the conclusion of negligence, by showing that the stowage was good, for it is not shown that the coal, among which the iron was stowed, when put on board, was dry. One fact, which is admitted by the officers, would seem inconsistent with the notion that the damage was caused by straining and consequent leakage. "It appears that none of the cargo on the between decks were injured, with the exception of one or two packages. If the vessel strained and leaked so badly, as alleged, it is strange that the iron in the lower hold was the only part of the cargo that suffered. "If, to these considerations, we add the fact that in the opinion of the majority of the witnesses, the injury was caused by fresh and not by salt water, the conclusion is, I think clear, that the carrier has not established that the injury was caused by one of the excepted points. He is therefore lible. A decree must be entered for $400, the amount of damages settled by stipulation.'" THE PETROLEUM OIL ACT OF ENGLAND. In the August number of the Merchants' Magazine, (vol. 47, page 127.) we referred to a bill which was about being acted upon by Parliament for the regulation of the safe keeping of petroleum. The act after being modified was passed, and the following digest of it we take from the London Ironmonger: The enactment is entitled, " An Act for the safe keeping of Petroleum." It states that it is expedient to provide for the safe keeping of petroleum and certain products that are dangerous to life and property from their properties of giving off inflammable vapors at low temperatures. It defines "petroleum" for the purposes of this act, as any product thereof that gives off inflammable vapors at less than 100 degrees of Fahrenheit's thermometer. It enacts that after the 1st of October in this present year, 1862, not more than forty gallons of such petroleum shall be kept within forty yards of a dwelling-house or any building in which goods are stored, except by virtue of a license, granted by the local authorities. This regulation to be enforced by a penalty not exceeding twenty pounds a day for each day during which it is so kept. The local authorities empowered to grant licenses to store more than forty gallons of inflammable petroleum are as follows: In the city of London, the Court of Lord Mayor and Aldermen : In the metropolis, except the city of London, the Metropolitan Board of Works: In any borough in England or Ireland, the mayor, aldermen, and burgesses: In any place in England or Ireland, within the jurisdiction of any trustees or improvement commissioners, appointed under the provisions of any act of Parliament, the trustees or commissioners: In any burgh or place in Scotland, not subject to the jurisdiction of police commissioners or trustees, the town council; but in any burgh or place in Scotland, within the jurisdiction of police commissioners, then the police commissioners: In any harbor within the jurisdiction of a harbor authority, the harbor authority, to the exclusion of any other local authority: In any place in England or Ireland in which there is no local authority, the justices in petty sessions, and in Scotland any two justices of the peace for the county. Licenses in pursuance of this act may be granted for a limited time, and there may be annexed thereto any conditions as to renewal or otherwise which the local authority thinks necessary for diminishing the risk of damage from explosion or fire; and any licensee violating any of the conditions of his license shall be deemed to be an unlicensed person. If, on any application for a license under this act, the local authority refuses the license, or grants the same only on conditions with which the applicant is dissatisfied, he may memorialize the Secretary of State, and it shall be lawful for the Secretary of State, on consideration of such memorial, after due inquiry, to grant the license prayed for, or to alter or modify the conditions imposed by the local authority. Any forfeiture or penalty for an offence against this act may be enforced in England and Ireland upon summary conviction before any two justices; and one-half of the penalty shall belong to her Majesty, and the other to the informer, unless the informer is a servant of the person informed against. Any forfeiture or penalty for an offence against this act may be enforced in Scotland upon summary conviction, and the offender may be sentenced to imprisonment, until such penalty and the expenses are paid, for a period not exceeding three months. Petroleum may be searched for in the same manner, and subject to the same conditions under which