posing of his property received no help from the porters of the train. At Bedford it was necessary to change cars, and to wait an hour for another train. On this occasion, too, the plaintiff below took the sole charge of his goods without receiving any aid whatever from the employees of the company. There was no guard to give warning in case of interfering trains, and consequently a collision took place, by which the plaintiff below was injured, and it became necessary to transfer him to another car. While changing his car he spoke to the railway porter about his box, &c., and was informed that they should all be duly cared for. The box was found, but the other articles were not. Several questions were, upon the appeal, submitted to the Court. 1st. It being conceded that most of the articles lost were to be used by their owner in the manufacture of cutlery, and were not personal luggage, was the company liable for their value? 2d. Was not the company exonerated from liability by the fact that the luggage or goods of the plaintiff below exceeded 112 pounds, the weight limited in England by law? 3d. Were not the goods to be regarded as retained by their owner in his own custody and possession? 4th. Was not a new contract made with the owner of the goods at the moment of changing cars after a collision? The appellate decided 1st. That if a passenger so packs his merchandise that it passes for mere luggage, and the carrier has no notice that it is merchandise, he is not responsible for its loss. The contrary is true if the carrier knows what the true character of the goods is, and consents to receive and transport them. And luggage is only what is ordinarily carried for traveling purposes, with perhaps a book or two for amusement or presents. The American courts have substantially decided in like manner. (See vol. xxvi. American Railroad Journal, page 515; ibid., 765; ibid., 299; ibid., 68. Also, 9 Wendell's Reports, 85; Orange County Bank vs. Brown. 2d. That where the limited amount of luggage for each railway passenger is 56 pounds, and a husband and wife are traveling in company under circumstances to which that limitation is applicable, the baggage of either party may exceed that amount, provided the luggage of the two together does not, in the aggregate, weigh over 112 pounds. It would, indeed, be often inconvenient to sort out and carry separately the traveling conveniencies of such, usually confidential, companions. 3d. Although the luggage of a passenger is not delivered to any servant of the company, the law regards it as being in the custody of the company, and holds them accountable for the same. The passenger pays for the safe transportation of himself and luggage. 4th. In the case above stated no new special contract was made between the parties at the time of changing cars, but the railway porter simply recognized the general liability of the company. REGULATIONS FOR SURVEYS OF SHIPS AND GOODS DAMAGED UPON THE HIGH SEAS. The United States District Court in Admiralty-Judge Kane-Regula. Generalis. For the better ordering of surveys of ships and merchandise that have sustained damage upon the high seas. 1. There shall be annually appointed by the Court a competent number of persons, of experience and skill, to be the surveyors, who shall continue to be such until superseded; and all writs of survey issuing under the sanction of the Court shall be directed to them by the title of the Board of Survey of the Admiralty. 2. Writs of survey may be issued by the clerk at the instance of any person or persons interested in vessels, cargo, or freight, whether as owners, masters, consignees, insurers, or otherwise. 3. All applications for the writ of survey shall be in writing, designating the subject of survey, whether general as to vessel and cargo, or special as to some part or parcel thereof, and declaring also the character of the right or interest which the parties applying have in the subject matter. 4. Every writ of survey shall be executed by at least three of the surveyors, and unless otherwise directed by the Court, the surveyors shall act in succession in the order in which they are named in the record of their appointment, and the clerk shall indorse on the writ the names of the surveyors who are to act. No member of the board shall act as a surveyor or appraiser of damages except in pursuance of a writ duly issued. 5. Before proceeding to execute the writ of survey, the acting surveyors shall give notice of time and place to such parties in interest, or their representatives, as may be known to be within the limits of the port or city. 6. The acting surveyors may call to their aid for the time any competent and disinterested experts; but such experts shall not be chosen upon the nomination of any party having an interest in the subject of survey. 7. The return to the writ of survey shall be made with all convenient speed, and at farthest, within one week after the discharge of the vessel. Its purport shall not be made known until it has been filed with the clerk. 8. The return shall set forth the time, place, and manner, of the execution of the writ-the names of the parties in interest who had notice thereof, and the names of those who were present thereat; together with the names, places of residence, and occupations of the experts and of the witnesses, if such there were. 9. The return shall declare, with such precision as the circumstances may allow, the character and extent of the damages, if any-and the moneyed equivalent of the same; and it shall further declare the cause or causes of such damage, so far as it has been found practicable to ascertain the same. 10. The return shall be signed by all the surveyors who have acted, and shall be sworn or affirmed to by them. If the surveyors who have acted shall differ in opinion, (but not otherwise,) they may make separate reports. Supplementary reports may be made upon leave specially granted by the Court. 