Hunt's Merchants' Magazine and Commercial Review

The defendant, the shipowner, also contended, on the trial, that he had a lien on all the goods, whether shipped on bills of lading under the charterer or otherwise, and therefore that payment to the charterer was not payment so as to discharge the goods from the shipowner's lien. The judge at the trial directed the jury that, as they had found that the plaintiffs had not received notice that the authority of the brokers, Cooper & Co., had been revoked, they, the plaintiffs, were authorized to pay the brokers' freight.

On a motion to the Court, complaining of this direction, the Court held the direction correct, inasmuch as it was not disputed that the vessel had been consigned to Cooper & Co., or that they, as the brokers, were by custom the parties to receive the freight, and that therefore it lay on the defendant to show (which he had failed to do to the satisfaction of the last jury) that due notice had been given to the plaintiffs that the brokers' authority to receive the freight had been revoked or countermanded.

Mr. Justice Cresswell denied that the shipowner had, as the defendant on the trial insisted, a lien on all the goods, whether shipped on bills of lading under the charterer or otherwise; saying, that "when a ship is chartered as a general ship, and the captain signs bills of lading for payment of a certain freight, the consignees cannot be made liable for anything beyond that freight." Odams vs. Avery, 19 Law Times Rep., 63.)

DISCHARGE OF SURETY.

A party having become surety for another for a debt, owing by the latter to a bank, and several transactions having subsequently passed, a warrant of attorney was given in the course of them, granting power to the bank to sue for the whole debt. At the request of A the bank took from B goods in execution sufficient to satisfy the debt; but B having become bankrupt, his assignees secured the goods, on the ground that the warrant of attorney was invalid, in consequence of the neglect of the bank to file it within the proper time, and this right of the assignees was confirmed on appeal, it being held that the bank's neglect discharged A from being a surety (Wilson vs. Alcock, 21 L. T. Rep., 204.)

REASSIGNMENT OF DEBTS.

A person to whom an equitable assignment had been made of a judgment debt, reassigned to another, together with the deeds. No notice of the latter assignment was given to the judgment creditor. At a subsequent period the original assignee executed a release to the debtor, who did not require the original bond of assignment to be either produced or given up. On appeal to the Court of Chancery from the decision of a lower court, it was held, in confirmation of the decision, that the release was valid, as against the person who had neglected to give notice of the assignment to him by the original assignee. (Stocks vs. Dobbson, 21 L. T. Rep., p. 189.)

AGENCY-WHEN PRINCIPAL BOUND BY CONTRACT OF AGENT-GENERAL RULE-BILL OF LADING AN EXCEPTION.

The general rule is, that to hold the principal personally liable on a written contract made by his agent, it must be executed in the name of the principal and appear to be his contract; but one of the several exceptions to this rule is, that a bill of lading signed by the master of a vessel in his own name, in the usual course of employment of the vessel, will bind the owner. (McFyer vs. Steele. Supreme Court of Alabama.)

AGENCY-WRITING UNDER SEAL HELD BINDING ONLY ON AGENT.

A sealed instrument in these words, "Twenty days after date I promise to pay to JT, or order, $442, value received. Given under my hand and seal," &c., and signed "B W (seal) agent for C C." Held, the obligation of the agent only, and therefore not admissible evidence against C, when unaccompanied with the offer of extraneous explanatory proof. (Dawson vs. Cotton. Supreme Court of Alabama.)

SHIPOWNER-POWER OF MASTER TO BIND.

The defendant having been registered owner of a vessel, a quantity of ropes was supplied for the repair of the vessel's rigging, she being about to proceed to Australia. This occurred in September, 1852; but upon an action to recover the value of the ropes, it was proved that in the July preceding the defendant had contracted to sell the vessel to another person, who had, in fact, appointed another master. It was held that there was evidence that the defendant had given authority to the master to pledge his credit, as owner, for the supply of the articles in question, and on appeal this decision was confirmed by the Court of Queen's Bench, Mr. Justice Erle dissenting. (Hall vs. Robertson, 21 L. T. Rep., 193.)

JOINT-STOCK COMPANIES.

The registered officer of a joint-stock banking company applied to prove against the estate of a deceased shareholder for calls due. By the deed of settlement an option was given to the representatives of deceased shareholders, either to sell the shares or to become members of the company on certain conditions. Prior to the exercise of this option, the directors were empowered to retain the dividends, and, after notice, to declare the shares forfeited. No option had been exercised by the executors in this case, and the directors had retained the dividends, but had taken no steps to declare the shares forfeited. They were not held to be entitled to prove for calls due. (Law Times Rep., 256.)

COMMERCIAL CHRONICLE AND REVIEW.

REVIEW OF THE MONEY MARKET-THE EFFECT OF POLITICAL AGITATIONS UPON THE COMMERCIAL INTERESTS-CAUSE OF THE RECENT EXCITEMENT-SPECULATIONS IN SUGAR-STATE OF GENERAL TRADE-THE BANK MOVEMENT-PRODUCTION OF GOLD-DEPOSITS AND COINAGE AT THE ASSAY OFFICE AND MINT-IMPORTS AND EXPORTS AT NEW YORK FOR MAY, SINCE JANUARY 1, AND FOR ELEVEN MONTHS OF THE FISCAL YEAR-CASH REVENUE FOR THE SAME TIME-IMPORTS OF DRY GOODS-EXPORTS OF DOMESTIC PRODUCE.

