tion how these are affected by this statute of the United States. For example, if there be such a record as is required by the State law, is this sufficient, without a custom house record, either because it is a public no tice, which is the equivalent of actual notice to everybody, or because the State has the right to regulate this matter; or, if there be a record in the custom-house and none which conforms to the State requirements, is this sufficient against all the world? If we suppose this statute to be constitutional, of which we do not, however, feel certain, we should say that it controlled and superseded the State statute, so as to make that unneces sary and ineffectual; and therefore a record in the custom-house only would be sufficient, and a record under the State law would affect only those who had actual knowledge of it. As a ship is a chattel, a transfer of it should be accompanied by a delivery of possession. Actual delivery is sometimes impossible where a ship is at sea; and perhaps the statute of 1850 makes the record of the transfer equivalent to change of possession. It there be no record, pos session should be taken as soon as possible; and prudence would still require the same course, we think, in case of transfer by writing and record. There have been cases which have been supposed to intimate that, as between two innocent purchasers, he that gets actual possession first completes his title as against the other. We doubt the correctness of this in all cases. We say rather, that if A becomes in good faith the purchaser of a vessel, and has taken constructive possession, (as by having a bill of sale indorsed on the register and recorded in the custom-house, and taking an order to the master or other person in possession to deliver her up.) he has no right to delay unnecessarily the taking actual possession, for this may deceive and injure other persons. And if B, a second purchaser, in ignorance of the first purchase, during such delay or neglect gets actual possession, he would hold the vessel; unless, indeed, prevented by the record. But if B gets actual possession before A, but while A was so prevented that his want of actual posse-sion cannot be imputed to him as neglect, A will get a better title than B, if he (A) takes actual possession as soon as he can. By the word "ship," and still more by the phrase "ship and her appurtenances," or "apparel," or "furniture," everything would pass which was distinctly connected with the ship, and is on board of her, and fastened to her if that be usual, and needed for her navigation or for her safety. Kentledge, a valuable kind of permanent ballast, has been held to pass with the ship; so have a rudder and cordage prepared for a vessel, but ,not yet attached to her, and not quite finished; and so would a boat, anchors, &c., generally. But the answer to the question, What is part of the ship must always depend somewhat upon the words of the instru ment, and upon the circumstances of the case and the intention of the parties. Sometimes, when a ship is built, she is paid for in instalments. If these are regulated by the progress in building, so that, when so much is done, a sum deemed equivalent to the labor and materials used shall be paid, and when more is done, another sum in due proportion, and so on, it is held that each payment purchases the ship as she lies; and if she be lost after any such payments, the loss is the loss of the purchaser. But if paid for, so much down, and so much at a certain time, so much at another, &c., without reference to the state of the ship at these times, these are only payments on account, and the ship does not belong to the purchaser until completed and delivered. A sale by the decree of any regular court of admiralty, with due notice to all parties, and with proper precautions to protect the interests of all, and guard against fraud or precipitancy, would undoubtedly be acknowledged by courts of admiralty of every other nation as transferring the property effectually. COMMERCIAL CHRONICLE AND REVIEW. OPENING OF THE SOUTHERN PORTS TO TRADE-THE OLD CONDITION OF AFFAIRS BEING RAPIDLY RESTORED THE PRESIDENT'S PROCLAMATIONS—A REVIVAL OF FOREIGN COMMERCE AT HAND-CAPITAL DESTINED TO FLOW INTO THE COUNTRY IF WISE MEASURES PREVAIL-DECREE OF THE EMPEROR MAXIMILLIAN-COLOSSAL SUBSCRIPTIONS TO THE SEVEN-THIRTY LOAN-MONEY MARKET-PRICES OF MERCHANDISE-CONGRESS OF THE BOARDS OF TRADE TO RESTORE RECIPROCITY TREATY-IMPORTS OF DRY GOODS-SPECIE MOVEMENT-COURSE OF EXCHANGE-PRICES UNITED STATES PAPER-RAILWAY SHARES-IMPORTANT DECISION OF JUDGE NELSON IN THE UNITED STATES CIRCUIT COURT ON CONFISCATION, ETC., ETC. PRESIDENT JOHNSON appears to be sincerely desirous of pacificating the late insurgent parts of the country, and reopening them to the healing influences of commerce and private enterprise as soon as possible. Various edicts have already emanated from the Government opening the Southern ports to trade, and permitting commercial intercourse to re-establish itself under certain restrictions. None but those who have carefully considered the great part that commerce has always played in burying national animosities, and in ever advancing the true interests of civilization and progress, can fully appreciate the wisdom of these measures at this time. Some of the most interesting indications of the new condition of affairs, which will inevitably flow from renewed traffic with the South, are furnished by the long columns of advertisements which now appear in the daily press concerning lines of steamers to Charleston, Savannah, and other Southern ports, express companies to all points South, railroads once more in running order, and telegraph lines just delivered from military control. The two proclamations of