which, in clear weather, may be seen by vessels coming from the westward 10 leagues off. But, from its position, it is not readily discovered by ships coming from the S. till too near. To obviate this inconvenience, a floating light was moored about 7 miles E. from Sandy Hook Point. In 1828, however, 2 light-houses were erected on Neversink hills, nearly 4 miles S. by E. from Sandy Hook. They are 300 feet apart; the most northerly being furnished with a fixed, and the other with a revolving light, both of great power. The lights are elevated 250 feet above the level of the sea; and may be seen, in clear weather, in all directions, from 40 to 50 miles. Since they were fitted up, the floating light has been discontinued. Vessels load and unload at the wharfs on both sides the city. New York is indebted, for her wonderful increase, to her admirable situation, which has rendered her the greatest emporium in the New World. The rise of the tide is about 6 feet; and even at ebb, there is 21 feet water on the bar; and the water in the outer and inner bays, and in the river, is so deep, that ships of the largest burden fie close to the quays, and may proceed to a great distance up the river. The navigation of the bay is but rarely impeded by ice. The great strength of the tide, and the vicinity of the ocean, keep it generally open, even when the Chesapeake and Delaware bays are frozen over. The influence of the tides is felt in the Hudson as far as Troy, 160 miles above New York, affording very peculiar facilities for its navigation. These natural advantages have been vastly extended by a system of canalisation, which has already connected the Hudson with Lake Ontario and Lake Erie; and which, when completed, will connect it with the Ohio river, and consequently with the Mississippi and the Gulf of Mexico! So prodigious a command of internal navigation is not enjoyed by any other city, with the exception of New Orleans; but the readier access to the port of New York, the greater salubrity of the climate, and her situation in the most industrious part of the Union, where slavery is abolished, give her advantages over her southern rival, which, it is most probable, will secure her continued preponderance. Trade, &c.-The commerce of New York is very extensive. The value of the merchandise annually loaded and unloaded in the port is estimated at from 100,000,000 to 120,000,000 dollars. The number of vessels in the port in the busy season varies from 500 to 750, exclusive of about 50 steam packets. The number of arrivals from foreign ports amounted in 1832 to 1,808; and the coasting arrivals are between 4,000 and 5,000. The total value of the imports into the United States in the year ending the 30th of September, 1832, was 101,029,266 dollars; of which no less than 53,214,402, or more than the half, were imported into New York! The customs revenue on the goods paying duties, imported into this city, amounts to about 13,000,000 dollars, while the total customs revenue of the United States seldom exceeds 22,000,000 dollars. The imports comprise an infinite variety of articles. The principal are cottons, woollens, linens, hardware, cutlery; earthenware, brass and copper manufactures, &c. from Great Britain; silk, wine, brandy, &c. from France and Spain; sugar and coffee from the Havannah and Brazil; with tea, spices, cochineal, indigo, dye woods, &c. The value of the exports from New York in the year ending the 30th of September, 1832, amounted to 26,000,945 dollars, being between and part of the total exports from the United States. The exports principally consist of wheat flour, corn, rice, and cotton; beef, pork, butter, dried fish, and all sorts of provisions; furs, tobacco, coarse manufactured goods, lumber, &c. The great excess of the imports into New York over the exports is accounted for by the fact, that, while mostly all articles of export from the Western States are shipped at New Orleans, the greater part of the more valuable articles brought from abroad, and destined for the consumption of Ohio, Indiana, Illinois, and, in some degree, even Kentucky, are principally imported into New York. The tonnage of New York is greater than that of Liverpool, or any other city, with the single exception of London. The registered tonnage belonging to the port on the last day of December, 1831, amounted to 122,458 tons, and the enrolled and licensed tonnage to 163,980 tons; making a grand total of 286,438 tons, being between and of the whole 18 tonnage of the United States. Account of the Quantities of some of the principal Articles of Native American Produce exported from New York during each of the Three Years ending with the 1st of January, 1833. Shipping.-Arrivals from, and Departure for, Foreign Ports, in 1831. The arrivals in 1834, from foreign ports, were, ships, 496; barques, 119; brigs, 886; schooners, 425 ; sloops, ; being, in all, 1,932. Of these there were, American, 1,486; British, 303; French, 27; Dutch, Hamburgh, and Bremen, 33; Swedish, 28; Spanish, 18; Danish, 11. &c. By far the greater part of the British ships are from our colonies in North America and the West Indies. Regulations as to Passengers arriving at New York.-On the arrival of passengers, an entry must be made at the Custom-house of their names, clothes, implements of trade or profession (all of which are exempt from duty), and an oath taken respecting them; the form of which, and the entry, may be had at the office gratis. Cabin passengers make this entry themselves, and pay 20 cents each for a permit; on exhibiting which to the officer on board, they are allowed to move their baggage after it has been inspected. Only 1 entry and permit is necessary for a family, and only 20 cents demanded, whatever may be the number of the family. Remains of sea stores, such as tea, sugar, foreign spirits and wines, are liable to pay duties; but unless these are of great bulk or quantity, they are generally allowed to pass free. An entry is usually made by the master of the vessel of steerage passengers and their baggage: they pay each 20 cents for a permit. When entry is made by any person not the owner, he gives bond for payment of duties, if any; and if, after entry is made at the Custom-house, and the oath taken, any article is found belonging to a passenger, liable to pay duty, not specified in the entry, it is forfeited, and the person in whose baggage the article is found subjected in treble the value. Besides making entry at the Custom-house, it is provided by a law of the State, that every master of a vessel arriving from a foreign country, or from any other port of the United States, "shall within 21 hours after entering his vessel at the Custom-house, make a report in writing, on oath, to the mayor, and in case of his sickness or absence to the recorder of the said city, of the name, age, and occupation of every person who shall have been brought as passenger in such ship or vessel on her last voyage, upon pain of forfeiting, for every neglect or omission to make such report, the sum of 75 dollars for every alien, and the sum of 50 dollars for every other person neglected to be so reported as aforesaid." Masters of ships bringing passengers to New York must also pay a dollar on account of each passenger to the corporation, as commutation money, or give bond that none of them shall become chargeable on the city poor rates for the space of 2 years. They almost uniformly prefer paying the commutation. The number of immigrants arriving at New York from the British Islands, and from all places, in the undermentioned years, was as follows: LINES OF PACKETS.-The establishment of regular lines of packets from New York to foreign ports, and also to every principal port in the United States, has produced a new era in the commerce of the city, and redounded equally to the benefit of the enterprising individuals by whom they were projected, and the public. The principal intercourse is carried on with Liverpool; there being about 20 packet ships, distributed in 4 lines, employed at present (1836) in maintaining a regular communication with that port. A dozen packet ships are also employed in the trade between New York and London; and 15 in the trade between New York and Havre. These ships vary in size from 450 tons, the burden of the smallest, to 800 tons. Their tonnage has latterly been increasing; and, at an average, it may now be estimated at about 600 tons. These ships are all American property, and built chiefly in New York. They are probably the finest and fastest sailing merchant vessels in the world; being beautifully modelled, of the best workmanship, and fitted up with every convenience for passengers, and in the most expensive style. The safety, regularity, and expedition with which they perform their voyages is quite astonishing. The average length of a voyage from Liverpool and Portsmouth to New York, may be estimated at about 34 days, and, from the latter to the former, at about 20 days. The Independence, of 730 tons, Captain Nye, made the voyage from New York to Liverpool, in the course of the present year, in 14 days; and the Toronto of 650 tons, Captain Griswold, made the voyage from New York to Portsmouth in the same time. And it is material to observe, that these voyages are not reckoned from land to land, but from port to port. The packet ships from New York sail from London on the 7th, 17th, and 27th; and from Portsmouth, or rather Cowes, at which place they touch, on the 1st, 10th, and 20th of each month. Those bound for New York from Liverpool, sail on the 1st, 8th, 16th, and 24th of each month; those bound for New York from Havre