Second. That sales for cash should in all cases be held to imply a settlement within ten days. Third. That the discount for cash should not exceed four per cent. Fourth. That settlements of bills, whether by cash or note, shall be made in currency equal in value to the United States legal tender notes. Fifth. The foregoing resolutions are recommended by this meeting as a rule of action for the iron trade, and the individuals and firms consenting thereto pledge themselves that they will give these resolutions their united and hearty support. Sixth. That the proceedings of this meeting be published, and copies sent to all members of the trade. These resolutions were fully discussed and unanimously adopted: Mr. Reeves offered the following resolution: Resolved, That we recommend the trade to establish the uniform custom of adding the excise at the foot of the bill of sale, and that, when quotations of price are made it shall be understood that the tax be an additional charge. The chairman remarked, in reference to this resolution, that he thought it ought not to be adopted. It would appear to be setting a bad example to a large community of manufacturers, most of whom would immediately follow in our steps. Every manufacturer of every description would take this action as his guide, and from the smallest article up to the largest the price would be quoted irrespective of the tax, and every account would be rendered with the tax separately stated. The true principle is to look upon the tax as a part of the cost of production, and estimate it in that way. We had better look upon it as a part of the production in all instances. It is a tax upon profits, upon manufactures, and it would be rendered odious if distinguished as the resolution proposes. The chairman thought none of the gentlemen in the trade would, under any circumstances, take a position likely to embarrass the government, or to render its claims on us in the way of taxation in the least degree distasteful. All should concur in efforts to show that these taxes are cheerfully paid. Mr. Reeves disclaimed any idea of rendering taxation odious, and if such a result could by any possibility follow the adoption of his proposition he would withdraw it. As there seemed to be some opposition to the views expressed in his resolution, he withdrew it. After making provision for paying the expenses incurred, the meeting adjourned. JOURNAL OF BANKING, CURRENCY, AND FINANCE. 1. CITY WEEKLY BANK RETURNS-NEW YORK BANKS, PHILADELPHIA BANKS, BOSTON Banks, PROVIDENCE BANKS. 2. WEEKLY STATEMENT BANK OF ENGLAND. CITY WEEKLY BANK RETURNS. NEW YORK BANKS. (Capital, Jan., 1862, $69,493,577; Jan., 1861, $69,890,475.) 15,. March April 22 29,. 5,.. 12,.. 19,. 66 May 3,. 10,. 26,. Loans. Weekly Specie. Circulation. Net Deposits. Clearings. $154,415,826 $23,983,878 $8,586,186 $111,789,233 $100,642,429 152,088,012 25,873,070 8,121,512 113,889,762 105,634,811 149,081,433 26,120,859 7,369,028 113,327,160 107,782,780 145,767,680 26,698728 6,828,017 110,874,786 100,001,959 144,675,778 27,479,583 6,404,951 112,057,003 93,791,629 143,803,890 28,196,666 6,077,417 110,637,557 113,216,297 141,994,192 28,114,148 5,762,506 110,480,475 105,102,177 139,950,958 28,875,992 5,489,496 109,079,076 111,346,066 137,674,238 29,826,959 5.363,944 107,974,499 109,854,823 133,055,148 30,436,644 5,869,206 103,715,728 118,512,576 118,957,978 97,601,279 115,376,381 94,428,071 106,978,432 94,082.625 111,836,384 93,759,063 114,738,013 95,179,340 113,529,377 101,897,435 124,896,733 130,622,776 30,773,050 5,904,866 100,296,704 127,615,306 32,023,390 6,260,309 125,021,630 32,841,802 6,758,313 124,477,484 33,764,382 7,699,641 123,412,491 34,594,668 8,004,843 123,070,263 84,671,528 8,064.663 125,086,825 35,297,944 8,118,571 133,406,418 35,175.828 8,482,782 109,634,535 140,952,471 138.948,211 32,239,868 9,830,321 115,559,206 181,113,537 142,290,782 30,280,697 8.727,328 120,008,929 167,390,055 142,950,149 30,672,760 8,592,676 122,602,864 142,828,565 142,671,414 81,897,284 8,535,149 125.434,755 186,893,373 142,318,381 31,248,882 8.813,603 125,566,961 148,123,103 144,014,350 31,162,048 8,814,322 125,643,375 165,521,454 146,839.762 81,047.945 8,849,183 126,684,422 168,059,997 148,346,422 30,832,626 8.910,344 127,860,708 154,890,445 148,643,718 31,790,519 9,270,815 127.496.534 149,748,923 12,.... 