20 



To this balance the surphis of exports from lualtimore, Philadelphia, &c., and 

 at least twenty million dollars five-twenties should be added. 



In the above letter it is correctly stated that as our imports represent the 

 value of a gold currency, our exports should be estimated by a like standard of 

 value. It is certain that both imports and exports should be estimated citliLT 

 by this standard, or by our currency standard. The statement published in our 

 last report was taken from a source entitled to high credit; but we think i^ 

 erroneous, although it presents the common mode of comparing our imports and 

 exports. To be more generally understood, the above per cent, of 28y needs 

 some explanation. When we say gold is 40 per cent, premium, we naturally 

 confound inevnum with discount, regarding them as like terms. But when a 

 payment is made in a currency at a discount, and the rate per cent, of the dis- 

 count is to be ascertained, this course is pursued. If the premium is 40 pen- 

 cent., add that number of cents to 100 = 140. Divide 140 into 100; but as it 

 is the greater sum, add cyphers, making it 10000 : into this the divisor ( 140) 

 goes 71y times. That is the number of cents in gold a currency dollar is worth, 

 when the first is 40 per cent, premium. To ascertain the rate per cent, of dis- 

 count, substract this number of cents from 100 cents. The remainder is 28y 

 per cent discount. 



THE HOO CROP. 



In the October number of this report we referred to the number of hogs in 

 Ohio, Michigan, Indiana, and Illinois, and computed the decrease of fattening 

 hogs in these States at 806,139. We also referred to facts which showed that 

 it was not possible for the fattening hogs to attain a weight at all approaching 

 to the customary standard. In these Sttrtes much the greatest diminution, both 

 in numbers and weight, will be found. The packing season is near its close, 

 and how far this judgment was correct may be inferred from the following 

 remarks of the Cincinnati Price Current of December 22 : 



" The information we now have from the packing places, though not as full 

 as it will be a week or ten daj^s hence, yet is ample enough to leave no doubt 

 in our mind that the deficiency in pounds will not be less than 33 per cent., and 

 the complete retui-ns may show even a greater deficiency than this. The falling 

 off in the average weight of hogs is large — fully 12 per cent., we think — and 

 the deficiency in the yield of lard will be in still greater ratio. In those dis- 

 tricts where the corn was badly injured by frost, which included the greater 

 portion of Indiana and Illinois, the average weight of hogs is the lowest ever 

 known before, probably, and is 15 to 20 per cent, below that of last season." 



As a record of the prices to which pork attained, we take the following from 

 the same paper: 



230 hogs, averaging 200 pounds net, at S7 60 per 100 pounds. 

 200 do. 7 45 do. 



220 do. 7 70 do. 



275 do. 7 80 do. 



150 do. 6 75 do. 



180 to 190 pounds net, at $7 30 per 100 pounds 



The comparison of the numbers packed for several years is as follows : 



Total to December 22, 1863 307, 569 



Do do 1862 435,917 



Do do 1861 282, 700 



Do do 1860 263,363 



Do do 1859 372,876 



Do do 1858 336,943 



