The Hawaiian gazette., 1876-10-18
Hard Times in london.

Louis J Jennings, the former editor oi the New
York Times, now occupies the position OF London
Correspondent Of The New York World. Ofcourse
90 capable aud experienced an editor cannot but
become valuable correspondent. The first letter
has especial interest in the subject on which It
treats:
People do not know what or whom TO trust. No
business il doing many line Bankers are at loss
10 know what to do with money Nobody seems
10 be able TO ind perfectly sound Investment.
The other day met q friend Of mine who has re-
Gently lost a very large sum in those terrible
Turks" aud " Peruvians.' He was complaining
bitterly OF his hard fate But what made you
put your money Ia such rubbish 81 I asked him
being, in my way, "a JOBS comforter. do you
remembe, wien I advised you to buy United States
bonds-what would you have made If you had
taken the hint - About ieu times what have
lost now. said he for it was in 1861 that recon-
mended him TO buy, and l am half afraid to say
what your Government bonds stood at lhen-I
think below so, and they from 10 20 Ill,
aud have been paying six per cent. Interest ever
since. Ny friend however, admitted that he had
recently put about $4,000 in the new funded loan,
so that he has learned something from experience,
late 10 the day as 1t is.
The losses occasioned by the default in Turkish,
Egyptian and Peruvian bouds have fallen very
heavily on persons who Lad very moderate means
When large family is trying TO live on e6OO
year, the temptation to make it 300 10y reiuvest-
ment is very strong-stronger, Us events daily
prove, than most people are able 10 resist More
over, IL is astonishing to observe how many per
sons there are who seen TO be entirely unable 10
discriminate between a good security and bad
one They can see no difference between Louis.
lana levee stock and the funded loan. The couse-
queuce is that Turks and other hgretics" step In
aud pick their pockets at their leisure have heard
OF scores Of families who have been obliged to let
their houses this year and take reiugeln cheap
part Of the Continent The Times il literally over
flowing with advertisements OF houses TO let.
one result Of this is a decline in real estate-not
rapid at present, not even leading 10 wide depre
citation values but still very striking feature in
the present condition OF the country never saw
80 many "houses 10 let' IN London before,
pecially at this OF the year when generally
any stufTy handbook of a room will fetch a fancy
price. Agents tell me that it is almost impossible
to dnd tenants for the dearer class OF houses AS
You in New York know too well, when once this
sort OF downward movement begus, there is no
telling where it will stop. London is a large place.
aud their is always plenty Of new money pouring
iuto 1t, consequently the depression Of real estate
can scarcely be SO great here It has lately
been in New York Rents at present appear to
have fallen from to fifteen per cent and that is
q great fal ia the very height OF the LOud0n season
/" You can get a house for nothing" said an agent
20 me The other day; but when ! tried 10 secure
this most desirable property, in every way suited to
nv wants / am sorry 10 say that it did not quite
answer to the description Of the agent And al
though there have uuguestiouably been wide spread
loss and even ruin, still no one would think that
anything Of the sort existed, 10 judge from the
enormous number Of brilliant equipages which ill
the streets aud the signs of wealth and prosperity
which abound on every side When people can
still afford to give &c 600 and $4,000 for picture,
a couple Of thousands for an ugly old vase, aud
thousand for an Illuminated manuscript-whichl last
incident happened only yestcrday-itis is quite clear
that there is good deal Of floating capital still lying
around loose A few hundreds Of Impoverished
families drop out OF this great ocean ofLOndon, and
are as little missed as drop Of water would be
missed from the Atlantic.
One Of the causes which has tended to produce
the general sense Of uneasiness is the fear Of
European war. few weeks ago the prospect Of
the maintenance OF peace seemed to be very small
indeed. but the war cloud has lifted little, aud it
canuot be denied that this is greatly due TO the firm
attitude taken by England in reference TO the Berlin
memorandum Mr.. Disraeli's worst enemies admit
that he has impaired to the foreign policy Of his
country something of its ancient vigor. The very
humble' position invariably assumed by Mr. Glad
stone is not at all in Mr. Disraelis line-Baltsore
-. - T,1t,