The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-08
THE LONDON MONEY MARKET.


THE LONDON MONEY MARKET.
From the London Times tCty Artcle) Nov. %
The English funds opened this Saturday, morning at
the firm prices Of yesterday and owing 10 continued in
vcstments Of sums which the public Withdrawing
from other channels further Improvement subsequently
took place. After regular hours relapse by
report Of fresh banking difficulty in the north, but al
though the name Of the establishment unhesa,ingy
mentioned in all quarters nothing ranspired up To the
close OF business To justify the statement the London
agents OF the bank question being without tho slightest
inmaton OF any default having occurred The fact Of
the Bank Of England having sent supply OF sove-
reigns to one OF its northern branches in the MORN
ing was cited in confirmation of some alarm
having arisen but the remittance wa marely such as
is made at stated periods in the ordinary
OF transactions and had connection whatever with any
prospect Of approaching disaster in the neghborhood
From the bodness OF the report however seems scarce
ly possible that have been altogether unfounded
should prove to have been q fabrication every effort
should be made 10 trace IL to its
The improved feeling s TO be attributed almost entirely
to the absence of additional difficulties In London during
the past three days, and the liability To extension Of
panic has still been such that the principal banking ms
taons would have incurred grave responsibility they
had suffered any mischief TO take place which fairly
prcventibe. On the whole, however, with two
exceptions, there has been no disposition TO narrow
duct of that description
[From the London Times (City Article), Nov. 2.1
In all departments Of mercantile business TO day tho
tone Of Improvement has been more distinct than at any
time since the first turn became observable There
stu an absence OF further failures, and the statement
boldly circulated Saturday OF new banking difficulties
10 the North proves not to have had he slightest iounda
the Bank, and there Is still likely to be for some time
gradual return Of soveregns from Scotland and Ireland
The tdte Of actual panic may therefore b. considered 10 hare
entirely passed All that is TO be apprehended is that
considerable nunber Of firms throughout the country whose
hare ALREADY been tdred 10 the utmost Ui b. unable
10 90 through The pressure whieh must yet b. felt, and
mhich can BE- mt91ted only tg degrees The period has ar
rived, however when there will be all sides u
greatly improved disposition to extend mutual AID.
Consols Tor money opened at recovery from tina
Saturday, and, although some speculative sales subse
quenty caused renewed decline the market at the coso
had steady appearance The first transactions were at
"a nj In N and tha
final prices were ss% s9 for money and ssTs for tho
7th Of December.
tenance of the Currency law OF 1s4I which, recognized
by the public will especially assist their comprehension
guished with the Corn laws. On thursday cek the bcis
on its behdg rW again be resumed n the House Of Conf
Sides have changed, and this time II the
merca classes who are 10 protest against unfeered mar
kets The vital principle a. the but whereaa
We might now lind Col sibhorp II he alive fighting
against government Interference with the price ~
gold, the manufacturers, money dealers and traders
are clamoring that rs upon this alone our hnan-
cial safety IN times Of trial must depend. Gold %
commodity, and ~ regulated by the
natural laws as every other commodity. But the cry
that impossible for the Of the country 20 ba
carried on unless government Is empowered whenever,
owing to foreign or home demand, the metal rises be-
yond certain value 10 take measures TO check this r.se
and TO enable those who would otherwise be obliged to
comply with the market terms 10 get at lower rate.
eve cannot u s said, when all the world arc strug-
Cling for w. be content with our regular share or course
Will flow where the highest price Is bid for IT, and II
bid higher than other nations shall get much ~ wo
Gle W have u pay more than they expected for ~ and
those people, whether abroad or At home, who havo
boards OF soyereigns In their possession will not lend
them 70 the indebted classes at lower rate than twelve
or fifteen per cent, u s the business Of tho Prime
Minister, for The protection Of those classes, m N
manufacture pretencd supply that shall render them
independent Of such extoruoners." Happy arrange.
ment While the hard calculator the time at hand
when the gold he has prudenty reserved will be worth
fifteen cent the dashng spccuIaor comes 70 him with
laugh and says, shall offer you only ten per cent
Government, considering that you making large
profit have sent quantity of the stun INTO the market
you must be content 10 take such they think
reasonable. Perhaps You expected also 10 buy sugar,
silk and all sorts OF articles a vast reduction. 90,
you are disappointed Thanks " government pr,ces
looking up again. Doubtless you think you were very
wise the results Of patient inquiry and reflection that
told you that about this time the mprovidence of other
traders and foolish panic the part of selfish multi
tudc would render gold worth almost anything but IT, In
stead of troubling your brains Ny watching the regular
movements of mercantile affairs and providing against
them, you had got friend 81 tell you what gong
on In Downing street you would have done better In
vain the deludcd capitalist might exclaim that this
additional quantity of circulating medium which the go
vcvnmcnt have brought into market not gold but smp-
have contracted % receive gold will surely not receive
this paper the terms en- that point the answer
would be- they have no choice The new credit notes have
been manufactured 20 be identical in appearance
with those which represented gold, and they indis
crminatey legal tender The infusion has ben al the
Of e. 600 600 IN f20 600 600 and consequently the cur
rcv undergone dbdseFaerf n 10 per oent Of
that the sole Of s being cheaper The extent
which the infusion should be carried has not been settled
Some q IL advocates wish sliding scalethat 70 say,
the issue q certain quantity when tho value of gold
reaches per cent further quantity at 10 per cent and
80 on In all this have the old play revived only
with different actors. The plea Of the agricultural
protectonist was that unless government would make
corn dear the fields must be left untled-that e
the manufacturing rro'ectonst , that unless govern
ment will make gold cheap mills must 20 out of
work He casno compete with the foreigner except upon
this condition. In each the community at largo
would bear the TAX Every fall In the of interest,"
causes the prices Of produce 10 advance and the con-
sumer suffers in proportion whether the paying
~ the community will consent 10 give government tho
power henceforh 10 perferm the process whenever hs
borrowing acctons may them by the force ~ su
hcent number OF deputaone that would oe uesreDie ~
the grand question q the coming controversy -
some heavy failures have occurred Al Hamburg which
will be felt extensively on the Continent and also IN IL
TIlberg crencr AMI T Biass schomburgh. The for
mer were in the Swedish trade Win naoHus esumaed
At more than fi 600 600 Prom Bremen the suspension "
reported Of Overlook anu w o Msysr ,o % ne
liabilities in each are only ABOUT tSiVo anu e NJ
sets about one third of that amount
The otyvai a. Constdnfinpte announceG the suspen.
son smyrna q the house 81 iopuz Co. with i@o'ii-
tjes 10 the amount q about Gao ,0o0.
T1e railway market opened at an advance, but atev-
wards rccedcd below the anal quotations Of Saturday
American were in active demand Illinois Central bonds
and York and kie improved, while the shares Of the
former receded 81.
rtrom the London Tine. (Cty Artcle) Nov. 2s1
The quotation of gold at Paris about mile pre-
MUM and the short exchange on London s5t0 per ca
sterling ON comparing these rates with the English mint
price of f3 1Ts i0d per for standard gold sp-
pears that gold at about the same price PARIS ana
London
By advises from Hamburg the price Of gold i2l pcr
sterling Standard gold at ne English Mint price there
fore about 3lohs per cent dearer In London than IN
Hamburg.
me qro.aton of the exchange at New York on Inodon
ror bills At sixty days sight about los per cent fOr nFs