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including their repeated voyages, about one-third of the whole being engaged in the intercourse between Great Britain and Ireland.
An official statement lately published of the value of the exports from the twelve principal ports of the United Kingdom during the past year shows the relative progress or retrogression in the trade of each. The aggregate increase is 4 per cent. over 1859, but some ports figure for a more considerable augmentation, and others exhibit a falling off. The export trade of London presents an increase of a 4 per cent. ; Liverpool, 4; Hull, 114; Bristol, 77 ; Southampton, 64; Leith, 18, and Glasgow, + Newcastle has been stationary. The ports that show a diminution are, Dublin, 24 per cent. ; Cork, 184; Greenock, 48, and Belfast, 92. The totals of the two latter, however, in 1859, were exceptionally heavy, and the present falling off is merely a return to about their ordinary amount. Subjoined are the exact returns :
Declared value of British and Irish Produce and Manufactures exported from the respective ports to Foreign Countries and British Possessions abroad in the years, 1859. 1860.
1860. London,... £30,235,924 £30,837,688 Glasgow,. £5,394,376 £5,406,410 Liverpool,. 62,414,341 66,419,732 Greenock, 1,106,268
572,702 Hull,.. 12,980,587 14,487,676 Dublin, .. 48,270
22,192 Bristol,... 457,553 491,192 Cork,
136,698 Newcastle, 1,906,514 1,903,488 Belfast,.. 141,175
10,283 S’tham’ton, 2,499,369 2,662,076 Leith,..... 872,673 .. 1,030,680 | Agʻregate, £118,225,302 £122,980,817
Manchester is uneasy under the present prospect of the cotton supply. The secession movement in your States finds some sympathy among manufacturers here, but the tone of public sentiment, both in London and throughout England, is clearly with the Northern States. Mr. John Bright, M. P. for Birmingham, addressed a public meeting at Rochdale on the 1st inst., when, in the course of his remarks, he alluded to the cotton supply question and to the civil war in America, expressing the most profound sympathy with our transatlantic kinsmen in their efforts to maintain the Union and enforce constitutional law. Such views, from a man of his prominence, have great weight. Toward the close of his remarks he said, in reference to recent propositions in England to violate the American blockade in consequence of its reported inefficiency:
“Now, recollect what breaking the blockade means. It means a war with the United States; and I don't think myself that it would be cheap to break the blockade, at the cost of a war with the United States. I think that the cost of a war with the United States would give, probably, half wages for a very considerable time, to those persons in Lancashire who would be out of work if there was no cotton, to say nothing at all of the manifest injustice and wrong against all international law, that a legal and effective blockade should be interfered with by another country. It is not exactly the business of this meeting, but my opinion is, that the safety of the products on which this country depends rests far more on the success of the Washington government than upon its failure; and I believe nothing could be more monstrous than for us, who are not very averse to war ourselves, to set up for critics-carping, cavilling critics—of what the Washington government is doing. I saw a letter the other day from an Englishman, resident for 25 years in Philadelphia, a merchant there, and a very prosperous merchant. He said, “I prefer the institutions of this country (the United States) very much to yours in England;" but he says also, “If it be once admitted that here we have no country and no government, but that any portion of these United States can break off from the cen. tral government whenever it pleases, then it is time for me to pack up what I have,
and to go somewhere where there is a country and a government!" If the 33 or 34 States of the American Union can break off whenever they like, I can see nothing but disaster and confusion throughout the whole of that continent. I say that the war, be it successful or not, be it christian or not, be it wise or not, is a war to sustain the government and to sustain the authority of a great nation; and that the people of England, if they are true to their own sympathies, to their own history, and to their own great act of 1834, to which reference has already been made, will have no sympathy for those who wish to build up a great empire on the perpetual bondage of millions of their fellow-men.”
The differences in the market price of cotton, on the first of this month, as compared with the same period of 1856 to 1860, are shown as follow : COTTON.
1856. 1857. 1858. 1859. 1860. 1861. Upland, fair, 63
89 Upland, good fair, 63 8}
94 So that, notwithstanding the reduced supply, prices are now about the same as in 1857. The sales of cotton for the week are 70,000 bales, of which 49,000 are to spinners, 12,000 to speculators, and 9,000 bales for export. Under the influence of alarming news from America, the sales of the preceding week amounted to the enormous quantity of 144,000 bales; of which the spinners took 87,000 bales.
There is at last a decided fall in the stock of cotton at Liverpool, the diminution, though long foreseen, not having previously been at all considerable. This will be seen on reference to the subjoined table, which commences with the month of April, when the American blockade was first threatened : 1861. 1860.
