The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-16


under monetary crisis, but at time x6sn trade
in nearly all its branches s sound, and N moderate
compass, when neither idle rumors prevail nor any
serious failures have oceurred thus ormnaa stirling
contrast 70 previous periods of commercial depression
and arrangement. 1t the suddenness Of he re OF
money which surprised and took Of business ina
Operations dictated by caution, and based UPON
correct principles, turned out unsatisfactory; fr 1t
was impossible to fosesee so rapidly approaching none
tary crisis. Mercantile men had mainly to beal the
brunt Of this force oerc, and it is entirely owtg to
the caution Of late that few bad 70 susano
to
aHS5nmodities, whatever their names, declined mce or
less in price, when money became tight anu
alarm was spreading. People are beginning TO
recover from the first shock, and look at things
in more quiet way; BUS what mas been los.
times Of war the course of trade cannot possibly
quite smooth when peace PREVAILS it j., however,
satisfactory that exports Of cotton Drics have
far not fallen on either in quantity or value and
cheaper prices Of breadstus did prevail might
have prosperous trade, notwithstanding me We
gave lea expo ted 10 the different countries in
report and it remains for TO give merely the
declared value of the cotton fab cs for the nine
ny the Board Of Trace, just out:Cotton manuflc
exported in the nine months ending October 10,
1854 049 ditto 1865, 946 Cotton yarns
exported in the nine months ending October 10, 1854,
f4,965,523; ditto, 1865. f5,0i8,90z In wooden and
silk goods falling oil has taken place. showing that
the middle and higher classes abroad have felt and
feeling, the and dear food prices than the
lower classes 1t is unimportant feature in the pre-
sent juncte of affairs that the industrious classes are
portant manufacturing districts at period when IT
would have been heartrcncipg to them deprived Of
their earnings TIE most essary articles Of subsis
tence are high in price, and we do wish with all on
heart that the fall Of prcess OF wheat and flour whic
has Just taken place nay continue English grain hs,
cline although foreign remains unaltered The prospect
Of even slight decline is gratifying. We hear also hat
the potato crop taking England Scotland and IreAnd
together pronounced even by potato dealers bang
turned out satisfactorily than it has been io- ve
Mefsrs iruernan and Rouse Of london give the sub
Joined observations with reference TO the subject
The repressvc reored to by the directors of
the Bank OF England in September havpg failed to check
TIE eux OF bullion, the minimum rate Of DISCOUNT has
again been successfully raised 70 snd g. a for bills
opger dated paper has with difficulty discounted in
Lombard street at higher rates. This las, howeaer,
not effected the deed object the return, st exhibit
weekly diminuton OF the stock q bullion, and the
greater portion = the larger Supplies, ,nountng to
nearly 81 400 oto, lately arrived from Australia,
Aos bern exported 10 Franc instead Of bciy deposited in
ihe Boak cogers, the amount in D1ich By the last
yRHn reduced 10 I'll, 2S0t6T, against lib 26S 607 on
he 1st uhtmo This continued wthdnwal Of the
precious metals is not the result OF al uniayoraoe
condition Of the foreign exchanges, showing thai it has
nothing TO do with che settlement of tn balance OF
account for the phenomenon . Tho causes g anascer
tanned the more anxiety is consequen fsit as TO the
issue, for a3aeT the present Bank Charlie Act the only
course open &c the directors is to 'nue to raise the
of interest until the eiux ceases andno opinion
be formed when this may be. The tsemc peril to
which the mercantile community is exposed ny rigid
adherence TO the law whose action is thu same, whether
imports be less the vsn Of our exports
be $50, 000, o00 in 1915, 100000 0oOo, as in
1s52-whether the country is ENJOYING profound
engaged IL expensive md pfotrac ed
war-whether our harvesis have 'een abundant
aehcient-is brought wildly h,me to the con-
ction Of persons engaged in trade an{ will be for
tunate circumstance, good arising or OF evil if the
pressure of the present crisis should lad TO complete
revision of the Bank OF 1884, The general trade Of
the country is sound that commercial disasters
have takeu place. but the moder tie soks Of goods and
produce have in many instances not prevented decline
in value The colonial market bee, dull and spirit
less, end, with the Snee exception sugar the ten.
dcncy of prices has downwards cation, III parlicu
lar las suffered most serious and undue dc precition
the stock in the kingdom The at uiino 58i 900
bales agains: 9s COO last in The e OF which great
deficiency the aggregate loss this important article in
the past six weeks has amounted u little short OF
81 ,O0C, GOO
The market for the English Funded Securities opened
yesterday morning with rather heavy appearance but
a decided rally took place during tie afternoon, and
prices closed at 70 70 ~ per cent atvan.e. Copsos
done OF S7ss up to SS1s, and lef OF at So ~
The cause of he Use ascribed 10 a shortness Of
stock arising from purchases the part Of the public
The Reduced Three per Cents we're dom az say to s71s
New Three per Cents. S7ss to S8; Exheluer bills
done al los. to 3s dis and lett oil at los. 70 IS.