The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-04

fscursd goods Tor the fs trade We are rather spp.s
heusiye that the subject has been oyerdons nrdn9
TO ali the ACCOUNTS recently received from the
Slater, their domestic manufacturing oP"snont the
whoi Of th ssr which in proportion, will render them
less dependent upon our Proauc"on'' m,
| fr,ou tbe Ioudsn Herald, Aug IL
rha .or.nar.t,ys view of the movement OF tno D@nA
~ rn,. "a for the week ending the TN iusesn', M
serted in the Herald Of thus n.srds OF half
p,In ~ he other than public securities clearly SHOWS
that the directors rely ing more on h dnt CON-
. s charging for money than on the orect cou-
.ney Of heir This line OF policy
ia In accordance with the views OF persons OF tne
70 -. a he process to accomplish the end they
view is slower progress, but 1t must ulti
mstely be equally effective, and less abrupt 1t Is true
bocs OF evils toe weight authority Is In Its favor
It would bs although the bullion was still In
course OF dminutou. that the difference during the
week had been uncomfortable 1t is however, generally
believed that good deal has been OF late Withdrawn
from the actual circulation the
the difference wound have been larger. We must remind
readers that the rates Of exchange not always
barometer be safely depsnded on in this respect the
money for tine having direct tendency to
give them artificial support in the face of cons
BILE adverse balance This il believed to have been
the actual of affairs for the fortnight The
small which appeared In the head Of Public Sc
curties only worthy of notice tending to show that
the course the directors were steering was little de.
rent from what might be expected. Still, however, 1t
would that the aggregate Of the actual paper
circulation in the hands OF the public had been CON-
tracted chiefly tho increase OF the unemployed notes
in the banking department The diminution Of q sum
approaching 10 half a million In the other than public
deposits clear unequivocal proof of the dear
money aud its natural result for it is not to be
that when such rates charged FOR
large baanc.s will be- left in the hands of the bankers
by persons with business conducted
Late Ia the afternoon Of yesterday the hrm OF Giles
Co, firm that has been extensively engaged In the
foreign trade found unable to meet its pay
The house had been talked of for several days
past but the soppags not aaay decided until the
close Of the clearing in the afternoon Th-r liza
bltes are, IL s said to very large amount entirely
the result Of the depreciation OF prices sines incur
coil in this instance will fall chiefly ON the United
impossibs "a form accnrsts estimate
" the proportion VI the liabilities which any one Of The
I'm. arriv.i Of the papers brought by the Britannia
waited with great anxiety during The who'll. OF
morning and business was In some measure heid I'D
abeyance TIE chief point to which attention was al
the of exchange In order TO ascertain
the Of renewal of the demand for bullion
on this country That the commercial balance Is great
Iy in Uot-d states ut the present moment
IL remains to be seen how far that
balances will BIZ neutraized by the purchase OF our
uActures Notwi, the fail Of the prices OF
grain here slightest doubt but that large i'm
port.t,ons be- CONTINUED from the United STATES.
en- should remain wareh0used throughout the
ing year The certsiuty OF this being adopted
win At once b. evident when il is reo-ctsd that sraiu
al all kin be- imported free of du'y until March
n-xt which period the restoration of the corn law
will in all probability, Impose tue ximum duty under
Sir Robert Pssls last scale During the winter, there
Tore England likely be the great emporium Of grain
from quarters of world from whence IL
the market; for time however, this will in
svtably tend to increase the baianc, against On
Vel ~ g.
sising partial upward reaction here, similar effect
had followed in the America markets This must be
considered rather as tending to throw peo
pe IF their guard aud render them less prepared for the
tremendous recoil that will speedily ove-ake them No
bills had reached the States when the steamer
the state of the market for exchange may
easily understood from the fact of the wide range
taken in tho quotations. dstrust the consequences
had obviously begun to prevail; for whist paper
1854 These quotations lower than those receiv
ed the previous accounts and the tendency was de-
adj fprf hop hnUn wQYh
already taken place in the corn trade here will to GER
ainty fall heavily the American merchants particu-
larly at New York and New Orleans
[Faom Charles Winners Mail, Aug. l9]
The money market has bssn kept In state OF uneas
| aud alarm by the sudden announcement of I'D.
