COMMERCIAL CHRONICLE AND REVIEW. FALL BUSINESS-IMPORTATIONS-SUPPLY ON THE MARKET-WESTERN TRADE-CROPS-SALES OF GOODS IN THE SOUTH-ELEMENTS OF A DEMAND FOR MATERIAL-CURRENT OF GOLD-SUPPLY IN BANK8RECEIPTS OF GOLD-BANK DISCOUNTS-INFLUENCE OF TAXES ON LOANS-RISE IN MONEY-RATES FOR THE YEAR-BANK DEPOSITS-CITY LOAN-STATE LOAN-KENTUCKY DEBT-MISSISSIPPI BONDS -MISSOURI DEBT-EXCHANGE-SIGHT BILLS-COUNTER EXCHANGE-RATES OF BILLS-CONTINENTAL BILLS-EXPORT OF SPECIE-SUPPLY OF BARS-ASSAY-OFFICE-MINT-SPECIE BASIS AT THE WESTNATIONAL IMPORTS AND EXPORTS-BALANCE DUE THE COUNTRY-INTEREST DUE ABROAD-TRAVELERS' EXPENSES-ABSORPTION OF BALANCE. THE fall business closed with a degree of heaviness, and there is, at least, a usual stock of goods remaining over. The importations of the past year have, no doubt, been large, as compared with the previous year, but the quantities on hand and bonded were much less; hence the aggregate put upon the market was probably no larger this year than before. Nevertheless, the markets have dragged, since the small crop and low prices of last year left the West with small means wherewith to make new purchases. There was, therefore, a fair amount of goods at the close to go over to the spring trade, and the imports continue very considerable, as will be seen by reference to our usual commercial tables appended hereto. The events of the past two years have been such as to induce most merchants to seek purchases for goods in the South rather than at the West. The crops of that section have not only been large, but they have sold well, affording a broad basis for enlarged trade. In Virginia an official return to the Legislature of the State, in relation to the tax on sales of goods within the State, shows an amount of $41,154,000 sold during the year 1858, by 6,634 merchants. This amount of sales in Virginia gives about $45 per head on the population per census of 1850; and, at the same ratio, the sales in all the Southern States would reach $270,000,000 for the year 1858, which was one of paralysis and very small business comparatively. This sum forms a very important item in sales of the northern cities, and has been enhanced, to some extent, in the present year, by the means taken to attract southern rather than western custom. For the coming year the prospect is still more flattering, since the cotton crop delivered thus far greatly exceeds even the large crop of the past year, and its prices remain firm in view of the circumstances of the commercial world. These exhibit a combination of cheap food, money, and labor, all of which tend to swell the demand for those raw materials necessary for their own employment. The export movement to meet the required payments for the large importation, continue to be mostly cotton and gold. The latter seems to concentrate in New York from various parts of the Union, whence it proceeds in a ceaseless stream to Europe. The banks of the four leading cities held January 1, 1859, $58,710,000, and this had fallen to $40,276,000 at the close of November, showing a decline of $18,434,000 in addition to the $39,476,007 that in the same period had arrived from California. Under these circumstances, and in face of the approaching close of the year, when accounts are balanced preparatory to the opening of the spring business, a more decided demand for money sprung up. At the higher rates attained in the first week in December, the banks were willing to increase their loans; and by reference to the weekly returns of the banks appended to this article, it will be observed that there was a steady increase in the amount of loans outstanding. The rise from October 1 to December 17, was from $118,206,752 to $123,903,777, equal to $5,697,025; but of this aggregate increase, the Shoe and Leather Bank, which receives the city taxes, payable at that season, and reloans them, counted more than half. The comparison was as follows: Loans. Shoe and leather- Loans. All other- Specie. These figures show that the increased loans by the city banks are not an indication of greater mercantile movement so much as a fiscal movement of the city. Its agent has collected four-and-a-half millions of taxes, and in so doing has drawn nearly $2,000,000 of specie from the other banks. These funds have been loaned "at call," making money easier in that shape than on long paper, on which money has become dearer. As the city uses its funds, the "call" loans will diminish, and in all probability the rates for money will rise. In fact, it has gradually become dearer during the year, the quoted rates being as follows: 6 a7 7 a 77 a 8 8 a 9 9 a 10 12 a 18 Dec. 17th...... 5 a 6 The Secretary of the Treasury issued proposals to be opened December 27 for $3,000,000 of United States Treasury notes-interest not to exceed 6 per cent. The people of the State of New York having at the late election voted in favor of a loan of $2,500,000 for canal purposes, the loan was put upon the market for bids at 5 or 6 per cent interest. The State of Kentucky advertises to pay on the 1st of January $150,000 of bonds issued to the Lexington and Ohio road, and $70,000 of bonds issued under acts of February 23, 1846, and March 1, 1847. Governor M'Willie, of Mississippi, has again, in a message, recommended the recognition and payment of the Planter's Bank bonds issued by the State. The L people voted, in 1852, not to pay these bonds. The Governor now earnestly presses the revision of that decision, and the taking of some steps to pay them by taxation. The State of Missouri, previous to the panic, had authorized the issue of $24,950,000 in aid of railroads, and up to the panic of 1859, $15,310,000 of these had been issued. At that time a law was passed suspending the issue until March, 1859, except $2,120,000 that might be issued to certain roads for work nearly done. The debt now stands as follows: Total for railroads. 