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THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW .
N O V E MB E R , 1864.

TUB SANDWICH ISLANDS AND THEIR SUGAR CROP.
HENRY B. AXJCHINCX.OSS, ESQ.

A r e c e n t San Francisco paper states that the sugar crop of the Sand­
wich Islands will probably amount to ten millions o f pounds for the cur­
rent year, and compliments the Kanakas on their progress in this new
field of agriculture. This is an increase over that of last year, but as their
crop might easily be made a hundred millions instead of ten, it would be
much more appropriate to tell them that they should be ashamed o f their
laziness and want of enterprise. However, they have an excuse in want
of capital and difficulty in obtaining it for the purchase of the necessary ma­
chinery. Thespread of information in regard to their remarkable advantages
for the cultivation of the cane, and the rapid growth of California, affording a
near and excellent market, are removing these difficulties, and no doubt
in a few years will effect a surprising change. Under a more liberal policy,
assuring an abundance of cheap labor, and the stimulus of high prices,
with the aid of capital rightly applied, there is no reason why the
Hawaiian group should not assume in the Pacific Ocean the same relative
position to the markets o f the western coast of America which Cuba
bears to those o f the Eastern, and Mauritius to Great Britain.
A t present the manufacture o f sugar as conducted there is a puny en­
terprise, with the simplest and most wasteful machinery. The old Jamaica
train is the only one in use, only three vacuum-pans being used in the group,
as far as we are aware. Yet even this rude manufacture is very profit­
able. It is profitable because land is cheap, the soil very fertile, labor at
moderate prices, and a market at hand where sugar meets a ready sale
at fair and often high prices.
Land is cheap, although some tracts are held at speculative prices. An
estate of two thousand acres, one-half of which, at least, will be good
cane land, ought not to cost more than $5,000— an extrema price. Around
the native villages or near town-sites of course higher prices are asked.
VOL. LI.-----NO. V .
21




338

The Sandwich Islands and their Sugar Crop.

[November,

T o a sugar-planter who requires considerable wood-land, which must ne­
cessarily lie idle, and pasture-land for his cattle, the first cost of his land is
of considerable importance, especially as he is compelled to go to a very
heavy outlay for machinery and labor, on which he gets no return for
the two first years. The large and long-cultivated estates o f Cuba
are worth, where railway facilities are good, from $1,200 to $1,500 a
caballeria, or from $35 to $45 an English acre. The finest sugar-estates
in the world are on the line o f the Cardenas and Jaruco Eailroad, and
land there is worth $2,000 a caballeria, or about $65 an English acre.
The value of the land, or rather its first cost, on one of these estates is a
very important item, amounting to $100,000, if not $150,000, for a tract
of from 2,000 to 3,000 acres. On the other hand, in the same island,
not fifty miles from these costly estates, land equally good— nay, better—
can be had for one-fourth of the money. There are in Cuba thousands
o f acres of virgin soil, well wooded, and only awaiting the extension of her
railroads to become valuable sugar lands. Notwithstanding, a good tract
of land suitable for a sugar-estate could be bought for much less money
in Hawaii than in the Island of Cuba, and although the value of sugar land is
greatly depressed in Jamaica, for less money than in that colony. It is not
claimed for the Sandwich Islands that their land is cheaper than equally good
sugar land in some parts o f the world, such as the settlements in the
Straits of Malacca and the islands o f Luzon and Java, while these coun­
tries enjoy an advantage in the abundance and cheapness o f fuel and of
labor which the Sandwich Islands do not possess, whatever advantages
they, in their turn, may have over the Spanish Colonies o f the West
Indies and the British Colonies o f Mauritius, Jamaica, Barbadoes, and
Guiana. The price of land in Hawaii, the largest o f the Sandwich Is­
lands, although relatively cheap in comparison with the last named coun­
tries, is as much as it is worth when we consider the sparseness of the
population and the value o f money, which is about 12 per cent, or 15 per
cent per annum. There is no tax on real estate in the Hawaiian Kingdom.
The soil is exceedingly rich. It is composed of lava o f various degrees
o f age, differing slightiy in the several islands. As a rule, the older the
island the richer the soil, and as many signs point to the most northern
island of this group, Kauai, as the most ancient, and to the southern is­
land, Hawaii, as the most recent, so the fertility of the soil is found to be
greater on the first named than on any other island of the archipelago.
W e might argue from this that the sugar estates of such a country would
increase in value with age, and to a certain extent this is true, as far as
we can infer from the slight experience of half a century which has
elapsed since their discovery. W e know that the sugar cane was found
growing wild by the earliest visitors, and that the natives declare that it
has been known to their ancestors from time immemorial. W e know, too,
that there are traces on these islands of a great people, far more numerous
than at present, who for centuries, apparently, have cultivated the valleys
and terraced the hill sides. Wherever the traces o f ancient villages are
found, and in the valleys where the soil has been reduced to a tine red
powder by constant cultivation, we find it exceedingly productive. Its
fertilizing powers seem to have no end, for the lower we dig the fresher
the lava. Expose it to the air and the sun, turn it over for a few years,
and the rock crumbles to coarse grains which are yearly growing smaller,




1864.]

The Sandwich Islands and their Sugar Crop.

339

until the soil of the cane-field becomes a fine powder of a reddish color,
easily worked and very fertile. A like process goes on in our macada­
mized roads which are so rough and gritty for the first year or two, but
at last are ground down to a fine compact mass.
Lava soil has the reputation of being one of the most productive soils
known, and it is worth noting that nearly all great sugar-growing coun­
tries are o f volcanic formation more or less recent. Take them in their
order as we pass around the globe. The Phillipine Islands have an active
volcano, Taal, and are frequently disturbed by earthquakes.
The
great earthquake of June, 1863, which nearly destroyed Manila, is a recent
terrible instance. Formosa resembles the Pliillipines. The soil of China
can hardly be classed among the decomposed lavas, but no one who has
seen the conical islands o f the China coast, and the volcanic peaks that
mark it from the River Min to the Bocca Tigris can escape the impres­
sion that China has been one o f the great volcanic countries of the past.
Volcanic peaks shoot up in every direction around the harbor o f Swatow,
the g'^at sugar port of China. The next great sugar-country is Java,
which is seamed with gullies along its hill-sides made by the flowing lava.
Sumbava, one of the most fearful volcanoes in the world, which vomits at
times a dense smoke seen for many miles at sea, attests that the volcanic
files are not extinguished yet in the islands adjacent to Java. Sumatra
frowns across the Strait of Sunda bearing the language o f fire in unmistakeablecharacters. India,in which grew the “ sweet cane” of the ancients,
is an exception. It has volcanoes but cannot be called a volcanic country
pre-eminently. W e may call Mauritius by that name. According to
Dr. H u tch in son , the lava rocks lie so thick on the hill sides that the labo­
rers pile them up between the rows o f cane, and when they plant afresh
they shift the stones to cover the old roots and plant in their former beds.*
Mauritius, Bourbon, and Roderique are links in the great volcanic chain
which encircles the earth. It is the fashion to call St. Helena a barren
rock, but down in the valley behind Jamestown we have seen in the gar­
den belonging to the barracks sugar cane of splendid growth. The soil
is decomposed black lava. The West Indies, also, are of volcanic origin,
some of the more eastern islands being of comparatively recent forma­
tion. Cuba, the most productive among them, is apparently of ancient
formation, and on the northern coast, the red soil o f which planters
are so fond, overlies a chalk or limestone largely filled with fossils and
corallines. The island appears to have undergone a great upheaval of
from thirty to a hundred feet at some remote period, and traces of lava,
or at least of recent lava, are difficult to find unless in the eastern portion.
The Pan of Matanzas and the valley of the Yumuri are great land-marks
suggesting a volcanic origin, the one resembling the outlying cones around
* The soil is a vesicular basalt, and Mr. B a c k h o u s e who travelled ia the island in
1844, says that “ in many fields the stones are collected in ridges about four feet
apart, and in others in squares; the canes are planted in the spaces between these
rude walls. Some o f the stones are small, and others as large as a man’s head; but
the soil among them is adapted to the growth of the cane, for it thrives beat in the
fissures of the rocks, where the stones preserve it from drought.”— Chambers’ Jour
rial, vol. ii, 221,




340

The Sandwich Islands and their Sugar Crop.

[November,

a great crater, the other a crater itself washed out by the sea and having
lost all its distinctive marks except its bowl-like shape. Venezuela is
skirted by volcanoes. Central America is literally the center o f the vol­
canoes o f America, and both these countries could produce sugar largely,
if their people were not so lazy and their governments so unsettled. Pass­
ing Mexico, where the Indians make a sugar like the jaggery of the East,
(or, yayre, to speak correctly, the English word being a miserable corrup­
tion of the Spanish,) we find the cana blanca, the best cane known, grow­
ing' wild in Tahiti, and, if we may credit the descriptions of explorers, Tahiti
is a country o f extinct craters and volcanic peaks. An American will
naturally observe that we have omitted Louisiana and the lower valley o f
the Mississippi, which in truth is the great exception among sugar countries.
W e do not assert that the cane flourishes only in countries of volcanic
origin, but that it attains its greatest perfection in lava-soil, and that, in most
of the countries named, it is found to be a natural product, which is not
the case in Louisiana.
In the lava-soil of the Sandwich Island the yield of the sugar cane is mar­
vellous. Captain J am es M a k e e , of Ulupalakua, on the side of the extinct vol­
cano of Haleakala in the island o f Maui, the crater of which is the largest in
the world and one of its greatest wonders, being upwards of thirty miles in
circumference, has obtained from a single acre o f land five tons and-ahalf of sugar, (12,500 pounds,) a quantity far exceeding the average of the
richest land in the Antilles ; and this, too, with an ordinary Jamaica train.
Boiled in vacuo, the product would probably have amounted to 14,000
pounds of raw sugar. Let us compare this with the production of an acre
of land in Cuba. It is claimed that a cahalleria of black soil in the rich
district of Colon, which in 1860 produced one-fifth o f all the sugar of
Cuba, will, in its first year, yield 3,000 moulds of green sugar of 100
pounds each, or 300,000 pounds.
This is equal to nine thousand
pounds to the acre, the Cuban caballeria containing thirty-three and one- (
third acres. But this yield is far above the average. According to a
statement of the quantity o f land under cultivation and the yield of sugar
in pounds, published in 1860 under government sanction by D o s C ahlos
R ebello, the yield of the district of Colon was only 1,771 pounds to the
acre of cane-land. These figures must be accepted as only approximate,
the work containing many errors, but this work is the only one of the
kind accessible. Allowing that half of the cane-land was cut that
year these figures would give an average of 3,500 pounds to the acre of
purged sugar, equal to 5.000 -pounds of raw, which would be a fair average
yield, agreeing closely with the average stated by practical sugar-masters
in that district. Now, in the Sandwich Islands, even with the imperfect
means of obtaining the sugar at the command of the planters, the average
yield of cane land not more than a thousand feet above the sea-level, where the
entire crop can be cut every year, may be fairly stated at about 7.000
pounds of raw sugar to the acre; and there is reason to believe that long
cultivation will not exhaust the soil to the same degree as in the island
o f Cuba, where much land cultivated for many years without manuring
o f any kind barely yields 3,000 pounds to the acre.
The cane which is cultivated generally in the Sandwich Islands is the
Tahiti cane, la cana blanca of Cuba, which yields the most sugar arid
attains the largest size of any known in the world. The red cane of the




1864.]

The Sandwich Islands and their Sugar Crop.

341

East, in Cuba called Cana de la India, is also cultivated on the slopes of
the mountains, being of hardier growth and attaining maturity in two
years. W e do not remember having seen the variety of cristalina and
cana de cinta, or ribbon-cane, growing in the Sandwich Islands, nor would
it be advantageous to introduce them in a country where frost is unknown,
and which already possesses the Tahiti cane of fine quality. This variety
attains a magnificent height, and rattoons with great hardihood and per­
severance, indeed the rattoons of the second and third year are better
than the original cane. In Cuba little attention is paid to planting afresh,
and some old estates have not been entirely replanted for twenty years;
yet the cane-fields have a vigorous look. In the Sandwich Islands near
the coast, or not above a level of one thousand feet, the Tahiti cane can be cut
every season for six or seven years without being renewed. It might be
cut still longer, but the yield would not be so large as if the laud were
then replanted, although there is no doubt but that, as in Cuba, by a little
replanting here and there a fair crop might be obtained for many years.
A t a higher level than 1,000 feet above the sea the cane does not attain ma­
turity for twoyears,and consequently only half o f an estate can becut in each
year. The planter is compensated for this, however, by the greater vigor
of his rattoons which for ten years require no renewal, and by the fact
that he is not pressed to cut his crop, the cane losing little of its saccha­
rine property by standing another year. With sufficient land in cane
the mill can be kept grinding from January to December, one great ad­
vantage enjoyed over the sugar-planters of the West Indies, the latter be­
ing hurried and driven front January to May, anxiously scanning the
weather, and often losing much of their crop by bad weather in the grind­
ing season. The advantage over the Louisiana planter is great in every
respect. Instead of being obliged to plant every third year, the Hawaiian
can gather good crops for nine or ten, with a little planting here and there
among the rattoons, and the peril o f losing half a crop by a sudden and
early frost is unknown. The Louisianian plants the ribbon-cane on ac­
count of its greater hardihood, and cannot obtain more than two-thirds of
the quantity the Hawaiian gets from the Tahiti cane.
Thus we see that with cheap land, a rich soil, and excellent variety of
cane, the planter in the Sandwich Islands starts with very fair prospects.
The next great questions for his study are the abundance and cost of labor,
its probable continuance at a fixed average price, the cost of fuel, of cat­
tle, of food for his laborers and live stock, of the materials used in the
manufacture of sugar, such as lime, animal carbon, or of sulphur if he
uses sulphurous gas for defecating, and last, but not least, an abundant
supply of fresh water. Good facilities for transporting his crop to, mar­
ket will not be overlooked by a prudent man.
The question of labor might well be considered before the cost of land,
being relatively of much greater importance. There is an idea pretty
generally received and credited that slave-labor, especially Spanish slavelabor as it exists in Cuba, is the cheapest in the world, aud that no coun­
try can compete with Cuba on that account. W e believe it to be an er­
roneous idea; and, moreover, we believe that intelligent Cubans, with their
minds sharpened by the course of events in the United States, and the
gradual difficulties which are gathering around the slave-trade and which
will eventually crush it, give more thought than we are disposed to believe,




342

The Sandwich Islands and their Sugar Crop.

[November,

or tbev themselves to confess, to the disadvantages of their system, its
costliness and danger.
Let ns freely grant what every intelligent man can see, that the sudden
abolition of slavery in Cuba, in the present condition of the island, would
absolutely ruin it, and that its industry would cease for a generation to
come. The story of Jamaica and San Domingo would be repeated ; the
free negro of the tropics will not work except under compulsion of some
kind, and half a century would be needed to get rid o f the lazy worthless
vagabonds, who for the trouble of planting a banana patch would be in­
dependent of work, and to supply their place with laboring men. It is
only within the last few years, since England has been supplying her
colonies liberally with coolies from India and China, that the unhappy
colony of Jamaica has begun to lift up its head. A little forsight a quarter
of a century ago would have saved many worthy men from ruin, and
Jamaica would have kept the high rank among the sugar countries of the
world, which she lost by the blind philanthropy of English abolitionists,
whose zeal would not suffer them to wait until the negro was gradually
prepared to support himself and the planter made independent of his ser­
vices by the free importation of Asiatic laborers, which at this late day,
after much misery, has been adopted as the salvation of the colony. The
consequence of their zeal was that they ruined both master and slave.
The master has passed through bankruptcy or lost his estate, and the Ja­
maica negro of to-day is a worthless dog. A gradual extinction of slavery,
such as is now taking place in Brazil, would have saved the land from the
curse of idleness. If, as the events of the last three years indicate, we,
o f America, are to possess our land free o f slavery, it is also probable that,
thanks to the energy o f the white race, we shall possess it free of negroes.
The history of the W est Indies shows that free blacks either outnumber
and ruin the whites, placing a curse on the most fertile countries o f the
world ; or else, when placed in stern competition with men o f European de­
scent for daily bread earned by daily labor, the black race dwindles away.
The law is, “ work or die,” and the lazy negroes, in nine cases out of ten,
dislike work more than death.
W e have said that the slave system of Cuba, viewed only in its eco­
nomical light, as affording a supply o f labor, is defective, costly, and
dangerous.
It is defective, because it is inadequate to the wants of the country with­
out constant and large importations, and these are decreasing every year
under the more effectual co-operation of English and American cruisers,
and the gradual diminution in the number of slave-importing countries.
Cuba and Porto Rico are the last, and Porto Rico had but 41,029 slaves
at the last census (1861) against 241,037 free blacks. Cuba is, virtually,
the last great slave-country of the world. The system is defective also in
making inadequate provision for its continuance, strikingly shown in the
relative propoition of men and women, and the diminution in the number
of slaves as compared with that o f free blacks.*
* According to the official census of the island of Cuba for 1861, there were—
Men.

Free blacks . . . . . .................................................... ..
{Slaves..............................................................................................




113,805
218,722

Women.

118,687
151,831

1864.]

The Sandwich Islands and their Sugar Crop.

343

It is costly as compared with free labor in other countries. The outlay
is larger and the risks greater. A heavy capital is required in the first
place to stock a plantation with slaves, and the risks of death, accident,
or running away are great, while the care of children and aged is a heavy
charge. It is extremely difficult to obtain an accurate statement o f the cost o f
maintaining a field-hand for a single year. Cubans are not fond of an­
swering such questions, but as many o f the negroes are owned by persons
in the cities who hire them out by the month or year to the planters, pro­
bably the average hire of an able-bodied field-hand fairly represents h's
cost as a laborer, the risk o f death, sickness, etc., being represented in it
by what we might call a practical valuation o f interested parties. This
monthly hire ranges from an ounce to an ounce and a half— from §17 to
$25 50,— the hirer feeding the negro and giving him medical attendance,
but the owner furnishing his clothes. It will be a poor hand which brings
only §17 a month, even a woman who can cook commands $18 to $20,
and generally an able-bodied man is worth $25 a mouth and his board.
An Irish day-laborer gets no more.
Of the dangers and the cruelty of Cuban slavery it is not our purpose
to say anything. Volumes have been written on the subject. The value
of slave-property in Cuba has fallen considerably since the beginning o f
trouble in the United States, and although the present excessive price of
sugar has caused it to recover partially, it is still much below the figures
of five years ago. It may therefore be remarked that the prices given as
the average monthly cost o f slave-labor are lower than they have been in
former years.
Still they are greater than the cost o f Coolie-labor, although the latter
is more valuable, and Coolie-labor is gradually becoming popular in Cuba.
The term of service is eight years, and the monthly pay $4.25, but in addition
to this the hirer pays to the government a large bonus, varying from $400
to $600, after which he has absolute control of the Coolie’s services, can
beat him and treat him pretty much as he pleases, his only risk being
that if dissatisfied, the Chinaman is apt to commit suicide, or to get up a
fight with some other pigtail, in which one is pretty sure to be killed and
the other to be taken by the government for work in the chain-gang.
When allowance is made for these two risks which are most imminent in
the first year, for the bonus, and the interest on the instalments paid back
each year in labor, and the pay o f the man, his clothes and board are
added ; it will be seen that the cost o f Coolie labor, although less than slave,
is high in the island of Cuba when compared with Mauritius, China itself,
and the sugar settlements of the Straits. The Coolie’s labor is decidedly more
valuable than that of the slave, and acknowledged to be so by many men
of Spanish descent who have spent their lives among the latter. Fifty
Coolies are esteemed as useful as seventy negroes. Still, so strong are the
prejudices of the people in favor of slavery and their aversion to any new
thing, even to the sight o f a stranger’s face, as the traveler sometimes
finds to his annoyance, that the old Spaniards stoutly insist upon it that
the negro is the best workman. The most intelligent men frankly state
that it is the reverse. W e believe that they speak the truth from observa­
tion of the two races in the same sugar-houses and working side by side in
the cane field, and should not be surprised if, in a few years, the superior
ability and economy of Chinese labor should gradually effect what the na­




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The Sandwich Islands and their Sugar Crop.

[November,

vies of the world have been striving to do for half a century or more—
abolish the African slave-trade. This is the more probable from the fact
that it is a source of profit to the Spanish Government to import these
Chinese, the charters being entirely in its hands, and the men being em­
ployed by the planters with greater eagerness every year. There are now
between thirty-five and forty thousand o f them in Cuba, about one-tenth
part of the slave population, all men in their prim e; and their numbers
are increasing rapidly by direct importation. The singular policy of Spain,
timid and cruel in small things as well as great, apparently adopted the
Coolie system as a make-shift. Cuba was crying for labor, white or black,
and finding that her slavers were in trouble Spain took up the Coolietraffic to meet the emergency. It is the only reasonable theory for her pro­
hibition of women, or to speak correctly, to account for her having
brought only 57 women for 40,000 men. It is possible that the most ob­
vious explanation is the true one, and that avarice and hard-heart­
edness alone prompted her course; but it is far more likely that
the Spanish politicians feared the new race, and dared not let them settle
permanently among their slaves. Experience, however, ought to teach
them that the Chinese laborer properly treated is one of the most indus­
trious, quiet, and frugal o f men, interfering with no one as long as he is
permitted to make money peaceably. I f the Cubans, through Spanish
officials in Canton and Macao, choose to collect the outcasts of Canton, and to
bring no women or children with them, and after their arrival to work them
in gangs like cattle, using the whip as only a cowardly creole can use it,
they must in the nature of things have trouble ; and they do have it. Let
them treat the Chinese properly, as we are pleased to say that they are
treated on some estates in Cuba, and we will guarantee that there will be
no serious difficulty in their management. Seeing that it is profitable to
Spain to import them, that slave trading is becoming more dangerous
every day, and that Coolie-labor meets greater favor in Cuba than here­
tofore, it is not unreasonable to expect a large increase in the immigration,
and that in process o f time women as well as men will be brought over, if
only to hire to those Chinese who may have worked out their freedom—
in other words, to sell them for wives as is the custom in their own country.
The law at first contemplated that these men should be returned to China at
the end of eight years, and, while the numbers were few, it was a possible,
and even a probable thing; but Spain has gone too far now ; it would be
absurd to expect her to transport men from Cuba 15,000 miles at the rate of
six or eight thousand per annum, without a very handsome profit, much
less gratuitously. Few Coolies will ever be able to leave the island, but in
all probability the numbers of those who are free— or at least, as free as
the Cubans themselves— will increase rapidly after 1865. Coolie-labor
will, we believe, eventually supplant negro-slavery, because it is more
economical. The very fact that Chinese should be increasing at all in the
island of Cuba, in spite of the slave competition against which the sugar­
raising colonies of Great Britain cry out so loudly, suggests a suspicion
that that slave-labor is not found so exceedingly cheap as it is represented
to be, and several things tend to strengthen and confirm this opinion. If slavelabor is so very cheap why are servants in Havana more difficult to obtain,
absolutely commanding higher wages, than in any large citjT in the world
except Bio Janeiro and San Francisco ? W hy, too, are some Cuban planters




1864.]

The Sandwich Islands and their Sugar Crop.

345

trying the experiment of letting out portions of their sugar estates to freeblacks, Chinese, or Cubans, and paying them for the cane delivered at
the mill, instead of cultivating the same land by slave-labor?
W e have dwelt longer upon this question than was our intention, partly
to expose the fallacy o f the common cry about the cheapness of slavelabor and the competition of Cuba, and partly to turn attention to the
Chinese Coolies, who can easily be obtained and are admirably adapted
for the Sandwich Islands. Indeed, without their labor it is questionable
whether any large enterprise in sugar-planting would succeed there pel*manently.
The Kanaka race, who furnish the labor of these islands at the present
day, is a decaying one ; and is, even now, altogether inadequate to supply
any large demand for labor. Not only that, but the majority of the people
being indisposed to labor severely in the sugar-house and cane-field, any
important increase in the sugar enterprises of the Sandwich Island would
cause this deficiency of labor to be immediately felt in extravagant wages.
Nothing but large immigration could prevent this. It is true that, as yet, so
little attention has been paid to the cultivation o f the cane that the planters
find no serious difficult}7 in obtaining laborers at a very moderate cost, say
eight dollars per month and their board. This rate, if its permanency could
only be relied upon, would be as low as in any sugar country except China,
the Pliillipines, and the Straits of Malacca, in which men can be hired
for three dollars a lunar month without board. In China wages are even
less. The item of board in the Sandwich Islands is not a heavy one,
bananas and taro being plenty and generally cheap. The men are fed
much better than the slaves and Asiatics in Cuba, but not at a very much
greater cost, the chief food of the Sandwich Islander being poi or pounded
taro-root, which is one of the most productive vegetables Jjnown, a taropit forty7 feet square supplying food enough for one man throughout the
year. It is found economical, however, to give them a ration of meat
with the poi as the latter makes a man fat, but does not add much to his
strength.
Contracts at about eight dollars a month are made w7ith the workmen
for an entire year, the Kanaka forfeiting part of his pay for every day
abseut without leave, and for every hour which he may lose by being late
at his work. This system works well, and with kind treatment they may
be made excellent laborers. They are a peculiar race, affectionate, docile,
and willing to do faithful service for a man who is kind in his manner,
but methodical and firm, never passing over any neglect of duty. They
are not so apt as the negro to lie down in the sun as soon as the master’s
back is turned, although, it must be confessed, that laziness and irregular
habits are their great vices. A Kanaka loves to fill his belly with poi
and then to sleep in the sunshine, leaving digestion to take care of itself;
but give him an object, and train him into habits of some regularity, and
he will work hard. Those who become overseers manage the field-hands
better than a white man could. It is interesting to note that some o f the
finest specimens of the race— y7oung men, strong and athletic— are to be
found on the few sugar-estates. The regularhabits of food and sleep acquired
on these estates, with plenty o f exercise, give them this advantage, and
probably if the majority of the nation could be brought into such habits
their rapid decay would be arrested. Their history is that o f the dark­




346

The Sandwich Islands and their Sugar Crop.

[November,

skinned races all over the world when brought into competition with the
white man ; unless compelled to labor and live regular lives they gradually
disappear. The North American Indian is the type of this decay ; but
the Kanaka is a far more civilized man than the Indian; he has dropped
most of his habits o f savage life and reached a high degree of civiliza­
tion, a thing which has seemed absolutely impossible to the red man.
Although the Hawaiian has enjoyed every possible advantage in changing
from a savage to a civilized state, no care or circumstance seemed powerful
enough to arrest the universal law. He has enjoyed his own form of
government and his native kings, the Christian religion generally embraced,
and stringent laws against the introduction of liquor. Yet not more than
65,000 are left of the 200,000 or 300,000 who once inhabited these islands,
and when we allow for the old men, the women and children, with those
employed in fishing and other pursuits, the number available for sugarplanting is very small, and unfortunately it is decreasing annually.
It is therefore evident that although the present wages paid to fieldhands are moderate as compared with those of othercountries, and especially
with Cuba, the permanency of the supply of labor, and consequently its cost,
cannot be relied upon unless Coolie immigration, or immigration from
some other country than China, is encouraged. This encouragement the
Hawaiian Government is unwilling to give, having prohibited Coolie im­
portation by stringent laws. W e are not aware o f its having officially
declared its purpose in so doing, whether it is to protect the Hawaiians
from the competition of a more industrious people on their own soil, or
from any philanthropic zeal against the Coolie traffic, which some years
ago was looked upon as no better than the slave trade. If this last is the
professed reason, it is hut a shallow pretext easily exposed. The Sand­
wich Islands are but fifty-five hundred miles from Shanghai and five thou­
sand from Canton, and the voyage in the summer season is easily made in
thirty-five days with fine winds and a smooth sea. Even while the north­
east monsoon is blowing on the Chinese coast, it is not a severe voyage,
being through temperate latitudes. Thousands of the Chinese cross and
have crossed to California, and nobody ever heard of their complaining.
John is in the habit of going wherever he can make money, and grins at
any man concerning himself, on his account, about the trifling inconveni­
ences the pursuit of money may involve. He goes half round the earth
for money, encountering many real hardships, and if this restriction were
removed he would find his way speedily to the Sandwich Islands, thank­
ing Joss and the 500 Gods that he had reached such a lovely country
where he could make twice as much money as at home. Let his Majesty
ask the first Chinaman he meets in the streets, (there are enough in
Honolulu to prove our assertion,) and he will speedily find that the yellow­
skinned and long-tailed man is quite competent to take care of himself.
Moreover, the passage-money from China to the Islands would be so
little that the term of service could not reasonably be more than one or
two years, if the Coolie was not able to pay his passage and land a free
man. From San Francisco to Hong Kong the rate is only $20 per head,
bedding and provisions being found by the passenger, and it certainly
would not be more on a cargo of Coolies from China to the islands. The
advantages thepoor Chinaman would have after his arrival, as compared with
life at home, where he has to exist on $15 @ $20 a year, would make it a




1S64.]

The Sandwich Islands and their Sugar Crop.

347

charity to assist him to emigrate ; and, as laborers, none better adapted to the
climate, more industrious and persevering could be had. It would be pro­
fitable to employ them as they are employed in the Straits settlements
under their favorite contract system, each gang or congsee cultivating 50
or 100 acres of land, and being paid for the weight o f cane which they
deliver at the mill.
It may be objected that they are found to be unruly in other countries.
W e answer, choose the men carefully, let them bring their families,
treat them well, and there will be no serious difficulty. In Cuba the Chi­
nese have good reason to complain, and it is no wonder that they become
dejected and sullen, but even there this soon wears off if the man does not
bang himself meanwhile.
It may be objected that they are Pagans. W e answer teach them
Christianity. Less than fifty years ago there were none but Pagans in the
Sandwich Islands. If Christianity is to penetrate the dense masses of
China it will be largely by means o f native Christians returning from
foreign lands. Few but our missionaries on the Chinese stations know the
extreme difficulty o f reaching the stolid masses o f heathenism by ordinary
means. It is a hopeful sign for the future that China is becoming a colo­
nizing country, and is planting its colonies in Christian laqds, such as
California and Australia. The American Board of Missions has sagaci­
ously recognized the advantage o f teaching this-remarkable people wher­
ever they are to be found in foreign lands, and has established its chapel
in the Chinese quarter of San Francisco.
It may be objected, too, that the rapid increase o f Chinese laborers
would crowd out the Huwaiians and hasten tlie decay of the nation. This,
we believe, is the true reason, whether expressed or not, for the law pro­
hibiting their immigration. The only answer is, unless the Huwaiians
will work and lead regular lives no legislation can prevent national decay.
If the demand for labor exists means will be found to supply it. With
the fine climate and fertile soil of Hawaii temptations are held out to men
of all nations to emigrate. At present the great distance from the cen­
ters of civilization make strong inducements necessary to draw men thither,
and while California bids higher so long will the development of the Sand­
wich Islands be delayed. But California is now rapidly filling up ; another
decade like the last will turn a stream of Americans, and Chinese settlers
in America, to the islands of the T'acific, and especially to those nearest
the coast offering handsome returns for labor in sugar cultivation. It
would seem to be the part of wisdom to encourage instead o f checking
immigration, increasing by every means the incentive to labor, seeing that
the rewards of labor, properly directed in this fertile land, are sure. A
new king has recently come to the throne of the Sandwich Islands, a man
of superior intelligence, who has interested himself much during the
former reign in practical affairs; and it is to be hoped that a man of his
sagacity will perceive that every measure which retards the development o f
his kingdom weakens it, and that nothing but active industry and the orderly
habits resulting from it can check the downward course of his people.
Thus far, unfortunately, his sole attention appears to have been given to
the increase of his royal power, at the expense of constitutional liberty.
W e commend to his study a comparison o f the island o f Mauritius and
his own island of Hawaii, o f equal.size, lying, the one 20° north, the




348

The Sandwich Islands and their Sugar Crop.

