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served by State Banks that may be converted into National Banks, under the 61st section of the Act, as well as by original associations.

If, in their new organizations, they desire to retain, in some way, their former corporate names, it must be done in such manner as will not interfere with the symmetry of the circulation which is to be furnished to them, nor render illegal their acts as National Associations. All who connect themselves with this system have a common interest in making it symmetrical and harmonious, as well as national. The retention by State Banks of their present corporate names, some of them long, and differing from others only in locality, would prevent this, and interfere with the uniformity which it is desirable to maintain in the national circulation.

I know with what tenacity and pride the managers of old and well conducted banks cling to the names which their ability and integrity have done so much to make honorable ; but I would suggest to them that it will be an easy matter for them to transfer to National Institutions the credit which they and their predecessors have given to State Institutions; that it is not the name of a Bank, but the character of the men who conduct its affairs, and the character of its securities, that give to it the confidence of the public.

The Merchants' Bank of Boston will not lose a partiele of credit by becoming the First National Bank of Boston ; on the contrary, its credit will be improved by it. Nor would the stock of the Chemical Bank of New York be a whit the less valuable, nor would its reputation be in the slightest degree lessened, by its becoming the tenth or the fiftieth National Bank of New York.

H. McCULLOCH, Controller.

STATISTICS OF TRADE AND COMMERCE.

BREADSTUFFS-EXPORTS TO GREAT BRITAIN AND IRELAND-CROPS FOR 1863.

It will be seen by the tables which we give below, that there has been a great falling off in the export of breadstuffs the past year compared with the two previous years. Prices, too, have been low..r, so that there is a much greater decrease in the value exported. For i istance, the price of wheat at London, August 19, 1863, was 45s. 11d. p r quarter, or $1 38 per bushel; but at the same time in 1862 it was 57.. 4d., or $1 82 per bushel. The whole amount exported to Europe for the rear from September 1, 1862 to September 1, 1863, is as follows:

Estimated valge in
U. S. currency.

Flour, bbls.
Wheat, bush.

Corn, bush. 1,692,992 25,510,504 109403,313 859,819,110 The coming year still less will be needed in Europe from the United States. The excellent harvests in England and France will supply their wants in a great measure. The latest accounts from Great Britain, however, are not as favorable as those previously received—recent rains having done much injury. Yet our advices are, that the surplus yield of wbeat, contrasted with ordinary years, will be 1,500,000 quarters, and that the weight will exceed the standard weight (usually 61 lbs.) by about 3 or 4 lbs. In view of these facts, and the reports from the Continent, we must of course expectea.great falling off in the demand for our breadstuffs 50

Other ports..

in the coming year, unless some unexpected event should hapen, like, for instance, a war between England, France, and Russia. In that case, the ordinary supply from Russia would be cut off, and we should be called upon to furnish her quota. EXPORT OF BREADSTUFFS TO GREAT BUITAIN AND IRELAND, FROM SEPT. 1st,

1862, TO SEPT. 1st, 1863. From Flour, bbls. Corn meal, bbls. Wheat, bush.

Corn, bush. New York... 1,164,119 1,064 20,471,480 9,836,826 Philadelphia.... 121,927

33 1,134,318

201,368 Baltimore.. 46,553

306,105

270,074 Boston... 46,123

16,088 100,691

1,255,307

10,000 Flour, bbls. Corn meal, bbls. Wheat, bush. Corn, bush. 1862–63.....

1,479,413 1,147 23,167,190 10,334,356 1861-62...

2,672,515 1,124 25,754,709 14,084,168 1860-61..

2,561,661 4,416 25,553,370 11,705,034 1859-60.

717,156

944

4,938,714 2,221,857 1858-59...

106,457

58 439,010 342,013 1857-58.

1,295,430 143 6,555,643 3,317,802 1856-57...

849,600 685 7,479,401 4,746,278 1855-56..

1,641,265 6,816 7,956,406 6,731,161 1854-55...

175,209 4,768 324,427 6,679,138 1853-54.

1,846,920 41,726 6,038,003 6,049,371 1852-53...

1,600,449 100 4,823,519 1,425,278

1,427,442 1,780 2,728,412 1,487,398 1850-51..

1,559,584

5,620

1,496,355 2,205,601 1849-50.

574,757 6,411 461,276 4,753,358 1848–49.

1,137,556 82,900 1,140,194 12,685,260 1847-48.

182,583 108,534 241,300 4,390,226 1846-47.

3,155,845 844,188 4,000,359 17,157,659

1851-52....

Total for 17 years. 22,983,842 1,111,260 123,098,318 110,315,958
TO THE OONTINENT, FROM NEW YORK AND OTHER PORTS.
Flour, bbls. Wheat, bush. Corn, bush.

