Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-02-03
From the London Times money article Jan. 10
THE ENGLISH FINANCIAL PANIC.

From the London Times money article Jan. 10.
THE ENGLISH FINANCIAL PANIC.
During the quarter ending the 3lst ult.,
the quantity Of manufactured goods con-
signed by Us to New York and the other
principal ports was nearly six times as
great Is in the corresponding quarter of
last year, and the value Of these goods,
consisting of cotton, wool, silk and fax,
was augmented beyond all normal rates
by the extreme cost of the raw material,
of which we still receive such Inadequate
supplies. Looking at these circumstances,
and also at the equally enormous ship
ments We have simultaneously made TO
the United States of foreign silks, dress
stuffs, laces and embroidery, for
which We require returns in the
shane either of cash or produce
20 enable Us 10 discharge orr liabIi-
Ties on the continent, it viii appear
that our receipts, even including the par
tial revival as regards cotton, have still
been "singularly SMALL 1t is quite
possible the majority of our shippers may
have obtained adequate remittances, but
II seems certain that if such be the case
the means for those remittauces must
have been partly acquired by the sale of
securities on this side, and that a CORES
! pOudIDg augmentation Of debt must have
taken place. The thing to be borne in
mind IS that, in whatever form this debt
msy be represented, its existence ard
the possibility Of its rapidincrease should,
with all the light Of experience, be care
fully watched by every sound merchant
and capitalist. To the unthinking
herd Of spectators, commercial or
Of the possibility Of approach
ing danger viii, Of course, be a
signal for saving denial. II was so in the
year preceding the railway crash; it was
sowhen ten years later the GLASGOW celeb
rites in a public meeting denounced all
who assertedthere had been o~vertrading,
and that the Western bank of Scotland
had incurred any culpability; and il will
be an ugly sign if from this date there
shOuid be similar sensitiveness on the
question Of business relations across
the Atlantic. At the same time one
thing is certain-nameiy, that not only
I every respectable merchant, but every
real well wisher to the steady intercourse
Of the two countries, viii welcome every
attempt to draw the attention of the
mass Of the people on each side, not to
delusive pictures of lHmitable prosperity,
but to the actual difficulties that lie
before them:
From the Liverpool Mercury, Jan. 10.
Blu whatever the purchases Of the
Americans may have been in our mar
kets, il cannot be denied that their power
Of paying for what they purchase has
been greatly increased during the last
six months.
In the first place, they have sent US
nearly five hundred thousand bales of
cotton during the last year, and much
the greater part of il in the lasthalf year.
This has been purchased at prices at least
three times as high as those which pre-
vailed previous 10 the war, and, there
fore, is equivalent to an import Of more
than one million five hundred Thousand
bales Of cotton at peace prices. The
import Of cotton still continues.
Should it continue for a month
or two longer, the whole amount
paid or to be paid for American cot
ton viii amount to many mil
lions sterling, probably not less than
twenty million pounds. At present
prices a small quantity of good American
cotton goes q long way in settling a ma
tional balance. To this, however, are to
be added many other things-as grain,
tiouT, provisions, petroleum, tobacco,
pitch and Tar, aud wood, We have not
at present any official accounts of the
value Of American imports into the
united kingdom during the year eigh-
teen hundred and siXty-fve, bat believe
that the aggregate amount will prove to
be very large.
But, in addition to American commo-
dities, there has no doubt been 8 very
great sale Of American government and
securities il the markets Of Europe
the last siE months. The United
States Governments has always fulfilled
its pecuniary Obligations; and it seems
to be taking the course which will enable
it to do so IN future.
FRAN the LIVERPOOL Post, Jan, Il,
There has 6een q panic affecting Amer
lea almost ten years ago, and the mer-
chants Of Liverpool will no doubt be
ready to tell the Times that the Yankee
merchants came out Of that transaction
Infinitely 70 their credit, Money, no
doubt, is dear, but money has been dear
before now and got cheap again, and
the chances are-in factthe certainty al.
most is-that it viii soon be cheap again,