Слике страница


St. John, September 20, 1852. FREEMAN Hunt, Editor of the Merchants' Magazine, etc. :

DEAR Sie :-If the inclosed is of any service to you please publish it. The pound is equal to four dollars American. The Loan Fund is to pay off the Province debt, and is raised by levying 1 per cent upon all British and foreign manufactured articles, also pepper and spices imported into the Province. The Auction Tax is a duty of 1 per cent upon all goods sold at auction, except sheriffs' sales, household furniture, effects of deceased persons, underwriters' sales, salt and coals.

Your obd't serv't,


Loan Import Export Light-house seamens' Total.

Fund. duty. duty. duty. duty.
Saint John... £4,824 12 £55,824 4 £10,903 2 £2,698 18 £876 9 £79,469 11
Miramichi.... 836

6 3,912 11 1,942 2 164 12 287 13 6,647 17 Dalhousie.... 193 12 2,710 2 1,231 9 86 4 82 5 4,309 19 Bathurst..

84 7 986 8 399 17 41 13 38 15 1,550 16 Shippegan.. 396 336 13 24 16 5 17 3 18 410 11 Richibucto.. 184 17 1,722 10 949 13 92 16 85 1 3,034 19 Shediac... ...

15 4 1 266 16 28 10 25 4 324 17 Dorchester... 29 18

216 5 68 15 30 8 5 0 346 0 Bay Verte... 3 15 40 1

43 17 Hopewell ..., 17 19 48 9

89 6 11 5

11 168 12 Fredericton .. 113 0 1,307 13

1,420 13 Grand Falls.. 10 8 7

8 17 Woodstock.... 7 6 105 4

113 11 St. Andrew's. 166 11 2,397 14 212 0 137 1 83 2

3,056 13 St. Stephen .. 98 19 1,302 16 492 1 158 8 100 11

2,153 14 St George

45 8 524 13 326 17 114 19 75 16 1,087 13 Grand Manam.

1 1

1 1 Total ... £6,146 8 £71,447 12 £16,901 8 £3,571 18 £1,665 8 £104,089 9

Increase of revenue over 1849 is £8,552 12 2. In addition to the revenue received from the sources specified above, that derived from other sources for the entire Province is as follows:Casual Revenue ....

£2,500 000 Supreme Court Fees

1,084 7 0
Auction Tax .....

200 4 10
Pedlars' Licenses....
Emigrant Duty..

563 7 These sums are included in the column of “total” in the above table. We have also omitted, for the sake of convenience, the pence in the table which will make a trifling difference in the totals.



0 6

DIVIDENDS OF THE BANK OF ENGLAND. The semi-annual dividend of the Bank of England was 31 per cent, as declared on the 16th September, which is a reduction of 1 per cent from the previous six months, The reduced dividends is said to be owing to the cheapness of money, and the difficulty of lending it except at very low rates. There was a rumor prevalent in London that loans as government securities would be reduced from 2 per cent to 14 per cent per annum. The Bank of England was making arrangements to augment the stock of silver for circulation, which had recently become very much reduced by the emigration to Australia and elsewhere. At the meeting of the Bank of England, the question of electing a permanent governor, was under discussion.

DEBT AND REVENUE OF PENNSYLVANIA. From a circular addressed to the foreign loan holders of the State of Pennsylvania, by John J. McCauen, Commissioner of loans for that State, we extract the subjoined statement of the debt and resources of the State:

The whole debt of Pennsylvania is forty millions of dollars, or about eight millions of pounds sterling. The State has the right to pay off the same at the periods desig. nated in the following table:-At the present time, (and will be paid during this year,).. ......... $3,314,325 20 In the beginning of the year 1853, (will be paid as soon as the period arrives,)..

688,479 51 Loan made in 1841.....

650,163 00 Bank-charter loans, payable at any time.

119,500 00 During the year 1853, and January 1, 1854..

2,744,057 83 During the year 1854

2,146,529 83 August 1, 1855....

4,478,040 26 July 1, 1856..

2,731,190 49 March and July 1, 1858.

