Total....... $171,237 16 $131,089 08 $302,326 43 $248,520 36 $53,941 90 It may be useful to compare the Harlem and Erie Railroads monthly for the two past years, as follows: Erie, 63 miles. 1847. 1848. 1847. $13,400 $20,789 $15,887 69 1848. $21,624 87 13,688 21,331 12,597 19,012 14,917 20,172 16,563 22,436 19,105 28,479 These roads are nearly of a length, both communicating with the city of New York. It will be observed, however, that more than half of the Erie receipts are freight, the passenger travel from the interior of Orange county being small. On the other hand, the Harlem receipts are not more than 10 per cent from freight. Its chief revenues are from the city travel, in opposition to omnibusses below 27th street. Thus in 1835 the Harlem Railroad was 7 miles long, and the population of the city being 270,089, the receipts from passengers was $54,035; in 1840, the same length of road gave $102,000 revenue, the population of the city being 312,710. In 1845 the population was 371,102, and the Harlem revenues were $175,253, for 27 miles in operation. They are this year $313,845 for 53 miles, and a population not short of 450,000 souls. Thus in 1835, 5 persons contributed $1 to 8 miles of road; in 1840, 3 persons contributed $1 to 8 miles of road. Had the trade remained the same, the revenue of the road for 8 miles should this year have been $150,000 for 8 miles of road, leaving $150,000 for the income of 45 miles in Westchester. This result shows that the extension of the Harlem has not proportionably improved its business, while that of the Erie indicates an immense development of agricultural resources. The tolls of the two great lines of internal communication, the Erie Canal and the Pennsylvania canals, have for the past years been reported as follow: Erie canal....... $2,082,145 $2,446,038 $2,646,117 $2,756,120 $3,635,380 $3,279,443 Penn. canals.... 1,017,841 1,164,325 1,196,979 1,295,494 1,587,995 1,550,555 Total.......... $3,099,986 $3,610,363 $3,843,096 $4,051,614 $5,223,375 $4,829,998 Nothing can more forcibly represent the great prosperity of the country as a whole, than these large revenues, derived mostly from the transportation of the produce of the interior to the seaboard for sale abroad. The returns of both these works indicate a decline in revenues corresponding with the falling off in the export trade of the country through the lessened demands of Europe for food, consequent upon a good crop in 1847. The following table shows the quantity of some of the principal articles of produce left at tide-water from the commencement of navigation to the close, during the last seven years :—— PRODUCE ARRIVED AT TIDE-WATER VIA THE NEW YORK CANALS. 3,064,800 6,721,000 4.348,000 9,786,418 19.004.613 24,336,260 26,674,500 27,542,861 35,560,118 40 844,000 42,947,329 9,504,039 8,866,376 12,044,000 8.729,407 4,902,000 8,221,850 The quantities of every article are far in excess of any year prior to 1847, and the articles of butter, lard, cheese and bacon, show the most extraordinary results. The weight of these four articles for the last year has been 84,482,949 lbs., having steadily increased from 38,187,543 lbs., which was the total in 1842. The largest proportion of this immense increase has been exported, swelling the sum of the export value of breadstuffs and provisions, as given in the above table, some $26,000,000. The corn trade has also become important, and will now, probably, even in years of good harvests, continue to increase in magnitude the more it becomes known as an article of food in Europe. The present fiscal year will present far greater results in the way of exports of breadstuffs. From the port of New York the following quantities have gone monthly abroad :- July. August. .bbls. 27,518 44.908 ..bush. 18,824 19.173 Sept. Oct. Nov. Dec. 1 to 12. Total. Total '47. 106,739 155,784 233,681 33,561 502,391 739,267 22,654 547,085 1,191,604 156,103 159,953 180,378 1,180 2,001 4,604 7.356 23,719 20,332 283,080 465,697 1,060,953 516,500 604,326 149,136 3,065,692 1,408,352 20 275 14.908 Last year, the largest proportion was shipped in July, under the accounts here of the high prices current in England in June. Those prices fell rapidly, and with them the exports fell off to a low figure. This year the reverse has been the case, and the disposition to ship has improved as the season advances. The returns of the imports and exports of the United States, as indicated in the official returns of the Treasury department, indicate similar results, as follows: Years. 1846 UNITED STATES IMPORTS AND EXPORTS AND CUSTOM DUTIES. articles. Foreign goods. Total. Imports. Duties. 