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_.„ ' THE LEADER. [No. 465, February 19,...
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'¦ ¦ ¦ -' G OiiEEC I; A L..
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TRADE OF 1858. Six weeks after the close...
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the prices current; In addition to that,...
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Canada. Both countries are yet in their ...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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_.„ ' The Leader. [No. 465, February 19,...
_ . „ ' THE LEADER . [ No . 465 , February 19 , 1859 . ^ P ^ i ^ fc yl # " " ¦ ' ' ' ¦ ¦ ' - / . _ j j . ^^ i—^^**^^^^^^^» - ^^ ^^^^^^^ " ^^^^ p *^*^^ **^^^*^ " ^*^^^^^^^^^^^^^^^^^* M ^^^^^^^^^ I ^<^^»^ ^^^^^^^^^^ ^ MM ^^^ SSlMBCflH Mmj ^ 8 BB ^ B ^^ W ^^ T ^^ Pff ^ yTiB % T 7 WJA'tt . -ULL-iOttlC ^^^^^^^ gJ- ^ . . . . . ^ fc ^—^^^^ M ^^^^^ H ^^ wB ^^^^^ M ^ M ^^^^^ BBBB ^ P ^^ E ^ BBBflflBBfflBB ^ J ^^^^^^^^^^^^^^^™^*^^^^^ ^^^^^^^^^^^^^^^^^^^^^^^^^^^'^ ¦ ... ¦ ¦ . - ¦ - ¦ -
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Trade Of 1858. Six Weeks After The Close...
TRADE OF 1858 . Six weeks after the close of the year , the Board of Trade has favoured us with its accounts of the trade of 1858 , and informs that the delayhas been occasioned by requiring time as usual to make lip the landing accounts of all cargoes properly appertaining to 1858 . It might have been as well had the board delayed the publication till the account of the value of imports for the year was completed ; or , better still , had it used more diligence in making it so , and had now published it for tlie whole year , instead of only for twelve months . We must , however , make the best use we can of what we have got .
The principal imports for the year in quantitiesexcept flax , hides , silk , timber , wine , and woolexceeded the imports of 1857 ; but in value , to the end of November , they declined 19 , 832 , 633 / ., from which we have no hesitation ^ in concluding that we have got more in proportion to the cost of the goods in 1858 than in 1857 . The total value of the jjrincipal articles imported in eleven months of 1857 , was 135 , 051 , 444 / . ; and . of 1858 , 115 , 218 , 811 / . It is possible that some of this difference may disappear when the returns of the value are completed for the year ; but , as they now stand , the real condition of our import trade at the end of the year is less unfavourable than was anticipated it would be at the
commencement . The only articles of foreign produce re-exported in which the public is peculiarly interested are the materials of manufactures , and of these cotton and silkwere exported in greater quantities than in 1857 . The quantity of wool exported , waff 10 , 200 , 000 lbs , less in 1858 than in 1857 , which is nearly 8 , 000 , 000 lbs . more than the deficiency of the quantity imported , leaving- the balance in our favour . Of cotton , the excess of imports in
1858 over the excess of exports was 590 , 000 cwts ., so leaving us better . supplied with cotton and wool in 1858 than in 1857 . The deficiency in the silk imported as against 1857 was 5 , 800 , 353 lbs ; , and excess of exports was 607 , 994 lbs ., making a total deficiency in 1858 of 6 , 408 , 347 lbs . But the imports of silk in 1857 were upwards of 12 , 000 , 000 lbs ., or nearly 5 , 000 , 000 lbs . in excess of 1856 , and we therefore had at the beginning of 1858 a large stock .
The total value of the exports in 1858 was 116 , 614 , 331 / . against 122 , 066 , 107 / . in 1857 . The net customs duties i n 185 8 amounted to 23 , 816 , 1451 . against 22 , 619 , 146 / , in 1857 . The bullion imported was of the value of 29 , 493 , 190 / ., and exported 19 , 628 , 876 / ., leaving us a balance of 9 , 864 , 314 / . The shipping entered inwards was in 1858 , 8 , 816 , 133 tons , in 1857 , 8 , 732 , 180 tons ; cleared outwards respectively , 9 , 936 , 705 tons , and 10 , 340 , 299 tons , leaving \ is no reason to complain at the end of the year of delaying trade .
