New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-19
leave the job for Democratic House OF Rep
rescntatiycs
TILE GIATE OF TR.fDE.

The situation of affairs in England, now that
the extent of the recent commercial disasters Is
known and the feeling excited by them has
had time to quiet down, Is not differcnt Iroh
what We anticipated when the suspensions were
first announced. There has been no panic-hot
even convulsiOn of the money market, though
it il doubtful if so many great firms ever NE
fore suspended payment within so short a 'lne
without producing crisis. SO far Il the Disi-
ness world of Great Britain from beng us
trcsscd for money, that never during Its EXIST
cpce of $50 years has the Bank OF England
held so much specie as it holds to-day. Inc
rate of discount is three per cent, ana Dids
fair To fall to two before many weeks.
II would be great error to lnfer
from such facts as we have stated any
immediate or rapid revival of trade. either in
England or in this country. The low rate Oh
interest and the abundance at idle money are
uperrinc signs of the dizziness of trade, ana
the uniform experience OF bOth countries Il
that the process of recovery from such severe
prOstration as we have experienced Is SLOW
one. II is to the interest of the business world
TO know the truth about the actual condition
of affairs The future must always be open 10
speculation and doubt but the present shoild
be viewed as it is without distortion. mo
losses by the English failures have been heavy,
and will not soon be forgotten. Already thc
London and Westminster bank, which ranks
next TO the Bank Of England among British
institutions of credit, has reduced Its SEMI
annual dividend one-half, and set aside the
large sum of So, SOC, 900 from its surplus as n
ifs sl,arc nj
the failures.
One of the facts, and the most important
one to us, developed by the bankruptcies IL
that large quantities OF cotton goods nave peeh
sent out to India and China, where they have
either been sold at loss or suffered to accu-
mulate as stock on hand. Nearly Onc-half ia
ouantiiy and one-thild in value of the entire
exports of British cotton piece goods are
consumed in India and China, so that the
blow which has fallen on these branches must
seriously affect the whole trade. Accordingly
we are not surprised to read in the latest
number received of The Economist that the
markets at Manchester are flat, that stocks are
accommodating, and that the raw material Is In
little demand at Liverpool. While our cotton
crop for the year just ending has been at Least
300. 900 bales less than the preceding one,
the stock of American cotton at Liverpool
j. 10000 bales larger than it was Mt
this time year ago, and the Liverpool price
of Middling Uplands on Friday was "a. against
SD. in 1874. With the exception OF its notice
of the upward movement in wheat me Econo-
mist, in its careful and comprehensive summa-
rics of the various markets, contains nothing
which promises us any assistance III our stllig-
cle with the general depression. Many ocean
steamers are reported "a "in the hands OF liqul-
"dators who invite offers, and there is now
"most favorable opportunity for those who
"feel disposed to invest money in steamships"
And vet we do not sec any talk in our English ex-
changes of ntcrconvertible paper money bonds,
bearing interest at the scriptrral'per diem OF
penny and rcdccmablc in the same sort OF
paper, not bearing interest, whenever 1t Is the
pleasure of the holder to perpctratc that joke.