Rye, bush. 1862–63....

213,579 2,343,314 68,957 435,205 1861-62.

626,672 7,617,472 322,074 1,612,926 1860–61.

142,129 3,452,496 101,145 347,258 1859-60.

49,243 178,031 19,358 1858-59.

51,383

57,845 25,519 1857-58..

303,100 390,428 16,848 13,100 1856-57.

483,344 2,875,653 543,590 216,162 1855–56.

748,408 2,610,079 282,083 1,975,178 1854-55..

7,763

4,972 308,428 35,569

Total for 9 years..

2,625,626 19,530,290 1,688,002 4,635,398 In connection with the above, the following statement of the crops for 1862 and 1863, as returned to and estimated by the agricultural department at Washington, will be found of interest:

The answers returned to the circulars for September, of the Agricultural Departo ment, asking information of the condition of the crops, are given in tenths, above or below the crop of 1862. During the summer the department made an estimate of

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the amount of the crops of 1862. This estimate was based on the census returns of 1860. As the crop of 1859, which was taken by the census, was below the average, and tbat of 1862 much above, allowance was made for this difference, varying in its amount according as the agriculture of each State required. The general per cent increase of each State was added. One fourth of the amount given in the census was struck off from the returns for Missouri and Kentucky on account of the war. Thus calculated, the crops of 1862 were made the basis for estimating those of 1863, according to the tenths, increase or decrease, of each State, as reported by the correspon. dents of the department. The summer crops, wheat, rye, barley, and oats, for 1862 and 1863, were as follows:

Rye.

Barley. Total 1863...busb. 191,068,239 20,798,287 16,760,597 174,858,167 Total 1862.

189,993,500 21,254,956 17,781,464 172,520,997

Wheat.

Oats.

* 1,074,739 +456,669 +1,020,867 *2,327,170 The fall crops of corn, buckwheat, and potatoes, for 1862 and 1863, were as follows:

Corn.
Buckwheat.

Potatoes. Total 1862.....

.. bush. 586,704,474 17,822,995 113,533,118 Total 1863....

449,163,894 17,193,233 97,870,035

Decrease....

137,540,580 1,529,762 15,663,083 The monthly report of the department for September shows that the amount of wbeat and flour exported to all countries for the year ending September 1, 1863, is 40,686,308 bushels, and of corn 11,680,343 bushels. The domestic consumption, then, is as follows: Wheat crop for 1862. bush. 189,993,500) Corn crop for 1862... bush. 586,704,474 Exported ... 40,686,308 Exported ...

11,680,342

Domestic consumption.. 149,307,192 Domestic consumption.. 575,021,132

These exports and domestic consumption exhibit the relative magnitude of the foreign and domestic markets.

The report examines the probable foreign demand for breadstuffs during 1864, and shows that the principal portion of our exports of breadstuffs are purchased in the English markets; that the average annual importations of all grains with Great Britain and Ireland are 94,278,949 American bushels ; but in 1860 the importation was 135,386,434 bushels, and in 1861, 142,529,106 bushels; that it was as great in 1862, but not so large in 1863; that from the present condition of the crops in EngJand, the demand for 1864 would return to the general average, rather than to the great amount since 1860; that the home demand for 1864 would be at least equal to that for 1863, and that the condition of the currency would remain as favorable as it now is; that hence the amounts of wheat and corn for 1864 would be as follows: Wheat crop for 1863. bush. 191,068,239 Corn crop for 1863... bush. 419,163,894 Domestic consumption.... 149,307,192 Domestic consumption...i 576,024,132

Leaving for export..... 41,761,047 Leaving a deficiency of.. 125,860,238 —which must be provided for by greater economy in feeding, and a greater proportional consumption of wheat.

The number of stock hogs is about the same as in 1862, and about five per cent below a general average in condition. These were early turned on the frosted corn.

The buckwheat crop is not as much injured as was generally supposed, because most of it is produced in the States of New York, New Jersey, and Pennsylvania, where the frosts of August 31), and September 18, did not injure the crops materially.

The tobacco crop. of 1863 is larger than that of last year by nearly 50,000,000 lbs., although the frosts in the Western States were very injurious to it. But about onehalf of the crop there had been gathered before the frost of September 18, and seventy-five per cent more ground had been planted than iu 1862.

The hay crop of 1862 is estimated at 21,603,645 tons, that of 1863 at 19.980,482 tons-a decrease of 1,623,163 tons. Its quality is good.

* Increase. + Decrease.

1

VALUATION OF REAL AND PERSONAL PROPERTY OF THE STATE OF NEW YORK.

