PHILADELPHIA BANKS. PHILADELPHIA BANKS. (Capital, Jan., 1863, $11,740,080; 1862, $11,970.130.) Date. 18,. 25,... Feb. 1,... Feb. 8,... 46 15,... 66 22,... 66 29,... Mar. 7,... Mar. 14,... 21,. 29,.. April 4,. 11,... Loans. Due Due Specie. Circulation. Deposits. to banks. from banks. Jan. 4,... $35,698,808 $4,158,585 $2,055.811 $29,878,920 $4,316.763 $2,963,563 66 11,... 35,458,967 4,158,235 2,050,891 80,484,227 4,001,473 2,814,188 34,896,842 4,158,125 2,044,427 31,194,851 4,330,120 3,063,148 34,849,959 4,103,065 2,047,846 32,354,253 8,500,693 2,905,921 34,345,126 4,108,109 2,056,532 32,027,147 3,453,431 3,271,306 34,146,677 4,162,671 2,066,069 31.033,030 4,080,059 2,461,873 34,590,880 4,102,748 2,069,061 29,911,704 4.322,609 2,080,750 35,059,676 4,102,588 2,119,488 30,783,741 4,463,751 2,099,778 35,519,704 4,102,848 2,167,348 31,435,753 4,837,264 2,114,227 35,913,334 4,102,632 2,208,492 31,712,547 5,523,316 2,116,042 35,956,678 4,099,707 2,308,250 32,511,405 5,508,146 2,333,819 36,412,923 4,099,664 2,340,182 32,835,038 6,933,974 2,428,227 86,695,415 4,096,401 2,357,768 33,156,496 5,791,191 2,724,935 37,262,220 4,095,495 2,390,092 34,404,607 5,641,638 3,425,805 37,032,110 4,093,461 2,379,827 35,958,444 5,855,277 3,799,151 39,535,334 4,095,387 2,329,590 38,174,046 5,748,257 3,291,176 2,253,386 37,393,247 6,067,966 2,592,465 2,241,885 37,758,836 6,374,531 2,730,540 2,152,827 37,466,311 6,636,576 2,786,080 2,131,919 37,638,814 6,580,548 2,853,894 39,639,436 3,967,263 2,152,827 $7,466,311 6,636.576 2,786,080 39,262,695 3,964,522 2,131,919 37,638,814 6,580,548 2,858,894 89,723,493 3,694.320 2,100,927 38,249,800 5,993,116 3,186,259 40,286,433 3,964,758 2,077,753 38,367,171 5,930,707 3,007,283 40,286,488 3,964,529 2,074,273 37,588,203 6,405,664 2,998,548 42,657,758 3,963,640 2,092,470 89,122,865 6,544,668 3,139,132 40,918,009 3,955,836 2,154,258 37,945,305 6,225,952 4,325,450 40,717,527 3,949,105 2,337,651 37,312,423 6,197,570 4,658,667 40,731,324 3,948,440 2,208,068 86,462,271 6,189,843 3,616,992 42,057,758 8,963,640 2,092,470 39,122,865 6,544,668 3,139,132 39,277,980 3,962.385 2,249,226 36,520,768 6,059,048 3,816,165 39,142,449 3,962,367 2,231,394 37,284,436 5,992,712 3,785,896 39,353,341 3,962,313 2,214,929 36,826,674 5,801,231 3,691.201 39,401,423 3,962,154 2,222,401 35,869,084 5,738,141 3,891,137 18,.. 25,. May 2,... 9,. 16,... 23,... 66 30,... June 7,... 39,570,567 4,095,475 39,262,695 3,964,522 The last return of the Bank of England showed a further increase in the rate of interest to seven per cent, in the week ending July 27, and to eight per cent in that ending August 3. These changes make seventeen in nine months of nearly one per cent each. The number and magnitude of these changes attracts attention. They are based primarily upon the fact that the English business is too much extended. They are conducting too large a commerce on too small a cash capital, and many influences conspire to draw money from England the moment there is any relaxation in restraints. These are, 1st, the large export trade; 2d, considerable subscription companies, by which capital is sent out of England; 3d, the usual influence of harvest time is drawing coin into the interior, and 4th, the rise in prices of many articles of imported produce. These circumstances compel the Bank directors to watch more carefully the course of events, and to act with greater promptness and vigor when they perceive the reserve falling fast, under influences that have apparently a permanent character. The raising and lowering the rate of interest acts like the opening and shutting of flood gates, restraining the flow of capital on one side, and aiding its supply on the other. On the 2d November last the rate of money was four per cent, on the 3d December eight per cent, February 25, six per cent, and it has since continued to vary with unprecedented margin. In July the rate fell to six per cent, when the subscriptions to paying stocks set in with greater vigor, and the demand for coin for the service of the crops began to be felt. The declining reserve caused the Bank at once to raise the rate. It is to be remarked these sudden and large The changes create far less anxiety among commercial people than formerly, when a riseof one per cent in the bank rate was regarded as a very grave event. Bank returns are as follows: 66 46 46 66 23,.. Jan. 6, '64 13,... 46 THE BANK OF ENGLAND RETURNS. 21,896,420 5,264,097 Coin and Bullion. Rate of Discount Public Private Date. Circulation. Deposits. Deposits. Securities. Dec. 2,.. 21,685,732 7,234,894 12,924,545 31,980,889 13.048,475 8 per ct 9,.. 