a total loss; and the claim of the defendant to a portion of the freight was, as a question of law, reserved for the consideration of the Court. The case was considered by the consulting judges, who found, "that the defendants, with whom insurance was effected only on the ship, are entitled, on accounting with the pursuers, to have placed to their credit their due proportion of the freight, amounting to £1,402, subject to such deductions as may be found competent to affect their interest in the said freight." It was against this decision that the appeal was brought. The case was argued in June, 1847, by Sir F. Thesiger and Mr. Watson, (Mr. Anderson was with them,) for the appellants; and Sir F. Kelly and Mr. Wickens, for the respondents. The Lord Chancellor now moved the judgment of the House. After stating the facts of the case, and the finding of the jury, he said he was of opinion that the judgment of the Court below ought to be affirmed, with costs. His noble and learned friend, Lord Brougham, who had likewise heard this case argued, had sent him a written communication, declaring the same opinion, and he therefore moved the judgment of affirmance.-Judgment of the Court below affirmed with costs. LIABILITY OF SHIPMASTERS FOR DETENTION OF SHIPPERS' PRODUCE. During the session of the Circuit Court, says the Louisville Courier of the 19th September, 1848, Judge Bullock made a decision, which, if sustained, will prove of much importance to masters or owners of steamboats. A mercantile house in our city sued the owners of the steamer Grace Darling, for detaining a lot of flour several weeks, shipped on her to New Orleans, hereby causing the loss of a considerable sum of money on the venture by the decline in the New Orleans market. The merchant had one thousand barrels, about half of which was shipped on the steamer Old Hickory. The captain of the Grace Darling engaged the residue of the flour for his boat at an advance of five cents per barrel for freight, stipulating to proceed to New Orleans immediately in consideration thereof. The boat, however, was detained for some time, and the price of flour had materially declined in the Southern market. The judge decided in favor of the plaintiffs, and ordered that the owner or owners of the Grace Darling shall pay damages to the full amount of the loss sustained by the shippers in the detention of their produce from the market. THE LAW OF WRECK AND SALVAGE. At the Sculcoates Hall, Mr. Saxelbye, as the Receiver of Droits of Admiralty at Hull, (England,) appeared before the magistrates to support two informations against parties for an infringement of the Wreck and Salvage Act, 9 and 10 Vic., c. 99. The first information was against a person for picking up, and not reporting to the receiver of droits, a piece of timber belonging to Mr. Lynn, the railway contractor, which had floated from the works at New Holland to the opposite shore; and the second information was against a party for purchasing and retaining the timber. By the 5th section of the Wreck and Salvage Act it appears that any person finding any goods at sea, or in any tidal water, or stranded on the shore, is bound forthwith to report the same, in writing, to the Receiver of Droits of Admiralty, and place the same at his disposal; and every person who shall keep possession of, or retain, or conceal, or secrete, any such goods, or shall deface, take out, or obliterate any mark or number thereon, or alter the same in any manner, or shall not forthwith report and place at the disposal of the receiver any such goods in the manner aforesaid, shall forfeit all claim to salvage, and shall, on conviction, forfeit any sum not exceeding £100, and also forfeit and pay double the value of the article to the owner thereof, if claimed, or to her Majesty, if the same become a droit of the Admiralty; and the parties may also be proceeded against as the receivers of stolen goods. Mr. Frankish appeared on behalf of the defendants, and the magistrates being satisfied that the offence had been committed through ignorance of the act above mentioned, and without any fraudulent intent, the informations were ultimately withdrawn, on defendants paying the value of the timber and the expenses. Mr. Saxelbye, at the same time, intimated that he should in future proceed against all parties who might in any manner offend against the provisions of the act. COMMERCIAL CHRONICLE AND REVIEW. THE MONEY MARKET-IMPORTS AND EXPORTS OF NEW YORK FOR LAST FOUR MONTHS-SPECIE MOVEMENT IMPORTS AND EXPORTS OF SPECIE AT NEW YORK-DUTIES COLLECTED AND SUMS BORROWED BY THE GOVERNMENT, WITH RATES OF EXCHANGE, AND PRICE OF UNITED STATES STOCKS-UNITED STATES STOCKS SOLD ON FOREIGN ACCOUNT-REVENUE AND EXPENDITURE OF THE UNITED STATES -VALUE OF PRODUCTS-OPERATIONS OF A TARIFF-IMPORT OF GRAIN AND FLOUR INTO GREAT BRITAIN -DEMAND FOR CAPITAL IN RAILROAD INVESTMENTS-THE NEW ENGLAND RAILROADS-MASSACHUSETTS SAVINGS BANKS-THE RAILROAD MOVEMENT IN NEW YORK-COMPARATIVE VALUE OF REAL ESTATE IN BOSTON AND NEW YORK-TOLLS OF THE ERIE CANAL FOR TEN YEARS-ERIE RAILROADAREA OF ITS INFLUENCE-ITS IMPORTANCE AS AN AVENUE FOR WESTERN TRADE-ITS INFLUENCE UPON THE SUPPLY OF COAL, ETC., ETC. THE money markets of the leading cities have, as the season has advanced, become more easy; that is to say, money has rather fallen in price, notwithstanding that the importations continue to a considerable extent larger than in former years at this season. In our number for August we gave the imports and exports of the port of New York for the twelve months composing the fiscal year which ends June 30th. The following table indicates the progress of the trade in the four succeeding months: IMPORTS AND EXPORTS OF NEW YORK FOR FOUR MONTHS, ENDING WITH OCTOBER. July October..... Specie. Free. Dutiable. Domestic. Specie. 