The process of resumption on the part of the Southern banks has induced some flow of specie in that direction. All the suspended banks of Charleston, S. C., resumed June 8th, with very limited circulation; the amount outstanding for the State being $6,569,972. The Kentucky bank act, forbidding the circulation of bank notes from other States under $5, took effect on the 1st of June. The Tennessee bank act forbids the issue of notes under $5, after January, 1859, and after January, 1860, none under $10 to be emitted, and none of the notes of banks in other States to be circulated. These provisions tend to create a larger demand for coin when business shall so revive as to require more circulation. This, however, is not now the case. Prices continue very low, and there being little chance of a speedy revival of demand, either through foreign markets or at home, there is no disposition to invest in produce, and but little currency is needed. The customary tables of the monthly business at this port, annexed to this article, show but a languishing export trade. The exports of domestic produce for May were barely two-thirds those of the corresponding month last year. There seems, in fact, to be a general surplus above the wants of commerce. The country is full of produce, and every means of transportation is in good order, railroads, canals, lakes, and rivers-all afford very low terms of freight; but the prices abroad are low also, and there is no stimulus to the markets. The imports for the month, and for the five months since January, have been small, but it would appear that the general business has been better than the imports alone indicate, since the goods sold here exceeded the importations. It appears that the value entered for consumption and withdrawn from warehouse since January 1st, is $19,219,781 put upon the market, exceeding by $10,000,000 the quantity imported. Thus the business done has been much larger than the imports. The warehousing operations have been as follows: The large stock at the corresponding date last year was owing to the accumulation which was kept waiting for the change of the tariff. In Philadelphia the stock in warehouse was reduced from $1,217,443, May 1st, to $1,159,440, June 1st. The general disposition to enforce shorter credits for the sale of goods has no doubt tended to diminish the sales, but the stocks in the hands of retailers have undergone reduction through the demands of consumers, and a certain amount of healthy business has been maintained to make good assortments and to meet the current demand. Hence the business has been of small and more frequent orders, which have served to maintain prices of staple goods, and to induce a rise in the most desirable articles. Nevertheless, the orders Thus there was an upward movement of 25 per cent in the summer quarter of last year, which was marked by a large accumulation of "balances" due banks rather than by any increase of the regular commercial deposits of the city. The month of October, in which the banks curtailed their loans $10,000,000, and the net deposits fell $14,000,000, the clearings were only 40 per cent of what they were in the corresponding period of the previous year. The banks lost their spede by direct drafts upon them for the money, and not in favor of other banks; hence the checks so made did not come into the clearing-house, the operations of which embrace only the checks and drafts which each bank holds against others. The subsequent movement of the clearing-house was the reverse of what it was the previous year. The movement then continued to diminish up to March, when it revived with the spring payments and the increased activity in the stock market. This year there has been a regular monthly increase. The total movement for the nine months, ending with May, shows a decrease of one-half in the amount of business. The amount is far less than at any period since the first operation of the clearing-house, although the bank loans range higher than ever before, as follows, for June 1st, in each year : In the returns for 1853 the bank balances are not included in the deposits. They were embraced afterwards in a manner to disguise the amount, which is uniformly so disastrous to the commercial interests of the city. It will be observed that the clearings bear but little relation to the deposits or loans; as thus, the clearings this year for the first week in June were nearly the same as for the corresponding week in 1855, yet the loans and deposits are nearly 30 per cent more than at that period. The loans and deposits this year are larger than last year, yet the clearings are $10,000,000 less daily per week. Hence it is evident that it is not the mere amount of bank loans which expresses the business done, since on the same amount last year the clearings indicate a vastly greater activity of business. The tables annexed to this article indicate that the same features which are apparent in the New York returns are common to all the banks of other cities, viz., that their means accumulate while they experience difficulty in getting the proper investments. The process of resumption on the part of the Southern banks has induced some flow of specie in that direction. All the suspended banks of Charleston, S. C., resumed June 8th, with very limited circulation; the amount outstanding for the State being $6,569,972. The Kentucky bank act, forbidding the circulation of bank notes from other States under $5, took effect on the 1st of June. The Tennessee bank act forbids the issue of notes under $5, after January, 1859, and after January, 1860, none under $10 to be emitted, and none of the notes of banks in other States to be circulated. These provisions tend to create a larger demand for coin when business shall so revive as to require more circulation. This, however, is not now the case. Prices continue very low, and there being little chance of a speedy revival of demand, either through foreign markets or at home, there is no disposition to invest in produce, and but little currency is needed. The customary tables of the monthly business at this port, annexed to this