sail on the same days as those from Liverpool. Cabin passage to New York from London and Liverpool 35 guineas; from New York to London and Liverpool 140 dollars; a cabin passage to New York from Havre 140 dollars, from New York to Havre, the same. This includes provisions, wines, beds, &c., so that the passengers have no occasion to provide any thing except personal apparel. Each ship has a separate cabin for ladies; each state-room, in the respective cabins, will accommodate two passengers; but a whole state room may be secured for 1 individual by paying at the rate of 14 passage, that is, 524 guineas to New York. Packets for Philadelphia sail from Liverpool on the 8th and 20th of every month throughout the year; and 4 of these ships sail from Philadelphia for Liverpool on the 20th of each month; the others do not always return direct for Liverpool, but sometimes go to Charleston, Savannah, &c., to bring cargoes of produce to Liverpool. Cabin passage same as that to and from New York. These ships, 8 in number, are all American built and owned, and average about 500 tons burden; some of them are as splendid as the New York packets, and are all fitted up with every regard to comfort. Three American packet ships are employed in the trade between New York and the Clyde; and an American packet ship sails from Liverpool for Boston twice every month. The rate of steerage passage varies, in the course of the year, considerably; depending on the number of ships and the number of passengers going at the time. By the packet ships it fluctuates from 3 to 6 guineas for each full-grown person; and children under 14 years are taken at half-price. By other ships the rate of steerage passage varies, at Liverpool, from 11. 10s. to 51.; being sometimes reduced, by competition, so low as 30s. ; but the average rate may be taken at 41. For these rates, the ship provides nothing but berths, fire, and water; the passengers provide their own provisions, bedding, &c. The expense of provisions for a poor person, who might wish to be as economical as possible, for the voyage out to the United States, would not be more than from 40s. to 50s. The cabin passage by the common traders (and many of them are quite equal to the packets in equipment and safety) varies from 151. to 251.; no wines being provided by the ships at these rates, but provisions, bedding, malt liquor, and spirits. The rates of freight to New York, are By Packets. L. s. d. L. s. d. By other Ships. L. i. d. L. s. d. 1 5 0 to 1 10 0 017 612 6 0 12 60 17 6 090-0 12 6 0 12 6 0 15 0 080-0 12 6 0 12 6-0 15 0 Steam packets.-It has been proposed to establish steam packets between New York and Valentia harbour, on the west coast of Ireland; but as yet little progress has been made in the undertaking. It may be doubted, indeed, seeing how well the intercourse is maintained by the sailing packets, whether the introduction of steam packets would be of material service. [See art. STEAM VESSELS.] BANKS, INSURANCE COMPANIES, ETC.-We borrow from a detailed and authentic statement by Thomas II. Goddard, Esq., published in the New York Daily Advertiser for the 29th of January, 1531, the following particulars in relation to the banks, insurance companies, &c. of New York, in 1830, with a view of their progress from 1819 to 1830. Dollars. Dollars. Of these, the Huison and Delaware made no dividend, But 2 companies, whose capital amounted to 450,000 commenced in 1815, and its dividends to 1830 inclu- The Ocean, with a capital of 350,000, has, from 1823 to But 2 companies, whose capital amounted to 750,000 Progress of Stocks in the City of New York, from 1819 to 1830, both inclusive. 18,130,000 1,560,000 1,037,700 Dollars. 441,000 7,800.000 479,750 103,769,952 cent., amounting to 720,000 380,000 Fire Insurance Companies. Years Amount of Amt. of Div. Amount of Amount of Rate Amount of Dollars. 1819 15,900,000 1820 15,900,000 1921 15,900.000 1922 16,000,000 1873 15,500,000 1824 15,600,000 1825 17,450,000 936,500 5.366 1826 17.500,000 1,031,500 5-894 1827 17,890.000 1,025.400 5-751 1823 18,330,000 1,039.200 5.669 1829 17.830,000 977,000 5:479 1,037,700 5.723 Dollars. 782.000 4-918 92,649,984 3,850,000 Dollars. 