These figures show a considerably increased movement both in imports and exports, and while the export of domestic produce has exceeded by more than $2,125,000 the exports for the corresponding season last year, the dutiable imports have been still lower. This excess of importation, added to the enhanced amount of specie brought into the port from foreign places, in connection with the state of the exchanges, show the general balance to be much in favor of the country, irrespective of the California operations. This is, no doubt, greatly aided by the exportation of the securities of the government, various States, and companies, which, in increasing amounts, as American credit becomes more fully established, are finding their way abroad. The whole trade of the country, as indicated in the operations not only at the ports of Boston and Philadelphia, as well as New York, but as indicated below upon all the great avenues of trade throughout the country, is steadily and rapidly progressing; and not on a credit basis which must sooner or later suffer a severe collapse, but upon a sound interchange of commodities, which swell the sum of each season's business, while they close its accounts and leave comparatively little to be liquidated by future operations of industry, the progress of which is indicated in the returns of public works.

The receipts for freight in 1847, on the several avenues of internal trade, swelled to a high figure, being 40 per cent more than in 1846, and since 1847 they have increased but about 14 per cent. One fact is, however, remarkable, namely that they have not only maintained the extraordinary rise of 1846, growing out of the circumstances of the English harvest, but have advanced upon it. But this has not been the case with the New York canals. The hold which that year gave Boston upon the interior business seems to have been improved. Comparing the New York, Ohio, and Pennsylvania canals with the Massachusetts, New York, and Georgia railroads, we have receipts as follows:

Total.....

$11,350,332 $14,643,946 $15,746,026 $16,845,425

Thus the New York canal freights, which were so prolific in 1847, that year of large exports, have not since maintained the figure, but all other works have maintained them. In relation to the Massachusetts roads, it is to be remarked

that their receipts have been swollen by the tributary works of the New England States. The whole, however, indicates the improved availibilty of New England natural advantages and industry through improved means of communication. In relation to these works it may be observed, that through branches, double tracks, and sidings, the cost per mile of the main road seems annually to increase. Thus 16 New York roads and the Massachusetts compare thus:

That is to say, in New York the increase of receipts is 9 per cent of the incurred cost, and in Massachusetts the revenues improved 5 per cent of the enhanced cost per mile. It would thus seem that the roads are good property per se, but the collateral benefits derived from them, in drawing out the industry and developing the natural wealth of the country, have created a far greater amount of property than themselves represent.

It has been the case, however, that during the past spring the country has not paid up so well as was hoped for, and this has been attributed to the gold fever. The real amount of emigration and of capital, however, actually transferred from our Western States cannot be sufficient to counterbalance the immigration from Europe, and the money brought in by that means. It has been very convenient, however, to charge all hesitancy in meeting payments to the gold fever. The true cause of backward payments may be more accurately found in the deficient harvests of some considerable sections, and the diminished export demand, the absence of which to the extent which prevailed last year has prevented prices from rising to a point that could compensate for the diminished production. This fact has cramped the resources of entire regions. The vast quantities of land that are annually brought under cultivation, as well through the extended operations of old settlers as the considerable purchases of immigrants so far enhanced supplies of produce as greatly to exceed the wants of the country, even when harvests are short in extensive regions. If, for instance, the production is short throughout Michigan and Northern Ohio, the diminution in yield in those regions is not compensated by a corresponding rise in prices, because the surplus productions of other regions, competing in the same markets, checks the advance, and the farmers of those sections have to contend with small yield and low prices, and their means are doubly cramped, and the result is manifest in smaller purchases of goods and greater hesitancy in payments. A considerable foreign demand for farm produce seems to be necessary to counteract such a state of affairs, and this has not existed since the last harvest. The high prices that existed all over Europe in 1847 stimulated unusal cultivation; and, attended by a favorable season, the production of 1849, in all the countries of Europe, England included, was very large-so much so that the average of prices in Western Europe was very low, and the result has been a very considerable diminution in exports from the United States. Of the four articles of flour, meal, wheat, and corn, a value of six millions less has been exported since September than for a corresponding period last year, and yet prices are about the same in the Atlantic ports as then. It follows, that had the same quantity been exported,

prices would so have advanced in the interior, under the demand, as to have made a material difference in the payments of the country.

Under these circumstances the prospects of the foreign demand for western produce for the coming year becomes matter of interest to those whose connections with the West make them interested in the material welfare of those prolific regions. The latest accounts indicate that the prospects of the crops, as well in England as in Europe, are by no means so good as they were last year, but have improved of late. That is to say, in England the spring was unpropitious-and while in Europe the low prices of the past year, by checking cultivation, are producing a reaction, that tendency is promoted by political causes, and by the presence of important bodies of Russian troops in Eastern Europe, drawing supplies from those grain regions of which the surplus usually sought the Baltic and England, The low prices of food in England have promoted an unwonted consumption, and the quantities now required for English use by far exceed the productive powers of the country. Thus, although prices have ruled extremely low in England, the importations of wheat for the first quarter of 1850 have been large, and the quantity of British wheat delivered at the two hundred and fifty towns which regulate averages have been 1,370,277 qrs. for the first quarter of 1850, against 1,281,030 qrs. for the same period last year: therefore the result is apparent, that at the rates which have ruled this year, foreign wheat cannot compete with English, but that the production of the latter is too little for consumption; the price, therefore, at which the required quantity can be furnished depends upon the competition for supplying it. The improved means of communication and cheapening freights in the United States are gradually inducing the current of trade to run in this direction, and apart from the probabilities of war, it seems reasonable to look for a more considerable export trade for the coming year-but, from the diminished supplies at the West, it must be at a higher range of prices than the same quantity could have been supplied last year. As yet the abundance of France continues to compete severely with the English grower, and to keep prices low in that great market for American surplus.

