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chiefly consist of a desire on the part of the latter to obtain a larger revenue from the soil than it will yield; hence, we find that in Bengal alone, a number of persons have been dispossessed of land hitherto held by them as yearly tenants for a considerable period. We are aware that the produce of the East is selling at high prices in this country; but if the cultivators are to be driven from the soil because they refuse to pay higher rents, we shall unquestionably lose the benefit which usually results from moderate patches of land being divided for individual exertion. The experiment has been often tried, and as often failed, in England, and we regret to find that the landowners in the East should endeavor to realize larger incomes from a system of extensive cultivation on their own account. India has passed through a period of depression and excitement, from which she is now rapidly recovering; but a falling off in the quantity of produce raised may lead to further complications of au favorable character. As regards the supply of indigo, however, this season, we have every reason to anticipate a full average quantity. To secure its early arrival here, some shippers are negotiating for the transmission of the article via the Red Sea. The additional cost by that route will be 3d. per pound, but it is supposed that it will be nearly made up by a gain in interest and a decrease in risk. That the value of indigo is likely to rule firm during the remainder of the year, is evident from the general bearings of the trade, and the steady consumption both here and on the Continent; but we cannot subscribe to the opinion that the quotations are likely to be much above their present level.

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HUNGARIAN WINES.

A report on Hungarian wines by Mr. DUNLOP, attaché to the British Embassy, has just been included among some papers presented to Parliament. On the question whether wines from Hungary can be imported into England at a cheaper rate than wines from France it throws some interesting light. As to the capability of the country for producing almost any quantity there seems no doubt; but the absence of care, method, and discrimination is still such as seriously to counteract the existing natural advantages. The Hungarian farmers and proprietors, however, it is said, are now awakening to the fact that, although they have about the largest and best district in Europe for wine growing, and unlimited quantities of nearly the best grapes for the purpose, they continue to make, on the whole, very bad wines for exportation-far inferior in quality and flavor to those which, with ordinary modern appliances, might be manufactured throughout the country, and much smaller in quantity than their extensive vine-farms could easily produce. The Hungarians, it appears, thoroughly understand the culture and management of the grape previously to the vintage, but their whole subsequent system is "careless, wasteful, rude, and defective." The formation of a wine association has been suggested to correct these evils, but the remedy seems open to each individual, since the introduction of proper methods would involve but little expense in new machinery. The estimates of the annual quantity of wine produced in Hungary are rather vague. Mr. DUNLOP thinks it may amount to 390,000,000 English gallons, which, after allowing for the home consumption, would leave about 100,000,000 for exportation.

Of this, about two-thirds are white and one-third is red, and Mr. DUNLOP considers it is "no exaggeration to state, that if Hungary once saw a clear way open for the export of her wine, she would make planting arrangements to supply any demand within the bounds of probability from foreign markets, and would equally increase her care and attention as to the qualities required." Railway facilities would also be essential, and it is believed that if a line which was planned many years ago from Pesth to Fiume, and which was rejected by the Vienna authorities, because it did not harmonise with their "strategic absurdities," had been carried out, the present exports of Hungary would have been double what they are, and the export of wine much more than double. The impression is, that if there were a direct communication between Hungary and Great Britain via the Adriatic, "the people of England would be able to have an imperial pint of good Hungarian wine at from 4d. to 7d. sterling." Mr. DUNLOP considers that the time has arrived when English merchants and capitalities should direct special attention to the capabilities of this trade. Hitherto the Hungarians have devoted too much care to the production of "curious" and liqueur descriptions, but to develop the real powers of the country, they should, it is contended, devote all their energies to the culture and improvement of their strong, dry, clean wines, and study by all means to fit them for the foreign market, by carefully assorting their grapes, and by manipulating the wines at home as the Spaniards do their sherries. If the English middle and lower classes do not take to the light acid French wines, they would certainly, it is observed, become large consumers of the dry, strong-bodied, clean Hungarian wines, especially white wines, and these could be supplied to them cheaper than sherries from Cadiz. The strong red wine, resembling Burgundy, which might also be largely made in Hungary, would, it is added, perfectly suit the English market.