3,850,000 365,500 8-122 3,150,000 NEW YORK. 233 In the previous estimates, the rate per cent. on the actually productive capital was given. Here the interest is determined by comparing the whole capital with the whole dividend. Remarks on Banking at New York. The reader will find in the article BANKS, FOREIGN (vol. i. p. 125.), some details as to the banking system of the United States. It seems to be quite as defective in New York as in any other part of the Union. Several banks in that State have failed, and some of those that still exist obtained their charters by resorting to the most disgraceful practices. In the summer of 1826, the grand jury of the city entered upon an investigation of certain circumstances connected with the formation of some of these establishments, which ended in the conviction, as conspirators to defraud the public, of not a few citizens, and even of some members of the legislature, who had previously been deemed highly respectable! The Court of Errors afterwards decided, by a small majority, that these convictions were illegal; but the fact of the most scandalous abuses having prevailed was established beyond all question. We may mention, by way of example, that the United States Lombard Association, incorporated in 1825, was sworn to as having a paid up capital of 300,000 dollars; but the association having failed in 1826, it was ascertained that not more than 30,000 dollars had ever been paid up! There were, we are sorry to say, several other cases quite as bad, or, if possible, even worse than this.-(Report and Observations on the Banks, &c. of the State of New York, p. 10.) With the exception of the branch of the United States Bank, all the other New York banks issue notes of so low a value as 1 dollar. They all discount bills: generally at 6 per cent. In order to protect the public from the mischief resulting from the failure of banks, the legislature of the State of New York enacted a law, in 1829, compelling all banks chartered in future, or getting their charters renewed, to pay from to 1 per cent. of their capital stock to the treasurer of the State, by whom it is invested and accumulated as a guarantee fund. When a bank fails, its debts, under certain restrictions, are to be paid from this fund. Commissioners have also been appointed, having authority to examine upon oath, and to inquire into any particulars as to the management of the different banks subjected to this regulation. This system has not been established for a sufficient length of time to enable a conclusive opinion to be formed as to its practical operation. We believe, however, that it will be found quite inadequate to eradicate the evils complained of. Even were it otherwise successful, what can be more unjust than to tax the capital of solid and well-managed concerns, to create a fund to pay the debts of those set on foot for the purpose of swindling? The interference of the commissioners, by lessening the responsibility of the directors, must be a good deal worse than useless; and can have no effect other than the multiplication of abuses. We have not, indeed, the least doubt, that it will be found in America, as in England, that banking can acquire no real solidity till a stop be put to the issue of all notes for payment of which security has not previously been given. Nothing short of this can be of any material service. It is mere error and delusion to suppose that it is possible to prevent fraud or mismanagement by any system of official superintendence. Forgery is extremely prevalent in the State of New York, and, indeed, throughout the Union; a consequence of the low value at which notes are issued, and of their employment even in the smallest transactions. It is not, in truth, easy to imagine that the paper currency of any country can be in a less satisfactory condition than that of the United States. And it will not, certainly, be improved, but much deteriorated, should the president succeed in his efforts to destroy the Bank of the United States. SALES BY AUCTION.-The practice of selling goods, particularly those imported from abroad, by auction, is of long standing in New York, and is carried to a very great extent. Auctioneers are appointed by the senate, on the nomination of the governor. Statement of Sales at Auction in the State of New York, from 1810 to 1830 inclusive, from Returns made by the Auctioneers to the Comptroller. 4. All fabrics of cotton, wool, hemp, and flax, manufactured within the jurisdiction of the United States. Goods are exempted from auction duties, 1. When they belong to the United States or this State. 2. When sold by the authority of a court, or when seized by a publie officer on account of any forfeiture or penalty, or under a distress for ren.. 3. The effects of a deceased person sold by executors, or administrators, or by a person authorised by a surrogate. 4. The effects of a bankrupt or insolvent sold by his assignees, ap pointed pursuant to law, or by a general assignment for the benefit of all his creditors. 5. Goods damaged at sea and sold within 20 days after being landed, for the owners or insurers. *The returns of sales for 1814, having been mislaid at the comptroller's office, the amounts are stated by estimating the average of the 4 preceding years in proportion to the duties paid, which are exactly correct as stated. †The amount of real estate sold in 1829 (included in the above not dutiable) was $2,131,390 62 cents. |