The capital of the banks of New-York, Boston and Philadelphia, and the respective proportions under a pro rata division, would be as follow: It was proposed and finally agreed that the division should be To New-York,... To Boston,.. To Philadelphia,. .$ 35,000,000 10,000,000 5,000,000 All the banks of this city promptly ratified the agreement; and subsequently those of Boston and Philadelphia assented. The ability of these institutions, with sixty-five millions of specie, to sustain this important movement, is unquestioned. It is obvious that the money which the government receives is to be spent at home, and thus will not disturb the foreign exchanges. It is to go out at once into the general circulation of the country, in payment for services and merchandise; and, paid to one man, it passes quickly to others. The movement by which it is set in motion is simply a mercantile undertaking on a vast scale, which is to be confined to our own limits, and to give to our own people all its advantages. Indeed, this is peculiarly true so far as New-York and New-England are concerned; for such is the amount of supplies which must be drawn hence, and the number of our troops now in the field, that the amount expended by the government at the North is likely to more than equal what is raised here. These considerations, coupled with the fact that the balance between Boston and New-York, is heavily in favor of the latter, are sufficient to answer all doubts, as to the ease with which our banks can undertake an operation to the extent of one-fourth of their capital and one-sixth of their loan. The strength of the New-York Banks is indicated by the following summary: 1861. Weekly SubClearings. Treasury. 9,166,030 8,486,494 9,761,752 Loans. Specie. Circulation. Deposits. Jan. 5, $129,625,465 $24,839,475 $8,698,283 $86,454,430 $ 95,994,868 $ 3,645,500 Feb. 2, 121,907,024 31,054,509 8,099,376 87,879,743 122,138,525 4,328,000 Mch. 2, 121,893,963 34,480,407 8,290,755 89,635,298 126,728,832 Apl. 6, 122,113,496 41,705,558 8,930,141 94,859,810 123,277,671 May 4, 124,610,166 38,054,254 9,296,399 94,977,381 106,413,316 June 1, 118,290,181 37,502,402 8,683,780 90,197,459 July 6, 112,134,668 45,630,025 8,862,799 90,579,753 Aug. 3, 111,719,111 46,226,181 8,585,574 92,229,384 Aug. 17, 108,717,434 49,733,990 8,521,426 92,046,308 88,847,249 11,468,789 88,313,230 4,616,620 81,415,525 6,738,059 4,380,239 80,172,670 We annex the ruling rates for business paper at this date, as compared with the last week in April, May and June: The new features of the tariff went into operation from the time of its passage. We give the bill entire, for the benefit of our readers, in this number, pages 235-256. The following section, we fear, will give trouble in some cases, in discriminating between goods shipped on board the same vessel before and after the 5th day of August, when the tariff was passed: SEC. 5. And be it further enacted, That all goods, wares and merchandise actually on shipboard and bound to the United States, and all goods, wares and merchandise on deposit in warehouses or public stores at the date of the passage of this act, shall be subject to pay such duties as are provided by law before and at the time of the passage of this act. The imports for July from foreign ports show a total of only $3,191,920 dutiable goods entered directly for consumption; and, including seven millions of specie and three millions of free goods, the aggregate for the month is less than fifteen million dollars. Withdrawn, 1860. $3,200,663 4,462,475 1,769,636 1,594,918 2,972,054 175,139 64,351 6,996,498 3,164,538 .. $27,286,120 3,593,993 Total entered,. . . . . . $18,505,747 $24,881,649 . . $14,938,851 6,622,454 The official tables show that the foreign imports at this port, exclusive of specie, since January 1st, are only $85,891,561, against $141,847,307 for the same period of last year, and $155,149,912 for the same period of 1859. In this connection it will be interesting to compare the progress of the trade during the last seven months with the same period in former years, in regard to other particulars, and for this purpose we have separated the receipts of foreign dry goods from the imports of general merchandise: FOREIGN IMPORTS AT NEW-YORK FOR SEVEN MONTHS, FROM JANUARY 1ST, 1858-1861. ENTERED. 1859. 1860. 1858. For consumption,.. $50,334,179 .. $113,511,023 .. $98,705,594.. For warehousing, 15,185,419 Free goods,.. 12,955,525 Specie and bullion, 1,815,258. Total entered,... $80,290,381 .. $156,450,994 .. $142,599,725.. $118,797,727 Withdrawn,.... 