[November,

other 20° south o f the equator, with the same average temperature and
the same soil, the one producing two hundred and fifty millions of pounds
of sugar every year, the other scarcely two-and a-half millions
out of the ten promised for the current year.
Mauritius has been
made what it is by Chinese and Hindoo labor. When England in her
scruples about the Coolie-traflic prohibited their importation into her
colonies, Mauritius languished ; since the prohibition has been removed
the island has increased in population and wealth, and we may say that
without the liberal aid of the mother country in transporting laborers,
Mauritius would still be of little more importance than Hawaii.*
There remains but little more to add in regard to the fitness o f the
Sandwich Islands for extensive sugar raising, the essential elements of
success being good soil and cheap labor.
Geographically, the islands occupy an admirable position for obtaining
supplies and for reaching the markets of the American coast. California
will always be their great market, and, with Oregon'and British Columbia,
will consume more sugar than they are likely to grow for many years to
come. San Francisco already possesses three sugar refineries, one of which
has been enlarged within the past two years. Her imports for the past six
months of the present year amounted to eleven millions of pounds, of
which 3,442,902 lbs. were from the Hawaiian Kingdom. The whalers o f
the Pacific will supply themselves with molasses at Honolulu, and with
the growth of California a demand for molasses will spring up there
which will make it profitable to ship. The markets of South America are
open to them.
Coal can be had from Vancouver’s Island. No doubt in a few years
these mines will be extensively worked for the California market; at pre­
sent the cost would be excessive, and planters depend for fuel on their
bagazzo and the rather scanty supply of wood on the islands, which is
already too valuable to be wasted.
Lime for defecating can be obtained from the coral reef which skirts
each island. If sulphurous gas is used there is an exbaustless supply of
* Since writing the above we have seen files of the Pacific Commercial Advertiser,
giving accounts of several meetings of the planters, in which the question of Coolie
importation received a large share of attention. We extract the following interesting
remarks:
“ The subject of introducing Coolies receives considerable attention, Some o f the
planters are for taking immediate steps to charter a vessel anil import a cargo, as the
wants of the plantations are said to be imperative. W e trust that whenever mea­
sures are adopted the scheme will be under the auspices of the Government, and also
that the laborers, whether Lascars or Chinese, will not be allowed to come without
bringing their wives and families, the same way as European emigrants migrate to
foreign parts. This is a matter that is to have a great influence on the future of these
islands, and nothing should be done hastily or rashly. The plan of sending an agent
to the countries where there laborers are obtained, as has been suggested, to gather
data and facts in' connection with this matter should be carried out. Oue thousand
laborers may be required now, but in the course of ten years ten thousand may be
wanted, and whoever they may be, they will amalgamate and form our native popu­
lation.”




1864]

The Sandwich Islands and their Sugar Crop.

340

sulphur in the great volcano o f Kilauea, which has been in active opera­
tion from the earliest period known to native tradition. Animal charcoal,
one of the most expensive articles in the sugar refinery, ought not to be
hard to obtain or very costly when we consider the numbers of horses
and wild cattle on the islands, especially Hawaii. Water is not very
abundant and some difficulty might be experienced in obtaining sufficient
supplies, but each island has streams, and reservoirs on the mountains
could be tilled in the rainy season. Cattle for field service are cheap, and
food for both man and beast can be had for a little labor.
In fact there is no difficulty in obtaining supplies of every description
required in sugar-making which a little energy will not overcome. For
machinery, of course, capital is necessary, and the great distance which it
must be carried makes all heavy freight very costly. The government,
however, remits the duty o f ten per cent on this item, and although the
first cost of good machinery will be great, it will soon pay for itself in
the greater quantity of sugar from the same cane.
It is the want of capital to purchase such, as much as any other cause,
which has retarded the sugar culture in the Hawaiian Kingdom ; and we
make no question but that with the increase of capital it will become, for
its size, one of the most successful sugar-producing countries in the world.
An enumeration of the sugar plantations, small as they are, which are
now in successful operation on the several islands, will show that, at least,
a beginning has been made.
On Kauai, the northern island, there are three plantations. First in
importance is the Princeville Estate, belonging to Hon. R. C. W v l l ib , Prime
Minister o f the Kingdom. The machinery o f this estate is Scotch, the
crushing mill being one of M oO nie and M irrl ess ’ s we believe. The es­
tate produced about 400 tons sugar in 1863.
The second estate is called Lihue, producing last year about 250 tons,
and the third Koloa, about ten miles from the Lihue plantation. This
last also made about 250 tons. The cane of Koloa is famous for its great
height, and this plantation was one o f the first established by Dr. R. W .
W o o d . Its machinery is moved by water-power.
On Oahu there is only one plantation actually productive, that of
J. H. W ood , in Nuaanu Valiey. It is a small affair, but improving.
On Maui there are eight plantations or sugar-mills, and more capital
invested than on any other island of the group.
The most important is Captain J am es M a k e e ’ s plantation at Ulupalakua. Last year there were 700 acres in cane on this estate, and there
are probably 1,000 at this time, as it was being rapidly extended. There
has been considerable drought on the western side of the island in 1863,
and some injury was done to the cane, but it is represented to
be of large growth, and the last crop was the heaviest taken from anv
single plantation. In September, 1864, it was estimated that the present
crop would be 1,200 tons— again exceeding any previous crop. The
average production to the acre has also been extraordinary, the last 13
acres cut yielding 52 tons, while from 192 acres 600 tons had been taken
prior to August 26th. The estate is, or will be, a very tine piece of
property, amounting tp some 10,000 acres. The machinery is good
for the number of acres now in cane. The common Jamaica train is
used, with a sugar evaporator similar to C ook ’ s .




350

The Sandwich Islands and their Sugar Ciop.

[November,

On tbe other side of Haleakala, on the uplands o f Makawao, are the
estates of Mr. S p e n c e r , the Brewer Estate, and the Haiku Plantation, the
last named having 7,000 acres o f wood, pasture, and cane. There are on
the ground some 300 acres of plant cane; 200 acres of first rattoons;
200 acres of second rattoons; and 200 prepared for planting. This is a
chartered company, and said to be ably managed by G e o . E. B e c k w it h ,
Esq. The machinery was made by T uffts o f Boston.
There is a fifth plantation at Hana on the eastern side of the island.
A t Lahaina and at Waikapu mills have been started by the Lahaina
Sugar Company, C a m pbell & T euton , and L otjzada & C o r n w e l l , on
the principle of buying the cane from small cultivators among the natives,
and taking pay for grinding in sugar.
This plan has succeeded well in the more closely settled localities, and
the mills are kept well employed. The machinery for grinding is from the
West Point Foundry, if we recollect rightly, and good o f its class. Here,
also, the Jamaica train is used.
On Hawaii there are the M e t c a l f Plantation, where they have the
only vacuum-pan on Hawaii, and which yielded last year a crop of 420
tons; the W ung Fact and Hoon Sing plantations yielding about250 tons
each, all within ten miles o f Hilo.
The last two are owned by
Chinamen.
There is, also, a refinery on the dock at Honolulu for making sugar
from molasses— miel de purga— which, after ruining its first stock holders,
is said to be doing very well now. Indeed it has done so well under the
management of a practical sugar-master from Baltimore, as to have cleared
a dividend of fifty per cent in July, the profits o f the first six months of
1864.
This list embraces all in operation on the 1st January^ 1864, with their
machinery on the spot, but there are several enterprizes in an advanced
state which will add considerably to the production o f the kingdom.
The most promising of these is the Kohaia plantation on Hawaii, which
will be ready for grinding this year, (1864,) and possesses a fine site, with
3,088 acres of good land. It is a joint-stock company, with a capital of
$40,000 ; and, with a site well-chosen, plenty of water and good lauding,
it starts with excellent prospects. About 200 acres of cane are in the
ground, and they expect to have 300 more planted before the close of
this year. The machinery, made by M c O n ie , has recently arrived in
good order. The latest accounts represent this plantation as being in a
very flourishing condition.
One other plantation has been started on Hawaii at Onoraea near Hilo,
and 300 acres of cane put in. Only one is projected in Kauai, that at
Kailua. Upon Oahu three plantations are laid out in the northeastern
part of the island, one o f them belonging to His Majesty, the King o f the
Sandwich Islands. Upon Maui there are also three new ones which are
well advanced, and will be ready soon for their machinery. They are at
"Wailuku, Waihee, and Waiehu, and are believed to enjoy considerable
advantages in the way of supplies of water for irrigation.
All these incipient enterprises, although scarcely worthy of note when
compared with the gigantic estates of the West Indies, will prepare the way
for larger operations. As their owners accumulate capital by suc­
cessful operation, their capacity will be increased every year and fresh




1864.]

B ra z il: Its Government, Population, doc.

351

capital attracted. And as they gather experience, the increased economy of
working will add greatly to their production. In this respect the present
year, 1864, has produced a remarkable improvement. Several practical su­
gar-boilers, thrown out of employ ment in Louisiana by the war, have drifted
to the Sandwich Islands by way of San Francisco, and have found immediate
employment. Heretofore sugar-boiling has been a matter of experiment,
but as soon as experienced men were placed in control of the sugarhouses, the work proceeded with system and economy. Besides this there
are, now, three vacuum-pans in operation, and as the number of these in­
creases, the crop of sugar will increase in arithmetical proportion. A l­
ready the future progress of these islands is fore-shadowed in the rapid
increase of their exports o f sugar, which in 1862 were about 1,500 tons,
rose in 1863 to 2,600 tons, and will probably exceed, according to recent
estimates, 7,500 tons for the year 1864.

BRAZIL.— ITS GOVERNMENT, POPULATION, RESOURCES, DEBT, ETC.
S team communication between the United States and the Brazils is
likely soon to be established. The Postmaster-General has under the
act of last Congress advertised for tenders for a monthly service between
“ some port north of the Potom ac” and the Rio de Janeiro, touching at
St. Thomas, Pernambuco, and Bahia, and the Brazilian Government is so far
interested in the same object as to be willing to unite with us iu subsidi­
zing the proposed line. We have shown in a previous article the benefits
to both countries of increased facilities for intercourse, and we do not in­
tend at this time to discuss that question further, but rather to notice the
extent, style of government, and resources of Brazil.*
A desire to reach the East Indies by sailing westwards from Portugal
led to the discovery o f the eastern coast of South America in January,
1500; the territory thus discovered was taken possession o f in the name
o f the King o f Castile by the Portuguese naval commander, P edro
A l v ar e s de C a b r a l , who landed at Cape St. Augustine. Jesuit mission­
aries early established themselves in Brazil, and entered into commercial
enterprises with the aid of the natives, exerting a very favorable influence
on the native inhabitants.
Spain never urged her claims to the country, but the Portuguese hav­
ing established a colony in 1504 on the coast, and subsequently others at
different points, Brazil became a colony of Portugal and remained so
during the sixteenth, seventeenth, and eighteenth centuries.
In 1807, the invasion of Portugal by tne army of N a p o l e o n I, under
J u ko t , let to the retirement o f the Prince Regent o f Portugal with his
family to Brazil; a British squadron escorted the Portuguese fleet, and a
court was instituted at Rio de Janeiro. Portugal afterwards became a
* Many of the facts anil much of the matter contaiued in this article are taken
from a paper read before the Statistical Society of London by J ames H etwood , and
published in the societies’ journal.




352

B ra zil: Its Government, Population, &c.

[November,

sort of dependency o f Brazil, and was governed by a council of regency,
tbe royal family remaining in South America until the restoration of
peace. In 1821 a constitution was granted to Brazil, and in 1822, D o s
P e d r o , son of the King of Portugal, was chosen Emperor by the Bra­
zilians, and Brazil became an independent State.
A fresh constitution followed this change. In 1841 P edro II. was
crowned Emperor. Under his spirited administration Brazil has advanced
rapidly.
The Emperor has authority to select ministers of State, to withhold,
temporarily, his sanction from legislative measures, and to dissolve the
Chamber of Deputies. The country is divided into electoral districts, and
the privilege of voting is conferred on all persons possessing an annual
income, of any sort, o f a hundred milreis. which is a little more than §50,
but minors, monks, and servants are not allowed to vote.
The §50 voters choose electors, each of whom must have an income of
200 milreis, or a little more than §100 a year, as a qualification ; the elec­
tors choose the deputies, who must have an income of 400 milreis each,
or about $225 per annum.
A somewhat different system is pursued in the selection of candidates
for the Senate. Each candidate for that office must have an income of
800 milreis, or about $450 a year ; and in the case of a vacancy, three
persons are elected for the province by the system of double election.
From the three candidates so chosen, the Emperor selects one as a senator,
which office is tenable for life.
The general Legislative Assembly consists o f two houses, the Senate,
consisting of 55 members, and the Chamber o f Deputies,comprising 122
representatives. Each deputy is paid for his attendance, 2,400 milreis, or
about $1,350 a year besides traveling expenses; and the pay o f the sena­
tor is 3,6u0 milreis, or about $2,000 a year. All persons born free in
Brazil are Brazilian citizens; thus the Indians are citizens; slaves, as soon
as they are freed are qualified to be primary voters for the election of
deputies and senators, if they can make out the revenue of 100 milreis;
the free born son of the freed man has all the rights of Brazilian citizen­
ship. In the army or navy, in commerce, agriculture, or manufactures,
in social or political position color is no barrier to the highest success.
There are seven Ministers, of the Empire or Interior, Justice, Foreign
Affairs, the Marine, War, Finance, and Agriculture Commerce and Pub­
lic Works. One of these is president, and considered chief of the min­
istry. The ministers are named by the Emperor, and are, in practice, de­
pendent on majorities in the Legislature. Changes o f ministry have lat­
terly been very frequent— almost annual.
I he Emperor’s ministers are assisted byT a Council of State, consisting
o f twelve ordinary and twelve extraordinary members, all named by the
Emperor for life. The twelve ordinary members are constantly consulted
on matters of administration and international questions, and are indeed
a regular part of the system of Government. The whole twenty-four are
convened on graver occasions. The Councillors of State, ordinary and
extraordinary, are mostly ex-ministers.
The Brazilian titles of nobility (marquis, count, viscount, and baron)
are only for life, and do not coufer any political position. They are given
as rewards of public service, as well as for electioneering influence.




1864.]

B ra zil: Its Government, Population, dec.

353

A t the head of each province is a president appointed by the central
Government; and in each province there are district Chambers and a
general Council (the Legislative Assembly of the province,) the members
of which are elected by the same voters as for the election o f deputies
and senators; and the same voters elect the justices of the peace for the
municipal districts. All these provincial elections are for four years.
POPULATION.

The following table gives, it is believed, as nearly as possible, the actual
population and extent o f the provinces of the empire in 1853 and 1856,
and of the capitals in 18 51 :
Provinces.
Northeast—
Grao Para............
Maranhao.............
Piauhi..................
Ceara ...................
K. Grande doNorte
East—
Parahiba...............
Pernambuco........
Alagoas ...............
Sergipe del E e i..
Southeast—
B a h ia ...................
Espirtu-Santo.. . .
Rio de Janeiro.. .
Sao Paolo.............
Curitiba................
Santa Catarina...
R. Grande do S u l.
Interior—
Alto Amozonaa...
Minas G e r a e s ....
Matto Grosso........
Parana.................
Goyaz....................

----1853.---------------.
1856.
Area sq.
Pop. to
miles. Population, sq. mile. Population.
532,000
96,000

200,000
290,000

0.3 8
3.02

207,000
360,400

92,000
42,600
28,800

130,000
210,000
170,000

1.41
6.
5.9

21,700
39,900
15,600
16,200

220,000
940,000
236,000
180,000

10.14
23.55
17.7
11.11

154,700
23,000
31,800
82,000
77,600
33,800
98,000

Capitals.

1851.
Pop. of
capitals.

150,400
885,300
190,000

Belem.
S. Luiz de Maranhao.
Oeiras.
Portaleza.
Natal.

6,000
6,000
12,000

209,300
950,000
204,200
183,600

Parahiba.
Recife.
Maceio.
Sergipe.

16,000
22,000
8,000
13,000

950,000 6.14 1,100,000
70,000 3.04
51,300
900,000 28.3 1,200,000
390,000 4.75
500,000
156,000 2.01
102,000 3.
105,000
285,000 2.9
201,300

550,000 112,000
223,500 1,300 000
406,500 100,000
94,700
60,000
313,000 120,000

.20
42,600
5.81 1,300,000
85,000
.24
.64
72,400
.39
180,000

Total.............. 2,973,400 7,121,000

2.39 7,677,800

14,000
36,000

S. Salvador.
Vittoria.
JNitheroy.
Sao Paulo.
Curitiba.
Desterro.
Porto Allegre.

118,000
5,000
18,000
7,000
12,000
6,000
12,000

Barra.
Ouro Preto.
Ouraba.
Nuranda.
Goyaz.
Rio Janeiro.

6,000
10,000
15,000
1,000
8,000
300,000

Of this population it is estimated that 2,000,000 are whites, 1,121,000
mixed free people, (mulattoes, mestizoes, etc.,) 800,000 civilized Indians,
600,000 mixed slave population, and 2,000,000 blacks or African slaves.
The estimates of the free mixed races and of the Indians are only approxi­
mations and may be inaccurate. At the present time the population is
supposed to be about the same as stated above for 1856.
The superficial area of the empire, as will be seen from the above, is
about 3,000,000 square miles, and there are now about three persons, on
an average, to each square mile. Brazil, in its extent of territory, is sec­
ond only to the colossal empires of China and Russia, and is about the
size of the United States.
Large tracts of Brazil are uninhabited, or peopled only by a scattered
population. The masses of inhabitants congregate near the coast, and
V O L . l i .— n o . v .
22




354

B r a z il: Its Government, Population, &c.

[November,

around the chief sea p orts; thus the district o f the municipality o f Rio
de Janeiro comprises about 450,000 inhabitants, and the slaves in that
district are rather less than half o f the number. In the province of Rio
de Janeiro, the slaves exceed- in number the free population.
Bahia contains but a small proportion of whites, and the black inhabi­
tants are so numerous, that it resembles an African city. Out of 125,000
inhabitants o f Bahia, seven-eighths are said to be blacks, and nearly all
the negroes are slaves. The population o f Pernambuco is estimated as
one-third slaves; one-third colored free blacks ; and remaining one-third
Brazilians and foreigners.
Whilst Brazil remained a colony of Portugal, but few women accom­
panied the emigrants to South Am erica; the earliest European settlers
intermarried and mixed with Indian women; afterwards an extensive in­
termixture of race occurred with the Africans who were bought for slavery.
The mixed population increases continually and rapidly in Brazil, and
many of the so-called whites hardly deserve the appellation.
In the northern provinces the Indian element preponderates. In South
Brazil the negroes are numerous. A large part of the population of the
Brazilian empire consists, as we have seen, o f mixed breeds, each of which
has a distinguishing name; thus Mulatto denotes the offspring of a white
with a negro; and Mameluco, that of a white with an Indian; Cafuzo
denotes the mixture o f the Indian and negro; Curibooo, the cross be­
tween the Cafuzo and the Indian; Xibaro, that between the Cufuzo and
the negro. These are seldom, however, well demarcated ; and all shades
o f color exist in the country.
SLAVERY.

In 1826 a treaty was made between Great Britain and Brazil, provid­
ing that at the expiration o f three years from the exchange of ratifica­
tions, the carrying on of the slave trade by any Brazilian subject, should
be unlawful, and should be deemed and treated as piracy.
During those three years, terminating in 1830, a considerable increase
o f the trade in slaves took place; much Brazilian capital was embarked
in slave traffic, and the greatest possible use o f that source o f profit was
made as long as it was permitted.
In 1828 the number o f slaves imported into Rio, amounted to 43,555 ;
and during the twelve months ending 30th June, 1830, the same port re­
ceived 56,777 negroes, besides which, there were 21,554 imported into
other parts of Brazil, making a total, in that year, o f 78,331 imported
slaves.
For twenty years, after 1830, the slave trade continued without abate­
ment, and during that period a million o f slaves were imported into Brazil.
Lord H o w d e n , British Minister at Rio de Janeiro, reported an importa­
tion of upwards o f 60,000 negroes in 1847. Slavers were seized in 1850
by orders of the British Government in the Brazilian ports and rivers, and
this decided measure led to such active efforts on the part of the Brazilian
Government to suppress th$ slave trade, that in 1851, Sir J am es H udson
reported that only 460 slaves had been imported into Brazil during the
first quarter of that year. The slave trade has not been continued in
Brazil since 1851, but there are nearly three millions o f slaves now in
that empire.




1864.]

B ra z il: Its Government, Population, d'c.

355

Coffee plantations have been so profitable, that they have much increased
in number, and many slaves have been brought from the northern or
equatorial provinces o f Brazil to the coffee grounds of the more southerly
provinces.
This large deportation of slaves from the northern provinces is neces­
sarily causing a dearth of labor in the north, where the heat being greater
than in the south, African labor is not so easily replaced by Portuguese
or German immigration.
The Brazilian nation is the owner o f slaves estimated in the last annual
report of the Finance Minister at 1,520. These are located on different
national estates. The unproductiveness of these estates under slave labor
has been the subject of complaint for some years past, in the Finance
Minister’s reports, and it is an economical point o f interest on account of
the dearness of slave labor. The Finance Minister stated in 1860, ‘ "The
gross receipts of the Piauh estates were, in the financial year 1858-50,
£3,931 10s. 4d., which, distributed among 807 slaves, gives a result of
about £ 4 17s. 5d. per annum for each slave, which is little more than the
monthly wages of a slave! And from this sum no deduction is made for
rent, or for increase of cattle. The receipts o f the Para estates during
the same year amounted to £ 3 126 15s. 3d., which, distributed among
127 slaves, gives the annual sum o f £24 12s. 3d. for each slave.” The
Finance Minister recommended the sale of some o f the estates and the
removal of the slaves. In the last report he recommended the emanci­
pation o f slaves who from old age or permanent illness are unable to do
any work, and he begs the Legislature to authorize their gratuitous eman­
cipation ; but he does not explain how they are to subsist after emancipa­
tion. “ The Government not considering itself authorised to grant eman­
cipation, except by depositing in the public coffers the price at which the
slaves may be valued by the proper authority, you will see that, in the
impossibility of the slave’s acquiring freedom, his lot becomes much
worse, he is condemned to a perpetual captivity and has no benefit from
his long previous services and the fidelity and devotion with which he
gave them. In such circumstances humanity implores you to resolve on
the gratuitous emancipation o f slaves of the nation when, by reason of
advanced age or permanent infirmity of a grave character, they become
unable to do work for the nation.” But how are these infirm slaves to
maintain themselves ?
Since the commencement of the present year, a Brazilian senator has
introdueed into the Senate a bill for compulsory emancipation of all slaves
held by the Brazilian nation, as well as all slaves owned by convents and
by foreigners (as for example Englishmen) from countries in which slavery
is illegal. The bill has been rejected. The same senator has of late
years unsuccessfully proposed bills for abolishing public sales of slaves by
auction, and preventing the separation o f husband and wife, parents and
children, by sale, and for other mitigations of slavery.
The following are the last published consular returns of prices of slaves
in Brazil, 30th June, 1862:
Rio de Janeiro : Slaves for agriculture and mining, males, $535 to $965 ;
females, $535 to $800 ; for domestic service, males, $645 to $1,070 ; fe­
males, $535 to $965. Rio'Grande do S u l: for agriculture, males and
females, $650 ; for domestic service, males, $755 ; females, $675. Bahia :




356

B ra z il: Its Government, Population, <&e.

[November,

African males, $900 ; African females, $540 ; Creole males, $540 to $810 ;
females, $325 to $430. Paid.: males, $665 to $885; females, $555 to
$720; males, with trades, $830 to $1,110.
The cessation o f the slave trade has necessarily increased the price o f
slaves. It may be presumed also, in the absence of all statistics, that the
number of slaves has diminished and is diminishing, after a loss for twelve
years past of importations at the rate of 40,000 to 60,000 a-year. Cholera
and other epidemics have carried away a large number of slaves since
1850; cholera alone is said to have carried away 16,000 in 1855. On
the other hand, there will necessarily be more care of slaves, more atten­
tion to breeding among them, and fewer manumissions. But as regards
breeding, there is the strong prejudice of the slave women against bring­
ing up their children to be slaves to contend wdth, which leads to abor­
tions, infanticides, and large mortality among slave children from neglect,
COMMERCE.

The values of the imports and exports of Brazil for the year
1861-62, were, imports, about $61,880,000 ; exports, about $68,000,000.
The Brazilian import duties have since 1844 been placed on a general
basis of 30 per cent ad valorem. Treaties limiting import duties to 15
per cent, expired in 1844.
A report of one of the British Secretaries o f Legation under date o f
January, 1861, states, “ that after the expiration of all these treaties, Brazil
introduced a general and highly restrictive tariff in 1844, by which an im­
port duty of 30 per cent was imposed on foreign goods in general, while
on certain articles, duties were levied ranging from 2 to 50 per cent ad
valorem. The export duties remained as they had been fixed in 1835,
viz., 17 per cent on the most important Brazilian products, and from onehalf to 17 per cent ad valorem on others.” * In 1858 the excessive dear­
ness of provisions led to a great reduction in the duties on the chief im­
ported articles of food, dried fish, jerked beef from the River Plate, and
wheat flour, which were reduced to 5 per cent. There was also at this,
time a reduction of one-half of the duties on the principal imported
manufactures. In 1860 the import duties were increased from 2 to 5 per
cent, and the export duties by 2 per cent, to bring increase of revenue.
The provincial assemblies of Brazil are permitted to levy export duties.
Thus in Parti, one of the northern provinces o f Brazil, the export duties
vary from 5 to 10 per cent, the most productive article being Indian rub­
ber ; the import duties vary from 18 to 80 per cent.
On the southern frontier of Brazil, near the River Plate States, a great
deal of smuggling is carried on, which, according to the report of the
Minister of Finance o f 1860, is rapidly increasing. The duties imposed
in the Brazilian port of Rio Grande are so much higher than those of
Monte Video, that imported articles passing the frontier of the River Plate
States can be furnished to the interior of the province of Rio Grande do
Sul, 20 per cent cheaper than the regular merchant can afford to sell
them.
Long and vexatious formalities characterise the Custom-House system
o f Brazil. Merchants must pay the Custom-House agents if they wish
* Reports of Secretaries of Legation, No. 4, p. 461.




1864.]

357

B ra z il: Its Government, Population, <&c.

to get easily through the multitudinous forms required in the ports of that
country. Portuguese habits are retained in Brazil, and the same ordeal
of health visits, police, and Custom-House searchers, is insisted upon be­
fore a passenger is allowed to leave his ship. A long string of regula­
tions is provided, and a shipmaster or merchant, who innocently contra­
venes them, is liable to heavy fines, and even confiscation of the ship, or
its property, although there has been no fraudulent intention.
All the foreign trade with the United States and Europe is conducted
in foreign vessels, the Brazilian vessels confining themselves to coasting
voyages and to the River Plate.
The following are the number of vessels, tonnage, and crews which
entered and left the Brazilian ports in 1861-62 on foreign voyages:
Entries.

National—
Vessels.
Tons. . .
Crew s..
Foreign—
Vessels.
T o n s.. .
Crews .
Total—
V essels
T on s.. .
C rew s..

Departures.

190
31,308
1,719

126
29,129
1,365

2,572
904,936
41,542

2,463
1,023,402
41,168

2,762
941,244
43,261

2,589
1,052.531
42,523

The following are the numbers o f vessels and tonnage of the coasting
trade for 1861-62 :
Entries.
3,308
232,587

V essels
Tons . .

Departures.
8,062
621,569

PRODUCTIONS.

Coffee, sugar, cotton, tobacco, India rubber, Paraguay tea, rum, and
cocoa constitute the principal productions of Brazil.
During five years, 18C2-57, the annual average value of the exports of
these products was as follows :
Coffee.............
Sugar ...........
Cotton...........
Tobacco.........
India rubber.
Paraguay tea
R u m .............
C o c o a ...........

Milreis.
43,990,620
20,099,740
5,518,850
2,162,200
2,336,780
1,335,684
943,887
758,472

$24,744,725
11,306,101
3,104,855
1,216,235
1,314,440
751,320
630,930
427,640

The quality of Brazilian cotton greatly deteriorated some years ago
from want of care, and from the mixture o f inferior qualities with the
finest descriptions o f that product.
During the present war Brazilian cotton has obtained an important
position, being regarded as similar, for fine numbers, to the cotton of New
Orleans and Texas.
The supply, however, is as yet very lim ited; only 136,679 bales being




358

B ra z il: Its Government, Population, &c.

[November,

imported into Great Britain during the last year, as will be seen from the
following table. These receipts probably embrace the entire supply :
IMPORTS OF COTTON INTO GREAT

Imported into— American.
131,776
413

Liverpool.
London. . .
G lasgow ..
Hull, e t c ..
In 1 8 6 3 ...
1 8 6 2 ...
18 61...

Brazil.
136,480
199

1,200
183,389
72,036
1,841,687

136,679
131,011
99,224

BRITAIN

1861, 1862, 1863.

Smyrna and
West
Egyptian. India, etc.
244,404
21,312
2,756
2,639
52
230
482
12
247,577
149,988
97,795

24,310
17.563
10,764

East India.
1,132,674
257,515
20

Total.
1,666,646
263,622
302
1,694

1.890,209
1,074,487
986,290

1,932,164
1,445,085
3,035,724

The supply for 1864 from Brazil will be*increased to probably two hun­
dred thousand, and possible two hundred and twenty-five thousand baleB.
A bale of Brazilian cotton weighs only 181 pounds.
The mines of gold and of precious stones have given to Brazil the re­
putation of possessing almost unbounded mineral wealth ; and yet the
exports of coffee and sugar alone in the course of a year and-a-half have
exceeded the whole product o f the diamonds found in a period of
eighty years. The annual yield o f diamonds was estimated at thebegining of 1858 at 12,000 to 13,000 oitava (eighth part o f an ounce.)
Paraguay tea is exported to the River Plate, where it is an habitual
beverage in Buenos Ayres. The only Brazilian provinces which export it
are those o f Rio Grande do Sul and Parana.
Companies have been formed in Brazil for the purchase of articles o f
food, such as salt fish, wheat, flour, and fresh meat; and when there is no
deficiency in the market, these articles are sold at high prices.
Tables of the average official prices of articles of food in Brazil, accord­
ing to weekly returns, from 1850-51 to 1858-59, show that the seven
principal articles o f public consumption, viz., rice, sugar, dried meat,
mandioca flour, beans, Indian corn, and bacon, have doubled in price in
the eight years, 1850-51 to 1858-59, and since the population has not
increased in so great a proportion during that time, nor the produce di­
minished, this extraordinary rise in price has been attributed to the mo­
nopoly of these food companies. This, however, is not correct. The
paper money system in Brazil is doing for her what our national currency
is for us, only on a smaller scale. The circulating medium consists of the
bills of the Bank of Brazil and of the Government paper mouey.
REVENUE AND

EXPENDITURE.*

The Minister of Finance estimates the receipts for the financial year,
1864-65, at 51,000,000$000, fifty-one millions o f inilreis (thousand reis.)
The value of the milreis, like our currency dollar, constantly fluctuates ; it is
at present about fifty-five cents o f our gold dollar. The estimated reve­
nue, therefore, for 1864-65, is about $28,687,500 in American gold.
The expenditure estimated for 1864-65 is 57,846,407$766 or about
$32,523,600.
* The following particulars about revenue are taken from the “ Annual Report o f
the Minister of Finance,” presented to the Legislative Assembly in May, 1863.




1864.]

B ra z il: Its Government, Population, &c.

