The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-23
Interesting Exhibit Of the British Board Of
Trade Showing the Balance of Trade
Between Great Britain and
the United States.
HEAVY DECLINE In OUR EXPORTS.
Why We Are Shipping Specie and Why
We Must Continue to Ship It, with
Some Estimate Of the Cur
rent Weeks Business
in That Respect.
81, 100000 Coin Engaged for Ship
ment May %.
The Liberal Candidate for the Presidency
Learning Finance from the Herald
Money Article.
Value Of Our Imports Of Rail
road and Pig Iron.
Governments Strong, Southern Securities
Firm and Dull, Railway Mortgages
Steady and Quiet.
Money Easy and Foreign Exchange
Unchanged.
The Liberal Candidate for the Presidency
Learning Finance from the Herald
Money Article.
Value Of Our Imports Of Rail-
road and Pig Iron.
Governments Strong, Southern Securities
Firm and Dull, Railway Mortgages
Steady and Quiet
Money Easy and Foreign Exchange
Unchanged.
. Il O @ TX = OF #.
WALL STREET,

WALL STREET,
WEDNESDAY, May 22-6 p. N.
On 'Change to-day there was a better demand for
wheat, although bidders still fall short of the prices
asked by holders Spring was frmeD the market
closing strong, with fair inquiry for export Flour
was unsettled, with fair demand, spring showing
disposition to yield, while winter was held firmly.
Cotton was quiet and steady.
GOLD ia.
The gold market was firm to-day and advanced to
ia, both upon the large shipments this morning,
amounting to over S1,OO0,O00, Of which Ss50OOO
coin, and in consequence of heavier engagements
tomorrow, amounting to $1,3Oo,0O0, as well as
reports Of further heavy engagements for steamers
later In the week. The shipments tomorrow are
mostly on German account, while that of to-day
was principally through an English house. The
earlier prices of the day were 1881 o 1881;
but the later understanding, as above, caused
the advance, the market leaving Off 1881 ia.
The carrying rate was two to four per cent, with
some few loans fiat. One of the administration
Senators took occasion this afternoon to make
objection to the tariff amendment permitting the
payment OF one-third Of the customs duties in
greenbacks, on the ground that 1t was unconstitu-
honal. He probably meant Improbable, but then
It would be absurd to expect that correct philo-
logical knowledge in a frontier Senator which
might be expected in matter of this kind from a
seaboard representative. There is nothing in the
constitution Of the United States to prohibit the
payment OF customs duties In rags II Congress Is
willing to permit 1t. The HERALD explained the
other day, however how this amendment was OPP
posed to q guarantee made more than once by
Joint resolution of the Senate and House Of
Representatives, whereby the customs duties Of
the country, receivable in coin, are pledged to the
creditors Of the government for the payment Of the
interest on the public debt and the redemption Of
one per cent OF the principal. 1t was also shown
here how this proposed amendment would violate
such guarantee; hence It's rejection by the Senate
was already discounted in Wall street. and the Ohio
Benators's championship Of what is simply right
was without influence to-day The customs receipts
to-day were s45o,oOo The Assistant Treasurer paid
out to-day ss4 600 gold account Of flvetwenties
redeemed making the total to date, s5O345,Ooo and
s55e,oOO account Of interest the public debt.
The operations of the Gold Exchange Bank were as
follows:-Gold balances, s1,2s3,ose; currency bal
ances, 81, 483 S91 gross cearances, $29,5SO,O00.
WHY GOLD is GOING UP.
This is question which has been frequently
asked by very many people who fall short of an ap-
probation Of the rules which govern trade ex-
changes. The HERALD of Monday contained sunl-
Cient explanation but for those who reject Ameri-
can statistics the basis Of calculation late mall
advices furnish the following corroborativc testi-
THE BRITISH BOARD OF TRADE RETURNS
for the quarter ending March 81 show startling
facts, which sustain the figures already published
here In regard to our foreign commerce. According
to these returns Great Britain imported CO, s1o,S5S
sterling from America less in the first quarter OF
1872 than in the same period Of 1871, while the
ports from Great Britain to the United States In the
same time show an increase of 92,s54s79 sterling.
This shows loss in trade to America within the
period mentioned OF f5,674,737 sterling No better
Illustration could be given Of the state OF our
foreign trade. In further explanation Of the
falling oin our balance of trade to which attention
has been already called here the following state.
ment in pounds sterling Of our imports OF cotton
and breadstufrs into Great Britain for the four
months ending April 80 Is Instructive
Cotton. ....".sls esa,es7 sls SEQ, z4s ssoss ss4
Me nsn and hour 1850 i isaals esa $50
In this connection we have the additional facts
that the exports from Great Britain to this coun-
try for the four months ending April 80 show an
increase Of 9l5 sterling as against the
spending period of last year, while the imports into
Great Britain from America show a decrease of
e. 766,740 sterling, making total OF 100000
against America; while the bullion movement
shows the imports into Great Britain from America
for the four months ending April 80 to have been as
f0llows:-
I'd 4yseo3
loiooVo
tZ 49, lo4
THESE facts sufficiently explain the position as
serted III thls column In respect to the gold move
ment il the trade returns OF other countries were
az accessible or as comprehensive as those OF Great
Britain further facts might be learned illustrating
the same disposition OF our foreign exchanges,
while clear understanding could thus be reached
OF our actual foreign obligations. Associated with
the above exhibit 1t would be well to bear in mind
Also that the Bank OF England rate of discount "a
stu held firmly at five per cent, and that the drain
OF specie to the Continent is just now very heavy
The following comparative statement OF bullion In
both departments OF the Bank of England on the
aforementioned dates explains thus:-
Ssn o., ga, $40 600
m"J o, 20, $4,000
pccfeaSes f3, h3l 900
Again, there has been n heavy loss In fhe reserve
OF notes and coin, as win appear In the following
comparative table -
January 81, 14,514o00
may y, NEUTRALITY-SUSPICIOUS.. 9,029000
Taxing pp this subject IN apqtler form. the fol-