20,801,207 8,629,856 12,981,276 82,622,659 13,008,617 8 16,... 20,382.764 9,103,788 13.265,068 32,303,049 13,675,474 7 20,273,799 10,266,546 12,711,637 32,270,286 14,217,067 7 20,686,538 10,841,991 13,021,212 33,438,154 14,362,605 7 21,822,304 10,001,982 13,052,604 33,486,952 14,196,754 7 15,411,794 31,726,575 11,708,597 7 20,... 21,445,793 5,689,074 13,879,877 31,445,860 12,974,109 8 27,... 20,875,825 6,337,246 13,406,627 31,017,449 13,022,220 8 Feb. 3,... 21,162,626 6,748,867 13,372,981 31,486,334 13,303,243 8 10,... 20,708,113 7,254,682 12,882,226 36,923,317 13,472,271 7 17,... 20,696,172 7,079,789 13,306,156 31,078,328 13,58%,635 7 46 24,... 20,207,871 8,153,601 12,426,673 30,504,827 13,819,412 6 20,840,374 7,893,633 13,541,278 31,980,446 14,034,222 6 20,563,325 8,863,364 12,434,975 31,769,311 13,884,389 6 20,333,112 8,570,711 13,105,800 31,929,164 13,946,943 6 23,... 20,566,705 9,841,323 12,480,154 32,112,543 14,499,201 6 30,... 20,908,644 10,280,458 12,658,986 33,472,484 14,163,519 6 April 6,... 21,528,914 9,818,880 13,348,299 34,223,509 13,616,762 6 12,... 21,785,597 5,929,922 13,586,029 31,385,305 13,080,300 6 27,... 21,484,602 6,217,965 12,620,036 30,961,635 12,567,776 7 May 4,... 22,045,792 6,981,132 12,278,903 32,070,427 12,454,244 25,... 20,868,047 7,971,003 12,882,042 31,297,181 June 1.... 21,246,840 8,286,719 12,493,776 31,329,121 8,... 20,766,405 8,748,510 11,966,204 30,711,740 6 15,... 20,597,557 8,512,311 12,790,361 30,884,192 14,304,205 66 22,... 20,623,207 9,287,594 18,051,661 31,948,856 14,319,061 6 29,... 21,153,606 10,213,535 12,890,244 83,297,897 14,197,849 6 21,890,063 9,489,130 13,471,415 34,286,592 15,930,809 6 22,161,001 4,683,803 15,682,746 31,637,509 18,701,112 6 20,... 22,302,688 4,462,490 13,408,675 30,471,085 13,171,561 6 27,... 22,158,547 4,961,046 13,719,621 $1,346,657 12,996,685 8 Aug. 23,... 22,489,710 5,155,704 13,519,626 31,909,793 12,877,483 8 30,... 21,881,314 4,963,222 14,419,766 32,202,646 12,609,925 8 13,713,943 7 14,052,761 7 14,043,129 7 The rapid decline in the reserve of the Bank, and the bullion on hand, aided by the amount of American bills running on Germany for pay of stocks, threatched to produce a further rise in interest. The returns of the Bank of France show no material change in the course of its movement, and it has not raised its rate of interest, as it usually does, following similar action on the part of the English institution. A new change is about to be made in the affairs of the Bank of France. It is known that the Bank of Savoy, forming in the French system an anomally, was, by the annexation of Savoy to France, deprived of its Italian business, and not hoping to be able to develop its transactions in presence of the Bank of France, demanded of the latter to buy up its privilege. Negotiations were entered into, but without result, and the shareholders of the Bank having become impatient, concluded with Mr. EMILE PEREIRE the famous convention which everybody knows. Issuing a large capital, and directed by the ardent promoters of the Credit Mobilier, the new Bank of Savoy, it was said, was destined to become the rival of the Bank of France. This chimerical project, our readers will remember, gave rise to a discussion, in which even the Senate took part, but which ended there. That dis cussion, nevertheless, gave much annoyance to the Bank of France, and injured the interests of credit by doubting for a moment the sound principles by which that establishment is guided. This incident is now ended. The Bank of Savoy summoned Mr. EMILE PEREIRE to fulfil his engagements; but as he did not do that, the shareholders are in treaty with the Bank of France for the purchase of their privilege. If we are correctly informed, the bank will give 4.000,000 ($800,000) to the shareholders of the Bank of Savoy. This will confirm the privileges of the French Bank in relation to the issue of circulating notes. It is to be remarked, however, that some of the provincial Banks are issuing interest-bearing notes. The Credit Agricole, of Paris, issue notes bearing $3.65c part interest, or one per cent per day. These notes are made payable at five days sight; because to make them payable at sight would infringe the privilege of the Bank of France. The multiplicity of joint stock companies in France seems to be almost as rapid as in England. A company with a capital of 12,000,000f, in 500f shares, lately took in hind the shipbuilding yards of M. ARMAN, at Bordeaux and Ajaccio, and the enginebuilding establishment of M. MAZALINE, at Havre. This week the announce ment is made that M. CEZARD, a well known sugar refiner of