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14.. 21..

Distant Short loans. Specie. Circnlation, Deposits. Exchange. balances. 18.. 25,005,952 12,894,521 13,458,989 19,903,519 7,886,609 1,470,787

25 .. 24,397,286 12,945,204 13,600,419 19,218,590 8,083,929 1,635,526 Mar. 3.. 24,946,210 12,952,002 13,860,399 20,116,272 8,027,049 1,092,475

10.. 24,088,800 13,089,092 13,726,554 19,711,423 8,582,012 1,601,149 17 24,054,845 12,729,356 13,797,154 19,304,618 8,498,790 1,718,310 24 23,832,766 12,610,790 13,835,755 19,102,068 8,342,599 1,788,246 31

23,674,714 12,437,195 13,975,624 18,681,020 8,149,061 1,610,499 Apr. 7

23,107,740 12,368,071 14,100,890 18,070,209 8,560,117 1,942,056 22,422,203 12,290,539 13,638,089 17,849,018 8,179,441 1,608,463

22,380,033 12,100,687 12,999,204 18,380,033 7,649,069 1,649,060 28 .. 21,437,974 11,910,361 12,783,749 17,699,538 7,686,634 1,877,017 May 5.. 21,437,974 11,910,361 12,783,749 17,699,538 7,686,634 1,877,017

12.. 20,545,529 11,672,364 12,258,444 17,442,974 7,213,833 1,763,871 19.. 19,385,119 11,706,007 12,163,609 17,260,226 6,909,386 1,680,480

26.. 18,588,492 11,593,719 11,900,864 17,938,774 6,599,676 1,596,210 June 2..

18,282,807 11,191,024 11,791,799 16,985,565 6,173,783 1,459,051

17,423,118 11,072,236 11,572,259 16,989,587 5,958,996 1,442,041 16 16,864,692 10,693,389 11,389,389 16,105,586 6,538,830 1,665,076 23

16,821,969 10,223,276 11,138,434 15,319,947 5,067,682 1,739,481 July 7 16,627,125 9,883,812 10,921,057 14,671,491 4,548,395 1,601,540

14 16,795,836 9,693,954 10,695.884 14,557,417 4,123,242 1,401,804 21 16,945,426 9,544,793 10,310,824 14,326,547 3,706,020 1,512,608

17,802,024 9,607,448 10,071,383 14,358,384 3,219,947 1,163,961 Aug. 4., 19,006,951 9,780,130 9,786,684 14,264,107 2,900,039 1,318,398

11.. 19,383,879 9,846,131 9,526,934 14,368,664 2,565,150 1,182,381 18.. 20,318,484 9,801,183 9,357,964 14,107,235 2,119,789 1,299,462 25 .. 21,332,818 9,900,424 9,263,874 13,614,301 1,756,034 1,346,814

9.

28 ..

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PITTSBURG BANKS -(CAPITAL, $4,160,200.)
Loans.

Specie. Circulation. Deposits.
7,202,367 980,530 2,080,548 1,527,548
7,060,471 1,022,273 2,012,478 1,545,103
6,989,320 1,003,037 1,896,863 1,655,686
6,984,209 997,589 1,907,323 1,609,692
6,939,052 951,638 1,883,093 1,602,311
6,957,621 988,306 1,868,598 1,643,703
7,022,230 991,377 1,821,283 1,760,957
7,101,459 1,018,255 1,871,878 1,768,879
7,035,624 999,093 1,901,543 1,651,216
7,066,774 1,004,750 1,945,328 1,636,887
7,038,891 981,560 1,980,732 1,572,130
7,166,377 1,005,415 2,085,583 1,601,167
7,206,737 990,962 2,072,373 1,693,230
7,159,568 1,018,445 2,071,878 1,651,362
7,278,279 1,156,278 2,024,138 1,897,498
7,234,761 1,141,373 1,995,053 1,913,537
7,234,761 1,141,373 1,995,053 1,913,537
7,263,197 1,088,851 2,011,258 1,890,810
7,196,493 1,133,719 2,022,988 1,906,773
7,190,192 1,122,057 1,952,683 1,918,321
7,282,963 1,089,751 1,907,248 1,919,903
7,214,889 1,126,308 1,919,688 1,892,800
7,247,541 1,102,446 2,029,558 1,743,915
7,291,888 1,150,248 2,048,358 1,779,752
7,310,663 1,068,974 2,071,413 1,818,515
7,294,391 1.083,220 2,073,593 1,846,879
7,215,944 1,098,084 2,069,803 1,861,817
7,203,057 . 1,130,002 2,018,623 1,860,318
7,138,260 1,123,027 1,990,498 1,853,759
7,093,091 1,152,198 2,007,658 1,859,418
7,047,761 1,167,384 2,084,758 1,843,750

Due banks.

304,562 255,076 265,804 230,426 191,222 175,051 224,434 273,343 197,007 198,556 192,411 191,101 171,100 187,255 240,143 175,671 175,671 215,765 213,944 206.316 277,978 240,728 271,062 315,858 239,882 205,011 167,671 234,346 175,924 239,790 232,181

21

28 Aug. 6.

13. 20 27

ST. LOUIS BANKS.