1843 $11,204,123 $66,589,660 $6,552,697 $84,346,480 $64,753,799 $7,046,844 1844 17,970,135 81,745,044 11,484,867 111,200,046 108,435,035 26,183,571 1845 16,743,421 82,556,355 15,346,830 114,646,606 117,254,564 27,528,112 27,701,121 75,640,772 11,346,623 113,488,516 121,691,797 26,712,667 1847 68,701,921 81,935,543 8,011,158 158,684,622 146,545,638 23,747,864 1848 37,472,751 95,431,370 21,108,010 154,032,131 154,977,826 31,757,070 The export of breadstuffs in the last year, which has been one of good English harvests, has been much less than in 1847, the year of "famine," but it greatly exceeds that of any prior year, and the whole shows a greatly increased and beneficial trade, particularly in corn and provisions. The export value of other domestic produce was not probably realized abroad, more particularly in relation to that which fell in price rapidly as the year advanced. Of the large amount under the head of foreign produce exported, a considerable portion was of the precious metals exported in the shape of foreign coin, through a pressure of extraordinary demand, growing out of political revolutions in Europe. This amount probably rivalled that imported in the previous year. The amount so exported was, however, nearly all supplied by immigration, and did not appear in the custom-house books. The late European accounts are of a more encouraging aspect. Money continued abundant in the London market at 1 a 2 per cent, and breadstuffs were heavy under the large arrivals from the United States and Europe. The manufacturing districts were more active, and the prospects more encouraging—so much so, that an advance of 4d. per lb. had been effected in cotton, in face of the large crop and the disturbed condition of Europe. The greatest excitement prevails on the Continent in relation to the election of President in France, which was to have come off on the 10th December. The Prince Louis Bonaparte would, without doubt, be elected ; and his manifesto had given much satisfaction from its pacific tone and sound economic views, clearly recognizing the fact that the future welfare of France depended upon the free exercise of individual industry and removal of taxes, through the economy effected by the diminution of the army and government pensioners. Should order be restored, and industry resume its course, the prospect of the coming year is of great prosperity for the United States. COMMERCIAL REGULATIONS. IMPORTATION OF FOREIGN YARN INTO ENGLAND. SEVERAL importations of yarn, composed of a mixture of raw silk and worsted yarn, have recently taken place from France, and application has been made for the delivery of the article, free of duty, the same being in a raw state, and to be manufactured in this country into shawls, on the grounds that it would assist the home manufacturers of shawls, and enable them to compete with the foreign manufacturers, which is to a great extent impracticable if the duty of goods manufactured, as required by the revenue officers, were levied on the raw material. The parties having been referred to the higher authorities in the matter, application was made to the Lords of the Treasury for the admission of a particular parcel of this mixture of silk and worsted yarn free of duty; setting forth the impetus which would be caused if the manufacturers of shawls in this country could have the benefit of the raw material from abroad free of duty, and their lordships granted permission for the delivery of that particular parcel free of duty, as requested. As the importation of this mixed yarn has continued to take place, and the Treasury orders having reference only to a parcel in particular, leaving subsequent importations of a similar character without the same amount of privilege, a further memorial has been made to their lordships for their orders to be given for the general and free admission of the yarn in future, without hindrance. It appears that, by the act 8th and 9th Vict., cap. 90, the follow. ing articles are admissible free of duty on importation into this country, namely, raw silk, thrown silk, not dyed and dyed, being organzine or crape, and yarn, camel or mohair, raw linen and raw worsted yarn, not dyed nor colored, and not being fit or proper for embroidering or other fancy purposes; and that this mixture is composed of silk and worsted Varown together, and in strictness liable, as goods manufactured, to the ad valorem duty of 10 per cent, but that the worsted yarn and raw silk, if imported separately, would each be legally admissible free of duty, and as the yarn is imported for the purpose of being manufactured into shawls in this country, and stated to be a matter of vast importance to the home manufacturers of those articles, the Lords of the Treasury have caused a communication to be made to the customs authorities, through Sir Charles Trevelyan, one of their lordship's secretaries, stating that, having had under consideration the memorial of the parties alluded to, he had been commanded by their lordships to authorize the commissioners of customs to admit the article in question, in this and other similar importations, free of duty. In communicating