

COMMERCE. 

 IMPORTS, PORT OF NEW YORK. 



191 



MONTHS. 



Free goods. | Consumption. 



The volume of goods imported rose consider- 

 ably from month to month during the year, 

 and the quantity which was entered for con- 

 sumption was much affected by the price of 

 gold. The first months of the year, when gold 

 underwent a rapid rise, and Congress authorized 

 large issues of legal tenders, the desire to buy 

 goods was very active and strong. There was 

 a prevailing belief in a continual and rapid de- 

 cline of paper as compared to commodities, 

 which naturally indicated a desire to hold the 

 most stable values, and large quantities of goods 

 changed hands for investment. The estimates 

 of the probable consumption of goods, as well 

 imported as domestic, did not apparently, how- 

 ever, take fully into account the influence of 

 high prices in checking this consumption. The 

 stocks of goods in the country were known to 

 be insufficient as measured by the usual scale 

 of consumption, but the high prices which spe- 

 cial duties and paper threw upon the goods 

 greatly diminished this scale. In illustration 

 of this effect are the figures of some leading 

 imported articles. 



The decline here apparent pertains to almost 

 all articles of consumption, and arises from the 

 common cause of enhanced prices. The effect 

 of this diminished consumption was to disap- < 

 point, to some extent, the anticipations of a' 

 continued rapid rise in goods ; the more so, 

 as a reaction in the price of gold set in, which, 

 being equivalent to a rise in Federal stocks, at- 

 tracted to them the money that had previ- 

 ously sought merchandise as an investment. 

 With the summer months, the stock of import- 

 ed goods became greatly diminished, and with 

 the autumn trade a renewed activity sprung up. 

 The decline in gold and exchange from 72 in 

 February, to 25 in August, naturally operated 

 against activity in trade, because it was virtu- 

 ally a fall in the prices of merchandise and a 

 rise in the value of stocks. When, however, 

 in August, gold again began to rise, under the 

 renewed activity of the autumn trade, impor- 

 tations were renewed with much vigor, notwith- 

 standing which the supplies of goods in the hands 



of dealers at the close of the year were unusu- 

 ally small. The necessities of the times com- 

 pelled the transaction of business mostly on a 

 cash basis, and this of itself tended to make 

 the trade of the year more safe and conse- 

 quently more profitable. The following synop- 

 sis will, however, show a largely diminished 

 number of failures for the past year as com- 

 pared with the preceding one, and a remark- 

 able decrease when compared with the average 

 number in a normal condition of the country. 

 This is accounted for chiefly by the check given 

 to speculation, the heavy rise in the prices of 

 goods, and the disposition shown by merchants, 

 in view of the uncertain prospect which the 

 future presented, to profit by the opportunities 

 offered and place themselves in shape to meet 

 any emergency. The number of failures has 

 diminished in uniform ratio throughout the 

 Northern and Western States. 



The liabilities of the partner firms in the last 

 two years have been as follows : 



1862. 



New York City and Brooklyn.... |7,491,000 



Philadelphia 1,310,000 



Boston 2,013,000 



Balance Northern States 12,235,300 



British Provinces 3,292,583 



1S63. 

 $2,035,000 

 442.000 

 1.183,000 

 4,289,000 

 2,568,000 



Total N. States and British Prov. .$26,841,883 $10,467,000 



The insignificant figures here presented, may 

 be appreciated by comparison with former years. 

 Thus, in 1857, the failures in New York city 

 were $135,129,000; for 1858, $17,773,462 ; in 

 1859, $13,218,000 ; and these were reduced to 

 only $2,035,000 for the past year. In Phila- 

 delphia, the failures in 1857 were $32,954,500; 

 in Boston, they were $41,010,000. The figures 

 have now become, therefore, quite nominal. 



The large number of houses that have, from 

 various causes, either failed or ceased business 

 in the prominent cities since the war began, 

 has left the trade in the hands of comparatively 

 few, whose ample means enabled them to lay 

 in their stocks in the beginning of the year at 

 low figures. The rapid advance in price of all 

 merchandise, with a steady, but not excessive 

 demand, has made the year's business a more 

 than usually profitable one to importers and 

 jobbers; while the purchases have not been 

 on so large a scale as in peaceful times, the en- 

 hanced value of goods has increased the amount 

 beyond precedent. The retail trade has been 

 equally prosperous. 



