option. FISHER agreed to buy the pork, and HUBBARD agreed to sell. FISHER then gave Mr. HUBBARD at different times the names of several persons as his principal, to each of whom Mr. HUBBARD objected for the reason that he did not know anything about them. FISHER, on the morning of the 6th of November, 1858, (HUBBARD & HUNT having declined each of the names before given them.) gave them the name of the plaintiff, and said he was a member of the firm of HEWITT & Co., of New York, and was in every way responsible, and if, when they wrote to their New York correspondent, (which they volunteered to do,) his reply was not satisfactory, then he was willing to put up security at any time. HUBBARD & HUNT both expressed their entire satisfaction, and said that was all right. FISHER at the time held money in his hands which belonged to ATKINSON, and with which he was ready at any time to put up the required security. HUBBARD & HUNT wrote to New York to inquire about ATKINSON. FISHER, after allowing a reasonable time for a letter to get to New York and a reply to be received, called upon Messrs. HUBBARD & HUNT on several occasions to know if they had heard from New York, and whether they would require him to put up the security, and received a reply from Messrs. HUBBARD & HUNT that they had not heard. He called again on or about the 16th of November to make the same inquiry, and then, for the first time, was told by Mr. HUNT that they had made no contract. Mr. FISHER told Mr. HUNT that it was as fair a purchase as he had ever made, and he should hold them to it. On the 31st of March, 1859, the last day in which Messrs. HUBBARD & HUNT had the right to deliver the pork. Mr. FISHER called on them and demanded the pork, and tendered them the sum of $15,000 in gold. They declined to receive the money or to deliver the pork. From the 6th of November, 1858, until the 31st of March, 1859, there was a firm feeling and steady advance in the market, and on the 31st of March, pork was worth $16 75 per barrel. Such was in substance the proof on the part of the plaintiff, and upon which he claimed a contract was made on the 6th of November, 1858, and for a breach of which he claimed damages. The defendants claimed that there was no contract made on the 6th of November, 1858, and that they had the right to make the contract or not, as they pleased, on hearing from New York-and introduced evidence to establish their view of the case, which in many particulars, in relation to the making of the contract, was conflicting with the evidence introduced by the plaintiffs. Of the amount of pork, the time of delivery, the price to be paid for the same, and the price on the 31st March, 1859, there was no dispute. The court instructed the jury that if they believed the parties mutually understood, on the 6th of November, that the contract was complete and binding in case the reply from New York was satisfactory, and that in such event nothing further was to be done by either party to complete the contract, then the contract was binding, and the plaintiff was entitled to recover; but if both parties did not so mutually understand it, then the plaintiff could not recover." 66 The jury found a verdict for the plaintiff for $1,750. SHIPPING TO HAVRE. An important decision, and one materially affecting the shipping interest of this country, has recently been rendered by the Tribunal of Commerce, in Havre, from which it would appear that the stowing of goods in vessels' poops, and rendering bills of lading therefor as "under deck." has been condemned, and all vessels carrying merchandise to that place stowed in their poops, run the same risk as though it was on deck, and consignees may recover damages in all cases wherein it is not so specified in the bills of lading, whether goods are damaged or not. The case in point was that of two barks from Mobile, with cotton, some of which was stowed in their poops, (not so specified.) and which sustained more or less damage from having got wet on the voyage. The verdict in both instances was in favor of the plaintiff, notwithstanding the fact that on one of the barks the poops was built with the vessel. Shipowners and agents will do well to note these facts, and by scrutinizing the bills of lading a little more closely, may aver t the needless expenditure of hundreds of dollars. COMMERCIAL CHRONICLE AND REVIEW. FISCAL YEAR-AGGREGATE BUSINESS-DUTIES-ACCUMULATION OF CAPITAL-TENDENCY OF EXCHANGE TO THE ATLANTIC-CONTRACTION-DECREASED QUANTITY-IMPORTS TOO LARGE-COTTON CROP HARVESTS-EXPORTS OF FOOD-GRAIN-VALUE-RATE OF INTEREST-HIGHER ABROAD— WAR RATES-AVERAGE RATES-NO ENTERPRISE-WAR CLOUDS IN EUROPE-LOANS-FREEDOM OF INDUSTRY-ABUNDANCE OF CURRENCY-PRODUCTS OF MINES-RATES OF INTEREST-NEW LOANSTREASURY NOTES-SPECIE SHIPMENTS-RECEIPTS-RATES OF STERLING-REDUCTION OF SPECIE IN THE CITY-MINT-ASSAY-OFFICE-JULY INTERESTS-LARGE PAYMENTS-NEW YORK-BOSTONMANUFACTURING DIVIDENDS-IMPROVED TRADE-DEMAND FOR COTTON-SITUATION OF CROPS QUANTITY CONSUMED-VALUE EXPORTED. THE fiscal year of the federal government closed at the port of New York with the month of June, and the result is a larger business than was ever before transacted in one year. For five years the aggregates have been as follows : The imports and exports have been, together, $19,000,000 more than for the great year 1857, and $100,000,000 more than in 1858. This large business has been done with lower rates for money than ever before was experienced in this country during an entire year. The fact shows the great accumulation of capital in this country, and also the want of adequate employment for it in those channels that have hitherto attracted it. While money has been so abundant on the Atlantic border, it has been scarce and high at the West and other indebted points, whence it has been drained off for the repayments of loans and debts. The same process has, to a certain extent, gone on between this country and Europe, as is manifest in the large exports of specie, which have reached a higher figure than ever before in one year. The course of business during the year has been towards contraction. The