article, show but a languishing export trade. The exports of domestic produce for May were barely two-thirds those of the corresponding month last year. There seems, in fact, to be a general surplus above the wants of commerce. The country is full of produce, and every means of transportation is in good order, railroads, canals, lakes, and rivers-all afford very low terms of freight; but the prices abroad are low also, and there is no stimulus to the markets. The imports for the month, and for the five months since January, have been small, but it would appear that the general business has been better than the imports alone indicate, since the goods sold here exceeded the importations. It appears that the value entered for consumption and withdrawn from warehouse since January 1st, is $49,219,781 put upon the market, exceeding by $10,000,000 the quantity imported. Thus the business done has been much larger than the imports. The warehousing operations have been as follows: Total value of goods in bond May 1st, 1858.. Total...... Withdrawn for consumption here Re-shipped to foreign ports. Transported to other domestic ports.. Leaves stock in warehouse, June 1st, 1858.... $13,838,068 2,626,978 31,594 $16,496,640 $2,690,838 272,053 133,680 $3,096,579 $13,400,061 27,343,498 11,160,701 The large stock at the corresponding date last year was owing to the accumulation which was kept waiting for the change of the tariff. In Philadelphia the stock in warehouse was reduced from $1,217,443, May 1st, to $1,159,440, June 1st. The general disposition to enforce shorter credits for the sale of goods has no doubt tended to diminish the sales, but the stocks in the hands of retailers have undergone reduction through the demands of consumers, and a certain amount of healthy business has been maintained to make good assortments and to meet the current demand. Hence the business has been of small and more frequent orders, which have served to maintain prices of staple goods, and to induce a rise in the most desirable articles. Nevertheless, the orders sent abroad for goods have been limited, and in some cases goods can be had here to better advantage even now, than abroad. The low prices of food, and the diminished make of goods, have encouraged holders abroad to look for a large home demand. They are, therefore, less disposed to shade for the American markets. There seems little chance of a general revival of business before another crop shall have been realized. The United States manufacturers have latterly purchased more cotton. Up to the close of April they had taken but 213,641 bales against 517,223 bales same time last year; to the 9th of June they had taken 352,217 bales against 603,298 bales same time last year. That is to say, in the last six weeks they had taken 138,000 bales against 85,000 bales same time last year. Many woolen mills have gone into operation, but the large operators of last year are out of the market, and wool sells 15 a 20 cents lower. These are circumstances which are encouraging to the manufacturer. We present our usual monthly statement of the commerce of the port of New York. The total foreign imports for the month of May were $7,250,552 less than the corresponding total for last year; they bore nearly the same ratio to the total for May, 1856, but were only $191,000 less than for May, 1855. It will be seen that while last year only one-third of the dutiable imports were entered for consumption, the remainder (amounting to upwards of ten-and-a-half millions) being thrown into warehouse to take advantage of the reduction of duties on the 1st of July, the reverse is the case this year, less than one-third ($2,626,978) has been warehoused. The quantity withdrawn exceeds the sum entered :— Total entered at the port.. ... $11,645,986 $18,411,112 $18,705,255 11,454,703 Withdrawn from warehouse... 1,782,834 1,548,339 2,262,173 2,665,573 The foreign imports at New York for the five months ending with May last year were $15,250,049 greater than for the corresponding period of the previous year. This year the imports for the same period have been less than for many years previous, and are $53,922,109 less than for the five months last year :- FOREIGN IMPORTS AT NEW YORK FOR FIVE MONTHS, FROM JANUARY 1ST. Entered for consumption..... $37,877,250 $67,782,614 $62,766,051 $29,667,957 Entered for warehousing. Free goods..... Specie and bullion.. Total entered at the port.... $55,953,817 $90,340,252 $105,590,301 $51,668,192 Withdrawn from warehouse. 10,936,450 9,260,986 12,364,162 19,551,824 We have compiled, in this connection, a careful comparison of the imports at New York for the eleven months of the fiscal year now drawing to a close. The total is $49,488,147 less than for the same period of the preceding year, but larger than for the eleven months ending May 31, 1855 : FOREIGN IMPORTS AT NEW YORK FOR ELEVEN MONTHS, ENDING MAY 81. Total for 11 months.. $142,511,914 $180,258,061 $210,845,041 $161,356,894 In this connection it will be interesting to notice the comparative receipts of foreign dry goods, and we therefore annex our usual monthly tables. The total of foreign dry goods landed at the port, for the month of May, is $43,436 more than for the corresponding period of last year. A large proportion of the receipts were last year entered for warehousing to await the reduction in duty, and because there was no immediate demand for them for consumption-the trade being remarkably dull : IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR THE MONTH OF MAY. Manufactures of wool Manufactures of cotton Manufactures of silk... Manufactures of flax.... Miscellaneous dry goods... Total.. $2,160,777 $3,677,739 $1,128,139 $2,745,603 WITHDRAWN FROM WAREHOUSE, Total thrown on the market.. 2,160,777 3,677,739 1,128,139 2,745,603 $2,603,310 $3,940,062 $1,541,115 $3,612,895 This year the quantity withdrawn from warehouse has exceeded the quantity entered by $441.080, and by which amount the quantity thrown on the market has exceeded the quantity entered the port. Total entered at the port..... 2,424,951 4,392,819 3,128,379 8,171,815 51,032 $5,865 190,752 41,556 $426,212 |
