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

orr present portion. We are laooriug Just no
Sndsr : money! crisis, bat at tiine when. trad
70 neay 81 i's branches u Foun', and Of mcderat
serious failures have occurred thus Tor ing strikn
contrast to previous periods Of oppression
and arrangement II the su denna-s Of he rise
money wh'sh surprised took men II business una
wares Operations dictated by caution and based upon
correct principles turned out unsa,isfsctoriy for II
was impossible To fosesee rapidly approaching
tary crisis. Mercantile had mainly 10 bear
nrunt OF this force mojeDe and It i entirely owing
e caution exercised Of late that few had
under ~ eeavy pressure upon them Small stocks of
arnD trade seemed TO warrant higher vaiuss bu'
less in price when m,ney, became tight and
recover nom he arst sh,ef, and look at iSinss
in more quiet way: Bus what has been iost
ny aArmists cannot be 40 easily made up. h
iimes Of war, the Of trade cannot possibly
satisfactory that exports Of Drics have
far not fallen of either IN quantity value and n
cheaper prices Of breads.ufs did prevail We might ever
have prosperous trade, Notwithstanding war. ",
gave the quaint les expo ted the different countries IN
,ur last report, and i, remains for to give merely tn
months OF this year, compared with 1884 as pubsael
by the Board OF Trace jus, Cotton manufac
1854, os9 ditto 1885, flsb2I 9ls Coton yarn
*a,ee6,S2s; ditto, 1850 f6,ois COZ. In wooden aud
silk goods falling of has taken place showing that
the MIDDLE and higher classes abroad have felt and
are feeling, the and dear fod prices
lower classes. II Is upimportant feature in the pre-
sent juncure Of affairs that Industrious ella SEES arr
kept quiet in full employ meut in this and ote m
portant manufacturing districts ct a period when il
would have been heartrendng to them deprived of
their earnings TIE most ,essa,y articles Of sbes.
ience are high in price and We do wish with all
heart nat the fall Of pricess Of wheat and -four which
has just taken place may continue English grain has
read October 81, been sold that day At D. de-
Of slight decline gratifying We hear also that
the potato crop taking England, Scotland Ireland
together pronounced even by potato dealers having
tuInsd out more satisfactorily Than has been for
raj years past.
hessrs Irucman and Rouse, of London give the sub
joined obseryati with references the subject
the Bank Of England in September having failed check
lie ehlux Of bullion the minimum rate Of discount ha
again been successfully raised to and g. ana for bills
having more tbsn sky Gays to rum to per cent While
longer dated paper has with difficulty been discounted in
not effected the desired object the still exhibit
weekly dminution Of the stock of bullion and the
greater orSn oo Of the larger supplies. amounting to
has teen eaTote TO France instead Of being deposited IN
the Bank ofers the amount IN whtch by he last
returns reduced 10 ell 2e7, against &iS 2S 6o7
the Isl ultimo. This continued withdrawal Of the
precious metals IL not the result OF an unfavorable
condition Of the foreign exchanges showing that it
nothing TO do with che settlement Of the .baance OF
trade and various theories therefore put forth
account for the phenomenon The being
tanned the more anxiety Is consequently @ "a to the
issue, for under the present Bank Charter Ac the only
course open to the directors continue to
rate OF inter est until the eux ceases and opinion
be oi med az TO when this may be- The extreme peril to
which the mercantile community is exposed by rigid
adference TO the law whose action Is the whethe
imports be less, the value Of
be f5a 0Oo, Oo0 in 1916, COS, 900, 0Oo0 as in
1s5a-whether the country IL enjoying profound
peace or engaged in. an expensive and protrac,ed
war-whether our barvests have been abundant
or deficient IL brought wildly home to the
vction of persons engaged in trade, and it will be for
tupate circumstance good arising out of evil II the
pressure OF the present crisis should lead to complete
revision Of the Bank Act Of 1874 The general
the country is sound that commercial disasters
have takeu place. but the moderate stocks of goods and
produce have In many instances not prevented decline
in value The colonial market been dull and spirit
less tnd with the single exception of sugar, the ten
dency OF prices has downwards cotton in parcu-
lar las suffered most serious and undue der eel atom
the stock in the kingdom the LIST ultimo 5S1 DOC
bales against 9S COO last year. in he face Of which great
deficiency the aggregate loss this important article in
the past Elk weeks has amounted to little short OF
81 goo COO
The market for the English Funded Securities opened
yesterday morning with ther heavy appearance but
decided rally took place during the afternoon and
prices closed at q to per cent. advance. Consols
were done al s.t up to ss1S and left of at S. to a.
The cause Of the rise asc,bed 10 shortness of
stock arising from purchases the part of tn. public
The Reduced Three per Cents. done at 86 to sT1
New Three Per Cents 87 to 49, Exchequer. b Is were
done at los. to 81. dis, and lett off at los 10 5s