imported into Great Britain during the last year, as will be seen from the following table. These receipts probably embrace the entire supply:

IMPORTS OF COTTON INTO GREAT BRITAIN 1861, 1862, 1863.

The supply for 1864 from Brazil will be increased to probably two hundred thousand, and possible two hundred and twenty-five thousand bales. A bale of Brazilian cotton weighs only 181 pounds.

The mines of gold and of precious stones have given to Brazil the reputation of possessing almost unbounded mineral wealth; and yet the exports of coffee and sugar alone in the course of a year and-a-half have exceeded the whole product of the diamonds found in a period of eighty years. The annual yield of diamonds was estimated at the begining of 1858 at 12,000 to 13,000 oitava (eighth part of an ounce.)

Paraguay tea is exported to the River Plate, where it is an habitual beverage in Buenos Ayres. The only Brazilian provinces which export it are those of Rio Grande do Sul and Parana.

Companies have been formed in Brazil for the purchase of articles of food, such as salt fish, wheat, flour, and fresh meat; and when there is no deficiency in the market, these articles are sold at high prices.

Tables of the average official prices of articles of food in Brazil, according to weekly returns, from 1850-51 to 1858-59, show that the seven principal articles of public consumption, viz., rice, sugar, dried meat, mandioca flour, beans, Indian corn, and bacon, have doubled in price in the eight years, 1850-51 to 1858-59, and since the population has not increased in so great a proportion during that time, nor the produce diminished, this extraordinary rise in price has been attributed to the monopoly of these food companies. This, however, is not correct. The paper money system in Brazil is doing for her what our national currency is for us, only on a smaller scale. The circulating medium consists of the bills of the Bank of Brazil and of the Government paper money.

REVENUE AND EXPENDITURE.*

The Minister of Finance estimates the receipts for the financial year, 1864-65, at 51,000,0008000, fifty-one millions of milreis (thousand reis.) The value of the milreis, like our currency dollar, constantly fluctuates; it is at present about fifty-five cents of our gold dollar. The estimated revenue, therefore, for 1864-65, is about $28,687,500 in American gold. The expenditure estimated for 1864-65 is 57,846,407 766 or about $32,523,600.

*The following particulars about revenue are taken from the "Annual Report of the Minister of Finance," presented to the Legislative Assembly in May, 1863.

We thus see that there is a deficiency in the estimated revenue compared with the estimated expenditures of about four million dollars. In addition to the 51.000,000 milreis revenue, there is an estimate of Government deposits to the amount of 3,340,854 milreis, or about $1,879,430, which may be used in aid of revenue, but which will of course be strictly

a debt.

In the financial year, 1861-62, the revenue was higher than any previous year, and reached the sum of 52,078,085 milreis, exclusive of deposits. This amount has not since been attained. The Finance Minister had calculated fifty-one and a half millions of milreis of receipts for 1863-64, with a surplus of 470,9463362. But this estimate has proved fallacious, and instead of a surplus there is a deficit; and another deficit is announced for the coming year, 1864-65. Up to the year 1856-57, the revenue annually exceeded the expenditure, but since then it has been constantly the other way, even in the year 1861-62, when the revenue reached its highest point. In 1860 a Committee of the Chamber of Deputies reported an accumulation of deficits for the end of the financial year, 1862-63, estimated at 10,000,000 of milreis ($5,625,000,) and the Legislature authorized the issue of treasury bills to the extent of eight millions of milreis. At the same time the customs and export duties were increased. Loans raised by the Brazilian Government during the last year, 1863, to the extent of $20,000,000, have cleared off the treasury bills issued under the authorization of 1860, and all deficit up to the end of 1863, and added to the permanent national debt. The Minister of Finance, in his annual report of 1863, urgently invites the Legislature to provide for future equalization of revenue and expenditure by economy or

new taxes.

The chief item of revenue is customs' duties, more than half of the estimate for 1864-65, viz., 29,650,0008000, or about $16,678,125. The export duties amount to 7,759.5763000, or about $4,362,760.

The expenditure is distributed as follows among the different ministries:

The estimate for the ministry of the empire includes the allowance to the Emperor (800,000 milreis, or about $450,000,) Empress (96,000 milreis, or about $54,500,) and the other members of the imperial family, the ministers, council of State, presidents of the provinces, senators (275,550 milreis, or about $155,000,) and deputies (410,480 milreis, or about $200,870.) The chief part of the estimate for the ministry of foreign affairs, is for the diplomatic and consular services, the whole expense of which is 597,430 milreis, or about $316,050. The estimate for the ministry of finance, includes the interest on national debt and sinking fund payments.

There has been a very great increase both of revenue and annual expenditure of late years. Compare the estimates for 1864-65 with the revenue and expenditure of 1855-56:

1955-56...... 1864-65....

Revenue.
$38,634,356
51,000,000

Expenditure.

$40,242,648

57,846,407

In the year 1848-58, the revenue was little more than 25,000,000 milreis, so that it has more than doubled since. The expenditure for the year 1844-45, was 25,458,230$334.

The national debt of Brazil may be roughly stated at about 21,000,000 or 22,000,000 sterling. It is made up as follows, as shown by the last annual report of the Minister of Finance:

Since this estimate was published, a loan of $16,500,000 has been raised in England, and another of $3,000,000 in Rio de Janeiro; total, $19,500,000. But with these loans $14,277,500 of the foreign debt and the $3,694,000 of treasury bills are to be paid off; total, $17,721,500, so that there will be only an increase of $1,533,500 to the national debt.

