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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 344 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