The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-20

vos.en ior uAang and also several Chinese plscards
ana notices. which are worth quoting showing the
existence Of bitter feeling among the Chinnss authori
ties The placardsn posted up By the people win well
tang the place below alluded to- spot very favorable
for commerce. and which has been cedsd to the English
by Its propretors the order of the Canton authori
ties: This step has greatly incsnsed the populsce
against the owners who have In consequences published
sdeprecatory apology in which they state that they
nave gwen up the property without remuneration The
whole affair is sngnsrly illustrative of Chinese
We subjon the principal part of these documents.
ton 1t Is no Logger to be farmed Instead Of the
nopoy three classes Of licenses to be issusd-the
shops the second Of twenty dollars to retailers Of pre-
pared ana the third Of thirty dollars for the sale
OF raw opium In less quantities than one chest.
Summing up the present state Of affairs at Canton
may say that the demonstration made at the beginning
OF the year by the taking Of the Bogue forts has had
sautary an effect the Chinese authorities that the
few troops left to guard the factories withdrawn in
June Their presence tended 1t was thought, to keep
alive feeling Of insecurity and alarm among the Chi
The foreign merchants apprehensive of the
people while the people fearful Of second inva-
facilities and all commerce was at stand every thing
like mutual confidence ceased. The presence Of
one was thought to have retarded speedy
Chinese and ourselves. The policy Of withdrawing
them appears to have answered the expectations Of Sir
John Davis The Chinese officials had since been re-
markedly courteous In their communications to our
consul at Canton and to the Governor of Hong Kepg
vorable turn and confidence and commercial activity
would 1t Is hoped be In some degree restored by this
with might and main the ersnssS bV tSs
from omnipotent.
The Failures In Europe.
From the London Times, Sept al
We have to announce another serious failure, the sp
Prehenson Of which has for the past few weeks been
hanging over the money market The old established
East India house Of Cockerel Co. has suspended pay.
ment and although liabilities understood to Be
below what the public would generally have anticipated
they still extremely large, the being f60O 600
OF which consists Of acceptances The stoppage
in this country and in India aggravated by the dscredt
which in times Of difficulty always thrown upon houses
which, like that OF Cockers Co.. instead Of drawing
upon separate and independent firm carry on their
correspondence with q duplicate establishment or the
100000 acceptances Of the London house. it is how
satisfactory to learn that only 900 consists of
the draught Of the Calcutta house. the remainder being
drawn by other parties, whose engagements may pos.
the right which the public from past
experience have to distrust all statements probable
surplus on the part of suspended frm) that is is said
by those who have the and whose
opinion in every respect entitled to weight that there
is In the present instance not only hope
shal be the case 1t will afford the sincere grsta
cation to all parties since there few firms whose
Larpent the candidate the city, was one of
its most active members Mr.. John Cookerel it will
be remembered was ormely in the Bank direction, but
he resigned the office about 10 years back when sp-
peared to him that the extent Of his own business
might interfere with the fulhlmsnt Of its duties
The failure of Burts, Watson Co., of Manchester is
announced Messrs Watson, of Liverpool whose stop
has taken place. state that they only time to
patton will not b. realised, since It is known that for
considerable period they have been exposed to the ext
gencies of an insufficient capital.
From the London News, Sept 23l
We are more relieved from the irksome ueces-
sity Of recording the Of failures The
Manchester letters and papers received in town confirm
meroisl house at Liverpool and are somewha mute as
to the extent Of its ramhcatons and the els. ksy
be produced by its msfortunes In different Quarters
Beyond N hoWs
no fresh difficulty is noticed To say that the minds
the mercantile community are again settled IN the
days have now passed over without giving birth any
new calamity OF magnitude, 1t would b. lutte
The public securities do not exhibit anvcry decdsd
proof of the restoration of confidence IA the monsd
throughout the day inclined to f.rer % of shs mar
ket the time operations again based upo calA,ions
respecting tho progress Of political s6.ir Ne ess
nent having as far as may be judged alone cked the
upward movement which had commenced In the early
1t is rumorsd that the house Of sandsrson 4 Co 10
about to be constructed and that IL will be recruited
by the accession to the firm OF q near connection OF
banker Of high station both regards wealth and inu
This should the report be confirmed will be al
lowed to augur well for the result Of the liquidation
In the course Of being effected
From the London Chronicle, Sept al
It stated yesterday that the drafts of the Bank
Charleston, for which Messrs Reid Irving Co., have
hitherto acted as agents. would be accepted by Gyn
Co for the honor Of the drawers but being
cd to-day, acceptance declined and the holders are
referred to the Bank of Liverpool.
The failure Of Messrs. Watson Brothers. Of Liverpoo
is not expected to be serious had at been sup
posed There are still unfAvorsbls In circulation
respecting firms in the districts and to.
day have advces Of further failures in the north Of
ireland They are, however, comparatively unimpor.
tant The practices Of the Bank Of England in rsqur-
ing any bills which 1t holds the houses that have
failed and that may have been previously discounted
for customers to be immediately taken up by the in.
venence to more than respectable firm who have
been suddenly called upon for large payments this
account
Extract Of a letter from Hamburg, September a.
The heavy failures which have taken place in London
have created good deal OF anxiety and alarm at Ham
escaped wonderfully well from them but the fear Of
further disasters from the quarter and the re-
bound frem other parts Of Europe sxcites good deal
Of apprehension Mistrust there is none The system
upon which busness is conducted at Hamburg renders
1t less liable to be affected by sudden events than
to be the case elsewhere aud there is degree sod
ty in the general operations Of this mercantile commu
nifty which them from the amsntabs reverses
which are but too frequent in England II the directors
Of the Bank of England would take the trouble to make
themselves thoroughly acquainted with the princpl
acted upon in Hamburg they might obtain useful
hints for their conduct at home Business Of course
at stand and the London mail is looked to with great
anxiety Discount four and half per cent and money
scarceo
The following view of the money market with an &C.
count Of another great failure in the country supplied
by our city correspondent -
On change, in the early part OF YESTERDAY morning
there every indication Of improved Of pub.
lie feeling would there have been much abae the
parties presumed to be in possession of important news
relative to Austria and the Pope The parties came
into the market and effected heavy sales of Consos the
influence Of which than neutralized the advance
established in the first instance. An active movement
the part Of the Austrian troops against the authority
of the Pope again talked Of very advices
ing as 1t was believed In town. upon which the bear
transactions noticed based The failure of house
in the wine trade among the gloomy dts Of tina
and there stoo much reason to apprehend from what
ranspired on chspge that there Is really another
to added to the sombre catalogue OF those who had
previously been compelled to yield to the severity Of the
impending pressure, and this most respectable one
while at Liverpool the large mercantile house Of Messs
Watson, Brothers Co. which has branches at Leeds,
Manchester and other parts Of the United Kingdom
well as several Ia Mexico, has also been driven the
same unfortunate extremity The liabilities Of Messrs
watson, Brothers X Co. are placed at two hundred
thousand pounds and regret hear that Manchss.
ter Glasgow, Leeds and o.her Of leading msnufac
turing towns are likely to be compromised to very in
convenient extent by their unfortunate suspension
They were among the most active Of merchants en-
gagged in the export trade With these exceptions to
the more cheerful demonstrations Of the moment the
day passed innocuousy and In manner to afYord