359

W e thus see that there is a deficiency in the estimated revenue com­
pared with the estimated expenditures o f about four million dollars. In
addition to the 51.000,000 milreis revenue, there is an estimate o f Govern­
ment deposits to the amount of 3,340,854 milreis, or about $1,879,430,
which may be used in aid o f revenue, but which will of course be strictly
a debt.
In the financial year, 1861-62, the revenue was higher than any previ­
ous year, and reached the sum o f 52,078,085 milreis, exclusive of de­
posits. This amount has not since been attained. The Finance Minister
had calculated fifty-one and a half millions o f milreis of receipts for
1863-64, with a surplus of 470,946§362. But this estimate has proved
fallacious, and instead o f a surplus there is a deficit; and another deficit
is announced for the coming year, 1804-65. Up to the year 1856-57,
the revenue annually exceeded the expenditure, but since then it has been
constantly the other way, even in the year 1861—62, when the revenue
reached its highest point. In I860 a Committee of the Chamber of D e ­
puties reported an accumulation of deficits for the end o f the financial
year, 1862-63, estimated at 10,000,000 o f milreis (§5,625,000,) and the
Legislature authorized the issue o f treasury bills to the extent o f eight
millions of milreis. At the same time the customs and export duties were
increased. Loans raised by the Brazilian Government during the last
year, 1863, to the extent of $20,000,000, have cleared off the treasury
bills issued under the authorization of 1860, and all deficit up to the end
of 1863, and added to the permanent national debt. The Minister of Fi­
nance, in his annual report of 1863, urgently invites the Legislature to
provide for future equalization of revenue and expenditure by economy or
new taxes.
The chief item o f revenue is customs’ duties, more than half of the es­
timate for 1864-65, viz., 29,650,000$000, or about $16,678,125. The
export duties amount to 7,759.5768000, or about $4,362,760.
The expenditure is distributed as follows among the different ministries :
Ministry o f the empire or interior....................................
“
ju s tic e .............................................................
“
foreign affairs...................................................
marine.............................................................

4,781,4948730
3,'209,5958835
767,4308558
7,752,0918920

“

w a r.......................................................

13,206,2748349

“
“

finance..............................................................
agriculture, commerce, and public works. .

19,131,198*512
8,998,321*867

The estimate for the ministry of the empire includes the allowance to
the Emperor (800,000 milreis, or about $450,000,) Empress (93,000 mil­
reis, or about $54,500,) and the other members of the imperial family,
the ministers, council of State, presidents of the provinces, senators
(275,550 milreis, or about $155,000,) and deputies (410,480 milreis, or
about $200,870.) The chief part o f the estimate for the ministry o f
foreign affairs, is for the diplomatic and consular services, the whole ex­
pense of which is 597,430 milreis, or about $316,050. The estimate for
the ministry of finance, includes the interest on national debt and sinking
fund payments.
There has been a very great increase both of revenue and annual ex­
penditure of late years. Compare the estimates for 1864-65 with the
revenue and expenditure of 1855-56 :




360

[November,

B ra sil: Its Government, Population, <l-c.
Revenue.

1355-56 .......................................................
1864-65 .......................................................

$38,634,856
51,000,000

Expenditure.

$40,242,648
51,846,407

In the year 1848-58, the revenue was little more than 25,000,000 milreis, so that it has more than doubled since. The expenditure for the year
1844-45, was 25,458,230$334.
The national debt of Brazil may be roughly stated at about 21,000,000
or 22,000,000 sterling. It is made up as follows, as shown by the last
annual report of the Minister o f Finance :
DEBT OF B R A ZIL .

Foreign debt, up to 31st December, 1862...............
National funded debt
“
...............
In Great Book.............................................................
In provinces (not in Great B o o k )............................
Debt anterior to 1827 (not inscribed).....................
Treasury bills to 80th April, 1863..........................
Government paper money in circulation, Mar., 1863
Public deposits.............................................................
Orphans’ fu n d .............................................................
Dead and absentees’ fund..........................................
Passive debt.................................................................

69,658,000$000
137,553*445
220,477*323
108,743*139
6,576,000*000
35,340,469*000
1,767,345*521
9,161,904*342
3,056,698*716
1,473,177*105

Total

$36,025,000
39,182,625
77,065
124,020
61,170
3,694,000
19,879,010
994,130
5,147,320
1,713.390
828,135
$107,726,865

Since this estimate was published, a loan of $16,500,000 has been raised
in England, and another of $3,000,000 in Rio deJaueiro; total, $19,500,000.
But with these loans $14,277,500 of the foreign debt and the $3,694,000
o f treasury bills are to be paid off; total, $17,721,500, so that there will
be only an increase of $1,533,500 to the national debt.
In addition to this debt, liabilities of the Brazilian Government by
guarantees of interest to railway undertakings, should be mentioned.
There are guarantees of 7 per cent interest (5 per cent guaranteed by the
imperial Government and 2 per cent by the respective provincial govern­
ments) on the following amounts of capital for the following undertak­
ings :
Don Pedro II railway, (in province o f Rio de Janeiro). . . .
Pernambuco railway...............................
Bahia ra ilw a y............................................................................
San Paolo railway.........................................................

$15,000,000
6,000,000
9,000,000

Total....................................................................................

$40,000,000

10,000,000

The imperial Government have therefore guaranteed for these useful
public undertakings 5 per cent on $40,000,000, or $2,000,000 a-year.
These guarantees o f 7 per cent are of course not guarantees of interest to
the shareholders, irrespective of profit or loss in working the railways;
loss in working has first to be provided for out of the 7 per cent guaran­
teed.




1864.]

The Statute o f Limitations.

COMMERCIAL

361

L A W . - N O . 15.

THE STATUTE OF LIMITATIONS.
(Continued from Page 283.)
THE PROMISE OE ONE OP SEVERAL JOINT DEBTORS.

T h e question has frequently arisen, whether a new promise b y one of
two or more joint debtors has the effect of reviving the debt as to the
others, who make no promise. If the statute be one o f presumption and
not of repose, as previously stated, such an admission would prove the
debt and remove the statute as to all. \So it has been held. But the
present weight of authority and of reason limits the effect o f the new pro­
mise to him who makes it. He may, however, be authorized to promise
for the rest, and then he binds them.
Thus, if A, B, and C are in partnership, and a note of theirs is more
than six years old, the new promise o f either of them, given while the
partnership continues, binds all three, because either could give a new
note binding the firm. But if the partnership has ceased, the new pro­
mise of A binds only himself, because he has no longer authority to bind
the others. Tenterden’s Act provides that no joint contractor shall be
chargeable by reason of any promise by a co-contractor. In those of our
States in which this clause also is adopted, it settles this question ; as in
Massachusetts, Maine, and some other States.
TO WHOM THE NEW PROMISE SHOULD BE MADE.

Whether the new promise must be made to the creditor himself, (or to
his agent,) or is sufficient if made to a third party, is not settled very
fully. Thus, if A says orally or in writing. “ I cannot pay you, because
I owe B and shall pay him first,” it is not certain whether B can sue A
on this promise.
In Pennsylvania, it seems settled that such a promise or acknowledg­
ment is not sufficient, and this we think the better rule. In a case in
that State, it was held that a declaration made by the defendant to a
stranger to the suit or cause of action, that he owed to the plaintiff a debt
“ of about $800, which he intended to have settled within twelve months
from that date,” is not sufficient to take the case out of the Statute o f
Limitations. But in New York, the old rule, which makes such an
acknowledgment sufficient, seems not to have passed away. In that State,
where the defendant said to a third person that he owed the plaintiffs
$700 for goods received, it was held that such an acknowledgment was
sufficient to restore the right of action, which had been barred by the
statute. And this may be true in Massachusetts, and some other States.
It is possible that a new promise by the maker o f a negotiable promis­
sory note to the payee, would take the case on that note out of the
statute as to all who are parties to the note subsequently to the payee, so




362

The Statvte o f Limitations.

[November,

that a new promise of a first indorser would be sufficient to restore the
liability of the later indorsers, by reason o f the peculiar nature and pur­
pose of negotiable paper. But the cases are in some conflict on this point
also.
accounts betw een m erch an ts.

An important provision of the statute is that which excepts from its
operation “ accounts that concern the trade of merchandise, between
merchant and merchant.” There are three requisites before a debt is
exempted from the effect of the statute, on this ground. It must be an
“ account” ; it must “ concern merchandise” ; it must be “ between mer­
chants.” The first question has been one of some difficulty in England ;
but almost any transaction which was between merchants, and related to
the buying and selling o f merchandise, and ended in a debt, would prob­
ably be here held as an “ account,” within the meaning of the statute;
and a suit might therefore be brought upon it after six years.
Formerly, none were considered as “ merchants” in England, who did
not trade “ beyond seas.” But the construction of this word is far more
liberal there at the present time. W e have no exact standard or defini­
tion which will determine who is a merchant. The word “ trader” is
often used in this country, and sometimes as synonymous with merchant.
A wide significance of the word, but perhaps not too wide, would include
all of those whose business it is to buy goods and sell them again, whether
by wholesale or retail. In Scotland, the phrase “ travelling merchant ” is
frequently applied to a pedlar; but we do not know that it is so used
here. A similar difficulty exists as to what is meant by the word “ mer­
chandise.” There is here also no definite standard; but we should be
disposed to include in it everything that is usually bought and sold by
merchants, in the way of their business, and nothing more. In the Su­
preme Court of the United States, it was held that a contract between
shipowners and shippers of goods to receive half profits instead of freight
on the shipment for a foreign voyage, was barred by the Statute of Limi­
tations, because it was not a case o f “ merchants’ accounts ” in the proper
meaning of the statute. So if a merchant sold another his horse or car­
riage, or a load of hay from his fields, or a picture from his house, we
should say this debt would be barred by the statute, after six years, even
if the charge were included in an account made up otherwise of mercan­
tile items.
It has also been held that no account was exempted from the statute,
although between merchants, and concerning merchandise, unless some
item of it accrued within six years; and then that item drew in the whole
account. But we think the latter as well as the better authority, both in
England and in this country, and much the stronger reason, would not
make this requirement, but would exempt the whole of such an account
from the operation o f the statute, although all its items were more than
six years old.
THE OTHER STATUTORY EXCEPTIONS.

The original English statute also provides, that, if a creditor at the time
when the cause of action accrues is a minor, or a married woman, or not
o f sound mind, or imprisoned, or beyond the seas, the six years do not




1864.]

The Statute o f Limitations.

363

begin to run ; and he may bring his action at any time within six years
after such disability ceases to exist. And by the 4th of Anne, chapter 16,
section 19, it was provided, that if any person, against whom there shall
be a cause of action, shall when such cause accrues be beyond the seas,
the action may be brought at any time within six years after his return.
These exceptions and disabilities, in both the statutes, are usually con­
tained in our own statutes.
The effect of these is, that the disability must exist when the debt ac­
crued ; and then, so long as the disability continues to exist, the statute
does not take effect. But it is a general rule, that, if the six years begin
to run, they go on without any interruption or suspension from any sub­
sequent disability. Thus, if a creditor be o f sound mind, or a debtor be
at home, when the debt accrues, and one month afterwards the creditor
becomes insanq, or the debtor leaves the country, nevertheless the six
years go on, and after the end of that time no action can be commenced
for the debt. Or if the disability exists when the debt accrues, and some
months afterwards ceases, so that the six years begin to run when it
ceases, and afterwards the disability recurs, it does not interrupt the six
years.
So, too, if there be several disabilities existing at the time the debt ac­
crues, the statute takes no effect until all have ceased. But if there be one
or more disabilities at the beginning, so as to prevent the six years from
running, and, before these are removed,'other disabilities occur, as soon
as those existing at the beginning cease, the six years begin, although the
others have not ceased. Thus, if a debt was due the 1st of January, 1850,
and then the creditor was a minor, but became o f full age the 1st of Jan­
uary, 1851, the statute would not begin to run until the 1st of January,
1851. But if in 1852 he went to Europe, and in 1853 became insane, in
six years from the 1st of January, 1851, that is, on the 1st of January,
1857, the debt would be barred by the limitation. If, however, on the
1st of January, 1850, the creditor was a minor, and also abroad, and also
insane, the statute would not begin to run until all these disabilities were
removed; that is, not until he was o f full age, and bad come home, and
was sane. As soon as all these things happened, the six years would be­
gin, and would continue uninterruptedly, although within them he became
again insane, or left the country.
In this country, a rational construction has been given to the disability
o f being beyond the seas, and its removal; and it is not understood to be
terminated merely by a return of the debtor for a few days, if during those
days he was not within reach. In a case in Maryland, where the defen­
dant, a resident of another State, appeared in Baltimore, where the plain­
tiff resided, in six months after the cause o f action accrued, and “ purch­
ased other goods from the plaintiff, and remained there for two days,” it
was held that the statute did not begin to run, because it did not appear
but that the defendant made his purchase just before he left; so that the
plaintiff had no opportunity to sue out a writ against him with effect.
If, however, the creditor knew that he had returned, or might have known
it by the exercise of reasonable care and diligence, soon enough to have
profited by it, this removal of the disability brings the statute into opera­
tion, although the return was for a short time only.
In some of our States, as in New York and New Hampshire, it is ex-




364

The Statute o f Limitations.

[November,

■pressly provided, that, if a defendant leaves the State after the action
accrues, the time of his absence shall not be taken as any part of the
period within which the action must be brought. Under this clause a
question has arisen, whether successive absences can be accumulated and
the aggregate deducted ; but it is now generally agreed that this may be
done, and that the statute is not confined to a single departure and return.
Thus, if a man owes a debt, and after two years is absent one, and after
two more is absent another, the debt is not barred in these States although
six years old, nor will it be until the debtor has been two more years
within reach of the creditor. The question has also arisen, whether this
clause contemplates temporary absences, or only such as result from a
permanent change of residence. And this has been decided differently by
different courts.
This disability applies as well where the debtor is a foreigner, residing
permanently abroad, even if he have an agent here, as to our own citizens
who are only visiting abroad.
It has been held, that if there be joint creditors, all o f whom are absent
when the debt accrues, and one of them returns, the six years begin as to
all of them. And the reason is, that he may bring bis action at once, and
use the names of the other creditors. But it has also been held, that, if
several debtors are abroad, the limitation does not begin to run until all
return; for otherwise the creditor might be obliged to bring his action
against the returning party alone, and he might be insolvent; and yet an
action and judgment against him would extinguish the creditor’ s right of
proceeding against the others.
WHEN THE PERIOD OF LIMITATION BEGINS.

It, is sometimes a question from what point of time the six years are to
be counted. And the general rule is, that they begin when the action
might have been commenced. If a credit is given, this period does not
begin until the credit has expired. Thus, in England, it was held that
where a bill of exchange is drawn, payable at a future period, for the
amount of a sum o f money lent by the payee to the drawer at the time of
drawing the bill, the payee may recover the money in an action for money
lent, although six years have elapsed since the time when the loan was
advanced ; the Statute of Limitations beginning to run only from the time
when the money was to be repaid, namely, when the bill became due. If
a note on time be given, the six years do not begin until the time has ex­
pired, including the additional three days of grace; if a bill of exchange
be given, payable at sight, then the six years begin after presentment and
demand; but if a note be payable on demand, or money is payable on
demand, then the limitation begins at once, because there may be an
action at once. If there can be no action until a previous demand, the
limitation begins as soon as the demand is made. If money be payable
on the happening of any event, then the limitation begins after that event
has happened. Thus, iu the Supreme Court of the United States, in an
action to recover the amount of a loss occasioned by the neglect or un­
skilful conduct o f the defendant, an attorney at law, it was held that the
Statute of Limitations began to run as soon as the error was committed,
and not afterwards, when it was made known. If several successive credits




The Statute o f Limitations.

1864.]

365

are given, as, if a note is given which is to be renewed ; or if a credit is
given, and then a note is to be given ; or if the credit is longer or shorter;at the purchaser’s option, as, if it be agreed that a note shall be given at
two or four months,— then the six years begin when the whole credit or
the longer credit has expired. But a credit may be given on condition;
as, that a bill or note o f a certain kind or amount shall be given at once,
or when the credit expires. Then, if the bill or note is not given when it
should be, the creditor may at once bring his action, and therefore the
limitation begins. But we should say, that if a purchaser agreed that
after a certain credit he would give a certain bill or note, the seller must
demand the bill or note at the proper time, and if it be refused, he has
his action at once ; but if there is a mere neglect, and not a refusal, to
give the bill or note, the credit does not expire until the period for which
the bill or note should be made has expired also.
The same reason and the same rule run through many cases in which
the interests of third parties are brought into question. Thus, if a surety
pays for his principal, the limitation begins as soon as he pays, and begins
on each payment, if there be many, as soon as each is made; for the
surety may sue the principal at once. If there be many sureties, and one
pays at sundry times what is in the whole more than his share, he has a
claim for contribution against all his co sureties; and the statute does not
begin to run in their favor against him from his tirst payment, but as soon
as his payments, whether one or more, amount to more than his share;
because until then he can claim no contribution. If one lends his note,
the limitation begins when the lender is obliged to pay the note, because
then, and not till then, he can sue the borrower.
Generally, if there be any promise o f indemnification, for the breach of
which an action may be brought, the limitation against this action begins
not until there is that actual injury or loss for which the indemnity is
promised; and if the promisor had a certain time in which to give the in­
demnity, not until that time has expired.
So, if one sells property which is partly his own, and partly another’s,
the other is entitled to his share of the price, but not until payment is
made by the buyer to the seller; and therefore the limitation does not
begin until then. Thus, in Massachusetts, where the defendant, aco tenant
with the plaintiff, sold some trees growing on the land, and received pay­
ment, half the price of which belonged to the plaintiff. The plaintiff sued
for his share more than six years after the sale, but less than six years
after the trees were paid fo r ; and it was held that the Statute o f Limita­
tions began to run from the time the defendant received the payment, and
not from the time of sale, and the plaintiff recovered accordingly. Even
if the seller takes a note, the limitation does not begin from the maturity
of the note, but from its payment, because only when he receives the
money is he liable for the share of it which belongs to the other. But
the seller may guaranty the note, or otherwise become bound to pay the
other owner his share, without reference to the payment to him ; and
then the limitation begins as soon as he ought to have paid under this
guaranty.
THE STATUTE DOES NOT AFFECT COLLATERAL SECURITY.

It is important to remember that the Statute of Limitations does not




366

Confederation o f British American Provinces.

[November,

avoid or cancel the debt, but only provides that “ no action shall be main­
tained upon i t ” after a given time. Therefore, it does not follow that no
right can be sustained by the debt, although the debt cannot be sued.
Thus, if one who holds a common note o f hand, on which there is a mort­
gage or pledge of real or of personal property, without valid excuse ne­
glects to sue the note for more than six years, he can never bring an
action upon that n ote; but his pledge or mortgage is as valid and effec­
tual as it was before ; and as far as it goes, his debt is secure; and for the
purpose of realizing this security, by foreclosing a mortgage, for example,
he may have whatever process is necessary on the note itself, although he
cannot sue the note itself. And the debtor cannot redeem the property
pledged or mortgaged except by payment of the debt.

CONFEDERATION OF BRITISH AMERICAN PROVINCES.
T h e present movement on the part o f the leading statesmen of British
North America for a Confederation, if carried out, (as it seems now in a
fair way to be,) cannot fail to add to the importance of the British American
Provinces, and o f our relations with them. The Union proposed is for
the present at least to embrace only the two Canadas, Nova Scotia, New
Brunswick, Prince Edward’s Island, and New Foundland, but the intention
is, we believe, to include also, as soon as possible, the great northwestern
frontiers and Pacific provinces. W e give below the extent, population,
etc., of the Confederation as at present determined upon :*
Area
Population.
eq. miles, latest returns’

Debt
1862.

,— Commerce in 1SG2.— ,
Imports.
Exports.

Canada E a st.............
Canada W e s t ............
Nova Scotia..............
New B ru n sw ick ....
Prince E d vaid s Is..
N ewfoundland........

2I 0 C20
18,671
27,105
2,173
40,300

1’396 091 |
83uisS7
252,047
60,867
122,088

$60,000,000
5,062.680
5,648,045
236,560
868,210

$48,600,633
8,445,042
1,291,604
1,056,200
5,035,410

Total...................

298,269

8,293,153

71,810,515

54,428,889

Revenue
raised in
I860.

$31,679,045 $7,495,000
5,646,961
885,000
803,445
895,000
752,745
145,000
5,858,015
640,000
44,740,811

10,000,000

From the above we can form an idea of the extent and commercial
position of this new government. But the particular importance of the
movement, so far as the United States is concerned, lies in the fact that
those provinces will now feel themselves a nation, and the annexation to
this country of Canada, or any portion o f it, must be considered from
this time forth impossible. As single colonies, dependancies of Great
Britain, there was great reason to suppose that we should, one after
another, absorb them. Among other things the growing estrangement
between the two Canadas seemed to point to such a solution. It will be
remembered that each, Upper and Lower Canada, sends the same number
of members to Parliament; but Upper Canada full of English and Scotch
protestants, divided into small properties, returns usually what are
called radicals, or persons whose tendency is towards republican institu­
tions. Lower Canada, on the other hand, is full o f the descendants of
Frenchmen, who emmigrated before the French Revolution, who still
* Some of these figures will be found to differ from those stated in an article on
the “ Colonies of Great Britain” in another part of this number of the Magazine, those
given above being in part for a subsequent year.




-i.

367

Confederation o f British American Provinces.

maintain a social system based upon great estates, who are still Catholics,
and whose tendency on both grounds is towards a more aristocratic policy.
This plan o f representation was adopted by the British Parliament in
1846, at which time the English or the Upper Canadians were in the mi­
nority, and its purpose was to make the English minority independent of
the French majority. Since then, however, in point of population the
two Canadas have changed places, but their representation being still
equal, the French minority have an equal voice in the Legislature with
the English majority. The result of- this system has been to divide the
Parliament or Legislature into two equal geographical parties, producing
constant changes o f ministry, making individual votes unpleasantly valu­
able. Recently the adhesion of one or two of the Upper Canadian in­
terest, has given the French or Catholic interest the pow er; but this was
only, as it were, momentary, for very soon the opposition had acquired
some sort of a majority. These frequent changes and this constant strife
served to foster anything but friendly feelings between the two sections,
and the necessity for a change became every day more evident. The fol­
lowing tables will be valuable in this connection, showing, as they do, the
division of population (census of 1861) according to origin, and the di­
visions according to religious preference :
DIVISION OF POPULATION ACCORDING! TO ORIGIN.

Canada East.

Canada West.

Native born (of French origin), . . .
Native born (not of French origin)
England and Wales..........................
Scotland............................................
Irelan d..............................................
United S ta te s................................
Other countries ..............................

847,320
167,578
13,139
13,160
50,192
13,641
5,634

33,287
86y,592
114,290
98,792
191,231
60,758
38,141

T o ta l.........................................

1,110,664

1,396,091

DIVISION OF POPULATION ACCORDING TO RELIGIOUS PREFERENCE.

Catholics.....................................
Church of England.....................
Presbyterians..............................
Methodists...................................
B aptists......................................
Lutherans....................................
Congregationalists.....................
Quakers, Mennonists, etc...........
Bible Christians and Christians.
A ll others....................................
Total....................................

Canada East.
942,724
63,322
43,607
30,582
7,751
857
4,927
121
482
16,291

Canada West.
258,141
311,565
303,384
341,572
61,559
24,299
9,357
16,348
13,819
56,047

1,110,664

1,396,091

The bitterness of feeling which had been excited between these sections,
finds expression in the following extract from Le Courrier de Canada, a
French Canadian organ. Appealing to British Canadians the editor says :
“ English Canadians. Do you want to trample down the French race, the first
established on the soil, discovered and explored by them j
“ But, we should answer you, it is civil war that you want Contemplate in the
events now taking place across the lines what exasperated minorities can do! You
not only want civil war, but also an appeal to the great nation which stipulated for
our rights, that they may come with six hundred thousand bayonets, and cause the
treaties that guarantee them to be respected.”




368

United States Debt.

[November,

But all differences of this kind are avoided in case this new plan is
carried out. The British Canadian Provinces at once become a nation
— their influence will be increased, and with power will come ambition.
The present movement undoubtedly tends towards independence from
Great Britain, but that will constitute no objection in the minds of Eng­
lish statesmen. Their only fear for many years has been, not indepen­
dence, but union with this Government. They see in this Confederation,
therefore, nothing to oppose. There is no danger, they think, that the
rulers or leading men of such a State, when once established, with a ter­
ritory many times that of Great Britain, and extending from sea to sea;
with an army, and the means of constructing a navy, will ever merge their
own or their country’s individuality into the United States. And in this
we believe they judge rightly. As separate provinces they might some­
time have joined u s; but as a united nation never. A sense of their
power and their growing importance will soon increase their national
feeling, and with it their desire for isolation and individuality. England
will lend its support to the new government until it is able to take care
of itself, and then very willingly grant it independence.
The nature or details of the federation cannot, of course, as yet be known.
There has been some difficulty in arranging the representation of the
colonies in the Upper House, but it is now stated that it will be composed
of seventy-six members, of which eleven are for Nova Scotia; ten for
New Brunswick; three for Prince Edward’s Island; four for Newfound­
land, and twenty-four each for Upper and Lower Canada. These are to
be selected by the crown from among the existing members of the Upper
Houses. Representation in the Lowei House is to be, according to popu­
lation, periodically arranged. The mode of settling other points in dispute
has not as yet been made public ; but we shall watch with great interest
the formation of the new government and the development o f this new
power.

UNITED STATES DEBT.
W e have prepared the following table of the United States debt, which
will be found very valuable for reference. The official report of the debt
at the end of each fiscal year, and also the last reporc, (September 30,
1864,) with the one in the previous September, are given and classified,
so that at a glance one can see the increase and the nature of the increase
each year. In the last statement, (September 30,1864,) we have included
the $40,000,000 6 per cent 5-30’s awarded October 4th, which were not
of course in the official report, although the notice for it was out. De­
ducting that amount we have the official debt, September 30th, at
$1,986,049,092, and the rate of increase from June 30, 1864, for each
day, appears to be over $2,800,000. To appreciate, however, the extent
of our daily expenditures during that period it is necessary to remerpber
that this amount ($2,800,000) paid out each day was in addition to the re­
ceipts of the Government from taxes and duties. Mr. F e s s e n d e n a short time
since stated that the receipts from the internal revenue law were a mil­
lion a day. W e think he must have been mistaken, for the best informa­
tion we can get does not make them over half that sum. Taking it, how­
ever, as he gave it, and we find that, with the receipts for duties, the.




V

STATES

VOL. LI.---- NO

» os
£ O

DEBT.

September, 1863.

Juno 30, 1864.

Old debt,
Old Tr. note, 5 and 12
6
1S80
Feb., 1861,
6
1881
Mar., 1861,
6
1881
July, 1861,
1 .8 1864
' July, 1861,
6
6-20
< Feb., 1862,
6
1881
Mar.. 1863,
5 10-40
Mar., 1864,
June, 1864,
6
6-30

$61,802,048 $51,915,164
2,849,111
22,464,761
18,415,000 18,415,000
998,600
301,900
50,000,000
122,836,550
9,907,850

$49,342,489

$49,281,340

$47,514,591

18,415.000
1,798,050
60,028,500
149,910,500
168,880,250

18.415.000
1,528,000
50.320.000
139,679,000
278,611,500

18,415,000
1,016,000
76,408,200
113,591,150
610,756,900

Total gold interest

$92,989,709 $256,882,275

July, 1862,
to July, 1862,
•
“ July, 1862,
Mar., 1862,
June, 1864,
Mar., 1864,
Mar., 1863,
Mar., 1863,
Mar., 1863,
Mar., 1864,

4
5

Payable.

72,005,459

40 days............................................
40 days............................................
6
40 days...........................................
6
1 year ..........................................
7. 3 3 years, convertible.......................
5
1 year, legal tender......................
5
2 years, legal ten der...................
5
2 years, legal tender coupon. . . .
6
2 years, legal tender compound.
6
3 years, legal tender compound.

Sept. 30, 1864.
$48,586,591
18,415,000
1,016,000
164,537,300
25,410,400
610,766,900
73,922,150
81,630,600
40,000,000

$428,434,789

$537,415,740

£839,717,291

$963,085,941

57,756,117

$35,381,101
67,002,974

$35,500,000
69,434,102

48,881,979

156,784,242

156,918,437

$662,475
9,395,453
64,959,532
156,581,000

$548,224
1,125,606
47,876,514
229,946,000
65,897,600
44,520,000
16,480,000
65,862,260
15,000,000
87.329,680

44,520,000
16,4 80,000
101,091,950
2,500,000
1396,140,460

$564,585,874

Gold notes.....................................................$53,040,000
Legal tender................................................ 96,620,000
Legal tender, fractions
Arrear requisitions . . .
Debt, interest ceased .

$3,351,020
387,646,589
20,192,456

$2,022,173
402,737,051
17,766,056

'$795,643
425,777,397
21,817,158
49,192,000
370,270

$615,662
433,160,569
24,502,412
34,641,364
356,970

T.otal, no interest.............................................................$149,660,000
Total, paper d e b t................................
$92,289,909 514,211,372

$411,190,065
1,098,798,181

$432,525,280
1,222,113,559

$497,952,368
1,733,810,119

$499,277,277
2,026,949,092

July 17, 1861,
Feb., 1862,
July, 1862,




368

$261,852,539

$107,627,084

'

$259,168,327

Total interest in paper

05

United States Debt.

June 30,1863.

Interest.
6 and 6

1864.]

UNITED

June 30, 1861. June 30, 1862.

Act.

[November,

Commercial Chronicle and Review.

370

COMMERCIAL CHRONICLE AND REVIEW.
TH E

F A L L S I N G O L D , IT S E F FE C TS A N D

F IN A N C IA L T R O U B L E S IN
C O M P A N IE S

AND

THE

C AU SE— S T A G N A T IO N

IN

B U S IN E S S — R U M O R S

OF

PEACE—

E N G L A N D — R A T E O F IN T E R E S T F O R F O U R Y E A R S — E N G L IS H J O IN T -S T O C K

COTTON

T R A D E — EFFECT

ON

U N IT E D

STATES— TH E

NEW

L O A N — U N IT E D

S T A T E S S T O C K S — P A P E R M O N E Y A U T H O R I Z E D B Y C O N G R E SS— R A T E S O F E X C H A N G E — S P E C IE

M OVE­

M E N T , E T C ., E T C .

T h e past month has been remarkable for one o f those panics which overtake
general business at times, and which are peculiarly incident to a paper currency.
When the level of values has been disturbed through the introduction of a cur­
rency having no intrinsic value but what depends for its credit alone on faith in
the issues, the whole range of prices, floating as it were on a sea of opinion, rise
or fall wdth the incidents that hourly change the position of the promisor. The
more the currency becomes inflated the more terrible are these fluctuations, and
the more disastrous are they to the mercantile interests. When the premium on
gold marked only a depreciation of 20 per cent in the paper money as compared
with gold, the danger of a fall was measured by that 20 per cent. When, how­
ever, gold rose to 185 premium, and all prices bore a level as far above their nominal
rates, the safety or ruin of individuals came to depend only on the whim that might
seize the public mind, and instead of 20 per cent the fall might be 185. During the
last spring all the elements of a rise existed, and the interests of speculators impelled
an upward movemeut. The public sentiment ran in that direction and gold roes'100
per cent, carrying up all prices with it. This naturally gave great profit to holders
of goods, and there was no general dissatisfaction. These high rates for goods,
however, discouraged consumption, while the extravagance that attended great
profits during the previous year was succeeded by a disposition to economize
rigorously. A t the same time, also, and in addition to the effect on prices of
depreciated paper, was added the higher cost imposed by the tariff and the inter­
nal revenue law. For these reasons the importers and manufacturers found that
the accustomed demand for their goods was wanting, and that the autumn did
not bring with it the usual purchasers. This decreased demand was also further
affected by reason of the long arrears of soldiers pay, (which diminished the pur­
chases of 300,000 families,) and the call for 500,000 troops, which required
economy to enable the people to make payments to the extent of $300,000,000
and over to provide substitutes. Another disturbing element was the rumors of
peace. Thus four elements were at work to check business ; 1st, high prices j
2d, backwardness of the Treasury in making payments; 3d, the heavy demand
for bounty money ; 4th, the idea that peace could raise the value of paper cur­
rency. These bounty claims have reached a serious amount, and they press very
heavily upon those who are usually consumers of goods. Iu New York State
the amount of county bonds issued for substitutes is over $100,000,000 ; iuNew
Jersey it is $21,000,000. In all sections the present burden is very heavy, and
the prospective one no less so. In this condition of affairs it became difficult to




1864.]

