Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1847-11-25
From the Boston Courier.
Arrival Of the Acadia.
HDAYS LATER FROM EUROPE

H ia i La EiS ASOA hS WI -
The steamship Acadia, Capt. Shannon
arrived at East Boston on Saturday al
twenty minutes past one, having made
the passage in sixteen days. The steam
or has encountered succession OF gales
and westerly winds On the 18th inst, OF
1.-The Banks, her wheel-houSc was stove il
| by heavy sea.
/ The Acadla's news mostly is impor
tant as it relates to monetary and com
mercal affairs, and private accounts
more than the public ones, state that the
pressure upon the money market had
been unprecedented, and that the dis
tress reached every branch Of the trading
community. In indirect contradiction
| TO this, we observe that communication
N the Times of the ID inst, purporting
to be letter from London banker to a
| friend in the country, states that amidst
| all the distress, "no one has failed who
ought not to have failed, and would not
have failed at any time, had all the cir
|. cumslances about him have been known"
H The cry of distress which arose from
| the whole commercial community, has
induced the British government 10 with
draw the restrictions which were placed
upon the Bank Of England by the act OF
Parliament of 1914, so far as to allow
the institution to loan money,-that is to
issue bills upon other securities than
those contemplated by the restrictive act,
at an increased per centage Of interest,
with the shrewd and saving allowance
that one half of this extra amount Of in
terest is to be placed to the account OF
the government itself. The action OF
the Bank in the emergency, and some
view Of the state OF things upon the other
side,i given i'll the following extract from
the commercial and monetary circular OF
Barings, Brothers 81 Co. -
Under the express sanction of the GO
vcrnmcnt, and with view to relieve the
existing pressure, the Bank Of England,
on 18th of October, issued the following
notice -" Resolved, That the minimum
rate of discount Oh bills not having more
than % days to run be 8 per cent. That
advances be made Oh bills Of exchange,
on stock, exchequer bills, and other ap-
proved securities, in sums not less than
5000, and for periods to be fixed by
the Governors, at the rate of ; per cent
per annum." This virtual abrogation Of
the bank act of lS44 must OF course re-
ceive the assent Of Parliament, which is
appointed TO meet on the 18th instant !;
in the same time, there are some slight
symptoms Of returning confidence. with
out, however, any perceptlbe effect Oh
the produce markets, where prices gen
orally remain without improvment.
On the continent considerable failures
have taken place Leghorn, Genoa, Tri-
este, Lisbon and Ghent. having chiefly
suffered. The French house at St. Pc
tcrsburgh Of &. Riva g. Co. has also fail
p ed.
A general fall in the prices Of produce
is complained i'll all our accounts, but
we do not perceive that there is any es-
tablIshed loss of consequence in the prl-
ces of Austrian grain, -four and provisions.
In cotton the prices current show loss,
upon the previous quotations. a circu-
lar of Brown, Shipley q Co. Of Nov. 3,
says
Cotton has further declined I'D. per
h., owing partly to more favorable ac-
counts Of the coming American crop by
last steamer, and the still further curtail-
ment Of the consumption by the closing
Of additional mills and working short
time, from the embarrassing position Of
the spinners.
| The corn trade is the only one which
shows the slightest animation, but in this
there has been reaction the last few
days, and an advantage to Dos. to 29s6d.
per barrel for fresh western canal flour,
and Philadelphia and Baltimore are quo
ted 21s Cd. to 2ss. Cd. Sour Dis. to 23s
per barrel. Indian corn has also improv-
ed, and is to-day quoted 30s. to 35s. per
quarter, chiefly selling at 32s. to 33s. for
fair sound parcels. Indian corn meal
los. TO los. I'd. per barrel, and the best
generally now held at los, at which
some small sales have been made.
In the manufacturing districts. trdc
was much depressed, and the number Of
operatives out OF employ was increasing
daily.
The Queen has appointed Sir. Ed
mund Walker Head Bart, to he Lieut..
Governor of New Brunswick, and Sir
Donald Campbell, Bart, to be Lcuten-
an,-Governor of Prince Edward Island
Ireland still remains a prey to
anarchy and confusion, so that murders
cruel, horrld, blood-thirsty murders
continue to disgrace the south and south
western provinces. The question of ten
ant-right is now being much discussed
aud agtated, from one end Of the king
dom to the other.
The French steamer Union, From \.
York, at Cherbourg, experienced two Sc
we're gales on her passage, one off New
iouudand, which lasted five days, the
second of the Azores, during which the
boilers burst, and the machinery was
much damaged.
ITALY.
a letter ftom Rome states that the
Pope had written to the commissioners
Of the subscriptions set on foot IN the diff
fcrent cities of the states Of the Church