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ARTICLES

ART.

1. TEA: AND THE TEA TRADE. By a GIDEON NYE, Esq., merchant of Canton, China... 19

II. THE CONDITION AND PROSPECTS OF AMERICAN COTTON MANUFACTURES

IN 1849. By A. A. Lawrence, Esq., of Massachusetts.

TII. THE MORTALITY OF BALTIMORE : WITH REFERENCE TO THE PRINCIPLES

OF LIFE INSURANCE. By Professor C. F. M'Cay, of the University of Georgia...... 35

IV. THE PRACTICAL WORKING OF CHEAP POSTAGE, By Joshua LEAVITT, Corre-

sponding Secretary of the Boston Cheap Postage Association.....

V. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES-No. XIX.-THE

CITY OF WORCESTER, MASSACHUSETTS...

VI. BANKRUPTCY-BANKING. A Letter to the Editor, in Reply to an Article in the De-

cember number of the Merchants' Magazine.......

VII. GILBART'S PRACTICAL TREATISE ON BANKING. On the Nature of Banking-The

Utility of Banking-On the General Administration of a Bank....

VW. COMMERCIAL CODE OF SPAIN.—No. XI.-CONCERNING INTERPRETING BRO-

KERS OF SHIPS. Translated from the Spanish by A. Nash, Esq., of New York Bar.. 73

MERCANTILE LAW CASES.

Hight Bills: a Decision in the Fourth District Court, New Orleans.....

Action to Recover Money Loaned : a Decision of the Supreme Court, New York....

Suit to Recover Clothing furnished a Minor: a Case in the Commercial Court, Cincinnati,

Absent Debtor-Insolvent Law of Massachusetts: a Case in Supreme Judicial Court of that

State

COMMERCIAL CHRONICLE AND REVIEW:

EXBRACING A FINANCIAL AND COMMERCIAL REVIEW OF THE UNITED STATES, ETC., ILLUSTRA -

TED WITH TABLES, ETC., AS FOLLOWS:

Increased Abundance in the Money Market-Export of Cotton-Arrival of Gold from California

-Emigration to California- Production of the Mines— Tendency to Speculate-- Increase of

Banking Capital-Ocean Bank of the City of New York Dividends of Free and Chartered

Banks Compared-Dry Goods imported into New York for last six months-Flattering Pros-

pects of the Cotton Market-High rate of Wages—The Cotton Speculation of 1839—Bank of

France, etc...

78-83

VOL. XXII. —NO. I.

2

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74

75

76

COMMERCIAL STATISTICS

Production of Hogs and Beef Cattle in Ohio in 1848 and 1849

84

Foreign Dry Goods Trade of New York in 1849.......

84

Goods withdrawn from Warehouse during the year 1849......

85

Virginia Tobacco Trade : Exports, Stocks, &c.-Coffee Production of Ceylon in 1848-9.

86

Statistics of Licenses, and the Liquor Trade of New York City in 1839..

87

The Coal Trade with London, England, from 1560 to 1848.

87

COMMERCIAL REGULATIONS.

Changes made in the Jamaica Tarifl.........

88

An abstract of the Corporation Laws of Indiana...

89

NAUTICAL INTELLIGENCE.

Discovery of Four Shoals in the Main Channel, Nantucket.-New Light-house on Ardnamarchan. 90

Shoal on the South-east Point of Fort Tinge.---Light-house on the Ostergarns...

91

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

Condition of the Banks of the State of New York on the 22d of September, 1849.

92

United States Treasury Notes Outstanding, December 1, 1849.

93

Of the Uniformity of the Gold Coin of the United States...

93

A Statement of the Debts and Finances of Virginia in 1849.

94

Debt and Finances of Georgia in 1849.....

96

Debt and Finances of South Carolina in 1849.

97

Debt of Indiana in 1849......

98

Oates' Interest Tables........

