Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1850-02-02
FROM OUR EUROPEAN CORRESPONDENT.
LONDON, JANUARY l6, 1850.

LONDON, JANUARY l6, 1850.
Some OF our journals begin to express fear
that, with our manufactures, commerce, shipping,
money, and credit increasing, we are in danger of
getting on too fast. This is feeling likely to be
experienced by those prudent minds which have not
forgotten the lessons OF the past 1t is matter of
experience that this great abundance Of capital
this facility OF procuring money at low prices-has
hitherto never failed to excite The spirit of specua-
ton and TO induce financial catastrophes One of
our most competent authorities in these matters
Mr.. JONES LLOYD has erected into system these
alterations OF prosperity and distress which are
manifested in the commercial life of great nations.
Sir ROBERT PEEL, in the memorable debate on the
crisis OF lS47, attempted to prove by history that
the reduction of the interest below certain rate
was invariably the prelude of extravagant and reck
less specuations; which, in their turn, necessarily
induced disaster in commercial affairs. The crises
OF 1884, 1893, 1910, 1925, 1885, and 1899 had,
In this respect, given warnings, which were, in his
opinion, completed by the crisis of lS47. At the
end OF lS47 the rate of interest charged by the
Bank upon the best paper was 8 to 10 per cent; it
is now only two per cent, with the Golfers over
flowing with gold, and legal power to expand its
issues nearly SO per cent. beyond their present
amount We are evidently approaching period
when the nation conscious of new facilities and in
creased power, will naturally look about for some
new employment of its accumulated means. We
only trust that the last excuses of speculation
are too fresh in the memory and condition of the
sufferers to permit an early repetition of the error
Great wachfulness will, however, be necessary, for
the temptation will doubtless come in some new
and insdious form, with its seducing opportunities
and evil advisers.
Let us look little at the details upon which we
have based the preceding observations. The re-
turns of the Board of Trade show that, during the
hxuhi ndod tho of
we exported g374, 993 more than we did in the
month of l84S; and that during the
first eleven months of the years 1S4S and l849 we
exported in the latter go 1897 more than did
in the former the total aggregates being g44 ,4O7,-
9I2 and g54,Os9sO9. The only item in the
months return requiring particular notice is the de-
crease of gl04,646 in the export Of cotton yarn;
a circumstance, no doubt owing to the increased
price of the raw material. The details of the gene
raj increase generally decisive, and mostly Of
peculiarly gratifying description. Thus, we have
exported during last November about twice as much
" cordage and cables as in the previous Novem-
ber-a fact which tends to show that, in one point
at least we are becoming better qualified to COM
pete with other nations for the shipping trade.
Cotton manufactures have not increased SO much
in proportion as other articles have. This is, how
ever, easily explained first by the rise in the price
of the raw material, and again by the increased de-
mand for home consumption. This last is evil
denced by the comfortable and well-clad appear
ance Of our town populations. Owing to these two
circumstances, there has been, for many weeks, a
positive difficulty in getting orders for the foreign
market executed in Lancashire. There has been a
remarkable increase in the exports of earthenware,
hardware and cutlery, leather metals, glass, &c.
Our fisheries have been unusually productive, and
the exports during the month have increased from
Rl4,00O to g43,000. Linen and woollen manu-
features have materially increased in the amount
exported, and the export Of silk manufactures has
increased more than either. AS, on the whole, the
imports must balance the exports, and an increased
manufacture demands more material, there could
not fail to be great increase in articles of general
consumption, and in some of the raw materials for
manufacture. In wheat and all grains, excepting
Indian corn; in provisions, cocoa, sugar. tobacco,
and fruits, there was great increase Of importation
during the month. The same may be said of wool,
NEARLY double that of November, lS4s,) tallow,
flax, spices, and silk manufactures.
We will defer general survey of the commerce
Of the year until the end of the present month.
1t is sufficient to observe that at the end Of the
18th month Of the year the returns exhibit re-
suits every way gratifying and satisfactory. All
our commercial marts and our great manufac-
turing districts present scene of cheerful activity
And what highly promising, as respects the FUTURE
is, that from almost every country commercially
connected with us receive accounts of their in-
creasng prosperity Thisseems to ensure an increas
ing. demand for our goods, and enlarged commercial
intercourse for England. We believe that England
has not for many years enjoyed so happy and cheer
full Christmas. The manufacturing population
are well employed and well paid whilst from some
of our agricultural districts we have high authority
for stating that there fewer aborers out of work
and fewer paupers receiving relief. This is proved
by the fact that the poorrates below what they
have been for some time past. The railroad inte-
rest is, however, far from being fourishing one |;
nor can we perceive any prospect of its improve
ment The expenditure on railroads for lS49 has
been 2l9 ,673,694 against g33,260,249 in l84S.
The calls for the present month amount to 81 1872,
249; last January they were g3,926,342. The fol-
lowing railroad statistics have just been published:
Gross receipts. Earned Capital in Cost per
1872 E. n us esq s sse 1903 esa $50
ls45. ....... 6,66s. ga 3,469 7I,646, 100 $3.50
Is47. ...... s,975.67l 2.s7o 100, $4,000 3I,700
Miles opened, December 3l ls4s 4476 3lst December,
lS49, 5,2lS
The falling off Of the railroad traffic in s4s in conse
quence Of the cholera, is estimated at .el55,OO6.
There appears great discrepancy in the esti-
mates of the quantity Of CoTToN on hand. The
stock in Liverpool proves be about 1OO0 900 bales
more than had been assumed according TO the bust
ness weekly reported. This error is unfortunate,
far as it affects the public confidence in the weekly
estimates as safe guide in every thing connected
with this important article The total stock in the
ports of Great Britain is proved to be $50 1894 bales
against 496,047 last year. The average stock in
the ports at the close of the past ten years has been
636,3lS bales. The stock in the ports and in the