7,022,233 01 July and August 1, 1859.

1,209,999 59 July 1, 1860...

2,582,386 48 The remainder of the loans are payable in 1861, 1862, 1863, 1864,

1865, 1868, and 1870, $400,000 due in 1879, and $850,000 in 1882, amounting in all to...

13,062,000 00 Total....

$40,748,905 20 It will be perceived by the foregoing that the State has the right to pay off, during the year 1852, $3,314,325 20; during the year 1853, $4,202,200 34; during the year 1854, and August, 1855, $6,624,670 09; and July 1, 1866, $2,731,190 49; the first half-year of 1858, 87,022,233 01; in two years after, $4,392,386 07; making an ag. gregate of $28,287,005 20, payable in less than eight years.

The following exhibits the comparative revenue of the State of Pennsylvania for the years 1843 and 1851, and the estimated revenue of 1852, from general and regular sources. The fiscal year terminates on the 30th of November:


1832. Loans.....

$8,254 03 $43,152 96 $45,000 Auctioneers' commission and duties... 88,972 28 71,316 47 70,000 Tax on banks, corporations, and their dividends...

67,040 55 392,830 61 420,000 Tax on loans, offices, enrolments, &c.. 43,844 03 202,672 95 225,000 Tax on real and personal estate,... 554,452 06 1,372,170 37 1,400,000 Tax on collateral inheritances..

22,337 05 150,625 48 100.000 Licenses, retailers’, tavern, &c..

119,952 34 297,999 90 300,000 Public works, railroads, and canals ... 1,010,401 15 1,719,788 54 2,000,000 Other sources, ordinary receipts,... 10,573 87 70,853 21 100,000 Balance of available funds at end of

115,466 91 543,979 21 1,000,000 Total....

$2,040,294 27 $4,865,389 70 $5,660,000 The prosperity of the State cannot be retarded, unless by some improbable casa. alty; the completion of the last link of her improvements has been provided for, and it is expected that in one year the North Branch Canal will pay a revenue upon more than three-and-a-half millions of dollars, hitherto entirely unproductive. The railways are now improving, and, being adapted to increased business and celerity in transporting passengers

and freight, we may confidently predict that, in less than two years, the receipts upon our public works will exceed two-and-a-half million dollars per annum.

The single article of anthracite coal will illustrate the product iTe wealth of the State :In 1848, there were sent to market from our eastern coal-fields....tons 1,840,710 In 1851....

4,388,730 Showing an increase of production of..

3,142,020 The amount mined in 1852 will equal.


fiscal year

FINANCES OF CANADA FOR THE YEAR ENDING JANUARY 31, 1852. From the public accounts recently submitted to the Legislature of Canada, it appears that the finances of that country during the year ending January 31, 1852, were as annexed:Balance to credit of consolidated fund, January 31, 1851...

£199,882 13 4 Received one year's revenue..

842,184 5 2

£1,042,066 18 6

631,666 6 8

£407,400 11 10

And expended....

Balance now on hand on 31st January, 1852..
The revenue arises from the following items :-
Light-house duty, C. W
Bank impost..
Militia fines, &c...
Fines, forfeitures, and seizures.
Law fee fund..

£703,700 14 0

20,180 13 8 19,961 5 10

937 6 10 15,832 7 7

8 26 1,364 0 0 11,138 2 11 4,052 12 2



[ocr errors]



£842,184 5 The following are items of expenditure :Interest on debt ..

£223,561 14 3 Schedule A

29,230 18 2 Schedule B

33,547 8 Permanent charges by legislative enactment, C. E.

4,655 8 2 C. W

10,573 0 0 United Canada

125,355 07 Charges under estimate, 1850..

8,770 1 1852..

125,972 14 5 Sinking fund

73,000 0 Total. .....

£634,466 0 0 It appears by this that there was a surplus in hand of over four hundred thousand pounds, potwithstanding the increase in the sinking fund for the year, of seventy-three thousand younds. In the revenue and expenditure accounts for the year, it appears that there was a surplus of £207,518. This surplus the previous year was £199,882.





