New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-12-23
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EngianQ.s Inc comMunlty ,3A lacJ, mas 1ef@ tnree
days past been absorbed IN The action of the Brit
ish Prvy Council, in regard to the arrest of our
commissioners Messrs. Slidell and Mason: never,
theless the general furore the conclusions adopted
are, In our view, premature. While the opinion
that Great Britain wilat once jump into war with
the Lincoln dynasty has many believers, yet diplo
macy aud red tape may intervene and procrasti-7
nate argument and negotiation for months. The
great cause of Southern Independence should be
the object of our devotion; let not the course and
policy laid down begswerved from, under the i'm
preston that England is coming to the aid of the
South Let not a deviation from the policy sug-
gested weeks ago, financially and commercially,
occur. For three days past large part OF our
people have been SO Enthusiastic il regard to the
recent adyices from Europe, that might be sup
posed Southern independence was already at
tanned. '@'-- |
The intelligence received, although considered
highly auspicioas to cause, is not sufficient to
warrant any change in the general policy and in.
tents conceived weeks ago-that is, no deviation
from any financial suggestions ought to receive
moments consideration. x5ss., "A
Beyond the effects Of these foreign advices and
heavy sales in sugar and molasses, the business of
the week has moved on pd,-t passa with some
weeks past. The transactions in sugar and mo-
lasses have been remarkably heavy, reaching in
the quantities sold on the depot larger than on any
previous week for years past, They sum up $4,000
hogsheads Of sugar and n 800 barrels of moasses.
The, sales for the corresponding week last year
were $500 hogsheads Of the former and 500 bar
res of the latter against $500 hogsheads and q 600
barrels for the same week in 1862 1922 es,
In cotton there have also been increased sales,
which, with the movements in sugar, has thrown
into circulation considerable money; in fine, the
money market is in remarkably easy position. 4,
In the jobbng grocery trade there are some
sales going on, sufficient, we imagine, for dealers
to say that they not losing money, that their
profit and loss account holds about equal. The
dry-goods, tape and bobbin jobbers appear to be
resting on laurels won and good profits earned, if
collections for last year g sales would only come in
with more freedom. So far as the cotton region is
concerned, there cannot be any collections under
the present prohibition Of the great cotton trade
As the days Of fashionable styles of the things
that were, cur johbers will undoubtedly realize
handsomely on their old stocks-many of them ap-
pear to be far from having sold out. The very mild
season has curtailed the usual demand for woollen
and heavy goods, though the stocks Of these arti-
eles are greatly reduced. The numerous cotton
factories springing up in many parts Of the South
will furnish ample supplies. As for silks, delaines
and other modern fashions, if the country should
not receive another dollars worth, our people will
survive the dispensation, as our ancestors did.
1t is gratifying to US to have to state that the
manufaetories recently put into. and in course of
operation, are progressing fayorably. The last
and most important Southern Leather Manu-
featuring Company-is moving onward. There will
be no such word used as fail in the nomenclature
Of this company, it being under the management of
citizens Of wealth, influence and ability.
The general local and retail trade on the grand
| boulevard offers nothing for remark; though for
| months past the cry has been blockade, blockade,
no new goods coming, yet SO far as our obserya-
ton extends the stocks THE splendid palaces
ample for the times, and appear to be sufficient of
| most kinds, for months to come There is no
frivelty,j undue extravaganza, pomp, cost and
show to be panaered to, during this evenfuf crisis,
or rather there ought not to be. -
The general money market is under full. supply
for those who have the requisite securities such
asswll meet the views of buyers. For the mode
rate dealer, those whose wants are limited and
have not the securities bearing the prestige of
strength or strong paper as it 10 termed, there are
very few facilities for them attainable. Leading
capitalists and owners of money will either have to
enhance their standard, or their deposits in bank
will remain there anproductive. So far as the
banks are moving, it would be impolitic for them
to deYiate from the course which has been followed
for weeks past until something OF a reliable nature
attends the movements Of cur Legislature. By the
return Of the banks to-day it will be seen that cur
taiment is still going on, though it III voluntaryi
renewals Of maturing obligations are granted from
day to day, and new paper is occasionally dis
counted. Though it may be thought by some that
our money market is in o state Of decomposition,
twill survive a few weeks perhaps in few short
months capitalists may have an opportunity of
learning whether there will be any regeneration in
the money market Money, so far as commercial
demands go, will cease to have. any supremacy
whatever. The great South is supplied with natu-+
raj wealth 1--WE do not perceive that SO much de-
pendenee on money lenders andscapitalists ought
to follow. 1t has has been the rule heretofore, but
henceforward it ought to be the exception.
The weekly return Of the banks made to-day to
the Board Of Currency do not show any great
changes. further loss Of specie Is noted, which
was paid out at the Southern Bank to depositors.
The deposit line proper shows an increase Of s4s4,-
5e6. We have added to this line the currency de-
posts Of the Southern Bank, say $469, l04, which
makes the total deposits nearly 2O,0O0,000.
The changes for the week are =
decrease in specie Of. $50