this order of the Lords of the Treasury to the principal officers of the customs revenue throughout the kingdom, for their information and government with respect to the future importations of yarn, they have received instructions to observe that the article referred to is composed of worsted and silk, thrown together for the purpose stated. RATE OF DOCK DUES AT BRISTOL REDUCTION OF DOCK DUES AT BRISTOL, ENGLAND, COMMENCING NOVEMBER 1ST, 1848. ON SHIPPING. From Africa, East and West Indies, the United States of America, and Mediterranean... From British Colonies in North America, Prussia, Russia, Swe- From Norway, Denmark, Germany, Holland, Flanders, France From English coasters.... No dock dues on shipping outwards, and no charge for lying in port any length of time. ON GOODS. Dock dues on 530 articles abolished-only about 100 articles chargeable. Among those free of dock dues are cotton, wool, turpentine, flour, grain, bread, provisions of all kinds, &c., &c. No dock dues, town dues, or any other port charge on goods exported. No dues of any kind on imports from or exports to Ireland. Foreign import wharfage reduced to a maximum rate of 6d. per ton-many articles much less. Bristol is the nearest English port (having dock accommodations) to the Atlantic, which makes the light dues on shipping much less than at London or Liverpool. The pilotage also is low, and the British Channel is unrivalled for safety of navigation. During the commercial depression of 1847, while houses of long standing and high repute were annihilated in other ports, not a single mercantile failure took place in Bristol, all stood their ground and paid their way without difficulty. The trade of the place is already increased, and with its freedom from vexatious charges, which counteracted its natural advantages, the increase will be rapid and continued. Back freights of iron and coal are always to be had to the United States either in the port, or at Cardiff, or Newport, which are within a few hours sail. PRIVATEERING IN THE UNITED STATES. Dr. Wheaton takes credit to the United States for having, by treaty with Prussia, in 1785, agreed in no future war with that power to employ privateers. It appears, how. ever, that the privateering system has been carried further by America than any other power, for, during the war with Great Britain, the legislature of New York passed an act which constituted every association of five or more persons desirous of embarking in the trade of privateering, should it comply with certain formalities, a body politic and corporate, and conferred on it the ordinary corporate powers.—Polson's Principles of the Law of Nations. BRITISH REGULATIONS FOR STEAMERS. It is required, by a recent statute, that on or before the last day of the present month the owners of all steam-vessels, whether they proceed by sea or not, transmit to the Brit ish Board of Trade two declarations of the sufficiency and good condition of the huil of every steamer, and of the good condition of the machinery. By the 11th and 12th Victoria, cap. 81, it is provided that if the owners shall neglect to send the declarations, they shall forfeit and pay the sum of 10s. for every day's delay, unless such delay shall be accounted for to the satisfaction of the British Board of Trade. JOURNAL OF BANKING, CURRENCY AND FINANCE. CONDITION OF THE BANKS OF MASSACHUSETTS FROM 1837 TO 1848. EXTRACT FROM THE ADDRESS TO THE PEOPLE OF ILLINOIS BY THE CONVENTION OF 1848. The principal part of the debt is $6,245,380; a two mill tax in 1848 will produce about $200,000. This tax will increase annually at the rate of about 7 per centum throughout the 25 years, reasoning from experience connected with western advancement. Taking these two propositions as the basis of our calculation, in 19 years this tax will yield $6,194,000, which leaves unpaid of the principal only $51,380. There is, however, already accrued $2,248,372 of interest, which will be increased to about $3,000,000 before this provision can be carried into operation. There will accrue during the 19 years $3,559,916, making the aggregate of interest due at that time $6,559,916, which, however, is subject to constant reduction from three-fifths of the mill and a half fund now raised, which in the 19 years amounts to $2,784,300, leaving interest then really due amounting to $3,775,316. To this add the unpaid portion of the principal, $51,380, and we have $3,826,996, which, without any great increase of interest, is yet to be discharged. To do this we now have the aggregate fund produced from the three-fifths of the mill and a half tax and from the two mill tax, which in the six following years will produce $4,358,700, which will liquidate the whole amount, being an excess of nearly $500,000. All this, too, without materially increasing our burdens, when viewed in connection with the proposed reduction of State expenses. |