The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-01
MON EY MARKET.

There was very little doing in Wall street this morn
ing. Canton improved q. Harlem fell off q. There
was nothing else worth notice
At the second board, Harlem fell off q, and Canton
The Pittsburgh and Louisville Telegraph Company
has declared dividend of per cent for the last three
months.
1t has been officially need, under date of June
! 14th by the government of Mexico that the revenue
laws Of 1915 will 60 into immediate effect. On the
18th of July, at noon, the custom houses were de-
ivered to the Mexican authorities and all vessels and
cargoes arriving after that time will be subject to the
rules, regulations, restrictions &c. of that act In
consideration however, of the interests of commerce.
which might suffer by the sudden and important
changes in the tariff &C., all vessels with lawful cargoes
arriving at ports in Mexico within three months of
date of the order June 1D without proper manifests
and other necessary documents, instead of being
SEIZED shall be allowed to enter and discharge giving
bonds, with sufficient security, to Mexican commits
soners, to pay all duties and charges, and abide the
decision of the department in each And fur
Their, all contraband goods arriving within said three
months instead of being confscated, may be reex-
ported upon the same vessel, Tor any other leaving
sooner) upon giving proper security, that such ex-
portation be actually made, and abuse committed
1t will thus be seen that all the monopoes and re-
strctons Of the former Mexican tariff are again in
operation; but we have doubt, with all the onerous
provisions of the laws Of that republic large
and profitable trade will be carried for sometime
Very large orders have already made their
in the markets of Great Britain particularly Man
CHESTER and there Is every prospect of the business
being overdone. The long time that the ports of Mex
leo have been closed and the impossibty of opening
safe communications with the interior, during the
guerilla warfare reduced the supply of foreign manu-.
features to very low point 1t is to meet the demand
which the consumption of the past two years. without
corresponding receipts, has created-and such is the
anxiety to be first in the MARKET and such the extent
of the arrangements already made to supply them
that there every probability of their being livestock
ed, and the trade overdone. The Southern section
of country is peculiarly favorably located for
supplying Mexico with many articles of produce
not raised within her limits-and the monopoly
Of that portion of Mexican commerce. will probably be
enjoyed by New Orleans and other Southern ports;
but the manufacturers Of Europe, particularly those
Of Great Britain, will control the Mexican markets,
80 far as their fabrics concerned.
Within the past eight ten years there have been
established in this and other cities of this country
numerous agencies Of foreign life insurance COM
panies and we have no doubt very large amount of
business in their peculiar line has been by
them. The various statements put forth from time to
time by these agencies and the highly respectable
they have enlisted resident boards Of drec-
tors, have gained the confidence of portion of the
community and in many instances policies of these
companies have been preferred to those issued by do
nestle companies managed entirely by own citi-
zens, secured by investments in our own stocks and
not subject to the many restrictions which those out
of the reach of our laws generally nct upon holders
Of foreign risks We satisfied that those who have
received insurance their lives in these foreign
Offices cannot be aware of the insecurity under which
they exist, and the litigation delay, and difficulties
xvh; <ha;r ha;~o
PEELED to submit to at their decease After thorough
and careful examination of the laws of Great Britain
for the regulation of these companies we have ar
rived at the conclusion that they unsafe invest
ment for citizens that their agencies are out of
place among us and that they should not, in any
shape or manner, be countenanced or support ed.
The laws of Great Britain say, that As policy in
surancs does not contain stpulations obligatory upon
the assured may be effected in favor of any person.
even though an infant or married woman and being
property of personal nature, alien may upon
it the amount in the English courts even
though resident abroad so long the State to which
he belongs is not actually at with this country
1t thus appears that in the event of war; the claim
of every foreign Individual against the insurance COM
panesof that country is in fact conscated and the
fund which he may have supposed was ACCOMPLISHING
for the support of his family is at for swept
away There is therefore, guaranty that any claim
against these companies be made available to those
for whom it intended at the time due, in fact
ever after. These of the reasons why it is
unsafe to make any investments in these foreign life
Insurance companes but there others equally
gent, and in opinion equally certain of being
intimately realized.
1t is well known that the capital and premiums re-
ceved by these foreign insurance companies 1--WE allude
to those located in London is invested in the stocks
and securities of the of Great Britain
that their ability to pay not only their domestic, but
their foreign losses lin the event Of their electing to
do SOY depends entirely upon the solvency and stab-
lily of that government and the market value of its
securities. The political revolutions which have de-
sroyed the credit Of most of the Of the
continent and reduced the value of their securities
a fraction of their original amount, have not yet
wholly subsidized, and we know not in what shape they
will next appear in what section of the old world
the work Of devastation may again commence. We
have vast interest at stake in the preservation Of
peace in England and in the perpetuty of that govern
ment. In commercial point of view, that country is
the only left in the whele of Europe to which we
look for those markets for our products, which
at all times desrable and if civil shows its
hdeous head there, we must nation suffer immense
losses We are SO intimately connected with the COM
mercal policy of England that the prosperity of
our most important interests depends entirely
upon the stability and power of the govern
ment. While we are so closely drawn together in all
commercial relations, 1t is necessary for to be
exceedingly cautiousfn becoming interviewer in their
financial affairs, particularly in manner directly
nected with the permanency of the public debt that
government and for this reason it is by no means
safe to make investments in such insurance companies
as depend upon the contingency alluded to. The pub.
lie debt Of Great Britain hangs like mill stone about
the necks Of the people Of that country and it must
ultimately be cast from them We as much believe that
the bulk Of it will be surely repudated there
sun in the heavens is inevitable and is not in the
nature Of things for it to be otherwise The quarterly
returns of the for the past year have exhibited
large deficiency, and 1t is by certain that