The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-11-06
COM MERCIAL,.
From our Commercial Correspondent

New YoRK. Nov. as, p
The money market has been much excited to-day by the
arrival oil large amountoseI two and quarter millions
Of gold dust from California, with million the
way and by the accounts of revious
ports in relation the abundance of gold the probable
future receipts OF large The from England
also of the swelling production of the Australian
mines and the actual arrivals from Russia large Thus
gold from those quarters OF the globe pours IN prouse
abundance into London is matter OF congratuaton
that precisely the when gold became import
ant a production OF the United States, the ciroum-
Of Europe such the best market
Tor its sale that is to say in 1915 when California gold
discovered, political events conspred in Europe 10
make gold valuable than any other article All other
products of industry depressed and gold became the
object OF demand by public institutions and individuals
In comparison with IL, all other articles diminished in
value and the result that pound of American gold
brought greater quantity of the products OF European
labor than under ANY other circumstances would
have been possible. Had Europe beon peace, and
commercial credits in high favor, aud the Australian
mines first discovered, there would have been such
an initiation Of prices would have diminished the
real value Of the gold exported hence by least onenaf
The of this has been the case, and the gold has sold
the bsst advanage-belter, perhaps than it will sell
again While 1t is ing into London from the new mines
Of the Sierra Nevada, the Australian Alps, and the Ura
mountains the current OF exchanges be turned in
flavor of London in respect the continent The large
purchases OF grain from that quarter have ceased and in
cargoes have been purchased aoat in England
for continental consumption These facts with the general
operation Of trade are bringing gold back from the con
nen, and the amount in the French bank apdly falling
It continued to rise there until September Is, when it
reached its reached its minimum in the
Bank OF England July 26 1t stands comparatively
follows;
July fi3so9i0 fssS Sds
October October 1894 s s,sSs ~
The absorption gold upon the continent has (and
the time prices of other industrial products de-
pressed by the Discrimination embark in extensive bust
in fear OF threatening political future Ia France
the complete revolution in government policy, which the
adopted by the President indicates has already
relieved those iear and symptoms of returning animation
manifest themselves. Should these fears be measuraby
aayed, pta will be eddy existing low prices into
almost every article of trade and Europe pour forth its gold
exchange for produce in great abundance, despite the
depression in articles of American produce for the
moment These circumstances lead to promising tu-
tue. Up to the present time, however, bills continue
ard the shipment OF gold continues be profitable
in large sums, which the expenses average less per
The best drawers get l0i per for their bills
and in of $780, 600 gold be about 10 I2o
per cent? thus yielding profit OF l5 Of per cent,
thus:
Proceed Of bill
Profit per 30
Under these circumstances about 100000 viii 20
in the and possibly much in the
next, unless the mail (Which is scarcely probable)
should bring suficie supply OF southern bills The ship
men of cotton at the southern ports has been
free and sterling in New Orleans sells at 81 s, which
agents the New York banking houses have purchased
for direct remittance, and the gold will probably 20 south
ITO pay for them, instead Of Europe The Win
field Scott takes $500 900 to New Oean The exports
since September about rs 900 bales worth about
SO 600 900 and in the time last year the exports
1925 600 bales worth about 100000 Hence there
been a decline OF nearly S4O0oOO0 the supply OF bills
from this The improved prospect of the markets
for goods has induced larger purchases Of material
the part of manufacturers, as compared with last year,
follows