At a meeting of the Board of Equalization, held at the office of the Secretary of State, on the 230 September, a majority being present, the following resolution, on motion of Controller ROBINSON, was adopted :

Resolved, That the valuation, as now fixed by the Board of Equalization, and hereto annexed, and amounting in the aggregate to the sum of $1,454,454,817, be and the same are hereby adopted, approved, and certified, as the equalized aggregate valuation of the real and personal property of each of the several counties of this state, and that the same duly certified by the chairman and secretary of this board, be deposited in the office of the Controller as the assessed amount upon which the said Controller is to compute the State tax for the year 1863, and that the said equalization, as made upon each separate county, be entered in the book of minutes of the proceedings of this board. Albany

$39,640,693 Onondaga.... $26,676,600 Alleghany. 9,148,321 Ontario..

19,181,263 Broome. 9,021,100 Orange..

26,350,113 Cattaraugus. 8,548,366 Orleans.

10,893,252 Cayuga. 22,292,079 Oswego.

13,032,095 Chautauqua. 14,316,820 Otsego...

12,322,037 Chemung.. 7,210,263 Putnam...

5,457,976 Chenango. 9,812,797 Queens..

21,345,318 Clinton 5,662,707 Rensselaer...

30,153,490 Columbia.. 21,915,177 Richmond

5,694,715 Cortland. 6,237,819 Rockland..

5,966,243 Delaware.. 8,194,252 Saratoga.

12,345,237 Dutchess. 33,871,584 Schenectady

7,305,794 Erie.. 47,086,595 Schoharie.

7,146,713 Essex .... 3,355,377 Schuyler

5,507,289 Franklin... 4,227,845 Seneca .

10,523,440 Fulton.... 4,154,490 St. Lawrence.

15,771,727 Genesee. 15,931,530 Steuben

12,919,912 Greene... 7,759,662 Suffolk..

8,452,188 Ilamilton.. 605,010 Sullivan..

4,760,548 Herkimer.. 10,404,468 Tioga....

6,942,397 Jefferson . 16,458,826 Tompkins

8,715,849 Kings... 98,147,604 Ulster..

14,883,049 Lewis.. 5,391,577 Warren.

2,143,469 Livingston.. 17,041,338 Washington

16,503,401 Madison... 13,380,495 Wayne...

16,036,115 Monroe.. 30,174,825 / Westchester..

41,685,997 Montgomery 9,659,631 Wyoming..

9,729,568 New York.. 547,416,030 Yates..

8,503,276 Niagara..

15,285,475 Oneida.. 24,709,962

$1,454,454,817 State of New York, ss : We do hereby certify the foregoing to be a correct transcript of the original resolution this day adopted by the Board of Equalization.

D. R. Floyd Jones, Lt. Gov. and Pres. of Board. EBENEZER BLAKELY, Secretary.

Τ THE

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

CONTENTS OF No, V., VOL. XLIX.

VOLUME XLIX.

NOVEMBER, 1 8 6 3.

NUMBER V.

PAGZ

ART.
I. LIABILITY OF THE GOVERNMENT OF GREAT BRITAIN FOR THE DEP.

REDATIONS OF REBEL PRIVATEERS ON THE COMMERCE OF THE UNI-
TED STATES, CONSIDERED, BY CHARLES P. KIRKLAND.....

329 II. TEXTILE FABRICS. FLAX, HEMP, WOOL, SILK, AND COTTON...

355 III. BOOK-KEEPING; WHAT A CLERK SHOULD BE................. ....

362 IV. RUSSIA-POPULATION OF MOSCOW, FINANCES, Eto....... V. THE SUEZ CANAL. WHAT HAS BEEN DONE AND WHAT REMAINS TO BE DONE.. 367 VI. COMMERCIAL LAW. No.7. NEGOTIABLE PAPER; OR, Notes or HAND AND BILLS OF EXCHANGE........

370 VII. COMMERCIAL CHRONICLE AND REVIEW..

382

....... 865

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

United States Banks vs. State Banks..

389 National Banks up to October 14, 1863..

889 The $50,000,000 Loan to Government...

391 Semi-annual Bank Dividends of Boston...

391 Bank of France vs. Bank of Savoy..

392 City Bank Returns....

395 European Finances-Bank of England Returns...

397 Returns of the Canada Banks.......

400 Official Letter of Controller McCullough-Answers of the Controller of the Currenoy to Questions in Relation to the National Currency Act.........

401

STATISTICS OF TRADE AND COMMERCE.

Breadstuffs-Exports to Great Britain and Irelan-Crops in U. S. for 1863.....

404

Valuation of Real and Personal Property of the State of New York......

407

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