Notwithstanding that both in London and in New York, as well as in most other cities of the Union, money continues exceedingly abundant, without promoting the usual influence in raising prices or developing a speculating spirit, cotton is almost the only article which experienced and maintained an advance above the level of some past years. This has not, however, been a speculative movement, but the legitimate result of an effective demand operating upon a short supply. In the United states the quantity of cotton purchased by the manufac turers seems to have been comparatively very large at these high prices; but nevertheless the value of the manufactured goods has by no means advanced in proportion, and the profits of the manufacturer have disappeared between the advancing cost of the material and stationary prices of the fabric, giving cause for great dissatisfaction. The quantity of goods consumed in the Union has, nevertheless, not been diminished, and the cause of a non-advance of the fabric in proportion to the material is a matter which requires attention. Several causes have operated, doubtless, the chief of which have been the large importations, the low prices and short harvests of western produce, the productive power of many old factories, and the considerable multiplication of factories at the South, whence the favorable state of the cotton market would otherwise have caused a

more extensive demand for northern goods. That is to say, a portion of the benefit which the old manufacturers would have derived from the demand for goods resulting from the prosperity of planters has been intercepted by the new factories that have sprung up so rapidly in the past year. Thus, while the importations and northern productions have been large, the market has been narrowed at the South by unfavorable seasons at the West. The pressure upon corporate companies has, consequently, been severe, and many have been driven to additional outlays for machinery, in order, by economizing labor, to counteract the advance of the raw material.

Offers for the new Ohio loans were opened on the 19th of June, 1850, and the whole amount, $1,600,000 six per cent stock, redeemable after the year 1875, with $1,000,000 five per cent, redeemable after the year 1865, were subscribed for.

Fully $1,400,000 of the above was taken on foreign account. The parties interested were A. Belmont, D. S. Kennedy, Ward & Co., Jacob Little & Co., Camman & Whitehouse, P. Harmony's Nephews & Co., De Rham & More, Moran & Iselin, Jas. G. King & Sons, Drew, Dobinson & Co., Winslow, Lanier & Co., L. & E. Decoppet, Jas. K. Hamilton & Sons, and Banks in Ohio. It is understood that the whole amount will be paid in cash. were as follows:

The accepted bids

The offerings exceeded the amount required by $500,000.

The revenue of the Baltimore and Ohio Railroad, for the recent month of May, shows an increase of upwards of $9000 over the corresponding month of 1849. According to a statement in the Patriot the items of the revenue are—

Making an aggregate of $106,017 75 on the main stem, and $28,784 41 on the Washington Branch-the total being $134,802 16. This shows an increase over the corresponding month of last year of $4,390 80 on the main stem, and $5,007 48 on the Washington Branch-making together $9,398 28.

COMMERCIAL STATISTICS.

COMMERCE AND NAVIGATION OF THE UNITED STATES IN 1849.

We have at length received, through the kind attention of the Hon. JAMES G. KING, M. C., of Nw Jersey, the annual "Report of the Secretary of the Treasury, transmitting a Report from the Register of the Treasury of the Commerce and Navigation of the United States for the year ending the 30th June, 1849." This report is prepared (annually) in accordance with an act of Congress passed February 10th, 1820. The commercial and tonnage statements it embraces are compiled in the office of the Register of the Treasury from the quarterly returns made to it by the several customhouses, under the provisions of the act of February, 1820.

Last year we received this document in season to lay a condensed and comprehensive view of its contents, in accordance with our annual custom, before the readers of the Merchants' Magazine in May, 1849, eleven months after the expiration of the fiscal year. The present report was not received until after the publication of the June number of our Magazine, and just in time for our July issue. There is no necessity of this delay in the publication of a document so important to the commercial interests of the United States, and we earnestly trust that another effort will be made before the close of the present session of Congress to provide for the printing of the report immediately after the close of the commercial or fiscal year, ending on the 30th of June, so that the printed copies can be laid before Congress at the commencement of each session in December.*

VALUE OF THE DOMESTIC EXPORTS OF THE UNITED STATES. SUMMARY STATEMENT OF THE VALUE OF THe exports of the growth, produce, and MANUFACTURE OF THE UNITED STATES, DURING THE YEAR COMMENCING JULY 1, 1848, AND ENDING JUNE 30, 1849.

* For some suggestions on this point the reader is referred to the Merchants' Magazine for May, 1849, (vol. xx. page 534.)