first quarter ending with September, the excess of imports over the same quarter of 1859 was $15,000,000; in the second quarter it was $10,000,000; in the third quarter it was $5,500,000; in the fourth quarter there was a decrease of $17,000,000. The markets had not warranted the large scale on which business commenced. and the results of importations were not satisfactory. The exports of produce, on the other hand, were large, but on a market that underwent many reactions. The cotton crop was very large, and a good portion of it very poor in quality. The peace of Europe was by no means well assured, and, lastly, the harvests of both England and the continent threatened failures. All these circumstances prevented much commercial activity, and were a drag upon the buoyancy of the markets. Nevertheless, the state of the harvests induced large exports of agricultural food, and in the six months ending with June, 1,488,511 bushels of wheat were exported, against 221,000 same time last year; also, 1,502,776 bushels of corn, against 101,775 corresponding period of the previous year. Of flour, 518,000 barrels went abroad, being an excess of 222.000 over the previous year. The receipts of produce from the interior have been very large in New York, reaching, of all grains, 14,800,000 bushels, against 7,700.000 in the previous year. This represents an increase of $7,000,000 in remittances in those grains from the West, where the crops are very large, and promise now to come forward in great abun dance. While the Western and Southern crops have poured abundance into the Eastern markets, there has been no revival of any enterprises which require capital, and the rates for its employment have not been such as to retain paying capital in face of the state of affairs in Europe, where political uneasiness induces most large houses to keep considerable means in hand. The effect of war upon the rate of interest in the market is fully illustrated in the following summary of the changes produced by the French war of 1859 It further appears that the following were the average annual rates of discount The low rates for money are the result of doubts which prevent people from engaging in trade, and as capital does not cease to accumulate during those doubts, from the efforts of the working many, its value falls. A settlement of the affairs of Italy, and an understanding between the great powers, by removing fears, would induce the greatest activity and be followed by a rise in money. There have been several new loans proposed, to take advantage of the low prices of money. Among these, Russia asks for $40,000,000, and France, it was rumored, proposes a loan of $50,000,000, to lend to manufacturers to enable them to stand the reductions of the duties. Under the prohibitive system their old machinery and materials could be made to withstand competition. If the monopoly is removed, they must use as good machinery as their competitors, and the government proposes to lend them the money to get it. Such a proposition is certainly not borne of war projects. Freedom of industry will widen the markets for American produce, as well food as raw material, and both these promise to become largely in demand for the coming year. Gold has certainly figured high as an export-more having been sent abroad than the mines have produced-but the supply is still quite sufficient for all purposes of currency, and other capital is quite abundant. Towards the close of June money came to be a little more in demand, and prices were better. The rates, however, did not stand, and they were as follows: 5 The Secretary of the Treas There were several loans done during the month. ury renewed several millions of treasury notes at per cent. The State of Virginia has issued proposals for a loan of $6,000,000 at 6 per cent. A New York City Water Stock loan for $228,900, at 6 per cent, was offered, and awarded at 2 per cent premium. The whole amount of bids was $1,338,200. A State 6 per cent loan of $1,200,000 was taken at 101.17 a 101.71. Messrs. E. WHITEHOUSE, MORRISON & SON have offered a new loan for $500,000 8 per cent land grant mortgage, redeemable 1878. This is for the Texas and New Orleans Railroad Company, and is secured by a mortgage upon 106 miles of railroad, that has cost $2,920,000, and also upon 768,000 acres of land. The coupons are secured by a separate trust of 76,800 acres of land, valued now at $600,000. The State of Texas donated sixteen sections of land per mile, and towns and individuals have increased the grant. The whole amount of construction bonds is $1,500,000. With the abundance of money, the shipments of specie continue on a liberal scale, comparatively as follows: GOLD RECEIVED FROM CALIFORNIA AND EXPORTED FROM NEW YORK WEEKLY, WITH THE AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY. 26.... June 2..... 9...... 15...... 1,938,669 5,126,643 1,519,708 1,317,773 6,982,660 30,414,433 1,719,138 6,621,100 31,196,557 1,542,466 6,620,622 30,406,203 1.669,263 1,385,652 2,526,478 6,426,755 30,537,000 1,620,731 1,417,757 6,326,894 29,677,815 1,861,163 1,541,580 1,962,776 6,253,357 28,717,607 1,398,885 1,166,773 5,187,468 27,939,162 1,736,861 2,495,127 1,514,884 1,283,135 5,404,367 28,156,061 1,513,978 2,325,972 2,041,237 July 9.. 14.. 22. 29.. Total..... 18,998,666 38,978,482 19,223,718 23,423,055 The amounts were, latterly, not so large as for corresponding dates last year. The exports from Boston and New York compare as follows, January 1 to The rates of sterling bills were not such as to warrant so active operations on their face. They were as follows:— The shipments caused some reduction in the amount held in the city, reducing it nearly two and-a-quarter millions from the close of May. Of the reduction a considerable portion was from the federal treasury. The arrival of specie from the interior to the seaboard was sufficiently large to supply the shipments abroad. The exchanges last year presented the same effect. The operations of the mint and the assay-office have been small, most of the specie going abroad as it arrives. The assay-office returns were as follows: |