THE LUMBER TRADE OF CANADA.

The following table, given by GEORGE H. POOVY, Esq., in a lecture delivered by him at Ottawa, March 18, 1862, shows the quantity of lumber and deals exported from Quebec to the United Kingdom for fifteen years:

1845......

Sq. timber, c. ft.
24,223,000

'Deals.

6,879,617

Total. 31,102,617

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The average quantity produced is about 30,000,000 cubic feet square timber, and 400,000,000 feet board measure, equal 34,000,000 cubic feet sawn lumber, altogether 64,000,000 cubic feet per annum. The duties levied in Canada on square timber cut on crown lands, is d. per cubic foot, and on saw logs 5d. currency per log, without reference to size. No duty is imposed on timber cut on private lands.

In the year 1845 the export from Quebec formed 32 per cent of the imports to the United Kingdom; in 1846, 29 per cent; 1847, 28 per cent; 1849, 31 per cent; 1851, 25 per cent; 1852, 24 per cent; 1854, 27 per cent; 1855, 22 per cent; 1856, 22 per cent; 1857, 28 per cent; 1858, 25 per cent; 1859, 21 per cent. This falling off of 11 per cent on the whole trade is due to the increase of importation from the Baltic, consequent on the withdrawal of a protective duty.

The whole imports of the United Kingdom, in the year 1859, were, as computed from the Board of Trade tables, 1,300,000 loads of 50 cubic feet each, of colonial; and 1,300,000 loads of foreign timber, making a total of 130,000,000 cubic feet, of which Canada furnishes about 24 per cent; the tonnage would be probably equal to 3,000,000 tons, of which we furnish probably 750,000; of this, fully 600,000 tons are the produce of the Ottawa country, and the trade there is carried on more extensively than in any part of the British Empire.

According to the best possible estimate, this trade employs 15,000 men in the woods; and counting those engaged in the various operations of the manufacturing establishments, 10,000 more, so that a total of 25,000 men are engaged in this traffic, on the Ottawa River. The yearly consumption of provisions, by the producers of square timber, is stated to be 12,000 barrels of pork, 15,000 barrels of flour, some 100 tons of sundries, 6,000 tons of hay, and 275,000 bushels of oats; and the same quantity of provisions is required for the production of saw logs; so that something like 26,000 tons of agricultural produce is required for the purposes of this trade.

The trade returns for 1859 give the amount of seamen required to man the fleet which takes the lumber destined for European markets from Quebec, at 17,064; to those must be added the men engaged on our inland navigation, in transporting same lumber to the States, and the total number of seamen employed will not fall far short of 25,000 men.

The revenue collected the past eleven years from the lumber trade is as follows:

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THE SUPPLY OF COTTON.

In a circular just issued by Messrs. NEILL BROTHERS, of Manchester, the downward progress of the stocks of American cotton since the highest point of last year, is illustrated roughly by the following quarterly table, to which is appended the Liverpool quotation for middling New Orleans cotton at the respective dates:

