, 1866-01-30

| neuaou .anal Ano INC 81. Lawrence Canals. cor
| sideEs fnat the usefulness Of these work. Il nrc
impaired By The Want Of uniformity in the .izo q
the locke: aod the depth Of xatef throughout th
tonie: lnd snst improvements to attain this Uni
The remainder Of Mr.. Youue's resolution
were then adopted.
The following resolution offered by Nj. Ir
Gould was rejected:
"1hat The subject ol the construction Of 4 can,
10 connect the st: Laurence with Lake ChamplaiI
Hhich has herstotose osen repeatedly urged BY thi
OF attracting an Increased amount OF trsIt tbrooQ
The st. Lawrence, and should b undertaken an
d 70 s0on a. s M fa finances r PEI
.hali agree to enlarge the champ!.tn Canal to col
responding extent"
COMMERCIAL PANIC IN LONDON.
Great Increase of Exports to the Unit
ed Sta1eBs
From the London Times, Jan. 10l
The city fo1ks old enough to remember one
two or three catastrophes In the American
trade, are shaking their heads aud point,n,
at the signs Of another coming before long
The Americans are sending Us unlimited Of
ders, and We are sending them unlimited sup
plies. They send rs less md lass money, and
what Is worse, less and less Of any materia
equivalent. They see that ne are "swee
upon them,n and they encourage the tende
sentiment. Our confidence, they are resolved
shall rot be wasted; The happy occasion
friendship and our faith Is their owl
great need Of Ill the commodities In which
we deal All the wise saws and modern In
stances Of commercial wisdom warn against
trade conducted on such principles. II th'
story before ua could be told Of any indivfd
nal, we should all show our superior wisdom
h NJ I'd fttF 1Tu
game That cannot go on long without sorns
reciprocity, The further Prosecution oft OF
our side is impossible without money. AND
that money becomes dearer and dearef, from
the very proper wish Of the lender to bc paIt
for hls increased risk. But the Individual
The 9nantity Of money and credit In the worlt
Is only limited, after all and 1t VII
inevitably rise In price when the de
mand increases Just as corn does
and cotton does, and beef does, and porl
does, and everything else does. Tbs rea
profits OF this hazardous speculation are sc
cured In good time by such dealers in money
as are not themselves carried away in til;
stream far out Of their depth and beyopt
their power 10 stem the tide. Somebody OF
other must pay, and If the predicted crash dc
come, it will as much exceed that OF 1887 as
the loss of lille and property by the American
| Mnr exceeded that by the great fire Of New
|
We are aware that VIC address these warn
| ings not 50 much to deaf ears as to people
who say they cannot help themselves, and
| they must go with the stream. They ore in
the train, the speed Is express, the rails ahead
! are under repair, ind they have themselves
nothing to do but to sit still and take their
chance. If the crash comes, We fear the Brit.
ia public VII not receive the pity due to
helpless victims. They will be told that It
Wns nothing more than an enormous CONNER
c1al speculation, In which both countries were
willing partners, and in which both had their
gains and losses. There must be such thing
as holding ones hand IN these matters. Il
must De possible to prepare the ship for the
stoIm indicated By the falling barometer-that
Is, BY the rising price OF money.
Rnt America Is not cur only customer, nor
IS 1nat the only quarter IN which We are SOW
Ing money broadcast. We are now commit
ting ourselves to hundred millions rear
Of fresh speculatfons, In which, rs a general
rule, the shareho!ding public are only sleep
ing partners, being moro or less ignorant Of
the business to which they have Committed
their fortunes. Exeeescs or this kind encour~
age and foster one another; for rash pro-
3ect, that would f1nd no favor at all IL times
when money Is not going a begging and
everybody Is over.wise, can easily insfnuate
itself into the public favor IN crowd Of pro-
jects equally hazardous. America wilf be
able to say that she only came in with the
throng Of applicants for our confidence; that
it was thrust upon her and that It cannot he
said We have Jared worse from her than we
have from one another.
REPLY OF A MANCHESTER MAN TO TIE
TINES ARTICLE.
