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came from the Black Sea, from the Sea of Azoff, or from the Danube, and were laden with wheat.

By means of the electric telegraph we received advices, on the 23d November, from Calcutta to October 25th.

From a very useful publication, prepared by Mr. HENRY Lloyd MorGan, public accountant, wherein is furnished an analysis of the public income and expenditure of Great Britain for the financial year ended the 31st of March last, we extract the following condensed summary of the main results. They will be found useful for reference:

Interest and management of the national debt....... £ 26,231,018 Army and navy,..

31,345,564 Collection and management of revenue departments,.. 5,679,703 Public works and buildings,

639,711 Salaries and expenses of public departments,

1,580,911 Justice,

3,184,670 Education, science and art,...

1,233,352 Diplomatic, colonial and consular,

624,019 Superannuations and charities,

237,418 Special and temporary objects,

783,702 Civil list,....

403,160 Annuities and pensions,.

345,771 Interest on loans, secret service, &c.,.

518,532 Civil contingencies,..

157,000

.

BANK STOCK.

February,

May,

2 prem.

£72,964,536 The following were the fluctuations in English funds since October, 1860: LOWEST AND HIGHEST PRICES EACH MONTH, 1861.

CONSOLS.

EXCHEQUER BILLS. Lowest. Highest. Lowest. Highest. Lowest. Highest. November, 1860,... 231 2351 927 934

6 dis. par. December, 231 2345 935 94}

6 January, 1861, 231 233

913 911 10 “
231 241
911 923

8

prem. March, 231 234

92

15 April,

226 235

915 927

13

2
232 234

92
10

2 dis. June,

229 234

897 92

10 " July,

228 232

892
907 12

7 August,

2311 236
90 93

8 September,

236
925 94

4

8 October,

231 233

92 93

par. 9 November,

923 947 10 prem. 21 A treaty of commerce has been concluded between Turkey, England and France, which will have great effect in promoting the agriculture and commerce of Turkey, and her trade with the two Western Powers. There are vast tracts of land, in many instances near the coast, which will now probably be brought into cultivation. Under the old Turkish system the government reserved to itself the monopoly of the purchase of corn, which it sought to obtain at an arbitrarily low price, for the consumption of Constantinople and the great cities. Land-owners, consequently, only sowed sufficient for their own wants, and any surplus they had went to the government at its own price. Under the treaty conVOL. XLVI.-NO. I.

7

Per cent.

6
6

6

Per cent.

6 6 4 3 3

Per cent.

63 81 23

cluded by Lord Ponsonby with the Porte, this monopoly was abolished; but the Turks, still anxious to keep their grain at home, insisted on an export duty of twelve per cent., which only had the effect of impeding the industry of some of the finest grain-producing land in the world. The new treaty, which will come into effect on the 1st of March, 1862, at once reduces the duty on all exports to eight per cent., which is to be further reduced one per cent. every year till it finally ceases. To make

up

what loss this may occasion to the revenue, the duty on imports, which formerly was five per cent., is to be raised to eight.

The JEAN, of Charlestown, a sloop of about thirty tons register, is at present in Leith Dock, and is probably the oldest ship afloat. She came originally into the possession of the Elgin family, and is, we believe, still the property of the present noble Earl, retained as an heir-loom of the year 1736. Previous to that period she was a Danish boat. Her timbers are still sound and in good condition

The following are the rates of discount in the principal cities of the continent, showing a rise not only in Paris, but also in Turin : Bank rate. Open market.

Bank rate. Open market.

Per cent. Paris,

Turin, Vienna,

Brussels,

4 Berlin,

Hamburg, Frankfort,

21 St. Petersburg,... 7 Amsterdam,

The successful completion of the submarine telegraph line from Malta to Alexandria is announced. The whole length is 1,400 miles, having intermediate stations at Tripoli and Benghazi.

The following were the leading incidents of the month of November:

7. The Bank of England reduced its minimum rate of discount from 31 to 3 per cent.

8. Meeting of proprietors of the Great Eastern Steamship Company, and a fresh call of £25,000 agreed upon.

14. M. FOULD assumed the duties of French Minister of Finance. Prospectus of the “Mercantile Joint Stock Bank” issued in London; proposed capital, £1,000,000.

