The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-06-25
Correspondence Of The Commercial advertiser.
LONDON. 10th Jure. 1881

LONDON, 10th June, 1851.
THE CoTToN CRIsIs-In the last advices i
was anticipated that the present packet would
take out news of an important failure at Liver
pool, and the event was announced here, yester
day. The house is that Of Mr.. r. f. Hyde, who
has for long time occupied an excellent posi-
ton as cotton importer, aud who is known tc
have possessed as recently as January last q
fortune of from 10000 to fI0O00O Las,
year he was very successful in his views of the
market, and it is probably from the consequent
boldness that he is now ruined. For some DAYS
it was hoped that arrangements might be made
to avert direct suspension, and it is still as
serted, by those who look favorably on the case
that there is possibility that, with cautious
realization, the estate may yield COS in the
pound. Persons mere likely to be accurate
however, say that about IS. only may be ex.
pected. Mr. Hyde's total liabilities, it is sup
posed, will be found to reach 100000 His
paper appears TO be chiefly in the hands of lead
ing houses, with whom it will produce no ser
Gus inconvenience. Some of the loss, it is be
eved, will fall upon your side.
Another cotton failure has also been announced
namely, that Of Mr. ii. w Schwartz, of Liver
pool and London, whose liabilities are supposed
to be rather considerable, although their amount
has not been stated Mr.. Schwarz suspended
on a former occasion-in l84s
While the cotton market has been declining
there has also been long continued depression
in the iron trade, which now that distrust has
been awakened, is likewise causing failures
Last week the stoppage was announced Of
Finch a. Son, iron merchants, of Liverpool
with liabilities for 100000, and Messrs ID
Dollhouse q Co, a firm in. the same line, have
since been unable to meet their engagements
Notwithstanding these disasters the Liverpool
markets seem during the period to have mani
tested considerable steadness, while the ac-
counts from Manchester and other manufacture
ing districts show upon the whole better
feeling than has prevailed for some time past
This week at Liverpool the payments falling
due will be exceedingly heavy, although the
immediate effect of the stoppage just annuonced
may lead to little further mischief, the general
impression in London is that no pressure of ar
extensive kind is to be apprehended, and that
henceforth business will proceed upon sound
err basis, and will be characterized by its mag
nitude and uniformity.
As regards the London money market the be.
lief that there would be a continuous in.
crease in the stock of bullion at the bank oil
England has been confirmed, and the total has
augmented from fl3 100000, on the Sd oil
May to Ella, 100000, at which it stood in last
Saturdays return. Gold is still likely to come
from Russia, and arrives largely by each N. York
packet as a regular article of American produce
At present. there are no signs of the balance Of
trade being against us to serious extent in any
quarter the demand for India having been pref.
ty we'll satisfied, and therefore unless the re-
quirements for the country population, whose
movement toward London to see the Exhibition
is now just commencing, should prove excessive
the prospect is that the accumulation will go on
At present there is steady demand for money
and the lowest rate is 3 per cent.
The funds have now remained for nearly .
fortnight without even fractional change--ths
quotation Of the per cent consos being 90
In the wheat market, however, after period o.
several months, during which the price has mol
varied, rise Of from Is TO % per quarter has
just taken place.
The railway market continues depressed, the
state of affairs at Liverpool, where speculation
in shares usually goes hand in hand with that
in cotton. being such az to operate against a IA
vorable reaction. The number of students that
have lately occurred hns also perhaps bad some
little influence on prices. Three days ago
owing to a sleeper having been carlessly left OF