excites much caution among the brokers and bankers, although the stagnation in general business has induced numbers of people to seek profit in the rise in stocks. The eighteen leading railroad stocks dealt in in the New York market have an aggregate capital of $127,000,000. That capital, at the market prices of February 1, 1862, was $70,000,000, and is now $125,000,000, an advance of $55,000,000, or 80 per cent, while gold advanced 60 per cent. This fact shows the current of speculation. One-fifth of the capital named is New York Central, and it advanced in value $10,000,000, or 50 per cent; but, as measured in gold, its value is now less than last year. This is the case with some other stocks, where the dividends, paid in paper, disappoint the foreign holders. The enhanced value of the stocks, in paper money, has caused a great rise in the apparent loans and deposits of the banks, as well as in the sum of the week's clearings, as will be apparent on inspecting the table of bank returns on another page. It is no doubt the case that stocks continue to come from abroad for realization, and that to remit their proceeds with the least possible expense is a matter of inquiry. Most descriptions of produce have been sought for for that purpose, but the result is not always as favorable as to remit in gold, since the price of commodities quoted in paper disguise the cost of shipment in a manner that results in loss. This is the case with the California trade, where the currency in the market of sale remains in gold, and government paper fluctuates at a discount of 40 @ 45 per cent. It results that when produce, bought here in paper prices, reaches there, to be paid for in specie prices, after the freights are settled for in paper, that loss is often sustained, and with a diminished business less gold is due to the Atlantic States. On the other hand, the inducements to ship gold direct to London are greater. In fact, since the seizure of the Ariel, and the increased charge for war risks, most of the gold has been sent direct to England from California. The bills against such shipments can be sold in this market less than if the gold comes here. Thus, to ship gold to New York, costs freight and primage, 1.575 per cent, paid in gold; marine insurance, 1.500 per cent, war risks, 3.000 per cent, together 4.500 in currency, or allowing for return premiums 3 per cent, making, with freight and primage, 4.575 per cent. To ship direct to London costs 2 per cent freight, 14 insurance, or 34 per cent, making 1.325 per cent in favor of the direct shipment. But if the gold is shipped from New York to London, the difference will be raised to 24 per cent. To send gold to Paris is about 4 cents per ounce better than to send it to London, because the French refiners allow that amount for the copper parted. The cost of bills based on gold from New York is constantly increasing. Thus, if $10,000 in gold bought at par will give a bill at 9 per cent, or $4 86 the £, then gold bars at 58 premium, with 1 per cent on the amount for shipping charges, will require 75 per cent, per £. The rate of bills have been as follows:

The fluctuation in these figures is very serious to all interests, as well the banks and importers as the shippers of produce. The price of gold, January 1st, was 133, and on the 31st, 160-the highest point. The price rose steadily until the rumors as to the intention of the Senate caused a fall to 52, followed by a sudden reaction to 64. The price of bills followed the rise in gold, but with extreme caution on the part of drawers, who could name no rates until they had covered themselves with gold or commercial bills. On the 31st the rates reached 177, or $7 85 per £. February 2d, on the fall of gold, sales were made at 169, or $750 per £ for the Arabia, which carried $286,000 in gold. Subsequently the rates rose with the reaction in gold, and in the last week there were rumors that the Supreme Court of New York, in the case of Judge ROSEVELT, had decided against the constitutionality of "greenbacks" as a legal tender. The demand from importers is good for bills, since they seek to cover invoices on the arrival of the merchandise. The pecie movement is as follows:

In the last week there was an increase in the gold demand, growing out of fears in relation to foreign action, caused by the reply of Mr. SewARD to the French minister in relation to mediation. This outward current of specie does not embrace the shipments from Boston nor the quantities that go to Canada. Every new fall in the value of the paper currency gave a new impulse to the outward current of the metals, while the amount of gold in the banks with difficulty sustained itself, notwithstanding the disposition in many quarters to hold gold rather than other articles against the falling value of paper. The attempt to tax bank capital in order to drive in the circulation of banks, under the impression that it will leave more room for government paper, induced the banks to call in their circulation to some extent, as will be seen in the bank tables elsewhere. The banks are, however, exposed to another danger, since, under the impression that the validity of the legal tender character of the government notes cannot be sustained, there has been a disposition to hold the city bank notes for ultimate payment in specie under the State laws. The city banks indeed report nearly five times as much specie on hand as circulation outstanding, but a large portion of this specie does not belong to the banks. New York city bank notes were 103 @ 104, and many of the banks exchanged the notes they had on hand of other institutions for their own thus held by others, effecting a great reduction. The speculative action in stocks did not reach the government securities, notwithstanding that the interest on them is payable in gold. The rates were as follows:

The operation of the paper currency seems so have the effect of encouraging imports and discouraging exports, and at the same time of bringing all business more upon a cash basis. As the banker cannot give time upon his bill where the cost of covering it varies so rapidly, so neither can the importer give credit upon goods, the cost of importing which, as in January, may vary 40 @ 50 per cen: per month. To sell goods on time for money which suffers such an enormous change in value, is simply to gamble. Nevertheless, that the prices of goods do rise so as to cover the cost of importation, is proved in the continued increase in the imports. Those for November were $10,300,000; for December, $13,072,000, and for January, $15,739,000, as follows:

January..

