JOURNAL OF HOME AND FOREIGN COMMERCE.

COMMERCE OF GREAT BRITAIN.*

The following return shows the comparative exports of Great Britain for 1854, as compared with 1852:

From 1831 to 1842 the English trade to her colonies increased more than to any other countries. Two causes were in operation, in 1842, against that extension. These were the China war, which produced its effect on that trade, and the emancipation in the West Indies that diminished the ability to buy goods. Two other causes, however, came into operation that had a powerful influence in extending the European trade. These were the extension of the Zollverein union, by which the means and ability of 28,000,000 of Germans to consume goods was greatly increased, and, by so doing, counteracted the effect of high duties on foreign goods, and accelerated their import. This is apparent in the exports

*From the United States Economist.

to Germany, Prussia, Holland, France, and Belgium, through all which countries the goods proceed to the Zollverein. Another and still more efficient cause was the large imports of corn into Great Britain from those countries. In 1836 England bought no foreign corn. In 1838-9 she bought largely, and, as the trade was a new one, she was obliged to pay in specie for the article. The continuance of the trade caused a reciprocity of commerce, and although England bought, in 1842, 22,202,512 bushels of wheat, she paid in goods only, and coin accumulated in the vaults of her bank to a great extent. Of the 22,205,512 bushels purchased by her, up to 1842, 17,536,477 bushels, worth $25,000,000, were taken of the north of Europe. This naturally produced that increased export of goods to those countries which is apparent. The facts which have wrought out this increase of trade have been in opposition to the policy of the European governments. England was, however, compelled by a necessity above all law to buy bread. At first she was compelled, as the effect of former prohibition, to pay for it in specie. Such a trade cannot, however, exist. There can be no large continued purchases without corresponding sales; and as she was compelled to continue her purchases her exports necessarily increased, to the mutual benefit of England and Eu

rope.

The growth of the United States, the progress of Europe, and the events of the gold discoveries and the existing wars, have operated greatly to change the currents of trade.

A large increase of business over 1852 is apparent; but nearly the whole increase, £19,700,000, was to Australia, East India, and the United States; and the increase was by no means a mark of prosperity, since the goods sent to Australia glutted the market and were nearly all lost; most of those sent to the United States were consigned and sold at ruinously low rates; and the India market absorbed more silver than was profitable. The China war greatly affected exports thither; but some were sent, via India. The war does not seem materially to have affected commerce. Το France and Turkey there was an increase of the materials of war, and the exports to Russia and the Danubian provinces were nearly cut off. The year of 1853 was one of great speculation in the United States, and the exports hither from Great Britain were larger than ever before. As compared with 1853, the leading shipments were as follows:

The exports to the northern continent of America have been as follows, at different periods:

The first line here shows the influence of the war which then existed. Great Britain sent as much goods here in that year as in 1820, but they came through the Canadas and West Indies. From the declaration of peace down to a late period, it was a leading object with the British government to prevent the trade of the two American continents from being concentrated in the United States, sooner or later, as the capital of the country and facilities for the transaction of business increased. British exports to their own West India colonies have become very small, by reason of the lessened ability of the islands to purchase. The trade of the whole continent has, however, increased; and the removal of restrictions upon intercourse between the United States and the colonies, together with the operation of the warehousing system, which has conferred upon American vessels the ability to make up assorted cargoes suited to all markets, on terms equal to any of the London docks, have contributed to draw all trade into the United States ports, and to make them the entry ports for European goods destined for the consumption of any American people. The following shows the United States exports to American countries, at different periods:

The opening of British ports to American shipping, under the proclamations of 1828-29, was followed, it appears, by a large increase in business, and the increase of trade between the islands and the United States may, in the stationary condition of those islands, account for a portion of their diminished traffic with the mother country. The concentration of American business in American ports is going rapidly on, and it has received great aid from the gold discoveries, since that event compelled the exploration of Central America and the construction of works that so facilitate the transportation as to bring hitherto inaccessible points within a short distance, at cheap rates. It has become incumbent upon the United States government to obtain rights of way and to protect its citizens in Central America, where improvement marches with rapid strides. The New Granada canal opens up a rich field for American enterprise. The Panama railroad has already united the oceans. The Mexican government is falling to pieces and will speedily be enveloped. British exclusiveness is broken down in all those places where her policy formerly presented barriers to American progress, and she is herself reaping large benefits from the

change, although she must follow the United States in the development of American trade. The condition of Cuba, alone, presents a chief difficulty to the extension of trade; but the march of events is such as soon to sweep away the difficulties. On the north the spirit of trade overcome the exclusiveness of British aristocracy, and the trade of the Canadas is becoming merged in that of the Union.

BANKS OF THE UNITED STATES.

The following table from the report of the Secretary of the Treasury will show the comparative condition of the banks of the United States, according to their returns, nearest the 1st of January, 1837, 1854, and 1855:

The increase of bank capital since 1837 is not at all in proportion to the great increase in the number of banks; nor, be it also remarked, is the increase of accommodation afforded. The aggregate specie strength is, however, much greater. The circulation is not so large as in 1854, but it is over thirty millions greater than in 1851; over fifty-four than in 1848; and over one hundred and twenty-eight millions than in 1843. The deposites have immensely increased. The total of immediate liabilities in 1855 was four hundred and twenty