vsnoed rates of discount by the Bank Of England and
succession of failures Of London houses connected
with the West India and American trade or these the
houses Of Messrs Fraser Nelson & Co., West India
trade uncomfortable; but the eminent firms of
Douglas Son, who failed the previous week, and whose
Co who suspend payment on Monday week, and
whose engagements stated to be $500 O0O have
riousy disturbed commercial confidence.
On Wednesday week two important failures
announced on the corn market Messrs. Coventry
Z SHEPPARD and Messrs King, Melville Co. the bel lia-
Yesterday Messrs Giles Son. also in the corn trade
stopped payment
1t is generally understood thst the weight of these
failures will chiefly fall upon American houses and con-
siderable difficulty has aisen during the week In conse-
queucs the refusal Of acceptances to drafts from
america, sad to been drawn contrary instruo
ons but this has been relieved to extent by the
ar.fS on SsbS of Msssrs Prime Ward co" Of New
York whose enforcement they bear.
The for discountng first class bills range from
to 6 cent but the greatest caution Is exercised by
bankers and bill brokers The funds steady at s7
81 for con.os for money; and S!s for the account
The pressure of the restrictive policy Of the Bank
England, whose example is followed Of necessity by all
heavy failures enumerated below in the trade
almost para zed trade every description Of produce
except American -four which, being relatively cheaper
than wheat has been purchased extensively mn edi
ate consumption The unprecedsntedy large arrivals
have however, Induced holders Sell freely 1t still fur
| Their reductions In price.
Rumor busy here to the safety of various
firms largely engaged in the American grain trade but
is toersbly that in Liverpool business
conducted much solid principles than IN Lon
DON where numerous mddlemen intervene between the
owners and purchasers
Since Friday last cotton has been somewhat more
freely bought by the trade for the supply Of immediate
necessities and little has been sold for export but
notwithstanding the now admitted deficiency Of the
Of 1916, and the usual multiplied reports Of Drop
below the for the present year. prices have
NAMED stationary.
Sugars, coffee, and tea have all shared in the general
depression Foreign sugar for expectation forms the
only exception Considerable inquiry has been made
here for shipment to the United States and during the
fortnight upwards Of 900 hogsheads so bags, 27O
cases, 2i6o boxes, and $40 barrels have been sold
In the markets for manufactures prices have exhibited
decided downward tendency, aud it is seriously pro-
posed either reduce the hours of working stop
many cotton mills altogether.
The trade in t.nglish woods is dull but prices are
maintained. In yarns the home trade is steady and
shipping houses purchase more freely Fancy piece
goods move oil steadily without change In value AT
nottingham and Leicester the demand in the hosiery
trade is not equal to that usually realized ut this
but Ia lace there Is Improvement for foreign
mat kets.
from the European Times, Aug 10
The general convus on which has taken place In the
money market together with drcue The price Of
gram have produced already many serious failures In
Engaod. reand aad on the cootinent. The estimated
amount of their liabilities Stated about V0U000
sterling The trims WI oh have already suspended pay
ment, are Messrs Charles Douglass x GO Lesley Alex
auder Co ,oventry X Snrppsrd KING 4 Meviile
Fraser, Neiison & Co Edward Robinson; and Giles &
son. Of London, Perrin & CO., Liverpool; sampson,
Langdaie Co., stoes,on-on-Tees; Fraser Co. Ant
werp; Crop Nlarchand Hamburger; aud n large con-
carn at Sligo; most Of woon engaged in the
trade. Numerous other minor have been obg-
ed TO yield to the present pressure. considerable
amount OF bills bias been returned to the United states
| the drawers having refused acceptance various
iouuds and 1t is understood that Alessrs Barring