The New York herald., 1862-07-15
The Bullion Trade OF England.
WHY SPECIE FLOWS FROM NEW YORK.


The course OF the money narks: has confirmed the i'm
pre- ssions expressed when tho Bank Of England fve
back advanced their rate Of discount 70 three per
cent Although the remitlances TO Turkey, Egypt, and
Russia account Of several loans have been TO the
full amount that was possible the effect o. this drain s
already passing away and il now seems doubtful If the
bank will have 10 decide upon renewed reduction
70 per cent oven before tho pay Of the dividends
The 18th Of July shall have further increased the ease
ono cause Of this rapid reaction has consisted the
sales which have taken place Of American securities
The amount tina, has passed from the hands OF English
investors to meet the demand at New York, within
the past two months, has been ryorlinariy tcyq
E a r.. q Issn ha
have csnvncsd people OF the certainty OF COL
lapse Hence the sagerness bay on that side has be
uy yesrondsd 10 is by Tie desire to se aud, although
may be questioned If there il any necessity for asy
re7aons Of other than State and federal Stocks since
the railways can alter their charges 80 a. 70 balance any
competing lines from being constructed the probability
s that these operations will be continued. In the face
Of heayor grain and prOvs shipments from New York
thar have before been known, we have recsyed
thence about quarters of million gold during ne
as to Or rss 1s ana as ne i ss,s p.oaaes w
co~speoa Of the American harvest me ttse psh sH tax ths
same dnesicn.
Al the same time We are beginning TO experience tine
effect Of specie remitancss TO Turkey. Egypt and
Russia. II pointed out whom these loans were cen
traced that their influence money market would
be by the faos * each Of the cd
countries being heavily in our debt on mercantile &C
count, that any money that might be sent to them
medatcy return. The process hs- afeady commenced,
and AZ the balance remaining due the several
loans u compara atvey small there is reason 70 believe
that from each OF this countries In question ws are likely
henceforh to receive more than we shall have TO send
CoincidentAiy with these things, our position Is
strengthened by the certainty at length arrived
at, that there can be no sudden letting loose
OF q heavy quantity OF accumulated cotton from
America. Even the federal journalists have abar.
donsd their predictions o. any such event. BY this
result the last possible element Of regards
the future demand foe money seems to have been re
continuous increase Of ease can arise only from
present unforeseen crcumstAncesuch failure Of
the harvest the occurrence OF political eSigcneirs,
rush the part Of people into loan
foreign Ahare undertakings.
On the first contingencies il useless to say any
thing beyond repetition of the trite sxion that every
trader capitalist should Ut all times be prepared for
them The last is within calculation. No can
doubt that, long as money Is abundant here the
toDs Of the world will steadily endszvor 10 absorb il
also that, long these nations prepared 10
oHer Two three per cent 70 leading London houses
to present their proposals TO the public such loans
will b. perseyeringy brought out "undsr the best
auspices p and with all the dexterty whcn
command Of stock exchange appliances renders
practicable. r. may judge, however, from recent
sxperiencs than ordinary management III just at
be required for the success OF further
Of schemes or II u be found that the pub
lie he tempted in one way there viii be plenty of
in ansther but the invention or these will
take time. The Egyptian and Turkish loans each paw
ing about ten cont per annum are at this moment
II the OF the accrued dividend be reckoRed
and the Italian Railway loan 1T very heavy NeDr
" all the foreign banks and other companies lately
brought ought ~ brokers' premiums are also ~ an sx
ceedngly heavy depreciation and, altogether 10 is diff
cult 20 conceive that with these quotations staring
the face the kcenness of tho public appetite for
creations can he revived with much intensity.
IL 10 true that arsaoy three or four new loans are re-
ported to be ready but, with exception they are OF
small amount.