513,749 9,796.778 2,533.343 8,158,299 2,119,571 5,136,332 1,328,833 Total 1848...... 2,519,892 175,742 557,920 10,764,999 523.582 2,731,946 30,137,797 7,775,983 1847...... 1,119,143 223,657 497,327 17,323,434 685,093 2,494,360 33,790,479 8,716,265 These aggregates for the four months indicate for the last year a larger import and export than for the same four months of the present year; but for the last two months, that is to say, September and October, the balance is in favor of the present year. It was in the month of October last year that the exchange between this country and England began to feel the influence of the revulsion in England, and specie went forward to the extent of $674,548 in October, by reason of the distrust of bills. In November that feature began to have a serious influence, and powerfully affected the money market in the cities. The state of affairs was described as follows in our article for December, 1847 :— "The movements of specie for the quarter ending with October were, for the port of New York, nearly as follows: “This large movement of specie reduced the amount in the city banks from $10,769,732 in August, to $7,779,000 in November; and, inasmuch as that the imports fell off with the close of October, it was supposed that the banks, which had contracted towards the 1st of November, when their accounts are returnable to the comptroller, would resume their discounts. Continued adverse news from Europe, however, was unfavorable to the negotiation of bills, and enhanced the disposition to ship specie. Sovereigns advanced to $4 87, five-franc pieces to 94, and Mexican dollars to 14 a 1 premium, and the shipment became active, although the best bills could be had at 94. and were dull at New Orleans at 3 a 4 per cent; presenting a singular anomaly, and showing that heavy losses were incurred in the shipments of specie, rather than trust to the payment of bills in England. The packets of the 1st November carried out considerable sums, and the shipments continued, until the amount reached near $2,000,000 by the middle of the month. This was a serious drain in the state of affairs with the banks presented in the above table, and the institutions immediately adopted the most stringent measures. A very small proportion, only, of the notes offering, were discounted, and loans on stocks were called in rigorously. Importers' paper, particularly, was struck at; and first class auctioneers' paper sold from 11 a 2 per cent per month, while it became impossible to procure loans on New York stocks, the first class of security, at a large margin. The banks rigorously drew balances from each other in specie, and adopted a general system of curtailment, that exceedingly oppressed the market; causing prices, particularly of stocks, to fall rapidly." This export of specie continued on English account until February, when it nearly ceased, and began slightly to react, when the events in Europe renewed the efflux, which has continued important until the present moment. It is known that under the operation of the present Independent Treasury law, the payments into the United States treasury are in specie only, consequently the duties form a continual drain upon the banks for specie. During the past year the government has borrowed considerable sums in specie for war expenditures; and these three causes, viz, the export, duties, and loans, have together formed a formidable demand for the precious metals, and to the following extent monthly: IMPORT AND EXPORT OF SPECIE AT THE PORT OF NEW YORK, AMOUNT OF DUTIES COLLECTED AND SUMS BORROWED BY THE GOVERNMENT, TOGETHER WITH THE RATES OF EXCHANGE, AND PRICE OF UNITED STATES 6 PER CENT STOCK OF 1862. Total... $1,135,027 $13,900,639 $20,681,995 $18,069,770 87 107 These figures show a remarkable progress in affairs. It will be observed that the import and export of specie is that which is entered directly to and from the custom-house at this port. Considerable sums, probably near $5,000,000, last fall and winter left here for Boston, to go by the Cunard steamers, which does not appear on the New York customs' returns. The government has taken for loans $18,069,770, and for duties $20,681,995, and the nett export is at least $17,000,000. These sums together make $55,751,765 paid by the city of New York in the twelve months closing with October. The remarkable fact is, that while these enormous payments have been made, money has constantly been becoming easier; that is to say, instead of being unable to procure money at all upon stocks, as was the case last year, it is now easily attainable at the legal rate, say 7 per cent; and good auctioneers' paper is done at 10 per cent per annum. On the 1st of November last year the amount of specie in the assistant treasury