The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-10

works without being stopped will procssd In litter
accordance with the surplus capital Of the country and
foreign loans be taken to more facila markets
The funds must be affected more or less by the
value Of money but there oth1 Influences Of which
II Is consistent to take note" whether In looking to
Of the pull lie securities this week shall find them
mos. violently aeiated Tuesday when the Liverpool
sass Of stock made by vari us brokers
followed closely in the by those who watch with
deep concern the ever varying aspect Of the market
Gradually the panic fear subsded, and partial rally
was tbs consequence, disturbed occasionally notwith-
standing BY tho forcing OF again of stock Possibly the
payment OF the last instsnent the eight millions loan
has thrown additional supply of Consos on the
ket but the temptation Of low prices and the surplus
means resulting from the dividend paymepts have in
duced numerous quiet purchases and enabled the Job
bers to deal in satisfactory because safer
ket The latent hope that since Affairs are getting
the Government would seek to give Impulse to
the public mind by some assuring declaration or by cou.
vsning Parliament has doubtless had much to do with
the improved tone Of the market during the last few
days and It would need but little establish for time
any ratio higher range OF values for the national
initiate against settled Market the state Of affairs in
switzerland end Spain, the possibility Of our Govern
ment needing fresh loan the condition Of Ireland and
the proposition that to afford relief funding OF ex
chequsr bills should be resorted to- 1t Is right to state
ths and aud leave readers deduce their
differences
The extreme prices Of the English funds from Mon
day morning last to Friday evening have been 1871 to
81 for Consos Tor present Tx 1917 for
duc-d Three per Cent Auputies and 1875 SIS for
New Three and Quarter per Cents Exchequer Bills
have een 49,, 10 35s discount aud India Bonds 40s to
sos discount India stock AS been 2?l to 235 and
bank stock l7S to 1888 Consos for Account have been
79H to el?S.
financial position Of the Bank OF England perhaps
than is the upon ordinary occasions, by the psy
length into remarks upon this point, because have
shown upon former occasions that the policy Of the bank
while the transfer books closed to equaise the
amount Of money In circulation which otherwise would
be greatly contracted by the increased ba
lane. arising from duty payments and TO loans
curties making the parties who obtain the accommods
ton enter into refund the
period anti cedent to dividend day How important
that tho bank should have funds well under con-
troll for that special purpose need scarcely point
to the financial reader for IL might otherwise occur
that, corrsspondpsly With a. adequate amount Of pub
there should be deficiency OF assets to meet the de-
mands Of the public snnuiIsnts This is certainly not
likely to arise while the bank directors perform their
duty but know that In time OF extreme pressure,
like the present they are compelled to be ndugent and
that the loans made have In many instances been in
part at least prolonged This brings at TO the
confederation OF an important item In the bank RETURNS
that Of the unemployed notes. 1t Is generally held,
that although the act Of l54t provides far may
DO necessary for tho convertbiiity Of notes In the
issue department, it has weakened the power Of the
bank to afford accommodation to the mercantile CON-
munty We not entering into the question OF
the but merely desire to notice the
action Of the bill The bank, having made liberal ad-
to the public, by means OF the government de-
po.t, has subsequently to call these in, and takes In
addition portion Of its unemployed notes to assist In
replace It, which, looking 1t the diminuton In the item
of securities is likely they will very promptly Upon
payment of the dividends the bankers and others
Immediately In position to augment their balances
and hence the Bank Of England has . reader means
afforded Of balancing ts debtor and creditor account
The surplus Of profits exhibits the effect of the dividend
payment bank stock The best possible proof that
the amount of money in circulation does not owing
the judcious arrangements made duotuats to any
teral extent through the dividend payments is that
the amount Of notes sevenday bills, and bullion parted
with by the bank was E7s $50 although the dvi-
dauda hon a nj WA been
opininion that much weight is attached to the
dividends as making money easy (slthough they IN
nels) it Is manifest thst the bank withdraws
with one hand In order TO disburse with the other
The issue Of notes larger last week by f29,0l5
and this added to f69 reduction In the
makes the active circulation. payable on demand fiq,
gold and silver to meet issue liabilities was 81 $50 600
and the engagements of the banking department GI4l
100 giving total Of fs 10000, and increase com
pared with the preceding week, Of L II $50
The rest diminished by f591 20, the public de-
posits lessencd by f3s7 $50 The other deposits
increased by COCO 6ss aud tho sevenday bils by
Gao 039. The government securities lessened by
f337 400 and the other securities by e. 474l7 The
total in the banking department we're for
f33l234s q decrease Of f3,s09 $50, arising wholly
from the diminution OF the government account
susrEysroS OF RAILWAY WoRKs.-We are glad to
hear that the directors Of several OF the railway compa
having unfinished works in this have
determined to suspend their progress far practca
ble and 1t will from the letter Of Liverpool
correspondent that considerable soppages Of work have
already taken place la scotland We think, however.
