of commercial bills, therefore practically diminishing the supply and raising the price, and impelling more active shipments of specie, which have never been so large for the four months ending with April, as has been the case this year. The exports from New York, January 1st to May 14th, and from Boston to the close of February, have been together as follows, for six years :

EXPORTS OF SPECIE FROM JANUARY 1 TO MAY 14.

Total. $10,472,569 $10,747,062 $12.318,389 $10,681,122 $11,853,206 $18,706,398 This active movement shows at this moment no relaxation-the chief demands being to meet the expenses of Americans traveling abroad, and these were never so large as now, to meet the interest of debts due, and to pay for imports; while the money sent here for the purchase of stocks and breadstuffs, and brought by immigrants, has been very small. The effect of the war seems to be to check sales of cotton and promote consignments of goods. In other words, to realize money in America without sending any here. The rate of money has been advanced in London to 4 per cent, and on paper a few months to run 5 per cent; and at other ports as follows:

In our

Silver has risen under the large exports to India to 624d. per ounce. February number we gave a table of the amounts of specie held, and the rates of interest at the Banks of England and France monthly, for four years. The following table shows the four months since elapsed :

:

The new loans which have been offered upon the markets in Europe are as

Austria, being unable to get her loan taken, seized the silver in the bank, about $50.000,000, and authorized an issue of inconvertible paper, but required taxes to be paid in specie. The English loan is for Indian account; of the amount, $17,500,000 goes to India in silver, and at the latest dates more than half had been shipped. The remainder of the loan is used in England on account of India. The Russian loan of $12,000,000, pending at the moment the news of

The

the Austrian army movement arrived in London, failed of negotiation. loans of the governments, to a greater or less extent, cause a demand for the metals for the war country. The usual hoarding in disturbed times will also take place, but at such times business requires less money, and that influence is not so material. On the other hand, capital migrates from nations at war, for fear of forced loans and other exactions. The news in London of the alliance between Russia and France, caused a rapid fall in consols, from 93 to 88, involving the failure of some forty-five operators of the stock market. On the contradiction of that rumor the panic subsided, but numerous failures continued. These influences have already been felt in New York to some extent. The rapid rise in breadstuffs in London, being 12s. per quarter, or 25 cents per bushel, in the week ending April 30th, caused a rise here equal to 15s. per quarter, and provisions became active, also, under rumors for purchases of French account. The rate of exchange is as follows:

These rates run very high for the season of the year, and their effect upon the specie movement is as follows:

GOLD RECEIVED FROM CALIFORNIA AND EXPORTED FROM NEW YORK WEEKLY, WITH THE AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY.

Apr. 2...

9....

16.... 1,325,198

23......

115,790 1,032,314 1,843,059 7,686,700 32,918,800 250,246 576,107 7,232,451 32,981,118 203,163 1,404,210 1,637,104 7,079,111 32,557,778 15,850 1,496,889 6,894,810 82,972,965 136,873 1,723,352 1,680,743 6,568,681 32,897,586 106,110 2,169,197 6,481,913 32,568,545 14...... 1,626,171 720,710 1,480,115 1,926,491 6,020,400 31,191,731

41,208 30...... 1,550,000

May 7......

Total...... 13,400,816 10,768,688 10,768,024 18,290,437

...

The receipts of specie are rather more than last year, but they bear no comparison to the increased shipments, the nature of which was as follows:

SHIPMENTS OF SPECIE FROM PORT OF NEW YORK.

JAmerican
coin.

French Spanish Bars. Silver. Sov'reigns. D'bloons. gold. silver. Total Liverpool. 1,488,048 2,078,131 87,829 15,003 203,560 3,823.571 Havre.... 807,800 1,389,090 253,125 56,700 2,504.715

....

London ..