Nantes, is forming a company, with a capital of 5,500,000f, in 11,000 shares of 500f, for the purpose of taking off his hands his two refineries at Nantes. These refineries are among the largest in that country, and turn out about 36,000 tons of refined sugar annually. They are to be taken by the company, with all their materiel, and the good-will of the business, for 2,700,000f, though they are declared to be worth more. M. CEZARD is to hold shares in the company to the amount of 1,200,000f. Its name is to be Raffineries Nantaises. A company headed by M. MICHEL CHEVALIER, bearing the name of Societe Immobilier de Limoges, has been formed, for the purpose of building houses and selling building ground in that town. Its capital has been fixed at 1,250,000f, in 1,500 shares, and it is now soliciting subscriptions to the shares. The Austrian credit Foncier has been a great suceess thus far, and now that peace is once more restored, the expansive movement may be considered as having a new impulse. The cloud in the future is, however, the possibility of sudden peace in the United States. Not that there is not a great deal of suffering occasioned by the war, but a peace which suddenly throws open the Southern ports, with their supplies of produce at prices now five or six times above peace prices, would produce such a financial revulsion as might prove very disasterous. The Bank of France returns are as follows: The rate of interest in France is, as a general thing, maintained much more regular, and at lower rates, than in England. The Bank is, however, not exposed to the same number and strength of demands as that of London, and its reserve of specie is relatively larger. THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. CONTENTS OF No. IV., VOL. LI. II. THE COMMERCIAL PROGRESS AND RESOURCES OF CENTRAL BRITISH 183 193 200 IIL THE SANDWICH ISLANDS. No. III-HAWAII AND MAUI. By H. B. A.. V. COMMERCIAL LAW No. 14. THE CARRIAGE OF GOODS AND PASSENGERS... 207 The Carrier of Passengers... A Notice by the Carrier respeeting his liability..... The Carrier's liability for Goods carried by Passengers.. VI. THE NEW INTERNAL REVENUE LAW..... 207 210 .. 210 212 ... 215 Gold Interest due November 1, and before that time, to be paid at once, and amount of JOURNAL OF BANKING, CURRENCY, AND FINANCE. Journal of Banking, Currency, and Finance... 246 THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. OCTOBER, 1864. THE NATIONAL DEBT AND NATIONAL RESOURCES. THE payment of the National debt, which has now become so large, and which is growing with such rapidity, is a subject of absorbing interest to every one, and it is high time that the true principles of taxation, and the real resources of the nation, out of which it must be paid, should be clearly understood. During the first years of the war it was deemed patriotism to shut one's eyes to the expense of it, and so hold out the idea that the national resources were inexhaustable. Hence any one bold enough to raise his voice against the financial policy pursued was considered disloyal, and debt, quadrupled by reason of paper money, was pushed to the utmost limit. Now, however, the country is beginning to see that patriotism consists, rather in battling this wasteful system, than in abetting such measures as must exhaust the national resources before the object of the war can be obtained. Yet the idea is still diligently inculcated by many, and believed by some, that the national means are exhaustless, and that the success of the war cannot be endangered by any measure of extravagance and waste. Believing this error to be a dangerous, yes a fatal one-that it would soon bring us to bankruptcy and repudiation-we have done what we could, from time to time, to expose it, and show the necessity of a speedy return to a sound basis. Yet the Government paper issues are continued, and our debt is being multiplied by reason of them in a fearful ratio, and this is permitted by the country just because writers are found to flatter the people with the idea of our inexhaustible resources. This idea, too, is encouraged by the further one that a few weeks will bring us peace and union again. Would to God that it might be so! but to manage our finances on the supposition that it will be, is, in the light of the past three and a-half years, wild in the extreme. Yet these twin errors that the wealth of the country is inexhaustible, and that peace will very soon be declared-are deceptions that are helping one another, and if persisted in, and allowed to continue to give shape to our financial policy, can bring nothing but disaster. |