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siderable amount of funds thus held-one firm, we understand, having remitted a single balance of over $1,000,000. The large shipments of specie this week have be-n chiefly destined to the Continent, and are in response to demands of this character. To what further extent this pro

be carried it would be premature, at present, to estimate; but foreign bankers are apprehensive that further large remittances on this account may have to be made.

It yet remains to be seen whether any derangements will arise from the return of Fire-twenties from Europe. Probably not less than $200,000,000 of our bonds are held in States likely to be directly implicated in the war. Thus far, the bonds returned from Europe bave consisted chiefly of the supply held by dealers, who have probably realised upon them, on account of their being less depreciated than other securities. We find no reason for modifying our opinion, previously expressed, that the mass oi private holders will hold the bonds firmly on account of their security, and being less Jiable to fluctuation than other loans. A certain amount of Fivetwenties, however, is beld by manufacturers and merchants: and it is questionable whether this class of holders, being driven by the curtailment of bank credits to realize upon their reserve capital, will not prefer selling our bonds, as the securities upon which they would lose least through realization. Private financial advices indicate the commencement of a movement of this character. Should the process be carried on to an important extent, it is quite probable a saluiary check would be imposed upon it by the New York gold market. The shipment of gold, in pay

. mert for bonds thus returned, would cause an advance in the premium, which would so far reduce the gold value of the bonds as to neutralise the motive for sending them here for realization. It is, however, to be supposed that this realizing movement would prove to be but temporary. The mercantile sellers would, after a brief period, find their assets coming into their hands, and, having again an unemployed surplus, they would be likely to invest in Five-twenties, which to them would appear cheaper and saler than any other investment. It is, again, a question whether, in the probable event of money becoming cheap in England at an early day, there is not a chance that London dealers would buy largely of the bonds thus temporarily thrown overboard by the Germans, with the hope of being able to sell them at Frankfort at a profit, after the subsidence of the first panicky effects of war.

It is to be anticipated, as a natural consequence of the interruption of agriculture on the Continent, that war would be accompanied with an enlarged demand for our food products at enhanced prices. Apparently, this would increase our ability to pay for our imports of merchandise ; and yet only apparently, for it is not to be overlooked that the war would cause a loss upon our exports of cotton far exceeding any gain upon of shipments of Western produce. Europe consumes one third of our cotton crop; and the contraction of this larga source of demand would cause a material depreciation of the value of the entire crop, besides reducing the price of the large amount now held on American account at liverpool.

These are some of the many considerations which go to show that Americans, in common with all who have trading relations with the Continentai States, cannot but be effected injuriously by a European war.

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TAXATION OF GOVERNMENT BONDS—NOTE. In the article on “ Taxation of Government Bonds” in the June number of the MAGAZINE (pages 409, &c.,) there were two or three typographical errors which changed or destroyed the meaning of the sentences in which they occurred; well illustrating the truth that man composes but the devil prints. On page 410, 20th line from top, the word printed “over taxed" should read untaxed. Page 411, 24th line from top, our community " should read one community. Page 411, 12th line from bottom, " when capital” should read where capital.

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TRIDE OF GREAT BRITAIN WITH THE UNITED STATES.

COTTON, BREADSTUFFS PROVISIONS ETC.

Our London correspondent furnishes us an analysis of the cotton trade between Great Britain and the United States for the four months ending April 30tb, prepared from the official returns first issued and those of previous years. As regards the total value of imports, the returns embrace a period of only three months ; but daring this period in the current year, the computed real value of the principal articles imported was very high, and was nearly £14,000,000 in excess of 1865. The two leading items causing this increase are cotton and breadstuffs, the auzmented value of the former being to the extent of £7,000,000, and of the latter £3,000,000. The value of imports in each of the first three months of the last three years was as under :

January February Mrch....

1964.
$7.520,356,
13,211,311
16,396,928

1865.
£6,399,922
1%, 91,252
13,005,394

1866. $9,8 1,561 16.610.15) 13.891,2044

Total..

£37, 13 ,8:25 £32, 295,568 £16,318,972 Respecting the exports of British and Irish produce and manufactures, the returas extend to the end of April. In that month, as compared with March, trade declined to the extent of rather more than two millions sterling; but the figures show an increase over January, February. a'id over the corresponding months in the two preceding years. They are as follows:

EXPORTS OF BRITISH AND IRISH PRODUCE AND MANUFACTURES.

1961.

1805. January

£10,413.596 £10.454,339 £14.351.749 February.

12.698.121 11.376,914 15,116,113 March.

