EXPORTS OF CERTAIN ARTICLES OF DOMESTIC PRODUCE FROM NEW YORK TO FOREIGN PORTS FROM JANUARY 1ST TO SEPTEMBER 16TH: Oats ........ Corn Candles--mold..boxes Coal.. Cotton. ..... Hay. sperm.. .... 12,911 1,170,938 39,063 35,267 7,752 ...tons 4,174 Pork........bbls. 129,596 118,886 Cut meats, lbs...14,968,952 25,766,716 ........... Butter 2,939 Rice 5,453 Tallow.. ...... 603,284 915,138 .2,983,805 1,250,134 6,122,905 8,862,412 ..trcs 12,523 28,708 ...lbs. 1,138,946 1,060,108 150,218 Tobacco, crude..pkgs 28,741 28,349 3,161 Do., manufactured.lbs 3,751,694 4,070,017 8,001 Whalebone......... 1,485,320 1,337,449 This table presents an immense increase in the shipments of wheat and flour, the former particularly, but a falling off in Indian corn. The latter is now going forward more freely, and we look for large shipments throughout the winter. It is said that the potato crop of Ireland is seriously injured, and if the damage is as extensive as now feared, there is nothing but this cereal which can supply the vacancy. There has been a decline in the exports of pork, but in other meat provisions the shipments are very large. The increase in cut meats is enormous. Lard has also gone forward freely, and is still in demand abroad, while the price at home advanced so as to come within the range of low grades of butter. NEW YORK COTTON MARKET FOR THE MONTH ENDING SEPTEMBER 26. PREPARED FOR THE MERCHANTS' MAGAZINE BY CHARLES W. FREDERICKSON, BROKER, NEW YORK. Our cotton market, since the date of my last report, August 22d, has improved fully to ct. per lb. on all grades, owing to light receipts at the South, and small stocks in the shipping ports, together with reports of injury to the growing crop, already magnified to a reported positive injury of at least 200,000 to 300,000 bales. The transactions of the past month have been largely of a speculative character, and for home consumption. The quantity for export has been small, and confined principally to the continental ports. The English advices received have not been of as favorable a character as looked for, although it is expected that future accounts may represent a more favorable aspect for the trade here. The season thus far has opened at prices much beyond the views of prudent operators; and if maintained, must seriously affect the ratio of consumption both here and abroad. It is no proof that because the largest crop ever made has been profitably disposed of, that a smaller crop will readily command a relatively higher price. Low prices invariably extends the increase and consumption of the raw material;-and the millions of dollars invested in manufactures would have sought other channels of investment if cotton, as at present, was not to be had, unless at an advance of one hundred to one hundred and fifty per cent upon the cost of production. The cotton crop just closed reaches 3,527,845 bales, being an increase over previous year of 680,506 bales. The total foreign export was 2,954,606 balesincrease over previous year, 710,397 bales, of which Great Britain took 1,921,386 bales, France 480,637 bales, north of Europe 304,005 bales, other foreign ports 248,758 bales. The amount taken by manufacturers north of Virginia 652,739 -south and west of Virginia (estimated) 117,500 bales, being a total increase over previous year of 91,655 bales, an increase gratifying to the progress and extension of American manufactures, and indicative of the giant steps this national branch of industry is destined to exert, not only upon the cotton crop, but upon the machinery of Europe. The sales for the week ending consumption and the continent. crop accounts. August 29th were 7000 bales, mostly for home PRICES ADOPTED August 29TH FOR THE FOLLOWING QUALITIES: For the week ensuing, the sales reached 9,000 bales, at a slight improvement. Speculators were free purchasers, and the quantity on sale was much reduced by the indisposition of holders to accept of the following rates:— PRICES ADOPTED SEPTEMBER 5TH FOR THE FOLLOWING QUALITIES: A speculative demand existed during the week ending September 12th, and on sales of 10,000 bales there was an advance of c. a tc. per pound. The market closed firm, with a fair demand, at the following: : PRICES ADOPTED SEPTEMBER 12TH FOR THE FOLLOWING QUALITIES:- Ordinary.. 101 114 The transactions for the week ending September 19th were limited by the small amount on sale and the firmness of holders. Prices had, however, an upward tendency; the sales were 7,500 bales, the market closing buoyant at the following: PRICES ADOPTED SEPTEMBER 19TH FOR THE FOLLOWING QUALITIES: For the week closing at date, under a continuation of unfavorable accounts as regards the gathering crop, and continued light receipts and advancing prices at the South, our market was active at a further advance of c. a fc. per pound. The sales for the week were estimated at 10,000 bales, the market closing, with a small amount on sale, at the following: PRICES ADOPTED SEPTEMBER 26TH FOR THE FOLLOWING QUALITIES: JOURNAL OF BANKING, CURRENCY, AND FINANCE. SAVINGS BANKS IN EUROPE. The last Paris papers bring us an official report on the operation of the Savings Bank of Paris, and of similar institutions throughout France for the year 1855. The sum in hand in the Paris Bank, on the 31st of December, 1854, amounted to 48,182.475 francs, belonging to 212,308 depositors; the amount received was 26,826,352 francs, that paid out 28,064,504 francs-and there remained in hand on the 31st of December last 46,944,324 francs due to 216,032 depositors. The amount of deposits in the course of the year shows an augmentation of 