Commercial Chronicle and Review.

371

sell imported goods, consequently there was little demand for gold to export,
while the Treasury haying notified its readiness to pay in advance the coupons
on the 5 20’s bonds, about $15,000,000 of gold thus came upon the market. This
combination of circumstances caused a fall in the prices of gold of more than
100 per cent from its highest point. That is from 285 it fell to 184. The effect
of this was to paralyze all business; goods could with difficulty be sold at all
since no one would buy to resell when there was a belief that the prices would
be lower. This in effect took place in coiton. There was a fall from 190 to
115 cents per lb., carrying down with it most goods of which cotton is a com­
ponent part. Coffee fell 20 per cent par pound, and involved one heavy failure
when the liabilities had been Increased by options in sterling exchange, many
other failures took place, but far less in number than might have been the case
but for the fact that most of the business of the country has for a long time been
conducted on a cash basis and credits are therefore little extended. The decline
in prices of American produce abroad has also involved heavy losses in that trade,
and checked the export of produce.
These results of a decline in prices have led to the most serious reflections upon
the state of affairs which would result from an actual peace, whereby the Grovernment expenditures would cease, and trade be opened in new channels, and on a
basis of which no man can now estimate the character.
The late advices from England in relation to the money pressure there and the
number of failures more or less connected with this country, are premonitions of
what may result from a sudden peace. In each successive year of the war the
rates of money in England has advanced, because capital has run inlo new em­
ployments where it cannot be readily controlled.
The first year the usual investments in cotton were prevented, and a rise in the
valued cotton goods and cheap money were the consequence. The bank rates
(monthly) have been for the last four years as follows :
BATE OF INTEREST OF THE BANK OF ENGLAND.

1861.

January . . .
February . .
March........
A pril...........
May............
J u n e ...........
J u l y ...........
August . .
September.

7
7
8
6

6*

6
6

5
4

1862.

1863. 1864.

24
24,
24
24
24
8

3
2

2

Thus, throughout the year 1862, when much money went out of the cotton
trade, the rate of interest was very cheap, ranging 2 to 3 per cent, and frequently
as low as 1 per cent in the discount market. The effect of that was, as usual in
such eases, to stimulate an immense number of joint-stock enterprises. The num­
ber of them organized in 1863 was 263, with a capital of £99,983,000, or
$500,000,000. Many of them were for India, Australia, Africa, etc., requiring
a great deal of money to be exported, and the exportation is now going on,
while cotton costs more and goods sell for less. These are the main elements of
that growing pressure now so evident in England.




372

Commercial Chronicle and Review.

[November,

The rise in the rat* acts not only by retarding enterprise and inducing opera­
tors to realize, but it tempts capitalists and bankers on the continent of Europe
to change their investments, and send the money to England for the benefit of the
higher rate, whenever that is sufficient to cover the costs of the change. In this
respect the large investments that have been made in Germany in United States
five-twenty bonds have hampered the action of the English bank by absorbing
money that might otherwise have sought consols at present low rates, which are
as low as during the panic of 1857. The main element in the disturbance which
the money market exhibits has, however, been the cotton trade, as influenced by
the American war. The imports of cotton into Great Britain for three years
were in value as follows :
1861.

1862.

For United S ta te s .......................
Other places..................................

£26,510,839
12,063,059

£1,221,277
30,871,768

£644,138
65,633,815

1863.

Total cotton............................
Or cw t............................................

£38,653,398
11,223,078

£31,093,045
4,678,333

£56,577,953
5,978,422

Thus England has paid nearly 850 per cwt. in 1863, against $17 50 per cwt.
in 1861, and she has drawn that dear cotton from new countries, which furnish a
poor quality, and require pay in money ; at the same time the sales of goods
have been less in proportion than cotton. The value of cotton imported and of
goods exported have been as follows:
Cotton
imported.
1 8 5 8 ......................
1 8 5 9 ....................
1 8 6 1 ...................
1 8 6 2 ...................
1 8 6 3 ...................
1 8 6 4 (6 m o . ) . .

£ 3 0 ,1 0 6 ,9 6 8
3 4 ,5 5 9 ,6 3 6
3 8 ,6 5 3 ,3 9 8
3 1 ,0 9 3 ,0 4 5
5 6 ,2 7 7 ,9 5 3
3 7 ,8 5 8 ,2 9 2

Goods
exported.
£ 4 3 ,0 0 1 ,8 2 2
4 8 ,2 0 8 ,4 4 4
4 1 ,2 2 5 ,5 8 5
3 3 .1 9 9 ,7 3 9
4 1 ,9 4 4 ,0 6 7
2 2 ,4 0 0 .8 1 6

Excess
goods
exported.
£ 1 2 ,8 9 4 ,3 5 4
1 3 ,6 4 8 ,8 0 8
2 ,6 7 2 ,1 8 7
2 ,1 0 6 ,6 9 4
...................
....................

Excess
cotton
bought.
......................
......................
......................
......................
£ 1 4 ,3 3 2 ,9 8 6
1 5 ,4 5 7 ,4 7 6

W h e n t h e w a r b r o k e o u t t h e r e is n o d o u b t t h a t t h e r e w a s a g l u t o f c o t t o n
goods all over the world. Those goods have gradually been worked off at higher
prices to the profit of the holders, but the question now is to replace them with
the higher priced cotton. The consumption of the goods has at the same time
greatly declined by reason of the high price. It results that instead of having
a balance of £13,648,808, or $65,000,000 in her favor from the cotton trade, as
in 1859, she has a balance of £14,332,286, or $70,000,000 against her in 1863,
notwithstanding that, by reason of good crops, the value of breadstuffs imported
was £12,000,000, or $60,000,000 less in 1863 than in 1862. The progress of
events for the last six months has increased the difficulties. The import of corn
and cotton, and the export of cotton goods have been as follows for six months :

,----------------- -Import.------------------- ,
Corn.
Cotton.
1861
1862
1863
1864

.......
...................
..................
..................

£ 1 8 ,8 8 1 ,9 2 7
1 5 ,1 7 4 ,7 3 8
1 2 ,3 5 0 ,6 7 2
8 ,6 8 3 ,8 0 4

£ 2 3 ,5 0 9 ,5 3 2
7 ,6 8 9 ,2 2 3
1 7 ,8 1 1 ,2 8 1
3 7 ,8 5 8 ,2 9 2

,Cotton
------------------ E ip ort.------------------ ,
goods.
Total.
£ 2 4 ,2 5 7 ,6 5 4
2 0 ,2 3 5 ,5 5 3
1 5 ,5 4 2 ,0 5 0
2 2 ,4 0 0 ,8 1 6

£ 7 0 ,2 3 7 ,6 8 5
6 9 ,4 4 6 ,4 8 0
6 4 ,7 5 6 ,0 0 0
1 7 ,1 1 1 ,9 9 1

Thus for the six months of the present year, the cotton has cost £15,000,000,
or $75,000,000 more than the sales of cotton goods, but the imports ef grain




373

Commercial Chronicle and Review.

have been $50,000,000 less than in 1861. Under these circumstances, if the rate
of money now threatens to rise to 10 a 12 per cent—-it is already 10 per cent for
trade bills—what would be the case had the import of grain been as large as
usual ? The late reports of the harvests are to the effect that the grain crops are
an average, but that owing to the drought, the green crops will be so short as to
cause a material rise in provisions.
The manner in which money is drawn to remote countries by the operation o f
the cotton trade, is apparent in the following table of the value imported from
each country into Great Britain in six months :
1861.

B ra zil.........................................................
£212,875
E gyp t.........................................................
801,076
India...........................................................
1,683,190
M ex ico ...............................................................................
C h in a .........................................................
106,191
T u rk ey...............................................................................
Other countries.................................................................
United S ta te s..........................................
20,706,200
T o ta l..............................................

£23,509,532

1864.

£2,362,974
8,952,379
15,023,536
1,836,733
3,570,152
1,296,529
1,531,226
8,784,763
£37,085,292

Thus those countries, including Africa, Australia, China, Turkey, etc., which
previously had produced but little cotton, have now drawn $170,000,000 in six
months, when formerly they drew but $14,000,000 in the same period. In those
countries where a new trade springs up money is wanted in return, and the Eng­
lish pay cash. That is, as a rule, all the cotton is paid for within six weeks after
its arrival in England. In India money is advanced to the ryots to put the crops
in. and in all the countries where the production expands so rapidly, as is ap­
parent in the table, capital must be applied to the expansion. It is partly to
meet this necessity that so many joint stock companies are formed in England.
The capital to pursue the cultivation is thus furnished. The product is then
bought at an exorbitant rate, but after all the quality is not satisfactory. It
does not replace the American article. Bearing these facts in mind it is easy to
understand why prospects of peace, suddenly opening an avalanche of the most
desirable cotton, should produce fears among capitalists abioad, and why pru­
dent men there should insist on the greatest care in respect to remittances from
this side. A renewed supply of American cotton would be fatal to the new
foreign growth which has been fostered by inordinate prices.
The great banking houses were on the depression, and the condition of some
of the firms that failed confirmed the soundness of that position. Tho number
of failures has been larger than since 1857. Owing, however, to the great con­
traction of credit between the two countries the influence upon affairs directly is
small.
The discredit into which business here had fallen in consequence of the decline
in prices extended throughout the West, and many failures took place from in­
ability to hold or to borrow. The pressure upon the Western bankers was very
great, and these drew their balances from the East in legal tender to cover them­
selves, causing much stringency at a moment when the Treasury Department put
out a new loan. It will be remembered that all the paper now authorized by
Congress is as follows :




374

Commercial Chronicle and Review.

Loan of June, 10-40 6 per cent stock .................................................
Loan of June, 5-40 6 per cent stock ................................................
Loan of 1802, 1 year certificates, no limit....................................

[November,
$ 100 ,0 00,000
400,000,000

.................

Of the §400,000,000 about §150,000,000 has been issued in compound legal
tender notes, and §40,000,000 was negotiated in a 5-20 6 per cent gold stock.
This was payable one-fourth in 1 year certificates, which had been selling at 94
cents per dollar, and the remainder in money. The bids were opened October
14, and were in all, four hundred and ninety, both single and compound, the en­
tire sum offered reaching §59,253,458. Of this amount the bids were: A t a
discount Ies3 than par, §342,000 ; from par to one per cent, §38,577,700 ; from
one to two per cent premium, §2,175,000 ; from two to three, §1,175,000 ; from
three to four, §396,000 ; from four to five, §116,200 ; from five to six, §6,000 ;
from six to seven, §2,400 ; from seven to eight, §200. It will be seen from the
above that over §19,000,000 were bid for at a premium above one percent, con­
sequently the remaining §21,000,000 to complete the §40,000,000 loan was taken
at an average of 100.31. A t this rate the stock stood in the taker about 98.75.
This was a new mode of negotiating. The taking of the 1 year certificates was
in a manner a bonus, since the market prices being 94 cents, and they were taken
at par, the bidder made 6 per cent by turning them in. This loan did not pro­
duce much pressure upon the market. The general tendency’ of the Government
stocks was lower.
P RICES UNITED STATES P A P E R .

January 2 . .
U
9 ..
U
1 6 ..
«(
2 3 ..
“
3 0 ..
February 6 . .
“
1 8 ..
“
2 0 ..
U
2 7 ..
March
5 ..
«<
12..
u
1 9 ..
<c
2 6 ..
April
2 ..
((
9 ..
M
1 6 ..
“
2 3 ..
it
3 0 ..
May
7 ..
<(
1 4 ..
U
2 1 ..
u
2 8 ..
June
4 ..
((
11..
a
1 8 ..
«<
2 5 ..
2 ..
July
<(
9 ..
“
1 6 ..
M
2 3 ..

7 3-10,
,— 6's, 1881.— t
Keg.
Coup. 5’s, 1S74. 3 years.
1044
1051
96
1061
96
1051
1661
104J
96
1061
104
1051
106
97
107
107
106|
106
100
1071
108
107J
1071
100
109|
1091
1 09 4
100
110
100
111
111*
111
1 101
100
m i
111
111
100
n il




112
112
112
111
112

1071
1051
114
113
114
114
114
109
108
107
1041
1041
104
102 f
1021

112
1121
1 12 1
110
112
1121

108
114
118
1141
114
114
113J
113
112
112
111

104
1 02 4
1 021

100
10G
100
10 O
102
102

109
102
102
102
102
102
102
102
102
102
102
102
102
102

1 10 1
1 10 1

n il
in
m i

1 year certif.

Old.
1 01 1
102
1 021

103
1 02 4
1024

103
103
103
1031
103
103
103

112

109
111

1091
111
111
111

1094
1081
107
1061
1051
105
1031
1031

...

New.
97f
97f
971
97
97f
98f
98f
991
991
99|
99|
991
991
991
1 991
99
97
981
981
981
981
981
98
971
97
961
94
94
941
921

Gold.
1511 a 1514
152 a 1521
155 a 1551
156 a 158
1561 a 1564
1594 a 1594
1591 a 1591
1594 a 161
1594 a 161
1611 a 1611
1621 a 1 6 2 f
162 a 1621
1694 a 179
1664 a167|
1691 a 170
173 a 189
1744 a 179
1791 a 1794
1734a 1734
1721 a 172-1
183 a 1881
186 a 1861
1904 a 191
1981 a 198f
1951 a 196
212 a 216
235 a 240
2661 a 267
244 a 285
250 a 268

1S64.J

Commercial Chronicle and Review.
*— 6's, 1S8I.— ,

M*
Aug.
•«

«
“

Sept.
“

M
((

Oct.
“
«

so..
6 ..
1 3 ..
2 0 ..
2 7 ..
3 ..
1 0 ..
1 7 ..
2 4 ..
1 ..
8 ..
1 5 ..

Keg.
107
10 6}
106}
1 0 8}
109}
107
107
108
108
106
10 5}
106

7 3 -1 0 ,

Coup. 5’s,1874. 3 years.
107}
107
93
105}
99
10 7}
108
107
100
110
1 0 8}
100
10 9}
100
11 1}
100
111
107
108}
100
111
108}
100
110}
100
110}
10 7}
1 0 6}
103
110}
105}
100
10 5}
105}
100
105

375

1 year certif.

Old

New.
95}
94}
95
94}
95
98}
93}
93}
94}
94}
94}
94}

Gold.
251 a 2 5 1 }
260 a 2 6 0 }
2564 a 256
257} a 257}
254 a 255
254 a 2 5 4 }
234 a 233
222} a 222}
212} a 212}
194.1 a 19 4}
2004 a 2 0 0 }
2 1 3 } a 214

These quotations are, with the interest on the 6’s of 1881, on the 15th October;
had 3} month I f gold equal to 3 f currency, which gave a price of 102 net.
The whole stock market suffered serious depression, since the home pressure
for money compelled large amounts of stocks held at the West to be sent to the
New York market to realize, and the rates fell very low. At the same time the
fall in exchange caused a great relative rise in the prices of the Government
stocks. The 5-20’s had been in London as low as 39 cents per dollar, at a time
when they were selling here at 109, with gold at 250, being equal to 43 cents
per dollar. When gold fell suddenly to 200 it was equivelant to use of the stock
to 54, which gave a large profit on importing them from Europe, and consider­
able sums came out.
The fluctuation in the exchange market is apparent in the following figures.
The business was, however, nearly nominal, since there were very few sales of
goods to be remitted for :
RATES OF EXCHANGE.

London.

Paris.

Amsterdam. Frankfort.

Jan. 2,. 166 a 1 G6 } 3 ,3 8 f a 3 .3 4 }
“
9,. 166} a 167} 3 .3 8 } a 3.40
“
16,. 169} a 170J 3.30 a 3 .3 2 }
“
23,. 170 a 171 3.31 a 3.33
30, 171 a 172 3 .3 2 } a 3 .2 8 }
Feb. 6 , 174 a 175 3 .2 6 } a 3 .2 3 }
<« 13, 173 a 174} 3 .2 7 } a 3 .2 3 }
2 0 , 172} a 174 3 27} a 3 .2 3 }
27, 173} a 174 2 .2 6 } a 3.22
a 8 .2 1 }
5 , 174} a 175} 3.25
1 2 , 177 a 178 3.15 a 3 .1 8 }
19, 176 a 177 3 .2 2 } a 3 .1 8 }
( 26, 179} a 182 3.15 a 3.10
April 2 , 177} a 181 3 . 1 8 } a 3 .1 2 }
tt
9, 184 a 185 3.08 a 3 .0 6 }
“ 16, 189 a 191 2 .9 7 } a 2.95
it 23, 190 a 192 3 . 0 5 } a 2.95
»( 30, 195 a 198 2.90 a 2.85
May 7, 192 a 195 2 .9 6 } a 2.90
11 , 192 a 187 2.95 a 3.02
((
2 1 , 196 a 198 2.87} a 2.83}
“ 28, 201 a 203} 2.81} a 2.77}
June 4, 218 a 210 2.72} a 2.68}
11 , 215 a 218 2.65 a 2.60
U
18, 216 a, 219 2:64 a 2.88
M 25,
235 a, 238 2.37} a 2.41}




62}
62}
64
644
64}
65}
65
65}
65}
65}

a 63
a 63
a 64}
a 644
a 64f
a 66f
a 65}
a 65}
a 65}
a 66}
66 a 6 6 }
654 a 6 6 }
67} a 68 }
6 6 } a 67
6 8 } a 69
70 a 71
71} a 7 1 }
73 a 74
72 a 73
71} a 70}
74 a 7 5 }
75} a 76}
78 a 79
79 a 7 9 }
79} a 80}
86 a 87

Hamburg.

Berlin.

6 2 } a 6 3 } 554 a 56 1 1 0 } a 111
62f a 63} 55f a 56}
110| a111
6 4 } a 6 4 } 5 6 } a 57} 1 1 2 }a 113}
6 4 } a 65 5 6 } a 57 1 1 2 f a l l 3 |
6 4 } a 65 5 7 } a 57} 1 1 3 }a 114
6 5 } a 66 58 a 5 8 } 115 a 116
6 5 } a 65} 6 8 } a 5 8 } 1 1 5 }a 116
65} a 6 5 } 5 8 } a 5 8 } 115} a 116
65} a 66 5Sf a 5 8 f 115} a 116}
66 a 6 6 } 5 8 } a 59
116 a 117
67 a 6 7 } 59 a 5 9 } 117} a 118
6 6 a 6 6 } 5 8 } a 69 116
a 117
68 a 6 8 } 6 0 } a 61
120
a 121
67 a 6 7 f 5 9 } a 60} 118 a 120
6 8 } a 6 9 } 614 a 62 121} a 122
7 0 } a 71} 6 2 } a 64} 127 a 128
7 1 } a 72 6 2 } a 63} 124 a 125
7 3 } a 7 4 } 65 a 66 130 a 131
7 2 } a 73} 6 3 } a 64} 126 a 127
71}
a 71
62} a
63
73} a 75 65 a 66 180 a 131
7 5 } a 7 6 } 67 a 6 7 } 134 a 135
77} a 7 4 } 68 } a 69 135 a 136
78 a 79 7 1 } a 72 143 a 144
80 a 80} 72 a 73 145 a 145
.. a ..
76 a 77 154 a 155

124a125

310

Commercial Chronicle and Review.
London.

July 2 ,
“
9,
(( 16,
“ 23,
“ 30,
Aug,• 6 ,
‘‘ 13,
“ 20,
« 27,
Sept • 3,
“ 10 ,
« 77,
“ 24,
Oct. 1 ,
8,
« 15,

Paris.

Amsterdam.

270
292
268
273
270
279
274
278
275
260
253
245
230
208

a 295 2.15 a 1.92}
93 a 94
. . a ..
a 298 1.95 a 1.874
a 290 Nomiual.
, . a ..
a 282 2.10 a 2 .0 1 }
. , a ..
a 274} 2 15 a 2.07}
. . a ..
a 283 2 .0 0 } a 2.00
a 277 2,05 a 2.07}
a 279}r 2.06} a 2 .0 2 } 100 a 102 }
a 276 2.084 a 2.05
a 275 2.15 a 2.05
a 256 2.25 a 2.20
93 a 94
a 248} 2.31} a 2.27}
. , a ..
a 240 1.47} a 2.35
a 210 2.75 a 2 .68 }
210 a 218 2.70 a 2.60
218 a 230 2.55 a 2.45
69 a 71

Frankfort.

[November,

Hamburg.

.,

a ..
85 a 95
200 a215 96 a 98
101

98
103
101

..
83
..

al03 90 a 93
alOO 8 8 } a 90}
al05 91 a 93
91} a 92}
al03 9 1 } a 92}
a . • 90 a 90}
a . . 85 a 90}
a . . 83 a 84
80} a 81}
a 90 76 a 80
67,} a 6 8 }
70 a 72
a . . 72 a 75

Berlin.

185
184

a 195
a 188

182
178
184
183
183
178
170
166
..

a 184
a 180
a 185
a 185}
a 184
a 180
a 180
a 167
a ..
.. a . .
.. a ..
.. a ..
138 a 142

The specie movement has also been very limited during the month; nearly a3
follows :
S P E C IE AND P R IC E OF G O L D .

------------- 1 8 6 4 . ------------------------------,
.---------- 18 6 3 . ---------- v
Beceiyed.
Exported. ' Beceived. Exported. Gold in bank. Prem.ongold

Jaa.

Feb.

2
9
16
23
30

..
..

..............
. 1,277,788

..

..............

..
..

.
.
.
.

6 ..

13 . .
20 . .
27 . .
March 5 . .
12 . .
19 . .
26 . .
Apr. 2 . .
9 ..
16 . .
23 . .
30 . .
May 7 . .
14 . .
12 . .
28 . .
Juae 4 . .
11 . .
18 . .
25 . .
July 2 . .
9 ..
16 . .
23 . .
SO .
Aug. 6 . .
13 . .
20 . .
27 . .
Sept. 3 .
10 . .

678,841
.......

801,860
859,987

..............

.
285,394
. 1,243,551

...................
.
249,514
.
159,105
. 250,778
...................
. 217,602
.
256,604
.

205,057

.

258,570

.

318,066

.

187,082

.

254,947

.

270,182

.

313,612

.

231,854

.

279,043




681,448
726,746
1,380,247
780,817
1,331,027
1,277,000
1,152,846
520,017
1,377,016
733,643
3,540,550
1,201,907
1,050,156
473,385
607,059
158,437
629,855
294,998
451,827
661,996
438,745
279,994
411,483
235,364
522,147
134,432
347,807
401,936
2,190,781
1,725,748
480,374
530,044
1 , 210 ,22 0
238,398
1,379.710
309,799
852,752

254,239
279,801
365,608
324,864
363,198
407,057
512,858
281,804
375,101
273,429
302,344
269,522
282,376
282,276
383,428
271,801
291,208
281,011
301,207
249,095
284,801
571,281
387,281

590,262
1,216,204
1,985,057
1 ,0 0 0 ,0 0 0
668,747
662,616
1,219,808
325,632
531,700
629,803
465,920
83,881
273,900
168,912
345.471
1,002,3S4
3,226,000
1,271,836
1,174,241
2,452,668
1,884,195
580,820
1,425,588
1,543,600
1,886,663
1,296,356
560,677
486,339
301,244
556,464
404,312
90,111
341,883
48,009
206,398
444,503
486,451

25,161,935 61£ a 52
25,122,002 51} a 52
24,884,264 52} a 5 6 }
24,681,204 56 a 58
24,203,682 56} a . . .
24,070,191 4 9 } a . . .
23,521,453 95 a . . .
22,523,918 69 a . . .
22,301,687 165 a 61
21,220,653 61} a 62
20,750,4 95 62 a 69
21,059,512 62 a 62}
20,425,604 69} a 70}
19,527,665 6 8 } a 6 8 }
20,924,287 67 a 71
21,687,670 71 a 89
24,868,203 7 2 } a 79
24,087,343 77 a 85
23,082,028 71 a 81
22,635,155 6 1 } a 76}
22,091,691 78 a 85
21,978,180 87} a 92}
22,461,604 87 a 90}
24,041,704 92 a 99}
22,916,291 94 a 98}
22,000,89S 99 a 130
21,206,685 115 a 180
20,084,917 122 a 176}
21,234,354 144 a 185
21,033,912 16 0 }a 168}
21,051,896 144 al59
21,169,518 165 a l6 1 }
21,080,309 152 a l5 9 f
20,794,268 155 al58
19,952,94 9 145 al57
20,136,547 131 al53
20,603,881 125 al4S

377

Journal o f Banking, Currency, and Finance.

1864.]
17
24 ___

Oct. 1 ....
“
8 ___
“
15 . “
22

193,548
277,380

.....

268,282
......
267,911

535,796
1,411,611
803,583
2,555,656
1,206,950
1,243,273

369,592
281,481
275,131
191,7S1

669,733
1,288,559
603,604
287,758
239,491
616,456

20.065,180 114 al30
20,065,180 100 al26
19,671,131 85 alC5
20,066,557 89 al06
20,522,032 99 al08
21,010,360 110 a ll5

9,851,879 36,422,517

Total.

The sadden fall of gold in week ending September 24, induced considerable
shipments, which were checked by the subsequent recovery of the price and the
great uncertainty in which the future is involved. The customs demand declined
greatly at the same time, while the Treasury was paying out a sum equal to
$15,000,000, and the public possessed of a sort of panic were free sellers. Never­
theless the market absorbed all the gold, and the rate rose to 222 October 17th.
The Treasury has now paid out most of the gold it owes up to January 1, when
six months interest falls due on $350,000,000 of stock, making about $3,000,000.
From that time there is none due until March, when six months interest on
$85,000,000 5 per cent matures, making $2,000,000. In May, six months, on.
$550,000,000 6 per cent 5-20’s matures, equal to $16,500,000. The rate of cus
toms receipts now is less than the amount required to pay this interest, and there
is a prospect therefore that the Treasury will be a purchaser.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
IN C R E A S E D C L E A R IN G S F O R T H E Y E A R — IN F L A T IO N T H E C A U S E — N A T I O N A L B A N K R E T U R N S , IN C R E A S E
OF

C IR C U L A T IO N — R E T U R N S

OF

NEW

YORK

N A T I O N A L B A N K S — R E T U R N S O F B A N K S OF
E N G L A N D C H A N G IN G , A N D

C IT Y

B A N K S — P H IL A D E L P H IA

BANKS

C H A N G IN G

TO

P H IL A D E L P H IA , B O S T O N , P R O V ID E N C E , & C .— B a N K OF

R A T E O F IN T E R E S T D U R IN G Y E A R , T H E C A U SE A N D O B J E C T — B A N K OF

E N G L AN D R ETU RN S— B A N K OF F R A N C E , & C .

Bank returns show a very steady action for the past month. There w a s
one time a very heavy drain upon them for country balances, but this turned,
and the current set towards the city with much vigor, inducing ease in the mar­
ket. The amount of business done in the past year is almost incredible, but the
Clearing-House returns show the following results :
T he

a t,

N E W TORE. CLEARING-HOUSE RETURNS.
T e a r e n d in g

January,
do
do
do
do
do
do
do
do
do
do

1854................................................
1855................................................
1856................................................
1857................................................
1858................................................
1859................................................
1860................................................
1861................................................
1862................................................
1863................................................
1864................................................




A m o u n t ex ch a n g ed .

$5,750,455,087
5,362,912,098
6,906,213,328
8,333,226,718
4,756,664,386
6,448,005,956
-7,231,143,056
6,915,742,758
6,871,442,591
14,867,597,848
24,097,196,656

06
33
47
06
09
01
69
05
..
..
..

A m o u n t o f b a la n c e s.

$297,411,493
289,694,137
334,714,489
865,313,901
814,238,910
363,984,682
308,693,438
853,883,944
415,580,332
677,626,482
885,719,205

378

[November,

Journal o f Banking, Currency, and Finance.

These are very extraordinary figures. They show not only speculative action
of the past year, but the immense inflation of prices which all property has under­
gone—not only commodities, but stocks and gold. Thus in 1862 a check on a
bank for $10,000 gold was that amount and no more. In June, 1864, for the
same quantity in gold the check was $28,500. In June, 1862, a check for 1,000
bags Rio coffee was $32,000; in 1864 it was $86,000. In 1862 a check for 100
Erie Railroad was $3,300; in 1864, $12,000—and so throughout the whole
range of trade. Add to this immense inflation of prices an extraordinary activ­
ity in transactions, and it will be no matter of surprise that the sum of the clear­
ings n as very large. It is also to be borne in mind that the Government bor­
rowed $700,000,000, for which a large portion of the draft and check drawing
went through the New York banks.
If, now, we look at the back figures we find that in 1856 the activity of busi­
ness was very greaj. There was an increase of $3,000,000 in the clearings of
that year over 1855. Early in 1857 the community became possessed of one of
those causeless and senseless panics which sometimes overtake it. It was initi­
ated by certain stock speculators, and newspaper connections. Apparently in­
telligent merchants went about destroying their own and other people’s credit;
they could not tell why. The result was a disaster that reduced the clearings of
1857 one half.
The figures gradually recovered up'to 1860. The first year of the war they
again fell off, but have since risen on paper issuings.
These clearings embrace those of the National Banks, which come through
State institutions connected with the Clearing-House, and whose operations are
large. The Fourth National Bank, for instance, sends through the City Bank,
into the Clearing-House, a daily amount double that of the Bank of Commerce
before the war, and that was then the largest account, ranging from $1,500,000
to $2,000,000 daily. The National Banks do not make their returns regularly
according to law. The circulation increases, however, very nearly $2,000,000
per week, and is now about $57,000,000. The officers of those institutions have
held meetings during the month, in strict privacy, but it was rumoured the
object was to protect the currency, and to take measures to resist any modifica­
tion of the law by a new Congress.
The National Bank statement is inofficially as follows :
Capital.

June

3 0 ........................................................................
A u g . 31 ........................................................................
Oct. 2 2 ........................................................................

$ 1 5 ,2 1 3 ,9 4 5
8 1 ,4 8 5 ,5 0 0
9 8 ,1 1 1 ,4 2 0

Circulation.
$ 3 1 ,2 8 5 ,2 7 0
4 4 ,2 2 5 ,2 1 0
5 0 ,8 5 8 ,0 3 0

The returns of the New York City Banks have been as follows :
N E W Y O R K BANKS.

N e w Y o k e B ank s.

Date.

January

u
((
February

{Capital, Jan., 1 8 6 4 ,
Loans.

2 ,..
9 ,..
1 6 ,,.
2 3 ,..
3 0 ,..
6 ,..




Specie.

$ ------------------- ;

Circulation.

Jan., 1 8 6 3 ,

$ 6 9 ,4 9 4 ,5 7 7 .)

Net Deposits.

Clearings.

$ 1 7 4 ,7 1 4 ,4 6 5 $ 2 5 ,1 6 1 ,9 3 5 $ 6 ,1 0 3 ,3 3 1 $ 1 4 0 ,2 6 0 ,8 5 6 $ 3 0 0 ,7 5 3 ,1 4 7
6 ,0 3 2 ,5 4 6
1 3 4 ,8 6 1 ,9 7 7
3 8 7 ,5 4 6 ,2 1 7
1 7 8 ,0 0 9 ,7 0 1
2 5 ,1 2 2 ,0 0 2
6 ,0 0 8 ,1 8 2
1 3 0 ,3 1 1 ,0 4 6
4 1 6 ,9 6 2 ,8 0 6
1 6 5 ,9 9 1 ,1 7 0
2 3 ,8 8 4 ,2 6 4
6 ,0 4 9 ,8 0 7
1 3 0 ,1 3 6 ,2 0 3
4 6 0 ,8 1 1 ,5 4 3
2 4 ,0 7 7 ,5 1 3
1 6 2 ,9 2 5 ,8 8 0
5 ,9 1 3 ,5 5 8
1 3 0 ,6 6 5 ,4 1 5
4 2 7 ,3 0 6 ,6 0 8
1 6 2 ,2 9 6 ,8 9 6
2 4 ,2 0 3 ,6 3 2
5 ,9 7 4 ,7 6 2
1 3 3 ,8 4 9 ,0 4 2
4 2 5 ,4 3 0 ,9 8 5
1 6 3 ,0 7 6 ,8 4 6
2 4 ,0 7 0 ,7 9 1

1864,]

Journal o f Banking, Currency, and Finance.