13,555,674 13.770,151 17.521.374 April

13,225,039 12,071,111 15,366,414 Total.

£19,892, 120 £17,706,818 £62,357,579 The total value of imports from the United States during the three months e idioz March 31, was as follows:

1866. From Atlantic ports, Northern...

1861.

1865.

£3,385,142 £1,813.893 £5,37° 477 Southern

77,203

02.32

6, -21.191 Pacific ports.

115,155

19,2-8

13,097 Total......

£3,577,960 £1,925,514 £12,241,771 The exports during the same period stood thus : To 6 tlantic ports, Northern..

£6,699,353 £3,178,228 £9,137 644 Souther

36.89

18.718 298 312 Pacific ports..

171.835 79,615 218,497 Total .

£6,905,027 £3,276,594 £9,654,953

COTTON.

Respecting cotton, we find that the United States, the Brazile, and the East Indies have furnished during the present year increased supplies. On the other hand, the imports from Turkey, Egypt and minor countries have declined, whilst the import trade in cotton, so far as China is concerned, is quite suspended. According, however, to the latest advices from China, it appears that a few cargoes are now afloat for Liverpool, but the quantity of produce they are likely to bring cannot have any effect on the market. The total imports in April amounted to 1.663,025 cwts. against 592,095 cwts, in 1865, and 627.452 cwts. in 1864. For the four months end'. ing April 30, the imports were of the following magnitude:

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From the foregoing it becomes evident that in considering the important questi » of the future supply of cotton, Brazil must occupy a prominent place. No other country has made during the past few years the same steady and rapid progress in the cultivation of the great staple. In 1863 less than 170,000 bales of 160 lbs each were shipped from all ports. This year, its believed, quantity will amo int t) Dearly 600,000 bales. This extraordinary increase is in?the face of an export duty exceeding 12 per cent., and an exhausting war, which among other evils, bas deprived tbe cotton grower of thousands of laborers.

The export demand for critton in April was largely in excess of that for April last year—the quantity taken by exporters in April having amounted to 294,960 cwts., against 131,965 cwts. last year, and 189,418 cwts, in 1864. For the four months the figures show a corresponding increase, the shipments to the leading consuming coun. tries from the United Kingdom being as follows:

1801.
1865.

1866. To Russia, Northern ports.. cwts.

19,310
2,265

29.5 46 Prussit.

5,11

27,757 Hanover.

17,965 11,335

5,033 Hanse Towns..

148, 153 101,791 37,318 Hol and

115,855 57,296 171,316 Other countries.

227,169 243, 164 418,684 Total.........

534,253 419,428 1,026,054 The computed real value of our cotton imports for three months was £17,903,379, against £10,819,439 last year, and £12,124,875 in 1864.

277

BREADSTUFFS.

The returns show an increase of more than one hundred per cent. in imports of to beat from all quarters as compared with the corresponding month last year. France continues to furnish liberal supplies, and from Russia, there is a large increase. The

United States figure in April for only 12,000 cwts., but that is an increase of 9,000 cwts. as compared with the same month last year. The leading import of four is Dow from France. The statement of imports is as follows :

IMPORTS OF WHEAT AND FLOUR INTO THE UNITED KINGDOM IN FOUR MONTES.

1864.
1865.

1866. WHEAT-From Rresia..

cwts..

636,489 1,231, 453 5.192.215 Prussia...

1,530,698 392,113 409,202 Denmark.

313,793 88,231 39.520 Schleswig, Holstein and Lauenburg.

128,381 52,99 32.520 Mecklenburg.

191,429 97,195

82,427 Hanse Towns.

300,413 29,709 87, 125 France..

432,497 176,907 1,740,207 Turkey and Wallachia and Moldavia.

161,:81 169,312 218.788 Egypt,

312,633 United States

2,835, 100 127,924 303, 084 British North America.

10,838
2,291

8.789 Other countries

154,322 214,831 1,145,723 Total.......

7,011,307 2,572,521 7,183.408 FLOUR--From Hanse Towns..

cwt.

186,768 89.392 78,127 France.

1,217 815 767,622 2,011,452 United States.

816,607 94.238 16,412 British North America.

4,256
11.385

6.043 Other countries.

88,440 26,739 86,374 Total.....

2,213,886 985,376 2,314,408 INDIAN CORN..

578,276 1,316,017 4,074,576 OATS

1,129,001

1,292, 192 1,757,571 The annexed statement shows the value of our principal esports of British and Irish produce to America, during the four months ending April 30, in each of the last three years :

EXPORTS TO THE UNITRD STATES FOR FOUR MONTHS.