January, 1862..

IMPORTS, PORT OF NEW YORK.

Specie. $101,906

--Entered for

Free goods. Consumption. Warehouse. Total. $2,413.649 $8,741,227 84,452,794 $15,739,676 163,658 2,552,050 6,763.396 3,141,725 12,620,897 The duties paid in the month of January were $4,127,906, an average of 35.51 per cent. Last year the average was 30 per cent, and in 1861, 19 per cent. If, however, we add to the average duty the cost of specie and of exchange for the first and last week of January, the difference will be as follows, per $1,000: First week, duty $350; specie for duty, $117; cost of exchange over par, $335-total, $822, or 82 per cent. In the last week the duty was $350; specie for duty, $210; cost of bill over par, $60-together, $1,160, or 116 per cent, an increase of 34 per cent in cost of importations. The cost is fixed on the arrival of the goods by the immediate purchase of the custom notes and exchange. This works well while the currency is depreciating, but not so well if by any means it should appreciate. The exports of the port have been as follows:

January...

EXPORTS, PORT OF NEW YORK,

Specie.
$4,624,574

-Foreign.

Domestic.

Free. Dutiable.
$73,111 $668,275 $14 829,398
2,658,274 27,193
12,053,477

147,393

Total. $19,695,351

14,888,437

January, 1862.. The exports of domestic produce are apparently $2,700,000 more than last year; but the amount to be realized from it is really but $9,886,000, or $2,100,000 less than last year. It follows that, instead of a balance due the country, the amount is largely the other way, including the specie shipments. The depreciation of the currency gives rise to other complications. Thus, the bark Mary Edson, at Leghorn, from New York, was detained at that port in consequence of being unable to collect her freight money, except at the rate of francs 3.90 to the dollar, that being the amount that the house to which the vessel was consigned claims to be the equivalent of a dollar in American currency. On such a construction the loss would be serious to the vessel.

STATISTICS OF TRADE AND COMMERCE.

SUGAR TRADE OF THE UNITED STATES FOR 1862.

THE following table shows the quantities of sugar consumed in the United States, the quantity per head of the consumers, and the average prices in New York in 1831, 1841, and from 1851 to 1862:

The great fluctuation in the sugar market, caused by the failures of the Louisiana sugar crop in 1857, can be traced by this table. The sugar crop in that State in 1853 was very large, and as a consequence, aided by financial pressure, the price fell very low, encouraging consumption while it discouraged planters. In the following year a great decrease was manifest in the crops. Many of the planters had turned their attention to other crops, particularly cotton, which was more sure. The number of sugar houses was reduced from 1,481 in 1852, to 1,299 in 1855, and the reduction was progressive. As a consequence, there was a larger dependence upon the foreign sugar, and this increased American demand happened at a time when a disease broke out among the French vines, causing a demand for sugar for distilation, and the price rose all over the world, when in 1857 the Louisiana crop failed almost altogether. This was a fruitful cause of the financial revulsion in that year. The alarming state of affairs attracted the attention of Congress, which fitted out a vessel to procure fresh supplies of cuttings from Bahia, British Guiana, and for free distribution among the planters. The high price of sugar drew large quantities hither from countries not before known as sugar exporters, and a new article called melado, which has continued to form a portion of the sugar supply, made its appearance.

It will be seen that the consumption during 1862 was greater than in any previous year, notwithstanding the price was higher. In Cuba raw sugar has been during the year about 44 cents per pound, and the difference between that and New York prices is caused by the duty and the

premium on gold. For instance, to get the actual cost to us, take raw sugar in Cuba at 4 cents, and add to it the duty which is 2 cents, mak ing 7 cents; but the duty must be paid in gold, which, at 33 per cent premium, (a point near which it has been a large part of the year,) would add one-third to the duty, or make the cost of the sugar with duty paid 73 cents. Exchange with which the 4 cents at Cuba had to be paid was 147, while gold was 33, which increased the cost to us 14 cents, making 9 cents per pound the actual cost (without freight) of the raw sugar, while gold was at 33. Now that gold is between 50 and 60, of course the cost has proportionally increased.

The following tables, which we have prepared from MORING'S Monthly Circular, show the imports, exports, consumption, and stocks of sugar during the past two years:

IMPORTS OF FOREIGN Sugar at all PORTS, (ATLANTIC COAST,) CONSUMP

Of course in the above tables no account is made of the quantity of