Specie. Circulation. Deposits. Legal Tend's. Ag. clear'gs May 11 253,682,829 14,959,590 33,595,869 200,342,832 67,996,689 524,319,769 May 18 503,675,793 May 25. 256,091,805 14,083,667 33,697,252 193,673,345 60,562,440 431,732,622 252,791,514 14,617,070 33,747,039 190,386,143 33,719,088 461,734,216 June 22. June 29. 243,640,477 9,399,585 242,547,954 33,633,171 7,768,996 33,542,560 186,213,257 70,174,755 493,944,356 COMMERCE OF SAN FRANCISCO. The returns for the quarter ending March 31, are summed up in the annexed statements: The tonnage arrivals (whalers not included) amounted to Of the arrivals from foreign ports, a large portion is composed of steam tonnage, employed by regular lines plying up and down the Pacific coast, and is as follows: The receipts of merchandise via the Isthmus of Panama were as follows: The amount of freights paid on merchandise imports has been as follows: The merchandise exports show an increase over those of last year. The figures The amount of shipments to domestic Atlantic ports, as indicated in the above table, represents their value both by sailing vessels and steamers, via Panama, and New York. The amount of shipments forwarded by the steamers of the Pacific Mail Steamship Company, for transit across the Isthmus, were: Merchandise by Panama transit.... 1865. $294,349 1866. $269,119 1867. $615,887 The amount of treasure exported during the first quarter of the past three years has been as follows: 805.. $11,528,324 | 1866... $9,525,515 1867..... $9,825,305 The combined exports of treasure and merchandise are represented by the fol lowing: 1865..... $14,129,176 1866.............. $13,668,638 | 1867.. $14,610,14 Exclusive of transfers by Government, the total exports this year are $941,599 in excess of a like period in 1866, and $480,971 more than they were in the first quarter of 1865. The receipts of treasure from the interior and coastwise, through regular public channels, during the quarter just ended, including ccin and bullion, have been as follows: The comparative aggregates for three years are as follows: 1865... .....$13,913,872 | 1866..... ..... $11,005,692 | 1867.......... ........ $11,245,792 The product of the mines on this coast received through the express companies for the above named period was: 1865....... $12,169,930 | 1866...... $9,238,834 | 1867........ $9,279,18 The figures show a slight increase this year as against last, but in view of the extraordinary severity of the past winter, the comparison is a very favorable one for the present season. NO. CONTENTS FOR JULY. ..... PAGE. 1. Census of Rhode Island, 1865. ance 9 9. The Prevention of Railroad Accidents 66 13. Lloyd's List of Wrecks and Casualties 6. Toledo, Wabash and Western Railroad ..... The following advertisements appear in our advertising pages this month: MERCANTILE. Lillie's Fire & Burglar-Proof Safes-198 B'way DeWitt, Kittle & Co.-88 Wall St. 68 69 70 73 74 82 87 Simon De Visser-52 Exchange Place. Howard & Co. - 619 Broadway-Diamonds, Ferdinand Korn-191 Fulton St.-Eau de Lewis Audendried & Co.-110 Broadway-An- BANKERS & BROKERS. Tenth National Bank-336 Broadway. INSURANCE. New York Mutual Insurance Co-61 William et Sun Mutual Ins. Co.-49 Wall St. U. S. Life Insurance Co.-40 Wall St. THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. AUGUST, 1867. RAILWAY EXTENSION AND ITS RESULTS. BY R. DUDLEY BAXTER, M.A.* (Continued from page 63, Vol. 57.) VII-COST AND RESULTS OF FRENCH RAILWAYS. The French system of railway organization is worthy of attentive study. It is in many points novel to an Englishman; it is often characterized by remarkable talent; and some of its regulations are very instructive and worthy of imitation. In extent the French lines are far inferior to the English, whether judged by the area or population of the two countries. * Read before the Statistical Society of London November, 1866 Hence, measured by area, France has only one-third of the railway ac commodation, and measured by population only one-half of the railway accommodation of the United Kingdom. The capital authorized and expended to the 81st December, 1865, was as follows: So that the French companies borrow more than three times the amount of their share capital; reversing the English rule, of borrowing only onethird of the share capital. But if we consider preference capital as a second mortgage, the English practice is to borrow an amount equal to the ordinary share capital. This, however, is still a long way from the French regulations. The capital not paid up is nearly £100,000,000. Of this nearly onehalf will be required in the next three years for lines approaching completion. The cost per mile of French railways is as follows: Ancien Reseau........ Nouveau 06 $30,650 27,350 As the nouveau reseau is almost entirely composed of single lines, this does not show very great cheapness of construction. We are making our country lines much cheaper, particularly in Ireland and Scotland. The effect of railway competition with canals was the same as in England. The canal rates were reduced to one-third of their former amount, and the canal traffic has increased instead of diminishing. The average railway fares and rates are stated by M. Flachat, in his work on railways, to be 6 to 7 centimes for each passenger, and sou per kilometre, being id. to 1d. per mile; as compared with 1d. per mile, the average on English railways. The increase of traffic since 1850 is stated in the official returns as follows: |