11. The form of the writ of survey will be prescribed by the Court. Forms of return will be furnished in blank by the clerk. 12. There shall be appointed from time to time by the Court, one person to be the Register of the Board of Survey, whose duty it shall be to receive the writs of survey, noting the time of receiving them, to give notice to the acting surveyors whose names may be indorsed thereon, to aid them, if required, in engrossing and transmitting their returns, to collect and make distribution of the surveyors' fees and emoluments: first defraying therefrom the necessary expenses of the board, and keeping accounts of all such collections and disbursements for the inspection of the several surveyors; and for the better performance of his duties, he shall attend at the office of the board during the ordinary hours of business. The compensation of the register shall be the same as that of a surveyor. VENDOR AND PURCHASER-MISDESCRIPTION. In the particulars of sale of the lease of a sugar refinery, the premises were described as a bonded sugar refinery, and it was promised that the lease should be produced at the sale, and that it might be examined at the office of the solicitors of the vendors; no special conditions of sale were attached. In the abstract of the title an agreement was set out, dated prior to the lease, but being an agree ment between the lessor and the original lessee, for a lease of the premises, (in pursuance of which the lease was granted,) in which a stipulation was contained, that the refinery should be used only for refining sugar in bond. The lease made in pursuance of that agreement (and then sold) contained no restriction upon the use of the premises for the refining of any sugar. pleted, the lessor filed his bill against the original lessee, to have the lease altered Before the purchase was comby the insertion of a restrictive covenant in conformity with the agreement; and upon this the purchaser refused to complete, pending the suit. It was held, in favor of the purchaser, that as it might turn out he could not obtain the thing which he agreed to purchase-a free sugar refinery-the completion of the purchase must stand over until the question was decided.-Bentley v. Craven, 21 L. T. Rep. 215.) DUTY OF BROKERS ON MAKING A CONTRACT FOR SALE. In a case tried before Lord Campbell, Chief Justice Queen's Bench, his lordship, on the occasion of a trial against a London broker for negligence with respect to a contract entered into, through his agency, between a buyer and seller of goods, observed to the jury that there had been many lamentable instances of neglect by brokers, whose duty it was to act for both parties. On the jury returning a verdict, with £391 damages against the broker, Lord Campbell observed that the verdict would prove most useful, and he wished that an account of the trial were given to every broker in the kingdom. It appeared that the broker did not enter the contract between the seller and the purchaser in his book, but he delivered, sold, and bought notes to each of them. On the buyer refusing to complete his contract, the seller brought an action against him; and on the trial, both the bought and sold notes were produced, and were found to vary-the sold notes describing the goods as "500 tons, Dunlap & Co's. pig-iron," whilst the bought notes described them as "500 tons of Scotch pig-iron." On account of this variance the seller could not succeed in his action, and had to pay the buyer's costs, as well as to bear his own. The seller's action against the broker was to make him liable for these costs, in consequence of his neglect in making out proper bought and sold notes. Lord Campbell thus stated the duty of a broker in negotiating a contract between the buyer and seller of merchandise :-A broker is bound either to enter the contract in his book forthwith, or to deliver a correct note of it to both buyer and seller; otherwise he is liable to his principal for any damage which may accrue through such neglect. And where a broker makes out a contract, and does not enter it in his book, but delivers bought and sold notes to the parties, and they so vary that by reason thereof an action cannot be maintained on the contract, such broker is liable for the damages occasioned by the invalidity of the contract, and the costs incurred by his principal in unsuccessfully endeavoring to enforce it. (Siveright vs. Richardson, 19 Law Times Rep., p. 10.) COMMERCIAL CHRONICLE AND REVIEW. THE RETURN OF PEACE, AND ITS EFFECT UPON OUR COMMERCIAL INTERESTS-DECREASED COST OF THE NECESSARIES OF LIFE, AS CONNECTED WITH THE INCREASED CONSUMPTION OF COMFORTS AND LUXURIES-TRADE IN DOMESTIC AND FOREIGN GOODS-MONEY MARKET AND RATES OF FOREIGN EXCHANGE-RAILROAD RECEIPTS-THE BANK MOVEMENT RECEIPTS AND DEPOSITS OF GOLD -COMPARATIVE IMPORTS AT NEW YORK FOR MARCH, FROM JANUARY 1ST, AND FOR THE NINE MONTHS OF THE FISCAL YEAR-COMPARATIVE EXPORTS FOR SAME PERIOD-RECEIPTS FOR CASH DUTIES AT NEW YORK, PHILADELPHIA, AND BOSTON-EXPORTS OF PRODUCE-DEMAND FOR AMERICAN PRODUCE IN EUROPE, ETC. THE European struggle is over, and the treaty of peace has been signed. As we were not among the most sanguine in our estimation of the benefits this country would derive from its neutral position during the war, so we are equally moderate in our anticipation of the prosperity to follow the return of peace. It will take a long time for the portion of the trade which has been interrupted, to flow smoothly again in its own channels. The war has created animation in certain departments, and the reaction there will partially