1864.
1865.

1866. Alkali..

.£155,503 £131,745 £252240 Beer and ale

22,173
11,402

20,22 Coals.....

41,:51 27,160

25.006 Cotton MANUFACTURESPiece goods.

903, 419 4 1.550 1,698,969 Thread

102,119
31,762

123,805 Earthenware and porcelain..

164,510 109,736

248.044 Haberdashery and millinery.

511,038 244,141 618,503 HARDWARES AND CUTLERYKnives, forks, &c.....

46,980
87,404

120,778 Anvils, vices, &c..

40,083
22,783

48,712 Manufactures of German silver..

124,139 52,349 259,983 LINEN MANUFACTURESPiece goods

1,117,075 715,140 1,658,093 Thread..

79,559 48,815

86,110 METALSIron--Pig

102,639
21.591

127,548 Bar, &c...

396,92 48.946

223,428 Railroad

427,819
39,536

196,404 Castings.

7,053
1,053

6,343 Hoops, sheets & boiler pla's

120,387
15,111

111,891 Wrought

139,850
68,268

90,111 Steel--Unwrought

234,098
91,167

222,551 Copper, wrought.....

11.718
9,167

2.694 Lead, pig.

156,846
5,607

59,065 Tin platcs.

315,889 229,440

548,575 Oilseed..

43,332

39

49,971 Salt..

11,898 8,630

48,675 Silk MANUFACTURESBroad piece goods.

41,910 19,953

75,564 Handkerchiefs, &c..

10,832

999

5,189 Ribbons

22,357
9,682

21,519 Other articles of xilk only.

49,988
82,328

48.522 Manuf, mixed with other materials.

21,206
9,970

27,973 Spirits, British

5, $16

303

3,784 Wool..

28,762
250

242 WOOLEN MANUFACTURES-Cloths of all kinds.

468,881 148,641

422,456 Carpets and druggets..

19376
34,168

297,775 Shawls, ruge, &c

46,223
7,511

16,314 Worsted stuffs of wool only, and of wool mixed with other materials...

1,081, 240 544,321 1,606,374 During April 28 American vessels entered inwards at ports in the United Kingdom, against 23 last year, and 22 in April, 1864. For the four months endirg April

.

30, the aggregate was 161 vessels, of 152,589 tons ; against 83 vessels, of 93,272 tons. in the corresponding period last year ; and 133 vessels, of 151,589 tons, in 1864. The clearances in April were 51, against 27 last year, and 45 in 1864, For the four months they reached 188, against 94 in 1865, and 143 in 1864. Of all nationalties, the entries into the United Kingdom from United States' ports were 133. against 35 in April last year, and 63 in 1864. These figures raise the total for the present year, viz. : from Jan. 1 to April 30, to 646 vessels : And a comparison with previous years shows favorable results, for during the corresponding months in 1865 the total was confined to 156, and in 1864 it was 333. The clearances of vessels, of all flags, from the United Kingdom to the United States reached a total of 130, against 66 in April last year, and 129 in 1864. The total for the year is 522, against 203 for the cori eso ponding months last year, and 331 in 1864.

PROVISIONS AND LIVE STOOK.

Below we give the arr vals of live stock and provisions during the four mouth g ending April 30 :

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TRADE WITH THE BRITISH PROVINCES. A resolution was some time ago adopted by the House of Representatives calling upon the Secretary of the Treasury to communicate certain specified information, with the view of assistiog Congress in “ correctly estimating the trade resources of the British Provinces," and their relations to the trade and productions of the United States.” The exact returns requested bave not yet been presented, and there is, therefore, no likelihood of their being serviceable during the present session. Witbout waiting for them, however, Mr. Kelley, who sought the information, may form a tolerably correct estimate by reference to official documents already in print. He may learn, for instance, the growth and magnitude of the trade developed under the Reciprocity Treaty, now no more, and may judge of its value to the United States by a detailed comparison of our exports to the Provinces with the aggregate of our exports to all other countries. For the enlightenment of members like himself, we have compiled a couple of tabular statements, some of the figures of which may, perhaps, surprise persons more familiar than Mr. Kelley professes to be with the Dature and extent of the interests concerned in our export trade with the Provinces.

The first of these statements exhibits the total amount of imports and exports during eleven years, ending the 30th June, 1864. It may serve both to convey an idea of the annual aggregate of trade between this country and the provinces embraced within the Reciprocity Treaty and to correct the prevalent misapprehension in regard to the relative proportion of imports and exports.

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