New-York daily tribune., 1859-07-02

Sa...... n 1855
For nearly sixty days, since the actual commence
nert of hostiities between the begerent powers Of
Europe we have witnessed extrsord'nary II w ut
the precious metals 10 England, the great faaeoA
q. pter a the world From the United States. Rn-sis
Australia, and Mexico, the contributions have been
mer 81 attracted tbiiher by tue inexorsole Laws OF
trade, which draw from debtor couotres balances in
specie according to tie ratio of supply and eenaud
At the point Of attraction The Bank Of Englsod, %
meet the serious drafts upon her in coin and
buron and 10 the specie tide in ts favor raised
the discount minimum rapidly, until ,ne point of eq
nb,ium seen ed TO De established, and hayiag accom-
p.bed the purpose in creating IA extraordinary In
fax OF gold row relaIes the rsie Of interest AID,
and the oney market recovering from the first shock
and gtbened by the large supplies, sett-s back
70 souethirg Of ts previous ease and abundance. 10
this stage has the English market arrived, and IN
taking il as the standard, the crest toanciA sun
around which other markets revolve, and t9wsr
wbieh they ersvi,ate it becomes interesting to suIy
the changes going on in that quarter. Il is fsst then
to be observed that Notwithstanding the immense IN.
fu1 Of the precious meta, there has been but little
actual ga the specie Of the Bank OF En-
gland. The weekly returns have exhibited 20 a.,
rst cessation Of the drain, neat small gain, but a;
ler 9Th we are presented with statement which
shows ths, the receipts but b,rely enough to
maintain the figures of the preceding returns.
We arrive at once 10 the conclusion thst
during al this period Of contribution from
debtor countries, there has been a constaot
undercurrent Of specie, which has been absorbing q
good portion Of the supplies Aud this is the fact ;
steamer after steamer arrives with its precious freight
n ri, ,f . find. ntot he
Bank-the balance is taAe for the Continent. The
c. nsequence is, that England, the financial reser-
yoir or point of exchanges for the world has merely
been providing little more than sufficient to make
its own Losses good The last statement, taken in
connection with the reduced rate of interest suggests
that We are appro1imsting to another phase Of the
market Much, Of course, d pends upon the course,
duration and extent of the war, We have before
observed but looking upon its continuance for months
TO come almost certain, We may at the same
time conclude that the Bank will presently De
obliged again to check the ou,go, by a
return 70 higher rates of discount. Tue next Bank
return will give us further clue TO the move nent'
and If, su-pect, the current is setting against
England, we shall witness partial restoration of the
in'.rest minimum to the higher poiets from sVhich
they were but recently reduced. The bearing OF all
ton the stronger the attraction at the point Of settle
ment of our immense fore gn trade the more serions
the demand for specie, and instead of cessation
or falling off in the shipments, shall not be sur
prised to witness increase.
The weekly imports at this port furnish satisiac
tory explanation of the state Of our exchanges with
foreign countries and Eng gland is the commercial
cl-arirg house of the world, obliged to pay
up or u ade balspces in coin, 70 say nothing Of the
large amount Of our contributions for interest and the
repurehase of our own securities. Ueder the crcum-
stances We have not been able to feel any couience
in the peaneDce of the present easy condition OF the
English Money market, and hence have been disposed
to regard that policy the most prudent which shapes
tsef in business operations to meet such disturbance
may ensue.
The Board Of Directors Of the Norwich and Wor
cester Road have voted 10 appropriate 80 900 to the
purct ase Of the Bonds of the Company due in Au-
gust 1850, out Of the income Of the ne in place Of
resumiDg dividends upon the stock.
We published this morning extract from The
EcoHomist stating that the Galena X sd did large
grain business in 1855 in 1885, while the receipts
seC0 600 lees. correspondent sends the fol-