that the beneficial consequences OF these very wise mea
would be much more extensive II the directors
would publicly their intentions Probably the
best and most e6e.tul plan would bs to convene meet
ings OF the shareholder and lay before them full par
culsrs Ct the intended to be pursued with est
mates of the amount Of calls IL any which would be
qnired to meet existing engagements Many sharehold
who laboring under vague apprehensons ~
to the demands which may be made upon them would
their minds greatly relieved by being enabled to
the real extent of those demands The public also
" uld feel their nxiey as the eject of railway ex-
penditure much IL the directors Of each
pany would make distinct avowal Of their intentions
The evils OF a real scarcity Of capital doubt
eay aggravated at the present time by the artificial
scarcity resulting from undue apprehension and alarm
and calculated to restore confidence should
be left untrird. -Manehsster GuU'dtan.
It was feom the first said that the assets OF the house
Lrgree Of Brussels would exceed the debts by from
300 Door 40O000 This surplus has been sscertaned
70 amount 10 430 COOf Among the bills In hand which
amount In value to S72 00 the commissioners find thst
the bad and doubtful bits among them do not exceed in
amount 90 DOOR The sums due on accounts current
TO 59505 and of this only 40 OOJf doubtful
The London and North Western Railway Company,
whose capital amounts TO about f2O 900 000 has issued
circulars to all companies with which t is connected
urgently recommending the suspension Of works in all
where 1t Is practicable.
THg FIvANcIAL CRIus -IlAMBURGH, Oct l6- Our
Exchange never WAS in such state Of excitement
ports this place have represented to ore.u jour
nails IL is true that discount 10 at and 61s per cent
not from actual want of money for there Is coin
enough Mt the bank hut for fear Of ricanbio Creek
change which may be expected In consequence Of the
who have anything 10 do with exchange suffer ready
money to lie by unused 1t is true that several Of
have been concerned in two three OF tbs Lon
don failures but for which to them may be termed
inconsidsrabe; they have also the Russian houses TO
fall back upon from whom they received the bills and
these remain solvent they will suffer no loss eventually
The house P-hmosr and Joens Ia the only which
has stopped -Hamburgh Paper.
Ireland.
The reports from ali parts Of Ireland still TEEN with
the alarming accounts II distress and outrage In
Limeriet q collision has already taken place with the
military. An attack was made by about 500 Of the
populace In q body on the Rathkeals workhouse. "A
small party Of dragons inerersd the attack
conflict ensued some Of the sold~rs were wounded
and they we're forced to retreat the infantry and
police then called out the riot act read and
the rioters dispersed after two Of them being made
prisoners and another stabbed by the police This is
the first Of fear, numberess aifroys, which must
inevitably result from the present alarming state
things Assassnations, robberss Of arms, plunderng
Of provisions and general naturalization of the people
the main subjects of all the communI cations, which
reach from Ireland The government perfect