Bales. April 5,.... 942,330
906,040 June 7,.... 1,148,650 1,358,630 May 3,.... 990,690
1,016,630 July 5, 1,108,300 1,298,490 24,.... 1,111,510
1,102,600 1,227,990 31,. ... 1,151,010
1,295,570 " 19,.... 1,053,710 1,287,520 In the sixteen weeks over which these figures extend the stock has thus been augmented to the extent of 11,380 bales, while at the same period of 1860 it increased to the extent of 381,480 bales. Last year's was, however, a heavy crop in the United States, and but for the uncertainty attending the future, the stock now in hand would be considered sufficient for all practical purposes. The stock was made up in the following proportions in the first and last weeks embraced in the return :
Stock, April 5.
Stock, July 19.
43,570 West Indies, &c.,...
1,430 The Jamaica Cotton Company have, we understand, directed a quantity of Egyptian sced to be forwarded to Jamaica immediately, having learned from their agent that the peasantry there are extremely anxious to plant cotton with their provisions, but find it difficult to get sufficient seed, so much has been planted. He states that in three weeks' time he has cleared and planted forty acres of cotton, and corn with it, and
fenced in, for planting, six hundred acres—the last at an expense of only £l. He pays 6d. and 9d. a day for women, and 1s. per day for men, and has had to turn away hundreds who applied for work. A gentleman who has been for many years a cotton planter in the Southern States gives the price of a day's labor for a slave, when hired out, 75 cents, or about 3s. 2d. per day; whereas, in Jamaica, the average cost is Is.
Grain Market.—The aggregate value of the grain importations of the first half of the present year may be estimated at £21,000,000, against £9,500,000 in 1860. Of this total, about £14,500,000 represents wheat and flour-our importations of which, in the same period of 1860, were below £3,000,000. In 1859 France sent us our chief supplies, and contributed about as much as Russia, Prussia and the United States combined, while, from America, the amount was merely nominal. In 1860 Prussia took the lead, Russia was second, and the quantity from France was insignificant. This year America has distanced all other countries, and has sent us nearly as much as Prussia, Russia and France combined—the quantity from the latter being less even than in 1860.
The monthly grain circular from Odessa, under date July 19th, says: “ The arrivals of wheat from the interior have continued, during the whole month of June, to be very large, but the condition is unfortunately not much improved. Before these can be made fit for shipment, the products of the new harvest will arrive, and there is no doubt that they will depreciate the value of the old.”
The reduction of the wine duty in Great Britain has hitherto proved a great success, the consumption averaging about 1,000,000 gallons per month, against 600,000 gallons at the old duty. It was anticipated, and very reasonably, that the introduction of claret and other light wines at a duty of ls. per gallon, while sherry, port, Marsala, &c., paid 2s. 5d., would create an enormous demand for these wines; but the public appear pertinaciously to adhere to their former tastes, and of a total of 5,400,000 gallons cleared in the five months ending 31st May, only 570,000 represents those wines cleared at the duty of 1s. ; it is therefore clear that hitherto common French and German wines have not made much impression.
Trade in France is still dull. There is no demand except for articles wanted for immediate use, and there is consequently much uneasiness prevailing among the manufacturing population. This state of things is attributed to the cessation of foreign orders, particularly from the United States. The harvest prospects are not satisfactory. Flour is one franc per sack higher in Paris. Accounts from Bordeaux state that the vineyards present a magnificent appearance. The grape is filling, and the crop will be abundant, except in those districts injured by the frost. The loss, however, is not so great as it was represented by interested speculators. The plethora of capital in France is evidenced by the fact that the applications for £6,000,000 French railway debentures last week amounted to ninety-five millions sterling. The total allotted to the public is £3,700,000, and the remaining £2,300,000 is allotted to claimants with exclusive rights. The Paris correspondent of the Times says: “Accounts from the manufacturing districts state that French manufacturers in general are severely affected by the suspension of their relations with the United States since the civil war broke out there. They have, in consequence, reduced their hours of labor, much to the loss of their opera
tives. The manufacturers have adopted this prudent measure, fearing that one of the effects of the civil war will be that many houses in the great towns of America may think it advisable to suspend payment. On the other hand, the Paris papers, which are supposed to represent the sentiments of the government, assert that trade in France has revived considerably within the last three months.”
The Journal de Cherbourg states, that it is contemplated to establish a stragetic railway along the coast, so as to make it possible to transport a large body of troops to any part of the coast where the enemy might attempt to land. The paragraph proceeds: “By means of the electric semaphore telegraph, which already encircles our coast, the movements of the enemy may be instantaneously made known to the naval arsenals ; the establishment of such a railway would complete the system of defence, and protect our coast against a coup de main.
