The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-26

1852 ...... 2Os6 1862 ...........,..lI90
1893. .............. 7oso 1859 .............1,s
1885 IL sos 1866 ...............57o eo
LARGE INCREASE OF EXPORTS TO TIE UNITED
sTATEs-AMERIcAN TRADE RIsEy BUSINESS
PRUDENCB RECOMMENDED.
From the London rmes Jan.
70 be feared that bank rate Of discount OF eight
per cent has lost is terror ago the payment
panic in the discount market; merchants on Change
would shake Their heads the catastrophe the widest
Iamors Of old established houses topping 70 fan would
hs neighbor To-day almost seems az II the rise IN
the bank rate was mater Of no consequence whatever
business has become so profitable that any sum may be
paid for the ready money required ~ carrying Il
on without seriously affecting the gain Of the iner-
chant Orders continue 70 DO executed on credit as
though the, suppiy Of dsposable capital in the
hands Of money lenders was unlimited, and
no one cares 10 think Of what would happen
were the stream once interrupted Our export trade in
creases, imports az stand still and though
prudent man of business here and there asks whet to
come next the uDthinking majority are as ready 10 do
ride his caution 70 day hey will be 10 10 de-
nounce the Bank Charter act, or come other harmless
enactment for evils which the direct
OF their own imprudeDce.
There has BEEN doubt much IN the last Bin months
70 tempt exporters 70 pssn snen se 70 ,he o,ocs
the United States. The close OF the war left The
kets Of the federation empty, and partly on &c
influence Of inflated currency, pricee were enormously
high Every beiieved,lwth reason, thai there
q magnificent prospect before the American nation,
happily reunited, and every one was confident,
without however, the shme warrant that The restored
prosperity would continue 10 increase without break
il is true az Mr. NcCuoch the Secretary of the Urea.
sury has since confessed that the trade Of the United
States has been and IN an exceedingly fever'sh and
unhealthy condition; II is truo that exporters got
little money return for their goods md that there
q very slender import Of commodities by way Of ex-
change; the few merchants who attached any import
10 these facts hoped they would be able 70 realize
their gains before any interruption OF the apparent
more the existence Of circumstance which ought 70
have inspired them with caution Accordingly, our trade
with the Union has increased enormously s,nce the
peace Prices have remeined % high within the saies
that, in spite Of the Disadvantages our manufacturers
suffer in consequence Of their goods being loaded with
sy In he Month y October the rIS
value Of British produce exported 70 the United states
amounted TO "a 5i0 100 The increase in the total value
OF exports IN November, 1895, the month
Of 1854 more than 20 SOC COO And OF this inosse
the greater part Is due 70 the increased trade with the
-. a to tho sta,es' the trade u which is perhaps
ton Of Congress s seo. Sp from 4ss y soss%
Der, 1894, 20 fo41 ia IN the same month o. 1895;
the ne ssas o. @ aId os r. sss ,
manufactures from fl3o lee " fb36,lo2 OF woollen
goods, from 134, 800 10 ESQ, COO and The The
value OF metals exported 10 the same month
than f2o6 COO Ills beliesed that comparison Of The
trade Of December 1865 with that Of December 1904,
similar ncrcass in the value Of ths roods exported 70
America An abstract OF the trade between Liverpool
and the principal ports Of the United states confirms
Brteh textile manufactures exported IN tho la, sx
months Of 1895 have been 1sl so asalDe "a ss The
Of December alone was % oee against 5,4is rho
increase in foreign silks and fancy Foods exported
stl remarkable; the number Of packages In
the six months II 600 70 o. 3a5 and IN the
month Of December from ee7 TO IL 1903 These las,
figures exceed the corresponding numbers IN THE ycnr
before the civil the States bat ~ little no
reason 70 suppose that the extent Of our trade with the
Union greater now than we may fairly bore Will per-
manenty be when the nation ia completely restored 10
its former condition The magnitude Of tho trade
dangerous just present, because he trade armed
almost wholly on credit The comp ated real value Of
the whea, imported from the federation the first eD
the ,sm ~ months M Of se and ssae 81 40
meal and Hour vas only fl3e,00o, against
GioN,ll5. The falling OF IL due TO no redundant bar.
vest AZ home for imporis from Russia France
and our other markets In the period have
iualy increased In value the difference is owing simply
Itself The importation Of bullion ana speee from the
Union has declined in the same way. IN the eleven
months OF 1895 u amounted 20 "a l5s o0o, against
90 $50 600 IN the corresponding PERIOD OF 1904 and n
the single month OF November the importation fen from
fs7i 500 TO 1887 22l II evident that the reliance be-
tween the Union and ourselves must remain debt
unless II has been Indirectly paid by third county.
against which there bGE been balance Of exchange with
America There 10 every reason 70 disboeve the and
the truth that the balance has been part pro,d ed
for by the purchase Of federal obligations tins side
in other words, by a permanent ioan-and IN Tart by
large extensions OF credit exporter books
The exporters have been forced TO have dis
count houses In their turn and long they did not
iector Of limited liability companies demand
excess Of the supply Their profits were arge bat as
them OF tho risks they In the present state q The
American currency merchants trading with the Union
have 20 contend with more than the ordinary chances Of
commerce The capital % their customers estimated
medium which IL liable 90 unlock ed for fluctuations
Of us own and the trade o. the country abnormal and
Irregular TO a degree which lnd II dnculi 70 raI.
The feet Of the inflated Of paper money on
mercantile spirit within the Union TO- perhaps, stl
grsver source OF danger since love OF reckless tIecu
haaN aaf ffe
by European exporters only serve 70 encourage.
The present condition Of the money market but
illustration Of the truth often insisted upon bot
rarely recognized that our national savings are nfuG
ccnt 10 all the possible demands Of the world We
90, indeed, sccumnisis considerable mas OF capital
dnced by the introduction OF financial agencies 10
overestlmAte the amount Of our gains bet the recur
renee Of seven and eight cent at short intervals u
conclusive proof that the demand exceeds tie supply
In the ease Of the money market the only way 70 cure
which merchants and shippers ought learn There s
no necessity for raising cry Of alarm, but there clearly
call for prudence IN making arrangements Tor TIE
gers which threaten the mercantile world IN America,
and the intimate connection between the two counires
ing The Secretary Of the Treasury hopes
OF danger by reducing the exaggerated
by curailns credits which Involve the same evil in
smother form.
FALL IN FoRyrGs sycuRfTiTs
Prom the London Tines Money Arlcls, Jan q
securities has greatly Increased 20 day Mexican shows
fan o. PER cent Al n Greek faii ~ l3s
Spanish Passive another TAI of a. 2bk Turkish use5l
fall of y at as and Brazilian scrip fall Of q ~ a
premium.
LOOK our ToR BRElEERs-BRIrIsH xANUTAcTUH-
MS SWIFT UroSn AMERICAN MERCHANTS.
Prom the London Times. Jan. 10
The city folks old enough 20 remember one, two ~
three catstrophes 10 The American trade, shab
their heads and pointing a. the gbs a. another coming
before long. The Americans are sending Unlimited
orders, and We are sending them unlimited supIiee
They send us les aud ss money and, what u worse.
lees and less % any material equivalent hey see
that sweet upon them and thoy encourage
the tender sentiment Oar confidence, they are ~.
solved shall not be wasted The happy OCCASION ~
this unbonnded demand our irenaship aud our iath
II their great need o. al the commodities IN which
deal Al the wise saws and modern instances ~
commercial wisdom warn against a ifade conducted On
thu rcIld "a