gunpowder may be searched for. All powers given by this act shall be deemed to be in addition to any other powers conferred on any local authority by act of Parliament, law, or custom; and nothing in this act shall exempt any person from any penalty to which he would otherwise be subject in respect of a nuisance. It will be seen that this act does not apply, in any way, to oils that require to be heated above 100 degrees of Fahrenheit's thermometer before they give off inflammable vapor; all good burning oils are of this character, hence the retailer of mineral oils has only to satisfy himself that they are above this proof standard, and he may keep any quantity in stock without requiring a license. It is obvious, however, that the lighter oils sold as mineral turps are below this standard. We have purposely examined two samples, and find that both give off inflammable vapor below 70 degrees Fahrenheit; hence a vendor, wholesale or retail, keeping above forty gallons in stock, would require a license, or be subjected to the heavy penalties named in the act. From the loose wording of the act we cannot decide whether it applies to other liquids than "Petroleum and certain products thereof." If these terms are taken in their usual signification, the act would not apply to paraffine obtained from the distillation of coal, or to its products, such as benzole, etc., however dangerous; but we should feel inclined to think that the operation of the act would be extended to all hydrocarbon oils, however obtained. COMMERCIAL CHRONICLE AND REVIEW. OF GOLD SPECULATIVE PROGRESS OF PAPER-GOVERNMENT EMBARRASSMENTS-APPRECIATION THE operations of the past month have been distinguished for a very rapid development of the inevitable tendency of the paper system of the government, and for its disturbing effects upon the course of business, the values of securities, and the finances of the government. The most prominent indication of the course of events has been the apparent rise in the premium on gold, caused by the depreciation of the government paper used as a currency, aided by the operations of those who seek to profit by the course of events. It is hardly worth while to allude to the various theories put forth to account for the phenomena of the markets, by those who refuse to admit the unsoundness of the paper system, and the depreciation which inevitably attends all inconvertible promises, whether emitted by government or individuals. The rise in gold, it is alleged, is purely speculative, which may be stopped by decisions of the banks, votes of the board of brokers, or decrees of the government; the advance in exchange, it is said, has a similar origin; the rise in stocks, it is averred, is due to their great prosperity and intrinsic value; but the whole list of commodities embraced in the prices current show the same results. The rise was about ten per cent all round, and for each improve ment an especial reason is assigned, in order to avoid recognizing the only universal cause, viz: the depreciation of the paper in comparison with all commodities and securities. There is no doubt but that numbers of persons knowing that paper will inevitably depreciate as compared with gold, hold gold, and for the same reason others hold other commodities. They do not make the depreciation; they only avail themselves of it. Meantime numbers realize fortunes in the apparent advance, and others are ruined. The government is embarrassed in its remittances to its diplomatic and other agents by the high price of exchange, by which fifty per cent is added to the expense; contractors who agreed to furnish supplies of goods and provisions at certain rates find themselves ruined in the rise, and new appropriations must be made by Congress to cover the deficits. This is one form in which the war expenses are increased. The expenses of the war increase in proportion to the depreciation of the paper, involving the necessity of further issues, which, in their turn, accelerate the depreciation. When the Secretary of the Treasury entered upon this course of finance he cominenced a system which has no turning, but which rolls on with accelerated force, until the paper becomes entirely discredited. The moment of distress is not while prices are rising and the majority of people profit by the rise, which, of itself, is but an indication of the eagerness of holders of paper to get something of value in exchange for it; but it is when distrust having become general, holders of commodities refuse to part with them except for gold, and that at very low prices as compared with the apparent paper