Specie. Circulation. Deposits. Legal Tend's. Ag. clear'gs

7,768,996 33,542,560 186,213,257

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.
2. Railroad Earnings for May..
8. On the Collection of Revenue..
4. Debt and Finances of Chicago.
5. Commercial Law, No. 38-Fire Ineur-

ance

9 9. The Prevention of Railroad Accidents 66
14 10. Debt and Finances of San Francisco..
15 11. Railroads of the World
8112. Ireland for 1866..

13. Lloyd's List of Wrecks and Casualties
34 14. Commercial Chronicle and Review..
4115. Journal of Banking, Currency, and
44
Finance

6. Toledo, Wabash and Western Railroad
7. Railway Extension and its Resu ts...
8. Central Railroad of New Jersey.... 63 16. Commerce of San Francisco..

.....

The following advertisements appear in our advertising pages this month:
Eugene Kelly & Co.-36 Wall St.

MERCANTILE.

Lillie's Fire & Burglar-Proof Safes-198 B'way DeWitt, Kittle & Co.-88 Wall St.
Fowler & Wells-389 Broadway.
L. Prang & Co.-Boston and New
iday Publicat ons, etc.

68

69

70

73

74

82 87

Simon De Visser-52 Exchange Place.
York-Hol-Duncan, Sherman & Co.-Cor. Pine & Nassau.
L. P. Morton & Co.-30 Broad Street.
Robinson & Ogden-4 Broad St.
Howe & Macy-30 Wall St.
Gilmore, Dunlap & Co.-Cincinnati.
Lewis Johnson & Co., Washington.
Ninth National Bank-363 Broadway.

Howard & Co. - 619 Broadway-Diamonds,
Watches, Holiday Gifts, etc.
Mercantile Library-Clinton Hall, Astor Place
and Eighth St.

Ferdinand Korn-191 Fulton St.-Eau de
Cologne.

Lewis Audendried & Co.-110 Broadway-An-
thracite and Bituminous Coal.
Kellogg's U. S. Mercantile Register for 1867-8.
A. B. Sands & Co.-139-141 William St.-Drugs
J. W. Bradley-97 Chambers St.-Hoop Skirts.
Chickering & Sons-632 Broadway-Pianos.

BANKERS & BROKERS.

Tenth National Bank-336 Broadway.
Barstow, Eddy & Co.-26 Broad St.
Lockwood & Co.-94 Broadway.
Vermilye & Co.-44 Wall St.

INSURANCE.

New York Mutual Insurance Co-61 William et
Fidelity Insurance Co.-17 Broadway.
Marine-Atlantic Mutal Ins. Co.-51 Wall St.
Mercantile Mut. Ins. Co.-35 Wall St.
Orient Mutual Ins. Co.

Sun Mutual Ins. Co.-49 Wall St.
Great Western Insurance Co.
Fire-Hope Fire Ins. Co.-92 Broadway.
Germania Fire Ins. Co.-175 Broadway.
Etna Insurance Co.-Hartford.

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: