The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-08-27
MONEY MARKET.

saturday, Aug. 26-6 II. M
The Stock market rather more firm &C. lay and pri
ces better. Ohio rose II Kentucky, /; Illinois, Har.
lem fell t.
At the New Board there were the same features.
We have accounts from Sydney, New South Wales to
the lst of April which trade having reapsed
into most gloomy position; most of the goods offered
for sale had been bought in owing to the pressure for
money and the disclosures which coming relative
to the management of the Bank of Australia The
amount with which the cashier of that establishment sb
seconded to America was 900. One house alone
liable it for fl6OOO of the directors for $4,000
another for 100000 in fact the system trust without
adequate security as shown in this company, had
excited great suspicion banking in general and the
Bank Stock declined 20 per cent The markets were ell
looking down.
In the years 1880 to 1896, during which joint stock
banking rapidly increased, not only in England
bu, in all parts the world, France Austria, Belgium
the United States Canada and all the British Colonies
immense outlet formed for British goods The Bank
Of England in the centre extended itself the whole
face OF the earth. The late National Bank in the United
States snd the Bank of Australia in New Hollan
the instruments by which the inhabitants of each
try became indebted to England for her manufactures
The same rottenness, revusion and ruin is apparent
wheresoever the blight of bank credit fixed ITSELF Lon
don necessarily the centre OF all paper credits Wher
bank is established is an agent for the sale Of
Eaglsh goods. With specie currency the English
retain their markets. The breaking down of bank
ing all the world is the imme real of
misery of England.
The deputaton of the iron of Wales Sir
bert Peel presented memorial of which the following
is an extract:-
tappeared from the evidence OF the documents pro.
duced the reduction OF the OF wages IRON the
highest rate paid since January, 1885, had been fell
lows -
Ga thick coal GOLFERS wages. rs per cent.
On miners ditto. ~
On furnace mems ditto. 40 /"
On forge and mill mems ditto. ..... 80 +"
While the quantum Unemployment had'decreasod 10
" onehai evidenced by the extensive soppage Of
furnaces the district OF which ~ only out Of 1873
in blast 1t explained that each furnace and blast
furnished employ ment for about 400 families, through the
various the bar ron and that the produce of
this trade extent greater than almost any other
branch, essentially composed OF labor The reduction
the of pig in Sou Staiordshire since Feb.
lS40 stated be at the rate OF upwards oil 100000
tons per annum the price being reduced since 1885 about
per cent and that Of bar about 30 per cent IL was
clear therefore, the ronmaster had legal means OF
reducing or evadng the fixed payments and buithens
alternative left him but still further action on wages
which he compelled to adopt close his works and
leave his workmen a charge on the poor rates.
To show the effects which the want OF ploy ment had
already had on the increase OF these rates. statement of
the expenditure in the several unions comprising the iron
district namely, West Bromwch, waIsal, Dudley,
stourbrdge Btomsgrove, and Woverhampto exhibited
the following rcsults;-
Expenditures for the year ending, March,