99

Valuation of the Real and Personal Property of each Ward of New York City in 1849.

101

Merchants' Exchange Bank in the City of New York......

102

Letter to the Editor about a Mutual Bank for Deposit and Discount.

102

The National Bank at Vienna, Austria...

103

State Tax on the Profits of the Banks in Ohio..

103

British Fees in Bankruptcy.--Bullen, the Rich Banker...,

103

RAILROAD, CANAL, AND STEAMBOAT STATISTICS

Statistics of the Central Railroad and Banking Company of Georgia in 1848-9...

104

Railway Speculation and the Stock Exchange in England...

105

Movement of Railroads between Albany and Buffalo for the Winter of 1849-50.

106

Opening and Closing of the New York Canals in each year from 1824 to 1849.

106

Business of the Colunbia and Philadelphia Railroad in 1849.....

107

JOURNAL OP MINING AND MANUFACTURE S.

Manufacture of Cotton Goods at the South: a Letter referring to the Cotton Discussion com-

menced in the November number of this Magazine, from WILLIAM GREGG, of 8. Carolina.... 107

A Letter from General C. T. JAMES, on the same Subject.--Cannel Coal in Virginia...

109

The World's Exhibition of the Produce of Industry in 1851.......

109

An Experiment with Semi-bituminous Coal...

110

Rolling Mills in and near Cincinnati, Ohio...

111

Manufactures of Dayton, Ohio.--The Mining Prospects of England in 1849-50.

112

The Product of the Cliff Mine of Lake Superior in 1849.

Manufacture of Paint from Zine in Newark, New Jersey.

113

MERCANTILE MISCELLANTES.

Bankruptcy in Batavia, Island of Java..

113

In a Good Business.....

114

A Great Business or a Small Business. - Roman Markets..

115

Character for Integrity.--The Electric Telegraph in Prussia..

116

The Morality of Life Insurance.-Commercial Swindling in London..

117

or Purchasing Merchandise Fraudulently Obtained.--The Economy of Eggs, and the Egg Trade. 118

Of Discounts on Merchandise.....

118

Smuggling in Russia.--of the Measurement of Foreign Deals..

119

Singular Cotton Speculation in the Neighborhood of Manchester...

120

Excerpts for Business Men.--Discovery of Ancient Coins in the Isle of Wight.

120

Liverpool Trade with Africa.-Cattle imported into England.....

120

THE BOOK TRADE.

Comprehensive Notices of 38 new Works or new Editions...

121-128

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WHETHER regarded as a necessary of life, or as forming an element in the amelioration of the intercourse of nations, the article of Tea takes the first rank in the history of Commerce.

The production of one countrs, its use has spread over almost every other civilized one, until its name has become a synonyme of the ancient empire where it grows, and suggests to the mind, not so much the healthful

properties of a simple shrub, as the history of the intercourse with China, and of China itself.

No other production of the soil has, in an equal degree, stimulated the intercourse of the most distant portions of the globe ; nor has any other beverage, with equally unalloyed benefit, so commended itself to the palates of the people of the more civilized nations, or become so much a source of comfort, and a means of temperance, healthfulness, and cheerfulness, whilst it may be doubted if any other is equally a restorative and stimulative of the intellectual faculties of man.

The incentive to the industry of many millions in China, it is the direct source of an immense revenue to the British exchequer,* and of much prosperity to the manufacturing and commercial interests of the British empire, and other nations, and whilst its agreeable and healthful properties have diffused comfort and cheerfulness, and promoted temperance amongst the households of the western nations, these, reciprocally, have contributed to the moral influences of this interchange of commerce upon the millions of the populous and farthest East.

