NEW USURY LAW OF CANADA. AN ACT TO AMEND THE LAWS OF THIS PROVINCE REGULATING THE RATE OF INTEREST. Whereas, it is expedient to amend the laws relating to the interest of money, and for that purpose to repeal the third section of the act of the Parliament of of this Province, passed in the sixteenth year of Her Majesty's reign, and entitled. "An Act to modify the usury laws," as to future contracts; therefore, Her Majesty, by and with the consent of the Legislative Council and Assembly of Canada, enacts as follows: 1. From and after the passing of this act, the third section of the act mentioned in the preamble of this act shall be, and the same is hereby repealed, except only as to contracts made after it came into force and before the passing of this act, as to which it shall remain in force. 2. It shall be lawful for any person or persons, other than those excepted in this act, to stipulate for, allow, and exact, on any contract or agreement whatsoever, any rate of interest or discount which may be agreed upon. 3. It shall not be lawful for any bank incorporated by any act of the Legisla ture of this Province, or of the late Provinces of Upper or Lower Canada respectively, or by royal charter, nor of any bank established or to be established under the provisions of the act of the Legislature of this Province, passed in the session thereof, held in the thirteenth and fourteenth years of Her Majesty's reign, entitled, " An Act to establish freedom of banking in this Province, and for other purposes relative to banks and banking." to stipulate for, take, reserve, or exact a higher discount or interest than seven per centum per annum; and any rate of interest not exceeding seven per centum per annum may be received and taken in advance by any such bank; and it shall be lawful for any such bank to allow and pay any rate of interest whatsoever upon moneys deposited in such bank. 4. Notwithstanding anything to the contrary in the act passed in the session held in the nineteenth and twentieth years of Her Majesty's reign, chapter fortyeight, entitled, "An Act for enabling all the chartered banks in this Province to enjoy a certain privilege therein mentioned,” or in any other act or law, it shall not be lawful for any bank or banking institution, carrying on business as such in this Province, in discounting at any of its places or seats of business, branches, agencies, or offices of discount and deposit, any note, bill, or other negotiable security or paper, payable at any other of its own places or seats of business, branches, agencies, or offices of discount and deposit within this Province, to receive or retain, in addition to the discount, any amount exceeding the following rate per centum, according to the time it has to run, on the amount of such note, bill, or other negotiable security or paper, to defray the expenses attending the collection of such bill, note, or other negotiable security or paper; that is to say, under thirty days, one-eighth of one per cent; thirty days and over, but under sixty days, one-fourth of one per cent; sixty days and over, but under ninety days, three-eighths of one per cent; ninety days and over, one-half per cent. 5. Six per cent per annum shall continue to be the rate of interest in all cases, where by the agreement of the parties or by law interest is payable, and no rate has been fixed by the parties or by the law. 6. Nothing in this act shall be construed to apply to any corporation, or company, or association of persons, not being a bank, heretofore authorized by law to lend or borrow money. IRISH ENCUMBERED ESTATES. The Encumbered Estates Court in Ireland has been replaced by the Landed Estates Court, for which an act of Parliament has just been obtained. During the existence of the old court the total amount expended in the purchase of property under the control of the court was £22,000,000, of which £3,000,000 were invested by English and Scotch purchasers. The number of estates sold was 2,380, divided into more than 11,000 lots, and 8,235 conveyances have been executed by the Commissioners. BANKS OF MISSOURI. The following is a semi-annual statement of all the banks of Missouri, July 1, FINANCES OF PORTLAND, MAINE. The valuation and taxes of Portland have been as follows:- A decrease in personal estate of $417,700, has been principally in the reduced value and loss of shipping. WEALTH AND RESOURCES OF MISSISSIPPI. The total value of lands in the State was estimated at the assessment of 1857 at $141,747,536 37, showing the enormous increase over the assessment of 1854 of $50,880,460 70. The number of taxable slaves in the State in 1854 was 326,861, and in 1858 the number was 368,182, being an increase of 42,163, and an increase in value, rating each slave at $600, of $25,297,800. Within the period of three years the land and slave property has advanced in value in the aggregate, $76,178,260 70. The value of the entire property in slaves may be safely computed at $220.909,200, which, added to the estimate of the land, would make as the value of the two interests $462,656,736. BRITISH INCOME TAX. A Parliamentary return recently issued shows that in 1853 the income tax of 7d. in the pound on incomes of £150 and upwards, produced £5,388,691; in 1854, 7d. in the pound on £150 and upwards, and 5d. on £100 to £150, £6,001,028; in 1855, 1s. 2d. in the pound on £150 and upwards, and 10d. on ·£100 to £150, £12,086,522; in 1856, 1s. 4d. in the pound on £150 and upwards, and 114d. on £100 to £150, £13,942,795; and in 1857, the same poundage yielded £14,286,032. WEALTH OF ILLINOIS. By