THE large payments from the United States' Treasury on various accounts, at the different depositions, and especially the large amount paid out to the holders of the Texan bonds, have caused a large surplus of unemployed capital at the various money centers, and particularly at New York, Philadelphia, and Boston; but there has been a less active demand for money in Exchange for prime securities, and the markets have lacked animation. The dismissal of Mr. Crampton and the British consuls, has created some anxiety in the community, which has been augmented by the belligerent tone of the Canadian papers, aud the implied threats contained in a portion of the Parliamentary discussions upon this subject ; and there has consequently been a growing indifference to engage in financial operations, until the result is known. At the date of writing this article, no positive information has been received, but it will now be daily expected. We do not believe that the British government will take such exceptions to the course of our executive, as to suspend diplomatic intercourse with this country. No surer method of augmenting the existing difficulties, and strengthening the antipathies caused by the recent estrangement, could be devised. We know that many of our readers, and especially that portion of them engaged in commerce, have thought that the

extreme measures resorted to by our government, were not necessary to the preservation of the national dignity. We think that no great harm would have been done if the officials had been allowed to remain after their acts had been openly disavowed. At the same time, the partial apology made at first by the British ministry for the violation of our laws, was not as open and manly as we had a right to expect. It was accompanied, likewise, with a taunt for our filibustering propensities, and was, on the whole, in taste and temper quite exceptionable. The truth is, the act for which the apology was required, was a very gross blunder, into which, the British cabinet had fallen, which was complicated still more by the want of judgment and common discretion displayed by the resident minister and his subordinates. The general irritation which the act caused, has not been properly appreciated abroad, for the reason that the secret of the wound has not been understood. Our besetting sin has been greatly exaggerated in past times, and we have been accused, not altogether justly, of a desire to "extend the area of freedom" without much regard to the rights of our inferiors, whose vineyards we coveted. This spirit has been condemned nowhere so unsparingly as in England; and the attempt of her authorities to benefit by our supposed disposition to violate our neutrality laws, excited our national sensibilities more than many would have supposed possible. This came upon us, too, at a time when there was already some feeling excited by the injudicious exultation on the part of the Allies at their united strength, and some menacing gestures towards this country. The dispute has now gone as far as it can without endangering the peace of the two countries. It is now the part of wisdom to allay the excitement, instead of fanning the flame. The commercial interests are suffering from the suspense; and this will be but as the beginning of troubles, if the question is not soon settled. If there were any real occasion for a war; if the national rights had been wantonly invaded by a power which refused reparation; no class would be more ready than the mercantile, to make the necessary sacrifices. But if there is now no real cause of dispute, it is worse than folly to prolong a misunderstanding which weakens confidence and injures credit without any justification.

There has been quite an excitement in the sugar trade, and the price has materially advanced. It is claimed that the consumption has been in excess of the production, and that the stock in the world has been largely reduced. If this be so, the remedy is natural and effective. The price must advance so as both to stimulate the production, and decrease the consumption, when the equilibrium will be restored. This is now likely soon to be effected. Refined sugars which were selling at 81 to 8 c. in New York, advanced to 11 to 12 c. At this cost, the consumption will rapidly fall off, while the increased price of raw sugars must induce a larger supply as soon as the crops can be made. There are many substitutes for sugar which are partially discarded when the article is cheap, but resumed as soon as the difference in value becomes important.

The trade in dry goods has been very quiet, and in most foreign merchandise there has been little activity. The bank movement shows some fluctuations, but the closing tendency was toward a renewed expansion. The supply of specie at the banks in New York has been larger than for any previous date this year, and larger than for any average, with but a single exception, since the banks were organized. We annex the movement since the opening of the year :—

We also annex a continuation of the weekly statements of the Boston banks :

Capital..
Loans and discounts..
Specie......

WEEKLY AVERAGES AT BOSTON.

June 10.

June 17.

May 20. May 28. June 3. $31,960,000 $31,960.000 $31,960,000 $31,960,000 $31,960,000

52,712,800 52,379,500 52,305,000 52,245,595 52,205,500

4,277,800 4,147,000

3,976,700

3,802,546

3,732,000

Due from other banks

6,854,213

6,524,000

Due to other banks..
Deposits.....
Circulation

5,279,000 5,069,000

5,032,000

16,700,400 16,402,000 16,126,483

.........

7,214,500 6,989,000 6,877,800 7,180,776 6,982,900

We have also compiled a statement of the condition of the banks of Massachusetts June 2, 1856, from the return of the Secretary of State :

The above statement exhibits, upon comparison with the 1st day of January last, an increase in the items of capital of $283,000; of net circulation of $286,854; of deposits $2,104,005; of loan $1,934,851; and of specie $566,068.

The product of gold continues large, but as noticed last month, the bulk of the

yield in California is deposited at the San Francisco Mint. The following will show the business at the New York Assay Office since our last :

DEPOSITS AT THE ASSAY OFFICE, NEW YORK, FOR THE MONTH OF MAY.