Date.

u
it
tt
March
“
«
“
April
it

U

<C
May
“

u
M
June
<(

it
ft

is ,..
2 0 ,..
2 7 ,..

6, . .
12, . .
1 9 ,..
2 6 ,..
2,. .
9 ,. .
1 6 ,..
2 3 ,..
SO ,..
7 ,..
1 4 ,..
2 1 ,..
2 8 ,..
4 ,. .

11, . .

1 8 ,..
2 5 ,..
3 uly
2 ,..
if
9 ,. .
it
1 6 ,..
“
2 3 ,..
<«
3 0 ,..
August
6 ,. .
“
I S ,..
u
2 0 ,..
u
2 7 ,..
September 3 ,..
“
1 0 ,..
(•
1 7 ,..
a
2 4 ,..
October
1,. .
it
8,..
a
15, . .
a
2 2 ,..

Loans.
165,090,329
168,302,935
174.92S,205
182,317,378
189,757,746
198,229,513
199,372,437
203,993,131
204,333,192
198,703,699
196,2845,72?
194,157,495
192881,246
194,178,921
197,366,939
195,813,462
196,740,609
194,935,822
195,773,583
197,077,002
198,089,016
199,699,742
199,043,887
190,885,761
185,838,480
185,563,507
185,074,244
185,998,407
188,502,729
189,414,631
187,285,127
186,317,519
185,551,211
185,896,837
185,875,206
185,357,270
185,738,764

Circulation. Net Deposits.
Specie.
23,521,453 5,916,707 14",464,616
22,523,918 5,908,394 148,014,106
22,301,687 5,907,851 154,875,059
21,188,034 5,937,167 158,999,668
20,750,405 5,918,807 168,044,977
21,059,542 5,889,197 169.637,975
20,425,504 5,514,139 168 315,904
19,526,665 5,708,908 171,151,297
5,804,511 170,513,020
20,924,287
21,687,670 5,779,650 168,350,790
24,868,003 6,679,917 161,978,166
24,087,343 5,626,978 164,578,919
23,082,028 5,594,832 168.562,197
22,635,155 5,482,357 174,426,682
22,091,691 5,367,855 173,111,884
21,973,180 5,240,812 171.765,696
22,461,604 5,180,639 174,516,367
24,041,704 5,049,457 172,537,248
22,916,291 4,959,096 169,445,767
22,000,988 4,807,195 158,772,982
21,206,685 4,752,917 154,989,844
20,084,917 4,696,107 153.525,977
21,234,354 4,724,538 151.816,947
21,033,912 4,688,892 147,981,325
21,051,896 4,553,426 152,929,633
21,159,518 4,522,728 153,279,263
21,080,309 4,417,804 155,826,514
20,794,268 4,346.658 156,536,217
19,952,949 4,256,847 156,036,807
20,136,547 4,200,950 151,068,566
20,603,881 4,181,616 147,967.942
20,185,315 4,169,513 146,378,542
20.065,180 4,147,107 144,654,935
19,671,131 4,157,828 145,816,097
20,066,557 4,131,111 146,333,022
20,522,032 4,051,767 150,238,084
21,010,360 3,991,779 150,816,884

379
Clearings.
467,751,745
514,887,411
575,442,304
518,951,433
688,822,273
618,338,858
576,253,989
670,372,745
658,352,112
646,593,643
672,442,840
446,587,420
410.052,013
413,552,127
486,884,114
410,972,198
477,648,207
445,519,165
431,158,427
442,840,362
452,583,531
336,521,426
466,125,408
403,144,195
399,439,739
415,360,181
422,879,926
382,685,847
406,296,866
436,3S1,918
435,795,830
498.191,745
461,221,702
643,084,474
506,281,897
494,830,434
511,388,091

The returns of the last four weeks is remarkable only for the increase iu bank
deposits, which reflect the funds sent to the city from the west to make good the
credits that had been previously drawn down in the panics.
The quarterly return of the city banks was as follows :
Sept 27,1862.

Capital............................
Net profit..................... .
Circulation.....................
Due banks.....................
D eposits.........................
Due oth ers.....................
Total.......................

Sept. 25,1863.
$69,722,508
11,197,247
5,344,718
39,978,798
200,440,927
5,800,361

$69,219,763
16,120,047
4,124,470
39,137,845
186,907,240
1,928,653

$332,484,559

$317,433,021

$119,231,704
94,069,228
265,535
. 6,251,958
6,962,34a
51,292,468

$115,987,283
70,207,740
299,796
5,876,358
8,124,850
73,660,018

RESOURCES.

L o a n s ..............................
Stocks..............................
Mortgages.......................
Real estate.......................
Due banks.....................
Cash items.......................




380

Journal o f Banking, Currency, and Finance.

[November,

Specie ..........................................
Legal ten der................................
O verdrafts....................................

37,105,871
* ...............
62,142

29,352,863
25,014,682
43,776

19,588,396
23,043,083
66,517

Total......................................

$281,775,601

$332,484,559

$317,433,021

The remarkable features here are the great reduction in the amount of stocks
on hand, and the continued dimunition of the circulation.
Some time since the directors of twelve of the Philadelphia Banks gave notice
of meetings of stockholders, to be held at their respective banking houses, on
Thursday, the 20th day of October, for the purpose of deciding the question
whether or not the said banks shall not become associations for the carrying on
the business of banking under the laws of Congress, as prescribed by an act of
the last Legislature, enabling them to make the proposed change. The proposi­
tion is to convert the State Banks into National Banks, and the motive are
mainly to avoid the present heavy and unequal taxation now imposed on them,
as well as to get rid of the rivalry that now and is likely to continue to exist be­
tween the two classes of State and National banks. One other result to flow
from the conversion of the old State Banks into National institutions is that, by
the change, the maximum of banking capital allowed to Pennsylvania under the
law of Congress will be filled by associations of established ciedit, as against a
hundred or more of new banks of no established credit, and which, when estab­
lished, would be so much additional banking capital. Another desirable result
is that the Banks will, if the law is constituted, be made independent of the “ fat
goose” at Harrisburg. That is, they will occupy the State, and conduct busi­
ness in defiance of its power. The Banks propose to retain their present titles,
with the prefix “ National,” and to transact the same amount of business at
about one-half of their present taxation. All the city banks will probably be­
come National, except, perhaps, the Girard and the Mechanics’, both of which
have purchased charters, and are not subject to the excessive taxation imposed
on all the rest, and to that extent have not the inducement to the change that
the others have. The country Banks which have a large circulation will prob­
ably continue under State charteis.
The result of the meeting was an adoption, by two-thirds of the stock-holders,
of the proposition to merge into the new law.
The returns of the Philadelphia Banks were as follows:
P H IL A D E L P H IA BASK S.
P

h il a d e l p h ia

Date.
Jan. 4 ,.
it 11,.
(« 18,.
«< 25,.
Feb. 1,.
Feb. 8,.
(4 15,.
(t 22,.
« 29,.
Mar. 7,.

..
..
..

..

B

anks.

{Capital, Jan., 1863, $11,740,080; 1862, $11,970,130.)

Due
Due
Specie. Circulation
Loans.
Deposits,
to banks. from tanks.
$35,698,808 $4,158,685 $2,055,811 $29,878,920 $4,316,763 $2,963,663
36,458,967 4,158,235 2,050,891 30,484,227 4,001,473 2,814,188
34,896,842 4,158,125 2,044,427 31,194,851 4,330,120 8,063,148
34,849,959 4,103,065 2,047,846 32,354,253 3,500,693 2,905,921
34,345,126 4,108,109 2,056,532 32,027,147 3,453,431 3,271,306
34,146,677 4,102,671 2,066,069 31,033,030 4,080,059 2,461,873
34,590,880 4,102,748 2,069,061 29,911,704 4.322,609 2,080,750
35,059,676 4,102,588 2,119,488 30,783,741 4,463,751 2,099,778
35,519,704 4,102,848 2,167,848 31,435,753 4,837,264 2,114,227
35,913,334 4,102,632 2,208,492 31,712,547 5,323,316 2,116,042




* This was included in cash items in 1862.

y

1804.]

Journal o f Banking, Currency, and Finance.

381

Date.

Loans.

Specie.

Circulation.

Deposits.

Due
to banks.

Due
from banks.

Mar. 14,. ..
<( 2 1 ,.
“ 29,.
April 4,. .
11 , . ,
(( 18,.,
it 25,..
May 2 ,..
it 9 ,..
it 16,..
<1 2 8 ,..

35,956,678
36,412,923
36,695,415
37,262,220
37,032,110
39,535,834
39,570,567
39,770,436
39,639,436
39,262,695
39,639,4.36
39,262,695
39,723,493
40,286,433
40,286,488
42,057,758
40,918,009
40,717,527
40,731,324
42,057,758
39,277,980
89,142,449
39,353,341
39,401,423
39,778,594
40,334,268
40,885,872
42,404,383
41,839,955
41,152,335
40,541,371
40,867,864

4,099,707
4,099,664
4,096,401
4,095,495
4,093,461
4,095,387
4,095,475
3,972 349
3,967,263
3,964,522
3,967,263
3,964,522
3,694,320
3,964,75S
3,964,529
3,963,640
3,955,836
3,949,105
3,948,440
3.963,640
3,962,385
3,962,367
3,962,313
3,962,154
3,972,413
3,962,395
3,962,353
3,961,342
3,960,464
3,910,436
3,940,409
3,940,341

2,308,250
2,340,132
2,857,768
2,390,092
2,379,827
2,329,590
2,253,386
2,241,885
2,152,827
2,131,919
2,152,827
2,131,919
2,100,927
2,077,753
2,074,273
2,092,470
2,154,253
2,837,651
2,208,068
2,092,470
2,249,226
2,231,394
2,214,929
2,222,401
2,36 i,745
2,454,060
2,524,005
2,574,571
2,610,809
2,626,884
2,603,851
2,581,607

32,511,405
32,885,038
33,156,496
84,404,607
35,958,444
38,174,046
37,393,247
37,758,836
37,466,311
37,688,814
37,466,311
37,638,814
38,249,800
38,367,171
37,588,203
39,122,865
37,945,305
37,312,423
36,462,271
39,122,865
36,520,768
37,234,436
86,826,674
35,869,084
35,603,148
34,931,281
35,039,636
35,913,425
34,838,109
34,649,193
34,968,886
35,559,796

5,508,H 6
6,933,974
5,791,191
5,641,638
5,855,277
5,748,257
6,067,966
6,374,531
6,636,576
6,580,548
6,636.576
6,580,54 8
5,993,116
6,930,707
6,403,664
6,544,668
6,225,952
6,197,570
6,189,843
6,544,668
6,059,048
5,992,712
5,801,231
5,738,141
6,070,333
6,119,371
6,071,768
6,031,204
6 , 121,101
6,351,204
6,386,490
6,745,828

2,333,819
2,428,227
2,724,935
3,425,805
3,799,151
3,291,176
2,592,465
2,730,540
2,786,080
2,853,894
2,786,080
2,858,894
3,186,259
3,007,283
2,998,548
3,139,132
4,325,450
4,658,667
3,616,992
3,139,132
3,816,16 5
3,785,896
3,691,201
3,891,137
8,704.273
3,419,624
3,047.313
3,081,281
3,057,881
3,158,271
3,268,360
8,126,082

ii SO,.. .

June 7,.
ii 1 4 ,..
it 2 1 , . .
ii 27 ,..
July 4 ...
« 11 , . .
It
1 8 ,..
it 2 6 ,.. .
Aug. 2 , . ,
U 9 ,..
it 16,..
ii 24,..
Ii 3 1 ,..
Sept. 7 ,..
ii 14,.,
it 21 ,.
ii 27,. ..
Oct. 3,.
{( 1 0 ,.
<(
11 ,

It is to be hoped that these institutions will continue their weekly statements
when they have become National Banks.
The returns o f the Boston Banks are as follows :
.

BOSTON BANKS.

B oston B a n k s .

Date.

(Capital, Jan., 1863, $38,231,700; Jan., 1862, $38,231,700.)

Loans.

Jan. 4 ,.. $76,805,343
a 1 1 , . . 77,747,734
«* 18,.. 75,877,427
a 2 5 ... 74,146,000
Feb 1,.. 73,959,175
ii
71,765,122
8, . .
* 1 5 ,.. 71,088,849
ii 2 2 , . . 71,074,000
t< 2 9 ,.. 72,189,003
Mar,. 7 ,.. 72,687,363
ii 14,.. 72,105,111
ii 2 1 , . . 73,207,121
“ 2 8 ,..
73,485,514
April 4,.. 71,838,506
11... 72,620,348
72,328,896
18 ,..
ii 2 5 ... 72,538,611
May' 2 , . . 71,270,181
it 9 ,.. 69,471,481




Specie.

Circulation.

Deposits.

317,503,889
S
7,531,195
7,464,511
7,440,000
7,385,413
7,265,104
7,224,924
7,215,500
7,179,310
7,108,519
7,052,181
7,033,721
7,016,086
6,856,708
6,932,192
6,869,726
6,952,498
6,642,798
6,7 ! 6,484

$9,625,043
10,185,615
9,963,389
9,729,000
9,660,163
9,579,020
9,741,471
9,411,000
9,371,440
9,606,318
9,490,311
9,548,211
9,210,096
9,442,082
10,447,916
10,331,806
10,938,991
10,127,097
10,521,591

:$32,625,679
31,624,185
31,151,210
30,893,000
30,655,782
30,030,292
30,412,647
31,831,000
33,155,888
83,688,017
33,891,204
35,090,181
34,859,508
32,861,609
33,324,978
83,510,054
31,810,971
31,461,499
31,172,584

Due
to banks.

Due
from banks.

i$12,831,000 !$12,351,500
12,703,600 11,019,000
12,041,000 11,769,000
11,106,700 12,227,000
10,825,000 11,854,500
11,315,000 12,272,000
11,615,000 18,448,000
11,329,600 14,925,404
12,224,603 16,189,720
12,313,829 16,535,992
12,704,181 17,815,231
13,092,531 17,266,741
13,352,706 17,071,731
13,601,005 15.786.092
15,094,360 17,362,371
14,447,997 17,054,244
14,715,981 15,790,498
14,206,581 14,206,592
12,801,000 16,239,000

882
It
it

Journal o f Banking, Currency, and Finance.

[November,

1 6 ,..

6 8 ,8 8 8 ,5 8 1

6 ,6 4 4 ,4 9 3

1 0 ,1 2 6 , 4 7 3

3 1 ,6 3 3 ,0 7 1

1 2 ,5 0 0 , 6 7 1

1 6 ,2 0 1 ,0 8 3

2 3 ,..

6 6 ,6 8 3 ,5 1 0

6 ,5 7 3 ,1 8 1

9 ,8 9 9 ,1 9 3

3 6 ,6 0 5 , 1 8 1

1 1 ,8 7 1 ,7 1 9

1 5 ,7 3 3 , 6 9 1

3 0 ,..

6 9 ,2 0 1 ,3 0 1

6 ,5 4 1 ,2 0 1

9 ,6 8 1 ,2 0 4

3 4 ,3 9 1 ,2 0 8

1 1 ,1 0 1 ,3 0 7

1 5 ,9 2 5 ,2 0 1

6 7 ,0 9 3 ,5 0 0

6 ,5 0 9 ,1 8 1

9 ,1 6 0 ,6 2 1

3 2 ,7 7 1 ,8 2 1

1 0 ,8 7 5 ,1 8 1

1 6 ,1 3 0 ,7 2 0

6 7 ,9 4 2 .4 0 0

8 ,7 7 1 ,1 8 1

3 3 ,3 0 5 ,2 2 0

1 0 ,7 1 0 ,0 8 9

1 5 ,0 5 7 ,1 3 1

6 8 ,8 8 0 ,1 2 1

6 ,5 2 4 ,2 0 7
6 ,5 0 7 ,0 2 1

8 ,9 8 3 ,1 2 1

3 2 ,7 4 0 ,2 0 1

1 1 ,6 8 1 ,6 0 2

1 4 .7 9 0 ,0 1 2

6 9 ,6 9 1 ,0 0 0

6 ,4 7 0 ,6 0 0

9 ,0 6 8 ,7 1 2

3 0 ,8 6 5 ,1 0 1

1 2 ,2 6 0 ,0 8 0

1 2 ,8 7 2 ,1 1 1

J u n e 7 ,..,
“ 1 4 ,..
it
2 1 ,..
“ 2 8 ,..
J u ly 5 ,..
‘ 1 2 ,..
ii 1 9 , . .

6 6 ,9 5 0 ,1 1 1

6 ,2 9 0 ,5 2 1

9 ,5 7 4 ,0 0 9

2 9 ,9 4 0 ,1 0 2

1 1 ,8 8 0 ,3 1 2

1 3 ,8 0 9 ,0 0 2

6 6 ,4 5 2 ,1 0 7

6 ,3 0 1 ,1 0 1

9 ,9 3 6 ,4 9 1

1 1 ,3 0 6 ,0 0 2

1 3 ,4 3 4 ,5 2 8

1 0 ,0 0 3 ,1 8 1

1 3 ,9 4 2 ,0 0 1

6 6 ,0 7 9 ,0 0 0

6 ,2 4 6 ,2 1 1

9 ,8 9 0 ,0 8 1

3 2 ,2 6 0 ,0 0 4
3 0 ,5 8 4 ,1 0 1

tt 2 6 . . .

5 9 ,9 7 8 ,5 1 1

5 ,7 3 3 ,0 1 0

9 ,7 7 5 ,4 8 1

2 7 ,9 0 5 ,4 9 1

9 ,1 5 1 ,1 1 1

1 3 ,4 7 3 ,6 2 1

A ua: 2 ...
tt
9 ,..
it 1 6 , . .

5 9 ,7 6 0 ,3 9 8

5 ,7 2 9 ,4 3 1

9 ,3 2 7 ,1 0 1

2 7 ,8 6 6 ,2 0 1

8 ,9 4 7 ,0 2 1

1 3 ,0 3 9 ,5 S 7
1 3 ,2 6 1 ,6 5 4

it 2 3 , . .
« 3 0 ,..

6 0 ,6 5 5 ,ls l

5 ,7 3 4 ,1 0 1

9 ,6 8 5 ,6 7 1

2 7 ,8 0 6 ,0 3 0

9 ,8 4 2 ,6 2 1

6 1 ,1 7 5 , 2 1 1
6 1 ,8 1 7 ,0 0 2

5 ,6 6 5 ,9 8 1

9 ,5 3 8 ,8 4 1

2 7 ,7 7 3 .8 2 1

9 ,8 5 5 ,9 2 1

1 2 ,7 9 8 ,8 2 1

5 ,6 6 0 ,9 1 1

9 ,5 6 7 ,9 2 1

2 7 ,2 2 1 ,7 3 1

1 0 ,0 5 2 ,8 7 1

1 2 ,0 0 7 ,4 8 1

6 1 9 6 0 ,4 8 1

9 ,6 3 0 ,0 0 0

2 6 ,4 9 5 ,1 0 0

1 0 ,1 1 0 ,0 0 0

1 1 ,6 1 8 ,9 8 1

1 0 ,1 0 0 ,4 0 0

2 5 , S 8 4 ,4 8 7

1 0 ,5 3 5 ,0 0 0

1 1 ,5 2 6 ,0 1 1

6 ,..

6 2 ,2 1 1 ,9 3 1

5 ,6 8 1 ,8 7 1
5 ,7 4 4 ,8 9 8

1 8 ,..
ii 2 0 , . .
it 2 7 , . .

6 1 ,8 1 8 6 0 0

5 ,7 8 9 ,0 3 3

1 0 ,2 7 4 ,8 5 2

2 5 ,0 1 5 ,2 3 0

1 0 ,1 5 2 ,9 7 9

1 1 ,1 4 2 ,9 3 0

6 1 ,8 6 3 .6 8 2

5 .8 2 0 ,6 7 1

1 0 ,4 2 0 ,8 1 0

2 4 ,7 2 2 ,8 9 1

1 0 ,6 3 0 ,0 0 0

1 1 ,2 3 7 ,0 8 0
1 0 ,1 9 7 ,6 9 1

Sept.

5 ,6 3 7 ,9 2 1

1 0 ,2 8 0 ,4 3 1

2 3 ,5 8 2 ,9 8 1

1 0 ,9 5 8 ,7 8 1

4 ,..

5 8 ,3 9 1 ,6 2 1

5 ,5 3 9 ,0 0 0

1 0 ,3 1 6 ,9 9 1

2 4 ,3 8 4 ,5 8 1

9 ,6 6 4 ,4 8 1

1 1 ,4 7 6 ,5 8 1

1 1 ,..

5 7 ,7 1 9 .9 1 1

5 ,8 9 1 ,1 0 1

1 0 ,8 0 4 ,8 5 7

2 3 ,9 1 8 ,3 8 1

7 ,7 8 4 ,4 5 1

1 0 ,0 1 7 ,7 9 2

5 5 , 7 3 4 , 9 '- 1

6 ,3 6 1 ,5 8 1

8 ,9 9 8 ,1 8 1

2 4 ,0 1 8 ,5 7 2

7 ,8 2 7 ,9 1 1

9 ,8 7 9 ,7 2 1

Oct.
tt
“

1 8 ,..

5 8 ,3 5 2 6 7 1

This return gives a marked reduction in the loans and circulation, showing a
heavy pressure for legal-tender mouey.
The returns of the Banks of Massachusetts for the four weeks to October 1st,
compared with two previous returns, were as follows :
July 1 ___
Aug. 1 ___
Oct? 1 ___
The

Loans.

Specie.

Circulation.

Deposits.

Balances.

56 628,376
56,487,727
53,472,326

1,848,876
1,298,756
1,309,665

21,694,866
21,748,761
22,221,063

18,141,787
12,585,810
12,167,216

5,427,596
5,184,681
6,389,286

returns of the Providence Banks were as follows :
BANKS OF PROVIDENCE.

Sept. 5.

Capital..............................................................................
Circulation.......................................................................
Deposits...........................................................................
Loamt................................................................................
S p e cie ..............................................................................

Oct. 3.

$16,135,300
4,813,481
4,993,203
24,389,801
355,464

$16,138,200
4,712,407
5,193.499
25,319,076
355,030

15,163,199
2,149,828
1,536,332
7,829,617
115,863

$8,169,079
2,300,000
1,472,100
7,970,931
107,838

BANKS OUT OF PROVIDENCE.

Capital..............................................................................
Circulation...................................
Deposits ..........................................................................
Loans.................................................................................
Specie................................................................................

In our last we drew attention to the probable rising value of money at the
Bank of England, caused primarily by the American war in its effect upon the
cotton market of the world. That money pressure has continued with growing
stringency, and has reached a phase somewhat uDusual. The mode of checking
discounts was stated before the Parliamentary Committee, by one of the most
distinguished directors, as follows :
“ 3,529. Is it not principally by raising the rate of interest that you check the
amount of discounts which may be demanded of you ?




1864.]

Journal o f Banking, Currency, and Finance.

383

“ Yea, we have found, contrary to what would have been anticipated, that the
power which we possess and exercise of raising the rate of discount kcep3 the
demand upon us within manageable dimensions. There are other restrictions
which are important. The rate we charge for our discounts, we find, in general;
a sufficient check.”
This is the principle—the raising the rate depends upon the condition of the
Bank, and it has been altered some twenty times within a year, rising and falling
in proportion to the reserve of notes which it has on hand. In illustration of the
principle that governs the bank rate of interest, we have prepared the following
table, showing the amount of reserve on hand at the period of each change in the
rate of interest. Whenever the amount of notes on hand is less than one-third
the immediate liabilities, the Bank raises the rate, and again lowers it when the
“ reserve” of notes is much above that proportion.

Dec.
Jao.
Feb.
Feb.
April
May
May
May
May
Juue
July
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.

24___
20___
11___
2 5 ....
16___
2 ....
5 ___
1 9 ....
28___
16___
2 5 ..,.
5 ....
7 ___
14___
21___
28___
5 ___

Liabilities.
£24,423,711
20,187,541
20,683,101
21,113,230
20,045,328
19,366,368
19,821,377
21,028.880
21,304,287
21,779,379
19,203,669
19,236,100
19,483,717
19,969,913
19,711,161
20,184,576
19,171,539

Reserve.
£8,886,575
6,796,924
7,960,351
8,794,497
6,474,180
6,216,541
5,619,994
7,107,911
7,947,138
8,826,355
6,011,140
5,597,493
6,810,582
7,139,396
7,483,262
7,531,098
6,294,795

Less than
one-third.

More than
one-third.
£745,338
57,743
1,065,950
1,760,087

207,596
193,915
987,131
98,284
845,709
1,566,562
390,083
824,540
810,011
643,161
912,908
802,906
94,718

8 a7
7a 8
8 a7
7 a 6
6a 7
7 a 8
Sa 9
9 a 8
8 a7
7 a 6
6 a7
7 a 8
8a 9
9a 0
9 a0
9a 0
9a 0

This table indicates not only the principle on which the bank acts, but the
prompt effect which that action has usually, in turning the tide of investments
towards England, and causing notes again to accumulate in the coffers of the
bank. In the last six months the movement has been more difficult, aud the
range of interest has been higher. Thus, in three months, from February to
May, the rate ran up from 6 to 9 per cent; then in thirty days ran back to 6
per cent, since which it has risen to 9 per cent once more. The rise in interest
acts now more slowly upon the current of money, and the outward movement is
more active on its relaxation.
This seems to arise from the growing demand for money in those quarters
from whence a rise in the English rate has been wont to draw it. At the last
return, October 5, there was a great decline in the reserve, and the amount was
below the rule. The rate ought, therefore, to have been advanced to 6 per cent.
It was considered, however, that the decline in reserve was partly due to the
quarterly payments, to the demand for money for the interest, for payment of
salaries, and other causes. It was also considered that owing to the state of
the money market on the Continent a further rise in the rate of money would
fail of its usual effect, and might produce discredit that would cause money to be
withdrawn. A continuance of such a state of the market would compel a sale




384

Journal, o f Banking, Currency, and finance.

[November,

of securities on the part of the Bank, thus depressing the prices of securities as
it has already those of produce of various kinds. This in effect took place in
the week ending on the 12th. The Bank then disposing of £424,692 public
securities.
The returns of the Banks were as follows :
THE BANK OF ENGLAND RETURNS.

Date.

Dec. 2 , . . .
tt
9 ,...
it 1 6 ,...
u 2 3 ,...
tt 8 0 ,...
Jan. 6 , ’ 64
« 1 3 ,...
it 2 0 , . . .
<C 2 7 ,...
Feb. 3 , . . .
It 10 , . . .
it 1 7 ,...
II 2 4 ,...
March2 , . . .
((
9 ,...
it 1 6 ,...
(( 2 3 ,...
II 3 0 ... .
April 6 , . . .
tt 12 , . . .
it 20 , . . .
«
2 7 ,...
May 4 , . . .
tt
11 , . . .
if
1 8 ,...
“
2 5 ,...
June 1 ___
“
8,...
“
1 5 ,...
<t 2 2 , . . .
«
2 9 ,...
July 6 , . . .
(t 13,.. .
«
20, . . .
« 2 7 ,...
A ug. 3 , . . .
“
10 , . . .
tt
1 7 ,...
it 2 4 ,...
“
3 1 ,...
Sept., 7 , . . .
“ 1 4 ,...
<i 2 1 , . . .
“ 2 8 ,...
5 ,...
Oct.
“
12 , . . .

Circulation.

Public
Deposits.

21,685,732 7,2.34,894
20,801,207 8,629,856
20,382.764 9,103,738
20,273,799 10,266,546
20,686.538 10,841,991
21,322,304 10,001,982
21,396,420 5,264,097
21,446,793 5,689,074
20,875,825 6,337,246
21,162,626 6,748,867
20,708,113 7,254,682
20,696,172 7,079,789
20,207,871 8,153,601
20,840,374 7,893,633
20,563,325 8,863,364
20,333,112 8,570,711
20,366,705 9,841,323
20,908,644 10,280,458
21,528,914 9,818,880
21,785,597 5,929,922
21,672,783 5,787,329
21,484,602 6,217,965
22,045,792 6,981,132
21,478,987 7,299,434
21,313,352 7,568,661
20,868,047 7,971,003
21,246,840 8,286,719
20,766,405 •8,748,510
20,597,557 8,512.311
20,628,207 9,287,694
21,153,606 10,213,535
21,890,063 9,489,130
22,161,001 4,683,803
22,302,688 4,462,490
22,158,547 4.961,046
22,489,710 5,165,704
21,881,314 4,963,222
21,654,139 5.145,800
21,047,048 5,288,725
21,289,324 5,815,742
21,367,124 6,022,373
20,960,414 6,702,054
20,842,714 6,815,611
20,761,741 7,083,958
21,915,817 6,877,591
21,774,334 7,023,234

Private
Deposits.

12,924,545
12,981,276
13,265,068
12,711,637
13,021,212
13,052,604
15,411,794
13,879,877
13,406,627
18,372,981
12,882,226
13,306,156
12,426,673
13,541,278
12,434,975
18,105,800
12,480,154
12,658,986
13,348,299
13,686,029
13,684,069
12,620,036
12,278,903
12,901,160
12,962,402
12,882,042
12,493,776
11,966,204
12,790,361
13,051,661
12,890,244
13,471,415
15,082,746
13,408,675
13,719,621
13,519,626
14,419,766
13,950,446
13,714,161
13,073,751
12,904,085
12,723,620
12,390,681
12,588,902
11,731,746
13,206,313

Securities.

Coin and
bullion.

31,9S0,889
32,622,659
32,303,049
32,270,286
33,438,154
33,486,952
31,726,575
31,445,860
31,017,449
31,436,384
36,923,317
81,078,328
30,'504,827
31,980,446
81,769,311
31,929,164
32,112,543
33,472,484
84,223,509
31,385,305
81,596,179
80,961,685
32,070,427
32,239,210
31,855,696
31,297,181
31,329,121
30,711,740
30.884,192
31,948,856
83,297,897
34,286,592
31,637,509
30,471,085
31,346,657
31,909,793
32,202,646
31,594,936
30,861,710
31,058,341
81,202,406
31,381,674
30,795,458
31,298,584
31,530,895
32,192,227

13,048,475
13,008,617
13,675,474
14,217,067
14,362,605
14,196,754
11,708,597
12,974,109
18,022,220
13,303,243
13,472,271
13,583,635
13,819,412
14,034,222
13,884,389
13,946.943
14,499,201
14,163,519
13,616,762
13,080,300
12.743,302
12,667,776
12,454,244
12,705,251
13,267,416
13,713,943
14,052,761
14,043,129
14,304,205
14,319,061
14,197,S49
18,930,809
13,701,112
13,171,561
12,996,685
12,877,483
12,609,925
12,725,759
12,831,751
12,980,038
12.970,447
12,905,511
18,171,107
13,121,123
12,998,210
13,606,293

Rate of
Discount.
8 per ct
“
8

7
7
7
7
7
8
8
8

7
7
6
6
6
6
6
6
6
6

7
7
9
9
8

7
7
7
6
6
6
6
6
6
8
8
8
8
8
8

9
9
9
9
9
9

“
“

(1

it
“
tt
it
it
tt
It
tt
(t
ii
tt
it
tt
“
M
tt
“
it
it
tt
it
fi
it
tt
tt
it
tt
tt
if
“
“
*
((
tt
it
“
“
It
tt
tt
it

The failure of the Leeds Banking Company was very disastrous. The capital
is £100,(100, and the deficiency is £817,663 6s. lid ., which, therefore, is the
sum the managers of the bank have made away with. It is eight times the capi­
tal of the bank, and exceeds by nearly 50 per cent the legitimate liabilities of the




1864.]