returns of the County Assessors at the State Auditor's office of all except a few of the counties, it appears that the whole value of the real and personal estate, according to the assessment of 1857, is $407,477,367. The assessment of 1855 amounted to $333,350,340, which shows an increase in the taxable property of the State of $74,227,127--an increase of 22 per cent. STATISTICS OF TRADE AND COMMERCE. APALACHICOLA, FLORIDA. The Coast Survey of the United States, one of the greatest national works ever undertaken, is progressing surely, steadily, and accurately-not with the degree of rapidity that was expected by those who framed the original law; but yet as fast as any undertaking of the kind ought to proceed. Though broken at intervals, the triangulation, topography, and hydrography extend from Maine to Texas. All the principal harbors, bays, and sounds are in course of completion, and much has been done on the ocean coast. Innumerable charts have already been published, and more are continually in course of projection. Discoveries and developments of the most important character are made almost daily, and no sooner does this occur than information of the fact is transmitted throughout the world. And yet (would it be believed?) this great national work has the most bitter enemies; who, by various means, endeavor to poison the ears of our legislators, exclaiming against the extortionate demand for the annual appropriation to continue the survey, intimating that it might be done more economically—and by whom? Now, the truth is, that the yearly appropriation is niggardly enough-contemptible for a country like ours; and were it not for the excellent management of the superintendent of the work, scarcely anything could be done with the means allowed. Through the Coast Survey, the attention of the commercial community at the South, and more especially in Middle Georgia and West Florida, has recently been turned towards Apalachicola. Although this place has for a number of years been a cotton mart of no little importance, an increase in the trade of that staple, as well as the opening of new sources of commerce, must result from recent developments and discoveries. During the last surveying season on the Florida coast, amongst other things accomplished, a new channel into St. George's Sound, with not less than twenty feet water, was discovered by the hydrographic chief of the party, from whom it has taken its name. As this inlet has three or four feet more water than is ever found on the bar of the East Pass, (hitherto the deepest channel into the sound known to the pilots,) its importance will at once be understood. Vessels capable of carrying very large cargoes of cotton will now be able to trade to Apalachicola, thus saving expense to shippers. Besides, along the banks of the Apalachicola River there are forests of the very best pine and oak, and ships that have gone to this port for heavy timber have been in the habit of receiving it on board inside the harbor, until loaded down to 16 or 16 feet, and then dropping outside the bar of the East Pass to complete their cargoes. Here they often lie for weeks, for it is only during extremely moderate weather that rafts can be taken to them, and though the holding-ground is good, there is no shelter from the sea. When the channel, whose existence has been determined, comes to be buoyed out, its advantages to these vessels will be incalculable. Under Dog Island, they may load without delay down to nineteen or twenty feet, and then be carried to sea. Below we give the official reports of the developments and discoveries made in the vicinity of St. George's Sound during the past season : SAVANNAH, GA., April 12, 1858. SIR-I have the honor to communicate, for the consideration of the Lighthouse Board, an extract from a report recently made by Lieut. Commanding J. K. Duer, U. S. N., Assistant in the Coast Survey, at present engaged in the hydrography of St. George's Sound, Florida : The Coast Survey signal situated on the easternmost point of St. Vincent's Island, at the West Pass of St. George's Sound, has been made a beacon, and may be used as a guide by vessels drawing less than eleven feet water. "I would respectfully suggest that this point be marked in a permanent manner, so that the beacon may be replaced if washed away in a gale-an occurrence by no means unlikely, as it is situated on a low sand beach. A durable beacon erected here would be very serviceable to coasters, as well as to the pilots of the place. "The directions hereto appended, if strictly observed, will carry vessels of the above limit of draught safely in, thus saving the time and distance unavoidable in following the regular channel. "To enter West Pass, St. George's Sound, with vessels drawing less than eleven feet water:-With the lighthouse on Cape St. George bearing east, (by compass.) and when in four or four-and-a half fathoms, bring the beacon on St. Vincent's Island to bear northeast, and run directly for it until the lighthouse bears southeast by east with the beach of St. Vincent's Island close aboard, then haul up east by north, keeping on this course until inside both points of the entrance. Here vessels may anchor in from three to three-and-a-half fathoms, with good holding-ground. "The beacon is white, and can readily be seen at the distance necessary to get the bearing. It is of the form of a pyramid, and neither of the pilot's ranges (which are of entirely different shape, and stand considerably to the westward,) must be mistaken for it." Very respectfully, yours, Hon. HOWELL COBB, Secretary