The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-06
Commercial and Financial Matters.

Commercial and Financial Matters.
The Glasgow bank stockholders arc golns
through the samo sort Of experience MS Thu
National Trust Company stockholders y
Plttsburg. They AFRO called On for nbou
eleven thousand dollars On each share % stock
the par value Of which, we believe. was $3.50
State ConsoIe closed yesterday Mt 4p%a
49,, against 49ss11d14ga on Friday. premium
Bonds ruled firm ut 24tSo12i74, ogainst 2a'sm
249s on the previous day Sales MT the tx
charge footed up $4,000 of States and Sof,ooo
OF Premiums. Outside of the Exchange the
rcpor,o Enles amounted TO $5s,O00 OF Prenl-
ums. .
Under the recent adjustment 81 postolllccs
md salnrles. graded according 10 business
done. there are only fb45 presidential post
Offices. that III. Offices where the receipts on
title tho postmaster 10 receive y componsn-
ton Or $1,000 d year or more. Postmastcrs
entitled 10 this compensation are appointed
BY tho President. All others. numbering some
$4,000, arc appointed by The Postmaster Gen
eral and not confirmed by the Senate.
The London Times very senslbly protested
against the practice OF paying Off Britain's
big debt while tho hard times are upon the
country. Great Britain's debt IL about 1886
100000, tho greater portion Of which was
contracted In the reiRns Of George LII and
George nv through repeated foreign wars.
The debt was decreased over $2ho. 900 dur
mr. the reign oi William Nv, ard has been
moderately decreased under Victoria, but the
present foreign policy Of tho government is
not conducive to very heavy debt reduction.
The Langley cotton factory at Granteville,
=. O.. made $50.s9i last year During the
year two dividends of 4 per cent each were
declared. and the company has now to It's
credit eurplus of slbi 1888. The production
OF the mill for The year was 122, 6S3 pieces,
3,073.533 pounds or 6.3l6.364 yards Of cloth.
Cotton consumed during the yenr 1878, 5527
bales, with an average weight Of A56 pounds
2,b2o,43 pounds. That Is only one Of many
similar proofs Of tho way the Confederate
brigadiers" arc through "idleness" plunging
the South into bankruptcy
An addition Of penny In the pound to the
income tax IL the proposition which the Brit
ish Thunderer brings forward for the pay
ment OF the deficit In tho budget. The Times
would even prefer that the burden should be
put upon the convenient and unresisting
shoulders OF posterity by way OF IN addition
to the debt; but 1t will not, under any cir
cumstances, cpnsent to an Increase OF indi-
rect taxation. The present deficit Ia caused
by the Afghan war: tho Zulu war will next
make deficit, and after that the war with
Burmah. which IL just now being precipi-
tated, will come In for Its turn Of the screw
on the ong-suffering and much-grumbling
British taxpayer.
Massachusetts, has n dog tax, tho proceeds
OF which are mainly devoted to the support
OF public libraries It Is proposed to give 10
per cent of this tax TO the State Agricultural
College. Charles Francis Adams, on behalf
OF the Quincy Library. protests In remog
STRANGE addressed to the Legislature. He
does not see why these funds should be
diverted to tho use Of an institution In
Quincy have any pei ceptibls interest, except
OF the most remote and general character"
All the new books Of the Quincy Library are
paid for by the dogs. or by the dogs owners,
at least, and the proposed change would have
a bad effect upon the literary acquisitions of
the old town.
frightfuI picture OF the commercial situa-
tion in England Is drawn by David MacIver, |
one OF the proprietors OF the Cunard Line OF /
and a member Of the British Par
lament. A letter which he has written,
portion Of which Is brought by the cable rep
rcsents the export trade of England to the
United States once her chief market-as
having entirely ceased. Liverpool steamers,
MIR. MacIver says. intend henceforth to take
out water ballast only on their trips to Amer
ca, as the business Of carrying a little freight
or nothing, as ballast, has ceased to be pro
titable to anybody. He predicts the ruin of
ali OF Engand's Industries. whether manu-
or agricultural, ''if the pres
snt state OF affairs is allowed to con-
hnue," Mr.. MacIvers plan for put
ting an end to the present state of affairs
does not appear. Probably he has none; pos
sibly he is one Of the small number of panic
stricken capitalists who imagine that the
dropping industries OF England can be re
yived by instituting q protective tariff on
goods. But the futility OF such
IN attempt II perfectly apparent to major
ty of Englishmen, who know that such
.ariff would shut England out from foreign
markets, and that unless the manufacturing
can supply more than the home
lemand they are as good as doomed.
The statement comes from England that
some of the South Staffordshire coal mines are
% be abandoned, because the expense of min
ng exceeds the income. A few years ago
like panic was produced in Eng
and by the publication OF statistics going to
how that the coal mines Of the country would
% utterly exhausted In about half a century.
ma alarm TINS created has never pntirely