The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1861-04-13
Money MARKET,

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The market is superabundsntly supplied, and
the consequence has been to give rise to an ac-
tive competition for the new loan. All short
investments are sought for at low rates. and
to 8 per cent; good mercantile paper, indorsed
paper at 8 to 7per cent; and first class notes at
8 to 10 per cent, according to the confidence
they inspire. The Bank Statement shows an
average amount Of 81, 400, 900 specie held last
week by the banks; and the arrivals since from
Europe have been large. There are now forty
four millions in bank. The deposits have in
creased largely, and amount to 1913, 100000. In
the corresponding week of last year the deposits
were ten millions less, namely, Sss, 400 900, with
only S23, 400, 900 specie, and with loans to the
amount Of Sl2s, $4,000, or eight millions larger
than now. This great amount of specie is now
lying idle but not uselessly, for it inspires the
greatest confidence in our, banks at a time the
most wanted, when confidence is lacking in all
other branches of commercial life. 77'hL
The foreign exchange market is rapidly ad.
vaneirg, and 1851 is the price now for sixty day
sterling bills and 10 to l101 for sight bills
There are few Southern bills in the market, and
the exchange houses are indisposed to draw
largely except at higher rates, partly to enable
them to settle maturing credits at the highest
to them the, most favorable rate-and partly
from desire to keep large balances on the 9TH
er side, while the Bank Of England, rate of dis
count is SO high, and therefore so restrictive Of
facilities Of discount there.
1t is surmised that exchange will rise within
month, SO as to lead to large shipments Of specie
again to Europe. This IL, however, only sur
mise, for several reasons-frst, that our export
of cereal produce is likely to increase on the
opening Of Internal navigation ION the 18th Of
April;) and secondly, that though the export Of
cotton will fall off, the imports are SO much re-
duced as to restrict the demand for bills within
the falling off Of the supply Of bills. o2,a ~
The exports of cotton are 250,00 bales less
than last year, being Of value of $l2, SOC, 900,
but, per contra, the excess over last year of our
exports of breadstuffs etc, is $l2, 900 600 from
this port alone; while the imports have fallen off
from $62 399 1853 to $45 353, 1858 since the 1st Of
January-causing of course, decrease in the
demand for remittances Of II million dollars -
All this must surely counterbalance any decrease
of cotton shipments consequent on a short crop.
The whole yield this season will, it is calculated
be million OF bales less than last season-equal
in value to fifty million dollars-against which
may be set of the further shipments of grain,
and the stoppage or serious dmnution Of i'm
portations consequent on the present state Of the
market, and on the prollibitive tariff 5.e. $50
The imports since lst January, last week, were
Of dry goods Sl,l00, 900, and of all goods nearly
81, 900 900 less than last year Besides it is not
probable that the Bank of England will much
longer retain its rate Of discount at per cent.
The Bank ofFrance has lowered its rate to per
cent; and both banks have been increasing their
supplies Of gold 50 that it is probable they will
speedily lower their rates to per cent. The
Bank Of England, byrestricting its discount has
forced gold into its vaults, in spite Of its large
shipments to this country. For. while the Lon
don rate Is 8 per cent, the rate at Amsterdam
and Berlin is only per cent, Hamburg 2a, and
Frankfort H. The monthly returns of the Bank
of France show considerable Improvement in
its condition-an increase Of nearly S,0O0, 600
in specie and a similar contraction in its note
circulation.-N. Y. Independent. H aa5---