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Leader (1850-1860), 19th February 1859, Edition 1 of 2, Page 246, Untitled Article

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      Untitled Article

      TRADE OF 1858 . Six weeks after the close of the year , the Board of Trade has favoured us with its accounts of the trade of 1858 , and informs that the delay has been occasioned by requ iring time as usual to make up the landing accounts of all cargoes properly appertaining to 1858 . It mig ht have been as well had the board delayed the publication till , the account of the value of imports for the year was completed ; or , better still , had it used more diligence in making it so , and had now published it for the whole year , instead of only for twelve months . We must , however , make the best use we can of what « have got . The principal imports for the year in

      quantitiesexcept flax , hides , silk , timber , wine , and woolexceeded the imports of 1857 ; but in value , to the end of November , they declined 19 , 832 , 633 * ., from which we have no hesitation in concluding that we have got more in proportion to the cost of the goods in 1858 than in 1857 . The total value of the principal articles imported in eleven months of 1857 , was 135 , 051 , 444 ; . ; and of 1858 , 115 , 218 , 811 / . It is possible that some ; of this difference may disappear when the returns of the value are completed for the year ; but , as they now stand , the real condition of our import trade at the end of the year is less unfavourable than was anticipated : it would be at the commencement . .

      The only articles of foreign produce re-exported in which the public is peculiarly interested are the materials of manufactures , and : of these cotton and silk were " exported in greater quantities than in . 1857 . The quantity of wool exported was 10 , 200 , 000 lbs . less in 1858 than in 1857 , which is nearly 8 , 000 , 000 lbs . more than the deficiency of the quantity imported , leaving the balance in our favour . Of cotton , the excess of imports in . 1858 over the excess of exports was 590 , 000 cw . ts ., so leaving us better su 2 > plied with cotton and wool in 1858 than in 1857 . The deficiency in the silk imported as against 1857 was 5 , 800 , 353 lbs ., and excess of exports was 607 , 994 lbs ., making a total deficiency in 1858 of 6 , 408 , 347 lbs . But

      the imports of silk in 1857 were upwards of 12 , 000 , 000 lbs ., or nearly 5 , 000 , 000 lbs . in excess of 1856 , and we therefore had at the ., beginning of 1858 a large stock . The total value of the exports in 1858 was 116 , 614 , 331 Z . against 122 , O 66 , 1 O 7 Z . in 1857 . The net customs duties in 1858 amounted to 23 , 816 , 1452 . against 22 , 619 , 146 Z . in 1857 . The bullion imported was of the value of 29 , 493 , l 90 l . y and exported 19 , G 28 , 876 Z ., leaving us a balance of 9 , 864 , 3141 . The shipping entered , inwards was in 1858 , 8 , 816 , 133 tons , in 1857 , 8 , 732 , 180 tons ; cleared oxitwards respectively , 9 , 936 , 705 tons , and 10 , 3 , 40 , 299 tons , leaving us . no reason to complain at the end of the year . of delaying trade .

      Untitled Article

      REVIVAL OF TRADE IN THE UNITED ' ' STATES . " The importations into New York , " says the 5 times correspondent , ? ' are now very heavy . The daily custom receipts are returning to the old figure , and a great amount of goods goes into bond to be brought out in the spring and summer . " In conformity with this statement , the- New Yo 7 ^ h Tribune of the 29 th ult ., states of * the dry goods market there : " More steadiness has been noticed the past week in all departments , and our market continues strong and healthy . The Jobbing trade have added largely to their stocks , and many present full and complete assortments . The daily arrival of merchants is increasing , and the confidence with which they purchase is quite cheering . The business' of the next thirty or sixty days will be largo , but wo are not so confident respecting the later trade . The incubus which rests upon Northern Indiana * Wisconsin . Minnesota , and many portions of tho West , is ot that ohax'actpr whibh nothing but time will remove . Their investments in lands wore made at high speculative prices , the foljy of which the revulsion exposed . Their crops havo disappointed them both in tho quantity secured and

