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chandises,” within the statute, in this country, and an agreement for their purchase and sale must here be in writing, although it is held otherwise in England.
We think that a contract for an article not now the seller's, or not existing, and wbich must refore be bought or manufactu
before it can be delivered, will also be within the statute, and must be in writing, if the article may be procured by the selier by purchase from any one, or manufactured by himself at his choice, the bargain being, in substance as well as form, only that the seller shall, on a certain day, deliver certain articles to the buyer for a certain price. But if the bargain be rather that the one party sball make a certain article, and deliver it to the other party, who shall thereupon pay him for his materials, skill, and labor, this is not a contract of or for sale, but an agreement to hire and pay for work and labor, or to employ that party in a certain way; and it is not within the Statute of Frauds, as a contract for the sale of goods, wares, or mer. chandises.
The operation of the statute in the clauses we have considered, is not to avoid the contract, but only to inhibit and prevent actions from being brought upon it. In all other respects, it is valid. Thus, if A says, " In consideration of a promise from B to C to work for him two years, I will do so and so," and, when called up to do what he promised, says his promise was void, because B's promise to C was within the Statute of Frauds, and was not in writing, and was therefore void—the answer is, that B's promise is not void, but is perfectly good as a consideration for A's promise, although no action can be maintained on B's promise.
It may be further remarked, that the operation of the statute has been always limited to such contracts as bave not been executed in any substantial part, and therefore remain wholly executory. For if they have been executed substantially in good part, they are binding, although only oral.
In Massachusetts, the Statute of Frauds also provides (3d section) that no action shall be brought to charge any person upon, or by reason of, any representation or assurance made concerning the character, conduct, credit, ability, trade, or dealings of any other person, unless it be made in writing, and signed by the party to be charged. And there are provisions substantially similar to this in the statutes of Maine and Vermont.
The “ £10" mentioned in the first section, is from thirty to fifty dollars in different States.
DISCOVERY OF NEW AND VERY RICH GOLD MINES. By telegraph under date of August 15th, accounts come via Los Angelos, of the discovery of a very rich and extensive gold mining region in the San Francisco Mountains, lying east of the Colorado river. The La Paz and other recently formed mining companies on the Colorado have been deserted for new mines. The latter are described as a new California.
CHINA TRADE POR 18 6 2.
We take the following excellent review of the China Trade for 1862, from advance sheets of the New York Chamber of Commerce Report. It was prepared by the leading East India house in this city :
At the end of 1861 the stock of tea in importers hands in this market was as follows:
Apparent consumption in 1862..... 11,490,772 13,591,745 367,745 25,449,262
1861..... 10,394,476 19,142,128 473,418 30,010,022 1860..... 16,298,440 13,548,659 315,306 30,162,335
These figures show a decrease in consumption from the previous year of 4,560,760 lbs., and about the same difference as compared with 1860. The range of prices for 1862, with those of December, 1860 and 1861, are given in the table below:
80 a 60 25 a 43 16 a 23
We add thereto the following statement, showing the average advance on the various descriptions of tea during the year 1862 over the average prices of 1861; also, the average prices for the month of December, 1861 and 1862. A comparison of these figures proves how large the fluctuations bave been during the periods named:
AVERAGE MARKET PRICE FOR TEAS DURING TIE YEARS 1861 AND 1862.
59c. 90c. 31c. Young Hyson
69 88 29 Hyson Skin and Twankay.
48 68 20 Gunpowder and Imperial.
62 96 34 Oolong......
24 Souchong and Congou..
52 16 Ankoi........
22 43 21 Japan, uncolored..
54 72 18
AVERAGE MARKET PRICE FOR TEAS IN THE MONTH OF DEO., 1861, AND DEC., 1862.
84c. 92c. 8c. Young Hyson..
3 Hyson Skin and Twankay.
5 Gunpowder and Imperial..
82 101 19 Oolong...
67 78 11 Souchong and Congou.
6 Japans, uncolored..
60 75 16
In the above tables we give the range of prices for all qualities of each kind of tea, instead of confining ourselves to the cargo grade, as was the case in our last report.
The great and rapid increase in the value of tea during the first of these periods has already in our previous issue, been traced to its principal cause, that of the duty of 15 cents per pound imposed by Congress on all descriptions of tea, and which was raised to 20 cents per pound' by the act approved 24th December, 1861. Subsequently the apprehension that this rate of duty might be further augmented, produced a speculative feeling in the market, and the season of 1862 opened with an active business. There appeared, however, as time went on, no disposition on the part of Congress to add to the duty already fixed by law, yet such influence as the prospect of a permanent tariff may have exercised over the minds of buyers was lost sight of in the more important circumstance of a change in the value of our currency, which at this period began to manifest itself.
Early in January gold was at a premium of four per cent, and the rate of sterling exchange 114 to 115 per cent; simultaneously the value of merchandise generally was enhanced, and as a rule it has followed the course of gold, only maintaining comparative steadiness during the more violent fluctuations of this inetal. With respect to Green tea it may, however, be noted, that the question of supply has had its bearing on the market. Certain causes were assigned in our last report for the deficiency that then preVailed, and these causes have continued to operate in checking, to a considerable degree, the export of Green teas from China. The difficulties of transit, and the destruction of produce consequent upon the rebellion, together with the generally reported short crop, all have combined to put our markets, from time to time, in an excited condition, and to cause extreme prices to be paid for certain qualities, such as have not, we believe, been known before since tea became free of duty. Hyson and Young Hyson brought $1 10; Hyson Skin and Twankay, 85 cents; and Gunpowder and Imperial, $1 20.
