Live Stock.-The total number of each kind of live stock in France (exclusive of Savoy and Nice) is estimated as follows: Wheat. The production of wheat during the period from 1847 to 1861 varied from 23 million quarters in 1853, to 37 million quarters in 1857. In 1861, the year in which the largest area was under wheat cultivation, the produce was only 25 million quarters. The greatest yield per acre during the period was in 1857, and the smallest in 1861. Wine. The mean annual production of wine in France is 1,089,000,000 gallons. Of this quantity 67 per cent is consumed in the country, leaving 33 per cent for exportation. Silk. The production of silk has greatly diminished of late years: the annual average production of cocoons from 1846 to 1852 was 53,000,000 lbs., which had diminished from 1858 to 1861 to 26,500,000 pounds. Mines. The production of coal in 1861 was about 8,000,000 tons; of cast iro., 856,000 tons; of wrought iron (merchant), 520,000 tons; of rails, 106,000 tons; of iron plates, 69,000 tons; of iron wire, 24,000 tons; and of steel, 20,000 tons. The value of these was between 18 and £19,000,000. The value of other metals produced was about £2,500,000. In the period from 1847 to 1859 the average price of coal at the place of production increased 31 per cent, the average price being, in 1859, 10s. 1d. per ton. The price of cast iron made by charcoal and by coal diminished by about 20 per cent during the same period. The price of wrought iron made with charcoal diminished only 7 per cent, while that made with coal decreased by about 23 per cent. France imports annually from 5 to 6,000,000 tons of coal from Belgium, England, and the Rhenish Provinces. Salt. The production of salt increased from 572,000 tons in 1847 to 630,000 tons in 1861. Sugar. The quantity of home-made sugar entered for consumption doubled during the period from 1847 to 1861, being 52,000,000 kilogrammes in the former year, and 105,000,000 in the latter. Tobacco. The increase in the quantity of tobacco manufactured by the government and sold in France in 1860, as compared with 1847, amounted to 10,000,000 kilogrammes, or 22,000,000 lbs. Machinery.-Connected with the productive power of the country, as *Only between one-fourth and one-fifth of the total number of sheep are of the ordinary kind, the remainder being Merinos or of mixed breed. taking the place of so many able-bodied workmen, the increase in the steam motive power employed affords some guide as to the progress of the industry of the country. In the year 1847 the total horse-power of machinery so employed was only 145,807, but in 1859 it had increased to 513,092. The increase appears to have been divided generally between the various trades and manufactures of the country. Means of communication.—The length of river, canal, and railroad communication in France is stated as under The tonnage of steam vessels engaged in the river navigation increased from 21,137 tons in 1847 to 33,690 tons in 1859, the largest employment having been 51,094 tons in the year 1857. As might be expected, there was a decline in the number of passengers, from 24 millions to 1 million, consequent upon the increased facilities of railway accommodation. There was, on the other hand, a large augmentation in the quantity of goods conveyed, viz., from 880,000 tons in 1847 to 2,616,000 tons in 1859. Railways-On the 31st December, 1861, 6,269 miles of railway were open in France, against 1,136 miles on the 31st December, 1847. The statistics of the number of passengers and weight of goods conveyed only come down to the year 1859. The increase in that year over 1847 was 39,500,000 passengers; the total in 1859 being 52,500,000; and the increase in goods traffic 16,250,000 tons; the total weight conveyed in 1859, being about 20,000,000 tons. Post-office. The number of letters sent by the post more than doubled between 1847 and 1861, being 126,000,000 in the former year and 274,000,000 in the latter. In the same year the number of printed papers transmitted by the post were 90,000,000 in 1847 and 189,000,000 in 1861. The total receipts were £1,920,000 in 1847, and £2,440,000 in 1861. Electric Telegraphs.-In the year 1851 only 9,014 private messages were despatched, producing a receipt of £3,080; and in the year 1860 no less 711,652 messages were sent, and £165,760 received. Of the total number in 1860, 562,531 messages were used in France, and 149,121 sent to foreign countries. Coinage. The total value of gold coined in France in the period from 1847 to 1861 inclusive, was £181,693,000, and of silver, £30,235,000. Savings Banks.--The total number of savings banks in 1847 was 345, and the number of accounts open on the 31st December, in the same year, 736,591. In 1860 the number of banks increased to 433, and the accounts open to 1,218,122. COMMERCIAL CHRONICLE AND REVIEW. STATE OF TRADE-SPECULATIONS-STOCKS OF GOODS-NUMBER OF STORES-DIMINISHED DEMANDGOODS TURNED INTO PAPER-DEPRESSION OF FARMING INTERESTS-RELATIVE PRICES-FALL OF GOODS-IMPORTS-DUTIES-EXPORTS-BALANCE-TRAVELLERS-INVESTMENTS-SPECIE MOVEMENT-CALIFORNIA-EXCHANGE-RATES-DISBURSEMENTS-DEBT-CONVERSIONS-1-YEAR CERTIFICATES-PRICES OF STOCKS-UNITED STATES DEBT-ANNUAL INTEREST-MANNER OF INCREASE OF DEBT-STOCKS. THERE has been during the past month much depression in general business, and, to some extent, a panic among holders of goods, who have been disappointed in the expected demand for consumption. The rapid rise in exchange early in the year caused an active demand for all descriptions of goods. Holders were not disposed to sell, and buyers were very anxious to get into stock, in view of the depreciation of paper. This speculative feeling was anticipating a large demand for consumption at prices proportionate to the extravagant rise in goods. That demand, however, did not take place, since the usual effect of an extravagant rise in prices manifested itself in an indisposition on the part of the public to purchase. The weak holders of goods not meeting the usual demand, and being caught in a counter speculation for a rise in government paper, or, as the speculators expressed it, for a fall in gold, there was great pressure to sell goods through the auction shops, and that at a decline of some 25 per cent. These