But, in tracing the progress of its use, and estimating the mutual benefits that it has conferred, the satisfaction that is derived therefrom is not wholly unalloyed-for, whilst it forms on one side the healthful element of a reciprocal

* The duty upon tea imported into Great Britain, has reached the almost incredible sum of £5,400,000 sterling, or about $25,000,000 per annum.

commerce, we find that it has become, (at a recent period, and mainly indirectly, it is true,) in some degree, the interchange of an article of commerce-opium

-whose effects are widely injurious, thus presenting, to the western nations, the humiliating contrast, of the gift of what is fraught with the worst of evils, with that from which flows unmixed good.

Until the taste for this pernicious drug had spread insidiously over the empire, and the traffic in it had largely increased, China was the recipient of the precious metals from the western nations, in the adjustment of the balance of trade in her favor; but since the expiration of the East India Company's charter, (1834,) the consumption of it has so largely augmented* that, although the exports of Chinese produce have also greatly increased, yet the export of the precious metals, in adjustment of the balance adverse to China, has reached the annual sum of about $10,000,000 ; thus inflicting upon China a two-fold injury, in the demoralization of her people, and the undermining of her pecuniary resources--whose effects are of the most grave moment, as threatening the very integrity of the empire.

As one of the impediments in the way of the prosperity of the tea trade, the consideration of the influences of this immense traffic is in no wise a'digression ; nor can we, consistently, content ourselves with merely an incidental allusion to it, although it is no part of our purpose to discuss the moral question, for we find it greatly prejudicial to the whole legal trade with China.t

It seriously disturbs the financial affairs of the country, thus impairing confidence, and directly depressing the prices of all other articles of importation, whilst, at the same time, raising those of export articles.

These are the direct commercial evils, irrespective of the disturbing political questions that it involves.

The legalization of the trade in the drug would, no doubt, tend to lessen

* The rapid growth and great amount of the opium trade is shown by the following figures and dates :- In the year 1767, the import of opium had reached but 1,000 chests ; in 1816, it was about 3,200 chests; in 1826, about 9,900 chests ; in 1836, about 26,000 chests; in 1845, about 40,000 chests ; in 1848, considerably more. The net revenue to the British Indian government had, in 1845-6, already reached the large sum of £4,766,536 sterling, or about $23,000,000 !

+ A letter of August last, from a house at Shanghae, speaks directly to the point, as quoted below; as does the following evidence of George Moffat, Esq., M. P., before the Select Committee of the House of Commons :-“The value of opium imported into China from India, is very little short, I believe, in the last year, (for which there is no official return,) of £5,000,000 sterling ; for the year 1844, for which there is a return, the value was £4,800,000 sterling, making the balance of trade very much against the Chinese ; hence they demand and obtain a very high price for their tea, which the importers into China of English produce are compelled to take in payment."

EXTRACT FROM A LETTER OF AUGUST LAST, FROM A HOUSE AT SHANGHAE. “We do not know if the same cause operates quite as much here as at Canton; but think there is much truth in an article in the Register,' (newspaper,) attributing the small demand for European (foreign) manufactures to the quantity of drug placed against produce. We expected, here, for instance, a revival of demand, when produce came freely to market, but were disappointed, and attributed it, at the time, mostly to this cause. The country cannot take both goods and drug; and thus the question is, so far as England is concerned, which branch of industry should be encouraged ?

"The East India Company will never give up the drug; and probably the government would not, should the company's charter not be renewed in 1854. It appears to as the difficulty must increase with the increasing quantity of the luxury imported."

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* The expression used by Sir George Larpent, Bart., before the Select Committee of the House of Commons, in 1847.

+ It is now £5,400,000 sterling, per annum; and were not the real necessities of the treasury known, it would seem that the remarkable capability of expansion which has characterized this source of revenue, served but to increase the greediness of a minister careless of the consequences to the comforts of the people, or the trade of the country, for the writer remembers that when the question of the reduction of the duty was agitated some years ago, the minister professed himself satisfied with what he then got from tea, but unwilling to part with any of that, which was but £3,800,000, or about $8,000,000 less than now I

Vide subsequent copies of papers of Mr. Norton, page

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