The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-31

SUI lePIh,Su, ule waters We're beginning TO sub
sac, ana mere was every prospect the next crop
would be as abundant the last. II was said that
thr Pdsha had authorised the East India Company
10 eslaolish line OF Geographic ports between Cal
70 and Sues.
China.
FROM China, the last accounts are from Macao
ana are dated June the 9Th.
Our forces had taken possession of Chapoo and
IN so doing had suffered more loss than in any pre
tlous engagement IN China. Very important ews
rom That country Is expected by the next mail"
! MACAo.-trom this city we have news TO the 7th
June; the following is a letter OF that date -
| Inc Chinese IN Canton do not seem TO appre-
mend recommencement OF hostilities in this pro-
vince, out III stu remains 10 be seen what course
lher mandarlns Will take after IL is known that all
Ine relniorcements have passed on tothe northward
Inc American trlgae Constellation still remains
at Whampoa, but the " Boston" has been living for
some days IN Macao roads.
Markets.
| MONEY MARKET, LoNpoS Der. 7th.-The funds have
lae' under purchase OF 10000 Consols by the Go.
Vernment broker in the the day but on whose
account made has transpirei hence it had no
more than the usual effect which generally follows
binary operation the sort Consos for money closed
W TO for the account, 93b to Exchequerbills md
issue 5O' TO 52s PM and ditto aid ISSUE PM
India Stock, 2i7 to 2i9 and India Bonds 4Os.
We do not find that the commercial advces from Ame
ica are very encouraging and 1t appears firmly
me OPINION OF mercantile men that the American Ia
nm Dill VIII interfere greatly with the direct trade
tween that country and England the honest trader
VIII not be able to compete in the markets with he
on the Canadian Indeed find
a' several fngsh capitalists and agency houses, who
used formerly to make advances upon dry goods
signed TO America have withdrawn their credits and de-
clhed TO grant any further facilities TOR the further pro-
secntion oil this branch OF commerce.
me absence of speculative action which exists
Notwithstanding the cheapness of money, which will be
rendered still more abundant by payment Of the Oc-
tober dividends is remarkable There commercial
activity and no demand for money invest in trade
Money is literally drug, will become SO in few
days, unless some should off to arouse the
public from their sluggishness Bankers are at loss to
ANDY hpu
me dividends are out there must be great gut money
We hope may give employ ment in safe channels hit
now ana where 1t is difficult to oresee owing to the
aversion Justly enteainei against every thing Ameri
can from their reputation dscred and the which
nae attended previous investments in foreign loans
way shares must have part of the surplus and Joint
stock banking companies likely to receives farther
increase 10 their already large deposits but cannot
see how these companies lend antage the pre-
sent rates aging per to their customers although
ahu mortgage and railway debentures will doubt re-
heve them OF part.
It's difficult to account for the great increase to the
nuiuon IN the Bank, notwithstanding the large importa-
uos OF foreign corn In 1889, the importation of three
millions OF corn reduced the bank the verge of inso.
vency the bullion having fallen OIL from f0OOOO 900 to
IoooooO; while in 1912 the bullion in the Bank the
contrary has improved from f5 its amount in Feb
rna! TO 20 600 in September, under similar demand
upon her Much CT this difference of result
mas been produced by the prudent policy of the d.
fecors In 1882 after the bad harvest Of 1896 they con-
tined TO expand their issues and to keen money chean NV
aci'ang loan advances various securities at low
rates enormously conceivng they could
ne lrain on their bullion chest by throwing out more
paper In 1872 after the bad harvest of s4 the course
loHowed was precisely the When the short har
vest oil last year was ioreseen, the directors prudently
astrIngent policy keeping money and pri
ces low so as to maintain course of exchange
The different result from the adoption OF sound prnc lie
OF managemen-hat of governing the circulation by the
r eAchahses-s demonstrated IN the strong position
OF the Bank in October 1872 comp red with October
80 IN the latter from neglectlng that rule the esab
shent was on the of bankruptcy and compelled
to seek assistance from the Bank of France In the for
mel, iron obeyIng that rule, the Bank of gland has
reganed her strength and her Golfers are repenshed with
an overflow OF bullion Accidental may have &C.
ceierated and assisted the attainment of her present
strength The fears which assaled English capitalists
owing TO the war cry of the Theirs party induced era
sales out French Renes thus giving great support
to the exchange Paris and the recepts Of bnon
from South America have been greater this wear than for
twenty years preceding while the Canton money
has also added the general influx But the
Vi the "hoe was the adoption Of and adherence
system OF management in place of viscous and destruc
tive enc.
The statement published by the Bank of France CON-
ains the official account oits position and operations for
the last quarter From this statement appears that the
specie IN the Bank amounted to 377 260f the bills dis
counted to 5 903 $751; the adv on bullion to 374l
3oot and the loans public securities to 30 6O4i
notes in circulation 224 Oa2 the balance due to
the treasury in account current l3 79af and the bal
ances due on private deposit accounts $751; 1t ap
pears from this that the specie in the Bank Of
France only 1855 307 less than the amount of their
n1'e IN circulation difference equal to about f763 900
ihey hold about is,O5O,OO0 specie against issue
about sterling of notes. By comparing this
count with the statement published the 25th of March
last oeng the preceding half year, it appears that very
little alteration has taken place in many OF the items the
principal difference being in the amount of advances on
stocks -
The decrease in the specie is 53l sss the decrease
IN the amount of bills under discount 355 si9f the in
crease in the advances bullion is III roof and the in.
crease IN the advances stock is 10 800 53sf On the
other side OF the account the decrease in amour. Of
notes in circulation is 4,4lO 9O2r
The amount of bills under discount upw ards of seven
times as large as the advances stocks the first being
about t6oOOOO0 sterling, and the latter under OO0
Inc private accounts current, specified in the total
operations OF the quarter present usual in the French
returns, the evidences OF great activity In fact the
drawing accounsin the Bank OF France supply in great
measure the circulating medium in Paris for large transac
items The total received and paid these accounts
each amount to upwards of f39, 900 O00 The Treasu
e. 600 600.
The following the averages of grain as made up to
,uoo-;,, WALL. Wheat Barley Oats Rye Beans Peas
Ag ,E1 :, ms sssn s,, Of q %
Da ass" ola ols s@1y corn Iss aS
LONDON, Oct 7th.-Tea-The market remains ouet
win little business transacng. The sales which
advertised for the 9TH inst, postponed to the 18th
iaiow-Ihe market is firm at former prices but spe
culave business is transactng. sugar-The West In.
dia market still very fiat the business amounting
10 only 30 hhds.; 270 bags nga offered at auction
sold at previous rates. Coaee-20O casks British plana.
to 3s " %
LIVERPOOL CorroS M,RKrr Oct 5-our market con
ues very dull the sales to-day exceeding 1000 bales
all to the trade and consisting almost entirely OF Ameri
can We make no change in prices.
HA'RE CorroN MARKEr, Oct There has been
large public sale of Louisiana cotton received by the
George Stevens, Sea Lion and Tyron, Tsces varying
from % to $3.50. On the 9th 1901 bales sola-Lou
sana az % s?j Mobile at 12a "a Georgia at $3.50 49,
5o and Florida at IS On the 7h private sales reached
2 bales namely-Louisana, 90 lOi; Mobile 81 90
and Georgia IS.
HE MEDICAL SCHooLs.-Both the Medical
Schools-that of the University and that of Crosby
street-open their sessions this week Great inter-
est Is expected TO be felt in the race between these
institutions, during the opening session. There will
be perfect intellectual contest for the palm of popu-
larity and talent.
rhis - rirrht L.