of country, including every description of soil and every variety of climate, thus rendering it self-supporting, and, more than any other country, independent of foreign supplies. The interest of each section of the country has led it to select that branch of industry which it was most for its benefit to prosecute. The North-eastern portion has occupied itself with manufactures, mining, and ship-building. The South with the production of cotton, sugar, and rice. The Central States with producing tobacco and hemp, and raising cattle. The Western States with the supply of corn and bread

stuffs.

The South and West have hitherto been almost the sole markets for the produce of the industry of the North, and have supplied in return agricultural produce, both in the shape of cotton for manufacture, and bread-stuffs for the food of the population. The South and West have owed in a great measure to the North the construction of their now numerous lines of railroad which have so much facilitated the communications. New York has been the great commercial centre, both for home productions and for foreign trade; the main portion of the purchases from all parts of the country have been made through agents in that city, and the railroads that traverse the country have conveyed thither for exportation the production of the interior. When the harvests of England and Western Europe are productive, capital there becomes cheap, and manufactures are exported to distant countries. For these New York supplies a large amount of raw materials. When the supply of corn in Europe is deficient, the prices of food rise, and New York pours fourth an ample supply from the granaries of the West. The imports of New York amount usually to about two-thirds of those of the entire Union. The exports to nearly one-third, although the supplies of cotton and rice are usually exported through southern ports.

During the period of the existence of the United States as an independent and united country, occasional difficulties have arisen, caused principally by excessive speculation, which have served to check for a time the growth of the country; but, taken as a whole, the advancement has been steadily progressive, and in the year 1860 the reports of commerce and agriculture show a higher degree of prosperity than had ever hitherto been attained.

The official reports of the commerce of the United States show that in the fiscal year ended the 30th June, 1860, the imports and exports were larger than in any previous year. This will be seen by a comparison of the last four years.

In 1856-57 the amount of the value of the imports was 360,890,141 dollars; and that of the exports to 362,960,682 dollars. In 1857-58 the the value of the imports amounted to 282,613,150 dollars; and that of the exports to 324,644,420 dollars. In 1858-59 the value of the imports was 348,768,130 dollars; and that of the exports was 356,789,465 dollars. In 1859-60 the value of the imports was 362,166,254 dollars; and that of the exports was 400,122,296 dollars. The cotton crop of 1859-60 was much larger than that of any previous year; it amounted to 4,675,770 bales. That of 1858-59 was 3,851,481 bales. That of 1857-58 was 3,113,962 bales. That of 1856-57 was 2,939,519 bales.

In 1851 the consumption of sugar by the population of the United States was at the rate of 27 lbs. per head, and in 1860 of 29 lbs. per head; the value of the 27 lbs. in 1851 was 1.22 dollars, and of the 29 lbs. in 1860, 2.03 dollars.

In November, 1860, when the election of Mr. Lincoln as President of the United States became known, the apprehension of political dissensions began to throw obstacles in the way of trade, and when the Southern States, one after the other, left the Union, the prospect of the closing of one of the principal outlets for the fruits of Northern industry brought about a commercial panic. The trade which had been hitherto so prosperous served nothing to avert bankruptcy from many wealthy merchants. The cotton crop had sold well, the corn crops were abundant, with prospects of large sales, the raw materials of manufacture were in good supply, capital cheap, and labour plentiful. It had been expected that the West would recover from its financial difficulties, and become a large purchaser of goods in the spring, and that large supplies would be required for the South. But when the civil war, consequent on the secession movement, was foreseen, it became evident that all communications must cease between the North and the South. The Southern banks consequently refused to discount cotton drafts, and eventually suspended specie payments. The rates of discount were raised by the New York banks. The number and extent of the failures during the last three months of the past year, show the disastrous effects of the panic even at that early period. During the nine months preceding October, the number of failures in the United States was 3,076, whose amount of liability was 45,332,138 dollars; while in the months of October, November, and December, there were 852 failures, with liabilities amounting to 38,687,633 dollars. The amount of the liabilities in these latter failures shows that the bankrupts were of a very different class to those who failed in the previous months of the year; they were men of large capital and good credit, and it was only a serious commercial panic that could reduce them to bankruptcy.

