The Beaufort tribune and Port Royal commercial. [volume] (Beaufort, S.C.) 1877-1879, 1877-02-08

An 6AuulldtlOu VI Illc aooNS thpiS
confirms the impression, which has been
very general, that trade in the Western
and Southern States has been less disas-
trous than that of the Eastern and Mid
die States. It is significant circum-
stance. that the failures in the Middle
States are one in every fifty-seven names
reported In business, while in the West
ern States the proportion is one in every
seventy-two; but the comparison be-
tween the East and the South is even
more significant, for i'll New England,
with all its wealth and solidity, one in
every fifty-nine has yielded to the press
ure of the times, while in the South,
with all its poverty, its political and
other disabilities, the percentage of fail
ures is only one in every sixty-four.
Even in Canada, where there is gold
basis, light taxation, freedom from politi-
cal complications, and all other favoring
conditions, the above showing is indica-
tive of much greater pressure than IN
the United States, the failures in the Do
minion being one in every thirty-two.
In England no very accurate figures are
obtainable, and none of course as yet for
the past year, but for 1875 return was
made of 1,7O0 failures among 10000
firms prominent in trade, indicating one
failure for every thirty-six firms re-
ported in business, with an average liza
bility of $S7,Sf0. The figures for the
United States, showing failure of one
in every sixty-three, with an average Ii
ability of $21, ZOO, indicate that the
pressure of the times has been either
not SO great in this country as elsewhere,
or that it has been borne with less dis
astrous results.
1t would be unfair to conclude that
the trade of the country is in an unprom-
ising condition, because the failures
show such marked increase. A wider
view would include many circumstances
that would bring more comfort. For in
stance, it is undeniable that the past
year has witnessed a marked improve
ment in the values of many leading
staples, as compared with the prices pre-
vailing in 1875. 1t is equally true that
in extent of profitable trade there has
been perceptible gain, and there is no
denying the fact that, in many branches
of business, much larger number have
added to their available surplus during
1876 than in 1875. Many articles had
reached par value, in illustration of
which the statement may be ventured
that, as far as further depreciation in
prices was concerned, specie payments
might have been resumed in the early
part of 1876 without causing any mate
rial disturbance in values. Not only had
some prices reached par-and in some
cases below it-but it was settled con-
viction that the stock of goods in all
hands nearest the consumer had reached
the lowest possible point. Production,
warned by previous losses, had been
regulated to the extent of positive wants;
and the pressure to sell, so apparent in
1875, was largely diminished. Thus,
barely the first half of 1876 was reached,
when all the conditions of stock, supply,
demand and price favored an improved
condition of business. That this i'm
provement did take place in September
and October was everywhere evident;
but the heated Presidential contest, and
the miserable muddle as to the result Of
that contest which has since prevailed,
has almost completely paralyzed busl-
ness. The last two months of the year,
therefore, were most disappointing, and
from causes exceptional and temporary
in character, the promise of the early au-
tumn of improvement in business was
not fulfilled. 1t is significant, however,
that the failures in the last quarter OF
1876 are less by twenty per cent. IN
number than for the last quarter in 1879,
while the total liabilities for the last
quarter of 1876 are not one-half of those
OF the corresponding quarter of 1875.
The same favorable comparison also
holds good as to the decreased number
of failures which occurred in the fourth
quarter of 1876, as compared with the
larger number in the third quarter. 4
| It is true that the gloomy cloud of the
political contest closures these oondi-