New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-15

money ard colonial markets has proved unable po'
osly to delseste bat ssea 10 comprehend. the cou
trscticns 10 the heart Of E,yibh production.
A, to the Ensii,h money msrket ik history dur
ing the week ending Nor. q shows, on ths one
hsDd, ccutrucus alienation between Day OF fal
uIes snd 3 day marked By tAe sbserce Of failures
on the ether kald the recovery Of the Bank Of Ea
| glsI and tue downfall Of the Northumberland AID
Durham District Bank. TIE latter bank founte'
81 years ego, numbering i05 ihsyeh 'lders, AMI dis
posirg Of p.d-up espitsl Of f562,3 9l, bad it'
| head cfhee at Newcastle and its branch establish
nen.s at Anwict Berwick, HeIbsm, Morpsth,
| North ard South Shields, Sunderland and Durham.
Its Liabilities are stated to amount to three millions
sterling, and the weekly wages alone, paid through
lite fundamentally to f35,0O0. TIE sto2page Of
the great eollieries ard iron.vcrks carried on BY
the advances Of this bank viii, Of course b the
frat CONSEQUENCE Of il collapse. Many tho1sand
werk;nsmeu will thus he thrown out Of employ
ment.
TIE Bank Of England is stated 10 have
increased her metallic reserve BY about E7OO,-
O00, an influx of bullion to be accounted for
partly by the cessation Of the drain to Scotland,
partly By shipments from this county and
from Russia, and lastly by the arrival Of Aus.
trslisn gold. There is nothing remarkable in this
movement, since il 10 perfectly understood that the
Bank Of England, BY screwing up the rate of IN
terest, viii curtsil imports, force exports, draw
back q portion Of tie British capital invested
abroad AID consequently turn the balance Of trade
and effect an influx Of bullion to certain amount.
It is no less sure that on the least relaxation Of the
terms Of discount gold will again begin to flow
abroad The only question is how long the Bank
viii be able 10 maintain these terms.
The official reports of the Board Of Trade for
October a month during which the minimum rate
of discount was succe ssively advanced to 6, = and
per cent, prove evidently that the FIRST effect Of
that operation was Lot to stop manufactures, but
10 force their products into foreign markets aud to
curtall the importation Of foreign produce.
In spite Of the American crisis, the exports for
October, 1851 exhibit surplus Of f3l5,333, as
compared with October, 1856, while the considers
bic decrease in the consumption Of all articles Of
food and Injuries exhibited by the same returas
prove that this surplus manufacture was far from
being remunentive, or the natural consequence of
thriving industry. The recoil Of the crisis on En-
glish industry will become appsrent in the next
Board Of Trade returns. a comparison of the
returns for the single months from January, l357,
to October, 1851, will show that English produc.
ton attaiLed its maximum in the month Of May,
when the surplus expor. over that of May, 1856,
amounted to e., 64S 9o4 In June, consequent upon
the first news of the Indian mutinies the total pro-
duction sank down beneath that Of the correspond.
ing month in 1856, and exhibited relative decrease
in the exports of f3O,2i7 In JAY, despite the
contraction Of the Indian market, the production
had not Only recovered the standard of the oor
responding month in 1856, but exceeded it BY no
less sum than ca 233, 306. It is, therefore, clear
that in that month the other markets had to absorb
beyond their ordinary consumption not only The
portion usually sent to Inds, but great surplus
over the usual English production. Ia that month,
therefore, the foreign markets seem to have been
20 far overstOcked that the increase in the exports
was succesaively forced down from about two and
and one third millions to fS55,513 in August,
G652,203 in September, and f3l5 335 in Octo
Der. The study of tho English trade reports az
fords the only Trustworthy clue to the mystery Of
the present CONFUSION in that country.