current in England of a very deficient French harvest. In Europe the finest crop appears to be in Russia, and as from the high prices ruling here, the English have, for the present, ceased to anticipate large supplies from this port. Much attention is naturally directed to the crop in Russia and on the Danube. In September, 1866, the import of wheat into Great Britain and Ireland was only 1,192,064 cwts., against 2,108,966 cwts. last year, and 2,665,799 cwts. in 1864. The principal import was from Russia, viz.: 687,431 cwts., and from Prussia, viz.: 229,233 cwts. From France only 15,327 cwts. were imported, and from the United States only 42,260, cwts. The import of flour was confined to 103,965 cwts., viz. 21,843 cwts. from the Hanse Towns, 29,666 cwts. from France, 13,847 cwts. United States, 11,054 cwts. British North America, and 27,605 cwts. from other countries. The following figures show the imports of wheat, flour and Indian corn into Great Britain in nine months: Provisions of all kinds are selling at very high rates, and there are still no signs of an abatement in the quotations. The arrivals of butter have increased, and enormous quantities of eggs have been received at British ports. Lard, which during a great part of the year has sold at high prices, has been imported much more freely, and at latest date the quotations were lower. The imports of provisions into Great Britain in the nine months ending September 30, were as follows: EXPORTS OF BRITISH AND IRISH PRODUCE AND MANUFACTURES. Annexed was the declared value of the exports of leading articles to this country, during the nine months ending Sept. 30, compared with the two previous years: With regard to shipping, the following are the particulars, so far as this country is concerned: American vessels entered inwards in September, 1864.. Number. Tonnage. 62 62.083 do do do do do 34,838 No provision for payment of interest after maturity of bonds or coupons having been made by the egislature, it cannot, of course, be allowed at this Department. Persons sending bonds in under the above order are requested to write their names legibly on the margin, to guard against mistakes in their entry on the records, as ordered above. JNO, JONES, Treasurer. THE NEXT WORLD-G RDLE. PROGRESS OF THE RUSSO AMERICAN TELEGRAPH. The San Francisco Bulletin of Oct. 17 gives the following details concerning the progress of the Ru-so-American Telegraph enterprise: The Western Union Telegraph Company's bark Clara Bell has arrived from Glujiga Bay, at the head of the Okhotsk Sea. Her outward voyage was performed by way of Petropolovski, where she found orders to proceed to Ghijiga, which had been selected as the base of operations on the coast of the Ochotsk Sea. The Company's steamer George S. Wright, carrying Col. Bulkley, the Engineer-in-Chief, arrived at Petropolov-ki on the 24th of July, and sailed on the 6th of August for Anadyr Bay and Norton Sound. The Russian corvette Variag, seventeen guns, which had been assigned to the service of the Telegraph Company, was at Petropolovski on the arrival of the Wright, and her captain reported at once to Col. Bulkley for orders. The Variag sailed on the 6th of August for the mouth of the Amoor by way of Ghijiga and Oc oisk, having on board Count P. Anossoff Russian Commissioner to the Telegraph Company, and Thomas W. Knox, American journalist with the expedition. who proceeds overland from Nikolaeffsk to St. Petersburg. The Variag reached Ghijiga on the 15th of August, and sailed four days later for Ochoisk, Major S. Abasa, Chief of the Asiatic Division of the Russo-American Telegraph, has established his headquarters at Ghijiga. During the past winter he explored in person the route between Ghijiga and Ochotsk, and determined the position of the lines for that distance. Capt. Mahood explored the route from the mouth of the Amoor to Ochotsk, and joined Major Abasa at the latter point. At the same time Capt. Kennon made a survey from Ghijiga to the Anadyr Bay, and located the route of the telegraph. Thus the whole distance from Behring Sea to the terminus of the line at the mouth of the Amoor has been explored andt he route selected. In the region around Ghijiga working parties are busy in the preliminary w and will have a considerable quantity of poles ready by the end of Summer. From Ghijiga and the mouth of the Amoor the line mostly follows the valleys behind the coast range of mountains, but in some places follows the shores of the Ochotsk Sea. Timber is abundant on the most of the route, except in some places where mountain ranges are crossed and in the region immediately around Ghijiga, where poles must be cut on