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Exchange. Circulation. 4,373,543 538,555 4,467,513 520,305 4,352,699 502,175 4,290,563 495,380 4,149,236 457,095 4,048,593 424,605 3,906,896 391,605 3,951,433 399,085 3,891,263 395,905 3,998,827 377,935 3,963,924 377,355 3,880,915 356,245 3,790,291 340,095 3,862,454 844,630 3,868,345 325,950 3,852,614 314,360 3,694,877 306,750 3,609,648 301,300 3,683,644 294,115 3,695,707 285,140 3,767,986 273,540 3,879,617 255,210 3,823,735 253,780 3,888,763 244,850 3,967,032 235,935 3,825,423 206,749 3,786,695 199,385 3,392,096

152,025 3,679,192 191,375 3,625,333 177,620 3,526,098

173,310 8,540,196

176,115 3,560,267

188,375

3,599,470 220,605 PROVIDENCE BANKS, -(CAPITAL, $14,803,000.)

Loans. Specie. Circulation. Deposits. 19,144,354 315,917 2,011,336 2,635,486 19,144,846 326,297 1,958,540 2,566,168 19,009,255 342,965 1,917,593 2,598,169 18,686,210 343,992 1,952,022 2,640,170 18,893,658 448,413 2,045,590 2,773,248 18,891,907 422,726 1,938,254 2,844,012 19,243,061 430,128 2,158,904 2,790,587 19,530,296 897,286 2,218,347 2,748,678 19,566,718 357,138 2,128,957 2,526,943

Specie. 662,755 642,497 580,754 563,335 590,502 625,043 639,450 630,877 689,301 651,302 641,252 664,179 685,984 657,321 676,858 601,014 678,234 746,176 808,918 826,793 671,669 627,942 656,358 682,917 705,764 804,983 791,729 684,358 752,397 658,852 633,795 637,310 714,046 728,845

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Due banks:

938,508 921,779

970,971 1,040,260 1,356,071 1,210,104 1,115,951 1,169,800 1,082,109

THE FAILURES IN THE LEATHER TRADE. The recent and heavy failures in the London leather trade have created much surprise among the merchants and bankers there. That of Messrs. STREATFIELD & Co. shows an aggregate liability of £744,000, and the gross assets only £214,000 -a resulting loss of at least £530,000. Or this and other equally unfavorable exhibits, the Banking Allas, of London, says:

The facts which have already been made known under this failure are full of commercial interest. It appears from an inspection of the accounts that at so short a period back as January, 1857, this firm was solvent; and that £365,000, owing to them by customers as good, are now considered as bad debts, and that

this amount has gone on increasing up to the time of their failure, until their liabilities have reached the enormous amount above stated. The partners--like many others who have trusted to the same broken reed—appear to have anticipated a recovery of their position from the future profits of their business, and from some other property. These, however, having failed, a suspension took place as the natural consequence of accumulated disliculties. When, however, we hear of firms of such magnitude being crushed under the weight of their own transactions, such examples are of little value, except a commercial lesson can be extracted from them. Here we have an old firm, carrying on an immense business in a particular branch of trade; standing like a sun in the midst of lesser luminaries, through whose borrowed light they shine in their respective orbits; yet in less then three years this firm falls into bankruptcy, dragging down other houses that involve from two to three millions of liabilities.

Now, there is a certain class of writers, as well as traders, that are always prophesying "smooth things." They glance at our export tables and find that our foreign and colonial trade have increased ; and, therefore, they come at once to the conclusion that prosperity must form the basis of this augmented commerce. Suddenly there is a flaw discovered somewhere. Some

great house" is whispered about; then it is openly talked of; at last, it “ falls like Lucifer." It then creates a temporary wonderment, and the event is passed. Overtrading," * speculation,” and “ accommodation bills," and other reasons are assigned as the cause of such commercial disasters; wbile lawyers and accountants proceed to divide the assets.

If we look a little deeper into the subject we shall discover that these failures are generated by other causes than those we have named. They have their procreating power in that system of money and credit which has long been the hidden curse of our national industry. We are told by the accountant that from January, 1857, “ to the time of their failure, there was a gradual increase in the amount of bad debts." Yet were Messrs. STREATFIELD & Co. careful traders. During the past three years the profits of their business amounted in gross to £133,000; out of which they had set for bad debts £108,503; but this was a drop of water in the ocean to stem the torrent against them. There is a hiatus in the accountant's statement which, if filled up, wonld afford a valuable lesson to the commercial community. How did such a firm as this pass through the crisis of 1857, when the ordinary rate of discount was 10 per cent ? And at what cost were those firms sustained in their position who depended upon Messrs. STREATField for assistance? It may be a matter of surprise to find so large an amount of paper under discount; but this is no more than the natural result of a system of credit, which gives to money an unnatural value, until trade and commerce are drawn into the vortex of inextricable debt. We do not say that Messrs. STREATFIELD & Co. may not have been chargeable with imprudence in their business ; we are now referring to the credit system under our present money laws, a system that is rapidly tending to centralize the entire power of money dealing in London at any cost.

