The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-30

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districts.
IMPORTANT COMMERCIAL MovEMEsI-NEw
KIND OF REMrrANcEs.-From information oh.
tanned yesterday, from inquiries made among
leading business men, we ascertained ths fact
that the specie brought ont by the Persia did not
represent the full amount Of available securities
which came out by her. Many merchants by the
preference of their correspondents abroad, re-
ceived by her large sums ia the form Of guaran-
teed bank acceptances or credits, something SINH
country as certificates Of deposit Many Of the
acceptances bear the guarantees Of the Bank OF
Eogland, some Of the Bank Of Liverpool, and
others Of leading banks in Scotland 1t was esti-
mated that the aggregate securities remitted in
this form By the Persia amounted to not less
than 100000 to G25o,0Oo, or at least
100000, which, added to the $780, 900
in gold, made the whole amount
Of remittances by this steamer equivalent to
100000 or $2,20O,000. The bulk of these
guaranteed acceptances were reforwarded
by. mail to the South, principally to New
Orleans, with the view of buying cotton with
them. A branch of New Orleans house in this
teed acceptanees and considered their remittance,
under the circumstances, more convenient than If
the amount had been forwarded in gold. First, the
freight ard insurance Of three fourths to one per
cent from Liverpool to New York was saved; Sc
condly, had the gold, with the vessel been lost in
transit, month or Elk weeks would have been
lost before the funds could have been replaced,
bring the second Of the acceptances Moreover,
on the arrival Of the specie here, it would have to
be calted to bank, and then reshippod to New
Orleans at cost Of one per cent, subject to
delay in case of less, while the guaranteed &c
ceptances, or bills CT credit, have been forwarded
at once by mail to New Orleans.
The parties in New York who received remit
tances in theae guaranteed bank credits were
chiefly shipping houses and those engaged in
making purchases Of breadseuffs and other
American produce to fill foreign orders.
Those guaranteed bills ranked higher in the
market than ordinary bills Of exchange, whether
drawn by bankers or merchants against pro-
duce, and sold for within one or two per cent
of specie values, or Of the par of sterling ex-
change. While produce bills commanded only
100 102, and merchants and bankers bills from
1O3 to 105 and log, one of these bills guaranteed
by the Bank Of England sold yesterday at los,
and for another, backed by the Bank Of Liver
pool, 107 was offered and refused. This
may be considered an important move
upDt and well calculated In nr0duce an
amelicration In the movements Of trade,
without suhjecting the came amount OF specie to
two voyages across the Atlantic, at a heavy ex-
pense and rik, with loss of interest, &c. 1t
is also important from the rapidity with which
the transactions can be made and the produce
bought and sent forward.
Immediate purchases and shipments of cotton
are required to be made at the South on English
account. 1t is matter of vital Importance to
the manufacturers in Manchester that this should
he done with oil convenient despatch; and as
far as the celebrity of the transaction is concerned
il can be better effected by guaranteed Bank of
England credits or acceptances than by the ship
ment Of specie.
At the present time the English purchasers
have cur Gotten market to themselves They
form almost the only buyers, and no doubt are
anxious to have the cotton forwarded as speedily
as possible. II is clear that these guaranteed ac-
ccptances form the next best securities to specie,
because go long as the Bank of England holds
out, these bills, If desired, can be drawn for ia
specie, which can be brought over to thi, couu-
Try If necessary.