New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-22

Hsmbprg, end the latter pats PrusdA crly oc
foot ,g of equaity with other commercial countries.
The Hsmburg collapse il conclusive answer to
tic,e imaginative minds which pre,ume tie preseot
crisis to lave orisosted in prices srt6ciaiiy CO.
hsnced By a paper currency. In regard to cur.
reney, Hauburg forms the opposite pole to this
country. There, there 10 n, money bat silver.
There exists no paper circulation ct al, bat me
dunn Of exchanges purely metallic is bo,sed OF.
Still the preseot panic not only rsses there most
severely, but since the appearances Of general com
nercal crisst-the discovery Of which is not so old
as that Of the comet.-Hamburg hes been their ia
vorite arena. Twice daring tie last third Of the
eiehteenth century it exhibited the same spectacls
90 at present; and il it is distinguished BY one cbar
actsri.tc feature from other great commercial CEN
ters of the world it is BY the frequency and VIC
lepce of the fluctuations in the rate ofirterest
Turning from Hamburg TO England, we 6od tost
the tore Of the Lo5dou money market was Pro
gressively improving from Nov % to Dec. l, when
again an opposite current set in. Ga November %
the price Of silver had actually declined, but after
Dec. it again recovered ard will probably ad-
vance, large amounts being required for Hamburg.
In other words, gold will again be withdrawn from
London TO buy Continental silver, and this renewed
drain Of bullion will call for the renewed action Of
the Bank Of Eoglard screw. Beside the sudden
demand at Hamburg, there is looming in not re-
mote future the Indian loan, which the Govern.
mept however it may try to ,bft of the evil day,
must necessarily resort to. Tns occurrence Of
fresh failures had also contributed after the lot
inst TO dispel the delusiOn that The money market
had seen its worst A. Lord Oserstons (the
banker Loyd) remarked in the opening session of
the House Of Lords: " The next occasion of pres.
"sure upon the Bank will probably occur before
81 the exchanges are rectifed, and then the crisis
"will be greater than that which we have shrunk
from meeting on the present occasion. There
"sIe serious and formidable difficulties hanging
"over this country
The catastrophe at Hamburg has nOt-yet been
felt OF London. Tho greater easiness of the
loan market had favorably affected the produce
market; but irrespective of the eventual new con-
traction Of money, it is evident that the great fau
in the prices Of produce in Slettin, Dantzic and
Hamburg Cannot but bring down the London quo.
tations. The French decree resembling the prohibi-
ton Of the export Of corn and hOnr Immediately
compelled the London mllers to reduce their quota
tons by three shillngs per $50 pounds 10 order to
stem the influx of -four from France. Several fail
ures in the corntrade have been reported but they
have been confined to smaller houses and operators
in grain for distant delivery.
The English manufacturing districts exhibit no
novelty, except that cotton goods adapted to the
Indian demand, such a. brown shirtnss jscOnets.
madapoIams ss well as yarns suitable for the Same
market fetch, for the first time since 1o47, remune-
rative prices in India. Since 1847, the profits
made by the Manchester manufacturers in that
trade have been derived, not from the price realized
on the BALE Of their goods in East India but only
on the sale in England of their East Indian returns
The almost total suppression of Indian export snce
June 1857, occasioned by the revolt, has allowed
the Indian market to absorb the floating English
goods and even to open itsself for new supplies
enhanced prices. Under ordinary circumstances
such an event would have given extraordinary live
illness to the Manchester trade. AT present, as We
are informed by private letters, it has hardly raised
the prices of the privileged articles while it turned
such an amount of employment aeeking productive
power to the manufacture of these particular art.
Giles as would aufIce to overstock three IndiAs on
the shortest notice Such has been the general en-
larsement Of productive power in the British manu-
ia .turng diatricts during the last ten yeWs. that
even the reduction Of labor to less than twothirds
its previous amount csn only be sustained BY the
mill owners accumulsting in their warehouses a
large surplus stock of fsbri,s. Messrs. Du Fay Il
Co., in their monthly Manchester trade report
say that there was pause in business during
" the month; very few transactions took place. and
"prices were altogether nominal. Never before
"was the sum total Of q months transactions so
" small as in November" - -..,'-
1t is, perhaps, proper here to call attention to
tie fact that in the year 1858 the repeal of the
British Corn Laws vii first be put to serious
test What with the influence Of Australian gold
and industrial prosperity, what with the natural
results of bad harvests, the average price of wheat
during the epoch from ls47 to 1857 ruled higher
than during the epoch rom 1876 to 1886. A keen
competition Of foreign agriculture and produces will
now have to be sustained concurrently with de-
cline in the home demsn.; and agricultural Distress
WHICH ttculcu uAico IA Iuo dnuals vi DIlusu uls-
tory from 1915 to le32, likely to appear again.
It is true that the advane in the price Of French
wheat and flour, following upon the Imperial ds-
crees, has proved but Temporary, and vanished even
before any extensive export to England took place.
But with further pressure on the money market
of France, abe will be forced to throw her corn and
-four into England, which viii be at the same time
4 l. T. I'll. 81 a.