The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-07-26
FINANCIAL AND COMMERCl


SUNDAY, July 25-S p. N.
The week which ended yesterday has been, IL pos
sbe even duller than those which preceded it. Very
experienced merchants declare that they never re-
member time when 90 little business was doing.
Counting houses which at this time last year were,
throughout the day. scene of noise, hurry and con-
fusion, now quiet and silent as country walks.
The i'm ortatons continue 10 fall ar below those of
last year; and though during the week some country
bu, have come to the city, their purchases have
not created any activity. Neither the dry goods
nor the oceries, the produce business shows
yet any symptom Of reviving activity. Money has
receded TO an average value of 81 ger cent per
mum. Short first class paper is done at 8, and the
brokers' can obtain all they need at CALL Second
class pager and loans in other shapes range from
to per cent? but it is very difficult to place
aby considerable amount at three. This unusual
chespness of morey has tended to counterfeit the
improvement in exchange which took place at the
beginning of the week, and consequently several
parties who might otherwise have shipped freely by
Yesterdays steamer have preferred to hold over.
STILL notwithstanding the cheapness and abundance
of money, the investment business is very slack.
Commission houses whose business lies chiefly in
this line state that they are doing nothing. The
1
sound dividend-payng stocks have been smaller
during the week than during any previous week this
year.
The advres from Europe indicate precisely
similar state of things in the London and Paris
markets. BY the two last steamers we have received
intelligence of frmer tone in the market for public
securities, but all authorities concur in stating that
there is as yet no prospect of an Improvement in
hoo Of th0
wreck of last year been cleared away to admit of
re edifcation on a sound basis.
The most important item in the foreign CONNER
cial new received during the past week-if We ex-
cept the accident to the telegraph cabe-has
been the announcement of the British Ministry that
trade and immigration would be encouraged on
Frazer river. The British government are about
to organize the entire western section of the Hud-
son Bay Company's territory into colony, to be
entituled New Caledonia andto govern by officials
appointed by the Crown for five years. We under
stand likewise that the quasi lease or use of Van
couver's Island, granted by the British government
to the Hudson's Bay Company in ls49, is about to
he instantly terminated and that that island is to be
placed on the footing of the other British colonies
The whole of New Caledonia and Vancouver's
Island may therefore be presumed to be practically
at the present time opened to immigration and
trade, as much so as Canada or New Brunswick;
any pretensions set up for the Hudson's Bay
Company to the contrary notwithstanding
A gentleman now in this city, who has been a resi-
dent of the Puget Sound district of country for the
last ten years, and who is perfectly familiar with
the localities and inhabitants of all that vicinity,
advises that all shipments for those gold diggings
should be made not to Port Townsend, nor the
mouth of Frazer river, but to Bellingham Bay,
Washington Territory, direct thus avoiding In the
former case reshpment and extra transportation Of
fifty miles and ia the latter case the difficulties and
annoyances attending the discharge of cargoes and
their transportation up dangerous river in
foreign country where anything but facilities are
ohtredl The navigation from the Strait OF Fuca to
Bellingham Bay is perfectly safe and easy; every
facility is there offered for the discharge and storage
of supplies and pack trail IL now nearly finished.
by which all American goods may be safely trans
ported TO the mines in lieu OF ascending Frazer river,
of which George Gibbs, Esq. the geologst to the
present Northwestern Boundary Commission, says,
in n recent letter.
We Gscenoed FREEZER river 10 Fort Sale about lbs
miles from It's mouth; is fpe stream for ev ryteing
but uav, ai0n; scenery magnificent, bat unlse tue
C,umbA river the rocks are granite Instead Of oAsasc,
&c
The course of the stock market during the week
has been uniform, without considerable rise or fall.
AS general ru the outsiders have rather sold out
what stocks they have than bought fresh supplies.
The general opinion appears 70 be that until it Is an
understood thing that it is dishonorable for the
directors of a railway TO sell its stock short,
and use their influence 10 depress its market value
there will be safety in operating in such securi
ties, or in holding them at any price. The divi
'dend on the Galena is a wholesome sign. Had 1t
been passed altogether il would have exercised
baneful effect railway property, ~, If the Gaena
cannot make money, no road can; while, had the
dividend been greater, doubts might have arisen as
TO the fairness Of the means by which the money
was procured. The only considerable rise during
the week has been in Pacific Mail, whose steamers
on the Pacific, in consequence Of the rush to Frazer
river, are earning from thirty 70 forty thousand
dollars a month each, instead OF lying idle a. they
were. Illinois Central has improved under the effect
OF better and more hopeful news from the British
holders. Other spc ,ulative securities have
NAMED generally unchanged throughout the week.
The statement Of the Rhode Island banks, made
ON the 18th inst, was "a follows:-
Presi.Lrce Baaks. Out of Preride~ce. Ts1t
Capsal........ STA 66G.3o So,t65 5t9 e2o,23 ',3ls