The New York herald., 1845-02-04

70 destroy the credit cotton bis Of exchange and ad
vance the nrsmun for bills Of high ssaudtng drawn
on unioubtei credits The demand for exchange be.
came active as remittances to immense amount were
required to sustain the credits of importers and pay for
merchandise sold On commission-and the premium
steadily advanced until it ruled at specie poir Ship
menS OF specie to some extent took place. and bill draw
ers pacedhe rate just below specie point to prevent
possible further shipments The principal bill drawers
In this market A. Belmont agent for the Rothschds
Brothers &Co who draw branch Of their own
houses Prime, ,Ward King who draw the rings ano
Mr. Bell the agent ofthe Bank of British North America
The bills OF Belmont are without doubt the best in the
market although the others undoubted. The house
OF Rothschlds having branches in all the principal cities
of Europe, it is the arbitrator of exchanges and can
through the various ramcatons Of their business draw
Oh any point favorably than any other house in
existence In this market the agent has regulated the
premium just under the specie point, and the other
change houses have drawn at the rate. Specie
very large amount has been shipped by several of these
foreign exchange Dealers to draw against this operation
having twooid effect in reducing the amount ofspecie
on hand enabling them to keep the rates, and giving
them something TO draw against The banks have aided
these houses 10 keeping up the premium for foreign
ch without intending to do their preservation
being the first object Exchange is now gradually fl
ling and good bills will, doubt, in short time be
plenty and cheap enough. Every thing depends upon
the nature of the next commercial advces from Europe
particularly from Liverpool in relation cotton Should
the accounts be favorable shall ct be relieved
from the depression that weighs heavily upon this
community. The southern and western sections Of the
country not in fact deeply interested in this thing
Of this city The brunt of the whole falls upon
the mercantile classes of this market other cities would
New York. The citizens Of the south and west would
indirectly suffer to very large amount but the losses
would fall upon their creditors We are therefore, deep
ly interested in the nature of the anticipated European
advces We have reason to suppose they will be avora
be and if So business will take start and once mere
become active.
The first and only Of the existing condition Of
commercial affairs, is the immense imporations OF last
year. All the evils which we are now experiencing
spring from the large surplus supplies of foreign
lectures thrown into markets in the early part Of last
year. We table comparing the importaons into
this port for the month of January for three years
VALUE OF MERCHANDISE IMPORTED INTO DISTRICT
OF NEw YoaK, IN THE MONTH OF JANUARY, THE
b.iissis ssss. :sSs. r.. Ss;s;s Sss;ss and n,,,. M
January ls4s. s.7s ssGsse '"'e" ,ss sssss
January January 49, s:s sssss sssia ns ss ss
1t does not appear from this statement that the impor
tatonp falling off anticipated but the contrary
they larger in January s45 than in January ls44.
The scua value of the importations in January
S6O42 s79 while those for January ls45 valued al
S6si0,l59 showing increase of $267 7sO. Notwith
standing this increase in the aggregate value the duties
received in January, 1874 amounted to $les SAG
than for the corresponding month in ls45 The value Of
dutiable goods in January s44, $s.647 than
in January, ls45 This confirms the statement made
by the Secretary of the Treasury in his annual report
that the average rate Of duty imports, under the
enforcement of the tariff act annually dimnishes
This is in great measere caused by the domestic i'm
povement in articles highly protected enabling
manufacturers to supply the demand for these goods As
instance,suppose article of foreign manufacture
imported into this country pays duty of hundred
per cent,-this high duty induces manufacturers
go into the manufacture Of this arcle and the is
in short time the production of similar article to the
imported and a reduction in the Importation The
higher the duty any article the gre0ter the induce
ment to attempt the manufacture In this way the
rage rate Of duty imports will annually diminish
until eventually, the average will not range much above
the rate required by the most radical free trade
existence.
We annex the report Of the Commercial Bank Of Alba
NY for November and February There has been an in
crease in all the departments but deposits.
Ravu An