The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-06-02
Price Two Cents.

the reported deficient crop cotton pr;oaa of
the raw article to rise free aid not the
expected outlets for manufactures the cusom.r~
kets gutted foreign nations preferred our
to our goods designing to employ In the erection Of
factories in their lands for the Employment of their
population; and the great interest which manv Of
legislators have long looked upon paramount In
no one to know but an alteration Of tho
Bank Act OF l8a4 Is generally insisted upon with
we leave to wiser heads and heads OF more eT
perience In such questions than ours to decide 1t ia
gratifying find that far the absolute failures have
been comparatively few and that these have been Of no
monthly circular of Mssrs T. and H. Littedaie issssd
On Wednesday LAST
nercia affairs than that of the past fortnight has not
been witnessed since the 1926 fortunately It
intensity which paraysed everything during the list
few days Of April Several causes have combined to
moment was nextricabe and was simply the result Of
sudden loss Of confidence amonst money lenders with
Bank OF England ut their heada panic OF rear not
OF danger-and consequently beyond the power Of raa
soning or evidence II not the dread OF bankrupt
eies or that general credit doubtedor 1t is univsr
sally admitted that commercial affairs were never In
sounder position or engagements more generally based
on legitimate and profitable enterprise Nor could It be
said there were bank notes to be hadhat the crcu
laon was much diminished that there was not sum-
Gent circulating medium TO carry the Of tho
country for strange to say the of in tho
hands OF the public the within nero trihe as
1t WAS in March, VIXEN money abundant and no diff
hculty In discounts the blame be even laid on
the drain Of gold; for the stock is yet co 500 sum
Gent to allow further dimnution Of three millions
before the circulation Of the must by law be- re-
ducsd: But whatever may be said OF the cause tho
effect has been that had continued another
fortnight, the whole Of Lancashire must have been
thrown into confusion and ruin and ourths the
provincial banks OF the country unable their
London engagements. One OF two thipps then ia evil
dent either that the present laws Affecting the IMAM
cal requirements Of the country inadequate that
those who have the chief direction in the administration
of those laws have committed egregous judy
ment-either that Sir Robert Pees Currency Bill which
puts positive limit the circulation Of the country,
hufn ha,
distinction between times of abundance famine
Of restricted trade free favorable
be maintained without crushing the
very vitals of commerce. the Bank Directors misca
cuating the extent to which the export Of gold would
be carried have failed to take such precautionary
sures In time as this stringent law requires till finding
that their position becoming critical they take alarm
stop supplies without dscriminatonothe money lend
Of follow in their steps and the whole
tary machinery of the country Is ut once paralyssd
Good may, however como out Of evilas the whole sub
ect Of currency must force itself the notice
ment and others capable Of forming correct judgment
The soundness Of Sir Robert Pecls bill will be severely
tested and whether ought to be maintained In
force when such calamity deficient harvest forces
to abandon the Corn Laws and every other rssric
tion encourage import foreign grain, sd Of
necessity to part with very large amount Of bullion
whether in such straitened circumstances it II well to
cripple energies still by contracted cireula-
BILE extent hand the inability to discount bills should
prevent those orders being and discourage al
parties from entering such In
deed freetrade policy with all the world can be ear
red on with restricted currency or, in fact with
emporium Of the productions Of the world shall not
require larger circulation than at present possess 20
Three populations have proceeded to London from
this town. for the purpose OF having interview with
the government and the Directors OF the Bank Of Eng
land.
The London Shipping Gazeue abiding the rslapd.
ing OF fl20000 of specie from the American Of
the 4th inst by eminent Liverpool house." says Il
does not much surprise in London, 1t has long
been the opinion OF parties engaged Ia the American
trade that notwithstanding the great means OF or
two leading houses they had unduly extended them
selves and trusted in 1886 and 1887 too much to the
facilities of forgetting that by the operation
Of the Bank Charter Act Of 1874, the bank would be
compelled to more hostile position than ever
in order protect the interests of the propretor and
provide for the wants Of government.
The same paper adds" Another serious shock to
has been caused by parties ut Liverpool sell
usual; instead of which, three months bills, with
bankers endorsements have been obliged to be accept
jonstock banks who said to have locked up their
funds in securities not Immediately available and they
therefore, entirely dependent London for reds
counts, which cannot be effected excepting ut a
which is not likely to yield the shareholders dividend
OF 10 per cent In short, whilst the private bankers
have been preparing for the coming storm, the joint
banks trusting their united have been
carrying sa than they could take and furl be-
quarters of the compass" We may add, that there d
every prospect of their having safe deverancs.
We have passed week Of great agitation In our Cot
ton Market. On Saturday under the influence Of
what easier discounts and the Russian gold large bus
ness done. Probably to 10000 bales were sold
nearly one-haf being on speculation The proceeding
Of that day 1--WE the speculative part of it, can
hardly be viewed otherwise than q some
what unguarded movement and prejudcial To
the general interests of our market especially so
when it considered how much proceedings
der public notice how very dsastefui these larg
peculations are at this trying moment to those psrte
In London who alone have the power Of aording SOM
temporary relief This speculative buying, however
was followed no further. II ceased Saturday. Or
Monday, the demand fair 1000 bags sold TO tn,
trade at steady prices Tuesday fiat and dull in thu
greatly aggravated and forced sales for money Ysster
day again the same as Wednesday, and perhaps in a
afti I,sa
there appears to be fair trade demand without any
due anxiety either to buy SELL and the market has
more settled and cheerful appearance.
During these varied proceedings prices have fuctua.
ted from about lsd advance under the speculative de-
sure Of Wednesday and yesterday the market settling
at decline of ad under the published quotations o.
Friday last The sales to-day have been 1900 bales, all
to consumers. The prices declared by the Committee
OF Brokers this week for fair cotton areBowed 6kd
Mobile, 67td Orleans. Sad.
The sales of the week have been ~ 7O bags of which
$500 American have been taken speculation and 30t
American and 200 Surat for export Sales this year
900 ESQ; period last year SOL 300 Imported Thu
year 457 I9; same period last year as47e5 Exported
this year 1894 same period last year, 80 ALL TakeI
year, 5456o Stock to this date, $50 $50; period
last year $780, same period s45, 500 400 IMPORTS
from this date to 3lst December last year. 64924s To
tai OF all descriptions turned over speculation th
year Ioo50O same period last year 6,350 increase
ls4I 63i5o The average consumption per week, Of n
Kinds in the Kingdom for 1916, 1921 The averag
consumption per week Of all kinds from this market II
1910 was s74S' The average consumption per wee
OF all kinds taken from this market in 1916 TO this date
was ~, Sll; this year. 10 900 bales.
list OF the receipts at the ports of the United States
ola later date, has been received On the Iith, II sp
900 bales less had been brought n than ut tn
same period last year These decreasing supplies.
trmng the worst statements of short CROP have 81
feet for the moment except perhaps the few
holding their stocks with quietly looking for
ward not without confidence, to the future The ~
change alse comes much more favorable.
The market is still on the rise and considersb
business has been doing In the principal articles Of
trade during the last two days mostly for present
payment nj irregular prices. The arrivals Of Grain
Flour since Tuesday small SCALE but prsviousl
the supplies OF each article in the trade liberal o.
Tuesday there was good sale for wheat, for oonsumI
ton at an advance on the rates Of last Tuesday &c
per bushel generally, and, in some instances, 3D. ps
bushel Flour did not move freely, but an improve
ment OF is. to % I'd per barrel established Dat
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