The amount of bounties on export or for drawback, paid out of the treasury in 1851, was 26,582,412 francs. On this account, the amount in 1850 was but 25,458,572 francs. This increase of 4 per cent is almost exclusively in cotton and woolen fabrics, soaps and woolen yarn. There has been a slight decrease in refined sugars, a decrease of 9 per cent in sheet lead, 7 per cent in tanned and dressed skins, of 8 per cent in cotton thread.

Compared with the average of five years, the increase affects only plate lead, refined sulphur, cotton thread and sulphuric acid. In most other goods there is a marked increase. The total comparative value of goods exported during the last two years, with benefit of bounty, is as follows:

The cod fishery produced 403,777 metrical quintals of fresh and dry cod of oil roes, which is 7 per cent more than in 1850, and 4 per cent more than the average of five years. This increase applies to all except the roes, in which there is a falling off of 15 per cent.

The results of the whale fishery in 1851, are but 17,477 quintals of oil and whalebone, which is 13 per cent less than the product of 1850, 20,157 quintals; and 22 per cent less than the average of five years.

The export of cod with benefit of bounty increased 38 per cent, or from 62,070 quintals the amount to which it fell in 1850, to 85,410 quintals; the greater part of this increase applies to exports to Martinique and Italy. With Spain, this branch of trade has amounted to absolutely nothing.

WAREHOUSES.

The quantity of goods warehoused in 1851 was 7,968,928 metrical quintals, of the total official value of 565 million francs, which is 3 per cent on the weight and 9 per cent in value less than last year; and 24 per cent and 13 per cent less than the average. The chief differences are, as to weight, in cereals, foreign sugars, olive oil, raw wool, lard and tallow; as to value, in foreign sugar, indigo, cereals, woolens, and olive oil.

The total actual value of goods re-warehoused was 514 million francs against 563 million francs in 1850. This is a decrease of 49 million francs; of which 20 million francs are on cottons, 14 million francs on foreign sugars, and 8 million francs on woolens.

The warehouses of Marseilles and Havre stand first in the amount of business done, as regards both the weight and value of the goods warehoused; 62 per cent in weight and 67 per cent in official value of all goods warehoused were entered here; this is 4 per cent and 2 per cent less than in 1850. The warehouse of Bordeaux is third as regards the weight, and

fourth as regards the official value of the goods entered. There has been a falling off at this place since 1850, of 5 million francs or 15 per cent in official value, and a gain of 2 per cent in weight. The business at the warehouse at Nantes has increased 19 per cent in weight and 49 per cent in value. But at Paris there has been a falling off of 8 per cent in weight and 1 per cent in official value.

TRANSIT TRADE.

The amount of transit trade in weight was 386,067 metrical quintals, which is 66,343 quintals or 21 per cent more than in 1850, when the amount was 319,724 quintals. The value of this trade at the fixed official rates established in 1826, was 264 million francs; in 1850, it was 258 million francs, increase 6 million francs or 2 per cent. Taking actual values as the basis of comparison, we have a difference in favor of 1851, of 18 million francs or 7 per cent (253 million to 235 million francs).

The transit trade in silk fabrics which, in 1850, amounted to 74 million franes (official value) increased to 78 million francs; that in cotton fabrics, amounted to only 39 million francs instead of 50 million francs; that in woolen fabrics increased from 29 million francs to 34 million francs. The transit of silk fell from 22 million to 16 million franes, and that of cotton wool from 14 million francs to 11 million francs. The transit of coffee increased 68 per cent, from 2 1-2 million francs to more than 4 million francs. Finally, the transit of wool amounted to 4 1-2 million francs, which is 38 per cent more than the previous year, and 267 per cent more than the average of five years.

Switzerland stands first among powers from which the largest amount, in value, of the transit trade through France has been derived. This amount is 98 million francs (official value), and 167 million francs (actual val ue). The corresponding amounts for 1850, are 99 million francs and 97 million francs. The difference between the actual and the official values is in silk and silk fabrics.

Belgium and England still stand second and third, but the results are very different from those of last year. While the transit of Belgian products across the French territory has increased 33 per cent, official value, (81 million francs to 61 million francs), the transit of goods from England has fallen off 28 per cent, (25 million to 35 million francs).

The German Customs Union, the Sardinian States, and the United States come next, with nearly similar results to those of 1850, excepting the United States, where there has been a falling off of 22 per cent, or more than 2 million francs out of 10 million francs.

The United States stands first, as in 1850, among countries to which goods in transit have been exported. Their value is 85 million francs or 32 per cent of the whole transit movement; this is 5 per cent more than in 1850. England, which was only third in 1850, now takes the place as second. The amount of goods she received in transit through France was 60 million francs, 13 million francs more than in 1850.

Switzerland now stands third, the value being 48 million francs. This is 500,000 francs more than in 1850.

Brazil has advanced from the seventh to the fourth place, with a total of 12 million franes instead of 4 million francs. Spain, Belgium, the Sardinian states, and the German Customs' Union come next to Brazil, and show a decrease varying from 15 per cent to 37 per cent.

The following table exhibits, in weight, for the years 1850 and 1851, the comparative importance of the import and the export transit trade, with the four principal powers with which this trade has been carried on.

The total duties collected by the department of customs was 147,833,957 francs of which, import duties 117,152,812 francs; export duties 3,081,141 francs; navigation duties 2,965,354 francs; incidental duties 2,822,241 francs; tax on consumption of salt 21,812,409 francs.

These receipts are 6,193,463 francs less than in 1850. The difference is confined exclusively to import duties, of which nearly 2 million francs are on foreign sugars, 3 million francs on wool, 1 1-2 million francs on olive oil, and 1 million on lard and tallow together.