4,358,860 francs in money, and of 4,000 in the number of depositors over the preceding year. This increase, considering the dearness of living, the high rents, the war, and other unfortunate circumstances, is remarkable. In 1854 only 14,439 of the total number of depositors were working men, while 16,157 of that class are included in the total of 1856. The number of savings banks in all France, including that of Paris, was 363, and the number of depositors 865,478-the amount of their deposits being 271,556,668 francs. As the population of the empire is 35,781,000, there was one depositor for every 41 persons. The proportion of depositors to the population varies considerably in the different departments. In England, Ireland, and Scotland, where savings banks are infinitely more developed, the number of them last year was 584, the number of depositors over 1,300,000 and the amount of deposits 822,324,000 francs; and the proportion of depositors to population was (the report only calculates the population at 26,000,000) one for every twenty persons, or rather more than double that of France. The gen eral condition of the savings banks in Austria and the German States cannot, from the want of sufficiently precise returns, be ascertained; but at Vienna there was one depositor for every two and a half persons; in the kingdom of Bohemia, one for every sixty-four; at Berlin, one in twelve; Leipsic, one in five; at Frankfort, one in ten at Hamburg, one in six; and at Altona, one in three. As regards other parts of Europe, there is one depositor for every twelve persons in Denmark; one in three in Basle; rather less in Geneva and Neufchatel; one in twenty-seven at Turin, and one in forty-three at Madrid. In the United States the proportion is one to sixteen. 46 OF THE STOCKS AND COUPON BONDS OF VIRGINIA. Among the laws passed by the Legislature of Virginia at its last session was, an act providing for and regulating the issue of certificates of registered stock in lieu of coupon bonds." The only clauses of public interest are the following. The balance of the act refers to the duty of the Treasurer :- "Be it enacted, that the holder or holders of any coupon bond or bonds of this Commonwealth, upon presenting the same to the Second Auditor, may have in lieu thereof issued to him or them a certificate or certificates as prescribed by the 44th chapter of the Code of Virginia, redeemable at the time said coupon bond is redeemable, and bearing interest at the rate of interest which the coupon bond bears, from the first day of January or July, preceding the issue of said certificate, to be paid semi-annually at the Treasury. The Treasurer of the Commonwealth with whom any bank now in existence, or which may be hereafter established, has or may hereafter pledge any coupon bond or bonds as security for the circulation VOL. XXXV.-NO. IV. 30 of such bank, may, with the assent of the bank, procure a certificate or certificates to be issued, in accordance with this act, to him in trust for the purposes for which the coupon bonds were deposited with him." CINCINNATI RATES OF SIGHT EXCHANGE IN 1855-56; ON NEW YORK AND THE EASTERN CITIES AND NEW ORLEANS, DURING YEAR ENDING RATES OF EXCHANGE AT NEW ORLEANS. The following table, showing the rates of exchange on London, Paris and New York, on the first of each month for three years past, (60 day bills,) is derived from the New Orleans Price Current : One of the mooted points of commercial law is, whether bank checks drawn payable at a future day, or commercial bills at sight, are entitled to grace. The decisions of the courts have been variant, and the practice of bankers is not uniform, though the denial of grace days is becoming more general. A recent case in Ohio, of Martin vs. Bailey, brought the following ruling on the subject from Judge Bartley, of the District Court: I. That a draft of money payable at a day subsequent to its date, although otherwise in the ordinary form of a check, is a bill of exchange; and subject to the usages and rules that govern bills of exchange, and, as such, is entitled to days of grace. II. The distinction between a bill and a check does not depend upon whether drawn payable to order or bearer, or whether drawn upon a bank or a banker, or not; but it is founded in the difference in nature or character of these two classes of commercial paper. III. A check and a bill of exchange, though in many respects similar, are to be distinguished in the following particulars, viz. : 1st. A check is drawn upon an existing fund, and is an absolute transfer or appropriation to the holder of so much money, in the hands of the drawee, but very frequently drawn in anticipation of funds, upon a previously arranged credit. 2d. The drawer of a check is always the principal, whereas the drawer of a bill frequently stands in the position of a mere surety. 3d. Although demand of payment and notice of non-payment in due time may be essential to hold the endorser of a check, yet a failure in this respect does not discharge the drawer, unless an actual loss to him can be shown to have arisen from such delinquency on the part of the holder. 4th. A check requires no acceptance, and when presented, is presented for pay ment. 5th. It is not protestible, or, in other words, protest is not requisite to hold the maker or an endorser. 6th. From these distinguishing characteristics, arising out of the nature of these two classes of instruments, it follows, that a check is payable on presenta tion and demand, and cannot be made payable on a specified day in future, and consequently not entitled to days of grace. |