The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-07-31
CON MERCIAL AFFAIRS.
MONEY MARKET.

w 10 " y II Y II Il n i d y
MONEY MARKET.
Sunday, July 3O-6 p. NJ
We have had two arrivals from Europe during the
past week. but the markets have been very little affected
by the news, way the other. The ,mmercial
intelligence has been favorable could have been
expected under existing circumstances but it is not
by any means satisfactory The future looks gloomy,
and we cannot dvest minds Of those fears which
the events of the past six or twelve months have
created We occasionally a ray of hope, but it
soon disappears, and the political and commercial
horizon becomes again overcast, and the mutterings
Of the distant tempest distinctly heard. The
whole of Europe is in terrible condition; and
only hope is that Great Britain may escape the blast
which has swept from end Of the continent to the
other with such devastating effect. II England
escapes, we shall continue to find extensive markets
for products and prosperity will be partially
preserved. Our markets the continent have al
most become extinct, that the worst in that
particular has already been realized but, every
week month, consumption in that section Of
the world, is restricted limted-so much the more
injurious must be the revolution causing such state
Of things With the exception of Great Britain,
European export trade has been literally annihiated
but unfortunately, import trade with these
tries has not met with similar fate but on tn con-
rary has rather increased than otherwise Importers
and spectators in this country have taken advantage
Of the financial endorsements growing out Of
the revolution, which the manufacturers Of France
and Europe generally have labored under, and have
purchased Of them for cash. goods at one-half their
cost, and have filled markets. A portion of the
specie which has been shipped from this port within
the past four months abroad for this purpose and
while exports had become reduced to the lowest
limit, and exchange drawn upon previous shipments of
produce coming back protested, millions Of del
lars in geld and silver, going forward to purchase
goods, which could not be obtained the usual
credit. In this way, our whole foreign trade has be-
come deranged and have thus far borne the brunt
of the commercial revulsons and political revolutions
in Europe.
The losses we have directly sustained by the suspen
sion Of foreign houses largely indebted to u.s. have
been tring, compared with those realized by the de-
probation in the market value Of our products So
far as breadstuffs are concerned, make COM
parsons, both the demand and prices last year
entirely artificial, might say unnatural and
out Of the usual course of trade The demand in Eu
ropo generally, for breadstufs in 1916 and 1s47,
the most unfortunate event that could have happened
to this country and prepared to show that it
more unfortunate to than it was to England
although she the consumer and paid for it in gold
and the producers and received the hard dol
lars for the bulk Of shipments. We imported in
1o4f ABOUT miliiOnb OF uOLars,
about twenty millions of which came from England ;
this drain of gold being in payment for breadstuas
directly from the vaults Of the Bank Of England
and the amount Of bullion in the bank was reduced
to about six millions sterling The effect of this
reduction in the gold and silver of the bank, was
. corresponding reduction in its circulation, and
contraction in its credits, perhaps to ten times
the amount and the result was tremendous
strngency in the money market, and rapid dcprecia
ton in prices for every species Of property except
breadstus Our great staple cotton felt the effects Of
this state of things very materially and prices became
much reduced, and the consumption limited,
that the most ruinous losses became inevitable but
put off with the hepeof therbeing ately less
disastrous The postponement only increased the evil
and recent events have shown the folly of antc
improvement in the midst of such complete pros
trstion of commercial confidence, and such unsc-
countable disappearance Of active capital Large guam
titles Of cotton have put upon the Market and
sales made at prices full fifty per cent below those
current at the commencement Of the season. The
whole Of this and thousands upon thousands of bales
yet of the Market have been held for better prices
better prices being at all events for the present.
Of the question: it has been deemed best to submit
to the sacrifice particularly the prospect is in favor
Of an immense crop this year.
Had there not been scarcity of breadstufs in Great
Britain in Europe generally during the years 1916
and ls47 it is highly probable there would have been
no political revolution in 1s4s and it is altogether
probable that commercial prosperity would have exist
ed in all sections of the worlathat prices for cot
would have been sustained and that should not
have received much gold and silver from Europe ;
but that we should have been in a much better
dition than at present Nearly half Of the
specie imported last year, has gone back this, and
than the balance of profits realized ship
mt NJ has haar oh had in
ments for excessive imports, leaving the enor
nous losses cotton the balance against us
for the advantages Of an extensive foreign
demand for our bresdstufs. Political demagogues
and party organs may talk till doomsday about
the benefits derived from extensive foreign demand
for our breadstufs particularly when that demand
comes from country which is large Of
ton and that consumption is regulated by the ruling
prices for food A steady, moderate demand for our
breadstus much desirable than those OCCASION
excessive wants which for the time absorb large por
ton of floating capital Of the country, consuming
such large quantities foreign breadstu and dcrsnge
the whole course of trade. We may apparently gain
largely by the increase In the quantity of our sgr
cultural products consumed abroad but we in fact
large by the operation 1t is interest that
customers should be rich rs prosperous as
possible for to make them that they may be large
consumers Of most important articles Of export,
and If the most important article is cotton whatever
interreres with IL cannot but be highly deriment to
our most important interest.
In remarks few days since relative to the Dank
Of Charleston S. C., and the communications which
have appeared frequently in the newspapers that
city, should have stated that these ncatons
referred entirely to the Bank OF the state of South
Carolina, instead of tho Bank Of Charleston, 8. c..
The annual report which published at the time