As the work of disunion advanced, the markets of the South became closed to the manunufactures of the North and of Europe, and the importers of foreign manufactures countermanded as much as possible their orders for goods from abroad. The new protective tariff which was brought into operation on the 1st of April 1861, and which raised very much the rate of duties on imported goods, would, under other circumstances, have caused an increase in the importation of goods during the time previous to its operation, but the political disturbances prevented this result from being realized.

GOLD COINAGE.

Return of the total Amount of Sovereigns and Half-sovereigns tendered monthly at the Bank of England, by Bankers or by the Public, from the year 1844 to the 31st December, 1861, and of the Amount of such Coin proved too light for being put into Circulation again. (Mr. Alderman Salomons.) February 6, 1863. (7.)

IN 1844, the amount of sovereigns and half-sovereigns tendered was 14,996,1917.; and rejected, as light, 381,105l. In 1845, there were tendered 14,764,0691.; rejected, 313,617. In 1846, tendered, 16,610,6127.; rejected, 366,470l. In 1847, tendered, 20,262,951.; rejected, 449,6477. In 1848, tendered, 20,698,882; rejected, 583,119. In 1849, tendered,

18,397,1977; rejected, 511,639. In 1850, tendered, 15,423,019; rejected, 398,653. In 1851, tendered, 16,300,7441.; rejected, 601,2471. In 1852, tendered, 14,682,8697.; rejected, 428,2087. In 1853, tendered, 17,135,685l.; rejected, 392,570l. In 1854, tendered, 20,534,6917.; rejected, 413,608. In 1855, tendered, 20,730,8391.; rejected, 410,0861. In 1856, tendered, 21,420,8967.; rejected, 383,056l. In 1857, tendered, 23,468,611l.; rejected, 536,2217. In 1858, tendered, 22,521,478l.; rejected, 485,492l. 1859, tendered, 20,429,8287.; rejected, 472,6774 In 1860, tendered, 21,978,910l.; rejected, 593,5514.; and in 1861, tendered, 23,304,219%; rejected, 759,7847.

In

COINAGE.

Accounts of all Gold, Silver, and Copper Monies of the Realm coined at the Mint in each Year, from the 1st January, 1852, to the 31st December, 1861, and showing, in one Tabular Statement, the total Amount of Gold, Silver, and Copper Coinage in each Year, the real Cost or Value of the Metal, and the Amounts represented by the Coin. (Mr. Peel.) July 22, 1862. (434.)

59,412,864 247,553 12 89,642,781 186,755 15 10 29,122,516 30,335 19

The yearly average price paid per ounce for silver bullion purchased in the market for coinage in the years 1852 to 1861, both inclusive, was as follows:

An Account of the total Sum issued up to the 31st December, 1861, out of the Consolidated Fund, and advanced to his Majesty the King of Sardinia, by virtue of the Acts 18 Vict. c. 17 & 19 & 20 Vict. c. 39; and also of the Sums received from the Sardinian Government for Interest and Sinking Fund in respect thereof, in the same period. (65.)

THE sum issued out of the Consolidated Fund was 2,000,000l.; the sum received for interest and sinking fund amounted to 724,610l. 1s. 6d. ; leaving 1,875,3897. 18s. 6d. to be discharged.

ANNUITIES.

Account of Annuities for Lives and for Terms of Years granted in each Year since 1808 inclusive; and Amount of Capital Stock cancelled in each of the said Years on Account of such Terminable Annuities; and Amount of Annuities for Lives and for Terms of Years which have ceased in each Year since 1808 inclusive. (Sir Stafford Northcote.) July 17, 1862. (419.)

THE amount of capital stock of annuities for lives transferred and cancelled, including stock purchased with money, from the 1st September, 1808, to the 31st December, 1861, was 34,326,691l. 78. 6d.; the amount of long annuities transferred and cancelled, 25,120l. Os. 6d.; the annuities for lives