75,000 75,000

88,900 253,125 349,260 6,881,223

Total. $2,610,081 3,467,221 69,363 43,003 May 8th, 1858, to May 7,59 6,450,507 22,067,473 338,408 390,820 1,543,161 346,107 708,587 82,774,476

The shipment of coin has been very active this month, warranted by the rise in bills, and the scarcity of "bars." The operations of the New York Assay office have been for the four months as follows:

Nearly all the deposits have been payable in bars, and these added to those

arrived from California, have been insufficient to supply the shipment. The Mint operations were as follows:

As we have remarked, these high rates of bills, and active shipments of the metals, had no influence upon the price of money in the market, or rather capital seeking employment, until the second week in May. Since then the disposition has been to refuse long loans and ask higher rates, as follows:

These rates of money, as we have said, contrast strongly with the high rates of bills, and the outward flow of specie. They are the index of the stagnation of enterprises and the abundance of capital. The war may cause a larger migration to this country, and if continued a renewed demand for produce, and a diminution of the number of persons going abroad to travel. By these means the exchanges may, in some degree, be redressed. The importations of goods, which, it will be seen from our tables, are large, have not afforded the government as much revenue as it required, and the sum in the treasury has fallen from $8,460,437, March 28th, to $7,092,912, April 25th. The season now approaches for larger imports, but the chances are that in the aspect of affairs abroad the banks will not feel much disposed to expand their movements in aid of importers. On the other hand, large consignments of goods are looked for, as the result of curtailed European markets and dearer money.

The Western country is, however, very bare of money, while the crops are represented as good. In the event of an active demand being soon developed for produce for export, there will be required a large amount of money for Western use. This will involve a demand for State stocks, for currency, and all available funds for the forwarding of the crops, and for the time being may have a sort of conflict with the specie exported—a kind of "burning the candle at both ends." Such as was experienced in 1853, when a sudden demand for breadstuffs set in, and lasted until the produce exported began to be realized. As yet, however, there are few signs of such a demand. On the other hand, until towards the close of April, the relative prices here and abroad, were such as to warrant the import of grain from Europe.

The West has been bare of crops, and exchange has risen to high rates, calculated for the present to drive in the circulation of the Western banks, and compel them to sell the State stocks they hold as securities. Simultaneous with the war news, a rise in produce took place in New York from short supply, the

canals on their opening not furnishing as much as was expected. The prices were affected as follows:

These prices followed the receipt of advices of a rise of 10 a 15s. per quarter in England, but at the latest dates that rise was not maintained by some 4s. per quarter. There is, however, evidently not sufficient produce here to meet the home demand, and allow of exports, before the realization of the new harvests, which by all accounts are good, and will afford abundance. This is, however, also the case abroad, and Europe will have sufficient for the present year, whether the war goes on or not. Cotton has undergone a marked decline, and thereby diminished the value to be drawn for. The conflicting elements of hostilities produce for the time such a state of affairs as requires the dealer to remain passive.

The present and the past year show great fluctuations in the import trade of the port of New York, as well for the month as for the four months that have elapsed since the beginning of the year. The figures for the month are com paratively as follows:

Total entered at the port....... $20,057,835 $21,218,318 $11,169.025 $22,425,619 Withdrawn from warehouse...... 1,467,576 2,287,315 3,203,539 1,543,551

In 1857, the entries for warehouse were large, not only on account of the slacking up of business, but because the new tariff had been passed, to go into operation in the following July, and goods were placed in bond to get the benefit of the amelioration in duties. Last year the effects of the panic were upon the market, and the receipts of goods were less than demand, causing more withdrawals from, than entries at, warehouse. In the present year the large im ports have at last produced an excess of supply, and there is an accumulation in bond. The gross imports are, however, larger than perhaps ever before for April. For the first four months of the year. the comparison shows a decrease of $5,345,639 as compared with 1857, of which decrease, however, $3,393,663 is specie, but there is an excess over every other year, as follows:

FOREIGN IMPORTS AT NEW YORK FOR FOUR MONTHS, FROM JANUARY 1ST.

Total entered at the port........ $71,929,140 $86,885,046 $40,213,489 $81,542,407 Withdrawn from warehouse.... 7,712,647 10,101,589 16,886,251 7,518,056