be wanted; that trade was paralyzed by want of money; that mills were idle only for the want of means; that deferred bills are not settled, still presented themselves in the back ground, ready to exercise an adverse influence as soon as recovered confidence should stimulate enterprise. The state of Ireland was such as to give rise to the liveliest fears, and corn had advanced considerably for that market; while cotton had become firm under a slightly renewed demand, but was checked by accounts of increasing supplies on this side.

There seems to be a radical error in the mode of transacting business between the two countries, which in some measure aids the revulsions brought about by bank panics. We allude to the total absence of counter-exchange. Specie is now, and has been freely shipped from the Atlantic ports; while bills have ruled as follows in New York:

bills, but a large supply is upon

These rates are nearly nominal for undoubted

the markets, which will command no price. While bills are quoted here at 9 a 10, they are dull in New Orleans at 4 a 6, with checks on New York 1 discount, which gives a price here of 5 a 7 per cent for bills, or 4 a 3 per cent under the market rate. The last quotation for bills on Amsterdam, in London, was 12.03; and the price here is 404. This bill, remitted to London, is thought equal to a sixty day sterling bill at 4.86, say 109. At the same date, Hamburgh sight bills were at 14.1; and, as the price here is 354, it is equal, as a remittance to London, to a sterling bill at 5.00, say 112; also, on Paris, the price in London, at short date, being 25.75, and the quotation here being 5.23, gives an equivalent of 4.88, for sterling sixty day bills. There is a very great discrepancy in all these modes of remittance, but the most expensive of all is at present adopted, to some extent, viz: by sending specie. The operations between the two countries are considerably cramped, for the want of a system of counter-exchange, such as exists between all other countries having commercial dealings with each other. This colonial system of always drawing upon Europe at sixty days' sight for produce sold there, requires change. Ordinarily, when sixty day bills can be readily discounted at a low rate of interest, the difference between sight and sixty days is not important, but the practice of always remitting for goods from this side, instead of the seller on that side drawing for the amount, as the seller on this side draws for produce, leads to great inconvenience and risk. At this moment, for instance, when means of remittance are so uncertain or expensive, the importer here should simply order the seller there to draw upon him, and sell his bill there. This cannot now be done; such a thing as drawing on the United States is scarcely known at all in any of the markets of Europe; but it is time that they began to entertain some notion of the importance and stability of American merchants. Were this the case, when the manufacturer offers his bill on the United States, the buyer of cotton or other produce would purchase the bill, and transmit bere

with his order. Merchants would then have a broader field of action. Between all the cities of Europe, exchanges are reciprocal. A London merchant draws on Paris or Vienna, and reciprocally his correspondent draws on him with equal facility; or, rather, at all the places, bills or acceptances on any point, can be had for almost any sum. It is not the practice of bankers to draw when a bill is wanted, an operation nearly allied to kiting. By these means dealers can always have the advantage of the markets. If a merchant wishes to remit from Paris to Hamburgh, he may buy a bill on that city in Paris; but it may be the case that a bill on himself can be sold to better advantage in Hamburgh, than he can buy one in Paris on that city. Hence he directs his correspondent to draw on him, The United States has no advantages of this character. Since the introduction of steam navigation, New York is near to Paris and London, as the latter city formerly was to Lisbon, and there is no reason why a counter-exchange should not be established.

or remits his acceptance.

COMMERCIAL STATISTICS.

COMMERCE OF THE PORT OF NEW YORK. ·

THE following tables of the exports, imports, &c., of the port of New York, prepared with much pains and expense, are derived from the "Evening Post." The present tariff law, enacted by the last session of Congress, went into operation on the 1st of December, 1846. One year of its existence, of course, expired on the 1st of December, 1847. Qn the 1st of January, 1847, the law for the deposit of merchandise in public warehouses took effect. Twelve months of its operation have passed, and being a part of the revenue system, this and the tariff act have exercised a joint influence upon each other. From the tables, it will be seen that the increase of commerce at New York is, in imports, $26,979,296, and in exports, $18,597,340; showing a total increase in the commerce of the port of $45,576,640. The increase of revenue actually paid to the government exceeds $3,000,000; and, adding to this sum the amount due upon merchandise in the warehouse at present, the increase of revenue is almost $4,000,000.

The imports at the port of New York reach nearly one hundred millions, ($96,447,104 ;) and although New York is not the great outlet for the country, the exports of domestie merchandise alone amounts to $47,800,086, and the entire exports to $53,421,986. The amount of the duties collected and due exceeds $21,000,000. The imports for twelve months, commencing with the 1st of December, 1846, (upon the adoption of the tariff of 1846,) compared with the previous year, are as follows:—

The imports were made up of dutiable goods, free goods, and specie, in the following

proportions:

VALUE OF MERCHANDISE AND SPECIE IMPORTED INTO NEW YORK IN EACH MONTH OF 1846-7

Total....... $79,534,070 $57,567,005 $8,180,652 $11,138,124 $8,732,382 $762,679 Increase.... 21,967,065

TABLE OF EXPORTS FROM THE PORT OF NEW YORK IN 1846-7 AND 1845-6.

