regular importation from Germany. It is
supposable, however, that should it, at a later period,
prove possible to move merchandise from the interior
to the ports, the manufacturers may consign to
this market any surplus of goods they may have on
hand.

At present the markets of France are wholly
open to us, and are likely to remain so. There will
doubtless be a disposition among importers to par-
tially make up, in the French markets, the defi-
ciencies of their purchases in Germany. But here,
again, comes in the question of credits. It is now
very generally anticipated that France will ere long
become a participant in the war ; and under this
prospect Paris bankers are becoming very conser-
vative in the matter of foreign commercial credits.
They are anxious to keep their capital within ready
control, and prefer employing it in handling secu-
rities during the large fluctuations iin their value
which naturally occur pending a period of war. The
largest of European capitalists has almost entirely
suspended his credits to the American trade from
this motive ; and it is reasonable to suppose that
others will take a similar course.

Again, it is not improbable that the losses upon
much of the Spring importation will induce impor-
ters to operate with caution for the Fall trade. The
comparatively high prices of gold, and the apparent
possibility that the premium may fluctuate vio-
lently under the derangement of our foreign, corn.
mercial, and financial relations may be expected also
to deter some from importing as fully as they other•
wise would.

The foregoing considerations would appear to
point very directly to the probability of a material
reduction of our importations as compared with
those of the past fiscal year. On the other hand,
it would seem by no means improbable that we may
have very large receipts of merchandise from Great
Britain. The effects of the panic are likely to pro-
duce dulness in the home trade ; while the serious
interruption of her large trade with the Continent
will induce strenuous efforts to find a market for
her surplus in the United States ; So that it is pos-
sible we may have unusually large consignments
of British merchandise. We leave the reader to
form his own conclusions from these diversified
forecastings.

yßeaartseller,
Hawes,
Mr. Hatcher and Mr. Hhaawyeesc,ownihmoenhcaevae
bbueseinneisns
ge have ap-
pointed service of Messrs. Overend, i Gurney, and Co.
s.
The the Stock Exchange and Co., as
under between
discountTh e
cth
03be n
iOr
om
i firm akn
e tdrt
poin • ted Friday, the 10th inst., as
special settling-
day in the Hercules Insurance Company
~ not to be marked." (Limited)

There has been less animation exhibited in the
foreign and colonial produce markets during the
last few days, the continued heavy rates of discount
now charged having
checked all speculative opera-
tions. Tea has been neglected, the trade having
been occupied with the samples of about 21,500
chests of China produce, which will be offered at
public sale to-day. Sugar has remained inactive, but
prices have shown little variation ; stocks, however,
are rather larger than at the corresponding period
of last year. In coffee there has not been much
business transacted, but quotations are well main-
tained. Rice has been in moderate request, at steady
prices, while a fair amount of business has been
done in tallow, for both present and forward de-
livery, at about former quotations.

THE ACCIDENT TO A LIVERPOOL MERCHANT.
Mr. J. H. Franks, corn merchant, of Liverpool, who was
run over by an engine whilst crossing the lino at Bir-
mingham, on Thursday, died on Sunday morning. The
deceased was conscious up to within a short time of his
death. His hand was amputated on the night of the
accident, but from the nature of the injuries it was not
thought advisable to amputate his legs. Little or no hope
had been entertained from the first of his recovery.
CHERTSEY FAlR.—This Surrey stock fair, usually
well supplied with cattle, was held yesterday, but was
limited to a horse show and a few pense of sheep. In the
horse fair business was inactive, but sheep sold readily at
aclyalici94 OgureN.