WARDS OF TAXES ON PROPERTY IN THAT CITY. Appleton Bank. $122 40 | Hamilton Company

6,528 00 Proprietors of South Congrega

Lawrence Company.

8,160 00 tional Meeting house 102 00 Lowell Bleachery.

1,632 00 Lowell Institution for Savings. 207 40 Lowell Corporation

5,974 84 Boston and Lowell Railroad.. 370 60 Lowell Machine-shop..

3,264 00 Nashua and Lowell Railroad.. 95 20 Massachusetts Mills

9,792 00 Nashua and Lowell and Lowell

Merrimack River Lumber Co.. 183 60 and Lawrence Railroad.... 149 60 | Merrimack Company

13,600 00 Lowell and Lawrence Railroad 54 40 Middlesex Company...

5,440 00 Lowell Gas Company..... 1,088 00 Suffolk Company...

3,264 00 Appleton Corporation.... 3,264 00 Tremont Company

3,264 00 Boott Manufacturing Company 6,628 00' Proprietors of Locks & Canals. 1,142 06

THE LAWS OF THE CURRENCY OF IRELAND. JAMES WILLIAM GIlbart, F. R. S., the author of a “ Practical Treatise on Banking," " Lectures on Ancient Commerce,” &c., published in former volumes of the Merchants' Magazine, and General Manager of the London and Westminster Bank, recently read before a meeting of the British Association, at Belfast, Ireland, a paper on the laws of the currency in Ireland, as exemplified in the changes that have taken place in the amount of the circulation of bank notes in Ireland, since the passing of the act of 1845. We give the following abstract of Mr. Gilbart's paper, as we find it reported in the Belfast Mercantile Journal :

In 1845, the average amount of notes that had been in circulation during the year ending May 1, 1845---£6,354,594—was made the fixed or authorized issue. For any amount beyond its authorized issue, each bank was required to hold an equal amount in gold or silver coin, the silver not to exceed one-fourth of the gold coin. The Act came into operation on the 6th December, 1845; and from that period each bank has made returns to the Government, stating the average amount of notes in circulation during the preceding four weeks, distinguishing the potes under £5 from those of £5 and upwards, and stating the amounts of gold and silver coin it held in its vaults. These returns were made by all the banks of circulation in Ireland. These are-the Bank of Ireland, the Provincial Bank of Ireland, the National Bank of Ireland, the National Bank of Clonmel, the National Bank of Carrick-on-Suir, and the three banks of Belfast, viz: the Northern Bank, the Belfast Banking Company, and the Ulster Bauking Company. We possess returns for every four weeks from January, 1846, to the present time. By adding together all the returns made during each year, and then dividing by thirteen, we obtain, of course, the average amounts in circulation from 1846 to the year 1851, inclusive. The proportion per cent these averages bear to the certified circulation of £6,354,494, is also dated hereunder.

Proportion to Certified
Ave. Circulation.







70.25 From this table it appears that if the authorized issue be represented by the num. ber 100, the actual circulation for the six years, 1846 to 1851 inclusive, will be represented by the numbers, 114,94, 76, 67, 71, 70.

The question naturally occurs to us, what is the cause of this great falling off in the annual circulation since the passing of the Act of 1845? The amount of notes in circulation does not correspond with the amount of gold in the bank of England; for the amount of gold in the Bank of England is, at the present time, much higher than it was on the 1st of May, 1845; although the Irish notes in circulation are much less. There were three negative laws of the currency in Ireland, namely, that the amount of notes in circulation is not regulated by the Act of Parliament, nor by the wishes of the Irish bankers, nor by the stock of gold in the Bank of England. Notes are issued in Ireland chiefly for the purpose of purchasing agricultural produce; it would seem to follow that the amount of notes put into circulation will be regulated mainly by the quantity of that produce and by the price at wbich it is purchased.

