, 1875-04-17
MONEY AND COMM ERCE


Tnt 1orn market II In = quiet brt steady condition.
Tltc tanl for losns from tho eottnary. whets bi1A-
ness IL. greatly improved. and from miscellaneous
eorees IN tin !ty tike the recent speculative aurry
m III. board Of Trade, has been sucirnt 10 ihn
discount lneA of n,osi Of The lanks about high it
sprudtn to carry them. THO manufacturers arc bor-
rowing literally. The merchants hayt most Of them
been sasAed, and do not now require any oonsldsrs-
bio amount Of accommodation.
Tic prospect n that The loan market will hs decided
u easy nfes May through The summer. very large
patt Of tho bs receivable Of The bants fa us aboat
aIly ], and will bs paid. Tho summer months Hrs
usually quiet onra, and there IL rcason 10 Ioo2 'of
my particular activity this year. Call loaus ars now
4, 6, anil per cent in NeI York, sgainst or arcr
cent al e unno last year Thsa rise In ratea is
due 10 tho speculation In atocks that has started III 70
vigorously, but tie New York stoek brokers aro not
fond of being busy In tia dnglara anil Il II very un.
likely that tlIe RATES Will continue At ills high rats.
In thr fs1 tho general expectation Is OK very good
tines In businca- nai1 Atoehs.
Rates Of discount al thn banks atato ret cent.
Oa tho arctt, uAns arc freely offered 1t easy rates
good security. natc* are 7fS15 Fcr cent.
Sew yolk exchange Ia acarcc a ahfntiag rates.
About The only exchange now being made Ia by eatte
nhIpnrnt. East, vlsrh arc Qnts hoavy. Country Of
dcra far currency continue liberal.
Tha e'eariugs wcre sa.uoho.o.
Tie Rolhschills hAvs istucd lhs prosptctus Of
EnsYan loan, equal 10 s150o,o1o, With interest At ~
rcr cent per ann 10 10 iakucd nt o.. or the total
amount SO 00o offered for subscription In Lon
cn. tbs rcst Ia reserved for st. Petersburg. When
Il u remembered that tho Government Of Ilu1sia al
ready rarries debt equal 10 81, 06e e00 tile rate sf
~ pr cent for tls additional auunt IL very low
compared will our loxest rate Of per cant for loan
Ipar.
FOREIGN TRADE.
The approach Of better times IL mt get indicated by
hc statlcs Of foreign trade. For tho first fifteen
*eeks cf this y:4r tho vauo Of sts exports from New
FORK has been fcJ, Ceo ngainst s7iacooo in 1874,
ind a4ioe0, In ls7d Tie va!ue Of the imports for
The .nme period las bern f!0',gD0.HA, aganst fl3-
foo too In 1874. anil tl2, 90 in 1873. An compared
with 1911 the falling OFF In 10th Imports tnl exports Ia
lbout onc-c!Ghth. Tic returns Of tho mporss md
ports Of Great Hraiu for the first two months Of III.
Ycar sive very similar result. In 1915 the exports Of
british produce hn manufactures to The value OF
7o3,pC0 sgaia.t &1ss GO, In 1871, and sooJ 1O}.
300 In 1873 Tho va1e Of tho British imports i. Just
now rarsdiy declining BY OF thn diminished
demand Of that nation for artirtts Of food. These
agurct certainly Indicate that ws have about touched
lhs bottom.
THE DASS OF FRANCE.
Tho D1nk Of Franco has published statement Of ts
operations during tho LIST financial year. II SLOWS
.hat the effect tho bank Of the and the forced
oans has almost entirely disappeared, that tht forced
:urrcuey e1i.s only In name. tbs rate Of discount has
'.tleu aud the metallic reserves lave enormously in
creased. In 1871 The bank only did business TO the
s1tcut Of II C0 franco In 1879 10 cQ009
rranca; III 1873 10 1.l; 100 francs In 1874 10 H.
l:o,co1o0 francs. Tho reduction last year owing
10 tic fact Of the operations eonneccl With tho 1oans
rascd 10 pay oil tbs Indemnity having been al-
most terminated. The bank has hal 10 lend lasa to
the State. tess 10 tho City Of Paris; hut At the
tt1no there has tceu = t.niuution Of CONNER
c!5l activity. According to II. Leroy Dcaulieu.
of tho Drbais tho chapter Of Tho bauka operations
which o1esclses tho greatest fascination and most
dazzles e reader is that which 1ef1tes 10 the metallic
Of the bullion In s cellars Of The ban. One
fees transported to lbs Arabian fzhia, rapid and
uninterrupted has been tile HOW Of gold aud svrr
into the Golfers Of the establishment. In December,
ISL. the but CO, roo faaucs In the
Fame month Of ls72 It :a3 Geo francs: in 1879
the maximum an.nuu sc. Zoo fraucs; IN De-
cenbcr 1874. 1t 1881, ,o01 900 francs anl the
.'th OF March this year, 1873. .ooooeo francs. Tho
writer In the Dbats Is nstunshed Il vast treasurc
nor cnn hs account for tlis wonderful accumulation
Of wealth; the fact Of French exports sxeesling Inn
ports will nat c1plaia Tie iuuudation, and u. Leroy
Eeaueu tnk1 that Trance mnst have sold Foreigners
GOOD deal Of 1uoyahle property Which leaves trace
In tbs Custoru-Honso returus. liz wonders why tho
ce1eors should ts silent upon this question, which
certainly lntarezta the ppblic.
GOVERNMENT BoNps.