values. The government itself having inaugurated the rise, cannot retrace its steps, first, because it has not the means to recall its paper, and, second, because it could not withstand the clamor caused by contracting prices and falling values generally, which would make taxes doubly onerous. The attempt to interfere with the movement of gold or the freedom of individual action would only precipitate the loss of that confidence on which the whole system now hangs. The apparent prosperity which the rising prices have caused has induced large importations of goods, and caused a heavy balance against the country, although the changing medium of value has imparted a deceptive appearance to the official returns. The imports at the port of New York for the month have been as follows: January.. April. IMPORTS, PORT OF NEW YORK. -Entered for Specie. Free goods. Consumption. Warehouse. Total. $163,658 $2,552,050 $6,665,396 $3,141,725 $12.620,829 62,007 3,381,473 7,058,174 8,370,486 13,872,140 4,841,846 18,719,866 ... Total, 9 months.. 66 1861..... $945,577 $18,809,755 $82,625,172 $35,475,891 $187,856,395 35,186,780 23,651,574 41,657,913 34,492,899 184,989,116 The quantity of goods imported has been very considerable, and they are valued in the foreign or specie currency. Thus, by law, the British goods are valued at the custom-house at $4 84 the £ sterling; but the amount that the importer is required to pay is very much larger. For the month of September the rate of exchange for duties was thirty per cent, or twenty per cent above par, and gold was sixteen per cent. There hav ing been in round numbers $14,000,000 entered for consumption in September, and the duties paid being $5,239,045, the cost to the importer was, extra exchange $2,800,000, premium for notes for duties $838,000total $3,638,000, which, added to the imports, makes $17,638,000. This amount was paid to holders of gold notes, and to exchange dealers to enable importers to remit $14,000,000. The prices of goods rose to some extent, but not sufficiently to cover this increase of cost. hand, the exports have been as follows: On the other EXPORTS, PORT OF NEW YORK, -Foreign.- Domestic. $12,053,477 Total. $14,948,437 14,112.843 10,078,101 Specie. Free. Dutiable. $2,658,374 $27,193 $149,493 8,776,919 49,066 208,757 2,471,233 65,388 458,917 4,037,675 56,350 607,678 5,164,536 76,971 752,797 9,867,614 43,358 372,561 10,048,832 8,067,337 1,117,193 449,948 14,050,437 23,684,915 3,713,532 417,100 256,680 13,046,389 17,833,701 3,085,919 572,572 667,987 14,734,993 19,061,471 $42,843,139 2,520,616 $3,829,403 $100,887,192 $150,030,350 3,279,814 1,976,632 4,140,079 90,560,488 99,956,963 The exports are apparently large, but the valuation of these articles. are the paper market prices, and are therefore more than their actual values abroad by the rate of exchange. Thus, the domestic produce exported in September was $14,734,993, against $9,877,000 same month last year; but this year the exchange, which represents the paper inflation, was twenty five per cent more than last year, hence the actual sum to be realized from the export is $11,334,993, or $7,000,000 less than the amount of goods to be paid for there. Thus, although the returns show imports $18,000,000 and exports $19,000,000, or what is called $1,000,000 in favor of the country, the actual state of affairs is-imports $18,000,000 and exports $14,500,000, or $3,500,000 adverse balance. It is not, therefore, a matter of surprise that the outflow of gold continues, even independently of the sums to be remitted on account of the amount of stocks sent here to sell. The course of exchange runs as follows: a 5.03 42 a 424 424 a 424 864 a 871 741 a 714 46 19, 111 a 112 111 a 112 46 26, May 2, 112 a 113 64 10, 113 a 114 44 17, 113 a 114 66 24, 114 a 115 46 31, 114 a 114 June 7, 114 a 115 14, 117 a 118 44 26, 120 a 121 July 5, 120 a 122 66 12, 127 a 129 66 19, 128 a 131 66 27, 126 a 129 Aug. 2, 125 a 127 66 9, 124 a 126 46 16, 126 a 127 46 23, 1264 a 128 66 30, 126 a 127 Sept. 6, 1284 a 130 13, 126 a 131 66 20, 128 a 129 44 27, 128 a 129 Oct. 4, 184 a 135 66 11, 137 a 142 64 18, 148 a 152 46 25, 143 a 145 4 974 a 5.024 4.91 a 5.02 4.96 a 5.00 4.92 a 5 00 4.95 a 4.91 4 95 a 4.91 4 75 a 4.82 4.70 a 4.66 4.70 a 4.62 4.33 a 4.31 4.37 a 4.32 4.45 a 4.35 4.42 a 4.35 4.20 a 4.15 In the three weeks ending with October 18, bills rose twenty per cent, or rather faster than the price of gold, showing that the demand for remittance was active, and also that the bankers drew with great reluctance, 421 a 424 421 a 424 421 a 43 42 a 43 428 a 43 427 a 437 43 a 484 484 a 441 |