The Prices Current; In Addition To That,...
the prices current ; In addition to that , their farms have been in some instances mortgaged to build unfinished railroads ; and , smarting under wrongs which they have suffered in that connection , a spirit , of repudiation exists which will have an unfavourable influence not onl y on their credit , butthat of the whole West , and liniit their purchases to articles of prime necessity . " The condition of the West is indeed a great impediment to a rapid revival of trade . The harvest there last year was unusually unfavourable ; and there being no demand for Europe , the price of corn has at the same time been low . From September to the end of January , the quantity of flour exported from the United States to Great Britain , was only 85 , 731 barrels , against 507 , 769 in the same period of 1857-8 ; and the quantity of wheat only 412 , 425 bushels ; against 3 , 199 , 187 bushels in 1857-8 , and against 6 , 507 , 204 in 1856-7 . The cotton crop however is unusually large , and the receipts at the ports are upwards of 800 , 000 bales in excess of last year . If the Americans have but comparatively little ^ corn to give us , they will have a large quantity of cotton ; and now that trade has begun to revive , we may expect it will extend , though not very rapidly , nor will the trade with America on the whole be for some time so extensive as it was in 1856 .
REVIVAL OP TRADE UN" THE UNITED STATED " The importations into Now Tork , " says the Times correspondent , " are now very heavy . The daily custom receipts are returning to the old figure , and a great amount of goods goes into bond to be brought out in the spring and summer . " In conformity with this statement , the Neio York Tribune of tho 29 th ult ., states of the dry goods market there : " More steadiness has been noticed tlie past week in all departments , and our market continues strong and healthy . Tho Jobbing trade have added largely to their stocks , and many present full and complete assortments , Tho daily arrival of merchants is increasing , and the confidence with which \ they purchase is quite cheering . The business of the next thirty or sixty days will , be large , but we ore not so confident respecting the later trade . The inoubus which rests upon Northern Indiana , Wisconsin , Minnesota ,, and , . many portions of the West , is of that character which nothing but time will rexaove , 'Jtoeir investments in lands wore made at Jugn speculative prices , the folly of which the revulsion exposed , Their crops have disappointed them both in the quantity seoured and
Canada. Both Countries Are Yet In Their ...
Canada . Both countries are yet in their infancy ? and will be dependent upon railways for the development of their future progress . India has long been the ideal land of wealth , and its population is countless ; While Canada is rich only from the producr tiveness of its soil , and relying upon an immigrant population . With all the advantages in favour of India , her imports and exports have not much more than doubled since 1840 ; but in Canada the customs' duties doubled themselves in seven years , and in fourteen years they are trebled , the dir ect debt of Canada being doubled only in the same
period . So that although Canada cannot boast that her revenue is one-half of her debt , yet she chums an advance in commercial prosperity which India has yet to realise . One great feature in the comparison must not , however , be overlooked , and that is , of tlie 74 , 500 , 000 ? . debt of India in 1858 , 59 , 500 , 000 / . has been subscribed in India . Tins is not so with regard to the contributions towards the debt of Canada , and it accounts for the difference in the nature of the two securities ; for , . when a country ' s population contributes largely to its own . necessities , its engagements are held in higher estimation than when native capitalists cannot give
their active support . . : Trade of Gkeenock . — -We are happy to observe that trade is now gradually improving . There are at present building , or about to be commenced , in the various ship-building yards , nine iron steamers , and five wooden sailing vessels . The engineering works are pretty busy . The joiners and masons are pretty well employed on new properties at present building . —Scottish Guardian . The American Flour Supply , — Serious fears are entertained that the supply of wheat and flour on the American continent will scarcely suffice for home consumption until another crop is reaped , and consequently , although the prices had again , by the have
latest advices , fallen in Europe , they gone up rapidly in all the American and Canadian markets . The advices from Lower Canada are more favourable as regards the supplies for the markets , but from Upper Canada we learn that business has been marked by no feature of prominence , except that it has been more than usually dull in consequence of the absence of sleighing , arid the uncertain state of the weather . In this respect the present winter was remarkable for its unusual variations of climate , as there had been no improvement in the deliveries of produce from farmers , and many were beginning to fear that the surplus yet to be brought in was exceedingly small , and that for local consumption alone there was not more than sufficient . — Canadian News . The Stamp Duty on Marine Insurance . —Last year the stamp duty on marine insurance was 319 , 508 / ., and on fire insurance 1 , 356 , 069 / . The duty on insurance is under the consideration of the
