Grand total, 1,041,393 442,632 141,184 190,924 251,405 10,637 2,058,175 2,100,537 Total crop of the United States for 1845-46,... This year, the crop of Texas is added to that of the Union, swelling the amount by 27,000 bales, exceeding the joint crops of North Carolina and Virginia, which, but a few years ago, formed an important item in the whole crop. STATEMENT SHOWING THE COMPARATIVE RECEIPTS, EXPORTS, AND STOCKS OF COTTON FOR ALL THE PORTS IN THE UNITED STATES, AS MADE UP IN NEW YORK ON THE FIRST OF EACH MONTH, FOR THE YEARS 1845-46, AND 1844-45. Date. 1845. Sept. 15, Sales. ESTIMATED SALES OF COTTON IN NEW YORK-PRICES-RATE OF FREIGHT-EXCHANGE, ETC. Fair Up'ds. Fair Orleans. Ft. to Liverp'l. Ex. on Lond. Exch. on Paris. 12,600 84 a 81 1846. This table indicates a remarkable steadiness in the price of cotton. The rates of exchange have ruled low. During the preceding years the variation was not per ct., and in the previous year 2 per ct. This year it has been fully 24 per ct. STATEMENT SHOWING THE MONTHLY IMPORT OF COTTON INTO NEW YORK, FROM 1ST SEPTEMBER, 1845, To 31ST AUGUST, 1846. 1845.-September,...... October,..... N. Orleans. Mobile. Florida. Georgia. S. Car. N. Car. November, 8,980 2,835 3,307 5,250 The state of trade in Great Britain, for the first six months of 1846, has been peculiar. It has been marked, according to official tables, by a great increase in the import of food, as compared with 1845, and a decrease in the import of raw materials. The Parliamentary tables give the following figures:— Food. IMPORTS INTO THE UNITED KINGDOM, FROM JANUARY 5 TO JULY 5. Live cattle,........No. 6,899 Flour,.. ........cwt. Grain,..... ............qrs. 543,898 2,301,949 This is a singular result. The six months embraced in the table, however, has been a period of severe trial to commerce, inasmuch as that not only have the railway speculations created great uneasiness in the financial circles, but the government has been engaged in bringing about one of the greatest revolutions in commercial legislation that ever took place-viz: the passing through Parliament of a bill to extend entire free trade to corn and bread-stuffs. The course of the struggle has involved three changes of ministry, and might well, from the consequences attributed to the change of policy, paralyze the free circulation of capital, and retard enterprise. Nevertheless, the internal trade of the country has been such as to warrant the introduction of enormous quantities of food; and, as illustrative of what we have said in the fore-part of this article, we may append the returns of the Bank of England, showing that that import of corn has not affected the specie in the vaults of the bank: LEADING FEATURES OF THE BANK OF ENGLAND. DEPOSITS. Private. Public. Private. Nett circu- Notes on Public. hand. Bullion. January 3d,.... £13,201,072 £16.262,593 £9,369,630 £8,350,465 £20,257,415 £6,418,510 £13,281,472 1846. February 7th, April 4th... June 6th.. August 22d,.... 13,137,047 92,908,661 5,054,438 18.912,445 20,434,995 19,856,820 6,263,625 13,335,645 7,316,415 13,825,521 8,468,180 15,011,692 9,506,025 16,176,666 The large amount of private deposits in February were on account of the railways, and the private securities were probably also swollen in amount to facilitate the making of those deposits. The amount loaned to individuals is now, it appears, reduced by near ten million pounds, while the bullion on hand has increased by near three million pounds. The bank, under such circumstances, was naturally anxious to increase its business, and reduced the rate of interest on loans from 3 to 3 per cent. It is remarkable that this large increase of bullion, and reduction of interest, has taken place in the face of a deficient harvest, and after the actual importation of so large a quantity as 2,301,949 qrs. of all kinds of grain, and 2,197,554 cwts. of flour, worth near $22,000,000, in six months. This fact is a marked illustration of the statements we made above, in relation to the vast change which has overtaken the corn trade of England. When we reflect that this demand for food is likely to continue in the face of a more abundant supply of money, and that the United States are alone in a situation to supply that demand, the prospects of business become exceedingly flattering. The quotations of wheat, at the latest dates, were as follows: The prices are lower in Liverpool than in the North of Europe ports. The accounts in relation to the new crop appear to regard the wheat crop as an average, and the potato crop so disastrously bad that the root is thought to be nearly extinct, and Indian corn must be the substitute. COMMERCIAL REGULATIONS. DRAWBACK ON MERCHANDISE IMPORTED INTO THE U. STATES FROM THE BRITISH NORTH AMERICAN