The coasting tonnage of the United Kingdom has likewise increased greatly, notwithstanding the severe competition of the inland railway carrying trade, as is shown by the accompanying figures of the tonnage of British and foreign vessels engaged with cargoes in the coasting trade of the United Kingdom :— The tonnage of vessels built and registered in the United Kingdom in the years 1842, 1853, and 1862 was:- In addition to the above, the following amount of foreign tonnage was registered in the United Kingdom:- The total registered tonnage of the United Kingdom (exclusive of the Channel Islands and Isle of Man) was in the same years :- 1842.... 1862. Tons 2,990,819 The revenue produced by the customs has been well sustained, notwithstanding the great reductions effected in our tariff since 1842. In that year almost every article imported was liable to a customs duty, and the list of tariff denominations amounted to many hundreds, whilst at present about twelve leading articles alone are taxed on importation. The gross customs' revenue amounted in the following years to :— 1842... 1853. 1863-64. £22,771,315 22,506,443 23,232,000 During the same interval the excess of reduction of customs' duties above the amount imposed was :— 1843-53..... £10,166,749 Thus during the whole interval the customs' duties have been reduced by £14,624,915, whilst the revenue produced, instead of being diminished, exhibits an annual increase of £460,685. The gross amount of the duties of excise in the years 1842, 1853, and 1863 were: Excess of excise duty repealed...... £1,260,000 During the whole period, therefore, the actual increase of the excise revenue was £3,590,917, or upwards of 244 per cent. The total net receipts of revenue of the United Kingdom during the three years were as follows: 1842. 1853... 1863-64.. £52,763,147 58,962,513 70,721,892 The gross revenue had, therefore, increased during the aggregate period from 1842 to 1863-64, £17,958,745, or 34 per cent., and that this increase was not due to augmented taxation is made evident by the following statement: Excess of amount of taxation repealed over the amount imposed during the periods 1842-53 and 1854-63: 1842-53.... 1854-63.. Excess of diminution.... £7,175,986 4,407,966 .£11,583,952 or upwards of 20 per cent. of the taxes existing in 1842. The expenditure of Great Britain, which amounted in 1842 to £55,223,874, was in 1853 £55,769,252, and in 1863-64 £67,856,286. In 1842 the amounts of the unredeemed funded and of the unfunded debt were respectively: In consequence of the actual or approaching termination of various annuities the amount of the debt has been considerably lessened. The estimated capital value of these annuities has not been computed previously to 1855. Since that date, however, they stand as follows:- 1854-55.... £26,763,244 17,757,183 Difference.... ..£9,006,061 The whole amount of the debt stands at present, therefore, almost the same as in 1853, whilst the actual funded and unfunded debt is now less than it was in 1842. COMMERCIAL CHRONICLE AND REVIEW. EFFECT OF ELECTION-WANTS OF TREASURY-EXPENSES OF GOVERNMENT-GOLD STOCK-PRICES GOVERNMENT STOCK-CIRCULATION INCREASING-CONSUMPTION OF FOREIGN GOODS AND INCREASED COST OF SAME-SPECIE AND PRICE OF GOLD-SPECIE IN THE CITY-DUTIES DECREASED-GOLD HELD BY BANKS DECREASED EXPORTS OF SPECIE-RATES OF EXCHANGE. THE general elections, which took place the 8th of this month, under circumstances of extraordinary interest, has to some extent interfered with the course of business. The supposition that the event of the election might work a change in the management of the war checked all disposition to do business and induced most persons to put off enterprises that would otherwise have been prosecuted. Some imagined that more definite steps towards peace would, after election, be taken, and, for this reason, an appreciation of the government money would manifest itself in a fall of gold and prices; consequently, buyers refrained from acting and holders from selling. Gold did indeed fall heavily from 256 to 210, and as rapidly rose to 260 on the day preceding the election, but again fell off under various influences at work. These fluctuations in gold continued to check business, and the uncertainty as to the future operations of the Treasury had a depressing effect. The amount of money to be raised is very large, and the mode of doing it will have a great influence upon the course of business. There seems to be three general modes of proceeding. One is to tax for a large proportion of the required sum; another is, to raise a large proportion by issues of gold stock; another, by issuing paper and stock with interest payable in paper. It is obvious that, ultimately, if specie payments are ever resumed, all the interest on the public debt must be paid in gold, hence, paper interest and paper issues are a costly expedient which will make the ultimate burden greater by uselessly swelling the amount. The past year, the expenses of the government were as follows: The internal taxes now yield nearly $200,000,000, but the customs have greatly declined. The taxes cannot be greatly increased by legislation now, so as to be available this year. There is, therefore, a certainty that a large amount must be borrowed. The most economical way is to borrow the whole on a gold stock, at the market value, and require all prices to adjust themselves to that standard. This would, of course, have a very depressing effect on all business, and is not a course likely to be popular. Nevertheless, it appears to be the only safe course for the administration to pursue. On the 1st December the Treasury sold $25,000,000 of 5-20 gold interest stock at 105 privately. The market price being 1064. The impression which gained ground, to the effect that no more gold stocks would be issued, imparted greater firmness to the government stocks, which were quoted as follows: The rise in the 7.30 grew out of the claim of the holders that the notes were receivable, under the law, for customs, and suit was brought in the United States courts to test that right. Should it be decided in favor of the holders, the notes would be worth 220. The change caused the rise to 124 at one time. Money has become exceedingly plenty during the month. The sums paid out to the army return in the way of trade, swelling the deposits in the banks, but there was little business demand for it. The amount of greenbacks now out is about $150,000,000. The National bank notes have increased their circulation to $64,000,000, and progress at the rate of $2,000.000 per week, as is noticed under the banking head. The tendency is now to fill up rapidly the $300,000,000 of bank capital authorized by the existing law. These notes issued by the National banks are redeemable in the "greenbacks," which are at present of a value of 40 cents per dollar in specie. As the emission of National notes goes on, the whole circulation of bank notes and greenbacks will approach the fixed amount of $700,000,000 of paper currency. There are also outstanding $61,000,000 of 5 per cent. legal tender, on which the coupons are paid December 1, and, being cut off the notes, become currency and will be used as such until the interest again accumulates, causing them to be hoarded. There are also $150,000,000 of notes, legal tender for the face, with interest compoun led every six months for three years. This mass of currency approaches $1,000,000,000, and, if paper stocks are issued, must be increased to float them. Consumption of foreign goods has been stopped in great measure by the rise in price. What in the aggregate is the extent of this rise may be seen from the following estimate. The customs receipts for the whole Union in the past year were, quarterly, as follows: This currency value is according to the average price of gold each week in New York, when the duties were paid. Ina. math as the currency value of the duties is added to the cost of the goods imported, that value represents what the consumers of goods pay. The whole amount of dutiable goods imported in 1864 |