15. Payment of call of £2,000,000 or £1,500,000 on LombardoVenetian Rail-Road shares.

16. New postal arrangements between England and France published. The Moniteur publishes the text of the letter of the Emperor NAPOLEON relative to the finances, as well as the important report of M. Fould, the new Minister of Finance. Both these documents are published in extenso in the T'imes.

18. A despatch dated Turin, Nov. 16, says: “The government has granted the concession for the construction of a railway from Turin to Savona to an English company, represented by Messrs. PATTEN, CARGILL, GREENFIELD, GOMBERT and others.” The text of the Convention between England, France and Spain, relative to the proposed intervention in Mexico, is published.

19. Final instalment paid on the India loan of £4,000,000.

20. Prospectus of the National Marine Insurance Company published; capital, £1,000,000.

21. The Times publishes a correspondence which has passed between certain holders of India promissory-note stock and the Bank of England. Holders are now permitted to obtain certificates that will enable parties in India to receive the notes made out payable to their own order. Bank of France reduced its rate of interest from 6 to 5 per cent. Advices from Hong Kong, dated October 16, received at London.

22. News of the arrival of a Confederate war steamer at Southampton, and of the capture and destruction of a federal merchant ship (HARVEY BIRCH) off the English coast. News received of the wreck of the steamer North Briton. Twenty per cent. premium paid at Lloyd's on ship JAMES Wilson, out 131 days from Melbourne.

24. Imperial decree issued at Paris abolishing the entrance fee to the Bourse. Bank of Turin reduced its rate of discount from 6} to 51.

25. Adjudication of the Cape Government six per cent. loan of £200,000. Rise of £5 per ton in the London market price of copper. Stoppage of Messrs. FromE, GREGORY & Co., St. Petersburg, and of Messrs. BONOLIEL BROTHERS.

26. Baron Tecco, Italian Minister at Madrid, received his passports.

27. Arrival of the mail steamer La Plata at Southampton, with news of arrest of Messrs. Mason and SLIDELL, Great fall in the market values of shares.

28. PETER MORRISON, of the Bank of Deposit, London, declared a bankrupt. Stoppage of THEODORE JASMUND.

29. Announcement that the law officers of the Crown have pronounced the arrest of Mason and SLIDELL contrary to law. Dividend of the Bank of British North America, at the rate of six per cent. per annum. Ono per cent. war risk, Liverpool to New-York, charged and paid at Lloyd's.

30. Queen's proelamation forbidding the export of gunpowder, saltpetre, nitrate of soda and brimstone.

The following are the arrivals and stocks and sales of cotton at Havre

for five years :

Bales.

10 mos.

10 mos.

Oct. 31.

Stock,
Receipte,

Salee,

Stock, Jan. 1. 1857,

46,800 384,470 360,340 70,930 1858,

82,000
359,722

399,022 43,300 1859,

136,000 302,400 398,890 40,200 1860,.

45,130 556,000 477,480 123,650 1861,

105,021 544,000 491,075 157,985 Among the recent European failures are Messrs. Bonolist BROTHERS, merchants, of London and Gibraltar, a firm of long standing; liabilities, £10,000. THEODORE JASMUND, West India merchant, Basinghall-street. Messrs. Frome, GREGORY & Co., iron and machine agents, St. Petersburg; liabilities, £200,000. ArnoTT BROTHERS, silk mercers, St. Paul's Charchyard, London ; liabilities, £20,000. Messrs. BROADFOOT, DOUGLAS & Co., shawl manufacturers, Glasgow; liabilities, £40,000.

The mercantile public have noticed, with great satisfaction, that the United Kingdom Electric Telegraph Company have this week opened their wires at the uniform rate of 1s. per message of twenty words between London, Birmingham, Manchester and Liverpool. A message can Row be sent from London to Liverpool at the remarkably low charge of Is. for twenty words.

COMMERCIAL CHRONICLE AND REVIEW.

The month of December has been full of excitement among the commercial community. The case of Messrs. JAMES M. Mason and John Slidell is now the chief topic of discussion in England and the United States. The English, through their journals, except to the seizure of these rebel commissioners on board the British mail steamer Trent, on the 8th ultimo, by Commodore WILKES. The subject is one that must be governed by the existing rules of international law; and these being, apparently, in favor of the course pursued by Commodore Wilkes, our merchants are, with few or no exceptions, opposed to any concession by our government that is not strictly demanded by a fair interpretation of such law.