      the prices current . In addition to that , their farms have been in some instances mortgaged to build unfinished railroads ; and , smarting under wrongs which they have suffered in that connection , a spirit of repudiation exists which will have an unfavourable influence not only _ on their credit , but that of the whole West , and limit their purchases to articles of prime necessity . " The condition of the West is indeed a great impediment to a rapid revival of trade . The harvest there last year was unusually unfavourable ; and there being no demand for Europe , the price of corn has at the same time been low . From September to the end of January , the quan-United btates to

      tity of flour exported from the Great Britain , was only 85 , 731 barrels , against 507 , 769 in the same period of 1857-8 ; and the quantity < of wheat only 412 , 425 bushels , against 3 , 199 , 187 bushels in 1857-8 , raid against 6 , 507 , 204 in 1856-7 . The cotton crop however is unusually large , and the receipts at the ports are upwards of 800 , 000 bales in excess of last year . If the Americans have but comparatively little ^ corn to give us , they will have a large quantity of cotton ; and now that trade has begun to revive , we may expect it will extend , though not very rapidly , nor will the trade with America on the whole be for some time so extensive as it was in 1856 .

      Untitled Article

      Port oe London . —The general business of the port during the past week has been very inactive . The number of ships reported inward was 146 , and of those cleared outward . * including 111 % ballast . The ships now on the berth loading outward comprise 46 for the Australian colonies , 7 for China , 2 for San Francisco , and 1 for Vancouver ' s Island . Tariffs . —A parliamentary paper has just been issued , showing the new and old rates of duty levied by Russia , Sweden * the Zollverein , France , Spain , Portugal , the Two Sicilies , Tuscany , Modena , Greece , Morocco , Tunis , Monte Video , and Brazil , between July , 1857 , and August , 1858 . An abstract cannot be well given of the details , but it is a document that should be in the possession of almost

      every mercantile and trading establishment . Flax from India . —A deputation from gentlemen in Scotland , interested in the growth of flax , had an interview on Tuesday with Lord Stanley , on the subject of the capabilities of India for the supply of flax to this country . Mr . Miller , chairman of the Dundee Chamber of Commerce , stated that there ¦ was every reason to believe that flax could bo produced in India of fine quality and texture . Indeed , he had . himself received a sample , which had been fairly tested , and was found to be admirably adapted for the manufacture of canvas for tlie navy . The British manufacturer was at present in a somewhat critical position with respect to' tho supply of the raw material . . Neither Russia nor Ireland were

      likely to increase their production of flax ; on the contrary , it was more than probable that , from the increased value of land and the rise in the price of labour , the supply from those sources would be diminished . It was stated by several of the manufacturers present that at this moment it was impossible to obtain n sufficient supply of the raw mderial , and that some of the mills wore actually standing still hi consequence . Lord Stanley said tho subject was one of great importance to tho country , and that they might depend upon it it would have the closest attention of the Government . Pubuc Debt and Besoujkceb ov Cajnada . —In tho speech of tho Governor-Qeuernl . no allusion is made to the consolidation of the public debt of the province , which is estimated by tho Canadian , opposition papers at 15 , 000 , 000 / ., with a population not

      exceeding 2 , 500 , 000 . We shall look forward with much interest to the financial statemont of the Ministors , and hall with satisfaction some decided course of policy for reimbursing the advancos made on account of municipalities who have failed to pay tho taxos required for the purpose of making good tholr engagements . That the Government of Canada debt embraces tho advancos to municipalities and railways is the cause of tho debt being so largo } but , as in speaking of the debt of India , that portion which exists as a guarantee only should bo hold distinct from that'for which the revenue of the country is aloho chargeable Our attention this day is particularly dircctod to tho debt of India , and we cannot but . institute some comparison between its progress and that of the progreeai of tho debt of

