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STATEMENT OF THE BANK OF KENTUCKY AND BRANCHES. The following statement, under date of July 6, 1863, gives the condition of this bank:
Bills of exchange maturing and past due $1,576,409 13
1,323,186 02 Suspeuded debt in suit, notes and bills.. 460,769 89 126 bonds city of Louisville, 6 per cent, cost 94,750 00 Loan to State of Kentucky.
500,000 00 U.S. stoeks and of other corporations. 464,061 02 Real estate for debt ....
102,982 20 Assets of Schuylkill bank....
$4,634,506 73 Bank balances other than Eastern..
1,357,744 58 Real estate for banking houses..
81,250 97 Cash-gold and silver.....
867,187 52 Notes of other banks and United States legal tender......
770,989 00 On deposit in Eastern banks..
A large proportion of bills of exchange and discounted notes belonging to our Southern and other branches is now past due and not renewed, in consequence, mainly, of the interruption of communication, the war, the occupation of territory by the rebels, and the general embarrassments of debtors who weretraders with the South,
BANKING ASSOCIATIONS ORGANIZED OR ORGANIZING UNDER THE UNITED
STATES BANKING LAW. The following is a list of banking associations organizing under the United States banking law : Names. Capital. President,
Philadelphia . 150,000 0. W. Davis, M. McMichael
Cleveland, O... 100,000 G. Worthington, S, W. Crittenden. Second
Cleveland, O... 600,000 J. Perkins, H. B. Hurlbut. First
Dayton, O. 112,660 S. Gebhart, G. B. Harman. Second
Dayton, O.. 100,000 J. Harshman, D. O. Rench.
Fremont, 0.... 100,000 S. Birchard, N. S. Miller,
H, O. Moss. Carlisle, Pa.... 50,000 S. Hepburn, W. W. Hepburn. Richmond, Ind. 110,000 J. E. Reeves, E. W. Yarington. Iowa City, Iowa 50,000 W. B. Daniells, W. H. Hubbard.
Portsmouth, NH 100,000 W.H. Y. Hackett, H. Lord. Third
Cincinnati, O ..
300,000 A. L. Mowry, F. Goodman. First
Aurora, Ill.... 60,000 J. Van Nortwick, Ira H. Pitch.
THE INCOME TAX.
IMPORTANT DECISION BY THE COMMISSIONER OF INTERNAL REVENUE.
Commissioner LEWIS, of the Internal Revenue Department, has just settled a number of highly important points with reference to the assessment and collection of the income tax. They are embraced in the following, to which the careful attention of all our readers is directed :
The income tax must be assessed and paid in the district in which the assessed person resides. The place where a person votes or is entitled to vote, is deemed his residence. When not a voter, the place where tax on personal property is paid, is held to be the place of residence. In cases of limited partnerships formed with the condition that no dividend or division of profits shall be made until the expiration of the partnership, each memmer of such firm will be required to return his share of profits arising from such business, for the year 1862, as had they so desired, a division of the profits could have been made. Gains or profits realized from the sale of property during the year 1862, which property was purchased before the Excise law went into effect, should be returned as income for the year 1862.
The executors or administrators of the estates of persons who died in the year 1862 should make return of the income thereof for the year 1862. A merchant's return of income should cover the business of the year 1862, excluding previous years. Uncollected accounts must be estimated. Physicians and lawyers should include actual receipts for services rendered in
1862, together with an estimate of unrealized or contingent income due to that year. Dividends and interests payable in 1862 should be returned as income for that year, no matter when declared.
Dividends derived from gas stock are taxable as income. Income derived from coal mines must be returned, although a tax has been previously paid on the coal produced. No deduction can be made because of the diminished value, actual or supposed, of the coal vein or bed by the process of mining. Rent derived from coal mines is income. Premium paid for life insurance shall not be allowed as a deduction in statement of income. Pensions received from the United States Government must be returned with other income subject to taxation. Old debts, formerly considered hopelessly lost, but paid within the time covered by the return of the income, should be included in this statement. Debts considered hopelessly lost on December 14, 1862, and due to the business of the year 1862 may be deducted from the profits of business. If subsequently paid, they must be included in the return for the year in which paid.
In order to give full effect to the proviso to the ninety-first section of the act of July 1st, 1862, respecting the tax on that portion of income derived from United States securities, it is directed that, when income is derived partly from these and partly from other sources, the $600, and other allowances made by law, shall be deducted, as far as possible, from that portion of income derived from other sources, and subject to three per cent tax. No deduction can be allowed from the taxable income of a merchant for compensation paid for the service of a minor son.
A farmer, when making return of the total amount of his farm produce, shall be allowed to deduct therefrom the subsistence of horses, mules, oxen, and cattle used exclusively in the carrying on of said farm. The term "farm produce" is construed to include all productions of a farm of what nature and kind soever.
The account of stock sold by a farmer since December 31st, 1862, should not be included in the present assessment, but the profit realized thereby must be accounted for in his next year's return.
Where he has included in his return produce raised by him and fed in whole or part to stock subsequently sold, he must acouunt for the gain realized by the feeding and selling of said stock. Where he has not included the produce so fed, he must return as profits the differences between the value of said stock on the 31st cf December, 1861, and the amount realized for them. Fertilizers purchased by farmers to maintain their land in present productive condition will be considered as “repairs” in estimating incomes.
