The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-03-01
COMMERCIAL.
Nrw York, Thursday, 4 p: m,
Eebrtiary Is. 1877

From Commercial Correspondent.
Nrw YORK. Thursday. p. m,
The arrival of the Cambria again puts in possession
advices OF important character several days atsr
Amidst accounts which, from all quarters of Europe agree
in great scarcity of food, considerable decline in the
prices experienced in England. In calmly reviewing
the whole of affairs, financial and commercial 1t
would appear that large portion OF the alarm created N
relation the supply OF food Is manufactured he sate
of affairs in England growing Of the potato failure in
Ireland and aided by the increased demands OF France
and Holland promoted, In some degree, speculation All
the continent large interests concerned in the high
price OF food and from these interests enarae most OF e
the great scarcity suddenly discovered The
in food, and the attempts hold, have Produced 10 con-
siderable extent that demand for money in Germany and the
north OF Europe which has supported rates OF interest SO
high 1t mostly account of The high rates oil money
in Germany that compelled the Bank OF France to raise its
from per cent? which it had maintained since 1902
when Napoleon flying from the field OF Auserlitz, rgidy
ovehaucd the bank and placed it on footing which has
earned Tor IT the reputation OF being the best managed n
tuition in Europe. 1t has uniformly manta ned specie
currency and regular line of discounts When however,
for "a length oftime, unusual OF interest main
tanned in the northern cities the low OF discount
the Bank of France made thar the chief Of supply
and probably larger OF its bullion left for that
purpose than to buy When it raised its rate TO
per cent, became for the Bank of England to
advance its l. These appear to have
been tarly adopted, and that hardness will involve fur
Their rise per Paris and ~ in London. In
Decd it is stated that the advance would already have
taken place in Paris but for the interference OF the govern
high OF interest will involve fall in funds,
which would interfere the ofstock for $40
authorized by the charter of last session. and the minister
cannot ask for loan in such position OF affairs.
This connection of bank and State will probably sacrifice
thousands of merchants TO the policy ola minister
The English funds rapidly falling and great houses
by backward in operating for fall II
through combination and udcious management, consols
be knocked down 49, large fortunes may be realized
~ If, l-of la,I
has been follows r
Issue los % $40 JAN 100 jan
Bullion, li,sssiOS IdaSe'a0o ls,ssa'iOo la,77sasO
So,s. ont hand sso sss sso
Fas de's sa sss 1885 sss
The bullion was reduced about 81 900, including the
shipments the United States per Sarah Sands fl,O0OOoO
the Bank France, and E500 900 of gold Russia The
from South America and Mexico had been nearly
equal to the exports The the United States
by Cambria and packets of the LIST will probably equal
E3O0 is observable that In the month Of Dcc the
bank increased discounts FL OO0 and decrease them
in January only E6OO 600 The public deposes decreased
for the payment of the January dividends, and
private depoes increased in consequence e.
The in the banking department decreased E23OOO
pa ly being paid for dividends, and partly in
quence of the of the issue department for
specie. will be observed that rs of notes must
be returned upon the department for specie before the
be exhausted from the banking department. and
the principle which the bank chartered begin to
net Wis that the the currency shall diminish with
the export specie f600O00O more of bullion must be
lost by the bank before the conservative power OF specie
currency will begin to affect values The demand for
money is great railway purposes "The calls were as
follows:
Foreign calls January, I,257,OOO 100000
e7,242,os2 ssssoo.ooo
The sums paid up upon French railways amount to 545
$50 900 francs SO26oOOOO ose 1888 900 o0oaIe com
esd works Tls g,e an the
expenditure food The state of affairs in Ireland had
enase a. sl az of peops
the roads had proved complete failure and wa to De en-
Ie abandoned and all the abSres cnargra ana N ,ne
half the f2,5oOoO0 advanced Funds are then to be adj
and sri, such portion Of ncnmbo
ed entaed to be sold as will discharge the mort
distribute the property Of Ireland and promote
rcutural industry These efforts may have an effect in
The great measure of allowing the of sugar and mo-
lasse instead Of barley exclusively for breweres and dist
see purposes pss'q in the unted Kingdom
bushels, and the substitution of sugar will depend
ePs of the sou nsH Barley p['o IS Of
Of moases, will make 25s gallons Of spirits 1 Al
onia sugar esq AS foreign sugar, f24 3 molnsses,
ESQ Hence there large profit in substituting foreign
barley for food and enhance the demand Tor sugar. until
the latter rises in price and barley tails to meet IT, ra
malt of sugar and noasses How lar TINS change
will the prices of Indian corn as coarse ood remains
to be seen Tie probability is that 1t will not more than
supply the deficit Barley declined in price and sugar ad
per cwt. and this fall in barley had an influence
upon the other grains. - . -,
The imports Of food England for the month OF Febru
ton Of stock in bond had taken place The removal Of the
corn duties opening of the ports to coriaten vessels OF
all nations, the rise in the rate OF interest," ana he very
large arrivals produced but little effect on prices which,
under all these Circumstance, higher February than
January had been supposed that the farmers oil Eng
land as well the dealers OF Europe were holding back
their stocks higher prices The sales at the 100 towns
which regulate duties, were, compared with last
wear. for the month of January, as follows:
Wheat. Barley Oats Rye Beans Peas Total
q Is47 s90al l55ble eal Aoess 1905 l,los2Ao
larger quantity food sold, il appears, by the Brit
sh the last january than IN the same month OF
1896 by 10 per cent? fact which does not say nuch Tor
these towns sold 3O5 quarters of wheat In 1882 there
was short crop, and they sold but 3,l7o6w Quarters
The effect of the here not decided The large
imports specie which reach 900 at all points
since JAM 1 did encourage speculation to the extent
which followed a similar OF things IN lSA3 In January
of that year. New York firms took 5000 600 OF United
States per stock at and in the following june
per par and very look for SINH
lar results The large imports oil specie nave iaed 70
exchanges which still continue TO droop The quota
ton here and at New Orleans, are as tollowsi
Sterling. Francs.
New New 9 9dts Feb y, ssaass. SO 40 ..
AT New Orleans, sight bills New York are per
cent discount which, with commission, makes the price
of exchange the as here The large exports and RS
The low of bills should make them available at Tam
and Vera Cruz suppan the large amounts OF specie
going thence London, and turn them into New Orleans
- 1915 Price isi7. Price.