at this port was $4,551,841. This year, at the same time, it was $855,330. It will further be observed in the above trade tables that the ease of the money market in November cannot be ascribed to stock business, inasmuch as the trade of the port has been larger than last year. Thus for October and the first week in November, the import of goods has been $7,048,181, and for the same time last year $5,998,514. The exports in the same time have increased $1,200,000, making an increase of $2,500,000 in the business of the port this year, naturally requiring more money. It has been the case, however, that very considerable sums of United States stock have gone abroad, independent of the $3,000,000 placed in the London market by Messrs. Corcoran and Riggs, of Washington. The amounts sent weekly have been as follows: EMISSION OF UNITED STATES STOCK ON FOREIGN ACCOUNT. Total...... 107,000 82,100 130,050 556,300 99,600 1,073,700 525,300 2,574,550 This gives an amount of $2,574,550 sent abroad in seven weeks, and the bills against much of this investment have been upon the market constantly. It may be remarked that the whole figure does not represent fresh sales, some amounts of prior sales being returned for transfer. Eminent banking houses have, it is said, taken much of that drawn by Messrs. Corcoran and Riggs; but the amounts drawn against continental investments have been offering in various hands. About one-half the amount issued in the week October 23, was to Mr. Packenham, the English minister. In the week October 28, $130,000 was to Corcoran and Riggs. In the week November 11, $47,000 was to Madam Weiss, the directress of a dancing troupe. The English holders generally prefer the coupon stock, as a matter of course. We mention these details in order to show the nature of the stock operations going on to an extent that has affected the exchange market, as well as relieved the stockholders of pressure. There has also been paid five instalments, amounting to $1,098,000, of Mexican indemnity, due to United States by the government under the terms of the Mexican treaty of peace. The relief thus afforded to the stock market, together with the amount of the department, that owing to the flourishing state of the finances there will not be required any further instalments upon the last loan until Janu ary has placed the market for those securities upon a firmer footing. The condition of the United States finances for the year ending September 30, according to the quarterly reports of the departments, are as follows :— Total....... 7,849,531 76 War Dep't. Navy Dep't. 3,308,823 15 2,649,749 15 7,241,659 55 1,964,771 49 6,698,470 36 2,395,066 12 8,064,851 38 2,979,022 17 Total. Treas. loans, &c. 25,313,804 44 9,988,608 93 11,718,730 47 54,870,175 60 In the payments of the last quarter by the State department is included the first instalment paid to Mexico under the treaty of peace; and in the payment of the Treasury department is included the $800,000 redeemed of a house in New York. The next quarterly return will probably embrace the re-issue of a similar amount. It is observable that the ordinary revenue of the department, under the heads of customs, lands and miscellaneous, amounts to $32,842,270 40, a sum which exceeds, by near $9,000,000, the whole expenditure of the year 1845, before the Mexican war commenced. To that figure the expenditures will probably be again reduced, enhanced, however, by an increase of $1,000,000 per annum for interest on the new debt, and $3,000,000 per annum for the four annual instalments due Mexico under the treaty. This will raise the expenditure to $27,000,000, and at the rate of income now accruing will leave a surplus of $5,000,000 per annum for the sinking of the debt, which, were it all payable at pleasure, would effect it in seven years. This favorable condition of the federal treasury is likely to be still further improved for the coming year through the influence of the enhanced exports of produce, the proceeds of which must be returned in the shape of dutiable goods, possibly at somewhat enhanced prices from those which have obtained in the last few months. The effect of the revolutions in Europe has been to cause a vast amount of European labor to be sent here for little money; that is to say, fabrics have been sold at a less sum than would replace the capital expended in its production. As an instance, we have seen Belgian cloths sold at 50 cents, which cost 117 to produce. The manufacturing capital of Europe cannot stand such sacrifices, and production must cease or go on at advanced prices, to exchange for United States produce. Inasmuch as that our tariff has an ad valorem operation, a rise in the price of foreign fabrics will enhance the revenue. American produce, particularly cotton, has sold and is selling very low, but it may be doubted whether the actual proceeds is less than usual; that is to say, measured in money we get much less, but measured in goods, the product of labor, we get much more. The capital of Europe is being squandered for the benefit of the United States. In the case of farm produce we maintain the money price, and this price commands a much greater quantity of European labor than usual. The exports of farm produce from the United States continues on an ex |