PROVINCES. IN the "Merchants' Magazine and Commercial Review" for September, 1846, (No. 3, Vol. XV., page 309,) we published an act passed at the last session of Congress, allowing a transit through our railroads, canals, and rivers, of exports from Canada for foreign countries. That law was passed in pursuance of a recommendation of the Secretary of the Treasury, in his Report of December, 1846. Its tendency is to divert the trade of Canada from the St. Lawrence to the better and cheaper outlets from New York and Boston. The Secretary of the Treasury, under date, Treasury Department, September 9th, 1846, has addressed a circular to collectors and other officers of the customs, calling their attention to, and explaining the provisions of the act, as follows: It is to be observed that the act allows drawback on any merchandise imported from the British North American provinces adjoining the United States, which shall have been duly entered, and the duties paid or secured according to law, at either of the ports of entry in the collection districts situated in the northern, northeastern, and northwestern portions of the United States, and authorizes such merchandise to be transported, by land or by water, or partly by land and partly by water, to any port or ports from which merchandise may, under existing laws, be exported for the benefit of drawback, and be thence exported with such privilege to any foreign country. All such goods are, however, required to be exported within one year from the date of importation. Where goods are entered and the duties paid at the port of arrival on the frontiers referred to, and intended to be transported for exportation from another port, such transportation must be made in conformity with existing laws regulating the transportation of merchandise for benefit of drawback. In granting debenture in the cases, a deduction of 24 per cent must be made from the drawback. It is, moreover, to be observed that any dutiable merchandise imported into the ports referred to from the adjoining British provinces, is entitled to the privileges and benefits granted by the warehousing act of the 6th of August, 1846, if the importers choose to avail themselves of such privileges and benefits. Consequently, any such merchandise not entered for consumption, may be warehoused at either of the said ports, and be subsequently withdrawn therefrom for transportation to other ports of entry to be re-warehoused thereat, and be exported directly from warehouse to any foreign port on payment only of storage and expenses. In all such cases, therefore, the regulations and forms prescribed in the circular issued by the department under date of the 14th ult., for the government of the officers of the customs, in carrying into effect the warehousing act, must be strictly complied with. Any articles of merchandise subject to ad valorem duty, imported into the frontier ports before referred to, which are not of the growth, manufacture, or production of the British provinces alluded to in the act, must pay duty upon "the current market value or wholesale price of similar articles at the principal markets of the country of production or manufacture at the period of the exportation of said goods, wares, and merchandise, to the United States." To this value is to be added all costs and charges, except insurance, and including, in every case, a charge for commissions at the usual rates. For the appraisement of merchandise at ports where there are no legal appraisers, the appraisement is to be made in the manner indicated in the 16th section of the act of 1st March, 1823, to wit: by two respectable resident merchants of the port, duly appointed by the collector for the purpose, to receive for their services, while actually employed on that duty, a compensation of five dollars per diem, each, as authorized by the 17th section of the same act. It is specially enjoined upon the officers of the customs at ports to which merchandise may be transported under this act, either for exportation therefrom to a foreign port for benefit of drawback, or to be re-warehoused thereat, and especially in the case of foreign spirits and wines, to have such merchandise carefully inspected and examined, to ascertain that the packages, boxes, casks, &c., contain the identical articles described in the transportation certificate accompanying the same, without diminution or change of the article, in any respect, having taken place during the transportation. R. J. WALKER, Secretary of the Treasury. DRAWBACKS ON FOREIGN MERCHANDISE. TREASURY CIRCULAR. The Secretary of the Treasury has addressed the following circular to collectors and other officers of the customs, in reply to the inquiries made by merchants in relation