An important commercial treaty between England and France has gone into effect this year. Treaties with other powers are in contemplation. The treaty of commerce between Great Britain and Turkey, which is to come into operation on the 1st of October, has been laid before Parliament. Turkish produce and manufactures purchased by British subjects are to be liable to no duty except an export duty of 8 per cent., diminishing annually by 1 per cent., until it be reduced to a fixed ad valorem duty of 1 per cent., to cover the general expenses of administration and control; and the produce and manufactures of Her Britannic Majesty are not to be subject in Turkey to any duty beyond an import duty of 8 per cent., but the import of tobacco or salt is prohibited. There is to be no differential duty on British shipping. The duty of 3 per cent. now levied on articles passing through Turkey by land to other countries is to be reduced to 2 per cent., and after eight years is to be merely 1 per cent. to defray the expenses of registration. No charge is to be made on British produce or goods in British ships passing through the Straits. The “ most favored nation" clauses are inserted.
Punch omits no opportunity for a drive at a friend or an enemy. He says: “We doubt if the slowest of slow coaches would ever be able to arrive at any satisfactory conclusion as to whether the Galway Steam Packet Company has made less way in the public estimation with its LEVER or its (S)crew."
We have received from the custom-house authorities at Canton, through H. T. Davies, of Shanghai, returns of the trade of Canton for 1860. The following is a summary of the whole :
GENERAL IMPORTS. First half-year, 1860,
$8,819,760 at 4s, 6d. £2,094,693 Second
9,592,967 at 4s. 81d. 2,259,050
GENERAL EXPORTS. First half-year, 1860,
$5,579,112 at 4s. 9d. £1,325,039 Second
10,678,511 at 4s. 8fd. 2,513,899 The trade is carried on by 66 British vessels, with a tonnage of 36,028; in 25 American vessels, aggregate tonnage, 20,236; in 46 sundry vessels, tonnage, 16,898; and in river steamers and lorchas.
The London fire insurance offices have adopted their new scale. In many cases it is higher; the rate for each of the docks, for instance, having been raised from 3s. 6d. to 10s., and for general floating policies
from 10s. 6d. to 35s. per cent. These terms, however, are subject to reductions, in the event of certain requirements being complied with for the iinprovement of risks, and which are modeled very much on those compulsory at Liverpool. It is stated that in London, while the average of premiums on dock and warehouse policies has been 5s. 6d. per cent., the average of losses has been 12s. 8d. per cent. The increased scale applies to ships in port.
The suspension has been announced of Messrs. Rocca BROTHERS, an old and well-known mercantile firm, with establishments in London, Naples, Marseilles, Odessa and Genoa. The house has been for two or three months in liquidation, but up to the present time all its engagements had been regularly met. Another failure in the Australian trade is announced, the firm being that of Messrs. W. J. & H. MILLER, of Cannon-street, London. The stoppage has been caused by that of their house at Melbourne, Messrs. MILLER BROTHERS. The liabilities are probably not less than £50,000.
COMMERCIAL CHRONICLE AND REVIEW.
Business OF THE MONTH.-IMPORTS.-EXPORTS.-EXPORTS AND PRICES For Joly.-RATES OF MONEY.-SPECIE. SPECIE SHIPMENTS.-Bank MOVEMENT.-THE NEW TARIFF OF AUGUST, 1861. -EXTRAORDINARY INFLUX OF SPECIE.-Low RATES OF FOREIGN BILLS.--HEAVY RECEIPTS OF FLOUR AND Geain.—COMPARATIVE PRICES.
The war movements of the month of July continue to affect business operations throughout the country at large. The imports for the month of July at this port were only one-sixth of those for the corresponding month of 1860, while the foreign exports of domestic produce continue large.
The leading feature of the month has been the negotiation of one hundred and fifty millions in behalf of the Treasury Department. This was done through a convention held between the 10th and 17th instants, of the banks of the cities of New-York, Philadelphia and Boston.
The following plan “for assisting the United States Government” was unanimously adopted :
SECTION 1. An immediate issue to be made by the United States Treasury Department of Treasnry notes,dated August 15th, 1861, bearing interest from that date at 7.30 per cent., to the extent of fifty millions of dollars.
SEC. 2. The banks of New York, Boston and Philadelphia associated to take jointly this fifty millions at par, with the privilege of taking at par an additional fifty millions October 15, by giving their decision to the department October 1; and also at par fifty millions December 15, by giving their decision December 1, unless said amount shall have been previously subscribed as a national loan. It being understood and agreed, that no other Government stocks, bonds or treasury notes (except treasury notes payable on demand, and the Oregon War Loan,) shall be negotiated or paid out by the government until February 1, 1862, should the associates avail of both privileges, or until December 15, 1861, should they avail of the first only, or until October 15, 1861, if they take but the present fifty millions except that the government may negotiate in Europe, or through subscriptions to the national loan.