NUMBER OF VESSELS, AND TONNAGE, BUILT IN THE UNITED STATES.

The quantity of tonnage built in 1847 far exceeded that of any former year, particularly in relation to the sloops and schooners employed in the internal trade. These have aided greatly in diminishing the cost of transportation. Instead of 30d. for a bushel of grain to go to Liverpool, it is now carried for 5d.; instead of $2.00 per barrel for flour, the freight is paid with 50 cts. All these are elements which enable the producer to deliver food in Europe at far lower rates than last year. With such elements of prosperity, there is no reason to apprehend distress because the political condition of Europe, by creating an extra demand for the precious metals, causes them to flow from us. Specie is but one description of capital, and a very unimportant part to a country in which all other descriptions so abound. The exportation of specie produces distress only among those who have not got, but have promised to pay it. When it rapidly leaves the country, it becomes more difficult for them to meet promises that they ought never to have made. Otherwise, there is no difficulty. Specie, like any other article, will go as long as it is more valuable abroad for any purpose, hoarding, military chest, or commerce, than here. When it becomes scarce and dear here, it will return in exchange for our abundant wealth of other descriptions.

The loan of the Federal government for $16,000,000, on a 6 per cent stock, redeemable in 20 years, the proposals for which we have noticed in a former number, has been taken, mostly at a premium of 3.02 per cent. At this rate Messrs. Corcoran & Riggs, on behalf of themselves and Messrs. Barings, of London, took $14,000,000, and the remainder was taken at higher rates, ranging to 4.05. Although it was understood that the Messrs. Barings had taken a portion, it does not appear that a larger sum than $1,200,000, the proceeds of collections of other accounts, was directly invested in it instead of sending it home. It was understood, however, that the money would be loaned on this stock at 5 per cent in London as the instalments are called in, say $3,000,000 per month. If this operation takes place only for a part, and the bill market is thus supplied with no more than $1,000,000 from such a source, it must favorably affect the bill market, and hasten a return of the precious metals. The final ratification and exchange of the treaty of peace with Mexico had a great effect upon the value of the loan, and it will doubtless now become a favorite with English capitalists.

The State of New York also proposed for a loan of $800,000, to pay off the 7 per cent falling due July 1. The new stock bears 6 per cent, redeemable in 1854, and was taken at 102.10 per cent, over $1,700,000 being bid.

The tendency of the commercial policy of the United States and Great Britain, as well as of Germany, has been for a long time to more liberal laws in relation to international trade. The union of the German States in a customs union, by which internal free trade was established, has gone far towards promoting that

nationality which is now laying the foundation for a reconstruction of the German empire. The modification of the English policy, under the enlightened government that came into power in 1842, has had an extraordinary influence in promoting the consumption of United States farm produce in England; while the liberal policy of the north and west of Europe has enabled the people of those sections to consume more, and therefore to diminish their agricultural surplus. The consequence is, that each successive failure of a harvest, even in a small degree, produces an increasing influence upon the demand in the United States. It has been contended that the agricultural prosperity of the last year was the result of the deficit of the English crops only. The fact is, however, that it only accelerated the demand for produce which was already rapidly increasing from the removal of international restrictions upon commerce. As an indication of this, we compile from the annual reports of the Secretary of the Treasury a table, in continuation from our number of July, 1845, showing the quantities of produce exported from the United States in four years, the year 1847 ending June 30, as follows:

EXPORTS OF DOMESTIC PRODUCE FROM THE UNITED STATES IN FOUR YEARS.

The large exportations of last year supplied in an eminent degree the deficits of the English harvests, but fell far short of the whole wants of the British islands. This year the home supplies in those islands will be good.

In western Europe, Germany particularly, the revolutions must be productive of great results in a commercial point of view. There is no doubt but that the whole mass of Germans will be reunited under a national government, which will permit the freest internal communication between all the States. This will involve the dissolution of the ill-cemented Austrian empire, and the merging of the hereditary States of the House of Hapsburg into a confederation, whereof Prussia henceforth must be the leading power. That government had already become the most influential of the German States, by means of the operation of the customs union, got up under her guidance. After the peace of Paris, Germany was divided into thirty-eight sovereignties, each of which had its own circle of custom-house officers, and the face of the country was checkered with barriers to the free movement of trade. The jealousies and disunion of the German States, more particularly in relation to their material interests, were, by the thoughtful and laborious king of Prussia, justly considered as one great cause of the success of the French arms. The Prussian king, therefore, conceived the idea, by a union of material interests, to amalgamate the national and moral interest of the States of Germany, and thus to surround his territory with a frontier of independent States, bound by a commercial league and mutual free trade, to Prussian interests. Overtures were accordingly made, in 1826, to other German governments, and finally the league formed by which Prussia, Bavaria, Saxony, Wurtemburg, Hesse electoral, Hesse ducal, Baden, Nassau, and Thuringia, abolished their individual customs regulations, and united in a common league, by which Prussia collected all the duties on goods imported into all the States, and divided the amount pro rata among the several States, according to population. This plan worked so well that other States were admitted, and nearly all Germany, comprising thirty-two States, became united in internal commerce. Prussia, in the operation, at first sacrificed a part of her revenue, because her share of the divided aggregate income under the league was less than her own revenues previously. She gained politically, however, because all Germany became immediately her frontier defences. The rapid growth of internal trade soon interwove the interests of the people of the several States in a manner to make separation impossible, as much so as it would be again to separate Massachusetts from New York. The multiplication of railroads still further increased the general prosperity, and Germany has moved rapidly forward in manufacturing industry and social improvement. The increase of traffic, growing out of the removal of internal restrictions, has been as follows:

1837 to 1841.

OTHER COLONIAL ARTICLES PARTLY IMPORTED FROM THE UNITED STATES.

1845.

The importation of United States articles increased 150 per cent. The increase in the consumption of cotton for five successive years, was as follows:

COTTON CONSUMED IN THE GERMAN ZOLL VEREIN.

In the four years here expressed, the manufacturing of cotton in Germany had doubled, and this fact is expressive of the progress made in all the material interests of Germany. The revenues of the league, derived from imports, which were 25,402,075 florins in 1834, had more than doubled in 1845.

The government of Austria saw, with intense anxiety, the entire success of this measure, by which Prussia had become the leading power of Germany, and they sought to form a counterpoise by forming a southern league of Austria with the Italian States. In possession of Venice and Trieste, Austria had magnificent seaports, and she entered into a preliminary treaty with the States through which the Po runs, as well as with the Sardinian States, the object of which was to remove the restrictions upon the navigation of the rivers of the north of Italy, and make her port of Trieste the centre of a vast commerce. That port is doubtless the natural debouche of Southern Germany, and through it is transacted one-third of all the commerce of the Austrian empire, which is nearly as follows:

Trieste........

Other ports......

Total.....

.......

$52,712,719 $51,692,961 $7,349,125

Trieste, then, has 17 per cent of the whole Austrian trade, and pays 36 per

cent of all the duties. Among the articles imported are, for 11,000,000 florins, ($5,500,000,) yarn. This commercial statistic of Austria, however, is not to be relied on, from the known venality and prostitution of all her custom-house officers, and the enormous smuggling trade carried on with regular assurances of 10 per cent against the law. Instead of the imports, as here stated, exceeding the exports only by 2,000,000 florins, the difference, in all probability, amounts to 20,000,000. As regards the exports, which consist principally of raw produce, they are, of course, more easily watched by the government than the imports, and are, therefore, more likely to be correct. It appears, also, that the whole revenue derived from the exports and imports of the country, inhabited by 37,000,000 of people, do not yet reach 16,000,000 florins, or $8,000,000, a sum frequently entered to the credit of the United States by the Collector in New York during the space of a single week. The tobacco monopoly of Austria alone yields an income of 20,000,000 florins, or about $10,000,000; and hence the futile attempt of the government of the United States to induce that bigoted and benighted power to admit American tobacco at a fixed rate of duty. The whole system has now fallen into ruin. The policy of Austria, as well as the whole of Germany, changed with the flight of Metternich, and the whole vast commerce of Europe is now about to reward American enterprise. The establishing of the steam line to Bremen will prove a measure of great wisdom, and we doubt not that American interests will be timely looked after by suitable agents at the various courts. The republicanizing of Europe brings its people nearer to the United States in every respect.

COMMERCIAL STATISTICS.

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COMMERCE AND NAVIGATION OF THE UNITED STATES

FOR THE YEAR ENDING 30TH OF JUNE, 1847.

WE have at length received an official copy of the Report of the Secretary of the Treasury, communicating a Report of the Register of the Treasury, of the commerce and navigation of the United States for the year ending 30th of June, 1847.* We have, on several former occasions, called attention to the tardy appearance of these reports. The present report, closing with the fiscal year ending June 30th, 1847, was laid before Congress December 14th, 1847, nearly six months after, when it was ordered to be printed; and now (May 30th, 1848) five months more elapse before it is officially made public. We have no disposition to change our democratic institutions, but we really wish that our government would engraft a little of the monarchical dispatch and promptness of some of the European states upon our institutions. We have before stated, that in Great Britain, the annual reports, corresponding with our own, are made up to the 5th of January in each year, laid before Parliament, and published before the expiration of a week. The British government publish, in addition, quarterly reports. We receive from our correspondent in Paris the " Tableau General du Commerce de la France," although a quarto volume three or four times larger than our Treasurer's Report for the same year, long before the United States annual report reaches us from Washington. The importance of

* This Report was not received until the close of May, 1848, eleven months after the close of the fiscal year, which ends on the 30th of June.