TO the Editor or the London Times:
Inc remarks IN your city column Of th: LIST
inst, With reference. to the position OF tie
business relations Of this country to The
United States, and your recurrence to the
same subject On the 9TH inst, aud IN still
stronger terms in your issue Of today, have
attracted the attention and awakened the In
demands.
As one familiar to some extent with at least
one portion OF the subject, It appears to me
that, while your comments upon the effects
which have been produced npon the money
market here by the transactions Of the past
si1 months are entirely true, roa have not ut
iaat features Of the matter under discussion,
and | hope you Will permit me, as DrIeTjv NJ
possible, to point out the true position OF the
features refer to, which are, first, the large
amount oi Investment Of British capital which
has been going on in the United States; ond
secondly, the equally large liquidation Of tic
for merchandise to this country
htch has been simultaneously takinr place.
u ne close Of the American war found the
sntlIe country bare of every description of
soods, and the manufacturers ut homie being
snti5ely Unable to supply The demand for such
arge amount OF goods exclusively made hera
being also required, a very heavy amount OF
British goods were shipped to New York llnr-
nE the last slI months Of 1855, these goods
,eing almost entirely for American account,
he profits on the same therefore accruing to
ne importers IN the United atates, and not |
coming back to this side, as would have been |
he cnse had the goods been sent ont for BIZ
tsh account. |
Such parties on this side, however, as have
,een shippers during the period referred toto |
ne states can testify to the fact TINT arriving
: Ing Lnese shipments did IN an exhausted |
market, the whole passed Immediately into 1
consumption, and paid such profits as have
ever eye, before entered Into the experience OF
Up to recent date the quality of goods ar-
wing at New York was not In excess OF the
emands OF The country, as is evidenced bv
oeI a immediate sac at satisfactory rates.
orters In the United States are not indebted
, this country. 1t Is true that credits arc
Hi running here, and no doubt to consfd-
able amount, for merchandise intended for
lte autumn and spring sales which constitute
ae shipments from Liverpool for the months
November and December.
but for the Large amount Of merchandise |
htch went out in the period embraced from
ay to October inclusive, constituting the |
ak OF your present Board OF Trade returns.
is country has received It's pay, It being the
aiyersal experience Of houses here enGaged |
the American business that their ren!}ttau-
s from importers IN the States were never
e leading houses having for months past
.btednesa on this side.
!; Is the manner, conceive, IN which the
change which has been used In the settle
ent OF these transactions has been crented /
new fofk IN which lies the explanation OF
e apparent anomaly, and the fact that you
e apparently receiving stno proportIoaale
turns" in the shape Of produce, or, In its +
sencc gold. For months your columns 1 n
We borne witness to the fact that there was i
profit on the Transmission Of gold from '
. United States, the faet being that, not i
thstanding the heavy shipments Of goods a
IN this eide, au amount Of exchange has
en- making more than sufficient to pay n
: them, agninst United States fye-twenty
nds, railway securities, and other transfers i
british capital to the States, In the shape n
advances for enterprises there promising q j
crntive Interest to the investor here.
IL Is only necessary 10 remind you Of the .
gotiations In London, OF the New York and =
te and the Atlantic and Great Western h
ilways, amounting together to nearly 20 | =
LOCO, TO show the extent to which the ex- +
QngeS between the two countries have been / n
ected BY these transactions. It L. further | b
be borne In mind that fora large amount II
the commitments In London the erchanec r.
8 yet to be drawn in the United States, 90 D
It to whatever extent this may be the case, a,
goods now going from Liverpool viii ta
settled for thereby, and the balances 70 far
usted. T
.eayinE ont OF consideration, therefore,
lnrger questions as to how far Great Brit
can afford to go IN the investment Of her
,rest which must be reached here before /
attraction Of sound American Investments %
be ncutralized, and the possible effect, In W
cr respects. Of the large amount Of Ameri- "
securities which this country Is absorbing, "a "a
ht1k It may safelg be inserted that TIE o.
ted States have already paid this country pl,
the great bulk Of the shipments Of 1855. Ut Ut
that the amount of exchange st1il to be W
sn IN New York, on London, on engage -.
ts already entered into Is Of sufficient ha