385

Journal o f Banking, Currency, and, Finance.

bank—its liabilities to depositors. Though the capital of the bank was only
one hundred thousand pounds-, it has been giving endorsements, lending its name
and credit for all but two millions, and these millions were of so bad a character
that the accountant divides thus :—
To be paid at maturity....................................................
Not to be paid at maturity..............................................

£919,991 14s. 3d.
1,000,000 . .

Total indorsements............................................

£1,919,991 14s. 3d.

Of this immense amount the above deficit is the first result.
The return of the Bank of France shows a considerable decline in specie, as
follows :
B A N K OF F R A N C E .

Loans.

Specie.

Circulation.

Deposits. Interest

January —fr.751,649,983 fr.169,027.010 fr.813,490,825 fr.159.797,667
7
February — 705,516,796
182,573,888
775,096,775
160,110,225
7
195,994,738
746,610,375
March
— 642,135.993
142,925.719
6
April
— 643,570.276
219,320,720
759,926,425
133,701,530
6
242,824,609
767,443,475
May
— 683,332,517
178,434,305
8
294,892,295
725,381,925
June
— 577,309.524
156,685,209
6
it
280,511,406
720,243,375
23, 594,563,973
144,559,768
6
a
277.544,816
766,609.875
30, 676,605,538
165,668,712
6
July
7, 662,197.524
276,522,727
772,309,475
6
170,022,200
it
266,890,961
14, 667,187,446
792,819,275
152,242,482
6
it
269.810,253
21, 639,299,542
788,378,725
135,282,170
6
It
791,673,525
28, 642,692,154
276,162,420
144,636,985
6
276,790,393
August
786,629,625
4, 634,904,899
157,810,891
6
it
11, 633,495,575
272,433,487
777,023,925
148.866,812
6
a
769,096,425
276,200,183
18, 627,110,297
139,746,017
6
“
767,100,725
25, 615,885,942
280,595,089
130,431.547
6
279,353,778
September 1, 618,948.683
767,763,725
141,075,120
6
281,021,082
“
8, 618,030,503
752,214,625
137,349.361
7
it
273,371,823
761.638,225
15, 633,405,806
130,975,227
7
ll
22, 585,624,962
276,644,874
732,775,425
110,529,671
7
ft
279,039,471
739,183,625
29, 608,645,155
122,373,527
7
267,533,219
6, 606,581,148
751,377,975
October
128,769,575
7
it
13, 619,256.344
250,423,737
754 479,725
120,525,826
8
In the week to September 24, there were fears of a rise in tiie Bank rate of
interest, but a single glance over the Bank return shows that the maintaining of
the discouut rate at two per cent below the discount rate of the Bank of Eng­
land was compensated by a more rigorous and stringent examination of the com­
mercial bills. Thus, the discount of these bills presents a decrease of 47,780,OOOf
for the week, consequently deposits are also in decrease of about 20,000,OOOf.
Such figures explain sufficiently the increase of 3,273,OOOf in the bullion, and the
decrease of about 31,000,OOOf in the circulation of notes.
In the subsequent weeks there was au increase in deposits, accompanied by a
rise in circulation, which was reflected immediately in a loss of bullion. This
loss reached 17,000,0001'. in the last week, and the rate of interest was put up to
8 per cent. A t Amsterdam, the Bank of Holland raised the rate to 7 per cent.
In Turin, to 9 per cent. The rates are as follows: Vienna, 5 ; Berlin, 7 ;
Frankfort, 5£ ; Amsterdam, 7 ; Turin, 9 ; Brussels, 6 ; Hamburg, 5 per cent.
The Bank of France in 1861 and 1862 placed iu reserve a portion of its
V OL. LI.---- NO. V .
24




The Colonies o f Great Britain.

386

[November,

profits to meet anticipated losses by the failure of Greek houses at Constantino­
ple. The losses having in definitive been less than were believed, the Bank an­
nounced that it would make an extraordinary distribution from that reserve of
35f per share.
Letters from Germany say that considerable uneasiness prevails in the money
markets of that country with regard to the financial situation of Austria. The
deficit for the present year will be very considerable, and there is every probabil­
ity that that of next year will be greater; added to which, the Austrian Govern­
ment is under the necessity of making very heavy payments to the Bank in the
course of 1865. The Ministers, who have held several Cabinet Councils, seem
to know not what to do. It is hardly possible to raise a new loan, owing to the
deplorable state of Austrian credit; and a sale of the Crown lands could not, at
the present moment, realise more than 100,000,000 florins, which is a sum totally
inadequate for what the situation requires. The only effective remedy for the
financial embarrassments would be an extensive reduction in the army ; but the
state of political affairs does not render that possible.

TIIE COLONIES OF GREAT BRITAIN— THEIR AREA, POPULATION,
COMMERCE, DEBT, &c.
The Colonial dependencies of Great Britain have, during the twenty years
previous to 1860, progressed very rapidly in population and trade. We find in
the “ Statistical Journal of London” an article from which we have compiled
the following very valuable statistics respecting their growth, extent, &c.
The Colonies and dependencies are arranged in seven groups, chiefly according
to their geographical affinities, in the following manner :
1.
The North American Group. 2. The West Indian Group. 3. The West
African Group. 4. The South African Group. 5. The Eastern Group. 6.
The Australian Group ; and 7. The Mixed Group, containing places not in any
of the foregoing divisions.
1. North American Group.
This group contains seven colonies, viz.:
1.
2.
3.
4.

Canada,
Nova Scotia,
New Brunswick,
Prince Edward Island,

' 5. Newfoundland,
6. British Columbia, and
7. Vancouver Island.

The aggregate territory of these colonies covers 512,169 square miles; the
population, according to the latest returns, was 3,294,561, of whom 34,807 were
people of color.
The value of the imports and exports in 1860, and the extent of the trade with
the mother country, are shown by the following figures :




1804.]

387

The Colonies o f Great Britain.

Imports from.—
The United Kingdom.......................
Other countries..................................

£4,882,000
7,038,000
-----------------£11,920,000

Exports to—
The United Kingdom........................
Other countries..............

£3,618,000
7,174,000
-----------------

Total..................................

....

11,792,000

£23,712,000

One-third of the commerce of this group is carried on with England; the
greater part of the remainder goes to the United States.
The whole amount of revenue raised for the year was £2,064,313, which is
equal to a poll tax of 12s. 7d. The public debt at the end of the same year was
£14,232,502.
The following table will show the area, population, trade, debt, &c., of this
group in detail:
NORTH AMERICAN GROUP— ARE A, POPULATION, DEBT,

Revenue

Area,
Square
Miles.

Colonies, &c.
1. Canada.......
2. Nova Scotia.
3. N. Brunswick
4. Pr. Ed. Island
5. Newfoun’land

210,020
18,671
27,105
2,173
40,200

6. Br. Columbia.

200,000

7. Vauc’r.Islaud

14,000

Total. . . .

512,169

tfcc.
Commerce in 1860.

Debt
Population Raised in the
Colony in
on 31st
according
Value
the Year
December,
to latest
of
icCO.
IStiO.
Return.
Imports.
£
u
£
2,506,765 1,499.000 11,97 1,000 7,07 »,000
1,004,000 1,702,000
177,000
332,264
1,036,000 1,447,000
179,000
252,047
29,000
41,000
230,000
80,857
175,000 1,206,000
128,000
122,638
j N ot ascerj- 53,000
5,000
257,000
h
[ tained

....
3,294,561

2,065,000

....

....

Value
of
Exports.
£
7,116,000
1,324,000
916,000
202,000
1,223,000
11,000

....

14,232,000 11,920,000 10,792,000-

The material advancement may be estimated by the following comparisons:—
In 1838, there were five colonies in this group. British Columbia and Vancou­
ver Island have since been added. The population was, in the year stated,.
1,282,000 ; it is now 3,294,561 ; being an increase of 157 per cent.; the aggre­
gate value of the imports and exports was then £9,185,000; it is now.
£23,712,000, equal to an increase of 158 per cent.
2. West Indian Group.
This group contains seven colonies, viz.:
8.
9.
10.
11.

Jamaica,
Honduras,
Turk's Islands,
British Guiana,

12. Trinidad,
13. Windward Islands, and
14. Leeward Islands.

Excluding Turk’s Islands, the area of which appears not to be known, this
group measures 99,090 square miles. The population at present is 1,075,395
persons, the most of whom are colored. The exact numbers in those colonies
where the distinction of race has been observed in the enumeration of the inha­
bitants are 54,650 white, and 967,294 colored.
In 1860, the value of the goods imported and exported was as given below :




[November,

The Colonies o f Great Britain.

388

Imports from —
The United Kingdom,
Other countries...........

£2,627,000
2.710.000
- — --------£5,337,000

Exports to—
The United Kingdom
Other countries..........

£4,653,000
1.178.000
----------------

Total........................................

.......

6,831,000
£11,168,000

The United Kingdom has the largest share of this commerce, as it takes more
than seven millions of the aggregate value.
The revenue for 1860 was £919,697, or 17s. Id. per head on the population.
The debt at the end of the year was £1,495,967.
The following table shows the area, population, trade, debt, &c., of this group
in detail-:
.

W EST IN D IA GROUP---- POPULATION, AREA, TRADE,

Area,
Square
Miles.

Population,
latest
Returns.

441,255
25,635

8 . Jamaica.. . . . .

6,400
13,500
i Not ascer
’
10. Turk’s Islands, j
1 tained.
11. British Guiana.
76,000
1,754
12. Trinidad........
13. Windward Isl’s
777
659
14. Leeward
“
9. Honduras.........

Total.........

99,090

&0.
Commerce in 1860.

Revenue
Debt,
in I860. Dec. 31, ’60.

262,000
36,000

738,000
....

Imports.

1,208,000
232,000

Exports.

1,226,000
293,000

1 4,372

11,000

1,000

42,000

34,000

155,026
84,438
258,933
105,736

180,000
185.000
157,000
89,000

527,000
136,000
35,000
59,000

1,146,000
829,000
1,368,000
517,000

1,513,000
715,000

1,075,395

920,000

1,496,000

5,337,000

l,455„OoO

596,000
5,832,000

There has been a considerable increase in the population, but a falling off in
the value of the imports and exports since 1838. Then the population consisted
of 675,000 persons j it is now 37 per cent, above that number. The value of
the trade was then £12,700,000, or 12 per cent greater than at the present
time.
3.

West African Group.

This is a very small group; it contains three dependencies :
15. Sierra Leone,

16. Gambia, and
17. Gold Coast.

The total surface is 6,488 square miles; the population 199,909 persons, of
whom 392 only are whites.
The figures for 1860 express the annual value thus :
Imports from —
The United Kingdom.......................
Other countries..................................
Exports to—
The United Kingdom........................
Other countries..................................




Total

£233,000
125,000
------------- £358,000
£205,000
319,000
-------------

524,000
£8S2,000

389

The Colonies o f Great Britain.

1864.]

The sum raised in 1860 was £49,581, or 4s. lid . per head on the population ;
the debt was then £2,304.
The following table gives the area, population, trade, debt, &e., of this group
in detail:
•WEST AFRICAN GROUP— POPULATION, A R E A , TRAD E, d'C .

Area,
Square
Miles.
1 5. Sierra L eon e.. .

Population,
latest
Returns.

468

16. Gambia.............
17. Gold Cost........ .

20
6,000

T o ta l,.............

Revenue
in
1S60.

Debt,
Dec. 31,
1860.

£
32,000

Commerce in I860.

r

—

------- ,

Imports.

Exports.

£
173,000
73,000

£
304,000
109,000

41,624
6,939
151,346

10,000

£
....
....

7,000

2,000

112,000

111,000

199,909

49,00§

2,000

358,000

524,000

The population since 1838 has increased by 5,493 persons ; and the value of
the trade, comparing 1860 with 1838, by £260,000, or 44 per cent.
4.

South African Group.

Two colonies only are comprised in this group, v iz.:
18. Cape of Good Hope, and, 19. Natal.
The extent of the two colonies is 119,268 square miles : the population, at
the latest return, was 388,906. Of that number 114,106 were white, and
274,800 colored.
The value of the imports and exports in 1860 is represented by the following
figures :
Imports from —
The United Kingdom........................
Other countries...................................
Exports to—
The United Kingdom.......................
Other countries...................................

£2,116,000
705,000
-----------------£2,821,000
£1,392,000
828,000
---------------------------

Total........................................

.......

2, 220,000
£5,041,000

The amount raised was £612,078, or 31s. 6d. per head on the population ; the
debt in the same year, that is to say 1860, was £418,400.
The following table gives the area, population, trade, debt, &c., of this group
in detail:
SOUTH AFRICAN GROUP— POPULATION, ARE A, TRADE, £ c .

Area,
Square
Miles.

18. Cape of Good Hope
19. Natal......................
Total................

Population, Revenue
latest
in
Returns.
I860.

104,931 231,323
14,337 187,583
119,268

388,906

Debt,
D tc. 31,
IrOU.

525^000 368£00
87,000 50,000
612,000

418,000

Commerce in I860.
,----------------*----------------- ,
Imports.

Exports.

2,466,000 2,08u,000
355,000
140,000
2,821,000

2,220,000

In 1838 Great Britain had but one colony in South Africa— Natal has since
been settled. In the year named the population amounted to 147,341; it is
now 388,906, which is equivalent to an increase of 164 per cent.




The Colonies o f Great Britain.

390

[November,

The combined value of the imports and exports was then £1,424,000 ; it is
now £5,041,000, which represents an increase in that interval of 254 per cent.
5.

Eastern Group.

Four dependencies are placed in this group, viz.:
20. Ceylon,
21. Mauritius,

22. Hong Kong, and
23. Labaan.

The total extent is 25,485 square miles; the population is 2,351,300 persons,
of whom only 11,186 are whites.
The value of that which is represented by the imports and exports is shown as
under :
Imports from —

The United Kingdom
Other countries.........

£1,622 000
4,736,000
£8,358,000

Exports to—
The United Kingdom.
Other countries.......

£3,085,000
1,738,000
4,823,000

Total.

£11,181,000

This is exclusive of the Hong Kong trade, which, according to the return,
“ cannot be ascertained ; ” the statistics of import trade being published with
those of the other ports in China with which we traffic.*
In the year of which we are treating, £1,403,206 revenue was raised ; this
sum is equal to 11s. lid . per head on population. There was no debt.
The following table gives the area, population, trade, debt, &c., of this group
in detail:
EASTERN GROUP— POPULATION, AREA, TRADE,

Area,
Square
Miles.

20.
21.
22.
23.

Population,

Revenue

Returns.

ISliO.

latest

in

Ceylon...............
Mauritius...........
Hong K o n g f. . .
L abu an .............

24,700
708
32
45

1,919,487
310,050
119,321
2,442

£
767,000
541 000
94,000
1,000

Total...............

25,485

2,351,300

1,403,000

&0.
Commerce in 1860.

._A-----------,

Imports.

Exports.

£
£,
2,551,000
8,551,000
2.769,000
2,260,000
Cannot be ascertained.
18,000
38 000
6,358,000

4,824,000

Since 1838 two places have been added to our Eastern possessions ; namely,
Hong Kong and Labuan. In 1838, the colonial population was 1,382,000; it
is now greater by 969,000, or 70 per cent. The value of the trade in the earlier
year was £2,884,000; it is now £11,184,000, whence it is seen the increase is
288 per cent, exclnsive of the Hong Kong trade.
* As regards Hong Kong, the imports are returned in connection with the China
trade. The value of the exports from the United Kingdom in 1860 was £2,536,000.
f Hong Kong. The military expenses in respect of this station are computed from
the year 1860, because the whole of the China expedition passed through that place.




I
1864.]

391

The Colonies o f Great Britain.
6.

Australian Group.

Seven colonies are now embraced in this most important and prosperous
group, viz.:
24. New South Wales,
25. Victoria,
26. Queensland,
27. South Australia,

28. Western Australia,
29. Tasmania, and
30. New Zealand.

The extent is enormous, being upwards of 2,582,000 square miles ; the popu­
lation 1.358,381 persons, of whom 113.115, or less than one-tenth, fall under the
class termed “ colored.”
The commerce of our Australian colonies greatly exceeds that of any other
group. The value of the imports and exports in 1860 is expressed by the fol­
lowing figures :
Imports from —
The United Kingdom........................
Other countries...................................
Exports to—
The United Kingdom .....................
Other countries...................................

£16,748,000
10 970,000
----------------------£27,718,000
£18,039,000
9,192,000
-----------------

22,231,000

Total........................................

£49,949,000

The revenue raised in these colonies is very great; it amounted this year to
£6,750,312, or 84s. 9d. per head on the population. The debt is also large,
namely £10,678,584.
The following table gives the area, population, trade, debt, &e., of this group
in detail:
AUSTRALIAN GROUP— POPULATION, AREA, TRADE,

Area,
Square
Miles.

24.
25.
26.
27.
28.
29.
30.

IS. S. Wales
Victoria...
Queensland.
S. Australia
W.
do
Tasmania..
N. Zealand.
Total___

323,437
86,831
678,000
383,328
978,000
26,215
106,259

Population
latest .
Returns.

Revenue
in
I860.

Debt
in
I860.

<tc.

Commerce in 1860.
,----------*------------- -- v
Imports.

£
£
£
365,635 1,309,000 3,820,000
7,519,000
548,944 3,039,000 5,118,000 15,094,000
....
179,000
742,000
56,000
126,830
1,640,000
439,000
870,000
169,000
15,691
61,000
2,000
268,000
1,006,000
90,211
390,000
155,070
465,000
479,000
1,548,000

2,582,070 1,358,381

5,760,000 10,670,000

27,718,000

Exports.

£
5,072,000
12,963,000
710,000
1,784,000
89,000
1,025,000
589,000
22,232,000

There are now seven colonies in this group ; in 1838 there were but three.
Victoria, South Australia, New Zealand, and Queensland are the new posses­
sions of the Crown. In 1838 the population amounted to 145,680 persons only ;
it is now 1,358,381. Hence, in twenty-two years it has increased 832 per cent.
The value of the trade in the earlier year was £3,720,000 ; it is now very nearly
fifty millions sterling. This is inclusive of the trade in gold. The value of the




392

[November,

The Colonies o f Great Britain.

imports and exports of this group has increased in twenty-two years by the
extraordinary ratio of 1,242 per cent.
7. Mixed Group.
This group is made up of eight dependencies, not conveniently referable to
any of the other sections. One is in the German Ocean, three are in the Medi­
terranean, and the remainder in the North and South Atlantic. These places
are respectively—
31. Heligoland,
32. Gibraltar,
33. Malta,
34. Ionian Isles,

35.
36.
37.
38.

Bermuda,
Bahamas,
St. Helena, and
Fiilklands.

The combined territory contains 11,750 square miles; the population is'
441,270 persons of whom 36,119 are colored.
Excluding Gibraltar, for which place there is no return under this head, the
value of the commerce, in 1860, was in respect of—
Imports from—
The United Kingdom........................
Other countries...................................

£620,000
4,299,000
------------- £4,919,000

Exports to—
T he United Kingdom.......................
Other countries...................................

£2,006,000
1,168,000
-------------

T o t a l ...................................................

3,204,000

.........

£ 8 ,2 2 3 ,0 0 0

The sum raised in 1860 was £429,198, or 19s. 6d. per head on the population.
The debt was then £333,462.
«
The following table gives the area, population, trade, debt, (fee., of this group
in detail:
M IXED GROUP---- POPULATION, AREA, TRADE,

Area,

Population
latest
Returns.

(SlC.

Debt
in
I860.

Commerce in I860.
,

2,172

it B0.
£
£3,000

115
1,041

15,462
141,220
228,669

84,000
146,000
172,000

78,000
227,000

1.167J

385,351

852,000

£05,000

4,471,000

3,077,000

28,000
78,000
11,000
6,000

Miles.

31. H eligolond.. .

Revenue,

i

£
£5,000

Mediterranean:
82. Gibraltar. . . .
38. Malta.............
34. Ionian Islands

if

Total (part.)...

Imports.

£
£13,000

Exports.

£
£9,000

Cannot be ascertained.
2,982,000 2,301,000
776,000
1,489,000

Islands in the North
and South Atlantic:
36. Berm uda.. . .
30. Bahamas . . . ,
37. St. H elena. . .
88. Falkiands.. . ,

24
2,921
47
7,600

11,450
35,287
6,444
>
566

16,000
86,000
21,000
1,000

1,000
23,000
...»
—

153,000
181,000
124,000
27,000

Total (part.).. .

10,592

58,747

74-000

24,000

435,000

118,000

Total......... .

11,750

429,000

334,000

4,919,000

3,204,000

Grand T otal.. . 3,856,320




441,270

9,109,722 11,237,000 27,161,000 59,432,000 49,626,000

'T

393

The Colonies o f Great Britain.
Since 1838 the Falklands have become a dependency of the crown.
pulation of the entire group has increased about 10 per cent.

The po­

Summary of the Seven Groups.
The thirty-eight colonies and dependencies of the British Crown have a col­
lective territory of 3,350,320 square miles, supporting, according to the latest
returns, a population of 9,109,722 persons, of whom 5,081,061 are “ white,” and
3,965,766 “ colored
the proportion being as 5 to 4, very nearly. In two or
three of the smaller colonies the population lias been returned without discrimi­
nating the races, which accounts for the discrepancies in the totals just mention­
ed. The colonial population, according to these figures, is equal, very nearly, to
one third of the population of the United Kingdom.
Trade.— Belying upon the value of the imports and exports, as the sufficient
exponent of colonial traffic, we arrive at the following results :
Imports from—
The United Kingdom........................
Other countries..................................

£28,849,000
80,583,000
■---------------- £59,432,000

Exports to—
The United Kingdom........................
Other countries...................................
Total............................................

£28,059,000
21,567,000
----------------.......

49,626,000
£109,058,000

Colonial Revenue and Debt.—The whole sum raised within the colonies as
revenue, in 1860, by taxation, by sale of lauds, and by licences, was £11,237,385,
or 24s. 8d. per head on the population. On the 31st December of the same year,
the total of colonial debts was £27,161,219. The national debt is £818,000,000.
The aggregate of the colonial debts was, therefore, nearly one-thirtieth of the
national debt.
Imperial Expenditure.—The total burthen east by the colonies on the taxation
of this country, is exhibited by the annexed statement:—
Military Services—
T r o o p s ........................................... £2,932,725
T ransports.............................
256,735
Fortifications and barracks . .
152,781}
£3,442,243
Civil Services—■
Various head* .

167,222
___ s________

Total

£3,509,465

Progress.—In 1838 Great Britain had twenty-five colonies and dependencies,
peopled by 4,090,000 persons ; at the present time we possess thirty-eight colonies and dependencies, with a population more than twice as numerous as it was
twenty years ago. Between 1838 and 1860 the trade has risen from £33,000,000
to £109,058,000, or in more than a threefold proportion.




394

[November,

New P ost Office Money Order System.

NEW POST OFFICE MOSEY ORDER SYSTEM.
O perations under the postal money-order system will begin on or about
the first of November.
The postal money-order bureau in Washington is under the charge of Dr. 0 .
F. Macdonald. One hundred and forty-one post offices in various parts of the
country, have thus far been designated as “ money-order offices.” It was
thought best to include only such as were of most importance, and whose officers
were qualified to perform the new duties now devolved on them. The defects of
the system will be more easily obviated, and improvements made. The number
of offices will then be increased according to circumstances.
HOW MONEY-ORDERS MAY BE OBTAINED.

Orders are to be given at each of these offices upon any or all other offices, for
sums of one to thirty dollars. The copies of the blanks to be used, (printed be­
low.) with some notes and instructions which accompany them, convey a fair
idea of the processes for obtaining orders and procuring payment.
The following is a copy of the
APPLICATION FOR MONEY-ORDERS.

(To be filled up by the applicant.)
186 .
Required for the sum of.
Payable a t . .
Payable to.
Residing at.
Sent by . . .
Residing a t...............

Entered in Register:

State of.

, State of
, State of,
Postmaster.

The applicant must, in all cases, give his own Christian name in full ; and
the C h r is tia n name of the payee is k n o w n , it should be so stated ; other *
wise initials may be used. The Christian names of married w o m e n must be
given, and not those of their husbands. For example, Mrs. Mary Brown must
not be described as Mrs. William Brown.
w hen

Names o f parties and places, and the sums, to be w rit^n in the plainest pos­
sible manner.

As there are several places o f the same name in the United States, remitters
must be careful to indicate which o f them they mean ; aud the Postmaster will
satisfy himself, before writing out the order, that the place indicated is the one
intended.

On the back of the application are the rates of commission, as follows :
RATES OF COMMISSION.

Charged for money orders.
On orders not exceeding$10 .....................................................
Over $10 and not exceeding $ 2 0 ..............................................

10 cents.
15 cents.

Over $20 and up to $30.......................................................

20 cents.




1864.]

395

New P ost Office Money Order System.

No single order issued for less than one dollar or more than thirty dollars; and
no fraction of cents to be introduced in an order. No orders to be issued on
credit.
Orders are in this form :
COPT OF ORD ER.

Stamp of
Issuing office.

N o............... .
Issued
Cincinnati.

, 1SS
AM OUNTS.

Dots. Cts.

Pay to the person named in my letter of advice of this date the sum of.
dollars a n d ...........cents.
Postmaster.

Stamp of Pay­
ing Office.

To the Postmaster at
The party to whom this order is made payable]
must sign here his or her Christian name, except ! Received the above,
in the case of firms, where the usual signature will [ •
suffice.
J
.....................

This order is payable only by the Postmaster at the office upon which it is
drawn. Payment of the order should be obtained before the expiration of ninety
days from the date of issue, or it will not be valid or payable. The PostmasterGeneral is, however, authorized to cause a new order to be issued in that case ;
and also, on proof that the order is lost, a new one may be issued, but a second
fee must be paid. After once paying a money order, by whomsoever presented,
the Pest Office Department will not be liable to ar.y further claims. If this
form be clipped or mutilated, there may be difficulty in obtaining payment there­
on.
On the back of the order will be found the following
INSTRUCTIONS.

The receipts on the other side must be signed in the manner there described.
Whoever presents the order for payment must give exact information as to
the full name and address of the party who originally obtained it, unless such
party be a firm, when the name of the firm, together with its address, will suf­
fice.
When the payee of an order desires the same to be paid to any other person,
he must fill up and sign the annexed form of endorsement, and furnish such
second party with the information above required to obtain payment of his
order, who, upon receiving payment, must sign his name upon the face of the
order:
Pay to---------- ------ — the amount of the within order.
-------------------- , Payee.
N. B.—-More than one endorsement is prohibited by law, and will render this
order invalid and not payable.
These regulations are intended to secure payment of the order to the rightful
party, and postmasters are required to enforce them rigidly in every l’espect, so
far as a due regard to public convenience will permit.
After once paying a money order, by whomsoever presented, the Post Office




396

Statistics o f Trade and Commerce.

[November,

Department will not be liable to any farther claim therefor. The public are
therefore strictly cautioned—
1st. To take all means to prevent the loss of a money order.
2d. Never to send the order in the same letter with the information required
on payment thereof.
3d. To be careful, on taking out a money order, to state correctly the Chris­
tian name, as well as the surname, of the person in whose favor it is to be
drawn.
4th. To see that the name and address of the person taking out the money
order are correctly made known to the person in whose favor it is to be drawn.
Neglect of these instructions will risk the loss of the money, besides leading'
to delay and trouble in obtaining payment.
Under no circumstances can payment of an order be demanded on the day of
its issue.
A letter containing “ advice of money order,” will be sent by the postmaster
by whom it is drawn to the office where it is payable. The letter will contain
the full name and residence of the “ payee,” viz : the person to whom the order
is payable, and of the “ remitter,” the person who pays the money and obtains
the order ; besides any other information it may be deemed desirable to send.
Other precautions for the safety of letters and speedy payment of orders will
be taken, if found necessary.
Blanks for the use of postmasters, in keeping their accounts, and in replacing
orders lost or mislaid in certain cases, are also provided.

STATISTICS OF TRADE AND COMMERCE.
TRADE OP CINCINNATI.
C incinnati in common with all other Northern cities has during the past year
continued to feel the exhilerating influence of the paper inflation and the vast
expenditures of government. In the Chamber of Commerce report we are told
that prosperity has, in the rapid advance in goods and merchandise, visited alike
the merchant, manufacturer, and farmer, making them “ rich while they slept.”
This is certainly agreeable, and if there were no reverse to the picture, and the
process could be continued forever, why would it not be best to fill our ware­
houses and make life one long sleep, waking up at the end the possessors of
untold wealth ? But it-is a thankless task to tell those who think they are grow­
ing “ rich while they sleep,” that they are not. The delusion is a pleasing one,
and we trust that it may not in all cases lead to disaster.
The Cincinnati Price Current of a late date gives its usual yearly review of
the trade of that city for the year ending September 1, 1864, from which, and
the Cincinnati Chamber of Commerce Iieport for the same period, we have pre­
pared the following.
In consequence of the failure of the corn and other crops, in 1863, there has
been a failing off in the receipts of some articles of produce. The receipts of
flour, wheat, pork, and a few other articles, are less than they were in 1862-63,
but there is a large increase in others—in barley, beans, butter,, crockery-ware,




1864 .]

Statistics o f Trade and Commerce.

397

corn, cotton, coffee, cooperage, cattle, cement and plaster, feathers, fish, fruit,
(foreign and domestic) glass and glass-ware, hemp, hides, hay, horses, iron, mer­
chandise—including dry goods, malt, nails, oats, sugar, flax, and grass seeds^
starch, stearin, tea, tobacco, wool, whiskey, and petroleum.
The value of the leadiug articles of the imports and exports have been some
years as follows :
Imports.

18541855185618571858-

55...$67,501,841
56 ... 75,295,901
57...777,950.146
5 8 ... 83,644,747
59... 94,213,247

Exports.

Imports.

$38,777,894
50,809,146
55,642,171
52,906.506
66,007,707

$103,347,216
185960..'.
186061 ... 90,198,136
103,292,893
1861-62...
186263 ...144,189,213
186364...389,790,537

Exports.

$77,037,188
67,023,126
76,449,862
102,397,171
239,079,825

It will be seen that the increase in value is enormous, but this, as was the case
in 1862-63, is in consequence of the unusual high prices of nearly all articles.
The total arrivals of steamers at Cincinnati w-ere 2,936 against 2,206 the previ­
ous year ; the total number of steamers and barges, which run between this and
other ports, during the year, was 435, against 349 the previous year ; and the
tonnage, of the same, was, of barges 11,133, and of steamers 81,609—making
a total of 92,742 tons, against 71,725 tons tjie previous year. The total num­
ber of steamers and barges built at Cincinnati daring the last twelve months was
62, with a tonnage of 20,117 tons, against 43 vessels the previous year, with a
tonnage of 12,590 tons. Showing that the river commerce of the city has been,
in every respect, the largest of any previous year in her history, both as regards
the Dumber of steamers, etc., and their tonnage.
PR ICES.

The following table shows the comparative prices of a few staple articles now
and a year ago :
1863.

r

Brown sheetings........................................per yard
Bleached g o o d s .........................................................
Merrimac prints.........................................................
D elaines.....................................................................
Ginghams....................................................................
Denims........................................................................
Cassimeres.................................................................
Satinets.......................................................................
Doeskins.....................................................................
Kentucky jeans .......................................................

32J a
33
30 a 37
20 a 22
24 a 26
22J a 25
49 a 50
1 25 a 2 60
90 a 1 10
95 a I 62
35 a 65

1864.