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There is, moreover as large a decrease proportionately in the stocks held in the continental ports and by spinners everywhere. The vacuum caused by the non-receipt of the last crop is thus at last showing itself seriously, in spite of the great reduction in consumption, which has occurred here and elsewhere. At Havre the present stock is 42,000 bales, against 290,000 last year. "For so far it is to be regretted," observed Messrs. NEILL, "that the high scale of prices which has prevailed this season has failed to attract an increase of supplies from other quarters. India seems to have been cleared out by the large shipments of last year, and the shipments to Europe from 1st January till latest dates show a decrease of 100,000 bales, the figures being 251,000 bales against 351,000 last year. Hence, and from the large proportionate consumption of Surat cotton, the stock at Liverpool of this description, which on the 1st of January last stood at 295,000 bales against 120,000 last year, is now reduced to 170,000 against 133,000 last year, while in the quantity afloat the figures are still more unfavorable-namely, 164,000 bales against 258,000. From Egypt, Brazil, etc., there is a large per centage of increase in the import for so far this year, but the positive increase is not sufficient to be seriously felt in the trade. The figures are 159,000 bales against 97,000 last year. In looking to the future, it would be vain to attempt predictions of the course of prices. In the present state of stocks, any considerable demand, such as the indications from the Indian and other markets would seem to point to, might seriously force up prices. On the other hand, further Federal successes, such as there is every reason to anticipate, or the arrival of even a very few bales of cotton from the South, would, with equal certainty, at least temporarily depress them. Upon a broad view, however, of the enormous difficulties which stand in the way of any satisfactory reopening of the American sources of supply, and the long delays which must occur before the complicated machinery of the trade is again readjusted, even if terms of peace were already agreed upon, the present price of cotton cannot be considered unreasonably high."

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

1. CITY WEEKLY BANK RETURNS, NEW YORK CITY BANKS, PHILADELPHIA BANKS, BOSTON BANKS, PROVIDENCE BANKS. 2. WEEKLY STATEMENT BANK OF ENGLAND. 3. STATE BANK OF IOWA. 4. WISCONSIN BANKS. 5. OHIO BANKS. 6. THE DEBT OF EUROPEAN NATIONS.

CITY WEEKLY BANK RETURNS.

NEW YORK BANKS. (Capital, Jan., 1862, $69,493,577; Jan., 1861, $69,890,475.) Weekly

Date.

16 11,.

66 18,.

25,

February 1,...

8.....

66

15,.

66

22,.

1,....

Loans.

Specie. Circulation. Net Deposits. Clearings. January 4,..... $154,415,826 $23,983,878 $8,586,186 $111,789,233 $100,642,429 152,088,012 25,373,070 8,121,512 118,889,762 105,634,811 149,081,433 26,120,859 7,869,028 113,327,160 107,732,789 145,767,680 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 5,762,506 110,430,475 105,102,177 139,950,958 28,875,992 5,489,496 109,079,076 111,346,066 187,674,238 29,826,959 5,363,944 107,974,499 109,854,823 133,055,148 30,486,644 5,869,206 103,715,728 113,512,576 130,622,776 30,773,050 5,904,866 100,296,704 127,615,306 32,023,390 6,260,809 97,601,279 125,021,630 82,841,802 6,758,313 124,477,484 33,764,382 7,699,641 123,412,491 34,594,668 8,004,843 123,070,263 34,671,528 8,064,663 95,179,340 113,529,377 125,086,825 85,297,944 8,118,571 101,897,435 124,396,733

March

8,.

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118,957.978

115,376.381

94,428,071 106,973.432 94,082.625 111,336,384 93,759,063 114,738,013

133,406,418 35,175,828 8,482,782 109,634,535 140,952,471 138.948,211 32,239,868 8,830,321 115,559,206 181,113,587 142,290,782 30,280,697 8,727,328 120,003,929 167,390,055 142,950,149 30,672,760 8.592,676 122,602,864 142,828,565 142,671.414 31,397,284 8,535,149 125,484,755 136,893,373 142,318,381 31,248,882 8.813,603 125,566,961 148,123,103 144,014,350 81,162,048 8,814,322 125,643,375 165,521,454 146,839,762 81,047,945 8,849,183 126,684,422 168,059,997

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PHILADELPHIA BANKS. (Capital, Jan., 1862, $11,970,130,)

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Loans. Specie. Circulation. Deposits. to banks. from banks. $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

1,702,716

30,601,160 5,733,450 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 1,707,136 29,974,700 5,923,874 2,191,547 19,032,535 4,890,288 1,587,481 29,388,544 5,849,354 2,191,512 18,692,182 4,661,442 2,052,031 29,280,049 5,867,686 2,230,605 18,777,800 5,205,203 1,935,414 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

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