Our merchants and traders are as yet mere children in monetary science. They speak of the “ supply" and the “ demand” of money, as if it grew up like a garden of cabbages or a field of wheat, instead of making themselves acquainted with the causes which are continually operating to make a given quantity more scarce or more accessible. When merchants and traders shall become as well acquainted with the science of money as the sailor is of navigation, they will understand what it is that causes them to be so frequently shipwrecked in the midst of their fancied prosperity.

Other failures in the English leather trade show the following disastrous results :-

Liabilities.

Assets.
Thomas Randall

£40,600 £19,700
W. G. Gibson..

150,000

40,000 W. J. Armstrong

6,500

3,600 Hooper & Parkinson

43,700 10,700

FINANCES OF THE SANDWICH ISLANDS. By command of the king and in conformity with the requirements of the cocstitution, the following report on the finances of the Kingdom for the biennial period ending with March 31, 1860, is respectfully submitted to the Legislature : The balance in the treasury, April 1, 1858, was....

$349 24 The receipts during the two years ending March 31st, 1860, have been

as follows: From bureau of foreign imposts.

$213,209 GS internal commerce.

62,528 26 taxes..

108,841 85 government press..

7,873 41 fines and penalties...

50,564 34 fees and perquisites.

25,389 31 government realizations

100,831 49 miscellaneous receipts....

86,628 94

655,866 68

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$656,215 92

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The expenditures during the same period have been as follows:-
For civil list....

$52,326 21 department of the interior..

107,821 43 government press..

20,000 00 department of foreign relations.

16,065 78 finance...

52,706 34 public instruction.

23,742 83

45,494 64 law

90,928 27 “ bureau of public improvements..

131,821 35 miscellaneous expenditure..

101,985 40 Loss on depreciated coin...

196 15

war..

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Balance on hand March 31st, 1860.....

643,088 40 19,127 52

$656,215 92 The debt of the government April 1, 1860, was $108,777 33. Of this, $100,075 22 bears interest at 12 per cent per annum. On the balance, consisting mainly of outstanding appropriations, no interest is payable.

To the amount thus specified should perhaps be added the sum of $20,000, borrowed by the Minister of the Interior, under the provisions of the act approved April 21, 1859, in regard to water works, for which, however, the general treasury is not immediately responsible, as the receipts from water rents are set apart and pledged for the payment of such loan. These receipts now constitute a special fund to be applied solely to that object.

BANKING IN NEW SOUTH WALES.

An official return illustrative of the position of the joint-stock banks of New South Wales in the quarter ending the 31st of March last, exhibits the following results :--Notes in circulation, $896,619; bills in circulation, £28,678 ; balances due to other banks, £491,561 ; deposits, £5,354,606 ; total liabilities, £6,771.464 ; coin held, £1,409,106 ; bullion, £35,791 ; landed property, £229,328; notes and bills of other banks, £67,304 ; balances due from other banks, £1,309,434; notes and bills discounted and other debts due, £6,253,345; total assets, £9,304,307. The paid up capital amounted to £5,708,012 ; the

last dividends absorbed £357,875, and the amount of reserved profits after the declaration of the dividends was £1,316,240. The rate of dividend varied from 7 to 20 per cent.

BANK OF FRANCE. The returns of the Bank of France for the months of June and July the present year show a commendable increase of circulation as compared with the cash on band :

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Total......

1,391,982,438 97 1,365,350,135 23

CREDITOR. Cash in hand....

141,350,634 45 173,282,807 83 Cash in branch banks....

372,958,946 00 378,160,114 00 Commercial bills overdue...

459,617 09

217,284 63 discounted not yet due.. 221,783,352 16 200,293,618 88 in the branch banks...

270,057,075 00 237,470,680 00 Advanced on deposit of bullion...

2,564,700 00 1,949, 100 00 by the branch banks......

2,538,300 00 1,313,700 00 on French public securities.

25,503,300 00 25,897,600 00 by the branch banks.

14,872,000 00 14,486,400 00 on railway securities..

93,182,400 00 79,062,200 00 by the branch banks..

28,884,450 00 29,138,550 00 on Credit Foncier scrip..

630,400 00

593,300 00 on branch banks scrip..

433,100 00

294,300 00 to the State on agreement of June 35,000,000 00*

40,000,000 00 Government stock reserved..

12,980,750 14 12,980,750 14 disposable...

53,708,840 38 53,708,840 38 Hotel and furniture of bank..

4,000,000 00 4,000,000 00 Landed property of branch banks.

6,388,548 00 6,394,172 00 Expenses of management....

171,352 47 1,924,407 22 Sundries...

4,414,673 28 4,192,610 15 Rentes Immobilisees (law of 9th June, 1857) 100,000,000 00 100,000,000 00 Total......

1,391,982,438 97 1,365,350,135 23 Certified by the governor of the Bank of France,

Count CH. DE GERMINY.

66

* Difference from last statement, five millions.

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