Interest should be considered as income only when paid, unless it is collectable and remains unpaid by the consent or agreement of the creditor.
Losses incurred in the prosecution of business are a fair offset to gains derived from business, but not from those portions of income derived from fixed investments, such as bonds, mortgages, rents and the like.
Property used in business and furnishing profits, when destroyed by fire, may be restored at the expense of those profits to the condition when destroyed. If insured, the difference between insurance received and amount expended in restoration will be allowed.
The increased value given to new buildings by permanent improvements will be charged to capital not income.
The contingent fund of manufacturing corporations made up during the year 1862, and not distributed, should not be returned as part of the income of the stockholders.
The undisturbed earnings of a corporation made previous to September 1, 1862, whether the corporation is required to pay dividends or not, should not be considered as the income of the stockholders; nor should the corporation be required to make return of said reserved earnings as trustees, under section ninety-three of the Excise law.
The income of literary, scientific, or other charitable institutions in the hands of trustees or others, is not subject to income tax.
When a person boards and rents a room or rooms, the rent thereof in lieu of house, should be deducted from the amount of income subject to taxation.
Losses sustained in business since December 31, 1862, will not enter into the income assessment for 1862.
Interest on borrowed capital used in business may be deducted from income.
If a planter returns all his farm products, he will be allowed to deduct the actual expense of subsisting and clothing his slaves.
Legates are not required to return their legacies as income. There is a special tax on legacies of personal property in Section 111.
The income tax is assessed upon the actual income of individuals. Firms, as such, will not make returns.
The profits of a manufacturer from business are not exempt from income tax in consequence of his having paid the excise tax imposed by law upon articles manufactured by him.
As Bridge, Express, Telegram, Steam and Ferry Boat Companies of Corporations are not authorized by law to withhold and pay to Government any tax upon interest paid or dividend declared by them, all income of individuals derived from these sources is liable to income tax.
All persons neglecting or refusing to make return of income, except in case of sickness, are brought within the penalties prescribed by 11th section of the act of July 1, 1862, viz. : “ An addition of fifty per cent to the amount ascertained by the Assistant Assessor upon such information as be could obtain, and a penalty of $100 to be recovered for the United States, with costs of suit.”
RAILROAD LANDS GRANTED TO MICHIGAN. The General Land Office has just transmitted to the Governor of Michigan three certified transcripts of approved lists in favor of that State, to aid in the construction of railroads, as authorized by act of Congress, approved June 3, 1856.
1. List embracing 26,428 706 acres, being " sections in place," falling within the six-mile limits of the Bay de Noquet and Marquette Railroad.
2. List for 22,244777 acres, as " indemnity," situated between the six and fifteen-mile limits of said roads.
3. List for 3,168,77 acres.
STATISTICS OF TRADE AND COMMERCE.
COMMERCE OF NEW YORK FOR THE YEAR ENDING JUNE 30, 1863. We take from the Journal of Commerce the following comparative summaries of the commerce of this port. The total imports for June are about the same as for the corresponding month of last year. The following are the comparative figures : FOREIGN IMPORTS AT NEW YORK FOR THE MONTH OF JUNE.
1863. Entered for consumption.....
$1,825,563 $7,278,953 $6,328,581 Entered for warehousing. 3,245,504 3,874,127 5,377,885 Free goods...
2,131,513 1,122,092 780,963 Specie and bullion.
5,387,153 61,023 109,997 Total entered at port....... $12,649,733 $12,336,195 $12,597,426 Withdrawn from warehouse. 1,963,842 5,054,106 3,830,337
It will be seen that the warehousing movement has been reversed as compared with June of last year. Then, nearly $4,000,000 were warehoused, and over $5,000,000 withdrawn; while for the last month over $5,000,000 were warehoused and less than $4,000,000 were withdrawn. The following will show the comparative imports since January 1st: FOREIGN IMPORTS AT NEW YORK FOR THE SIX MONTHS FROM JANUARY 1.
1863. Entered for consumption.... $31,991,257 $46,645,529 $51,378,030 Entered for warehousing.. 28,672,040 23,682,322 31,428,967 Free goods..
17,285,911 14,210,027 7,345,216 Specie and bullion.
25,909,668 512,555 853,768
Total entered at port ...... $103,858,876 $85,050,433 $91,005,981 Withdrawn from warehouse. 19,374,096 24,052,208 20,594,931
The month of June closed the fiscal year, and we now bring forward the relative totals for the last twelve months. The total shows quite a gain upon last year, but it is far short of the old years of prosperity : FOREIGN IMPORTS AT NEW YORK FOR THE FISCAL YEAR ENDING JUNE 30.
1863. Entered for consumption..... $106,706,066 $68,908,508 $109,216,485 Entered for warehousing.... 54,498,323 36,082,510 53,233,076 Free goods......
29,121,710 27,278,034 16,426,814 Specie and bullion.
34,075,161 11,691,300 1,731,490
Total entered at port......
8224,401,260 $143,960,347 $180,607,865 Withdrawn from warehouse. 36,162,363 44,295,371 38,106,477
We make our usual division of the imports to show in what branches of the trade the greatest changes have occurred: