15 



must make tlie crop unprofitable. But the California climate and soil are pecu- 

 liarly adapted to the growth of the grape, whose leaf exhales but half the 

 amount of sap that is evaporated by an equal surface of the apple leaf. This 

 physiological fact points to the dry trade-wind climate as that intended for the 

 grape ; and hence, as a general crop, California may confide in the fitness of the 

 grape for its climate ; and on that fitness it may as confidently rely for ultimate 

 success in making for its wines a commercial demand equal to its production. 



THE PROFITS OF INDUSTRY. 



The following table of statistics, exhibiting the mercantile, manufacturing, 

 and trading wealth of the States embraced in it, we find published in Hunt's 

 Merchants' Magazine, and is prepared by H. G. Dunn & Co., at the mercantile 

 agency office. New York. This table is a most interesting one, especially at 

 this time, because it furnishes so much statistical matter, through which may be 

 read the influence of the war on the manufacturing and commercial progress of 

 the country. It is a matter of regret that the table did not separate from each 

 other the business houses and wealth of each of the pursuits named — the mer- 

 cantile, manufacturing, and trading. The statistics pertaining to the business 

 of the carrying trade on our great lines of railway and lake navigation are given 

 by the Treasury Department, and now all that is wanted is a like estimate of 

 the wealth and profits of the agriculturists, in order to have before us the data 

 upon which to base estimates of the relative profits of capital and labor invested 

 in each of the great industi'ial pursuits of our country. As the plan of gather- 

 ing statistics of the crops, adopted by this department, is as applicable to the 

 obtaining of those relating "to the capital invested in agriculture, we will en- 

 deavor to procure the amount of this capital. Referring to the importance of 

 the statistics they give, E,. G. Dunn & Co. say: 



" The deep interest we have felt in arriving at correct statistics, to submit to 

 the judgment of our subscribers, has induced us to make the m^ost rigid and 

 careful research of our records, at this particular juncture, in order to present 

 to them at a glance an estimate of the wealth of the mercantile, manufacturing, 

 and trading interests in the loyal States. This estimate is not obtained by av- 

 eraging the whole number of traders, but by a specific examination of each 

 name or firm. It has been the work of months, both with us and our associate 

 officers throughout the country, and the result is shown in the appended table, 

 arranged by States and the principal cities. The States of Missouri, Kentucky, 

 Louisiana, and Kansas having been made the theatre of war, thereby disorgan- 

 izing trade, are consequefltly not fully represented in this estimate; and Cali- 

 fornia, as it will be observed, is entirely omitted. Still, without them, the ag- 

 gregate shows 168,925 business houses, representing a wealth of $4,944,766,000, 

 mostly invested in personal property. It is generally conceded that the average 

 profits of trade range from twelve to fifteen per cent.; but assuming the low 

 figures of ten per cent., we have $494,476,000 as the accrued gain the past yearon 

 the business interests spoken of This, in view of the imprecedented expendi- 

 ture necessarily incurred, both by heavy taxation and in otherwise sustaining 

 the government, exhibits the self-supporting character of our people, and but 

 one element of the strength of the country, which, when added to the other 

 immense resources not brought into our estimate, such as real estate, agricultu- 

 ral, mining, and other interests, should inspire the most hopeful confidence in 

 our future growth and permanent prosperity. 



