The New York herald., 1848-11-21
ES2,522,2A8
Err 522 24a
Markets..

LONDON MONEY MARKKr, Nov. 3-City, 10 O'Clock -
The statement current for some days past "a to tho
reduce their terms of yesterday borne out
potiee d under this head and the question put
in commercial circles Is ming the probable effect
upon the money market. We should be cautious in
entertaining sanguine anticpations In attach
ing undue importance to the measure. The Ba is
powerfully competed with In its business operations
by establshmen Of less magnitude which since the
payment ofthe dividends, have had an increased sup
ply Of cash placed at their disposal to render 1t
scarcely worth their while to allow even cent for
1t on "cal" and to induce them to afford acc ommo
dstion upon and months paper 1T as low rate as
rate 81; aud when consider the drst-rste
character Of the bills received there conclude
that measured such standard the average rate Of
discount could not be this minimum. When money,
however, becomes superabundant the regulating pow
Of the Banks to great extent imperative either
for good or ILL., tits In periods Of mstruss that the
has such absolute control and at such the bare
me ptiop of intended advance or reduction ia
apprehension alays it. In the present cir
cumetaBces of the commercial world there Is apa-
thetic state Of things indicating neither cou6dsnce
the reverse to extent sensible Of material in
fuence from the mere nominal cheapeuing Of money.
Trade il restricted within the possible H.
mts and onjucted with the least posi- BILE amount Of
credit The note circulation of the United Kingdom
is far below what 1t was in November l847 while the
diuinution in the Of bills Of exchange must be
enormous. Reasoning from these premises, We
might be led to conclude that although the
reduction in the charge for discaunt-snd this
will be doubted by those who conte nd that the Lom-
bard street establishments still lower-the pub
lie interest will be very little served We do not
wholly participate in this view. The bank directors
notoriousy adopt the best mode Of reasng profits
their proprietors but they likewise have
ties imposed aud admitted which cause their policy to
be yet regarded with anxiety In the prov uces
perhaps, than in the metropolis For weeks past
the state of the trade has been subject Of
raj attention and comment, and, as usual, opiu-
ions greatly differ. Higher prices, and an expor-
taton Of the precious metals predicted the
eide; abundant supplies. and payment to large ex-
teut in manufactures, on the other Does the bank.
then, forward autboritatvey to decide 10 behalf
of the former? We should ray, unquestionsbly, 1t
does not. The directors merely intimate that their
unemployed reserves ncrea sing that their profits
liable from compettion to dimsh aod they resolve
accordingly to seek to attract business. Let those
who would attach wider Interpretation to the cheap
ening Of discounts be cautious how they act. The
bank neither knows know, what Is in the ia.
ture; and assuredly will not be sow raise its
whenever event. may seem to ustfy the course That
such will occur this year we do not believe aud that
th- result OF tie present movemsn mt may be sstsfsc
tory there Ia reason to hope
TIE smagamstion of the three great railways, to bs
proposed Ter saDcton Of the Shareholders by bill
Ia Parliament excites great interest in the city and
there will be lack of Jealous scrutueers nd cham
poDe OF the pu blic should the details i the slightest
manner trench upon the latter
One Of the monthly periodicals furnishes some very
interesting stats to the of calls paid up
on railway account and Of money borrowed by railway
companies to the LIST December last aud which bsing
compiled from official data, stated to be ac-
ceptabe being strictly correct IL be observed,
by the way that the ne defends Mr. Slaugh
railway list; and remarks, that III the task of anaiy
zipg the accounts therein dertsken aud uder
taken from the items In the counts published BY the
sevrrsl compsnie- the majority OF the railway public
knew nothing Of the actual condition of their own
property. Disposed as we he to blams the alarm
ing deductions in the weekly Raiway List, wa can
join in the Wholesale denunc citation OF that publ.
cation. The directors Of the several companies had
long he power TO deprive 1t If its sting" for,
kpo We'd ye the analysis Of railway acsounts has
been going for tbs, and the eholders sup
ported generally by the press have long since urged
The production Of full accounts That railway pro-
perty-should have been suffered for year or IN ore
10 r.ced. steadily, and almost irrsmejiably, as IL
seemed certainly shows legs sensibty at head quar-
ters than might be deemed appropriate.
The total Of share capital paid M to the lat
December 1s47 was ELI GAL 5sa AID OF loans E39,.
b1Itg5 and the estimate OF calls yet TO be made IA
E45 90 OGO for which three years will be allowed and
perhaps more.
The Funds opened rather fat this morning. but
bev. since improved Copeols for Account we're first
done e0Ia but have ri.ep to s6k; for Mousy thsy
hove been done ~ s6l4, s6M, s69s; Per Cents Re-
duced. Shi4 to S57S, ga per cents. So ssH, so; Ex
chsqo~r bills (Msrch), 42s to 46s prem do (June)
doe to ASs
In yhs korviga otooks tns SuAsAsss sxs Al Gr2