May 29th, the one extending amnesty to the rank and file of the rebellion, and the other, re establishing civil government in North Carolina, are additional indications that President JOHNSON will go as far as public opinion will permit him in restoring peace and harmony to the ruined South. A great revival of foreign commerce is also undoubtedly at hand. Steam lines are announced to run between California and China, touching at the Sandwich Islands, California, and Japan; New York and Brazil; and New York and Italy, touching at the port of Cadiz in Spain. But we have woefully impaired our former means of prosecuting foreign commerce by the restrictions which, still in the form of tariffs and penalties, chain us to that retrogression which the war necessitated. Let these be once removed and peace prevail, and the immense fields for the employment of capital in this vast country will invite accretions of capital from all parts of the world for investment; let them remain, and the hope that now inspires the commercial classes in the United States will flicker and die out, and the activity it has already promoted will be so much wasted effort. The Emperor MAXMILIAN has published a decree increasing the duty on foreign tobacco, which, in addition to the municipal taxes, will have to pay duty as follows: Tobacco, entered with a final destination to interior custom-houses, will pay as a counter-registry duty the following rates: In leaf tobacco no deduction will be allowed in weight from the original packages. Segars will include the ties, but the boxes will be deducted from the weight. The decree is to take effect in forty days from the date of publication -April 6th. The great event of the month has been the colossal subscriptions to the seventhirty loan. With gold oscillating about 130, interest at seven and three-tenths per cent has proved, as might be expected, inviting enough to attract great sums of capital from all parts of the country-indeed, was the true welfare of the people, who will have to pay the interest on these sums in the form of taxes, consulted, it will be seen that the money has been borrowed at altogether too attraetive a rate. The withdrawal of so much capital from industrial pursuits is a matter of small regret, because foreign capital will be sure to flow in ultimately and replace it; but the rate of interest is decidedly objectionable. The steady flow of the immense sums attracted by this loan has had an all-absorbing effect upon the money market and the price of gold. On the 30th of June, 1863, the amount of loans to the Government at 7-30 was $52,725,350. On the 31st October, 1864, it was $76,668,550. But on the 31st March, 1865, it had grown to $300,812,800. Since the latter date the subscriptions to this loan have been incessant, amounting, in one particular day alone, to $40,000,000, and during the month ending May 14, to $300,000,000. Two series of about $300,000,000 having been disposed of, the Government offered a third series of nearly the same amount, but with the option reserved of making the interest six per cent in case specie payments were resumed. This sort of tinkering soon affected the receipts, and they have now subsided to an average of about a million per day. Of course with such movements as these going on, other influences are scarcely discernable. Yet, as in the end, the regular motion of the tides gradually overcomes the great upheavals occasioned by storms, so the movements of commerce are now gradually making themselves felt where lately nothing but the transactions of the Treasury had any effect whatever. Gold from a premium of 28 per cent on May 11th, has gradually made its way up to 38 on May 30th, and with an export movement in full tide may yet strike some level considerably higher. The Treasury, though, in the disposal it sees fit to make of its receipts, whether it pays them all to the soldiers and other Government creditors, or uses them in curtailing the currency, has everything in its own hands, and for some time to come may make the price of gold whatever it pleases. If we are not mistaken, however, Mr. McCULLOCH belongs to the laisser faire school of political economists. Should this surmise be true, Treasury interferences with the National course of events will be less and less frequent in future. The money market has been kept pretty easy by the Treasury during the pendency of the enormous operations we have noted, the price of money on call having been from 5 to 6 per cent; but towards the end of the month a sharp contraction occurred consequent upon the partial withdrawal of the Treasury deposits in the National Banks, and the rate stands at the end of the month at 6 to 7 per cent. The prices of general merchandise have not fallen in harmony with gold. This is partially owing to the fact that sufficient time has not yet elapsed for the full effect of the fall, which occurred in April, to be felt; partly because taxes on production have not yet been equalized, and must, in any event, bear heavily on all classes; and partly to the still uncertain condition of the currency. The following comparative table of the prices of several leading articles of general merchandise will exhibit the present state of the markets: The Board of Trade of Detroit has issued invitations to the Boards of Trade all over the United States and British America to meet together, in general convention, at Detroit, on the second Tuesday in July. This invitation will be found in another part of this number. The main object of the call is undoubt edly to influence Congress to reconsider its late unwise recession of the Reciprocity Treaty with the British American Provinces. The following table shows the import of dry goods into the port for the past month: |