New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-06-07
NETWORK TRIBUNE.
Commercial Affairs In Great Britain.
Correspondence of The Tribune.
Ioxno< Mav Il 1s41

LONDON, May IL, l547.
Exciting even alarming has been the condition
ofthe merchants, traders and manufacturers ofths
eOsntry since | mailed my letter for you ON the
eth inst Money has been the grand topic in Par.
lament, in the City, and in the large Provincial
Towns Panic has followed panic money has
been that the best paper of the Oldest and
Grmest houses could not be discounted at the Bank
ofEngland
With famine and fever IN ireland, the Govern.
ment are still compelled TO seek millions of money
to keep the people from dying. The large amount
voted for Ireland the millions that have been sent
to the United States to pay for breadstus the vast
sums, counted by scores Of millions, absorbed in
railway speculation the very high prices Of human
food OF all kinds, have produced alarming state
Of things. propose in this letter to refer chiefly
to the great topic which agtates and affects all
classes-I mean the monetary panic; for il / were
to mention other interesting subjects as they de-
serve should require one whole number Of your
journal
The great depreciation in the value Of all kinds
of stock within a few months is well known 1t is
computed by those persons connected with the
Stock Markets and by Members of Parliament, that
two hundred millions sterling will not make up the
loss in the depreciation Of the Stocks of this country
This loss is attributed 10 the dsRrraDgement of the
currency and this was brought about by several
causes; the most prominent were the famine short
crops, speculation in railways, expectation of bull.
lion high price Of cotton and high prices of bread
stufs, which compelled the Bank to withhold ac-
conmoaatoDs and thus it forced holders of Stock
to sacrificed in the first market. Ten days ago the
pressure in commercial circles was very great
though it is now Stated that money is easier.
The writer of the money article in the Morning
Herald of the 10th remarks that there is no getting
away from the simple proposition that England has
incurred very large foreign debt, and must yet
incur more, which must be paid in specie or com
modities, and in no shape or form can this be
complshed without very large amount Of suffer
ing and privation. All endeavors TO get over the
difficulties without such sacrifices as will bear hard
upon both individuals and classes. who are in no
way to blame, will prove futile, for the penalty
must be paid. &" IL would be much more honest of
Minister'S at once 10 avow the course that things
must and will take, namely that credit will be
contracted until prices forced down sufficient to
hold out an inducement to foreigners to buy while
consumption Of imported articles is pari Passu
reduced" The writer recommends the sale of the
Public and Foreign Securities 10 other nations, and
above ALL he says that the American Bonds held in Eng
land should be rendered available except In the
of the repudstlng States they may now be sold TO
advantage,
The writer, in the paper of the 18th makes the
following remarks respecting the Money Market;
"f inquiry is made in the banking circles In the city
bow matters standing the answer that Console are
h and rather advancing and hence that things must be
rather better II inquiry s made into the state oil the
discount market the reply is not so satisfactory great
dsus prevailing In consequence OF the rapid Increase
OF dishonored bills As yet the default 10 chiefly made
Tor small amounts, but they are quite enough TO excite
suspicion that larger will follow. This state OF
things adds to the previously existing difficulty OF OBJ
ieining accommodations. All the holders OF the
scrip OF the Loan have a serious interest In supporting
the prices of stock in order to get selling market be-
tween this and July when they will be ready accom-
MEDIATE the purchasers with It's delivery"
Severe the pressure the money market has
been, the prospect ahead is very gloomy, If all the
ports are true The London alias of the sth inst says
that the financial difficulties of the country be
easily overcome-thst although seven millions in spe.
che have already left the drain has not been checked
Our imports from America still continue, aud gold
must be sent to pay for the supplies. The opera
ton of the Bank Restriction Act will therefore prevent
any extension of banking accommodations for the great
or portion Of the present year The funds too cannot
improve while the rate Of interest remains high and
even the Scotch aud country bankers forced to be-
come sellers in order obtain money to meet the ordi-
nary requirements of their business Railway Stock
must fall for what bsnker capitalist will advance mo
ney on III" Railways already projected will require
from five to six millions sterling monthly, and where
such enormous amount is to come from nobody
knows Ruin must overtake the holders of railway
stock
The House of Commons have adopted the resolution
Of the Chancellor of the Exchequer to allow interest at
5per cent upon such instruments upon Scrip may be
paid up on before the 18th of June and per cent.
upon any instruments paid up after that time In snci
patton of the closing payment September 10. The
Tses Of the l2,h inst comments upon this measure
aud sums Il up thus" The Government is likely twice
year to require temporary advance, but as 1t has
csudence that the Bank conriye the simple opera
ton of Withdrawing accommodation from the public
last In proportion to the amount required by the Gov
ernmsnt for their payments the public in the shape Of
dends without producing disturbance and pressure,
resolves at once dispense with the agency Of that
establishment and come itself upon the Money Mar
ke, for the necessary amount From this ncsp scy of
the Bsnk the country will sustain the cost OF per
upon such number of millions may be paid up prior
10 the 18th Of June while the other hand the Bank
will reap "A rich reward. The money for which the
country In its present distress thus pays per cent in
anticipation will be lodged with hs, establishment, by
whom until 10 called for In July il will be employed
In losns at per cent the whole OF which will be clear
gsn.' The directors may congratulate themselves
upon having furnished instance Of fortunate inefc
eney more striking than any upon record
A deputstion consisting Of influential merchants OF
liverpool came to London last week for the purpose OF
urging the attention of Government 10 the none
sny pressure and the currency. The msin difficulty
asder which the merchants were sborng ws'the mpos
noiiy of getting discounted upon any terms, the bills
which they bad received in psymen, for cotton This
@sy represented avery serious evil nssmuch as their
seeeptsnees Of the drafts Of American shippers would
H Que before the scceptsnces OF these bills and dis
seun's would therefore be essential to enable the ne
eessy provision TO be made. They suggested a re-
nedy tast their wants might be supplied, upon eondi
aon OF their paying wbs,aver rate might be demanded
Aae oepupuon appealed TO Downingst The answer
'ne Government was. simply, that numerous deputs
1on' DAD come up daily from the country proposing va
nous schemes ell OF which when slfted amounted 10