counterbalance that portion which is now likely to be revived, The expenses of the war are to be met, and the waste of material must be supplied by fresh earnings at the hand of industry. There is no actual wealth except that which is created by patient toil, and it will be some time before the disturbed elements of prosperity will become settled. When the troops have been re-transported to their homes, and those engaged in supplying their wants and furnishing the munitions of war, turn their attention to other occupations, then will be the most trying time. If food shall become cheap, and no fresh disaster disturbs the industry of the nations, a golden period may ensue. It will be seen that much in the future depends upon the next harvest. It is now promising, both in the United Kingdom and in continental Europe. If this promise is kept, one source of prosperity will be secured. If the harvests should again suffer, as they did last year, the commercial and political effect cannot be foretold. With no war to divert the attention of a people clamorous for food, and accustomed to revolution, there can be no security and no financial prosperity, if the prices of breadstuffs are not greatly reduced. Much of the capital now waiting upon the movements of armies not yet returned from the field, cannot be immediately released, and it will take many months for exchanges to become so regulated that the old routine can be renewed. From this cause, we should not be surprised to see money in high request at full rates throughout the remainder of the year. The ultimate effect will be to reduce somewhat the prices of food in the United States; but it would not be surprising if the range should remain above the average of the past few years, even including the years of plenty. The large influx of gold from California during the last few years must be felt permanently in the increased nominal value of nearly all descriptions of property. There must be, however, a great change in the price of leading breadstuffs and provisions, from the average cost of the last two years, and this will prove a great boon to that portion of our countrymen engaged in mechanical operations. Notwithstanding the advance in wages, the comparative expenses of living have been still higher, and those who were accustomed to indulge in luxuries of attire, have found the supply of their absolute wants a sufficient tax upon their energies. Who does not see that a reduction in these necessary expenses must allow a large aggregate accumulation of surplus earnings, no inconsiderable portion of which will be applied to the purchase of articles the trade in which has been hitherto most depressed? This must relieve our markets of their burden, and throw into the channels of distribution a large amount of merchandise which has for some time sought a customer in vain. Domestic goods are plenty, but owing to the advancing price of both cotton and wool, holders of fabrics have suffered no panic, and there has been no material sacrifice in sales. In foreign goods holders have been more pressing; the surplus portion of the stock consisted, to a great extent, of fancy goods, which could not be safely kept in first hands, and which have been crowded off through the auction room at any sacrifice. The selections of these have realized cost, but a large amount has been placed at a loss, in some cases at 20 to 30 per cent below a paying rate. Money has been in good demand at all the principal markets during the month, at 7 to 10 per cent, and the rates show no signs of immediate relaxation. The large amount of stocks and bonds carried by the use of floating capital, prevent any surplus from seeking investment, and everywhere the Street rates have been above the legal rates of interest. Foreign exchange has been ruling above the specie point, but the shipments of coin have not been as large as at the corresponding dates of last year, and the balance of our indebtedness to Europe has been paid up closer than at any time previously for many years. The high rates of interest in England and France have called home much of the floating capital heretofore used in this country, and induced merchants to pay up more closely than usual; while the liberal prices offered by our government for national stocks, have drawn from Germany a considerable amount of these securities, part of which have been remitted for, instead of being reinvested. Since our last, the stock issued by the city of New York for the expenses of opening the Central Park, including $1,600,000 six per cents, maturing in three years, and $2,800,000 five per cents, redeemable in 1898, has been awarded to the highest bidders at par for the five per cents, and at par and a fraction over for the six per cents-the latter commanding less premium on account of their short date. The five per cents were mostly taken by those persons who are to receive compensation for the property thus converted to the public use. The severe winter has been seriously felt in the diminished receipts and increased expenses of nearly all of our Western railroads, most of them having been blocked up by the furious storms of snow. Some of the Eastern trunk railroads balanced their enlarged expenditures by increased receipts in consequence of the interruptions of water navigation. The rivers are now open, and most of the canals, even at the North, will be in navigable order before this is placed in the hands of our readers. The banks of the country have been doing, for the most part, a safe and profitable business, but the New York banks have continued to expand beyond all precedent, as will be seen by the following summary of their weekly averages :— We also annex a continuation of the weekly statement of the Boston banks : |