March...

April..

Mar.....

June

3,933,674 2,828,880 November..... 3,635,545 3,796,227
3,114,549
4,062,249 Total........ $53,421,986 $34,824,646
18,597,340

4,159,864

7,256,290

Increase....

.....

The exports consisted of domestic merchandise, foreign merchandise, and specie; and were respectively as follows:

VALUE OF MERCHANDISE REMAINING IN WAREHOUSE AT THE PORT OF NEW YORK ON THE 1ST OF DECEMBER, 1847, AND ACCRUING DUTIES THEREON.

$202,826 at 100 per cent, $202,826 00

192,150 40 758,044.30 673,749 "

379,787 20

75,957 40 $2,259,426

$758,546 00

EXPORT AND CONSUMPTION OF CHAMPAGNE WINE.

An official report, made by the directors of the indirect taxes for the department of the Marne, furnishes the following information as to the trade in champagne between the 1st of April, 1846, and the 1st of April, 1847. The produce is divided between the arrondissements of Chalons, Epernay, and Rheims. On the 1st of April last there were, in the cellars of the wholesale dealers, 18,815,367 bottles of this wine, viz: Chalons, 4,604,237 bottles; at Epernay, 5,710,753; and at Rheims, 8,500,377. The number of bottles sold and delivered between the 1st of April, 1846, and. the 1st of April, 1847, were, at Chalons, 2,497,355; at Epernay, 2,187,553; at Rheims, 4,090,577; making a total of 8,775,485 bottles. These quantities were thus distributed :

Thus twice as much champagne wine is sent abroad as is consumed in France.

PROGRESS OF THE AMERICAN CHEESE TRADE.

The "Detroit Free Press," the State paper of Michigan, furnishes the following statement of this new and rather important branch of trade:

The cheese trade is rapidly augmenting in this country. The foreign exports of it have become a prominent article of supply for distant climes. Up to 1840, there was but a small quantity shipped, and that principally on foreign account. That year, Messrs. Goodrich & Co, of New York, and the Messrs. Green, of Boston, made the experiment of large consignments to England. Of course, they met with the usual prejudices, the market before having been furnished with foreign cheese from Ireland and Holland. By perseverance, the American article gradually came into favor, until it has now reached a heavy consumption. It fills part of the cargo of almost every vessel that leaves our seaports for Liverpool. The statistics of export, as will be seen by the following, betoken a still further extension, which is worthy the attention of the farmers of this State :

This foreign export trade has now reached over a million of dollars annually. It goes to fifty-two countries. Our heaviest customers, in 1846, were:

Until within five years, cheese has usually been kept on sale in our Eastern cities by grocers and produce-dealers, with a general assortment of other products. A total revolution in this respect has taken place. In New York and Boston, extensive houses, exclusively for cheese, are doing a large business. Several commission houses are now solely engaged in it.

The farmers of our State seem to have neglected this important branch of the dairy. Every other saleable product is produced here in abundance; why not add this to our list of exports? We certainly possess the grazing land. Still we do not make 20 per cent of the cheese consumed in the State. Daily it is shipped here from Buffalo, and goes into the interior of this State. Ohio also sends her hundreds of tons to our markets. Neither Western New York nor Ohio possesses more advantages for its manufacture than our own farmers. We are told that, at the prices it has borne for the last five years, it is much more profitable than butter. In fact, for three months in the year, butter does not sell at any higher price. All dairy-women agree that two pounds of cheese are made easier than one pound of butter. Yet it is neglected.

In several towns near Buffalo, (Hamburgh and Collins,) it is the principal business of the farmers, and all who have embarked in it have greatly added to their wealth. Chautauque County farmers have increased their cows for cheese-making; Herkimer County, N. Y., produced 8,000,000 lbs. in 1815, according to the State census; St. Lawrence, 9,000,000 lbs. In Alleghany County, heretofore, lumber was the principal production; nearly every farmer now turns out, his five to twenty casks of cheese in the fall. All the Southern tier of counties in that State are largely embarking into it. The census of 1835 gives the quantity made in the State at 36,000,000 lbs. Ohio has doubled her exports of it within five years. Indiana cheese is now becoming known in the market.

As a sample of its increase, we give the following statistics of the amount that arrived at tide-water on the Hudson River, from the canal collector's books:

Here is a large quantity, but a ready market is found. The increase of foreign exports is large. Up to last fall, the duty on it in England was $2 42 per 100 lbs. Sir Robert Peel's new tariff reduced it to $1 per 100, which will cheapen it to British consumers.