Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-23

sAsoeeu ~ any aceumulauen Oh interest," - ioI 70
rsein locked up in their vaults. The trfing expense
OF freight and insurance will attach 10 their opera
tons whereas, the merchant exporting becomes sub
ject to interest from the day Of his purchase.
The Bank Of England has commenced exporting,
and win, no doubt continue II 10 said, half mil
lion Of gold has been shipped by the Bank 10 the
States within the last three weeks. We are induced
to believe that ten times tins amoaat vii be sent II
thought desirable, and even more can be despatched
under the immediate direction OF the Bank, putting
down. 80 efkectually a can the transactions OF mer
chants The latter by teazng repeitons, and for large
quantities Of gold for Shipment would, unqaeshoRa-
bly,, have excited such apprehenslons, on the part
OF the Bank, as TO have involved the commercial
world, at least IN parlls pamci Bot q 'hls there
Is now no danger. Merchants, we think, Will not
venture 10 act with gold operations under the disad.
vantages not only OF a loss Of interest, but the pre-
liability Of the course Of the exchange being turned
IN the States through the interference OF the Bank,
and thus subject them 10 increased loss.
Our opinion of the snsoandness OF the Bank Of
England as a great Banking Institution remains un-
changed. That bank will never be more sound, as
grand monetary machine until the adoption Of sys-
tenn IN accordance with the views entertained IN the
pamphlet Of MIR. John Hall or that OF Mr. Jones Lloyd.
The charter Of tine bank expires, we think, IN 1874;
so that have 10 progress II IL 10 be feared 10 that
time, with all the uncertainty 10 which the acuon Of
the bank shall make every mans property llabe-up
as II were today, and down tomenow-as we have
seen Of late running some and elevating others The
OF such power, vested IN twenty-iour
heads in the bank parlor, is frghtfa, seeing as we
have the revolutions in property which have been ef
fected hitherto by the maladninsiratlon of such
body OF people; revolutions more extensive in their
effects on property than hundred reforms Of Para
ment The House Of Commons has nota thousandth
part OF the power over the property OF individuals to
that which rests in the administration of twenty four
Directors of the Bank of England!
The contingencies to which any renewal OF the
charter of the Bank sfEngland liable are, IN fact
the best guarantee now for the public that the decls-
ions Of the directors will be of protective nature for
the commercial and manufacturing interests of the
kingdom, even at considerable sacrifice, were any
in order TO keep good terms with the
the owner of property, may, therefore,
ndalge hope, that its value will be in the ratio the
bank cenciaIes the public in order 10 achieve the re.
newal of their charter.
EXPLOITATION OF GoLp TO THE UNITED STATES
We are truly glad 10 find, that the Bank of England
has, at length, determnedts make shipment of gold
10 the u. States This will not only be the means OF
giving life and animation in the United States, bat
will lead to extensive orders for our various maaufac
lures 1t is evidently the harbinger of more cheerful
hines. The Bank intend to send fl,000OO0; Messrs.
ESQ, 600; and various other firms diff
erent amounts, making in the aggregate, about
t20000OO sterling, we understand. The whole we
KING; but portion of it, report says is en- account
Of the Government, to meet bills from Canada. The
effect produced by this operation in the United States
will be quite astonishing The resumption Of cash
payments Deen the great QeBldeIalunl long
me but the difficulty Of insurng permanency to SO
rital measure, has delayed it. About 100000 sove
eigns were shipped on board the packet ships Column
,us and Sheridan which sailed for New York on Sun
lay week. About 100 600 also il is said, shipped
IN board the packet ship George Washington, which
expected to sail today for the same port Mr.. King,
Who has been in London arranging the matter with |
he Directors of the Bank of England goes as pas
enger on board the George Washington Albion.
Lospos, March 2l-It is now well understood
mongst our monetary circles that the Bank has re-
olved to depart from the usual practice of banking
ssociations, and to become merchants in every
cnse of the word, by dealing in bullion, foreign bills
nd if it SD onld so suit foreign produce Time alone
nil resolve whether this departure from the strict
lies of banking practice and custom-thls move
lent towards making that would-b be national meme
ary establishment a national and foreign mont de
ift6, will benefit either the corporation or the
antile community at large.
1t appears, however, that they have determined to
emit bullion to the extent of million to Mr.. Cow
III at New Yerk, the shipment Of a part Of which
las been already arranged, with view to It's being
Employed by their agent in the purchase OF bills &c.
4 is also calculated that private merchants will
,ort bullion to nearly the same extent; so that in
he course of a very short PERIOD il may be calcua
ed that two millions of bullion will leave this coan
~. !,
n the commercial money market or on the stock ex-
hange; II is, however, anticipated thath commerce
" this means receives any stimulus, the effect of this
udden abstraction of bullion will be seriously felt
bout two months hence when, probably, the bank
viii again put the screw on the meney Market by
estrictng their issues
SAME DATE.-Yhe advces from Canton, which
re to the 10th of December, mention that the au-
horties there still persisted IN refusing to hold any
with the British agent, which had
necessarily eccaeioned dulness in business. The
pism trade at Canton was quire suspended, but was
arred on to limited extent on the coast Five yes
els laden with teas TO the extent OF 600 900 lbs.
we're the Of sailing for England, but the prices
It which they were shipped were high.
LONDON MONEY MAsxET, March 2h-Amongst our
sading monetary and commercial circles the great |
opic Of interest has been the half yearly meeting Of
he propretors OF Bank Stock on Thursday for the
,arpose Of asserting to the amount Of the dividend
or this half year. The result has turned out to be
,f more favorable character than many anticipated
IL appears that the Governor was enabled TO pro-
pose q half yearly dividend Of a per cent upon their
capital OF El450e coo, by taking f40 900 from their
rest or surplus capital, which sum equal to def
cheney OF about Ia per cent their actual capital
slight detection considering the risks the corporation
have rum and the late dminuton in their business
This som Of f44000 is in addition TO go 600 taken
from their rest to make up the last half years dv-
dend. The rest after providing for the present dvi-
lend, stands at f2,Sl0395 HapPesrs that the bank i
will lese nothing by the American suspended firms
therefore the propnetors ought to be thankful that ad
ventiteus circumstances have enabled the managers
Of their affairs TO conquer so easily difficulties Of
which they alone were the origin.
Business on the English Stock Exchange has
vathcr n ulooruy feature the Yecouf