of the Treasury. A. D. BACHE, Supt. U. S. Coast Survey. COAST SURVEY OFFICE, May 5, 1858. SIR-I have the honor to communicate extracts from a report in reference to developments made in St. George's Sound, western coast of Florida peninsula, by Lieut. Commanding J. K. Duer, U. S. N., Assistant Coast Survey. The extracts show important special results obtained in the prosecution of the regular hydrography of that quarter, and contain, also, sailing directions for navigating a channel sounded out near Cape St. George's lighthouse :- "I. The shoal off Cape St. George's lighthouse (commonly designated as the Cape Shoal) is composed of detached reefs, extending in a south and south by east direction from the lighthouse, with channels of various depths running between them. The only one, however, that can be recommended for navigation is about four miles from the land. This is quite wide, and the soundings in it vary from four fathoms to seventeen feet, the latter being the least water found. On the outer edge of it there are reefs having but ten or eleven feet on them, and on the inner edge others with but seven or eight feet. In both instances the water shoals very suddenly, and breaks unless the sea is very smooth. "The end of this shoal is about six miles from the point of Cape St. George. There the water deepens to three fathoms, and, by taking the channel, coastwise vessels may save themselves great loss of time. "The following directions will carry vessels through it :- "Bound to the eastward--From the bar at the West Pass steer S. E. (by compass) until the lighthouse on Cape St. George bears N. by W., then haul up east, and when in five fathoms the channel has been cleared. "Bound to the westward--When about four miles from the land, and in five fathoms water, get the lighthouse to bear N. N. W., and steer east until it bears N. by W., then steer N. W., and find four-and-a-half fathoms. Continue on this course if bound to Apalachicola. When crossing the shoal the lead should be kept constantly going, as the set of the currents is always uncertain. "This channel might be easily buoyed out. Two large buoys only would be requisite. "II. Very near midchannel, and just inside the bar of the West Pass, there is a lump having only nine feet of water on it at the low tides, which occur after a strong northerly wind. This is a continuation of a spit which puts out from the East Breakers, and there is deeper water between them and the lump. "The following bearings show its position: "Lighthouse on Cape St. George bearing E. by S. (true.) "Westernmost point of St. George's Island bearing N. E. by E. (true.) "III Outside the West Breakers of the East Pass, and near the easternmost point of St. George's Island, there is a shoal having upon it but fifteen or sixteen feet, while all around there is from three-and-a-half to four-and-a-half fathoms. "Dog Island lighthouse bears from it S. W. S., (true,) and the east end of St. George's Island, S. by W. 4 W." Very respectfully, yours, Hon. HOWELL COBB, Secretary of the Treasury. A. D. BACHE, Superintendent. COAST SURVEY OFFICE, May 18, 1858. SIR--I have the honor to communicate the discovery of a new channel leading into St. George's Sound, Florida, the sound of which Apalachicola Bay is an arm. by the Coast Survey parties working there. The channel has been sounded out by Lieut. Commanding J. K. Duer, U. S. N., Assistant in the Coast Survey, who gives the following description of it :-- "The fact is established that an excellent channel exists from sea to the sound, (St. George's,) running close-in with the north shore of Dog Island. with not less than twenty-one or twenty-two feet of water, (twenty or twenty-one feet at low water.) "It is highly probable that deeper water may yet be found near the eastern end of the island. "By this channel, vessels made be carried from sea to a good anchorage in four fathon s. under a reef, and from there around the easternmost point and shoal of Dog Island, with not less than twenty-one or twenty-two feet. (twenty or twenty-one at low water,) as just stated. The general depth is four fathoms or more. * "On the bar of the East Pass the depth at high tides is usually seventeen feet, never exceeding three fathoms. * * * Below are given directions for entering the new channel from sea, and for running into the four fathom anchorage under the reef. Beyond this, it would not be safe to go without a pilot. Directions-Bring Dog Island lighthouse to bear west, (by compass.) and Southwest Cape N. E. N. On finding five-and-a-half or six fathoms water, the course hence is north, until the easternmost end of Dog Island bears S. W. by W. W., or until the water shoals off the east point of Alligator Harbor. From here haul up W. S. W., and keep this course until well inside the reef, which can readily be discerned by colored water or breakers. Between Southwest Cape and the reef, the channel now reported is very deep, having not less than thirty-one feet, until well in towards the land, where soundings give four fathoms. A beacon "To enter St. George's Sound by this new pass, a lighthouse on Southwest Cape will be indispensable, as well as another light on Dog Island. should be placed at each point immediately." The channel also should be marked by buoys. I would respectfully request that a copy of this communication may be transmitted to the Lighthouse Board, and that authority be given to publish it in the usual form for the information of navigators. Very respectfully, yours, Hon. HOWELL COBB, Secretary of the Treasury. A. D. BACHE, Superintendent. |
