"Our imports during the last fiscal year, as compared with the previous year, were as follows: Merchandise Gold The Secretary of the Treasury, in his annual report to Congress in 26,691,696 16,550,627" REVENUE, ACTUAL AND ESTIMATED, FOR THE FISCAL YEAR 1886-87. EXPENDITURE, ACTUAL AND ESTIMATED, FOR THE SAME PERIOD. The following table shows the changes in the interest-bearing debt during the year ended October 31, 1886 : The reduction in the annual interest | during the year ended October 31, charge, by reason of the changes made 1886, was as follows: On bonds redeemed, or which had ceased to bear interest Net reduction $3,220,254 270 $3,219,984 BUREAU OF NAVIGATION. In 1884 a Bureau of Navigation | was constituted in the Treasury Department of the United States, under the immediate charge of a Commissioner of Navigation. This commissioner, under the direction of the Secretary of the Treasury, has general superintendence of the commercial marine and merchant seamen of the United States, so far as vessels and seamen were not, under existing laws, subject to the supervision of any other officer of the Government. He is specially charged with the decision of all questions relating to the issue of registers, enrolments, and licences of vessels, and to the filing and preserving of these documents. He is charged with the supervision of the laws relating to the admeasurement of vessels, and the assigning of signal letters thereto, and of designating their official number; and on all questions of interpretation growing out of the execution of the laws relating to these subjects, and relating to the collection of tonnage-tax, and to the refund of such tax when collected erroneously or illegally, his decision is final. He annually pre-salary of $4000 per annum. pares and publishes a list of vessels of the United States belonging to the commercial marine, specifying the official number, signal letters, names, rig, tonnage, home-port, and place and date of building of every vessel, distinguishing in such list sailingvessels from such as may be propelled by steam or other motive power. He also reports annually to the Secretary of the Treasury the increase of vessels of the United States, by building or otherwise, specifying their number, rig, and motive power. He also investigates the operations of the laws relative to navigation, and annually reports to the Secretary of the Treasury such particulars as may in his judgment admit of improvement or may require amendment. He is empowered, under the direction of the Secretary of the Treasury, to change the names of vessels of the United States, under such restrictions as are prescribed by Act of Congress. The Commissioner of Navigation is appointed by the President of the United States, with the advice and consent of the Senate, and receives a COMMERCE AND NAVIGATION. Vessels registered pursuant to law, and no others, except such as are duly qualified according to law for carrying on the existing trade and fisheries, or one of them, are deemed vessels of the United States, and entitled to the benefits and privileges appertaining to such vessels; but they do not enjoy the same longer than they continue to be wholly owned by citizens, and to be commanded by a citizen of the United States. Officers of vessels of the United States are in all cases to be citizens of the United States. Vessels built within the United States, and belonging wholly to citizens thereof, and vessels captured in war by citizens and lawfully condemned as prize, or adjudged to be forfeited for a breach of the laws of the United States, being wholly owned by citizens and no others, may be registered as directed by the laws concerning commerce and navigation. No vessel is entitled to be registered, or if registered, to the benefits of registry, if owned in whole or in part by any citizen of the United States who usually resides in a foreign country, during the continuance of such residence, unless he be a consul of the United States, or an agent for and a partner in some house of trade or copartnership consisting of citizens of the United States actually carrying on trade within the United States. No vessel is entitled to be registered as a vessel of the United States, or, if registered, to the benefits of registry, if owned in whole or in part by any person naturalised in the United States, and residing for more than one year in the country from which he originated, or for more than two years in any foreign country, unless such person be a consul or other public agent of the United States. But this does not prevent the registering anew of any vessel before registered, in case of a sale thereof in good faith to any citizen resident in the United States, satisfactory proof of the citizenship of the purchaser being exhibited to the collector before a new register is granted for such vessel. The Secretary of the Treasury may issue a register or enrolment for any vessel built in a foreign country, whenever such vessel is wrecked in the United States and is purchased and repaired by a citizen of the United States, if it be proved to the satisfaction of the Secretary that the repairs put upon such vessel are equal to three-fourths of the cost of the .vessel when so repaired. Registers for vessels owned by any incorporated company are issued in the name of the president or secretary of such company, and the register is not vacated or affected by sales of any shares of stock in such company; and upon the death, removal, or resignation of the president or secretary, a new register is taken out for the vessel. Every