The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-10-07
COMMERCIAL.
Fron our Commercial Correspondent.

our Commercial Correspondent.
New YORK. October g. ISi7--Wednesday, A, p IN.
The arrival of the Hberna, with dates to the i9'h u
Produced at first sensation in the market, both by
reason OF the failures which, it supposed, would
Affect certain interests here and OF the reaction and
rise In the corn market Through the day however, the
excitement passed off, as ii became evident that American
are not now involved any considerable extent IN
the English credit systems and although the advance in
prices oil produce there will benefit those who have
been holding stocks in expectation of the reaction the
amount situated is not arge and the market is su
fceny promising induce shipments present II has
become very evident, that the great fall in prices which
took place the beginning of August the consequence
of stringent money market rather than supply and,
inasmuch that decline first affected the weak corn
dealers gave impulse TO those soppages, which,
der continued pressure and increased distrust multiplied
until GO eminent houses have gone down, with liza
bites estimated E5,O00,0O0, embracing nearly all
branches of business Yet il apparent that these
disasters have only those who in the lapse of
half century, under the continued varying fortunes oil
Engand's commerce, have found their actual capital
gradually and iresistiby absorbed in unavailable invest
ments, and their dependence for active capital has been
their Singh standing, Gas the English have i re
spectability in abundant money market The moment
that becomes the slightest distst in
duces depostors with such houses draw their deposites
the whole fabric falls into and leaves the creditors but
of assets, which the houses themselves have been
unable TO realize. As instance, England annexed by
force of arms in 1910, the Isle OF France, in the Indian
ocean, which had been important French colony since
l72l The English when they got possession, called it
Mauitius, and "develop its resources, in
crease the growth of sugar. which is the chief product OF
the isle; and this done by investments OF London
capital The house of Reid, Irving 81 Co. has E600 600
So 00O 900, advanced to the sugarpanters The guam
tity of sugar increased from I552755 lbs, in 1920,
95 096 100 bs (Which all goes Engand) in 1885, but
the emancipation of blacks, and the runous system Of
colonial government destroyed the profits of planters and
spoiled the investments The population is 5000 whites;
and England sends them governor, whose salary is Ell
(S35, OO0) per circumstances similar these,
relating all the colonies, have long affected all the large
English merchans and they, of late years. have been
unable anything from such Investments, the
creditors have but little chance.
1t would that the hghwayman-ike conduct of
Great Britain during the of Europe when she avished
blood and treasure without stint limit to maintain
twenty years war in Europe that she might rule the
and seize the of all the European powers, is
working its results The government Of England robbed
other nations of their colonies and her merchants invested
their capital enhance the productions of islands
nexedthe object being monopolZe for England those
products, and build up markets for British goods The alb
surd will not work, it appears 1t has been boil
stored by the credit SYSTEM but is rostratng the
merchant princes" by Their position in regard to
the colonies very much like that of most banks bank
ers and merchants in New York and New England in
gard to the rapid colonization of the Mississippi valley in
1890 49, Enormous capital invested there and lost,
and ruin overlook all when the collapse came The Eng
fish houses it would seem have also specialized largely
railroads, the hope of recovering themselves and those
ton of capital in England last year, through railroads loss
of crop, &c has produced that scarcity of which
has precpated the crash With all that the United States
have but little do, thanks the absence of national
bank, with its affiliated Speculation breeders" The
ports of United States produce England have been
ceedngy large during the past year, but perhaps,
less in amount went forward on American account. The
English houses specialized their hook. American
producers and vessels got their pay and the results fall
upon London has been supposed that the failure of the
house Cover Nephews would affect New Orleans in
but, for stated, apprehend not i'm
portant 1t is the that these dsas
occurred the of the year when the
nent in produce is the least important The last cotton
tobacco and grain nearly all sold and the
new yet in hand few months later in the year
would probably have made an important difference in
gard to this sde
The extreme pressure for money in England has had
powerful influence upon the operations of manufacturers
and many mills in Lancashire have been compelled stop
means pay the operatvesa fact which
have important influence upon tho exports of England
and also upon the price of the material, which de-
clined under it hapcnny per pound during the four
days ending the 18th. There appears be little
prospect of speedy relief to this pressure Nearly
all the commercial circulars building hopes upon the
specie from the United States their relief under
the upposton that, by of the failures ecamations
would be made upon houses here, that would be RENTED
in specie. These hopes will prove falacious
There also apparent disposition aay panic by ex
aggeraing the production of the crops The state of the
corn market however, which, in the midst of an awful
money panic advanced from 25s. to 30s for flour and
from 57s to 2s for wheat shows the reality of the state
of affairs This advance Produced appears by pur
chasers from interior where there are usually stocks
of home grown grain dealers mler bakers who had
been holding back with view to depress tho markets and
at last obliged to come in The best author
tiles far from sangune to the supply of food The
Markane Express gives the small crop of pota toes as
partial failure and the beans peas, and urnps substit
ted for that root in various localities, having suffered ex
ensve injury and hence the opinion that the anticipated
low prices for food will not be realized.
The money market of Europe continues in very IN
satisfactory state, pending the French loan of $40 600
900 meet deficits in peace expenditure; and exchanges
still against England, prolongng that drain specie
which has already been productive of such serious results
The OF the Bank of England has in its leading
features been a follows
BANK OF ENGLAND.
DEPosITEs.
Public. Private