The Black tea trade presents no new or remarkable feature. The closing
prices of the year exceed those of December, 1861, only by the difference in exchange, and the stock is largely in excess of that period.
Japan sorts have been dealt in to a considerable extent. The taste for them is on the increase, but from their high cost they have not taken the place of the China Greens so largely as had been anticipated. The characteristics of this tea are a close resemblance to the finest Green tea of China, styled Mogune, from which, however, it differs in one essential particular, that it is free from coloring matter, and although not deficient in strength, it possesses great delicacy and softness of flavor.
The “Benefactor ” brought the first Japan teas that came direct to this port. She sailed from Yokohama in October, 1862, but the time of her arrival excludes ber cargo from our annual estimates.
The offerings at auction of sound teas, in 1862, were very small, compared with previous years, reaching in all but four sales; and from these portions of the catalogues were withdrawn, notwithstanding that the prices bid were fully up to those obtained at private sale. This diminution of public sales is owing in a considerable degree to high rates, accompanied by a strong speculative feeling, together with a growing indisposition on the part of jobbers to carry heavy stocks. The sales of damaged or stained teas were unusually large and at good prices. In many instances sound value was realized. As near an estimate as we can procure would show the following aggregate : Black..
.packages 23,395 Green...
14,841 Japan. Total packages......
38,537 Raw Silk has only slightly fallen off in quantity from the year just preceding, but compared with previous years the decrease is large. The importation was in 1858,...
5,675 cases and bales.
2,370 The latter consisted of Taysaam, from China direct
39,270 lbs. Canton, re-reeled
31,200 Japan, direct from China..
88 bales, 8,000 Tsatlees and Taysaams, from London, entered as 769 packages, containing.....
1,284 bales, 136,540 Total......
2,370 packages 216,010 lbs. Valued here, including cost, charges and exchange, at $1,032,000. From this it will be seen that more than half of the receipts came viz England, in spite of the duty of ten per cent. This is attributable to the small supply received direct, and to the moderate prices in the London market, enabling shipments to be made with good chance of profit even at increased cost. Importation through the same channel is likely to continue, inasmuch as the discriminating duty of ten per cent has been removed for two years, from the 3d March, 1863, so that now raw silk, the product of countries beyond the Cape of Good Hope, is exempt from duty when im:
ported from places this side of the Cape. Under this change of the tariff continuous supplies of silk may be expected from England whenever cur market shall offer inducement.
The following table shows the prices for the year:
Jan. 1, 1862 June 30, 1862 Sept. 30, 1860. Dec. 31, 1862. Teatlees. $5 50 a $6 00 $6 50 a $6 00
$7 25 a $8 00 Taysaams
4 00 & 560 4 60 a 6 60 $600 a $7 00 625 a 769 Canton, re-reeled 4 75 a 500 500 a 550 6 60 a 6 00 6 60 a 6.76 Japan.... 4 25 a 560 4 75 a 6 25
8 00 a 900 These prices have risen still higher as we write ; but it must be borne in mind that the advance is only sympathetic with the rate of exchange on England.
The expectations formed of Japan silk have been fully realized, its quality answering the purpose of manufactures, on the average, equally as well as the Chinese, and, for some objects surpassing it. It has more body and evenness of thread than the Chinese article, and approaches very nearly the European raw silks. Indeed, those descriptions of Japan silk, styled Maybash and Eda, are held to be superior to some of the Italian, and bring, accordingly, higher prices in the London market. In short, the general quality of the Japan product is available for all the purposes at present known to this branch of industry in the United States.
Manufacturers have done a good business during the past year, and have participated in the general rise of merchandise consequent upon the condition of our currency. Their product has been, chiefly, sewings and twist; but considerable attention has been given to weaving ribbons and piece goods—the former, on quite an increased scale; the latter, more restricted, owing to the high cost of the raw material. Nevertheless, weavers are now turning out Foulard silks in great perfection, and preparations are being made for a more extensive production of Pongees and dress goods, when raw silk shall have fallen sufficiently below its present value to promise larger remuneration to the manufacturer than that which could fairly be expected under prevailing conditions. In addition to these uses, silk is being largely mixed with worsted for clothing purposes.
Silk Piece Goods.—The extensive trade in this description of goods, that was carried on in former years, has dwindled to iosignificant proportions, as will be seen by consulting the following table. The decline is attributable, in the first instance, to the large stock that had accumulated in the market, inflicting severe loss on the importer, and naturally forbidding further importation-subsequently to the competition of French and Eng lish Foulards, which grew formidable, and finally to the home manufacture of this article proving successful beyond the expectations of dealersThrough these various causes may be traced the striking contrast exhibited below:
Sen. tines. Damask. chans. Pieces. Pieces. Pieces.
Nankin Importation of Silk Pongees, Pongees. Goods, from
Pieces. Pieces. Jan. 1858, to June, 1859, 32,710 29,650
1859, to 1860, 60,012 28,005
100 600 775
450 600 100