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TII E

MERCHANTS' MAGAZINE

AN

COMMERCIAL REVIEW.

Established July, 1839.

EDITED BY

d. SUITU HOMA, (SECRETARY OY THE CHAMBER OF COMMERCE OF TUE STATE OF NEW-YORK,)

AXD WILLIAM B. DAXA, ATTORNEY AT LAW.

VOLUME XLT

JULY, 1861.

NUMBER I.

COIT ENTS OF No. l., VOL. XLV.

PAOK

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ARTICLES. ART.

. 1. COTTON AN COTTON MANUFACTURE.--1. Value of British Cotton Goods in

1860. 2. Prress of the Cotton Manufacture from 1536 to 1860. 3. Imports of Cotton into Grt Britain, 1820-1859, from the United States, Brazil, Mediterranean, British Eastidies, British West Indies, with the annual average prices of United States U'plars, Brazil and Surat Cotton. 4. Cotton Trade of Great Britain at six decennial perds, and weekly consumption since 1847. 5. Capacity of the Cotton Bale. 6. Cotton Ma facture of France. 7. Holland and the Netherlands. 8. Stock of Cottop at Livpool, 1841-1960. 9. The Chief Manufacturing Countries of Europe compared witthe United States. 10. Labor and Wages in England. 11. Spindles

and Productigin New-England,.. II. THE SOUTJIES HARBORS OF THE UNITED STATES.-The Southern Atlan

tic and Gulf Cct, from Cape Henry to the mouth of the Rio Grande: By an Officer of the United S.es Coast Survey.-1. Albemarle and Pamplico Sound. 2. Beaufort, N. C. 3. Wilngton, N. C. 4. Georgetown, S. C. 7. Bull's Bay. 6. Charleston, S. C. 7. Beaut, s. C. 8. Savannah, Ga. 9. Brunswick, Ga. 10. Fernandina,

11. St. Jo's, Fla. 12. St. Augustine, Fla. 13. Key West, Fla. 14. Fort Jefferson, Fla. 1Tampa Bay. 16. Cedar Keys. 17. St. Mark's, Fla. 18. St. George's Sound. 19. Percola, Fla. 20. Mobile, Ala. 21. Mouths of the Mississippi. 22. Galveston, Texa 23. Brazos River. 21. Matagorda Bay. 25. Brazos Santiago, 26. Mouth of theio Grande. 27. Espiritu Santo Bay. 28. San Antonio Bay. 29. Mission Bay. 30.lines Bay,.

III. JOURNAL OF INRANCE.-1. Marine Statistics of the United States. 2. An

nual Statements othe Marine Insurance Companies of New-York. 3. Statement showing the compative loss on Vessels and Freight, and on Cargoes, during the year 1560. 4. Propion of each class of Disasters, 1859 and 1860,

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STATISTICS OF POPULATION, &c. 1. Aggregate Population of the State and City of New York, from 1790 to 1960, wit the in

crease every five years, and per centage of increase for each period. 2. Official insus of the State of Illinois,.

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JOURNAL OF BANKING. Deposits of each Savings Bank in the State of New York, 1857, 1858, 1859, 1560.361, and

number of Depositors,....

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STATISTICS OF TRADE AND COMMERCE. 1. New-York Leather Market-Annual Report and Statistics. 2. Imports of Hidest the port

of New York, each month, 1860. 3. Review of the Boot and Shoe Market, andBtatistics, year 1860. 4. Review of the Wine and Liquor Trade for 1560, with importation of Wines, Brandy, Gin, Rum, Champagne, Porter, Ale, Cordials, Whiskey, Vinegar, Oils, 'lums and Prunes, Cherries, Mustard, Sardinee, Herrings, Anchovies, Sauce, Pickles, Chers, Preserved Fruit. 5. Review of the lemp Market for the year 1560, with statistic of import, export, consumption, &c. 0. Review of the Tobacco Market for the year 1560, ith statisties of production, consumption, import, export, prices, &c., 1849-1860. 7. Riew of the Currani Trade for the year 1860, with statistics of imports, prices, &c., 1551-1560 8. Annual Keview of the California Trade-Tonnage, imports and exports of leading artles-export of treasure, (1848-1860)—Monthly Auctuations in freights, New York to Sa Francisco. 9. Annual Review of the Dry Goods Trade of New York and the l'nited State with statistics of Woollens, Cottons, Silks, Flax, &c., each year, 1849-1860, ..

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PROGRESS OF THE CITY AND STATE OF N EV - YORK. 1. Tabular Statement of the aggregate assessed value of Real Property in the Cityf New York,

each year, 1826–1860.- Value of Personal Estate.- Aggregate value of Rerlind Personal Property. -Amount of Taxes raised each Year.- Population of the City, coording to the Census, and estimated Population at the intermediate periods.-Rate of Tazion to aggregate Property:- Population of United States, 1826–1860. 2. Population of ecl County of the State of New York, according to each State Census and each United States isus, from 1790 to 1860. 3. The Progress of Banking in New-York-Summary Statement, swing the progress of Bank Capital, Circulation, Individual Deposits, Loans and speciel the Banks of the State of New York, in the years 1848–1560,...

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CLAMBERS OF COMMERCE AND BOARDS IF TRADE. 1. Monthly Meeting of the New-York Chamber of Commerce, June, 1861. Monthly Meet

ing of the Boston Board of Trade, June, 1861. 8. Annual Meeting of the Nnircal Board of Trade,....

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JOURNAL OF NAUTICAL INTELLIIENCE. New Lights Established.-1. Surinam River. 2. Turk's Island. 3. Fixed ed Light at Kata

kolo, (west coast of the Morea.) 4. Aucanada Island, (east coast of Marca.) 5. Coruna (Spain,)...

91 COMMERCIAL REGULATION. 1. Transportation in Bond to certain ports discontinued. 2. Customs Rulations of Brazil.

3. Trade of the Ottoman Empire. 4. The French Fisheries. 5. Trade beween England and Japan. 6. Proclamation of the British Government in reference to Privdeers......... 93

CORRESPONDENCE OF THE MERCHANTS' LAGAZINE. 1. The Duty on Coffee. 2. London Letter, May, 1861,..

97 JOURNAL OF AGRICULTURY. Cotton Flax or Fibrilia,..

102 JOURNAL OF LIFE INSURANCE. War Risks of Life Insuranco-Letter from Elizur Wrigit,

103 COMMERCIAL CHRONICLE AND EVIEW. Imports--Exports-Duties at New-York-Duties on Tea-State Loinb.

105 THE BOOK TRADE. Notices of new Publications in the United States,..

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THE

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

AUGUST, 1861.

THE RAIL-ROAD SYSTEM OF MASSACHUSETTS.

I. WEALTH OF MASSACHUSETTS. II. THE FIRST CANAL AND THE FIRST RAIL-ROAD. III. EARLY

RAIL-ROAD PROGRESS IN THE COMMONWEALTH. IV. FINANCIAL POLICY. V. RAIL-Road ExTENSION TO ALBANY, VI. TIE REVULSION OF 1857. VII. HORBE RAIL-ROADS. VIII. THE BOSTON AND WORCESTER Rall-ROAD. IX. THE BOSTON AND LOWELL RAIL-ROAD. X. The BOSTON AND PROVIDENCE Rail-ROAD. XI. THE EASTERN Rail-Road. XII. The BOSTON AND MAINE RAIL-ROAD. XIII. THE FITCHBURG Rail-Road. XIV. TIE Fall RIVER Rail-Road. XT. THE BOSTON AND NEW-YORK CENTRAL RAIL-ROAD. XVI. THE WESTERN RAIL-ROAD. XVII. THE TROY AND GREENFIELD RAIL-ROAD. XVIII. CONCLUSIONS.

The Commonwealth of Massachusetts, at the close of the Revolution, was deeply in debt. It had made great sacrifices, both of blood and treasure, and its public debt exceeded the value of its soil, and of all its goods, chattels and other convertible property. Seventy-eight years have elapsed since the close of the war, and energy, skill and frugality, although planted on a rock, and in an area less than one-fourth that of South Carolina, have done their work.

The Commonwealth has extinguished its debt, survived the successive shocks given to its commerce by the French war, the embargoes, the restrictive acts, the loss of the first navy, the second war with England, tariffs and repeals of tariffs, and now exhibits a population of a million and a quarter, actually more than 170 to the square mile, and an amount of wealth assessed by the census of 1860 at $897,000,000.

In this valuation many omissions occur. Little or no account is taken of deposits in savings banks, which now contain fifty millions. At least two hundred dollars in stock and furniture for each family in the State are free from assessment or seizure, and not returned in the valuation. This will amount to fifty millions more.

Nor is anything included in this valuation for the property of the State. The navy yard, courts, custom-houses and arsenal of the United States.

The schools, colleges, court-houses, vacant land and other property of towns, cities and counties. VOL. XLV.-NO. II.

8

The churches and other religious edifices, with the addition of these and the omissions of the assessors, who overlook a large part of the personal property, it would be safe to compute the wealth of the State as exceeding twelve hundred millions of dollars, and averaging one thousand dollars for every person in the Commonwealth.

The railway system has contributed much to this wealth. It has given new value to lands and waterfalls. It has cheapened the movement of materials and products, now estimated at four hundred millions annually. It has furnished new inlets for salt, plaster, coal and breadstuffs.

During the decade from 1840 to 1850, when it expanded most, the valuation of the State rose from three hundred to six hundred millions, and during the last decade, when the expansion was less active, at least two hundred and ninety-seven millions more were added to the aggregate, and Massachusetts to-day exhibits an average of property per capita equal to that of Great Britain, enriched by the accumulation of twenty centuries, for her aggregate to-day, for thirty millions of people, is rated by the Edinburgh Review at six thousand millions sterling.

This progress, of course, is not to be ascribed to the railway system alone. Nor is it due to the soil or climate, for they allow but few products to be raised. Nor is it due to artificial stimulants in the shape of tariffs, for Massachusetts has adapted herself to all systems, and asks no tariff to-day except such as the nation requires for revenue. Much is doubtless due to the inborn energy of her people and to her system of schools, by which her labor has been educated and her male operatives been enabled to average at least thirty-five dollars per month, while her female operatives have averaged at least sixteen; but one of the most effective pieces of mechanism she has set in motion by her educated labor has been the railway system.

It has superseded canals, stages and teams, adapted itself to the ice and snow of her winters, successfully crossed her ranges of mountains, and, to some extent, superseded her coast navigation.

II. Massachusetts commenced early in the career of improvement, and built the first canal and the first rail-road in the United States. Soon after the Revolution she began the Middlesex Canal, to unite the Merrimac River with Boston. Capital was then limited, but the work was completed before 1808, and when, long afterwards, New-York commenced her Erie Canal, her commissioners came on to Massachusetts to examine the locks of the Middlesex.

The Quincy Rail-Road followed, and upon this the stone for the Bunker Hill Monument was carried, by horse-power, on cars connected by framework, which are supposed to have first suggested the idea of the long passenger-car. This rail-road preceded the Baltimore and Ohio and Albany and Schenectady Rail-Roads, the first passenger line of this country.

III. No material progress, however, was made in railways until 1834, when sections of the Boston and Worcester, Boston and Lowell and Boston and Providence lines were opened, and the locomotive set in motion.

The public are indebted to the Railway Times, of Boston, for a series of tables which exhibit the progress of our railway system, and furnish a large amount of valuable data, from which the public may draw many inferences.

It appears by these tables, that in 1842 there were completed in Mas

With few excep

sachusetts 431 miles of rail-road, and in the succeeding fourteen years these increased to 1,325, an average growth of fifteen per cent. per annum. Since 1856, the entire growth in Massachusetts has been but forty-six miles, or less than four per cent. per annum. tions, the whole State has been threaded by rail-roads, and sixty miles more now in progress, or contemplated, will carry them through the Deerfield Valley, and to the extremities of Cape Ann and Cape Cod, and leave but little space for future expansion. There has been, however, and probably will continue to be, a perceptible improvement in the condition of the lines of Massachusetts; and, besides the main lines and branches, more than five hundred and forty miles of second tracks and sidings have been laid down in Massachusetts.

In 1842 the cost of the lines in this State amounted to $19,241,000; in 1860 it had risen more than two hundred per cent.—to $60,107,000. In 1842 rail-roads had received a check, and became comparatively stationary ; but in 1845 they received a new impulse, and from that period to 1851 the outlay for construction became large, averaging more than five millions yearly, and rising in the last named year to fourteen millions of dollars.

IV. The outlay continued, on a reduced rate, to 1856, when the cost had risen to sixty-three millions; but from 1856 to 1861 a portion of the income had been applied to reduce construction, and a diminution of nearly three millions in cost has thus been effected, while the equipage and stations have been enlarged, and the tracks extended forty-six miles.

The average net income of the lines appears to have grown from 5.26 per cent. on cost in 1842, until in 1847 it culminated at 7.95 per cent. From this point it gradually declined to 5.68 per cent. in 1855. It is again in the ascendant, having risen from this to 7.10 per cent. in 1860. Upon recurring to the income of the lines, it appears that the gross revenue has risen from $1,971,787 in 1842, to $9,936,391 in 1860; so that, while the length and cost of lines have trebled, the income has increased at least five-fold in the same period. The movement in revenue, although at times irregular, has been constantly progressive. From 1842 to 1845 . the passenger revenue increased at an average rate of eight per cent. annually. From 1845 to 1850 it gained 22 per cent. annually ; from from 1850 to 1856, 7 per cent. ; from 1856 to 1860, 1 per cent. The income from freight has increased more uniformly. From 1842 to 1845 it averaged an annual gain of 22 per cent. ; from 1845 to 1852, 15 per cent. ; from 1852 to 1860, 10 per cent. And now the income from freight exceeds that from passengers, and defrays seven-eighths of the expenses of maintaining the whole railway service of the State.

The number of passengers transported annually has increased to 12,389,598, and the tons transported to 3,912,379.

Upon referring to the expense account, we find a very slow and gradual rise from 72 cents per mile run in 1842, to 76 cents in 1851 ; but for tho succeeding six years the rate rapidly advanced from 76 cents to $1 10 per mile in 1857, an increase of at least 44 per cent. From 1857 the cost has rapidly declined to 89 cents per mile in 1860; and there is reason to believe, that if tolls and interest, now included in expenses by some of the rail-roads, were omitted, the rate would stand to-day below 83 cents per mile traversed.

These data shed some light upon the history of the past.

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