The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-06-26
CO M NJ ERCIAL AFFAIRS.
MONEY MARKET.

The nonarrival of the steam ship from Liverpool at
this port has had tendency to check operations gem
orally 1t is not expected that she will bring any very
important advces from the other side but there Is some
anxiety to learn the result of the political movements
going at the accounts the state of the
kets at the latest dates SO far the markets
cerned, very little alteration is contemplated Cotton
is just likely to be up eighth of penny per pound
down. and there is very little probability of any i'm
provement in being reported 1t is certainly for
our interest that prices for breadstu in Great Britain
should rule lowthat the harvests should be abundant
and food plentythat every departing mt of industry
should become healthy and that all should receive full
employment 1t is for interest that prices of cot
ton in Europe should improve prices for breadstu
become reduced that may find markets for great
stap)7 at remunerating rates
At the date of last advices from Great Britain,
the crops were in promising condition and there
every prospect Of an early and abundant harvest
Should such desirable result be realized, few specu
lators in this country may BIO disappointed but the
best interests of both countries would be promoted and
the prosperity of each improved and permanent
ly established. Quotations for cotton in Liverpool
the Sd of June, ruled low at any time previous
this year. but the prices then current would be
reduced in the event of another deficiency in the crops
OF the United Kingdom, approaching that of 1916
There are too great sectional interests in the United
States the cotton growing interest of the South and the
grain growing interest of the North and West. Cot
ton has from the earliest history of the country been
very important exporting staple, and dependence
has been placed upon for the payment of large
portion of the value of our imports The produce
ton Of breadstuRs in the Northern and Western
States has for many years past largely exceeded
domestic consumption and producers and spectators
have for a long time anxiously looked for the
mi for hair
ducts We have for years, exported to
extent; but occasionally, deficient harvests in Eu
rope have, for the time, created demand for
our -four and grain, which has inflated prices
enormously, and given the farmers some idea of the
temporary advantages derived from extensive for
sgn consumption Of their products They have mere
looked to the effect upon prices the reduction of
the surplus which may have been accommodating for
years. without dreaming Of the influence upon
other great staples and the dera cement of our
changes.
The importation of specie into the United States,
which Immediately follows large expectation of bread
sus is considered very favorable feature and another
evidence of the Importance Of foreign dema nd for
food of every variety but the steady reduction in the
value Of cotton is lost sight Of for the moment and is
only realized when the shipment of breadsufs ceases
and the counter current of specie The de-
the market price of cotton already exported
this year. is about fifty cent making in the aggre
gate, decrease in the value of the quantity
pared with last of at least twenty millions of dollars
This is real loss, and it is possible that it may be
doubled before change takes place The only hope
for any immediate improvement in prices for this mpor
tant exporting staple is abundant harvest through
Europe prices for every article of food The
prospect at the latest dates favorable trust
that advices by the steamship now due, will confirm
the formed by previous accounts The i'm
portations have become reduced to very low point and
there is hope of exports ultimately liqudating
foreign indebtedness, without any further ship
msnts of specie This would be placed beyond doubt,
in the event of improvement in quotations for
cotton.
We annex statement, exhibiting the value of mer-
chandize imported into this district excepting that
sent to the warehouse) and the amount of duties
the same during the week ending the 23d inst in each
Of the past three years
COMMERCE OF THE PORT OF New YoRK-VALuE OF