, 1869-05-20
MONETARY AND COMMERCIAL.
MONETARY.

"WEDNESDAY EyES1S6, May ~.
II present advance IN gold seems TO surprise
many Nho have become thoroughly ,nbucd with
The notion that Political causes alone, ny Affecting
the credit Of the government, arc the only ooes
thai have any considerable influence on The price
oisold. But row Eoi.l has advanced ten per cent
within month, notwithstanding that every one
Acknowledges that the credit Of The government
stands higher than It did I month ago. The pres
ent adrancc in tho price OF gold waA however, Pre-
dsetetl ty TuE TKlBCsE upon commercial g+ounds
alone, nearly nnoath ago, In this column. IN our
issue u April y. VIC printed the following para
RraItr which explains tho eausc ~ well as n nho,e
chapter:
"Acalss have reached point whcrr II l. r,>b2-
bic, aud almost uecesssry, 1hat etthft F,.ll or
sn.eEEEeat M tonns shoad @ e3neEteoee eoas1esa- n
rorts cf foreign Gools over exports of domestic
n7u4,uc,s Is t,cre, week roln. up larger hasanee
u increased exDorss Of rro iucts il the ncaT fa-
turc. and n:ch viii therefore have to &c paid BY
TIC shipment q either bombs o: Eo!t. For some
weeks pas. the pr1ces OF hInds In EuFo-
an:e., mncS, ami have shown nothing
ies,ufe M W mon,n @ NJ If ta!s aceun,n,s:iae taAc
taiauce Is he Offset BY the st!pEen, Of bun s it
Implies; n:st. IN tncrea u! .osrIRn icInAuA- and
erased cen.nd, "A n.iy1nee In Prices taerr,
would at cuc" he rejected here. II. on kac Other
hand, the sbs, 1nents of bonds should fall Cd. and
i
tEou It's derT, ssed CONDITION as It has pcen Kradl-
alls doing lnI soTc ti'le past, tno7e gol1 woalt
ses;;s seeaIe. Tas i.;te: s:pet @ Of tie he We Is
lraally sl tx1 Husianx the price Of eoh1 LII tie
ace of Ete contemplated s2jes by fhe f1rasuET 10
| seEin tc-MoETtw.
A.tnc.:p.c &c shove WAS wr.tra golA Was
i'm, and b'sn's were quoted IA Losdou \. s-'h.
Tc-tay gold kas been NV, and nouas In Leadon
! arc quoted 1t .5A&Tsta, and II will thus lie Seen
that the prediction has been fully sasta!ueI. The
| s41yance IN The price Of EotI has, however, thns
far. been caused more BY the fssr ot tac necessity
Of heavy exports Of specie, rather taaa tso.a Any
! great Increase In the ac.aA shlrmcn;A Th,ic Il
is certain that sae effect o! tue pros7ec: Of ship
ping gold has been greatly Increased bs tnt
[ gold Spectators IN Se~ fo-k, II lis ak
! ecr.a,n thai Il she experience Of hi
re11 few wccs shond show that the exports O
gold nrc Increasing considerably, \ further AMI
continued advance IN Its price viii totiow. wheth
or We khstI he Obliged to ship ecld O. not depend
a rrod heal on the policy Of The Eank Of England
II that Institution continues 10 pnlsuc M polic
whIch, As Will be eeen by The figures g!ven above
-has already depressed the prce Of boHis In Lou
. don, fewer bonAS will Be shipped. and gold vi
have 10 80 Instead. The fatt that there Is an uI
! usually ln-gc balance Of tsAAe against Is Is no.
: | hoveycr copcln6lve Proof that We arc ge;En
!. poorer, Is some people imagine The balance {
| loretsu trade Against Is one Of II
bur,ca1s that arc continually fl7gh
: ensno GOOD uAny who 90 nj
e rsne.4 that for al this debt We have soue use!
: nrnne,ty which IS more profitable TO own And nj
,hsn TIC mones, but it DOES show necessity for
> higher prsce fot gold There Is 20 doubt taat q
q eseessiyc shlpments ot bonds ahrosa- since ia
: usry pas stimulated The Importation ot lns
/ ues ~ well as r1nEe useful soods ana. IN 70 N
,nIs Il the case, We are poorer for me debt TIE
an noxeyer. guptom4 now that the eSeessl
! t1norr.tton Win cease as therr Is m apparent IA
!. lnr on IN he cansnmnsive demand for import
l. rooas w M snovu BY the ngdrcs IN the New IoEs q
xoz.a of fo7etso goods landed y .ahs p
o in April, oniy t<ooo.ooo Wsse *.n w mn w.,
uon nd indicates that importation has been .oF'
= dnae
~ avtn Be seen ahare, bouds hsve dceAneo NJ
ot PR ceni m Loudon during the ass a9oasn aSs -
II n Rs eeus trus TIC s-.ec-. .1:-~u- K.