The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-07

cnaton In Cuba OF American gold the remittance
Of gold bars in payment for sugars The decrease In the
sugar crop Of louisiana 1856 compared with the
before amounted 10 less than 57 6l hogsheas
which, il estimate Il at only $7a per hhd will show
oss the country of about oos s25 say nothing
the decrease In the yield Of mo,asses The
panic in the autumn Of 1851 found marke. over
stocked with foreign sugars. Attempts were made TO
reduce supplies by reexporng considerable quantities in
bond to Europe Notwithstanding this, prices rapidly
ceded and losses sustained Fortunately
for u.s. the heaviest stocks in the hands OF Cuban
merchants some of whom the producers Of the
gnrs and abundanty able TO tain the immense
loss Notwithstanding the decline, few American houses
this trade forced TO suspend and even among the
jobbcrs the failures comparatively few, exhibiting
striking the breakdowns in the dry goods trade
the explanation Of which is 10 be found in tho fact that
among the former credits limited " four months
while in the latter trade they extended to six, eight
and twelve months
The winding up of the Russian war reieased large
number and great amount Of steam and sailing TONNAGE
both foreign and American which induced great stangs
tion in the shipping interest
With the conclusion OF the war there q heavy de-
cline in articles which had been inflated by lis advent
such hemp, flax, nseed, saltpetre, lead, &C. which
have continued seriously depressed for the greater part OF
1857 resulting immense losses to importers Houses OF
the oldest and strongest character In Boston and Saem
engaged in the East India trade have lost millions by the
impotations of ute gunny cloth and bags sapcrc and
faxseed from Calcutta; and the East India trade, from
these losses and the advent of the rebeou may be said
be end for the present At last accounts there
only about thirty is, all told bound to The
United States from the East Indies, which viii be about
the Inst to arrive for time TO
The fluctuations the China trade have been greatly af
fected by the commenced by England against her
and especially against Canton. Within the past
teas which had been greatly depressed for year or
more, became excited by speculative movement in Eng
land and the United States, and large quantities
changed hands greatly enhanced prices The movement
stimulated by speculative letters and bogus tele
graph reports from Bombay via the overland route
Of which was to the effect that Canton had been
burnt, and the European factories destroyed with i'm
quantities of teas. Another report was, that the
Chinese had poisoned their teas and that only stocks
hand the way could be safely relied for future
Teas consequently advanced from SO TO IS per
cent and In cases the lower grades nearly 100
per cent gained But the true state Of the facts be
came known II found that the was in measure
local affair with Canton, while the northern ports and
especially Shsnghae remained open and trade in eas and
silks continued as usual.
The result that teas became heavy, and many
holders who had laid large stocks found that they
upable to SELL except ut lower To this reaction
the market the late panic contributed its due share
and the public sales have exhibited at each repe
ton less buoyancy, while at each increasing proportions
Of catalogues have been withdrawn and the year closes
dull market with the prospect Of losses being
suffered by both spectators and importers.
The year closes large stock OF Coffee amounting To
1872 s02 packages Of all kinds The high prices
early the caused increased mporations be
made from the Fast Indies, mainly from Java and Ccyon
while the bulk, usual, derived from Brazil The
market closes with about 20 per cent decline below the
highest figures of the year In fact there leading
articles Of trade the prices Of which do close
the highest rates previously current.
The fluctuations OF the year 1857 have been remarkable
and have ramned all branches Of trade and all kinds of
fisheries have not escaped The latter especially have
yielded 10 the irregular laws Of trade which have dstn
guished the year OILS after having reached almos. IN
precedented prices have receded about 33 per cent
picked msckerel about so per cent; while whaebonc,
which has frequently boon sold at II cents per TO- or
under rose under tho demand by i use for
crnoine skirts TO over 81 per IN.
The bright side in the movements Of the year found
in the fact that Australia during the year. has yielded
about s1o2 900 900, and California from s>ooos,ooo 10
$50 900 900 In gold dust, making from the two countries
probably aggregate Of about $3.50 600
We have also TO congratulate the United States upon
tho fact that while trading spectators and rotten
corporations have exploded, the great MAS Of
people prosperous and rich. And fur
thermore upon tho fact that this the wealthy
powerful and progressive nation n the world In proper
ten TO lie neutrality-suspicious. as IL does large sail
ing and steam marine over "A 600 miles of railroads and
nearly ~ many miles In telegraph wires.