The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-07-27

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About the year 1924 began partial reforms in the heretofore
exclusive policy of the These then chiefly
the permission export WOOL subsequently machinery and
permit the import Of French silks The British
then in great Distress and both that and the woolen
interest to be entirely ruined by the liberal action
of the government The result has been prodigous in
the quantities used in England In thirty years
the quantity of all the materials imported increased
thousand million pounds than 800 per cent. The
quantity OF sleeps wool in England also increased
600 600 bs and the culture OF fax in Ireland about
80 900 lbs both which items swell the quantity of
materials worked up into cloth in Great Britain The culture
Of cotton has kept pace with the general increase Thus in
1924 cotton formed 40 cent OF the whole material
in 1884 it 60 per in 1874 it G2 per cent and in
1854 it 20 per But the weight of the other articles
in 1854 including those Of British growth, much larger
than weight s44 and consequently the
erage value Of all is affected every in greater degree
by the circumstances of any article
The recent adyces from Canada show that fine weather
continues hold promise of large crops and prices OF
breadstaf falling in accordance with those hopes al
though the harvest Of England must be late year of
parayey low prices Of food would react with great vgor
upon the materials The manufacturer here and
Engandaready count the possibility Of abundance in
of manufactures except materials II obvi
GUS where all the fbrous materials become recprocay
dependent upon each other that in the produc
goods depends upon the facility with which the
chnery be adapted the changed combination dictated
by the the markets less cotton and silk less
wool and cotton great variety of changes must be
required bring the average cost to the lowest points The
best mills with the most modern machinery, constructed
IN this view and maintain themselves under any opposition
while the old mills require 'hgh duties enable them
get high pay for cloths. The ancpaons Of large
business year, when the crops shall have
duced the price of food and stimulated enterprise
prompting extended preparations for business Notwhstand
nr that the banks reached line above
any former point there preparations making to establish
new banks with larger capitals institution of ST.,
600 600 capital called the Croton Bank has been organ
zcd institution with large capital being
ganized the interest of the foreign importing houses II
with the corporate institutions governed by boards
that the business of the left
a few interested The information which these possess
regard to the standing Of paper created in any but their
circle of business is limited; consequently, at all the
banks every week quantity Of paper of the best class
eced from discount merely because the directors who attend
do know its merits and do not trouble themselves find
after their affairs attended to- All such paper
finds its way into the street, and sold by the assiduiy
bill brokers above bank 1t from
time in growing city that interest springs up
which is of sufficient Importance its
bank that will directed by in that interest, its
wants This appears to be the with the German and
French importers who propose the institution in view
probable larger demands of the year. The exports
of the country by will be very large as well
grain and gold materials and manufactures re-
turns must be large in proportion leading very large
poratons higher prices than have ruled during past
season, involving larger government
The supply Of money is very large and the lead
ing banks regard the aspect Of the export trade for
the coming year. under the influence large crops here and
continued export demand every way favorable to the
changes and they therefore continue the expansion
securities. The weekly returns follows:
Loans Specie. C1eafings Depostes
July 1850. ses4i5,432 s683756 sl1 ,0e6 S67 22 SAT
2l..... 5000 iH l5,99,o0o l6,o73,459 660o6,l3l