25,076,502.. 14,110,784 .. 17,909,650 .. 25,996,550 The extraordinary feature as to specie exceeds any previous period in the history of this country. The dry goods for the past seven months are very limited, although the import of general merchandise is less than in the year 1858: Relative Imports of Dry Goods, Specie and General Merchandise at New-York for the first Seven Months of the last Eleven Years. The cash duties received at the port of New-York, during the month of July, have been less than for the same period of previous years; they are reckoned, of course, upon the goods thrown on the market. We annex a comparative summary: Total since Jan. 1, $14,476,418 $24,363,428 88 $22,843,745 34 $12,654,925 81 The exports show some very singular changes. The most noticeable features are, of course, the great increase in shipments of produce, and cessation in shipments of specie. During no month of the year has this been more noticeable, although we are now comparing with a period of last year when the exports of produce on a large scale had commenced, and were rapidly assuming very large proportions: EXPORTS FROM NEW-YORK TO FOREIGN PORTS FOR THE MONTH OF JULY. Total exports,.... $7,921,829.. $ 15,602,393 $14,463,199 $10,028,000 Total, exclusive of specie, 5,119,844 .. 5,551,374.. 7,811,214.. 10,016,980 The movement of produce from the interior continues to be very large. The receipts at tide-water of the principal articles of produce, from the opening of the canals to and including the 14th of August, have been as follow: The returns from other lines of improvement would probably show an equally favorable result. The receipts of foreign gold and silver, and of gold from California, at New-York, and at Boston for New-York account, since January 1, are about as follows: The shipments of domestic produce for the past seven months are more than double those for the same period of 1858 and 1859. It is somewhat remarkable that the comparative exports for seven months in each of the last three years foot up about the same, but are made up of very different items. In 1859, forty-three millions of specie were included; in 1860, twenty-eight millions; while in 1861, only three millions of specie have been exported during the whole seven months. EXPORTS FROM NEW-YORK TO FOREIGN PORTS FOR SEVEN MONTHS, FROM JANUARY 1. 1861. 1860. Domestic produce,. . . . . . $33,352,354..$33,373,647 ..$46,281,575 .. $71,030,228 1858. Foreign mdse., (free,)... 853,024. Foreign mdse., (dutiable,) 2,557,844.. Specie and bullion, Total exports,. . . . . . 1859. 1,765,100.. 1,860,424. 1,888,654 3,325,061 3,699,329 15,161,455.. 43,248,991.. 28,143,737 .. 3,260,458 .. $51,924,677..$80,409,628 ..$79,610,797.. $79,878,669 Total, exclusive of specie, 36,763,222 .. 37,160,637.. 51,467,060.. 76,618,511 With this heavy influx of gold it is obvious that the foreign exchanges remain at a low price, as in May, June or July. The following were the current rates at the dates named: 1054 @ 1054 1074 @ 107 107 @ 107 1044 @ 105 105 @ 106 106 @ 107 London, bankers' bills,.... 1054 @ 106 Prices have changed materially on some articles during the month; thus, flour and grain are a little higher; cotton is two cents higher, and spirits turpentine and rosin have made a very rapid upward movement. The export orders for breadstuffs continue, the most active demand for wheat being for the Continent. THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. Established July, 1839. EDITED BY J. SMITH HOMANS, (SECRETARY OF THE CHAMBER OF COMMERCE of the state of new-york,) AND WILLIAM B. DANA, ATTORNEY AT LAW. VOLUME XLV. SEPTEMBER, 1861. NUMBER III. CONTENTS OF No. III., VOL. XLV. ART. PAGE I. TAXATION IN THE NEW AND OLD WORLD.-COMPARATIVE REVENUE AND 257 V. ANNUAL REPORT ON DRUGS AND THE DRUG TRADE, for the year 1860,.... 261 VI. ANNUAL REPORT ON BREADSTUFFS AND PROVISIONS.-Exhibit of the Aggregate Value of Breadstuffs Exported to Foreign Countries from the United States, for each year, 1828, to 1st July, 1860; also the Export Value of Provisions for the same period-Exports to Great Britain and the Continent, and Values thereof,..... 268 VII. ANNUAL REPORT ON FREIGHTS, FOR 1860.-Rates to Liverpool, London, Havre, Galveston, Havana, Vera Cruz, &c., each month of 1860,..... 270 VIII. THE TEA TRADE OF THE YEAR 1860.-Imports, Exports of each Port and Values, 272 IX. OPERATIONS OF THE UNITED STATES ASSAY OFFICE, New-York, 1860,..... 278 |