Congress met on the 2d day of December. The President's message was communicated the following day; a document which gives universal satisfaction to the country. Among the chief subjects of discussion at the present session will be-1. The government debt and fiscal movements. II. A modification of the tariff

, so as to place higher duties upon tea and coffee. III. A general bankrupt law, retrospective and prospective.

Secretary Chase recommends “ that the duties on tea, coffee and sugar be increased to the rates heretofore proposed; that is to say, to two and one-half cents per pound on brown sugar; to three cents on clayed sugar; to twenty cents per pound on green tea, and to five cents per pound on coffee; and that no other alterations of the tariff be made during the present session of Congress, unless further experience or changed circumstances shall demonstrate the necessity or expediency of them. All considerations of prudence and patriotism seem to concur in favor of giving to the existing tariff a full and fair trial, and of reserving the work of revision, modification and permanent settlement for more propitious days."

With the aid of the tax upon property and upon incomes, and further negotiation of public loans, the Secretary thinks the requisite funds for the government expenses can be secured. He proposes a tax upon bank notes, or that banks be authorized to issue paper upon the deposit of United States securities. Should these form a material portion of the bank circulation of the country, and be made a legal tender in all transactions, the reform will be a desirable one. It is conceded, however, in the outset, that the volume of circulation shall not be increased beyond its present sum in the aggregate. Of the public debt the Secretary gives the following summary :

The whole amount required from loans may, therefore, be thus stated: For the fiscal year 1862, under existing laws,....

$ 75,449,675 For the fiscal year 1862, under laws to be enacted,.. 200,000,000 For the fiscal year 1863, also under laws to be enacted,... 373,531,245 Making an aggregate of..

$ 654,980,920

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“The total may be stated in round numbers at six hundred and fifty-five millions of dollars. A tabular statement will accompany this report, showing somewhat more in detail the actual and estimated receipts and expenditures of the financial years 1861, 1862 and 1863.

" It only remains, in order to complete the view of the financial situation, to submit a statement of the public debt as it was on the 1st day of July, 1860 and 1861, and will be, according to the estimates now presented, at the same date in each of the years 1862 and 1863. The statement, in brief, is as follows: “On the 1st of July, 1860, the public debt was.. $64,769,703 1861, the public debt was.

90,867,828 1862, the public debt will be.... 517,372,802

1863, the public debt will be.... 897,372,802 The particulars of which the debt consists, and the portions which have been or will be paid or contracted in each year,

will

appear fully in a table which will be submitted with this report to Congress. Another table will be submitted, showing the amount of the public debt in each year, from 1791 to 1861, inclusive."

At the meeting of the associated banks, held December 17, at the American Exchange Bank, Mr. John A. STEVENS presiding, the following resolutions were offered by Mr. Moses Taylor, and unanimously adopted :

Whereas, The public mind has become unduly agitated in regard to the financial course to be pursued by the banks and the United States government, which has led to a premature discussion of a suspension of specie payments; and

Whereas, An examination into the condition of the specie of the country has resulted in the belief that we now hold $80,000,000 of bullion more than we held a year ago, of which a fair proportion is in the banks; and

Whereas, The exports of cereals and provisions have so far exceeded those of former years, that, notwithstanding the loss of the cotton crop, our exports far exceed our importations, and there is no demand for foreign exchange to warrant considerable shipment of coin ; and

Whereas, The pending difference with Great Britain will probably prove to be capable of a diplomatic solution through the ordinary channels or by arbitration, and fears on this score are premature and groundless; and

Whereas, There is nothing in the position of the loans to the government to cause uneasiness, and the entire arrears due upon them from the banks of this city (a considerable part of which is to be reimbursed) do not exceed $31,500,000, provided the Secretary, in his drafts therefor, will consult their wishes, which may be expected from him, from motives of interest and policy, as well as from his promises; and

Whereas, Independently of all these considerations, it is not only unbecoming, but bad faith, for fiduciary agents to refuse the just demands of depositors, unless for clear cause and

manifest necessity, and nothing but an entire want of public confidence or great national considerations, rendering it impossible to comply with all engagements, can ever justify such refusal; therefore, be it

Resolved, That the New-York banks, with assurances from the repre

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