FINANCES OF THE UNITED STATES.' 



301 



owing table prepared at tho Bureau of Statis- various articles during the fiscal year 1866, as 

 -hows tho (Knv:iso in tho exportation of compared with each of the previous five yean. 



But tho decline of the various branches of 

 industry is clearly indicated in the shipping in- 

 terest. The amount of American registered 

 tonnage engaged in foreign trade in 1865-'66 

 was 1,492,924 tons, while in 1859-'60 the 

 amount of this tonnage was 2,546,237 tons; 

 which, allowing for the difference between the 

 old and new measurement, indicates a decrease 

 in five years of over fifty per cent. In 1853 

 the tonnage of the United Stages was about 15 

 per cent, in excess of that 01 Great Britain, 

 whereas at the present time it is estimated at 

 33 per cent. loss. The coastwise and inland 

 commerce, by tho official returns, after making 

 allowance for the difference of measurement, 

 shows a decrease of about 12 per cent. In the 

 Brazilian, or South American trade, in 1861-'62, 

 one hundred and ninety vessels were engaged, 

 of which at present only thirty are reported as 

 remaining, while tho number of foreign vessels 

 engaged in tho same trade, has, during the same 

 time, increased nearly threefold. One cause of 

 this change was undoubtedly tho frequent pres- 

 ence upon this part of the ocean of the Alabama 

 and other privateers. The number of vessels of 

 all classes engaged in the foreign trade which ar- 

 rived at tho port of New York during 1866 was 

 4,892, of which 1,658 were American bottoms, 

 and 2,410 British bottoms. The building of ships 

 has to a great extent been transferred from the 

 Atlantic coast of tho United States to the Brit- 

 jsh Provinces, where the tonnage, especially in 

 New Brunswick and Nova Scotia, during the 

 five years ending June 80, 1865, has increased 



respectively 69 and 71 per cent. The decline 

 of the foreign tonnage of the country has been 

 commonly referred to the war ; but since this 

 cause ceased to operate, the declining move- 

 ment has continued to prevail. The ship- 

 building of the country had almost entirely 

 ceased during the latter part of the year. Pre- 

 vious to 1860 about one-half of the product of 

 the copper mines of Lake Superior was exported 

 to France and Germany ; now tho proprietors 

 of these mines represent that their whole in- 

 vestments are threatened with ruin through 

 failure to secure even the home market. 

 During the year, flour from France and starch 

 from Great Britain were imported into New 

 York and Boston to be sold at a profit. The 

 machinery for the manufacture of cotton and 

 for refining sugar, is now in a very large pro- 

 portion made abroad, as the price is about one- 

 third less than that for which the same can be 

 constructed in the United States. The value 

 of that in the course of construction in Eu- 

 rope at this time is estimated at three millions 

 of dollars. Notwithstanding the embarrass- 

 ments to some manufacturing establishments, 

 they were kept in operation at tho merest ap- 

 preciable profit, and every expedient for econ- 

 omizing labor and perfecting profit was resorted 

 to. Other establishments continued to divide 

 large profits among their stockholders, although 

 their exhibits were generally less favorable than 

 for the preceding year. The following were the 

 dividends of some manufacturing companies of 

 Massachusetts : 



