New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-10-30

IL interest
IL the Fall Of 1916 the vast export movement Of
grain began and continued during the Winner and
Spring Of 1917, impartDg ease to the money market
dung the first eight months of the latter year, aud
great prosperity TO every branch of trade and INDUS
try. The shipments to Great Britain alone amounted
in bulk 1000 900 of barrels aud % 0s0 900 OF bash
els and in value TO ssrd of $50 600 600. The i'm
ports Of coin for the year enoiDg June 80, 1877,
amounted to about s22, 100000. Early in 1917, the
famine the Cove nment loan Of &c, 900 eco for the
lief of LELAND, and especially the enormous absorp-
ton Of capital in uDproductye rslS sy schemes-the
calls for which amounted 10 Is 100000 sterling
moDth-coDtrbutsd to produce scarcity of mooey in
Lonctn; and the pre- went on steadily increasing
through The We. u,tLAhe e5th Of October, when the
Bsnk rae reached y cent. 1t then gradually
slsekeDed AND by The % Of January, lsis the rate
had fallen to y cent. In the United States, while
money was tightening in London, it kept growing
easier from January to August. 1t then began 10
grow tight, and continued TO be in more demand until
late in the Winter months after the London market
had begun to ease up. The pressare at New York
was occssioDed by the Government drain OF gold
for the wants of the Mexican war, and by
the excessive imports, which had been stimu
lated by the large export of grain and the
introduction of moch fore ign god during the previ
Gus winter. The Mexican absorbed during the
year ending December lsi7 less than e2s 900 900.
The imports during the Fall Of ls47 were nearly twice
as arge as during the corresponding period of the
year preyiousi the cotton crop moreover proved 70 be
a all ore, yielding only rs 900 Daes in lsi7
against 2 100 900 in ls46. Added to which the crops
in Europe were very abundant, and the export Of
American breadstus cnassd eiuvst cutirely-being In
bulk scarcely the s1th part OF the shipments the year
before and in still LEES. The pressure in Lon.
den, tie great fall in grain, the extreme ranges Of
whih were from 20 TO 3O brought on extensive fail
pTes in LAND aud the first effect here was felt In the
suspension of the largest banking tpen existing
Con6ce nee became shaken, and commercial ois could
not be negotiated. These natural and extraordinary
csuses combined to force specie out OF The country and
to mai money dear. The shipments OF con during
October and Novem Der announced TO - oO0, 900; they
went on increasing Ill March when they stopped,
beginning again in April when new shock to conf
dence was caused BY the French revolution, but soon
afewsrd ceasipg in consequence Of large purchases
Of our stocks for European account.
We have been thus particular in order TO show how
diff, the situation Of the country in lsi7 from
what is now. We have MeIi ,an draining US of
twenty eight millions year; instead Of an increase Of
o. hundred per cen. in our imports, we have con-
siderable reduction compared - the year previous
instead Of short export OF grain following upon
very large oDe have the exact reverse instead Of
having tie nstuJal exchanges that is, eisconnecting
them from extraordinary and e1uaneous Influences,
working against Us, we find them constantly tending
10 our isyoI. We have, 70 be sure instead OF our
Own VI, xi1an wsr, great ~sr In Europe, constantly
draining the Wesern kingdoms Of their g)ld bu;, on
the other hand, The wa railway initiation in l:i7 hiss
oounte part IL ls55 cary ing desolAon in its train
and pressing upon the British capitalists perhaps more
severely thsn the war.
The connection between London and New.York Is
too intimate to pretend that the troubles of the one
must not Ultimately s-c: the other; bu. he question
is considerably modified when the cause of that
trouble is the transfer Of capital from the one to the
Other. II becomes narrowed down as to what steps
can be aiken by the losing party TO neutrazs the adj
vaDtsges joyed by be more fortunate one For the
present. The great point OF the balance OF trade be-
tween the two countries nus; be allowed to stand in
our favor; and the only thing we can think of that
seriously be brought into play TO equaize IT, the
partial re uIn OF American stocks. Whether this will
be done or not, and TO what eIteni, IS more mater
'or conjecture han Argument; but If the past must
ssUe as a guide we find in ,riogs CircG ar, &, the
ccte o. ls47, ths, oEing 20 the higher prices ruling
a, NevYok sbd 10 the exchanges bling 10 favor Of
the CIiied States the London bankers purchased
American Stale stocs Tor remi lance 70 NsT>York;
arc that, u Consequence they believe the American
dso. to Europe must have been much reduced dar
" ing tie year. II order % anticipate s similar
state of things bee tl-ing tie coming Win;er, We
nus. -: sSE.. lts: eI.h.nge vii 5e u e-r lsNSr,