ruinous fluctuations in business and the value of goods are the direct results of an unstable currency; but at every oscillation the moment of ultimate discredit is hastened. The real capital of the country is being rapidly used up, since the production is small and the old stocks diminishing through consumption. There were, according to the returns of the Mercantile Agency, 190,000 stores in operation in the Northern States in 1861. Of these, 5,000 failed at an average liability of $60,000. The average stocks of goods held by all the stores may be estimated at $10,000, which would give a value of goods equal to $1,900,000,000, or in round numbers $2,000,000,000, on hand. A very considerable proportion of these goods was "dead stock," or such as from lapse of time, etc., had become difficult of sale in face of constant supplies of fresh and seasonable goods. The first effect of the paper inflation was to make those goods more active and bring them into consumption, instead of the high priced new goods. This operation was not duly weighed by the speculators in goods at first hands, and the diminished demand is very serious. It is also the case that the shop keepers, while thus reducing their old stocks to the smallest practicable limit, buy very sparingly and only of such articles as are absolutely necessary to meet current consumption. The consumers of goods, in their turn, buy very sparingly and dispense altogether with many articles. If, now, the stocks of goods throughout the country are reduced by this process one half, or $1,000,000,000 or $50 per head of each person, it will be observed that the store-keepers have realized that amount of money from goods before idle, and that money they will not reinvest in the way of their trade at high prices, because of the frequent violent fluctuations. They seek for their capital some means of safe and permanent investment. The money which has been taken for goods is government paper, and the indisposition to reinvest it in goods makes it apparently very abundant, and it is attracted only into railroad and other stocks. It is obvious that this process must have an end, which will give signs of its approach in a positive dearth of goods, brought about by non-importation and nonproduction. The depreciation of the paper will then go on in the double process of increased supply and dearth of commodities. The ability of the great agricultural classes to consume goods is very small, since the rise in their produce bears no proportion to the advance in the supplies they purchase. We may turn to the Cincinnati market in illustration. Thus in 1861 the farmer, for 1 bbl. pork, 1 bush. corn, and 1 bush. wheat, could get in Cincinnati 100 lbs. of sugar and coffee and 70 yards of shirting. To obtain the same articles now, he must give 2 bbls. pork, 20 bush. corn, and 14 bush. wheat, or, in other words, a bbl. of pork, in 1861, was worth 240 lbs. of coffee; it is now worth 40 lbs. A bbl. of pork was then worth, in Cincinnati, 154 yards of shirting; it is now worth 33 yards. These figures indicate how severely the rise in goods presses upon the consuming classes, and therefore how great must be the reaction upon the demand in first hands. It is to be borne in mind that this state of things takes place after a year of the most extraordinary exports of grain, when prices ought to have been higher. The quantity has been so great, however, in consequence of the closing of the rivers, as to counteract the effect of the currency upon produce. The usual influence of such a state of affairs has been to produce that extraordinary abundance of money which has so long prevailed, at the same time that the import trade begins to flag. The amount of imports for the month has been as follows : January. March...... April.... Total 4 months 66 1862.... IMPORTS, PORT OF NEW YORK. Entered for Specie. Free goods. Consumption. Warehouse. Total. $101,906 $2,413,649 $8,741,227 $4,482,794 $15,739,676 213,971 123,616 107,061 783.561 7,372,589 1,328.806 11,461,572 1,328,216 9,493,830 3,657,775 12,037,846 3,454,530 16,370,524 6,456,208 17,385,315 $600,554 $5,854,232 $37,069,168 $15,293,396 $61,523,261 841,144 6,758,331 34,716,535 12,690,406 57,974,120 The quantity of goods sent into warehouse was large in April. The value imported was indeed large under the influence of the activity of February; but that had passed away on the arrival of the goods, and they went into warehouse, to some extent, perhaps, for re-shipment. The duties for the month were $3,957,198 on $13,626,463 worth of goods, being an average of about 30 per cent, against $4,140,952 of duties, or an average of 35 per cent, last year. The exports from the port have been as follows: Total 4 months $17,148,514 $405,634 $2,411,774 $59,829,606 $79,795,521 66 1862.... 12,944,001 197,497 1,424,845 56,249,767 53,685,791 The exports of the month have suffered some diminution by reason of the declining prices abroad and the decline in exchange, accompanied by a rise in freights. From the sum of the domestic exports for April must be deducted one third for depreciation of currency, and there remains about $10,000,000, as the cash value realized to meet an import value of $17,000,000, showing an apparent adverse balance of some $5,000,000 after the shipments in coin. This has to some extent been met by the realization of exchange held on speculation. There has been also some diminution of the amount of money required to be remitted abroad for the use of Americans there residing, since the high rate which they are compelled to pay for exchange diminishes their revenues one third and compels many to return. There has also been some reinvestments of foreign capital here, for the reason that, after getting interest the last year in paper, they would now lose one third the principal by withdrawing it; hence it is re-loaned for a term of years in the hope of resumption of specie payments, although the interest may during some years be paid in depreciated paper. The specie movement during the month has been as follows: SPECIE AND PRICE OF GOLD. 1862. 1863. January 3. Received. Exported. Received. Exported. Gold in bank. Prom. on gold. 442,147 681,448 35,954,550 34 a 344 46 10. 885,928 1,035,025 1,277,788 726,746 36,770,746 34 а 39 |