147,997,436 32,098,174 9,212,397 127,538,055 167,789,726 19,..... 148,827,423 31,926,609 9,155,301 129,485,977 161,066,594 17,. 24,.. 7,.. 14,. 21,. 28,. 5, Date. 66 13,. "" 20,. 66 27,... PHILADELPHIA BANKS. (Capital, Jan., 1862, $11,970,180,) Loans. Specie. Circulation. Deposits. Due Due to banks. from banks' 1,702,716 Jan. 6,... $31,046,537 $5,688,728 $2,145,219 $21,396,014 $3,645,956 $1,796,805 31,145,938 5,692,123 2,162,152 21,324,510 8,992,952 30,601,160 5,738,450 2,120,756 20,698,496 4,120,261 1,575,116 30,385,606 5,821,323 2,121,146 20,058,098 4,209,006 1,858,688 30,385,319 5,884,011 2,144,398 20,068,890 4,572,872 1,707,186 29,974,700 5,923,874 2,191,547 19,032,535 4,890,288 1,587,481 Feb. 3,... 66 10,... Due Due from banks. 4,661,442 5,205,203 2,052,031 1,935,414 Loans. Specie. Circulation. Deposits. 29,388,544 5,849,354 2,191,512 18,692,182 29,280,049 5,867,686 2,230,605 18,777,800 29,393,356 5,881,108 2,343,493 18,541,190 5,218,383 1,828,383 28,083,499 5,869,730 2,575,503 17,375,771 5,131,834 1,733,169 28,723,835 5,897,891 2,632,627 17,253,461 5,342,876 1,649,187 28,350,615 5,915,535 2,707,804 17,066,267 5,210,365 1,774,162 27,831,333 5,884,314 2,904,542 17,024,198 5,100,186 2,134,392 28,037,691 5,886,424 3,378,970 16,636,538 5,607,488 2,231,889 28,076,717 5,912,870 3,496,420 18,112,446 4,868,842 2,634,171 28,246,733 6,046,260 3,525,400 19,011,833 4,548,327 2,504,147 28,793,116 6,052,827 3,613,994 20,223,556 4,470,674 3,128,069 29,524,432 6,049,685 3,759,692 21,316,614 4,531,837 3,823,659 29,966,347 5,728,028 3,867,200 23,002,263 5,118,541 4,981,291 31,121,563 5,529,221 4,045,696 23,385,009 5,597,984 4,804,956 31,539,603 5,587,012 4,186,055 23,973,478 5,472,615 5,120,902 31,747,070 5,583,482 4,335,013 24,884,644 5,373,322 5,372,748 31,951,715 5,632,307 4,354,599 24,973,011 5,161,280 5,355,034 32,132,654 5,630,503 4,298,023 24.807,057 5,036,828 5,396,328 32,554,655 5,609,926 4,324,735 24,143,314 5,144,628 4,800,094 32,911,578 5,573,999 4,430,057 24,410,423 5,583,644 5,233,273 33,206,661 5,545,007 4,749,220 24,307,782 5,733,574 5,422,124 33,118,502 5,579,945 4,859,921 24,183,604 5,936,594 5,415,203 33,086,808 5,613,724 5,005,583 24,485,817 5,794,325 5,219,445 BOSTON BANKS. (Capital, Jan., 1862, $38,231,700; Jan., 1861, $38,231,700.) 46 13,... 66 27,.. Feb 3, 64 10,.. 66 17,. 24,.. Mar. 3,. Loans. 64,704,039 8,580,607 6,612,512 25,642,994 Due Due Date. Specie. Circulation. Deposits. to banks. from banks. Jan. 6,... $65,612,997 $8,920,486 $6,451,587 $27,093,839 $9,187,924 $8,701,873 9,634,227 8,805,255 20,... 64,409,585 8,585,277 6,549,871 25,441,327 9,547,319 9,018,388 63,025,191 8,562,175 6,284,268 24,030,776 9,593,545 8,727,348 62,628,793 8,529,483 6,260,299 23,500,321 9,727,783 8,766,415 62,340,600 8,514,600 6,616,000 22,784,700 9,892,600 8,965,500 62,587,788 8,410,890 6,469,309 22,034,794 9,653,725 8,315,887 62,053,640 8,341,588 6,580,205 21,515,228 9,625,869 8,644,360 61,678,500 8,364,500 6,318,700 21,208,500 9,681,500 8,982,600 61,834,500 8,409,585 6,693,139 20,740,208 9,906,110 8,450,721 61,747,000 8,471,000 6,864,800 20,554,000 9,790,000 7,981,000 61,655,420 8,441,058 6,219,512 20,326,087 9,715,256 7,669,531 61,360.789 8,441,196 5,908,272 19,975,018 9,434,782 6,978,527 61,208,974 8,674,170 6,557,152 21,014,000 9,245,088 8,133,124 61,058,969 8,688,573 6,170,388 21,009,010 8,949,259 7,178,374 61,019,787 8,679,356 5,924,906 21,570,017 8,529,277 6,946,164 60,441,452 8,666,797 5,500,396 22,402,134 8,493,004 7,813,530 59,805,545 8,593,990 5,453,815 23,823,199 8,655,206 9,898,508 59,521,251 8,422,738 5,587,937 24,827,121 9,197,744 11,755,589 60,059,635 8,304,534 5,602,844 25,792,916 9,614,787 13,105,350 60,266,275 8,108,695 5,503,756 26,264,656 10,029,198 13, 95,636 17,. 10,. 24,. 31,... Apr. 7,... 66 14,... 66 21,... 