Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-05-15
COMMERCIAL. MATTERS

| ~' 'o"'''"e us usuai slngularly clear, com
prehensiveness and philosophical expose of on
commercial and financial affairs. We give below
few oil the leading passages from Mr.. Hunt
commercial Chronicle and Review, for the month
touching the general aspect of trade and commerce
throughout thu country-the spirit of speculation
the advance of real estate-the decline in the
value OF merchandise-the sacrifice of European
goods and the effect of supply and demand upon
breadstufs, &C., as follows
The present condition of various sections nj
the country affords some singular comparisons
In ali OF our Atlantic cities, capital is very abun
daht, and offered at low rate ofinterest and sp;
i1tof speculation has sprung up which seems TO takf
hold of all classes. This is particularly true of
York and its adjacent cities, where real estate ba,
advanced in nominal value 10 to Is per cent above
the ordinary rate of Increase, and where a1noos,
every species of property other than perisbable
commodities, has rapidly changed hands for specu-
latlve purposes. But while real estate, stocks
and bonds, and fancy investments, are thus SELLING
at enhanced rates. most articles of merchants IS
are selling at unusually low prices Nearly all
descriptions of European continental fabrics are
actually offered both by auction and private sale
ata value, not only far below their original cost.
but also below the price at which they can be re-
placed.
This IS true not simply of fancy goods, the STYLE
OF which may go out of fashion, but of stanle 70 :
brics, indentical with those which must be renro
duced for next seasons consumption. Plain black
silks, which will doubtless be worn for centu,;es
yet to come, have been sacrificed in the tnce of
firm European market at prices below the
rates at which any one can hope to land them for
another This Is equally true of other st,-
pie tissues which have been crowded off far be-
low the cost at which they can be replaced. A
considerable portion of these goods has be.n con-
signed here by foreign owners; but sales have also
been made by our own importers at similar sacr;-
fees. The truth appears to be that the prodnct;on
| throughout the world, has been in advance of The
consumption, and producers in their eaperness
eachto close his own stock, have carried the com
petition SO tar as to ruin the whole trade This sac
rlhce In the prices of goods will 90 far to cor
rect the evil, by stimulating the consumption.
Fabrics have shared to some extent in the s,me
general losses This is particularly true of snrno
dress goods, for which the season has been ve,.S
untavorable, the cold weather having materia liz
limited the demand for them.
| Cotton has continued very steady in price. the
huctuatlons for the last three months having been
less than for many years. The CROP it is now M .
certained, will prove very large one, and vet
with good demand both at home and abroad
there has been no panic and no general decline
Breadstuffs have been seriously depressed: oreat
hopes were entertained ola spirited demand flo
Great Britain and there are still indications that
beyond even the large supplies which have gone
forward from our Southern cities, there will be
room for further shipments. But the inter;o,. nf
our country is full and there is no outlet
promised of sufficient capacity to absorb the snr.
plus. It's seldom that the supply continues so
abundant for many years, and with the greatly in
creased consumption produced by low prices and
good wages, one short crop would restore The eoni
| librum. -
Since the thirst for speculative investments has
become SO general IN our Eastern cities, MANY
have fattered themselves that it would lead to no
serious losses, because the schemes proposed are
less Wild and visionary than those which produced
| such general disasters during former commercial
| cflsls we are not SO sure that this saving dis
tincton will be found to exist upon careful com
paris on OF the favorite schemes at both periods
H. IS true, few are now willing to buy town lots
ylng outside OF low water mark, and fancy bubbles
OF the precise color of those which once exploded
are not likely to be In vogue. But human nature
is the same, and the traps to catch the unwary are
quite as thickly set rs of old. Not to mention
other plans tor securing a golden fortune in an
easy tide we may instance building associations,
as affording all the necessary machinery for fleece
ing5he u ny for the benefit of the few. The OBJ
ject is osseasibly good one, and many of the
model enterprises have no doubt been started from
motives of benevolence, and wisely conducted for
the best good of those for whose benefit they are
intended. There is Just enough of plausibility in
the plan to secure the appreciation of those who
| are heartily DESTROYS of doing something to pro-
vide the comforts of home for the mass of the
lower classes; just enough of prospect Of ex-
travagant gains to lure those who, with small
capital, are making haste to be rich; and quite
enough of opportunities for the selfish and design
Ing to fleece both parties to the extent of their
investments. The great difficulty in the way of
these societies is not in the management, but in
the principle upon which they are founded
There is no mode of investing the property ofrich
or poor with the prospect of realizing scent per
cent by short process, without corresponding
increase OF risk. Royal roads to wealth are al
ways tempting but never safe.
This spirit Of speculation has been aided by the
expansion of bank accommodation, although this
as been confined as yet, within very safe limits. At
New DIRK, for the lastquarter, 40 banks have in
creased their loans and discounts about So 600 OOO
but their specie has increased S2,35O, 900 and
their deposits S878l 1000, so that they still stand
in very safe position.
STATUE OF WAsHINGToN.-Twenty six gentle
men of the city of N. York, have subscribed five
hundred dollars each to the purchase. of bronze
equestrian statue of Washingt on, to Be executed
by Messrs IL. Greenough and HI. X. Brown and
to be placed at the junction of Broadway and
Fourth avenue, southeast corner of Union Place.
ESCAPE OF THos. F. MEAGHER.-We have al
ready mentioned the rumor of the escape of Mr..
Meagher one of the Irish ext es, from Van Die
mans Land. The New York Truth Teller con-
tans the following extract from a private letter,
dated on board British ship, at Hobart Town,
January 18th, which would seem to confirm the
rumor:
''Meagher has made his escape from this-some
say he has broken his parole, others say not
He wrote to the Police Magistrate of his district
to say that he did not wish his leave extended
Some say he left before the letter was delivered,
others say he did not, but that he remained until
person who was sent to watch him came to his
house. He came out aud asked the man wheth