If then, we found that in the years since 1845, the quantity of agricultural produce has been less, or the price at which it has been sold has been less, and especially if both these circumstances should have occurred, then have we an adequate cause for a reduction of the amount of bank notes in circulation. The annual productiveness of the harvest would affect the amount of notes in circulation. Again, a bad harvest in one year may, by the distress it produces, cause a less production of commodities in several following years, and hence there may be a less demand for bank notes. A bad harvest produces distress among the farmers, and this distress affects the amount of the circulation in two ways

First, the farmer consumes bis own produce instead of selling it, and thus requires not the nse of notes. Secondly, the distress of the farmer diminishes the instruments of reproduction.


If he has no potatoes, he can rear no pigs. An abundant crop of potatoes produces in the following year an abundant 'crop of pigs. After the failure of the potato in 1846, the exportation of swine was reduced from 480,827, in 1846, to 106,407. The potato crop again failed in 1848. The number of swine exported in 1848 was 110,787, in 1819 it was only 68,053. The destruction of pigs which took place in 1846, would doubtless affect the circulation of notes in subsequent years, especially in 1847, 1848 and 1849, and probably to a certain extent in the years 1850 and 1851. A reduction in the quantity of commodities produced may be caused by a reduction in the number of producers, and this would occasion a less demand for bank notes ; and the amount of notes that circulate in a country will also be affected by the quantity of commodities exported and the quantity imported. We find that the reduction in the amount of notes in circulation in Ireland had been preceded or accompanied by a reduction in the amount of commodities produced, occasioned by a reduced productiveness in the land actually cultivated, a destruction in the instruments of reproduction by the distress thus occasioned, a reduction in the number of producers by deaths and emigration, and the exportation of an increased portion of its capital in exchange for food.

But there was another circumstance that concurred in powerfully producing the same effect, that is, the price at which the commodities brought to market were sold.

From the whole we infer, that the difference between the amount of bank notes circulating in a country at two different periods, cannot be regarded as any correct test of the condition of its inhabitants at those two periods, unless we take into account all the circumstances by which that difference is attended—that the decline of the circulation of bank notes in Ireland from the year 1845 to 1851, is no accurate measure of the distress that has existed in the country, or that now exists, as other causes besides distress have concurred in producing that effect—that in comparing the circulation of 1845 and 1851, we are making a comparison unfavorable to the country, as the year 1845 was a year remarkable for the high amount of its circulation—and that we should indulge in no desponding inferences as to the condition of the country, even if the circulation should never recover its former amount. Even the permanent reduction of the circulation to its present amount would be no conclusive evidence of the distressed condition of the country; for though distress first caused this decline, yet from the new circumstances which that distress introduced, the same amount of bank notes are not now necessary for conducting its operations.

Among the causes assigned for the circulation of the English banks, are the establishment of the penny postage, the introduction of railways, the decline in the price of corn, and the extension of the practice of keeping banking accounts. These causes have also operated in Ireland, while there are other causes, such as consolidation of small farms, and the cultivation of flax instead of corn, that will tend to produce the same effects,

Even increasing prosperity will not always increase the amount of notes in circula. tion-sometimes the reverse, for as rations become wealthy they learn to economize the currency. Large transactions are settled by checks on banks or bills of exchange, and notes are employed only in making payments of small amount. We cannot here enlarge on these topics. We can only recommend the study of the variations on circulations of bank notes in Ireland, since the year 1845, as one fruitful illustration of most important principles, and suggestive of many practical lessons. Here the man of business may obtain guidance, the man of science may gather wisdom, and the statesman may receive instruction.

SCARCITY OF SILVER COIN IN EUROPE. The same scarcity of coin experienced in the United States, prevails throughout the European Continent, as will be seen from the subjoined paragraph which we copy from the London Times :

There never was known for many years so great a scarcity of silver currency as at present, in consequence of the very large exportations of silver that have recently taken place to Port Philip, Melbourne, Geelong, Sydney, and other ports of Australian colonies for the convenience of the adventurers at the "gold diggins." Not a vessel leaves the ports of London, Plymouth, Bristol, Liverpool, &c., but takes out a considerable amount of both gold and silver specie, either by speculators who are proceeding to the above colonies for the purpose of making large purchases of gold from the emiVOL. XXVI.-30. y.


« ПретходнаНастави »