The receipts at the principal custom-houses, and the proportion to the total aggregate, of the amount received at each, were as follows:

This comparison shows, that of the decrease of 6,193,463 francs, nearly a third is at Marseilles, and nearly a fourth at Rouen, and also that the receipts at Havre have remained the same and those of Dunkirk have increased a sixth.

SHIPPING.

The maritime trade of France with colonies and foreign powers employed steam and sail vessels in 34,636 voyages. The total tonnage employed was 4,088,000 tons. This is 8 per cent more than the voyages, and 9 per cent more than the tonnage of the preceding year. Compared with the average of five years, the increase is 12 per cent and 11 per cent.

44 per cent of the voyages and 42 per cent of the tonnage were under the French flag. There is here a falling off of from 1 to 3 per cent in the number of voyages and the tonnage from the amount of last year and from the average.

Passing to details, we notice an increase since 1850 in the tonnage of French ships, as follows:

Of 23 per cent in the trade with the colonies.

Of 14 per cent in the trade with other French possessions out of Europe, including Algeria; and 1 per cent in the trade open to competition.

Of the total foreign maritime movement, of 11 1-2 per ct. were privileged navigation; in 1851, it exceeds 12 per cent.

The increase of 9 per cent and 11 per cent, above noticed, in the total tonnage employed, is divided as follows:

Comparing navigation by sails with steam navigation we find, that of the former, 47 per cent of tonnage belongs to France, which is 4 per cent more than in 1850, and 9 per cent more than the average of five years. In 1850 it was 48 per cent; the average was 45 per cent.

The French steam marine has increased particularly in open trade. The tonnage was 39,000 tons against 24,000 tons in 1850, and 27,000 tons the average of five years.

The share of French shipping in the aggregate trade between Sardinia and France, although larger than that of last year, was but 51 per cent. In 1850, it was 59 per cent or 8 per cent more. There has also been a loss of 2 per cent in the trade with the Roman states. With these two exceptions, the French flag has sustained with more advantage than in 1850 the contest with the foreign flag in the trade between French ports and those of Southern Europe. Thus in 1851, it covered 68 instead of 58 per cent of the tonnage employed in the trade with Portugal, 37 instead of 35 per cent with Spain, 65 instead of 48 per cent with Tuscany, 38 instead of 29 per cent with the two Sicilies, 78 instead of 76 per cent with Turkey. But the total of French tonnage in the trade with the greater part of the rest of Europe was proportionally less than in 1850. Thus in the trade with England, the French flag covered only 24 instead of 29 per cent of the tonnage employed. In the trade with the German Union, 5 instead of 10 per cent.

The share of French shipping fell from 7 to 4 per cent, and from 20,419 tons to 15,368 tons (or 5,000 tons) in the trade between the French ports and the Atlantic ports of the United States of North America.

In the trade with the other powers of Africa, Asia, and America, the share of the French flag has not sensibly varied. The following, placed in the order of importance, are the twelve powers with which maritime intercourse has been most active in 1851 and the share of the French flag in the trade with each :

Art. II.—THE REGULATION OF LIFE INSURANCE.

LIFE INSURANCE, having originated in the development of the mathematical doctrine of chances, has been supposed to have some affinity to gambling. But the analogy is shallow. It may more justly be considered a method of delivering human life from the tyranny of chance. In society, as it is, a man whose productive energy is equivalent, while he lives, to the income of a handsome fortune, runs a chance of leaving his wife and children to that least tolerable species of poverty which aggravates the destitution of means by the abundance of wants. Whatever may be said of life itself, cultivated tastes are no blessing without certain physical means for their gratification. Those who, possessing them, fall into poverty, suffer pangs of which those who have never risen from it are happily ignorant. The possibility of leaving cherished and comparatively helpless dependants to such destitution in such a world, is to be avoided by any honest means. Mutual Life Insurance, to most persons, is the readiest and most effectual. It so combines accumulation and guaranty that it is equivalent, for the purpose in question, to an instantaneous creation of wealth to the individual, while the enjoyment of its present security is not purchased by an extortionate tax upon the future. When conducted upon honest and scientific principles, it is not a game at which one wins what another loses the short liver drawing a prize, and the long liver holding a blank. On the contrary, it is an arrangement by which all the insured at once become possessed, for the benefit of their survivors, of accumulated property, and in which no one, in any contingency, can be considered a loser. For, if it be said that the long liver leaves his heirs at last less than if his premiums had been devoted to individual accumulation, it is to be replied that he has, from the first, enjoyed the certainty of leaving a large sum whenever his death should occur, and this, to a right feeling man, is a consideration of inestimable importance. Men of action, in the prime of life, find little difficulty in meeting liberally the present wants of themselves and families, but security for the future is another affair. Individual accumulation is slow; and sudden death, possible in a hundred ways. This imbitters the sweets of life for the whole spring-time, and perhaps the summer, or even the ripening autumn. insured man, therefore, enjoys during his life a solid satisfaction, which may safely be reckoned worth the sacrifice he makes in paying his premiums. He owns the amount for which he is insured. He is worth it. He toils for the blessing, but does not have to wait for it till his brow is wrinkled and his heart toughened.

An

In Life Insurance security is everything. And it is precisely because, by the mathematical principles which govern the subject, a good degree of certainty may be obtained, that the business is justifiable and beneficial. While hardly anything seems more uncertain than individual life, aggregate life is almost as fixed in its laws as the everlasting hills. Its rate of decrement from the mass, from birth to the outer frontier of four-score-and-ten, has been the same, for aught we know, in all ages and countries. The difference, to say the least, is confined to narrow limits, and the effects of unhealthy climate and sweeping pestilence do not disturb it by any means so much as might be supposed. If there is any change in general longevity it is very slow and not very considerable. Taking ten thousand persons alive of any given age, the number of those who will die each year till there