vessel, except as specially provided for, is registered by the collector of that collection district which includes the port to which the vessel belongs at the time of her registry, which is deemed to be that at or nearest to which the owner, or, if there be more than one, the husband or acting and managing owner of the vessel, usually resides. Previous to the registry of any vessel, the husband or acting and managing owner, together with the master thereof, and one or more sureties to the satisfaction of the collector of the district, whose duty it is to make such registry, give bond to the United States, if such vessels be of burden not exceeding 50 tons, in $400; if of burden above 50 tons and not exceeding 100 tons, in $800; if over 100 tons and not over 200 tons, $1200; if over 200 tons and not over 300 tons, $1600; if over 300 tons, $2000. The conditions of this bond are that the certificate of registry shall be solely used for the vessel for which it was granted, and shall not be sold, lent, or otherwise disposed of to any person whomsoever; and that if the vessel be lost or taken by an enemy, burned or broken up, or otherwise prevented from returning to the port, or it become wholly or partly owned by a foreigner, the certificate shall, if preserved, be duly delivered up to the collector of the port of registry. Whenever a citizen purchases or becomes owner of any vessel entitled to be registered, such vessel, being within any district other than the one in which he usually resides, is entitled to be registered by the collector of the district where she may be at the time of his becoming her owner. If a registered vessel is sold or transferred in whole or in part by way of trust, confidence, or otherwise to an alien, and such sale or transfer be not duly made known, the vessel, together with her tackle, apparel, and furniture, is forfeited; but the share of a citizen, wholly ignorant of the sale or trans fer to such alien, is not subject to forfeiture. There are other provisions aimed against aliens owning any interest in registered vessels. The collector of each district progressively numbers the certificates of registry granted by him, beginning anew at the commencement of each year, and enters an exact copy of each certificate in a book kept for that purpose; and once in three months transmits to the Register of the Treasury copies of all certificates granted by him, including the number of each. The Secretary of the Treasury provides a system of numbering vessels registered, enrolled, and licensed, and each vessel has her number and her net tonnage deeply carved, or otherwise permanently marked, on her main beam, and if at any time she ceases to be so marked, she is liable to a fine on every arrival | in a port of the United States. The name of every registered vessel and of her port of registry (meaning the port where the vessel is registered or enrolled, or the place in the same district where the vessel was built, or where one or more of the owners reside) must be painted on her stern on a black ground in white, yellow, or gilt letters of not less than three inches in length, under a penalty of $50, one-half going to the informant, the other to the use of the United States. No sea-letter or other document certifying or proving any vessel to be the property of a citizen of the United States is issued, except to vessels duly registered or enrolled and licensed as vessels of the United States, or to vessels wholly owned by citizens of the United States, and furnished with or entitled to sea-letters or other custom-house documents. No bill of sale, mortgage, hypothecation, or conveyance of any vessel or part of any vessel of the United States, is valid against any person other than the grantor or mortgager, his heirs and devisees, and persons having actual notice thereof, unless such bill be recorded in the office of the collector of the customs where the vessel is registered or enrolled. The lien by bottomry on any vessel, created during her voyage by a loan of money or materials necessary to repair or enable her to prosecute a voyage, does not, however, lose its priority, or is in any way affected by these provisions. The bills of sale, &c., to be recorded, must be duly acknowledged before a notary public or other officer duly authorised to take acknowledgments. The master or person having the charge or command of any vessel bound to a foreign port delivers to the collector of the district a manifest of all the cargo on board and its value, subscribed and sworn to by him, whereupon the collector grants a clearance for the vessel and her cargo. If any vessel bound to a foreign port depart without delivering such manifest, and obtaining a clearance, the master or other person having charge or command is liable to a penalty of $500. The Secretary of the Treasury is authorised to refuse a clearance to any vessel or other vehicle laden with merchandise destined for a foreign or domestic port, whenever he has satisfactory reason to believe that such merchandise or any part thereof, whatever be its ostensible destination, is intended for ports in possession or under control of insurgents against the United States; and if any vessel for which a clearance or permit has been thus refused depart, or attempt to depart, without being duly cleared or permitted, such vessel, with her tackle, apparel, furniture, and cargo, is forfeited. Whenever a permit or clearance is granted for either a foreign or domestic port, the collector of the customs granting the same can require a bond to be executed by the |