      Canada . Both countries are yet in their infancy ? and will be dependent upon railways for the development of their future progres . s . India has long- been the ideal land of wealth , and ; its population is countless ; wliile Canada is rich only from the productiveness of its soil , and relying upon an immigrant population . With all the advantages in favour of India , her imports and exports have not much more than doubled since 1840 ; but in Canada the customs' duties doubled themselves in seven years , and in fourteen years they are trebled , the direct debt of Canada being doubled only in the same

      period . So that although Canada cannot boast that her revenue is one-half of her debt , j-et she claims an advance in commercial prosperity which India has yet to realise . One great feature in the comparison must not , however , be overlooked , and that is , of the 74 , 500 , 000 / . debt of India in 1858 , 59 , 500 , 000 / . has been subscribed in India . Tins is not so with regard to the contributions towards the debt of Canada , and it accounts for the difference ia the nature of the two securities ; for , .. when- a country ' s population contributes largely to its own necessities , its engagements are held in-higher estimation than when native capitalists cannot sire

      their active support . - Trade of Greenock .- ^ Wc are happy to observe that trade is -now gradually improving . There are at present building , or about to ¦ be-commenced , in the various ship-building yards , nine iron steamers , and five wooden sailing vessels . The engineering works are pretty busy . The joiners and masons are pretty well employed on new properties at present building . — Scottis 7 i Guardian . The American Flour Supi > i . y . — Serious fears are entertained that the supply of wheat anil flour on the American continent will scarcely suffice for home consumption until another crop is reaped , and consequently , although the prices had . again , by tlie have

      latest advices , fallen in Europe , they gone up rapidly in all the American and Canadian markets . The advices from Lower Canada are more favourable as regards the supplies for the markets , but from Upper Canada we learn that business hasten marked by no feature of prominence , except that it has been more than usually dull in consequence of the absence of sleighing , and the uncertain state of the Aveather . In this respect the present winter was remarkable for its unusual variations of cUmate ,. there had been no improvement in the deliveries of produce from farmers , and many were beginning to fear that the surplus yet to be brought in was exceedingly small , and that for local consumption alone there was not more than sufficient— Cutuulian

      Jyews . . The Stamp Duty on Marine Insurance *—Last year the stamp duty on marine insurance was 3 . 19 , 508 / ., and on fire insurance 1 , 350 , 009 / . The duty on insurance is under the consideration of the

      Government . National Bank of Turkey . — It is stated that the firman for this bank , tho establishment of winch has for a length of time been a subject of cojitest between rivial interests , was delivered on Tuesday to the concessionaires represented by Messrs . Wilkin . Its provisions are upon the basis previously described , and the stipulated capital is 1 , 000 , 000 / . In the present position of Turkish stock , and \ mli tho prospect of serious political ovents , tho probability of shares to this amount being taken up n \ London must appear very doubtful , but it is assortca that a combination , of Greek and native incrdiants and London capitaltsts has been formed capableoi establishing the projoct without other aid , and ili'U one-half of tho amount has already been promlBoa in Turkey— Times

      , , . „ ,, The New Corn Weight . —The cental of 10 ftlbs . weight is now fairly a success on this ( Liverpool ; Corn Exchange , and sinco tho 1 st inst . has commanded tho hearty adhesion and support ol n « i » y nine-tenths of the merchants and brokers in u « J trade . The town bakers are , for tho most pnrr , opposed to the change , No diflloulty whatever Una been raised , thoughtfully , against the wcJl-woi ^ ncu new system , which must eventually llml favour u other corn markets , whore prejudice vory natural v will exist for a time Nothing onn exceed in conciseness tho cental points 10 , 15 , 20 , and so on up w 100 . We learn by letters and circulars recoiveu from No * York and Montreal , per mail s ^™ arrivnrl lasfc nvnninrr . that tho cental liaU allCiWJ

      been adoptod In thoso cities . Tho comity ana civility of all nations will , with vory little uouM , ultimately do homago to this simplicity of wolgjj and also combine with it ono uniform decimal swn dard . of monoy-r—Proctor ' ti Corn Circular .

      Co Mme R Cial

      CO M M E R OTA . lt .

      Untitled Article

      246 THE LEADER . [ No . 465 , Febboaby 19 , . 1859 .

  • Citation
    • Leader (1850-1860), Feb. 19, 1859, page 246, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2282/page/22/