THE STATE OF TRADE AND THE MONEY MARKET.

Daily Southern Cross, Volume XII, Issue 842, 24 July 1855, Page 3

THE STATE OF TRADE AND THE MONEY MARKET.

Wn are now brought to the close of the thiul month of the year : antl a month fraught with mighty consequences to us as a great commercial nation. Thus fai we have proceeded without having experienced any convulsion that might injure or dislocate any of the bonds of our social fabric : but are the prospects tor the future satisfactory ? It is long since our commercial interests have had so general a gloom spread over them as that which they have experienced during the past three months ; we say general, because we believe that it has not been confined to a few branches of business, but to almost every pursiiit in which we are engaged. An unusually severe winter— high-priced food — the perplexities of"a war, which has bjen conducted in a manner that has disgraced the annals of our country, have all combined to render our condition one of difficulty and danger. The great event of the pa»t month, has been the sudden removal by death ot our most formidable enemy and the disturber of European tranquillity. Whether such, an event will ultimately afford us the peace we so anxiously desire, is still entirely problematical It can scarcely be doubted that the point most difficult to overcome is, whether we shall be able to enforce terms from an enemy equal, it not superior to the Allied Powers, which has been commenced. We have hitherto been accustomed to base our superiority i:p..n the courage and hr>v«ry of our | forefathers, whilo W2 have failed to adopt the policy which ensured tt 1 * Mr success. It is by no means an un i important question for us so enquire what is our p jsition as a commercial people under the circumstances, and whether we are not drifting on towards a -noise condition by our own inherent weakness? It is not alone sufficient that a nation should be industrious, bat the rewards of industry should be predominant. \et we find our national economy has been to re\ ive this c- ler of things, and to expend the resources ot the country upon idleness and incompetently. What then are our commercial prospects for the future? Should war continue it is impossible fhev j can be improved. Every foreign markrt is imn.d »U'd i with British manufactures. At home then- is but one uni\er*al complaint, that business cannot be done up.m »:iy terms Yet il is in such a state of t'.vn^ tint Government has done absolutely mining to ro'.ieve the public mind from anxiety. Another v .ration ag"'i intervenes to prolong the delay of business that o"^it to have been prosecuted with vigour, wl b'mnncomplcted. Measures of the first import irv.v to trad • - and commerce are shelved from weak to i\ tvk up m the most frivolous excuses. If the co.n-n,>r,-nl mcri of this country would improve their prospects, they must ns • a? one 'individual against this system of torpidity and inaction. "The prospects of the money nuiket are again frightening," as the phrase run-,. But whence th^ accumulation? The high rates which have prevailed for the last twehe months for the discount of commercial paper have nearly run their career, and we are onl y reaching that point in the " Cycle," as it is designated by a well-known capitalist, when there will be an abundance of money, and almost a gcivral stagnation in basiness. There are, howeier, not very encouraging prospects that money will be cheap for sonic time to come. The Budget will reveal facts of no common order. The claim on the British Exchequer to meet the expenses already incurred for the war will be fai from insignificant in amount; and whether th"y nviv be met by a loan, or by taxation, trade and commeice must be prepared to* make still further sacrifices.— Bankers' Circular, March 31.