The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-10-21
COMMERCIAL.
From our Commercial Correspondent.

dates the 4th instant
The death of the Hon Alexander III. Everett Canton
on the 18th June, much be depored 1t apparently
very sudden. had the honor receiving very
letter from him, dated Macao, May la little more than
month before his reported death He spoke of his being
about TO remove to Canton, and INDUCING high hopes
Tor the future Enclosed letter for publication on
the condition OF China, and which will appear the forth
coming number OF the Democratic Review. He upon
the eve OF increasing the sphere of his usefulness his
country, by extending her relations among remarkable
people to whom he was the first resident minister sent by
the United States and of whom he had formed already
iigh OPINION much more favorable than that usually
entertained by foreigners. His mission was calculated
10 promote the intercourse and good understanding between
the two countries, and his death will be felt as great oss
The general features of the the same as those
previously received Wis in continued pres
sure IN the money market involving further important
failures Over thirty firms have become nsovent in the
fourteen days which elapsed from the l9th enenber m
October Their liabilities range from fl5OOOO to f6OO 900
eacn. ihese s are connected with the East India trade
and with Lancashire in the export of cotton goods and
yarns The causes OF these terrible disasters longer
alleged to be the fall in breadsus nasnuch the prices
OF food have rallied, restoring in degree the value of
The assets Of those corn houses whose stocks withheld
from market The flour of of the nsolven houses
that was valued during the panic 2 1884,
and prices have firm and upward tendency while the
devastation spreads among other branches of business
seemingly with increasing force, the last day of dates
get % having been of the gloomy and eventu
Many OF the writers and newspapers affect ascrbe the
distress to misreguation of the finances" and other such
puerilites, as if nations communities any more than in
dviduals fnancie themselves out of debt or supply
by multiplying promises the loss of actual wealth. For
length OF time credit may be sustained great extent
but only make the inevitable crash the greater in the
end 1t has been the marked feature crisis now Gull
nnating in England, that nearly all the exploded houses
nave long been nsolven and We're living credit which
enabled them TO command the floating capital the coun-
try That floating capital has measuraby ceased N exist
and MS consequence those who tr;ided on borrowed
capital are encounering merited fate The strength of
the position of the United States owing to their having
ceased to do So The finances sound No ment
funds are outstanding through scores of inflated banks n
swell the obligations OF spectators whose shors1obted
operations undermine the fabric they seeking to raise
but the constitutional currency being in demand tbrouo
the healthy action OF the Treasury Department. the funds of
all classes, bankers and merchants regularly invested
in productive industry which constantly increases the can
ital employed In Great Britain over SIS 600 600 Der
week has, for more than year, been drawn from
commerce and productive industry, and sunk in rail-
roads, which, however useful they may be henceforth
are OF no avail now as exchangeabe commodities
When capital Is employed in manufactures purchases
raw material and pays the wages of operatives who pur
chase largely of foreign productions their own
ton The result of their abors however, is an exporabe
commodity which goes forth in discharge of i'm
with profit the employer In years of short bar
vests, the quantity OF foreign food purchased is en-
HANGED, requiring larger exports to pay for it, The
usual effect OF this is to breadstus to be high in
price, and consequently to diminish the coi,sumpton of
other articles OF foreign colonial produce nd also of do
nestle manufactures The price of these latter fall and
the export increases while stocks other produce and of
go0os are sent TO the continent to raise money the
mutton OF capital sustained by the failure he crop is COM
Pensated for During the last year the failure of food crops
has been equal OO0 The consu npton Of Erecn
grain for the month of August quarters and
Tor September 100000 worth go 900 OOO or 900
Tor two months consumption This has involved an i'm
mense loss OF fioating capital while sums have been
invested in railroads, and the operation of which has been
to increase the consumption of foreign COOL and produce
we ose In the production OF goods export and
in the ninu,a Jaal.n
increasing difficulty in procuring money to carry on their
operations, until fearful calamity resulted and many
are orced 10 abandon their operations The future pre-
sents no prospect of relief The railroads in active op
Grafton, and the ''cas continue as large as ever The
calls for September e. 1875 874 and for October
E3 Oll-making E37S73,354 since January while the
state OF the harvest is such give rise veest
ears There is doubt but that the wants of
Ireland will be fully large last year. There is as vet
however, no means of supplying them That the United
States can furnish mitless quantities of corn is true but
who Is to pay for it! The enormous purchases the Brit
s government tor Irish account will be renewed and
how extensive may be the means of local relief
through increased employment in the raising flax and
other matters, II importation take place. they be paid
for by England The potato crop, small the number
OF acres planted with them, will turn out badly and
countries of the of Europe present better
for that root and advances in lead
ing ports but generally the crops to be so much
better to induce the hope that the eve prices food
VIII rule much lower than last year. and in consequence
thereof that the consumption OF Gods will be enhanced to
the benefit OF the English export trade.
The chief articles of English export cotton goods
that is say round numbers, of ESQ 900 annual ex
port 10000 is of cotton manufactures; consequently
the condition OF the market for the raw material is matter
of the greatest anxiety Cheap money and cheap raw ma
eria essential to the trade Money was never
more scarce in the manufacturing districts than now and
the quantity of cotton taken for consumption very small
being $1,000 bales only for the week ending October lt
and the price falling heavily This regarded as good
feature in the banking circles because the the price
of cotton fell the would be the demand upon England to
pay for it. and the available would manufacturing
capital become in working il up for export 1t is evident
however, that The fall is the effect of extraordinary
which parayzes business any revival of which again
raise prices The from this side were anxously
looked for, in the hope that the prospect of larger crop
than last year might afford promise of permanently lower
prices. Up to this time however the receipt. vary little
from those at the same time last year. 1t is pretty
cerained far be early in the year. that the
production for IS474s will be to supply
the spindles in operation throughout the world last year
and that those which the best advantage by
of the facilities they command viii obtain the
largest proportional share, and produce the goods.
England depress the market for any length of time
former years. by financial operations The continental
and United States demand bears large proper
ton the supply allow the control of the market
Great Britain The prices were October 4, Id. lower in
Liverpool than by the packet of September while the
general average price of wheat was for the week ending
september 2j 53s Cd per quarter against 9s Cd in the
previous week.
The general distress had become directly referred
the demands OF the railways for capital that committee
had called upon the directors OF the leading lines induce
them suspend their calls at least for the presents the