The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-07

corresponding period last; and they doubtless
believe that greater portion Of our receipts FROM
California win remain in our own markets; but IN
these things fear they are laboring under dan
gerous deuson. A great deal depends upon the POI
sition Of affairs In Europe. So long as our stocks
continue in demand we may be able 70 hold on ia
our supply Of bullion. We can manufacture stock
securities full as fast they will take them on tho
other SIDE We can turn them out, to order, just
such as they may want and we can figure up future
dividends, and calculate the productiveness, to any
point that may be necessary to give them currency
So long our foreign friends will take paper pro.
misses TO pay from insolvent railroad companies Inc
stead Of specie In payment for the products Of their
industry SO long will they find customers on this side
OF the Atlantic. 1t may seem to be very fair mer.
camille operation, where both parties appear to be
perfectly satisfied. but it is delusive II is losing
game all round. Both the buyer and the seller will
be losers by such operations, and they will sooner
or later find it out. The facilities afforded for
the payment for foreign importatons, by the manu-
facture Of stock securities and sale of them abroad,
are calculated to produce the very evils 1t gene
rally supposed avoid. It would be far better for
us to pay up any balance against us on our foreign
trade at once, as it accrues, in specie. Then VI
should know just where we were, and the drain q
specie for that purpose would tend to check exces.
sive importations and preserve healthy state q
trade. Now, the payment for imports in stock secus
rites keeps the specie at home and its accumulaton
gives rise to all sorts Of schemes or kinds OF specua-
tion-to an imitation Of prices, to increased markets
for foreign products, and to an expanded ARTIFICIAL
state Of things generally which is sure TO result ut-
matey in collapse Of the most disastrous character
1t Is 50 easy, SO convenient to pay for mportationa
in stock securities Of long date that no note is taken
Of the extent to which it is carried. No class at the
time is embarrassed by this mode Of payment. It
only costs the price Of engraving these certificates Of
stock and they bring their market value in foreign
dry goods, other manufactured article. It il,
therefore, easy to pay for any amount Of IMPORTS but
we must look beyond-we must look to the day OF
reckoning, to the time when these stocks will come
upon us for liquidation, when we shall not only have
to pay for them, but the balance against us on our
import trade, in specie.
The annexed statement exhibits the variations
which have taken place in the Bank Of England and
the Bank Of France, since the beginning of Septems
Der, 1852, when the drain of bullion from both ap.
pears to have first set I'M
! BANK OF ENGLAND.
Note. circulation aas ss 81 s as 81 sss
Bullion. .......... q s9se44 lo,l4s,6o7
| Other or privatese
sDecrea:e, a2;,74s,ia7. '''''
BANK OF FRANCE
Sept 9. Jan. 49, Increase:
culaton. el6elo 25of CSC, s4s, s7sf TO- 1872 tx
Gosh and bullion in
hand@ ...;.;... coo 1c4, 2s4 49, 4ao,7so
Bills discounted 1885, ACT 3l6s23sss l2S ols
ties ........... ss,aoa15s 7essa,ese 50, 800 sss
Do railwsys...... 29,52oosa o9,s19Ooo 1925, 07t
From this statement it is obvious that the position
Of the Bank Of France has undergone serious altsra
ton within the last few months, and that the future
returns Of this establishment must be watched with
increased attention The total advances on securities
and commercial bills since the 9th of September have
risen by FOG ,673 ,726f eight and quarter miona
sterling, whilst the stock Of bullion has decreased By
126,673 ,495f., or upwards Of five millions sterling.
The circulation Of notes in the same period has in
creased by 70 432 725f more than two and three
quarters millions sterling. The Bank of England
has simultaneously suffered diminution of resources
but in far smaller proportion, and chiefly for the
legitimate purposes Of commerce. The principal
variations in this establishment consist in an increase
Of private securities Of 705 with an increase
OF circulation to the extent Of 5 995; whilst the
bullion has at the same time experienced a dimnu-
Australia. The metallic reserves Of both establish
ments are nearly equal the Bank of England's stock
amounting to fl9 JAS, s07, and that of the Bank OF
France to fl9,297, 23O.
company has toen formed in London, with
capital Of 81 900 OO0 in shares Of eos each, for the
purpose Of establishing line of steamships to and
between Liverpool and Chagres and between Pans-
ma and Australia. The company proposes to end
steamships direct from LiyernoO tn Chaorao x,no~
their cargoes and passengers will be conveyed BY
railroad to Panama, to be embarked on board an
other of the eompanys ships in readiness to conyev
them to Sydney and Port Philip, coaling at Ota<
heite or other convenient stations and ACCOMPLISH
ing the whole distance to or from England in about
fifty days. The company give, upon the authority Of
letter from naval officer OF considerable expe-
rence, tie following for the selection Of thu
Panama route =
The navigation from Sucz Ceylon is of course already
well known That from Point de Gale to Swan river s
open 10 this objection viz he frequency hurricanes
between the Isle of France and the west side Of New South
wales, with frightul violence, and through which, as
can TESTIFY rom experience, numbers Of our finest ships
have at various times suffered serious damage while not
a few have been totally lost
From Swan river to King Georges sound and Adelaide,
and indeed along the whole southern Of New South
wales, violent winds almost constantly prevail from the
westward causing prodgious arise which nearly
am of opinion would be found cause not only Of frs-
quept i eglares in the arrivals and departures OF the
vesse between those ports but Of annoyance and dis
That BY the Cape Of Coed Hope which at present form4
the ordinary mode Of transit
The principal and, indeed, osly objections to It that
know Of are the high and bosterous weather vho
ar. the almost constant attendants upon those high la
tudes between the Cape OF Good Hope SYDNEY The
gales OF wind nearly without any variation throughout
the year. from W. to w. render the return pas. age
between thots ports matter of very great unoeraint
and prove Of exceeding to everybody