the Ghijiga River and rafted as near as possible to the places where they will be used. Along the whole route, wherever laborers could be procured, they have been engaged in the work begun. The Government officials have been prompt in affording every assistance to Major Abasa and his subordinates, without waiting directions from St. Petersburgh. Count Anossoff has issued orders to all the officials to render any desired service that may assist the completion of the line. As soon as the necessary material is received and distributed, the work will be pushed with great rapidity. TRANSPORTATION OF COTTON. The Treasury Department has just issued additional regulations concerning the transportation of cotton in bond, to the following effect: It having been represented that much hardship and inconvenience are entailed upon the smaller planters and farmers in the interior unties of the cotton producing districts, or in consequence of the enforcement of recent regulations concerning the removal of cotton in bond, and that additional and much-needed facilities would be offered by allowing bonds for securing payment of the tax upon delivery of the cotton at the point of destination to be taken by the collector of the receiving district, instead of the collector of the district whence the cotton is shipped, as provided by regulations, series 2, No. 5, issued from this office under date of July 31, 1866. The following additional regulations upon the subject have been adopted for securing the payment of the tax, ani as affording the measure of relief sought for: Parties desirous of bringing cotton to seaports or other places for shipment from other districts, will be allowed to do so upon executing and delivering to the collector of the district where such seaport or place is situated, a bond with two or more business of the road has increased at a more rapid rate than during its progress, when the conveyance of soldiers and war material was a leading element in its business. OPERATING ACCOUNTS--EARNINGS, EXPENSES, &c. The gross earnings, operating expenses and profits of transportation yearly for the ten years ending August 31, 1866, are shown in the annexed -Gross Earnings statement: Fiscal years. 1856-57.. 1857-58. 1858-59. Pasenger. Freight. Other. 42,179 44 723,460 29 Operating Earnings expenses. less exp. $372,807 67 $396,257 93 306,854 91 321,990 34 342,193 45 381,266 84 Taxes, State and National, are not included in the operating expenses as given above, but will be found noted in the income account. INCOME ACCOUNT-RECEIPTS, DISBURSEMENTS, &c. The following statement exhibits the total financial operations of the company yearly for the five years ending August 31, 1866: The new works in 1864-65 were the Connecticut Bridge and in 1865–66, on account of the New Britain & Middletown Railroad. Besides the cash dividend there was distributed in October, 1864, a stock dividend of 20 per centum. ABSTRACT OF GENERAL LEDGER. The financial condition of the Company at the close of each of the last THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. DECEMBER, 186 6. THE COTTON TAX AND THE INDUSTRIES OF THE NORTH. We are pursuaded that the effect of the cotton tax on Northern interests has not been sufficiently considered. It is customary to look at this impost as one merely of revenue, shutting out from view entirely its influence upon our own industries. The argument sustaining it has always been based on the idea that the tax was not paid by the North, nor even by the South, but that it was collected in great part out of the European consumer. There are, however, weighty reasons, at present apparently lost sight of, why the North should question the expediency of this tax, and demand that the policy or impolicy of it be brought under the immediate and earnest consideration of Congress. It must be clear, we think, by this time that the Liverpool manufacturer cannot be compelled to pay the tax. Before the war we had a monopoly; our cotton drove out all competition. No country could produce the staple in sufficient quantities, as good or as cheap as we could. A tax of three cents then, would have been easily collected. The planter could have added it to his price without materially affecting the production in other countries. A four years cotton famine has, however, worked a very decided change. Now, instead of monopolizing the trade, we have many competitors. Even the India staple, which was supposed to be incurably defective, has been improved, and English machinery has been far better adapted for working it, the war having developed methods of using India cotton not before known. Then, again, 27 VOL. LV-NO. VI. |