The Portland daily press., 1875-07-16
TERMS $500 PER ANNUM, IN ADVANCE

things abroad, theie is some satisfaction In
knowing that countries unblessed with Daner
money, an excessive tariff, and enormous rail.
road expansion, are showing even more marked
signs OF distress than have been evinced here.
we ere enabled to state, from figures in our
possession, that the liabilities of parties who
have failed in London, Leeds and Manchester,
England, alone, within the last ninety days,
10ot up the enormous amon0t of over E21, ,000-
700, or over one hundred million dollars, being
twenty hve per cent. greater than the liabilities
OF all the failures that have taken place in the
entire United Sat.s for the first six months in
the year. Nearer by, in Canada, the failures
nave been especially numerous, amounting in
number to over eight hundred and in liabilities
10 over twelve millions OF dollars This, as
VIII be seen by comparison with the above
hgures, far exceeds the disasters in any state in
tne Cnion. with the exception of New York,
a Mhlcn mas ten times as many in business, and
nifty times the extent of business
Attributing the limited number of failures in
the United States, in such trying times, to the
small internal Indebtedness which the Agency
has all along maintained was the case, and
still further stating that the failures, sin
prominence and significance, have been of
really less Importance than in former Sears,"
the circular goes on to say:
while this may be subject for congratula-
tion, there is cause for apprehension that all
these months are going by, not only with no
money being made therein, but it is feared that
the profits of the limited trade done are insutfi-
cient to meet the expenses incurred. Judged
by the standard of a previous generation or by
the hgures that prevail in other countries, the
expense OF business and the cost OF living, even
in the best of times, have been excessive, and,
as Is always the case with extravagaut habits
II has been found most difficult to reduce this
class OF expenditure in the same ratio that
trade has declined. The expectation of i'm
proved business, which each successive season
mas held out has had its influence in retardiny
retrenchment in this respect, which, now, how
ever cannot be longer with safety DELAYED
The general result OF business since tie panic.
IL IS therefore concluded, has been TO reduce.
rather th an augment the capital emploved es-
pecially so If right valuation of assets at pres-
ent reallzable prices be made. Prices that now
prevail for the products of almost all classes of
industries have steadily declined, while the ex-
tent OF the productions in many leading lines,
though largely reduced, keeps in advance Of
the demand, Notwithstanding the concession in
values"
The Agency concludes its very able review by
directing attention to the exhaustive reports
which the circular contains, as to the prospects
OF trade, condition of crops, &c, in fifty differ
ent localities in the Union, at which points
they have offices, the large majority of which
indicate much that is encouraging. From
these the general conclusion is as follows:
Fhe reports from all the chief centres of
trade herewith submitted, and which are de-
rived from the most reliable sources in each To-
callty by our own representatives, indicate
much that is encouraging. Whatever an abund-
ant agricultural product will accomplish to-
ward restoration of prosperity will certainly
this year be contributed. The purchasing and
QUDt paving 0f the in
tons OF the country will be improved, while
considerable activity must be provoked during
the Autumn in replenishing the small stock Of
merchandise held in all hands. Other things
than agricultural success may be needed to re-
store universal prosperity. Expectation found
ed on that basis has already led to disappoint-
ment. But, whatever else may be needed il
seems hardly possible in the nature of thines
that revival can be very much longer de-
layed. Every day must bring us nearer to the
commencement of better state of things We
have all the elements of wealth at hand abund-
ant and varied resources, unrivaled means of
transportation, large surplus of unemployed
capital, well tried and successful monetary
system, and above all, people who have ex-
perenced far worse condition of things and
yet have achieved success. 1t may be that the
One Hundredth Anniversary of the Nation will
both come and go before we can chronicle per-
manent activity and profit in business; but il no
worse comes to us in the interval than has be-
fallen us In the six months under review, there
VIII be cause for cOngratulation. The great
lessons OF patience and economy, and the prac-
tce OF such business principles as will equally
apply to poor as well as prosperous condi-
ton of trade, will at least not have been taught
in vain"
PORTLAND.
Mr.. Jones makes the following report:
Lumber, our staple product, is much depress-
ed, and localities dependent upon this article
are much embarrassed, carrying over as they
are such heavy stocks for which they can find
no market. ShpbuildiDg the past few years
has been very salts factory, and has placed many
seaboard towns in fiourishng condition, so as
TO enable them to stand any ordinary revulsiou
In business or financial circles. Our manufac-
turing interests are in as good condition as any
locality, and we think better. Our motive pow
er,-water-of which this state has an unlim-
tied supply,-s cheap and proftably utilized
The development of our lime and slate quarries
are no inconsiderable items, producing labor
eign capital. Our agricultural prospects are
good. Though the spring was late, the crops
seem well advanced. Hay and potatoes we
rely much upon; the former is better than an
average crop, while the latter bids fair to give
splendid yield Our merchants in the early
spring were much discouraged by the small
sales, but are now better satisfied aud feel pret-
ty secure in their country credits. Country
dealers are not heavily loaded with stock, and
are in better condition to meet current obl-
cations. On the whole we feel hopeful, and
trust that the sagacous NJ management now pur-
sued by our merchants will bring them out all
right.