65 a
70 a
40 a
43 a
41 a
85 a
1 50 a 5
1 00 a 1
1 55 a 5
55 a

67£,
72
43
45
42
90
50
45
10
80

The whole number of houses engaged in the business, in Cincinnati, each of
the last eight years, is as follows :
^-Number o f houses.—,
Wholesale.
Retail.

Tears.

1857
1858
1859
1860
1861
1862
1863
1864

......................................................................................
......................................................................................
......................................................................................
......................................................................................
......................................................................................
......................................................................................
......................................................................................
......................................................................................




35
37
44
66
60
53
67
49

159
168
194
198
167
185
129
133

398

Statistics o f Trade and Commerce.
PRICES

[November,

OF PROVISIONS.

The following were the average prices the last nine years :
Mess pork.

bbls.
$16 75
19 96
16 85
16 61
16 90
16 21
10 70
12 46
23 29

Y ear.

1855-56
1856-57
1857-58
1858-69
1869-60
1860-61
1861-62
1862-63
1S63-64

...
___
....
___
___
___
___
___
___

Prime trc.
Jard.

Bacon,
sides.

Bacon,
shoulders.

10Jo.
12*
10 1 11
10 5-6
10 4-5
9 1-10

10c.

8&c.
9 1-6
7*
6 5-6
74
6 5-7
4
4 7-11
10*

Ilf

9 1-6

H

9 5-6
8 4-5
6*
6
14J

n

8*
13J

Bulk,
sides.

Bulk,
shoulders.

7 2 5c.
9J
7 1-20
8 1-12
8 3-5
7 3-5
4 5-6
6 1-5
101

6 8-7 c.
8
5J
6
6 5-6
6 3-6
4 1-5
4 1-12
8i

HOGS.

The whole number o f hogs packed ill this city the last thirty-four years, was
as follow s:
Years.
ItfH H ...............

1834
1835
1836
1837
1838
1839

...............
...............
...............
...............
...............
...............

1 R 4 0 .................
1R41
............
1 84-

1843 ...............

No.

No.

Y oars.

85.0U0
123,000
162,000
128,000
103,000
182,000
190,000
95,000
16o, O00
220,000
250,000

1844 ___
1845 ___
1846 ___
1847 ___
1848 : . . .
1849 ___
1850 ___ . . .
1 851___
1852 ___
1853 ___
1854 ........

Years.

No.

855,786
405,396
344,612
446,677
882,826
434,499
433,799
474,467
608,457
370,623

1856
1857
1858
1859
1860
393,000 1861
334 000 1862
1868
1864

The average weight and yield of lard per hog, during the last five years, were
as follows:
Average weight.

1869-60......................................................lbs.
1860- 61 ..........................
1861- 62 .....................................................
1862- 63......................................................
1863- 64......................................................

Yield lard.

189
221 5-36
224 23-24
203
188 11-12

23
28 9-16
29 5-18
25 21-23
23 J

The following table shows the average price of hogs each of the last eleven
seasons:
60 .........................
61 .......................
62 .........................
63 .........................
6 4 .........................

1859186018616 231 186218636 581

..........
1*858-59 ..................................

$6
5
3
4

21J
97
28
45
7 00|

Below we give the tables showing the quantities and value of the principal
imports and esports for the years ending August 31,1863, and August 31,1864 :
PRIN CIPAL IMPORTS INTO THE PORT

OK

CINCINNATI,

31, 1863
Quantity
1862-63.

Apples, green ------bbls
Ale, beer, and porter..
Buffalo robes........bales




149,758
8,806
735

and

FOR

THE

YEARS

ENDING

AUGUST

1864.

Quantity.
Total

1803-64.
97,399
8,209
175

Average
price
1SU3-G4.

$8 50
6 60
65 . .

Total
value
1863-64.

$340,896
63,358
11,375

Value.
1otal
1802-63.

$874,395
44,080
29,400

1864 J

Statistics o f Trade and Commerce.

B eef....................
“ .....................
Bagging ...........
Barley.................
Beans .................
Butter................
“
.........fir and kgs
Blooms...............
Boots and shoes. . cases
Bran, middlings, etc.sks
Crockery ware, etc.crts
C a n d le s ...........
C orn .................... .bush
Corn meal..........
Cider .................
Cheese...............
it
C otton ...............
Coffee ...............
Codfish............. .drums
Cooperage.........
C a ttle ...............
Cement «fe plaster.bbls
Eggs . . . .bxs and bbls
Flour ................. ..b b ls
Feathers...........
Fish, su u d ........
“ . . . .kgs and kts
Fruits, d r ie d ...
Grease...............
Glass.................
Glassware.........
H e m p .. .bdls and bbls
H ides................
“ .............
H ardware.. .bxs <fc cks
H a y .................
Herrings............
H ogs.................
H o p s ................ ...... bis
Horses...............
Iron and steel.,
li
“
, . . tons
Iron, pig..........
L e a d ................
Lard.................
“ ............... .
Leather ...........
Lemons............
L i m e ............... ...b b ls
L iquors.. .lihds & pips
Muse. <fc sundr’s.. .pkgs
Merchandise . .
Molasses . . , . .
M a lt ...............
Nails .............
Oils...................
Oranges...........
O akum ............ ...b b ls
Oats................. ...b u sh
Oil c a k e .........




899

1,319
20 . .
64,860
3,243
15,828
55
609
31 . .
18,879
935
8,090
43,260
1,100
14 . .
7.700
336,176
379,432
1 30
493,261
836,176
55,490
77,660
3 40
263,670
138,725
4,408
11.126
48 . .
634,048
114,608
26 . .
28,364
48,754
1,267,604
218,548
140 . .
624
528
73,920
4 9,920
76 . .
42,840
42,869
3,258,044
2,441,880
147,240
129,936
1 10
142,929
117,792
3,431
120 . .
3,740
448,800
185,274
39,396
10,844
3,283
12 . .
65,064
1,504,130
1 ..
1,817,016
1,817,046
812,392
7,291
21,791
12,452
1 75
86.455
2,663
3,603
10 . .
36,030
18,641
26
24
33 . .
908
576
4 50
513,751
124,996
114,167
343,739
58,621
85,741
425 . .
86,439,925
12,310410
101,083
75 . .
9,356,925
124,759
4,953,067
1,030
1,168
61,392
44 . .
28,840
209,549
1 60
814,323
152,939
152,989
31,915
70 . .
2,740,640
39,152
1,755,825
15,128
3 50
97,944
27,984
45,384
103,239
15,264
11.471
9 ..
91,584
619,710
541,983
6 40
2,468,691
3,036,579
360,855
6,679
8.019
45 . .
170,870
15,335
342,118
24,437
14 . .
153,350
29,315
69,051
4 ..
236,204
88,035
54,245
77,801
194,502
2 60
94,928
22,266
20,384
26 . .
528,684
311,724
53,593
36,779
6 ..
321,568
110,337
41,068
51.997
8 60
447,174
197,126
26,461
2,910,710
22,i07
110 . .
1,282,206
150,501
233,179
10 . .
2,331, 90
1,128,757
32,089
41,416
18
7,454
4,171
28,184
29,052
225 . .
6,341,400
2,647,096
90,908
110,946
4 50
499,257
272,724
23,599
16,618
75
11,718
11,799
673,754
425,161
15 . .
6,377,265
5,794,305
3,306
3,572
22 . .
78,584
66.120
49,623
168 . .
9,025,968
58,726
8,171,295
146,446
181,791
4 ..
545,373
219,669
23,130
46,488
3 ..
302,172
80,955
28,191
16.747
100 . .
4,228,650
1,256,025
39,151
44,098
5 ..
2,426,390
1,096,228
58,765
62,240
12 .
626,880
352,690
94,062
58,328
86 . .
2,099,8u8
1,881,240
11,815
19,952
7 50
5,327
23,630
81,626
37,262
32 . .
1,192,384
669,268
10,224
2,283
12 . .
27,396
81,792
50,392
55,488
1 50
83,232
54,481
851
1,480
650 ..
962,000
187,220
1,318,060
120 . . 158,166,000 44,072,000
1,101,800
18,488
27,499 2,0U0 . .
54,y98,OUO
13,863,000
33,200
47 . .
88,034
1,560,400
760,680
104,724
153,728
1 75
269,024
130,'. 06
205,198
117,468
1,588,985
7 60
667,973
15,059
11,353
65 . .
737,945
762,950
12,367
6,092
10 . .
50,920
86,499
5,454
7,178
32 . .
229,696
87,264
1,812,000
1,423,813
80
1,139,050
787,2(0
95
77
50 . .
4,750
1,925

400

O n io n s .... bbls & sks
5,826
7,966
8.493
Pork and bacon .hhds
5,853
“
. . .tcs
10.394
7,179
U
..b b ls
47,656
41,442
H
. . .bxs
5,479
1,416
«
...lb s 33,281.091 20,169.052
Potatoes............. ..b b ls
140,655
83,910
P itch .................
178
6H3
Pimento pepper etc.bgs
8,«70
6,693
149,128
R y e ..................
137,852
519
Rosin .................
317
Raisins and figs. . boxes
22,959
34,840
Rope, twine, etc .pkgs
22,452
12,241
9.728
R i c e ...................
7,964
Sugar ............... .hhds
26,971
28,317
“
................. ..b b ls
73,716
66,102
«<
534
1,826
Seed, f l a x .........
34,784
45,107
“ grass & clover.. .
13,062
19,982
552
“ Hemp . . .
886
161,798
S a l t ..................
157,812
ii
78.596
48,808
Shot...................
2,561
233
Starch...............
28,762
48,875
Sheep ............... .head
25,900
35,223
Stea rin e............
735
1,764
T e a ................... pkgs
16.569
18,916
38,690
Tobacco ........... hhds
53,769
“
. .bbls & bales
184
14,669
“
........ bxs & kgs
32,212
50,063
4,y49
T a llo w ...............
5,297
8,669
2,188
Tar.....................
Turpentine........
147
433
W in es.. bbls
J csks
5,193
6,627
“
. . . . bskts & bxs
15,965
15,509
W heat...............
1,803,239
l,65o,759
8.130
"W ool.................
14,005
lGi',858
319,068
Whisky . . . . . .
8,478
6,773
Yarns, cotton . . ..pkgs
u
2,113
. . lbs
9,691
12.438
24,054
Oil, coal.............
“ petroleum . ..b b ls
8,427
24,077
. . . . 39.000,000
Lumber............
. . . . 16,000,000
Coal................... bush
. . . .
200,000
Shingles............. ___ M
Coopers’ stuff, wood &
stone estimated . . . .

6
100
50
25
36

..
..
..
..
..
10
2 75
30 . .
40 . .
1 25
42 . .
6 ..
14 . .
75 . .
190 . .
60 . .
90 . .
6 ..
18 . .
7 ..
2 95
3 ..
4 5 ..
3 25
5 ..
30 . .
100 ..
800 . .
30 . .
65 . .
27 . .
26 . .
126 . .
140 . .
28 . .
1 45
40 . .
50 . .
2 0 ..
1 60
25 . .
25 . .

3
22

5 60

PRINCIPAL EXPORTS FROM THE PORT

OF

CINCINNATI

31, 1863

AND

Apples, green . . . .bbls
A lco h o l............
Ale, beer, and porter..
Buffalo ro b e s ...
Beef....................
............................

Bagging.............




42,161
15,973
26,063
1,086
12,745
3,674
2,961

31,956
424,650
165,910
591,872
116,059
1,331,243
316,249
1.780
199,410
111,846
6,228
91,836
157.164
683.680
3,182,578
2,211,480
82,040
43,4 80
162,624
1,656
453,026
180,770
66,586
51,771
77.721
14,700
1,242,600
6,268,014
129,812
1,288,480
128,674
86,090
14,700
363,860
217,126
1,947,498
211,880
3,217,160
17,390
126,780
199,008
134,832
800,000
1,280,000
85,000

160,000

750,000

3S9,790,537

144,189,213

FOR

THE

TEAR

ENDING

AUGUST

1864.

Quantity
18(52 -6 3.

47,796
535,800
358,950
1,036,050
50,976
2,016,905
230,752
19,890
267,720
172.315
13,314
206,040
171 374
597,300
5,880,230
3,966,120
164,340
270,642
359,676
6,852
464,660
146,424
104,895
148,853
176,115
52,920
1,891,600
16,130,700
440,070
3,254,095
143,019
65,588
54,558
927,780
447.020
2,393,600
560,200
15,938,400
136,460
14,506
601,350
501,925
1,170,000
3,520,000
1,100,000

. . . .

T o ta l..........

“

[November,

Statistics o f Trade and Commerce.

Total
26,017
6,254
31,308
86
10,513
4,689
560

Average
p r ic e

13
95
7
65
20
31
14

75
..
..
..
..
..
..

Total
value
1863-64.
$97,567
594,130
219,156
5,590
210,260
145,369
7,840

Total
1862-63.
$115,942
611,139
130,315
43,440
165,685
66,1 82
23,688

1864.]

Statistics o f Trade and Commerce.

Barley.. . . ,
Beans . . . .
Brooms. ..
Batter . . .
“ .. .firkins & kgs
Bran, shorts, etc.,, . .sks
Boots and shoes.,. cases
Crockery ware, etc.crts
Chairs . . .
Candles .,.
Corn........
Corn meal..
Cheese.. . .
“
•. . .
Cotton__
.bales
Coffee.......
.sacks
Cooperage.
Cattle. . . .
.head
Cement & plaster'.. bbls
Eggs....... 1DX8and bbls
Flour.......
. .bbls
Feathers...
Fish, sundry . . . , ..bbls
“
kgs A kits
Fruit, dried. • .bush
Furniture..pcs & pkgs
Grease. ...
Glass.......
Glassware
•pkgs
Hemp... .bund and bis
Hides.......
..No
•(

Hardware, bxs and cks
H ay .......
.bales
H og s.......
.head
Hops.......
bales
Horses. . . .
Iron and steel...
<(
.. . , bdles
It
. . . . tons
Iron, pig ..
Lard.........
“ .......
•kegs
Leather ..
.bund
Lime.........
bbls
Molasses ..
H alt.......
.bush
Nails.........
•kegs
Oil .........
Oats.........
.bush
Oil cake__
Onions...... .bbls <fc sks
Pork and bacon,. •hhds
“
., . .tcs
U
., •bbls
it
,, . .bxs
it
in bulk.lbs
Potatoes. . .
Rye . . . ...
.bush
Rope, twine, etc..pkgs
Sugar . . . . .
.hhds
Seed, flax..
VOL. U ----NO. V.




9 ,1 5 7

9 ,1 9 4

1 5 ,8 4 3

2 3 ,9 5 6

1 2 ,0 2 1

1 9 ,9 4 5

3

977

1 ,6 7 6

48

1 6 ,4 8 4

1 8 ,4 2 8

27

1 2 ,0 5 1

7 ,7 9 3

1 3 ,5 3 8

2 5 ,0 9 2

76

295

1 ,3 0 6

130

1 2 ,4 9 6

1 4 ,5 1 5

27
14

401

3 ..

2 7 ,5 8 2

1 9 ,2 2 9

..
..
..
..

1 9 1 ,64S

1 0 9 ,5 0 1

1 10

8

..
..
..
..

6 9 ,8 8 5

2 4 ,0 4 2

8 0 ,4 4 8

2 7 ,3 5 6

4 9 7 ,5 5 6
8 ,5 7 2

1 2 3 ,8 7 2
1 9 ,2 8 1

1 ,9 0 6 ,9 9 2

7 8 5 ,2 0 4

1 6 9 ,7 8 0

1 1 7 ,7 0 0

3 9 2 ,7 1 5

2 2 4 ,9 2 8

2 6 3 ,9 1 2

2 1 7 ,4 1 2

3 ,0 4 3 ,7 6 8

1 ,9 7 9 ,3 4 0

2 6 5 ,9 3 4

4 4 5 ,2 3 0

2 60

1 ,1 5 7 ,6 7 6

3 9 8 ,9 0 1

6 ,7 1 1

3 ,2 5 5

5 50

1 7 ,9 0 2

3 0 ,1 9 9

..
..
..

4 0 4 ,6 9 5

2 1 ,5 1 7

3 4 ,9 7 3 ,8 4 0

9 ,1 9 9 ,6 0 0

8 ,0 7 9 ,9 7 5

5 ,2 0 3 ,9 0 0

1 60

1 5 4 ,2 4 6

1 6 8 ,9 1 6

..

1 ,2 6 6 ,7 5 5

1 ,0 2 1 ,0 7 9

....
7 1 ,8 3 9

8 0 ,9 3 9

5

4 5 ,9 9 8

7 9 ,4 8 6

440

1 0 4 ,0 7 8

1 0 7 ,7 3 3

75

1 3 6 ,5 9 7

1 0 2 ,8 3 1

1 6 ,7 3 9

1 4 ,9 0 3

85

8 ,5 2 1

5 ,2 0 6

4 ,0 3 7

5 ,2 2 2

4 0 4 ,5 7 0

3 9 3 ,2 6 8

7 ,7 5 1

7 ,9 1 6

50

6 ,5 6 5

8 ,8 8 9

15

1 5 ,4 9 5

3 69

1 8 ,7 4 2

1 2 ,3 2 3

..

9 3 ,9 6 6

2 S , ‘2 5 9

6 50

2 ,5 5 6 ,2 4 2

2 ,0 2 2 ,8 5 0

3 9 5 ,8 0 0

2 7 9 ,0 3 6

1 3 3 ,3 3 5

7 2 ,2 1 6

3 1 ,1 7 6

4

..
..
..

1 2 4 ,7 0 4

5 0 ,3 5 8

2 50

1 0 2 ,9 2 8

3 4 ,6 3 9

..
..

2 ,1 5 4 ,0 7 5

1 ,1 9 2 ,0 1 2

1 8 0 ,5 7 5

1 7 9 ,3 1 2

18

1 9 ,7 9 4

4 1 ,1 7 1

3 S ,4 5 2

3 9 ,1 6 5

55

1 1 ,2 0 7

5 ,8 2 5

31

6 ,9 4 8

1 0 ,0 5 8

6 ..

6 0 ,3 4 8

1 7 ,8 4 4

4 ,6 2 8

1 2 ,1 0 8

1 0 8 ,9 7 2

2 3 ,1 4 0

1 4 ,0 1 7

1 9 ,6 9 8

9 ..
120 . .

2 ,3 6 3 ,7 6 0

8 4 1 ,0 2 0

1 2 6 ,0 3 2

1 8 8 ,4 2 4

10 . .

1 ,8 8 4 ,2 4 0

1 ,0 0 8 ,2 5 6

1 7 8 ,0 0 6

5 0 ,8 4 0

18

9 ,1 5 1

2 4 ,9 2 0

3 ,0 0 6

8 ,1 5 2

240 . .

1 ,9 5 6 ,4 8 0

3 0 0 ,6 0 0

5 9 ,7 1 8

5 9 ,5 2 4

5 ..

2 9 7 ,6 2 0

1 9 4 ,0 8 3

3 ,6 5 2

5 ,9 4 9

14 . .

8 3 ,2 8 6

8 1 ,4 0 7

761

1 ,6 2 2

25

4 0 .5 5 0

1 5 ,2 2 0

4 5 ,2 5 1

5 1 ,0 4 1

167

. .

8 ,5 2 3 ,8 4 7

7 ,2 4 0 ,1 6 0

1 7 7 ,2 7 8

1 2 4 ,7 9 2

3 25

4 0 5 ,5 7 4

2 6 5 ,9 1 7

3 9 ,6 2 3

3 6 ,0 1 9

2 3 7 ,7 2 5

1 4 2 ,6 4 2

1 3 ,3 3 2

1 5 ,8 3 2

155

..

2 ,4 5 3 ,9 6 0

1 ,0 6 6 ,5 6 0

4 ,9 6 8

1 0 ,8 2 5

57

..

6 1 7 ,0 2 5

1 4 9 ,0 4 0

1 4 2 ,4 9 3

8 2 ,8 3 6

37

2 ,8 4 9 ,8 6 0

1 3 ,0 2 8

8

1 0 4 ,2 2 4

1 3 6 ,1 1 6

2 8 ,0 2 4

4 0 ,3 8 5

35

..
..
..

3 ,0 5 4 ,9 3 2

3 4 ,0 2 9

1 ,4 1 3 ,4 7 5

5 6 0 ,4 8 0

3 ,2 1 4

4 ,5 9 3

1 60

7 ,3 4 8

4 ,0 1 7

1 9 ,5 9 4

2 0 ,7 8 2

..

1 ,0 3 9 ,1 0 0

3 9 1 .8 S O

1 4 6 ,2 3 8

2 6 3 ,8 8 2

1 75

4 6 1 ,7 9 3

2 0 4 ,7 3 4

6 2 ,9 8 7

1 0 7 ,6 1 9

7

60

8 1 7 ,9 0 4

3 1 4 ,9 3 5

7 8 ,4 2 9

8 3 ,7 4 0

67

..

5 ,6 1 0 ,5 8 0

2 ,5 8 8 ,1 5 7

9 3 7 ,1 3 9

8 5 1 ,3 9 2

82

6 9 8 ,1 4 1

5 6 2 ,2 8 3

1 ,2 0 8

2 ,0 1 7

66

1 3 3 ,0 2 2

3 6 ,2 4 0

4 ,6 4 2

6 ,7 5 3

7

2 8 ,5 2 2

3 4 ,7 5 9

110

..
..
..
..
..
..

6 60

50

5 4 ,8 9 5

8 1 ,5 4 9

55

1 2 6 ,7 6 5

1 3 6 ,1 2 6

30
38

1 1 5 ,2 4 2

8 5 ,4 2 2

7 0 0 ,8 8 1

1 ,8 1 0 ,8 7 5

4 9 ,3 7 3

3 6 ,4 4 9

2 5 ,5 1 5

2 4 ,3 4 0

1 5 ,8 1 7

1 1 ,3 6 6

3 0 ,9 6 2

3 4 ,5 9 9

3 ,1 3 4

1 1 ,1 5 8

25

..

3

4 7 ,2 7 1

2 7 ,8 5 2

3 ,8 2 3 ,4 9 0

1 ,2 8 3 ,4 9 0

1 ,6 8 5 ,1 9 5

1 ,0 9 7 ,9 0 0

4 ,0 8 3 ,7 8 0

1 ,5 8 4 ,5 6 2

1 ,3 8 4 ,0 3 6

3 ,2 2 6 ,7 7 6

11

1 9 9 ,1 9 6

3 5 ,0 4 4

..

1 0 9 ,3 4 7

1 1 1 ,0 8 9

1 40

3 4 ,0 7 6

2 0 ,4 1 2

..

1 8 1 ,8 5 6

1 8 0 ,4 9 0

196 25

6 ,7 9 0 ,0 5 4

3 ,7 1 5 ,4 4 0

..

1 7 8 ,5 2 8

2 1 ,9 3 8

16
16

402

Statistics o f Trade and Commerce.

Seed, grass, and clover.
Soap ...............
Salt.....................
“
Starch . . . . . . . .
Sheep ...............
Stearine............. ..b b ls
Sundry, m d se.. ..pkgs
“
mdse . . . . tons
“
liquors.. . .bbls
“
m’nufact’s..pcs
S p ice s...............
Tobacco.............
“
. . . .bbls <Ss bis
“
. . . bxs A kegs
T a llo w ...............
Vinegar..............
Wines . . . .bskts & bxs
W h e a t..............
Wool . . . .sks and bles
W h is k y ............. ..b b ls
White le a d .. . .
Castings............
“
.............

6,159
76,005
86,145
21,976
69,248
4,745
6,9S0
1,961,860
9,172
29,118
46,515
7,839
30,055
6,530
67,019
9,024
9,376
52,310
1,232,967
9,790
166,369
26,061
24,773
2,699

19 . .
10,510
63,078
5 ..
3 ..
100,761
8 25
8,267
3 40
58,088
5 50
4,077
35 . .
6,066
24 . .
2,191,975
16,583 2,000 . .
110 . .
34,377
9 ..
40,198
5 ..
8.705
316 . .
48,277
60 . .
22,226
70 . .
82,081
6,561
35 . .
6 ..
9,379
24 ..
49,285
1 42
943,737
90 ..
12,913
50 . .
210,410
32,109
5 ..
30,261
8 ..
2,980
90 . .

Total...........

[November,

199,690
315,390
302,283
26,868
197,499
22,423
212,310
52,607,400
33,166,000
8,781,470
361,782
43,525
15,207,255
1,333,560
5,745,670
229,635
56,274
1,182,912
1,360,106
1,162,170
10,520,500
160,545
242,088
268,200

92,885
243,216
238,406
54,937
138,496
11,862
138,600
23,542,200
7,666,900
1,455,900
*32,575
19,597
5,590,230
97,950
2,680,760
270,720
46,880
62,720
1,356,263
342,650
2,495,535
84,698
123,865
229,415

239,079,825

102,397,171

CHINA.— FOREIGN TRADE IN 1861.
T he following returns compiled from official documents show the estimated
value of foreign trade with China in 1863:
FOREIGN T RAD E OF CHINA.

Port.

Shanghai.. . .

Entries.

Exports..................
Re-exports.............

Foo-chow . . .
Exports..................
Re-exports.............
Canton.........
Exports..................
Re-exports........... ,
Ningpo........
Exports..................
Re-exports.............
A m oy.........
Exports..................
Re-exports.............
Swatow.......

Exports..................

Tientsin.......
Exports...................
Reexports.............
Che-foo.......




Exports...................
Re-exports.............

Value in
sterling.
£26,037,946
12,227,153
2,616,637
4,521,203
2,281,354
3,862,039
3,348,601
1,454,569
2,046,083
994,129
1,526,404
694,807
2,205,789
304,405
759,178
498,932

Less the
exports.

Net value.

£36,265,099
18,578,997

£19,686,102

7,137,840
71,262

7,066,587

6,143,393
97,028

6,046,864

4,803,170
45,765

4,757,405

3,040,163
.92,936

2,947,226

.

2,221,211
2,510,144
113,997

2,396,147

1,258,110
26,292

1,231.817

1864.]
Hankow.......
ICiukeang . . .

403

Statistics o f Trade and Commerce.
3,308,772
4,247,302

Exports..................
Re-exports.............

1,061,788
2,436,780

Exports..................
Re-exports.............
Chinkiang....

7,556,074
65,740

7,490,334

3,498,518
42,599

3,455,987

1,522,603
230,276

Exports .................

1,752,919

Total net v a lu e ..................................................................................
Net value of imports.......................................................
27,580,398
Net value of exports.......................................................
31,471,596
--------------Value o f goods imported but re-exported into other p orts...................

£59,051,994

Total value of foreign trade on which duties were levied..........
A dd one-third of above for treasure, rice, grain, etc., under rule
3 of tariff, unauthorised trade on the coast, smuggling, etc . .

£78,186,603

Total estimated value of foreign trade..........................................

£104,248,804

69,051,994
19,134,609

26,062,201

The following is a statement of the total amount ol duties on foreing vessels
and cargoes collected at the treaty ports of China, during the year 1863 :
TOTAL DUTIES

Ports.

Imports.

Shanghai................
Foochow..............
Canton..................
A m oy..................
Ningpo..................
Swatow................
Tientsin................
Che-foo................
Hankow...............
Kiukeang.............
Chinkiang.............
.

1.314,764
254,719
237,035
184,120
103,044
142,567
88,476
44,278

COLLECTED.

Exports.

Tonnage.

IEalf duties.

Total.

756,354
1,391,245
670,325
237.984
180,323
134,207
23.427
78,576

179,788
16,340
18,953
19,685
25,384
11,518
2,917
9,249

275,714
41,328
24,242
29,200
44,193
87,763
48,849
24,049

2,526,620
1,703,632
950,555
470,989
352,944
326,055
163,669
156,152

1 037 ‘Mrt
713*778

Total in taels...
Total in dollars..

8,408,985
14,014,975-

IRELAND.— AGRICULTURAL STATISTICS.
M k. D onnelly, the Registrar-General of Ireland, furnishes some interesting
agricultural statistics for 1863-64, from which the following is prepared :
Acres.

The total area under crops this year is....................................................
In 1863 the area was...................................................................................

5,672,980
5,662,487

Showing an increase under crops in 1864 of...................................

10,493

Of the cereal crops, the total extent under wheat was greater in 1864 than in
1803 by 19,552 acres, whilst the total area under oats has diminished by 143 965
acres. Barley, bere, and rye increased by 1,103, and beans and peas by 873
acres—exhibiting on the whole a decrease in cereals of 122,437 acres, as given
in the following summary:




404

[November,

Statistics o f Trade and Commerce.
ABSTRACT

Wheat . . ...............acres
Oats.................................
Bere and r y e .................
Beans and p e a s e ...........

OF

CEREAL

1863.
260,311
1,963,883
171,892
8,669
15,153

CROPS.

1864.
279,863
1,809,918
172,662
8,992
16,026

Total.........................
2,409,898
Decrease in cereal crops in 1861....................

2,287,461

Increase
in 1864.

Decrease
in 1864.

19,552
143,965
770
333
873
148,965
122,437

21,528

In green crops there is a slight decrease this year compared with last. Tur­
nips show a diminution of 14,153 acres ; mangel wurzel and beet root of 2,328 ;
cabbage of 2,3G9; and vetches aud rape of 20 acres; potatoes, however, have
increased by 15,808 acres, and carrots and other green crops by 685 acres— so
that, on the whole, the green crops in 1864 have only diminished by 2,317 acres,
on a total amounting to nearly 1,500,000 acres. The acreage under green crops
in 1863 and 1864, and the increase or decrease in each crop in the latter year,
were as under:
ABSTRACT OF GREEN

CROPS.

1863.
1,023,414
351,436
16,434
34,125

1864.
1,039,282
837,283
14,106
31,756

22,505
29,938

23,190
29,918

685

Total...........................................
1,477,852
Decrease in green crops in 1864........... .

1,475,535

16,553

Potatoes..................................... acres
Turnips..............................................
Mangel wurzel and beet root........
Cabbage ............................................
Carrots, parsnips, and other green
cro p s ..............................................

Increase.

Decrease.

15,868
14,153
2,328
2,369

20
18,870
2,317

Total increase or decrease in Ireland, 1864: Wheat increase, 19,552; oats,
decrease, 143,965 ; barley, increase, 770 ; bere and rye, increase, 333 ; beans and
peas, increase, 873 ; potatoes, increase, 15,868 ; turnips, decrease, 14,153 ; man­
gel wurzel and beet root, decrease, 2,328; cabbage, decrease, 2,369; carrots,
parsnips, aud other green crops, increase, 685 ; vetches and rape, decrease, 20 ;
flax, increase, 87,761; meadow and clover, increase, 47,486 ; total extent under
crops, increase, 10,493 ; fallow, or uncropped arable land, decrease, 6,963. In
1864, according to the returns, the number of cattle and sheep is greater, and of
horses and pigs less than last year. The increase in cattle (amounting to 113,018)
took place, as in 1863, in yearlings and calves, owing, as I am informed, to their
importation— and also to the very general rearing of calves which now prevails
throughout the country. In sheep the decrease is confined to tups and wethers
— ewes and lambs having increased. The falling off in the number of horses
was amongst those returned under the heads of “ agricultural,” and “ under one
year.” In pigs the decrease was almost entirely amongst those “ one year old
and upwards.” Notwithstanding the decrease in the number of horses and pigs,
there is an increase in the estimate total value of stock this year compared with
last, amounting to £632,411. This increase, combined with the larger extent of
flax—87,761 acres—and the consequent greater yield and value of that crop in
1864 compared with 1863, also the expected increase in the “ average yield ” of




1864.]

Statistics o f Trade and Commerce.

405

other crops this j'ear, may be considered as affording fair hope of a return to
more propitious seasons for the farmer, than Ireland has enjoyed for some years
past.

