Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1847-09-09
Goreiel, News.
From the Boston Atlas, Sept 3.
FIVE DAYS LATER FROM EU-
ROPE.

The Royal Mail Steamer Caledonia arrived
at this port yesterday morning, at about one o.
clock, in l3 days from Liverpool.
BY the Caledonia we received our regular files
of foreign papers. The dates are from London
to the evening of the 18th ul, and from Liver
pool to the morning of the 18TH
The news received by this arrival is unusually
important, indeed, we may say that 10 the COM
mercial circles, it is alarming.
The Bank of England, on the 9Th ut. again
raised the rate Of discount, a monetary panic
followed, numerous heavy failures took place
amongst the largest houses engaged in the
Corn trade, and very large number of Ameri-
can drafts, drawn upon these houses, are return
ed by the CALEDONIA, protested for non-payment.
Our London correspondent in postscript 10
his lete. Of the 18th ays,-"The merchants of
Boston and New-York will read their private
letters by this mail with fear and trembling, for
an immense number Of Corn bills, drawn upon
the best and wealthiest houses of London, Liver
pool and Ireland, have been protested and will
go back by The Caledonia. Within one week
several old firms, largely engaged in the Corn
Trade, have stopped payment. Their total La
bltles are stated to exceed f2,000,000, and a
large proportion of this amount is known 10 be
due to American houses. The worst is not yet
cone. Failures in England, Ireland, and OH
The Continent are daily announced, while hun
dreds of small firms go over the dam and their
names are not mentioned. The monetary crisis
and troubles of April last were trifes compared
with the present alarming state of affairs"
Trade IN the manufacturing districts is very
dull. In London and Liverpool, every branch OF
business Is suffering, IN consequence of the pres
sure In the money market, the failures and the
general want of confidence.
The elections are nearly terminated. OF tie
325 members returned for the ls6 cities and
boroughs, and two universities of England, 1873
are Conservatives, and 1877 are Liberals. In the
English counties, Of the l44 members returned,
LOG are Conservatives, and 3S only are Liberals.
In Wales, 30 members are returned-l6 Con-
servatlves, and ID Liberals, most of whom are
Repealers. In Scotland, SD members are re-
turned--l9 Conservatives, and 80 Liberals, ma
king altogether a Grand Total of $40 Conscrya-
tives, and 1927 Liberals.
The general European news possesses very
little interest
The English harvest will be the most abund-
ant known for years, and the potato crop promis
es to yield abundantly.
| The total liabilities Of all the firms who have
stopped payment from the 5lh Of August up 10
the 10Th, are stated to be upwards OF two mil
lions sterling.
The Com TRADE. We take the following
report Tor the week ending the 10th ut, from
the Mark Lane Express of that date. 1.-The I'M
proyement which have taken place in our pros
poets, with regard to the future supply of food,
Is greater than the most sanguine could have
reckoned on; indeed, in the early part Of the
summer there was reason to calculate on def
cient produce; which, together with the fear en-
tertaned that the poatoe crop might again prove
a failure, and The knowledge that stocks of home
grown corn were short, induced our merchants
and spectators to purchase largely abroad. -
The wonderful alteration which two months OF
highly suspicious weather has made, have in a
great measure removed alarm on the all impor.
tant subject whether Great Britain will produce
sufficient quantity of food to avert scarcity
hence the rapid fall in prices of grain, and tie
consequent ruin of many important houses
"The Wheat trade has renamed IN an inactive
State throughout the week but on the whole a
somewhat frmer feeling has prevailed. many
factors being OF opinion that the downward move
ment cannot continue much longer. One reason
Tor this Impression, is the increasingly unfavora-
BILE reports respecting the late crops Of potatoes,
That the disease has again attacked the root is
certain; but as much smaller breadth Of land
than usual has been planted this season, par
tial failure may not prove of any great impor-
lance"
The same Journal of the 10th says" The
arrivals Of wheat from abroad have amounted to