to goods, &c., shipped to a foreign port, and there landed, with the intention of being brought back and re-landed. TREASURY DEPARTMENT, August 25th, 1846. The department has been asked by merchants whether foreign goods, wares, and merchandise, on which the import duty has been paid, can be entered for exportation for benefit of drawback, and shipped to a foreign port and there landed, but with the intention of being brought back and re-landed in the United States, and entry made of the same goods at the rates of duty imposed by the tariff act of the 30th July, 1846. In view of this inquiry, and the important public interests involved, it is deemed proper at this juncture to issue instructions on the subject, for the government of the officers of the customs, and for the information of merchants and others interested in the matter. As this subject has heretofore received the consideration and decision of the department, and instructions duly issued, in accordance therewith, it is deemed proper at this time to recapitulate former instructions, and enjoin upon the respective officers of the customs, a strict conformity therewith. In a circular issued by the First Comptroller, under date of the 15th November, 1830, with the concurrence of the then Secretary of the Treasury, the following decision is communicated for the government of the officers of the customs, viz: "It has been supposed by some merchants, that when the duty on a certain article is reduced by law, nothing more is necessary, in order to obtain the benefit of the reduction on previous importations of it, than merely to comply with the forms of entering and shipping it, for benefit of drawback, without any intention whatever of selling, or even landing it at a foreign port, and then bringing it back to the United States and entering it at the low rate of duty. Such a course, however, is considered to be totally irreconcilable with the oath which the 76th section of the collection law of 2d March, 1799, requires the exporter to take, and which is in the following words: And the said exporter, or exporters, shall likewise make oath, that the said goods, so noticed for exportation, and laden on board such ship or vessel previous to the clearance thereof, or within ten days [twenty days allowed by the 2d section of the act of the 18th April, 1820] after such clearance, are truly intended to be exported to the place whereof notice shall have been given, and are not intended to be re-landed within the United States." In a more recent circular from the department, dated the 29th of July, 1845, in reference to Texas, but deemed specially applicable to the question now under consideration, the views and directions of the department are more specifically given in the following extracts therefrom, to wit: "By the 80th section of the act of Congress of the 2d of March, 1799, it is provided: That the collector aforesaid may refuse to grant such debenture or debentures, in case it shall appear to him that any error has arisen, or any fraud has been committed, and in case of such refusal, if the debenture or debentures claimed shall exceed one hundred dollars, it shall be the duty of the said collector to represent the case to the Comptroller of the Treasury, who shall determine whether such debenture or debentures, shall be granted or not.' An entry for drawback, with a view to re-importation, free of all duty, into the United States, is a frand, within the meaning of this act; and in all such cases, it is the duty of the collector to refuse the debenture certificate. In all cases where the debenture shall not exceed one hundred dollars, the collector will judge for himself, whether such fraud as is before designated is contemplated; and, in the language of the law, 'if the debenture or debentures claimed shall exceed one hundred dollars, it shall be the duty of the said collector to represent the case to the Comptroller of the Treasury, who shall determine whether such debenture or debentures shall be granted or not.' "By the 76th section of the act of the 2d March, 1799, it is provided as follows: And the said exporter or exporters shall likewise make oath that the said goods, so noticed for exportation, and laden on board such ship or vessel, previous to the clearance thereof, or within ten days after such clearance, are truly intended to be exported to the place whereof notice shall have been given, and are not intended to be re-landed within the United States, otherwise the said goods, wares, and merchandise shall not be entitled to the benefit of drawback.' "If then, in point of fact, the goods thus exported to Texas, are intended to be relanded within the United States,' they are not entitled to drawback, and if re-landed, are |