The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-10-12
Commercial and Financial Matters.

GUmWeTCAa& MEhW Il IMaMCl4A MAGLNrS.
By cable information was received here
yesterday Of several failures III Manchester
England.
Cotton futures" In New York were quoted
yesterday lower than at any time since the
system Of dealing in futures was lnaugurated
Since june 49, 1873, Gold In the New York
market has ruled below 1O1. Yesterday 1t ran
up to OH, the highest point 1t has touched
since the thirty-tirst OF last May.
State Consols were weak yesterday at 74s4
(q75, against 7514@751s on Thursday. Pre-
MUM Bonds were easy at 3l0431M, against
3116n31A on the previous day. At the Stock
Exchange $4,000 were sold at 31h.
The New York World says: "Mr. Hayes
gave 500 to the yellow fever fund; Mr.. Til
den saw him and raised him $50, and now
Mr.. Grant sees that $3.50 and goes $3.50 better.
It will cost Mr.. Hayes $500 to come in
The unucky Pacific Mail Company has lost
one Of Its steamers, the Georgia, built only
four years ago at a cost Of S40O,OOO She
struck on reef when leaving the harbor Of
Punta Arenas, bound for San Francisco. No
lives were lost.
The revenue returns OF France Indicate the
prosperity of the country in an Increase COM
pared with the corresponding returns OF 1877
The total revenue was $172, 155,8OO. or this
900 was from customs and the balance
from indirect taxes. The Increase over last
year for the eight months period was SO, $780,
900.
Tho chfr,rp nTf M frn.h PROM r,rI,
to England, which was an experiment-and,
for various reasons, not wholly successful
one-last season, has apparently become q
regular business. Steamers which departed
for British ports on Saturday took more than
half million pounds Of meat, besides con-
siderable number of cattle and sheep.
Ex-Assistant Treasurer Conant, who has
been In London over year selling govern
ment bonds for the Treasury Department, has
returned to Washington. The bonds which
he has handled are the a. Az and 5 per cents.
Only a few of the 4 per cents have been dis
posed OF abroad. Mr.. Conant states that
United States securities stand very high In
the London money market, though the Green
back movement has affected them somewhat
disadvantageously. Few of the bonds are
AOW DouIB LbhGu LII lduu, however,, Us
money Is scarce and high AS good interest,
well secured, as Is offered by these bonds, can
be obtained for money invested in Great
Britain.
According to tho English law every Joint
stock bank of issue which falls must cause q
permanent reduction In the circulation of
bank notes. The banks Of the United King
dom were allowed by the Peel reforms to re-
tain the circulation belonging to them at the
date of the act, and to increase the note Issues.
even, when backing the extra issue by the
specie reserve Of 100 per cent, the security of
the regular issue not being affected by the
act. But since that date no banks of issue
have been formed, and none can be formed.
The City OF Glasgow has a note circulation
Of about 100000. These notes are cared
for Professionally by the other banks, but
after redemption must Of course die with the |
bank. Since the right Of issue cannot be re-
vived or transferred to other joint stock
banks, any lapse Of this kind creates
vacuum, and this can be filled only by addi-
tions Of specie. The Bank of England has
the right to issue notes above E15,O 900,
only against a specie reserve equal to the
surplus Issue, and the joint stock banks
WHtGM lSouD IlDL5 uOD53 buSy Ildu III Gil
culation in 1874 must back the same with
specie reserve equal in amount, SO that such
surplus issues to supply a lapsed circulation
are simply equivalent to the putting Of gold
In circulation. A sum of gold has to be with
drawn and locked up equal to the sum OF
notes paid out.
No TRADE REVIVAL IN ENGLAND.-The
London Times, In its financial article of
September 20, says:
So far there are few signs of the revival in
trade which was anticipated as q result of the
Berlin treaty. This is due to some extent to
rest from business cares, which is sought by
all who can get 1t, almost Immediately sue
ceeded the signing of that treaty. Another
and, perhaps, stronger reason Is that the
shake off the feeling Of uncertainty regarding 5
foreign politics which has kept trade at the
stagnation leyel since the Russo-Turkish war
broke out. There is evidently some reluc-
provisions Of the Berlin, treaty are
there have not been wanting indications that
new ", complications might easily arise.
Until these fears are removed and the con-
hhental markets generally show by return
Ing activity that there is no longer any dispo-
sition abroad to regard the future with appre-
hensiqn, there Is not likely to be much re- q
mand remains quiet. In cotton, although the
demand has been fair, prices do not improve. .
There Is no extension of the demand for colo
MAI produce, and there is less doing than
ever In iron and wood while in the metal t
trades as whole prices continue to decline.
The lowest possible quotations must be !
reached some time or other, but in many of :
the markets it Is evident we have not touched !
them yet. The reason Of this in several, \
Ii not ALL departments is no doubt, that stocks Z
have been pledged for loans In preference to
realizing, and It is only by slow degrees that
these exercise their legitimate effect upon the =
market; while production In some cases Is !
still being carried on at a loss, as the lesser
Of two evils. y
The Growing wealth of France. r
[London SPECTATOR Z
The growing wealth Of France, displayed ~