FROM LIVERPOOL TO DETROIT DIRECT.
T he barque Etowah arrived at Detroit from Liverpool, via Cleveland, on the 22d
of September, and she is soon to re-cross the Atlantic with a cargo of copper ore.
It will be remembered that in the May number of this year we published a list
of vessels, 148 in all, employed in the ocean lake trade since 1846, many of
which were owned at Detroit. The Etowah is not by any means, therefore, the
pioneer vessel between the two ports. Detroit is admirably situated for com­
merce, and its importance is greatly enhanced by its intimate and extensive re­
lations with a region towards which an immense tide of emigration is constantly
flowing. By its position on the great chain of lakes, and by means of the con­
necting rivers and canals, it has a ready communication with the principal cen­
ters of trade, which cannot fail to rapidly develop its surrounding resources. The
Detroit River is an excellent stream for navigation, and, notwithstanding its high
latitude, is closed by ice only about four months of the year. Considerable trade
is also carried on with our Canadian neighbors, and the aggregate value of im­
ports and exports amounts to many millions of dollars annually. Extensive
manufacturing establishments, such as locomotives, steam engines, machinery,
agricultural implements, etc., are carried on, while its steam sawmills turn out
annually many millions of feet of lumber. The harbor is one of the finest in the
United States, of a depth of water sufficient for the largest vessels. Its shipping
amounts to an aggregate of more than a hundred thousand tons, enrolled and
licensed, and is composed principally of large schooners, brigs, and steamers, the
latter being similar in build to those plying between New York and Baltimore
and Portland. Our Detroit exchanges give detailed accounts of the voyage of
the Etowah from Liverpool, from whence she sailed July 2d. She arrived at
Quebec August 2d, and after a short delay proceeded on to Montreal, where she
discharged 200 tons of her cargo of general merchandise. Thence she proceeded
to Kingston, and so on to Hamilton, where she discharged 200 tons more of her
cargo, when a grand demonstration was got up on the part of the commercial
citizens of that city, which was largely attended. The Etowah made a brief call
at Toronto, proceeding thence to the Welland Canal, where the worst feature of
the whole voyage was encountered. Although having only the proportionate
beam of vessels of her tonnage, it was feared that the further progress of her
passage was here to terminate, owing to the very limited width of the locks.
After, however, trimming down a portion of her sides, and cutting off the pro­
jecting ends of a few bolts, she was finally got through alter a detention of two
days. The enlargement of the Welland Canal locks is a subject which should
elicit the attention of the Canadian public at the earliest possible period. On
the arrival of the Etowah at Cleveland, she discharged some 70 tons more of her
cargo, proceeding thence to Detroit. After discharging the balance of her cargo
there, she proceeds to the Bruce Mines to take in a cargo of copper for a return
voyage to Liverpool.




406

Statistics o f Trade and Commerce.

[November,

COTTON CULTIVATION IN THE WEST INDIES.
A c o m p a n y lias recently been formed in this city styled “ The American and
British West India Cotton Company,” which has leased for a term of years two
thousand acres of Land, on the island of Long Island, one of the group of Baha­
mas, situated in latitude 23° 10', lonitude 75° 3'. This Island, it will be remem­
bered, is one hundred miles long, from five to seven miles wide, and from fifty to
seventy-five feet above the level of the sea, and no climate in the world is more
healthy, or better adapted for invalids. The average temperature is 80°, never
rising above 85°, while the laud is said to abound in springs of the best kind of
water, which is obtained by digging from five to fifteen feet. Previous to the
year 1835, it was settled by cotton-planters, with their slaves, and thousands of
bales of Sea Island cotton were annually exported to Europe. When slavery
was abolished, the culture of cotton ceased, and almost the whole of the white
population emigrated to other countries, leaving the land to the freed blacks,
who employed their time in making salt.
During the past two years, several persons have had a portion of the land
cleared, and have raised a small quantity of cotton, the quality of which is claim­
ed to be superior to any raised on the coasts of Georgia and South Carolina,
selling here at higher prices than the best Sea Island cotton raised in this coun­
try. Estimates of the cost of raising place it at ten cents (gold) per pound, and
an acre with good cultivation will yield four hundred pounds.
This company has been formed for the purpose of cultivating this land, and,
to relieve themselves from the difficulty of procuring laborers, have sent a num­
ber of men from the United States, who will always be in their service. The
company feel sanguine that, with careful management, the original cost will be
below the above estimates ; and should peace once more reign in our country,
and everything be reduced to its former standard, the prospects of the company
will be no less favorable, as the quality of cotton raised on the Island always
sold at sixty cents per pound.

THE TRADE OF GREAT BRITAIN— HER DEPENDENCE ON FOREIGN
NATIONS.
I n the October number of Blackwood is an article on the Trade of the United
Kingdom, in which are grouped together many interesting facts. We give a
few extracts from the article :
This year our exports are likely to amount to 160 millions sterling, and our
imports to 280. Between 1839 and 1849 our trade increased rather more than
25 per cent ; but in the next ten years, aided by the gold-discoveries, it in­
creased 100 per cent. During the last twenty five years our trade has trebled in
amount,—the exports having risen from 52 millions to 160 millions and our im­
ports from 86 millions to about 280. So rapid an increase is unparalleled in
the annals of commerce. The increase of our national wealth arises in the main,
from three different sources. It arises (1) from an increase in the produce of the




1864.]

407

Statistics o f Trade and Commerce.

soil and the rocks (of grain, animals weaving materials, and fruits, and of coal,
iron, and other metals), or from a dimunition in the cost of production thereof;
(2) from an increase in the amount of goods which we manufacture and export,
or in a diminished cosh in the manufacture of them ; and (3) from a profitable
investment of our spare capital in the construction of railways and such like en­
terprises abroad. The Economist reckons that our annual savings amount to
£130,000,000, and the lowest coumputation is £80,000,000. It is impossible to
conjecture the total income of the country ; but the contributions made to it by
the profits on our foreign trade are rapidly on the increase. It is true, the returns
of our export trade do not indicate with perfect accuracy the amount of profits
arising from it. There may be over-production, causing a glut in the foreign
markets, and consequently a fall of prices, and less profit to our exporting mer­
chants. iSuch was the case in 1860, but, by good-luck, it was quickly righted
by the sudden dearth of cotton goods which followed. It is also to be noted,
that during the last two and a half years, the profits of our exporting manufac­
turers have not been in the same proportion to the value of goods exported as
formerly. The great increase in the cost of the raw materials must be taken
into account. It is only upon the manufacture of these materials that we derive
a profit; and as the declared value of our exports includes the cost of the raw
material, as well as the cost and profit of manufacture, it is obvious that when
the raw material rises in price, the proportion of our profit to the total value of
the goods exported will be reduced. Cotton is now fully treble the price it was
in 1860 ; so that, although the value of exported cotton goods last year was
only 10 per cent less than in 1860, the diminution in the profits of our manu­
facturers will greatly exceed this proportion. The quantity of the goods ex­
ported is a better criterion of the profits of our manufacturers than the value of
the goods,— the value being largely affected by fluctuations in the cost of the
raw material. It is the quantity of our manufacture (in other words, the
amount of work which they get to do) that chiefly regulates the profits of the
millowuers; and, we need hardly say, it is likewise the quantity of our manu­
facturers which indicates the amouut of employment furnished to our people.
Although the value of cotton exports this year promises even to exceed that of
1860, neither the profits of our manufacturers, nor the amount of employment
for our operatives, will be nearly so great as they were four years ago.
*
*
*
*
*
*
The writer then analyzes the Board of Trade returns, stating in detail of what
this traffic consists, and subsequently gives the following table showing the dependance of Great Britain on foreign countries for food, clothing and employ­
ment :
THE CHIEF ARTICLES IMPORTED AND

EXPORTED BY GREAT BRITAIN IN

RANGED UNDER DESCRIPTIVE HEADS : —
I m ports.

For Food—•
Corn & Flour..............................................................
Bacon, Butter, Cheese..............................................
Kice.._........ ...............................................................
Sugar............ ...............................................................
Tea...............................................................................




£26,000,000
8,800,000
1,866,000
12,867,000
10,666,000

1863,

AR­

408

Statistics o f Trade and Commerce.
Coffee.............. .........................
W ine........................................
Spirits......................................
Tobacco....................................
Fruit.........................................

[November,

4.155.000
4.500.000
1.700.000
3,000,000
1.562.000
--------------£74,616,000

For Household Use—
Oil and Tallow, (say).............
Paper.......................................

£4,000,000
342,000
4,342,000

Articles of Dress—
Breadstuff's, Ribbons, <Scc.. . .

£5,600,000

5,600,000

For Building and Furniture—
W ood.......................................

10,760,000

For Manufactures—

/

Cotton......................................
W ool........................................
Silk..........................................
Flax and H em p.....................
Jletals......................................
Hides........................................
Indigo......................................
Oil and Tallow, (say)...........
Seeds, Flax and Linseed... .
Saltpetre.................................

£57,800,000
13,900,000
9.370.000
6.150.000
4,000,000
2.780.000
2.400.000
2.500.000
3.370.000
1.100.000
102,870,000

For the Farm—
Guano.......................................
Oilseed Cake..........................

£2,660,000
660,000
3,320,000
201,508,000
47,474,942

Articles not included.,
,

£248,982,942

E xportb .

Manufactured from Foreign Material—
Cotton Goods of all kinds..........................................
Wool.en do.................................................................
Linen
d o.................................................................
Metals, (say)...............................................................
Haberdashery.............................................................
Apparel and Slops....................................................
Silk
do..................................................................
Leather d o .................................................................
Jute
d o ..................................................................
H ats.............................................................................
Furniture.....................................................................
Gunpowder.................................................................
Sugar, refined.............................................................

£47,400,000
21,000,000

9.000.000

8, 100,000
4.360.000
2.800.000
3.000. 000
2,230,000
400.000
440.000
300.000
460.000
500.000
-----------------£99,990,000

O f ovr own Materials—
Iron and other Metals, Cutlery, Machinery, <fec.. .
Coal..............................................................................
Earthenware...............................................................
Soda.............................................................................
Glass...........................................................................
Soap............................................................................
Beer.............................................................................
Spirits....................... ...............................................




£25,000,000
3.700.000
1.334.000
867.000
750.000
250.000
1.776.000
454.000

1864.]

409

Statistics o f Trade and Commerce.

Stationery and Paper.........................................
Books...........................................................................
Bags............................................................................

Articles not included in this Classification............
Total,

900,000
457,000
550,000
----------------

86,038,000

£136,028,000
10,461,768
£146,489.768

The two largest items in our imports—namely, cotton and corn—are also the
most variable, alike a3 regards quantity and price. The variations of the one
are due to natural, and of the other to political causes. The state of the wea­
ther, the favorable or unfavorable nature of the season, determines whether our
harvest is a good or bad one; and the difference in value between a very good
and a very bad harvest is at least twenty millions sterling. In other words, in
a very bad year we have to buy of our neighbours twenty millions more corn
than when our harvest is decidedly good. This makes an enormous difference in
the national balance sheet. The outlay of the farmer is the same in a bad year
as in a good one ; the expenses of cultivation are a fixed charge, but the return
depends on the skies and the weather. A fine summer is worth twenty millions
in hard cash to this country, besides the many other less direct benefits which
it brings. Father Sol is a very potent deity, whose favors we cannot afford to
slight. His rays are a veritable shower of gold. He is fickle, it is true, though
not quite so fickle as of yore; and we may hope for some slight improvement
still, when by draining and planting or clearing we have rendered our Isles a
more pleasant spot for him to look upon. Of late years the variations in the
amount of corn imported have been unusually great. In 1859 the amount im­
ported was not quite £18,000,000 ; in the following years it rose to 31J and
34J- millions ; in 1862 to 37f millions, more than double what it was in ’59 ;
last year it was £26,000,000.
*
*
*
*
*
*
Let us now see the kind of produce which each country sends us, and the com­
modities which each takes from us. China sends raw silk and tea; India sends
cotton, indigo, and rice. We get our spices from the Philippine Islands, and
almost all our coffee from Ceylon. We get a portion of our cotton from Egypt;
hides chiefly from the Pampas of Buenos Ayres ; wool chiefly from Australia
and the Cape; wood from the northern countries of America and Europe; flax
and tallow from Russia ; corn chiefly from the United States and Russia; and
the precious metals from Australia, California, Mexico and the Andes of Peru.
Of our exports we send beer to India and Australia; coal to many places to
supply coaling-stations for steam-vessels, but chiefly to France. We send cot­
ton-yarn for manufacture to India, Holland, and Germany ; and cotton piecegoods to India and China, Turkey, Egypt, the United States, and Brazil. Our
hardwares aud cutlery go chiefly to Australia, India, and the United States;
and our woollen and worsted goods to the United States, India and China, Ger­
many, British North America and Australia. The material of war—cannon,
rifles, and gunpowder— we send to any country which, unhappily for itself, may
stand in need of them.
*
*
*
*
*
*




410

Statistics o f Trade and Commerce.

[November,

The last feature of our trade which remains to be noticed is the traffic in the
precious metals. It is a curious, and at first sight a puzzling one. It is so, at
least, to those who fancy that the receipt or export of the precious metals is an
indication of a country’s gains or losses. Gold and silver in large quantities are
constantly pouring into this country, and flying olf again. The native countries
of the precious metals, Australia, Mexico and California (through the United
States), send us a large portion of their annual produce; and we send it oif
again, chiefly to Turkey, Egypt and India. There is also a constant flux and
reflux of the precious metals between England and the other countries of
Europe, especially between this country and France. During the last five years
we got 18 millions of gold and silver from France, and we sent thither nearly 40
millions. But of the balance of 22 millions thus apparently acquired by France,
a considerable portion simply took its way through that country via Marseilles,
to the East. No less than 140J millions sterling of the precious metals were
imported into England during the last five years, and 138 millions were export­
ed ; so that of the enormous quantity which we received, only two-and-a-half
millions remained with us. How was this? What became of the 138 millions
which no sooner reached our shores than it went off again? We made the best
possible use of it. W e sent it abroad chiefly to purchase materials for our in­
dustry ; and the goods manufactured from these materials we in turn send
abroad, selling them to other countries. Thus we send away our gold in order
that we may make a profit on the materials which the gold purchases. It is a
lair exchange. The foreign country gets the value of its goods in gold, and we
get the value of our gold in goods. But these goods, by being manufactured
and re-exported, not only give employment to our people, but enable us to make
a profit which we could not do by keeping the gold.
*

*

*

*

*

*

*

*

*

It is only in making payments that the precious metals are of any use in
trade. Their use is to effect purchases or payments which cannot be accom­
plished by the ordinary means of bills of exchange. In such cases only are the
precious metals needed. Indeed, the use of the precious metals is even more
restricted than this. When there is a want of bills ol exchange, goods may be
sent abroad instead, alike of bills and of gold. These goods are then sold in the
foreign market, and with the proceeds the English merchant pays his foreign
creditor, without a single sovereign having left this country. Instead of send­
ing specie from this country, he buys it abroad with goods,-^-paying his creditor
out of the stock of specie held in the creditor’s own country. Gold is sent
abroad only when it suits the interest of the sender to uo so. Hence, to place
restrictions on the export of gold, is simply to compel our traders to send goods
at a bad bargain when they could send gold at a good one. It is an interference
with the liberty of trade. It is an antiquated system, and yet it is the principle
which underlies almost all the operatioas of the Bank of England. For exam­
ple, in November, the bank refused to discount the bills of cotton merchants,
simply because the proceeds of these bills were meant to be sent abroad in the
shape of specie.
The movements of gold are like those of a cheque which is never cancelled.
The man to whom gold is paid can make no profit by keeping; he passes it on




1864.]

Statistics o f Trade and Commerce.

411

to another, who for the same reason acts likewise, and so on,—the gold sufficing
to make payments, as a cheque does, and,like a cheque, having no other use. It
a man pays another with a bill of exchange, the receiver may keep it for several
months,— for it is equivalent to an interest-bearing security ; but no one keeps
gold or cheques, for they are sterile. Gold is profitless unless it circulate : to
circulate is its grand use and its normal habit. And as it circulates, flitting
from country to country, making payments or purchases, and circling back
again, a momentary ebb of the precious metal may occur in one country while
a plethora is produced in another. But this is merely transitory—a state of
unstable equilibrium— which is over iu a few weeks’ time. Why, the.i, should
these temporary ebb3 of gold put us in a flatter? And yet, when they occur,
we actually allow them to shake down our whole fabrics of trade and in­
dustry.
Any merchant can get these precious metab whether for export or import, in
the same way that he gets cotton or iron. He may order gold from Australia
just as he orders cotton from India. Or, with less trouble, he can buy bills on
any place he likes, and order the proceeds of the bills to be sent home to him in
specie: and he wifi only have to pay freightage on this specie the same as he
pays it on other commodities. So much elaborate nonsense is talked on this
subject and on “ the exchanges,” that one is apt to think that the precious
metals ought to be styled the “ mysterious metals.” Yet there is no mystery
either in their influence or their movements. They can be dealt in like other
commodities—bought and sold in the same way as sugar, soap, or tea.
The statistics of our trade which have now been passed in review, exhibit, in
a startling manner, our dependence upon other countries. We are dependent
upon them alike for food, for clothing, and for employment. Our dependence for clothing may seem a small matter, though it is n ot; but our dependence for food
and employment is unquestionably a very serious affair. If Mr. Oaird is right
in estimating the consumption of our people at twenty million quarters of wheat,
then, during the last four years (when the average annual importation has ex­
ceeded twelve million quarters), eighteen millions of our population—three-fifths
of the nation—have been dependent for grain-food upon foreign countries. But
even taking the most favorable estimate that can be formed, it appears, on the
average of years, that not less than one-third of our population is dependent
upon grain-supplies from abroad. This is irrespective of the nine millions’ worth
of animal food which we import, and two millions’ worth of rice—necessaries of
life ; and, over and above, there are thirty-six millions’ worth of sugar, tea,
coffee, wines, &c.— which were luxuries iu former times, bat which have now
become part of the ordinary diet of the people. Next, as to our dependence
upon other countries for employment. We annually import about 120 millions’
worth of materials, the working up of which, in factories or other workshops,
gives employment to probably a million and a half of operatives, many of whom
have families dependent on them. This i3 a startling picture, but it has two
sides. In one aspect, it is the greatest eulogy which could be pronounced upon
our enterprise and greatness. Our little islands no longer suffice for us. Our
energies have far overpassed their limits. There is room for us to live and work
here—that is all. These islands are ,our house and garden, but our farm is de­




412

Statistics o f Trade and Commerce.

[November,

tached. Or rather, we have no farm of our own, but draw our supplies from
the farms of all our neighbors. We live upon the world. We have made so
much money by generations of industry, and we employ our capital so well in
trade and other profitable investments abroad, that we can commadd supplies of
ali we want from all parts of the world. On the other hand, what would be the
consequences o a blockade? Would it not wither us up at once, as if the na­
tional life had been smittqn with paralysis? Would not our greatness fare like
Jonah’s gourd, which perished in a night by the gnawing of a little worm ? We
say these things not in alarm, or despondency. But it is well that a considera­
tion of these things should incite us to renewed zeal in projects which are at
present too little regarded. England, if she preserves her greatness, must al­
ways be dependent upon other countries ; and, so far as regards trade and em­
ployment. that dependence must continue to increase. But at least let us strive
to lessen our dependence upon foreign countries for food. Large tracts of
ground, now lying waste, may yet be cultivated. Even between London and
Southampton, in the finest part of England, there are wide expanses of level
moorland, such as in the lowlands of Scotland, would quickly be brought into
profitable cultivation. The waste of our sewage, which is a disgrace to our
civilization, will ere long, we trust, give place to an economy which will work
wonders, and make many a blade of corn grow where none ever grew before.
The steam-plough, also, will do something, partly by lessening the cost of work­
ing the soil, but still more by working it deeper than it is possible with horses.
Finally, we ought to take measures to stock all our rivers and lakes amply with
fish. A very large portion of the food of China consists of fresh-water fish,—
yet in this country it is as rare as if it were a costly luxury, and by millions of
our people is not tasted once in the year. Let us hope, then, that the future,
among the other good things it may have in store—will see the sewage of our
great towns, instead of being wasted in poisoning our rivers, applied in fertil­
izing streams to the soil,— the steam-plough in general use,— our level waste­
lands reclaimed,—our lakes aad rivers amply stocked with fish,—and the luxury
of oyster-beds plentifully established on our coasts. Such measures are called
for by the necessities of our posilion. They are urgently needed to lessen, or at
least to arrest the progress of, our perilous dependence upon other countries for
food—a dependence which every year is increasing, and which, if the proper
measures be not taken, must continue to increase with the spread of luxury and
the growth of the population.

MEXICO.— FINANCIAL NEWS.
T he Emperor Maximilian has appointed a Commission to investigate every

branch of the finances of Mexico, and is introducing, it is said, many impro ve
ments. Among other things he has issued the following decree :
DECREE RELA TIVE TO THE SPECIES OF MONEY IN WHICH DUTIES ARE TO BE P A ID .

Office of the Secretary of State, and of the Treasury,
and Public Credit— Section 1.
Mexico, Sept. 20, 1864.
Maximilian, Emperor of Mexico.
In respect to the report of our Secretary of the Treasury in regard to the re­




Statistics o f Trade and Commerce.

1864.]

413

presentation made by several commercial houses as to the inconvenience that re­
sults from the decree of the 17th May, of this year, which orders the payment of
all custom duties and of those under income receipts to be made in specie, and
not to receive in small money more than the fractions that refer to the duties ;
and desiring to give trade an example of the spirit that animates us in wishing
to concede to it every thing that is compatible with the interests of the treasury :
We have decreed, and we decree the following :
A rticle 1 The payment of twenty-five per cent, as duties on importation,
will be made at the maritime and frontier custom-houses in faerie dollars. The
balance of the same duties, and the others that are imposed, may be made in
small money.
A rt. 2. The payment of duties that are collected at the principal office of in­
come at interior points, as well as that of orders of maritime custom-houses on
this capital will be made to the extent of exactly one-half, when less, in fuerte
money, excepting the sums, dues, that do not amount to five dollars, which will
be received in change for tne total amount.
A

rt .

3. The decree of the 17th of May of this year is abrogated.

My Secretary of State and of the Treasury is charged with the execution of
the present decree, which will be deposited in the archives of the empire and pub­
lished in the official gazette, in order that it may be known to all it may con­
cern.
Given at Irapuato, on the third day of September, 1864.
M axim ilian .

By order of his majesty,
J. V elasquez

df,

L eon ,

Minister of State.
OFFICIAL RETURN OF INTERNAL REVENUE FOR THE YEAR ENDING JULY

31, 18G4.

The official Gazette, in i ‘;s number of the 17th September, publishes the fol­
lowing statement of the receipts from all sources of internal revenue, and the
expenses of collection:
Property Tax........................................
Liquors..................................................
T ob a cco................................................
Sales of securities................................
Duty per reals per bbl, Aguardiente
Department..........................................
Kegistration..........................................
Storage............................................
Telegraph............................................
Mercantile tribunal.............................
Accountant’s bureau...........................
Arts and trades....................................
D rainage..............................................
Beneficence..........................................
Poor houses and hospitals.................
Total revenue.....................................................................

$ 5 8 2 ,8 2 3 0 0
2 2 2 , 3 1 5 11
8 7 .8 6 9 75
1 0 2 ,7 5 1 0 5
2 2 ,2 4 4 4 6
SO ,9 9 0 0 5
4 6 5 ,0 0 2 8 5
60 9 66
6 1 ,7 5 3 7 8
4 8 .4 8 2 3 6
4 9 .2 4 8 21
1 2 .4 8 3 9 2
6 ,1 0 6 0 4
5 ,6 4 2 2 3
694 00

$1,759,622 47

The expenses of collection amount in the same period to §112,505.14, so that
there remains this sum from the total revenues as the net amount, §1,646.517.33.
To the total revenue of which the Mexican government disposes, only deduct­
ing the expenses of management, there is to be added that of the municipal bran­
ches, collected at the head custom-house and at lower receiving offices.




414

[November,

Mercantile Miscellanies.

In this way there will be obtained the following general result of revenue :
Total revenue...............................................................................
Municipal commune and tax on heads of cattle in Mexico,
and on vehicles at the city entrance......................................
Receivers’ offices...........................................................................
Administration...............................................................................

$1,759,022 47

Total collections...................................................................

$2,226,528 78

462,891 80
3.297 88
1,817 18

MERCANTILE MISCELLANIES.
A NEW FEATURE IN LIFE INSURANCE CO.
inventive genius o f Europe and America has been taxed to the utmost in
reducing the system of life insurance to its present state. One after another new
features have been added until now we scarcely expect to see any improvement
suggested. We were somewhat surprised, therefore, to find that the Globe
Mutual Life Insurance Company, o f this city, was-doiDg a kind of business never
before attemped. It is well known that persons frequently object to taking out
a life policy, because the previous paid premiums are forfeited and the policy
also, in case of any failure to pay a premium. Thus the insurer may loose several
years of premiums and his policy by his inability to make a subsequent payment.
This objection is removed by the plan pursued by the Globe Company; since
each premium paid by a party insuring in that company (after three anuual pay­
ments) is received as a deposit, which, whether the next premium be paid or not,
remains a valid investment i'or the heirs o f the insurer, to be paid to them, with­
out interest, at his death. This feature, when taken in connection with “ The
Ten Year Non-Forfeiture Plan,” which is also adopted by this company, ac­
counts for the wonderful success the Globe Company has met with since its
organization. Certainly the inducements to insure with such an institution are
very great.
T he

CARRINGTON & CO.’ S GENERAL PURCHASING AGENCY.
o

the novelties of the present day is the general purchasing agency at
40 Broadway. An association of individuals has for some time been engaged in
the business of making purchases for non-residents, but it was only in March last
that this joint stock company was formed. The object is to place within the
reach of all non-residents the ability to obtain from New York any article wanted
without one’s making a special visit for the purpose. No matter what the need
may be— from the most trifling article to the most important—“ whether for the
dress of the lady, the library of the scholar, the lands of the farmer, the workshop
of the artizan, the laboratory of the chemist, or the office of the physician,” by
the combined aid of the Expresses and the Purchasing Agency, it can be suppli­
ed promptly, and, as the agency claims, more cheaply than if the consumer were
here to purchase for himself. They charge a commission of five per cent for
A

mong




1864.]

Mercantile Miscellanies.

415

making the purchases. Such an association is certainly a great convenience and
we doubt not will be extensively patronized.

PETROLEUM STOCK COMPANIES.
The tide of speculation in petroleum stocks which has been of late daily rising,
is now taking a better shape, by the formation of good companies with respon­
sible names. We see, for instance, among the officers and trustees of the North
American Petroleum Company of New York (52 Wall street), men who would
give character and standing to any undertaking. The property on which this
company is organized consists of interests in the Kinter, Ocean, Hammond,
Painter and Lloyd wells, on Oil creek, and the celebrated Reed well on Cherry
Run, and a fee simple of thirty-five acres adjoining the Reed well on Cherry Run.
The producing interests thus owned are said to yield, on the average, 175 barrels
of oil a day, which the company expects will be shortly increased by additional
wells now sinking on the property on Cherry Run. Should these interests yield
a half that is expected, the stock could not fail to be very remunerative.

THE RUSSIAN MONITORS AT SEA.
One of the Russian monitors has renently had a trial trip and the results are
thus described by the Messenger de Cronstadt: “ The monitor Vestchoune, ac­
companied by the steam-vessel Vladimir, and hoisting the flag of Rear-Admiral
L ikhatchew , chief of the ironclad squadron, left Cronstadt August 3d, and,
after touching at one or two ports, entered Reval on the 5th, which place she
left on the 8th, at 8 30 a . m ., and at 4 p. m . reached Helsingfors. In this trip
she had to contend against a rough sea, which washed over the deck, and the
waves even at times reached the top of the turret. Notwithstanding this the
monitor behaved admirably, and did not lesson her speed for one moment. Her
engines worked well, as did also the isolating apparatus on which the compass
rests, in order to protect the magnetic needle from the action of the iron and to
diminish its declination. This apparatus consists of a long copper tube, in the
interior of which the compass is fixed with the mariner’s card reversed, but re­
flected in a mirror. On the 11th the Vestchoune, still sailing in company with
the Vladimir, again set sail, and on the 12th, after a short stoppage at Glasholm,
they continued their cruise in the vicinity of that place. However, the wind
having freshened, a heavy sea arose, and the waves were again thrown on the
ironclad’s decks. She rolled in a peculiar manner, quite different to that of other
vessels. Her oscillations described angles of 7-J and even 8 degrees. Notwith­
standing this she steamed ahead quite well, and her engines continued to work
in the most satisfactory manner. The vessels entered Routchesalm to await the
subsidence of the gale, and on the 14th steam was again got up and they crossed
the reef, meeting a heavy sea, which the monitor encountered as well as possible,
Anchor was cast at Transund, whence the route was continued to Cronstadt.
whieh was reached on the 17th at 6 in the morning.”




416

The Book Trade.

THE

[November,

BOOK TRADE.

London Printing and Publishing Company. H enry A. B rown , Manager.
Broadway.

4S7

T he London Prioting Company, for which Mr. B rown , o f 487 Broadway, is the sole

American Agent, are offering a large number o f valuable London publications for
sale. This list contains volumes on a great variety of subjects, and includes many
illustrated books o f great beauty, such as the complete works o f Hogarth, Lodge’s
Portraits, Fiuden’s Royal Gallery of British Art, France Illustrated and described.
The Scenery o f Hmdostan, Fiuden’s Modern Art Gallery, Finden’s Beauties of Moore,
The Flowers of Loveliness, Constantinople Illustrated, London Illustrated and De­
scribee, Pictorial Gallery of the Arts, &c., <!ic.
A ll the books in the list are more or less illustrated, and those whose especial value
is in their matter, are still rendered additionally valuable by the plates. The histories
of the United States, of England, of Scotland, of the British Colonies, of the Indian
Empire, of Australia, of Ireland, of France, of Russia, of the Chinese Empire; the
editions of Shakspeare, the Voyages of Captain Cook, Orr’s Circle of the Sciences, the
various works on Natural History, are all the more attractive from the richness
with wnicb they are illustrated.
Not the least notable feature of the catalogue is the lowness of the price at which
these splendid works are offered to the public. Since the London Publishing Com­
pany first established their agency in this couutry, in 1848, the price of their publica­
tions has not altered. The result is that the present purchasers of their publications
get them at about half the sum they are compelled to pay for English or American
books of a similar style and character, and which they would be compelled to pay in
case they imported the books directly from London, or purchased elsewhere. The
works for sale by Mr. B r o w n are therefore the cheapest books now in the market.

CONTENTS

OF

NOVEMBER

NUMBER.

A rt .
pao e
1. The Sandwich Wands and their Sugar Crop. B y H enry It A dohincloss, Es q .................. , 337
2. * Brazil.- Its Government, Population. Resources, llebt, E tc................................................. 351
3. Conimeici 4 haw.—No. 15. The Statute o f Limitations............................................................. 3(il
4. Confederation of British American Provinces.............................................................................. 366
5. ' TJniteo states Debt .................................................................................................................... 368
6. Commercial Chronicle and R eview ........................................................
37#
7 Journal of Bank ng, Cur rency, and Finance.. .............................................................................. 377
8! The Culonie of Great Britain—Their Area, Population, Commerce, Debt, & c,.................... SS6
16 S ew Post Gffice Money Order System........................................................................................... 394
1#! Statis ies of l jade and Cummerce................................................................................................... 396
Trade of Cincinnati ...........................................................................
396
China. - Foreign 'Trade in 1363................................................................................................... 462
Irela d .- Agricultural Statistics...................................................................................
403
f rom Live pool to Detroit D irect.............................................................................................. 405
Cotton i ultivation in the West indies...................................................................................... 406
The Trade oi Great Britain—Her Dependence on Foreign Nations................. ................. 406
Mexico.—Financial N ews............................................................................................................ 412
11. Mercanli e Miscellanies
................................................................................................................ 414
A New Feature in Life Insurance Co
................................................................................ 414
Carrington & • o.’s General Purchasing A gency................................................... ...................414
Petroleum took Companies......................................
415
Russian vioniiors at S ea.. ............................................................................................................ 415
12. The Book Trade....................
416