In addition to this debt, liabilities of the Brazilian Government by guarantees of interest to railway undertakings, should be mentioned. There are guarantees of 7 per cent interest (5 per cent guaranteed by the imperial Government and 2 per cent by the respective provincial governments) on the following amounts of capital for the following undertakings:

Don Pedro II railway, (in province of Rio de Janeiro)....
Pernambuco railway.

Babia railway

San Paolo railway

Total......

$15,000,000

€,000,000

9,000,000

10,000,000

$40,000,000

The imperial Government have therefore guaranteed for these useful public undertakings 5 per cent on $40,000,000, or $2,000,000 a-year. These guarantees of 7 per cent are of course not guarantees of interest to the shareholders, irrespective of profit or loss in working the railways; loss in working has first to be provided for out of the 7 per cent guaran

teed.

COMMERCIAL LAW.-NO. 15.

THE STATUTE OF LIMITATIONS.

(Continued from Page 283.)

THE PROMISE OF ONE OF SEVERAL JOINT DEBTORS.

THE question has frequently arisen, whether a new promise by one of two or more joint debtors has the effect of reviving the debt as to the others, who make no promise. If the statute be one of presumption and not of repose, as previously stated, such an admission would prove the debt and remove the statute as to all. So it has been held. But the present weight of authority and of reason limits the effect of the new promise to him who makes it. He may, however, be authorized to promise for the rest, and then he binds them.

Thus, if A, B, and C are in partnership, and a note of theirs is more than six years old, the new promise of either of them, given while the partnership continues, binds all three, because either could give a new note binding the firm. But if the partnership has ceased, the new promise of A binds only himself, because he has no longer authority to bind the others. Tenterden's Act provides that no joint contractor shall be chargeable by reason of any promise by a co-contractor. In those of our States in which this clause also is adopted, it settles this question; as in Massachusetts, Maine, and some other States.

TO WHOM THE NEW PROMISE SHOULD BE MADE.

Whether the new promise must be made to the creditor himself, (or to his agent,) or is sufficient if made to a third party, is not settled very fully. Thus, if A says orally or in writing. "I cannot pay you, because I owe B and shall pay him first," it is not certain whether B can sue A on this promise.

In Pennsylvania, it seems settled that such a promise or acknowledgment is not sufficient, and this we think the better rule. In a case in that State, it was held that a declaration made by the defendant to a stranger to the suit or cause of action, that he owed to the plaintiff a debt "of about $800, which he intended to have settled within twelve months from that date," is not sufficient to take the case out of the Statute of Limitations. But in New York, the old rule, which makes such an acknowledgment sufficient, seems not to have passed away. In that State, where the defendant said to a third person that he owed the plaintiffs $700 for goods received, it was held that such an acknowledgment was sufficient to restore the right of action, which had been barred by the statute. And this may be true in Massachusetts, and some other States.

It is possible that a new promise by the maker of a negotiable promissory note to the payee, would take the case on that note out of the statute as to all who are parties to the note subsequently to the payee, so

that a new promise of a first indorser would be sufficient to restore the liability of the later indorsers, by reason of the peculiar nature and purpose of negotiable paper. But the cases are in some conflict on this point also.

ACCOUNTS BETWEEN MERCHANTS.

An important provision of the statute is that which excepts from its operation accounts that concern the trade of merchandise, between merchant and merchant." There are three requisites before a debt is exempted from the effect of the statute, on this ground. It must be an "account"; it must "concern merchandise"; it must be "between merchants." The first question has been one of some difficulty in England; but almost any transaction which was between merchants, and related to the buying and selling of merchandise, and ended in a debt, would probably be here held as an "account," within the meaning of the statute; and a suit might therefore be brought upon it after six years.

here.

Formerly, none were considered as "merchants" in England, who did not trade "beyond seas." But the construction of this word is far more liberal there at the present time. We have no exact standard or definition which will determine who is a merchant. The word "trader" is often used in this country, and sometimes as synonymous with merchant. A wide significance of the word, but perhaps not too wide, would include all of those whose business it is to buy goods and sell them again, whether by wholesale or retail. In Scotland, the phrase "travelling merchant" is frequently applied to a pedlar; but we do not know that it is so used A similar difficulty exists as to what is meant by the word "merchandise." There is here also no definite standard; but we should be disposed to include in it everything that is usually bought and sold by merchants, in the way of their business, and nothing more. In the Supreme Court of the United States, it was held that a contract between shipowners and shippers of goods to receive half profits instead of freight on the shipment for a foreign voyage, was barred by the Statute of Limitations, because it was not a case of "merchants' accounts" in the proper meaning of the statute. So if a merchant sold another his horse or carriage, or a load of hay from his fields, or a picture from his house, we should say this debt would be barred by the statute, after six years, even if the charge were included in an account made up otherwise of mercantile items.

It has also been held that no account was exempted from the statute, although between merchants, and concerning merchandise, unless some item of it accrued within six years; and then that item drew in the whole account. But we think the latter as well as the better authority, both in England and in this country, and much the stronger reason, would not make this requirement, but would exempt the whole of such an account from the operation of the statute, although all its items were more than six years old.

THE OTHER STATUTORY EXCEPTIONS.

The original English statute also provides, that, if a creditor at the time when the cause of action accrues is a minor, or a married woman, or not of sound mind, or imprisoned, or beyond the seas, the six years do not