60,677,367 8,089,723 5,348,138 65,635,000 7,978,000 7,091,000 26,685,000 12,675,700 13,624,000 PROVIDENCE BANKS. (Capital, Jan., 1862, $15,454,600.) Due 871,800 Due from banks. $915,400 898,500 1,057,400 925,500 900,400 934,700 911,100 1,081,000 893,900 1,180,000 953 900 1,283,000 1,131,500 1,598,800 1,484,300 Loans Specie. Circulation. Deposits. to banks. $19.356,800 $408,700 $1,889,600 $3,054,600 $1,099,800 19,288.700 402,900 1,890,300 2,899,200 1,071,500 19,160,600 394,700 1,756,500 2,899,600 959,400 19,160,600 394,700 1,811,100 2,950,500 19,087,700 395,900 1,814,300 2,915,200 19,109,400 394,800 1,784,000 2,762,200 18,869,800 396,800 1,879,100 2,792,700 18,920,500 407,500 1,791,200 2,924,400 18,953.900 405,100 1,973,500 3,030,600 18,998,600 408.500 1,848,100 2,946,800 1,103,200 19,148,400 408.300 1,879.200 8,060,900 1,085,000 1,407,700 19,360,500 411,300 1,857,100 3,078,800 1,021,000 1,165,400 19.641,000 417,500 2,102,000 3,124,000 1,115,500 1,063,200 19,719,200 416,600 2,086,800 3,017,700 19,644,500 408,600 1,953,400 3,015,900 19,620,300 413,700 1,877,200 3,123,500 19,538,410 417.378 1,979,828 3,134,601 950,430 1,156,072 19.070,200 410,300 1,969,400 3,164,700 1,132,500 1,714,400 19,236,100 395,600 2,016,600 3,342,400 1,653,000 2,101,900 19,641,600 388,500 2,182,700 3.274,600 1,666,500 1,818,200 19,827,500 885,500 2,324,900 3,153,600 1,627,500 1,744,400 20,285,500 383,400 2.510,500 3.283,200 1,873,500 1,753,700 20,588,800 382,100 2,888,300 3,531,500 1,763,900 1,858,800 20,416,400 388,000 2,953,800 3,183,100 1,744,600 1,796,600 20,494,600 384,800 2,980,200 3,847,300 1,918,500 2,028,400 1,081,000 894,800 1,020,400 845,400 948,400 961,200 BANK OF ENGLAND. WEEKLY STATEMENT. Jan. 1... £20,818,190 £7,345,833 £15,036,062 £30,419,730 £15,961,439 9.. 46 66 66 66 46 THE COTTON QUESTION. 1. CULTIVATION OF COTTON IN INDIA-DEBATE IN HOUSE OF COMMONS. 2. CULTIVATION OF COTTON IN QUEENSLAND AND JAMAICA. 3. STOCK OF COTTON IN EUROPE. 4. THE SUPPLY WILL EQUAL THE CONSUMPTION. 5. COTTON IN ALGERIA. CULTIVATION OF COTTON IN INDIA-DEBATE IN HOUSE OF COMMONS. THE European Times, in speaking of the cotton debate in the House of Commons on Thursday the 19th of June, says: This debate has not occurred a day too soon, and if any impetus to the movement on the part of the government were required, it was found in a deputation from the operatives of Lancashire, who had had an interview on the morning of the day on which the debate took place with the Indian Minister. The sufferings of these men and their families appear to have produced a deep impression on Sir CHARLES WOOD. The capacity of India to grow a better description of cotton than previously, and the desire of the manufacturers of this country to use it when it reaches them, was made apparent to the members who were present, as it will be to all who have perused the debate. But there are, nevertheless, formidable difficulties in the way-difficulties which would be almost insuperable if the existing state of things in Lancashire had not a tendency to brace every nerve to attain the desired end. First, there are the ryots, who, poor, ignorant, and superstitious, require every inducement that capital, the best seed, the best training, and the utmost liberality can extend to them. Then come the difficulties of transit, and the expense of railways, the improvement of the Godavery, respecting the capacity of which river under any system of engineering to answer the purpose of traffic, the most conflicting opinions prevail. Again, in the financial position of the Indian Government is found a formidable obstacle. With an expenditure greater than income, and a deficit, at one time formidable, but which is every year becoming less, considerable caution is required respecting the raising of new loans, and the carrying out of vast undertakings with borrowed money. These are, undoubtedly, formidable drawbacks, but the government are willing to meet them in the face of the serious and protracted dangers with which we are threatened. It appears to have been conceded throughout this debate that years must elapse before we can look again to America for a supply of cotton, and some of the most intelligent speakers expressed their belief that the southern portion of North America would never be able to supply us, as hitherto, with enough of the staple for our own wants. But some of the practical men in this debate held out the encouraging consolation that, with proper care and a wise liberality towards the ryots, Indian cotton might in a short time be brought up to the standard of middling New Orleans, and indeed some small stocks of cotton from the East, answering this expectation, have been received, and their value tested by actual spinning. Setting aside minor considerations, the speech of the Indian |