The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-07-13
COMMERCIAL AFFAIRS.
ONE ~ M lark e Il.
MospAy, July l2-6

There ie nothing new in Wall street. Quotations for
stocks remain about the previously quoted The
demand for Reading Railroad stocks active and the
transactions to the usual extent At the first board New
Jersey Zinc declined per cent? Montgomery, a; Erie
Railroad, "a; Harlem q Delaware and Hudson, ~ At
the second board North American Trust advanced per
cent; Harlem "a; stonington Il Florence and Keyport,
~ Harlem well sustained in the face Of increase
Of stock by the conversion Of bonds and the bulls have
done the company service, at all events, by
polling the bears to resort 10 such method Of supplying
themselves with stock. This is old game in Wall
streeonc which the bears have had several opporuni
ties Of practising At the close the market little
more huoyant.
The receipts ct the Office Of the Assistant Treasurer OF
this port, to-day. amounted to S772ai 55 payments,
S27 $40 20-balance, $3,7f5,67o 3D.
The returns Of banks of this city, for the
month of june 1852 compared with those for the month
Of March, show increase in the line Of discounts Of
s22S3 200; deposits SIX 1914 specie s3e5o23; circu
latiop, S15s.0So.
The American Insurance Company. Of Boston have de-
caIed semi annual dividend Of ten per cent? the Mer-
chants Bank Of Cheraw dividend Of seven dollars per
share for six months the Southern Bank Of Alabama,
four and half per cent The Merchants Insurance
Company Of Mobile, twelve per cent; the Fulton Insu
Company Of Mobile twenty five per cent the Ala
hama Life Insurance and Trust Company, eight per
cent; the Mechanics and Traders Bank of New Or
leans four per cent payable to the New York stockhod
at the Manhattan Company Bank; New Orleans Gas
Company I've per cent; New Orleans Canal and Banking
Company, -four per cent.
The from Australia, via London, is the most i'm
porant Of any yet received from that interesting por-
ton Of the world But foc the confirmation OF similar
accounts received in the early part of the California gold
discoveries should be disposed to doubt the correct.
Of the statements published in the English journals
From all that gather relative to the col product
in Australia that country is likely to throw California
almost entirely in the shade There is very little doubt
but that the product of gold in Australia will continue
increase from year to year and that the estimate for this
year will be fully realized Eighty millions Of dollars in
gold dust put down the product for the first year
Most of this will find lis way into England and be
trated in London principally in the Bank Of England
On the 10th of june the Bank OF England had in its
vaults twentyone and a half miltions sterling with
circulation Of notes to corresp 7nding amount It's
reserved notes amounted TO nearly fourteen millions
ling. Under the amended charter of the bank il is al
lowed 70 issue fourteen millions sterling of bills on
government securities, and all issues that
to be pound for pound of bullion coin
hand 1t therefore appears by the latest return that
the entire amount of notes issued by the bank in crcua
ton has corresponding amount in specie in the vaults
of the institution leaving reserved issue fourteen
standing this fact, money abundant in
England than at this moment and OF interest
ct merely nominal points.
The rapid accumulation Of gold in the vaults of the
Bank Of England and in all the great banking institu
tons Of Europe, has already created much speculation
in the minds OF fnancers relative TO the probable effect
OF such enormous accession to the metallic wealth
the world II is not in fact, the amount already
muiated which causes so much apprehension, the fu
ture product Of gold in the two countries which have it
IL represented, inexhaustible supplies Two three
years receipts at tho rates already realized might not
make much difference, if commercial affairs and
industrial pursuits generally received impetus from
such increased fscties but such accesons of gold for
any length Of time without outlet would ultimate
ly resuk in complete arrangement in the various
financial systems Of the world, upset all measures
Of value, and bring about new organization Of the
finances Of every government in existence We have
much faith in the power Of financial and commercial
affairs regulating themselves If left to the operations of
natural causes, that do not anticipate those evils
which appear to many Of being realized The
Bank Of England has for many years been stretching
its in every direction to gather together all the
gold and silver bullion floating about the world Previous
to the production Of much Of this metal in California
and Australia, this policy was without doubt sound
one as it gave England power and position in financial
affairs which enabled her merchants and manufacturers
to centrol the markets Of the world and give employ
ment to her millions Of operatives When the supply Of
precious metals in wealth
limited and below the actual wants Of the world for CON-
mercial purposes it mportant matter accumu-
late by favorable balances Of trade large portion Of
the total possibe but the matter il entirely de-
rent In times past 1t was the movements Of specie
from country to another which affected favorably
uhfavorably the operations of trade and The
iuona I,Iv hat hat
Huence upon the aggregate; and whichever nation had
the power call for any balance of trade in bullion
controlled the price Of property and the markets in the
debtors territory. What lost another gained and
one injuriousy affected by its loss, while the other
was made osperous by its gain It is very different
now. The immense Accommodations Of gold bullion In
Great Britain and other parts of Europe have not been
drawn from the active circulation Of this any other
country 1t has not been transferred from New York
where IL required 10 give life AMI activity to trade
but it has been taken from the bowels of the earth In
California and Australia and Put into the vaults Of the
banking institutions OF Old World where is just
about as useless when 1t In the Of The
Sierra Nevada The Bank o: England has paid the
full value for this bullion and it has become such an
enormous dead weight that the profits ~ the in.
stitution are likely 10 be seriously affected This
emulation in Great Britain in the face Of restricted
paper currency is serious matter than 1t would
be If the issues Of paper money were in smaller denom
nations. Even in this country, with bank issues from
dollar upwards accumulation Il large amounts Of
specie IN the banks approhended, With all the facilities
we poess for its reduction by limiting the circulation Of
bills Of small sums, In England the receipts ofgod
from California and Australia have gone directly into the
bank the channel Of circulation having previously been
filed whe in this country 1t has gone into active cir
culaon the currency having previously been composed
principally Of paper The eject Of the large product Of
gold will therefore be first felt in Europe, and it viii be
long time before accumulation Of goli takes place in
this country to an extent sufficient " njure any i'm
portant local interest.
The annexed statement exhibits the quantity and
value Of certain articles exported from this port during
the week ending the 10th inst inclusive distinguishing
the destination and extent Of shipment 70 eacn place.
=, -. -, 49,, POM a. Nyw YoFE-V.LUE oT EFFORTS.