Port of London . —The general business of the port during the past week has been very inactive . The number , of ships reported inward was 146 , and of those cleared , outward 95 , including 11 in "ballast . The ships now on the berth loading outward comprise 46 . for the Australian colonies , 7 for China , 2 for San Francisco , and 1 for Vancouver ' s Island . Tariffs . —A parliamentary paper has just been issued , showing the new arid old rates of duty levied by Russia , Sweden , the Zollverein , France , Spain , Portugal , the Two Sicilies , Tuscany , Modena , Greece , Morocco , Tunis , Monte Video , and Brazil , between July , 1857 , and August , 1858 . An abstract cannot be well given of the details , but it is a dpcu ^ ment that should be in the possession of almost every mercantile and trading establishment . Flax from India . — A deputation from gentlemen in Scotland , interested in the growth of flax , had an interview on Tuesday with Lord Stanley , on the subject of the capabilities of India for the supply of flax to this country . Mr . Miller , chairman of the Dundee Chamber of Commerce , stated that there was every reason to believe that flax could be produced in India of fine quality and texture . Indeed , lie had himself received a sample , which had been fairly tested , and was found to be admirably adapted for the manufacture of canvas for the navy .. The British manufacturer was at present in a somewhat
critical position with respect to the supply of the raw material . Neither Russia nor Ireland were likely to increase their production of flax ; on the contrary , it was more than probable that , irom the increased value of land and the rise in the price of labour , the supply from those sources would be diminished . It was stated by several of tho manufacturers present that at this moment it was impos ' siblo to obtain a sufficient supply of the raw maerial , and that some of the mills were actually standing still in consequence . Lord Stanley said the subject was one of great importance to the country , and that they might depend upon it it would have the closest attention of the Government * Public Djebx and Resources ojb 1 Canada . — -In tho speech of the Governor-General no allusion is made to the consolidation of tho public debt of the province , which is estimated by the Canadian opposition papers at 15 , 000 , 000 / ., with a population not exceeding 2 , 500 , 000 . We shall look forward with much interest ; to the financial statement of tho Ministers , and hail with satisfaction some decided course of policy for reimbursing the advances made on account of municipalities who have failed to pay the taxes required for the purpose of making 1 good their engagements . That the Government of Canada debt > embraces the advances to municipalities and railways is the pause of the debt being so large ; but , as in speaking of the debt of India , that portion which exists as o , guarantee only should be held distinct from that for which the revenue of the country is alone chargeable ; Our attention this day is particularly directed to tho debt of India , and we cannot but -institute some comparison between its progress and that of the progress of the debt of
Government . National Bank of Turkey . —It is stated that the firman for this bank , the establishment of which has for a length of time been a subject of contest between rival interests , was delivered on Tuesday to the concessionaires represented by Messrs . Wilkin . Its provisions are upon the basis previously described , and the stipulated capital is 1 , 000 , 000 / . In the present position of Turkish stock , and with tho prospect of serious political , events , tho probability of shares to this amount being taken up m London must appear very doubtful' ; but it is assorted jthat a combination of Greek and native merchants and London capitalists has been formed capable ot establishing the project without other aid , and that one-half of the amount has already been promised in Turkey . —• 7 imes . . This New Corn Wkight . — The cental of 100 lbs , weight is now fairly a success on this ( Liverpool ; Corn Exchange , and since the 1 st inst . has commanded tho hearty adhesion and support of iuliy nino-tonths of tho merchants and brokers in the trade . Tho town bakers are , for tho most wrc , opposed to the change . No difficulty whatever ins been raisod , thoughtfully , against tha wellrwoignoa new system , which must eventually find favour m other com markets , where prejudice very naturally will exist for a time . Nothing enn exceed In concisoness tho cental points 10 , 15 , 20 , and so on up to 100 . We learn by letters an , d circulars received from Now York and Montreal , por mail steamer arrived last evening , that the cental had , already been adopted in those cities . Tho conuty ana civility of all nations will , with very Uttlo doubt , ultimately do homago to this simplicity of woiglitt and also combine with it one uniform decimal standard of money . —Proctor ' s Cqrn Circular .
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Citation
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Leader (1850-1860), Feb. 19, 1859, page 22, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_19021859/page/22/
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