New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-05

of the Bank and the discount houses is increasing
while the pressure upon them. the demand on the
part Of their customers, is decreasing-the none,
market must be said 10 be comparatively easy
Nevertheless, the Bank Of England Directors have
not get dared 70 lower the rate Of discount. con-
yinced as il would appear that the renewal OF the
monetary crisis is not question OF time, but oil
percentage, and that consequently as the rate Of
discount sinks the monetary crisis il sure 10 rise
again.
While the London money market. one way or
the other, has thus got more easy, the strlngency
Of the English produce market is increasing In In
tensty, q continuous fall in prices not being able
10 overcome the growing Discrimination 10 purchase
Even such articles as tallow for instance, which
had previously formed an exception to the general
rule have now, BY dint Of forced sales been obliged
to give way. On comparing the price current OF
the week ending December Is with the weekly
price current of November, it appears tina. the
extreme depression in prices which prevailed in
the latter month has again been reached; this
time, however not in the shape of panic but the
nethodic form Of Gliding scale. As to the manu-
featuring markets, an earnest of the industrial
crisis which we predicted has now been given in
half dozen failures of spinners and weayers in
Lancashire, of three leading houses in the wooden
trade in the West Ridigg and an important firm
in the carpet trade Of Worcester.
Since the phenomena Of this double Crisis IN the
produce market and among the manufacturing
Glasses, viii by and by become more palpable, we
shall content ourselves, for the present, with
quoting the following passage of private letter
from Manchester, which has been communicated
for our columns:
"Of the continuous pressure on the market and It's
disastrous effects you hardly form any notion. No
one can SELL Every day you hear Of lower quotations
Things are come to that that respectable people
prefer not to offer their commodities at all. Spipners
and weavers weighed down by utter dependency.
No yam commissioners sell yarn to the veavers, eX-
cspt ON cash double securities. Ii Is impossible for
this state of things TO go without ending in fright
full collapse.
The Hamburg crisis has scarcely abated. 1t is
the most regular and classical example of none
tary crisis that ever existed. Everything except
silver and gold had become worthless. Firms of
old standing have broken down, because they are
unable to pay in cash single bill that had fallen
due, although in their ts there lay bills to hum
bred times its value, which, however, for the mo.
ment were valueless not because they were dis
honored, but because they could not be discounted.
Thus, we are informed that the old and wealthy
firm Of Oh. NJ. Schroeder, before it's bankruptcy,
had offered to it two millions in silver, on the part
of L. II. Schr6der the brother, of London, but
replied by telegraph: "Three millions or nothing"
The three millions did not come forward, and On.
n. Schroeder went to the wall. A different instance
is that of Ulberg 4 Co., a firm much spoken of
in the European press, which, with liabilities
amounting TO l2,0O00O0 marks banco, including
100000 of bills Of exchange, had, as now ap.
pears capital of only 300, 900 marks banco as the
bass of such enormous transactions.
In Sweden, and especially in Denmark, the crisis
mas rather increased in violence. The revival of the
evil after it appeared to have passed away il to be
explained by the dates on which the great demands
on Hamburg, Stockholm and Copenhagen fall due.
During December, for instance nine millions of bills
drawn on Hamburg by Rio Janeiro houses for coffee
fell DUE were all protested and this mass Of protests
created new panic. In January the drafts for
the cargoes of sugar shipped from Bahia and Per-
nambuco will probably meet with similar fate, and
cause similar revival of the crisis.