6 24,950,000 15,310,000 6,291,000 21,601,000 3,349,000 The interest due January, 1860, on those marked *, the State has to provide for, ther oads being unable to do so. The amount of the interest due is $516,190. This money is expected to be remitted to New York from the proceeds of the mill tax, levied especially, and also from some funds due by the United States. The State, meantime, has borrowed of the savings banks the money necessary to pay the January interest at 8 per cent per annum, and 1 per cent premium for exchange. The money was borrowed for sixty days. The balance of the bonds amounting to $3,349,000, as above, it is supposed, will be immediately issued to the railroads. The rates of sterling bills continue to be such as to favor the export of ingots. The sales of sight bills bear a larger proportion to the general business than formerly, when the business was almost altogether sixty day bills. The rate is now with the banking-houses a per cent more than for sixty day bills, but the house of Belmont makes a difference of about # only. This state of the market may ultimately lead to a change in the international exchanges. The system of always buying bills for remittance to Europe, and never being drawn upon, has long been a serious evil in the markets. There is, in fact, no market in Paris and London for bills on America. This country, in that respect, occupying still a colonial position, a change from sixty day bills to sight bills may be followed by the introduction of American bills in the foreign markets, whereby the merchants here may have the benefit of both markets as well direct as by arbitrations. The rates of bills are as follows: The sales of continental exchanges have increased of late years. As the business direct with the continent has swollen in magnitude, new connections have sprung up, and there are elements of a more general market for the means of remittance through arbitrations. By these means the flow of specie at times may be checked, and kiting operations greatly curtailed. For the moment the outward flow of specie continues large, comparatively, being as follows:— GOLD RECEIVED from CALIFORNIA AND EXPORTED FROM NEW YORK WEEKLY, WITH THE AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY. Apr. 2...... 9..... 16.. 23.. 1,325,198 41,208 30.... 1,550,000 May 7...... 14.... 1,626,171 21.... 28.. 1,575,995 June 5.... 12...... 1,446,175 19...... 25... 1,799,502 July 2.. 9.. 16.. 1,500,000 23...... 115,790 1,032,314 1,343,059 7,686,700 32,918,800 250,246 576,107 7,232,451 32,981,118 208,163 1,404,210 1,637,104 7,079,111 32,557,778 15,850 1,496,889 6,894,810 32,972,965 136,873 1,723,352 1,680,743 6,568,681 32,897,686 106,110 2,169,197 6,481,913 32,568,545 720,710 1,480,115 1,926,491 6,020,400 31,191,731 532,862 2,223578 5,488,205 31,578,209 400,800 1,938,669 5,126,643 4,752,084 29,171,906 51,425 2,325,972 4,327,155 28,055,464 16,616 1,513,975 1,877,294 3,684,754 68,318 276,487 1,620,731 4,493,200 317,110 2,041,237 1,861,163 4,086,751 564,030 1,398,885 4,278,400 26,773,049 637,240 1,736,861 2,495,127 4,282,600 27,506,279 1,028,270 2,030,220 5,114,600 26,361,512 30.... 1,163,818 803,318 2,145,000 2,344,040 5,116,800 25,881,300 786,841 1,284,855 5,341,000 25,424,877 440,729 1,860,274 1,505,389 5,347,389 26,085,269 844,781 1,594,933 4,960,400 26,363,848 187,941 2,126,332 1,584,879 4,869,800 25,597,866 562,087 *962,030 509,649 4,877,200 26,355,494 227,980 2,046,006 2,363,385 4,919,788 26,687,036 1,361,110 1,760,331 5,067,200 21,579,880 474,945 2,042,363 2,727,194 5,190,600 25,851,036 1,126,404 1,414,590 5,230,400 24,489,500 675,817 2,350,670 727,981 4,719,100 24,214,200 886,234 1,883,670 1,430,833 4,648,500 24,299,793 401,866 1,109,603 4,703,300 25,610,397 593,310 1,871,554 2,059,492 4,850,700 26,099,675 184,452 1,519,673 4,608,687 24,836,930 142,130 1,568,107 1,068,407 5,094,642 25,281,598 13,832 1,300,991 5,699,397 25,442,763 1,816,532 1,064,038 1,721,342 none. 5,877,600 24,709,524 Total...... 34,024,017 25,898,483 41,345,436 68,775,583 There is at this moment quite a demand for bars for shipment. The rates are * From New Orleans. + $500,000 silver from Mexico. not sufficiently high to transmit coin generally. The amount exported from Boston for the month of November was $432,845, and for the year $5,995,720, against $2,551,653 same time last year. The arrivals of gold from California are in excess of last year, and the Assay-office in New York has operated as follows: The deposits for November were large, and a considerable portion was ordered The mint operations proceeded as follows:: into coin. An interesting feature in the present mint returns is that of the deposits of gold, amounting to $149,239-only $29,928 is of California gold, but $75,365 is of Kausas gold, and the balance from other sources. Kansas has thus become a recognized.ource of supply. |