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honorable adventure, demands of him who would be successful in the pursuits of trade every quality that may impart energy to will, and perseverance to effort. But success in the gains of Commerce is, undeniably, only vapid and unsatisfactory, unless the heart and the intellect have been so molded and expanded as to render individual wealth subservient to refined taste, and incidentally advantageous to society at large. To foster all worthy qualities of the heart and the mind—to give to the passing day of the young such enjoyment as awaits on intellectual development, and brightens life to its close, are within the scope and aim of our Association; and therefore do the directors congratulate the members on the cheering success which has characterized, up to this period, the history of the institution.
It has been the constant policy of the board to reduce the debt against the company as rapidly as might seem consistent with the proper extension of the library. Arrangements have been made to extinguish further, within a short time, $2,000, principal of the ground rent.
This will leave the entire debt against the real estate (the sole indebtedness of the company) only $14,000. The real estate may, it is thought, be fairly valued at $60,000.
There has been, during the past year, an accession of ninetynine members-eightynine of whom have been admitted from building scrip. About six hundred volumes, most of them of durable value, have been added to the library, and more than 32,000 have been recorded for home perusal. The number of volumes in the library at this time is 10,500.
The treasurer's report, accompanying this, shows the amount of receipts during the year (including $1,195 43 on hand at the commencement) to have been $7,708 89, and the disbursements $6,135 53; leaving a balance on hand of $1,573 36.
It may be remarked that, however limitless for good may be the influence of the society, its transactions from year to year afford but little room for elaborate reports.
At an early day in its history, when difficulties were to be surmounted and triumphs achieved, earnest appeals for public aid and countenance were matters as well of necessity as duty. Now, its progress, if majestic, is noiseless; and hereafter its best tro phies must be the gradual acquisition of imperishable volumes, and a constantly increasing roll of virtuous and enlightened members.
Respectfully submitted, by order of the Board.
Prior to the adjournment of the meeting, on motion of SAMUEL C. Morton, Esq, another warm friend of the association, and of everything calculated to elevate the mercantile character and standing of Philadelphia, offered the following resolutions, which were unanimously adopted :
Whereas, A generous donation of one thousand dollars baving been recently made to the association by its venerable President, Thomas P. Cope, Esq., and having been invested under the advice of the donor--therefore,
Resolved, That the interest or income arising therefrom be appropriated, as received, to the purchase of works appertaining to History and Commerce, and that the said works be bound in a distinctive manner, and bear a label, stating they are purchased with the “ Cope Fund."
Resolved, That a special portion of the shelves of the library be set apart, and appropriated to such volumes, and that it be designated as the “Cope Division."
" THE FUTURE WEALTA OF AMERICA." * Mr. Bonynge, the author of this work, has been 14 years in East India, and over on the western parts of China, engaged in indigo and saltpetre manufacturing, and, latterly for six years, in tea planting, and in general agriculture ; he has been also engaged in a mercantile house in Calcutta-and consequently bas had many advantages in writing upon subjects interesti to this country, after a ten months' tour through the States.
The first article in the work is on our great staple, cotton--which Mr. Bonynge
The Future Wealth of America ; being a Glance at the Resources of the United States, and the Commercial Advantages of Cultivating Tea, Coffee, Indigo, &c.-with a Review of the China Trade. By Francis BoxingE.
treats of statistically and comparatively. The result of his showing is, that our cotton has but slightly increased the last five years over the former five-which stands thus :
1840 to 1845, bales, 10,122,000, yearly average, 2,024,400
2,210,600 and that with gard to value, that it has declined the last ten years, compared with the five previous years, in the serious amount of $126,047,000, as follows :
1835 to 1840, total, $408,194,800
1845 to 1850, 383,170,400 These statements slow a melancholy decline; and if it stopped here, we might have cause of confidence in our future, but Mr. Bonynge expresses his doubts if we will be able long to compete with other countries, and gives his reasons clearly and distinctly for entertaining them. And it may be well, without trespassing too far on Mr. Bonynge's book, to set forth a few of his reasons. He shows that the West Indies, Brazils, Smyrna, and Egypt, and East India, send more than one half as much cotton to England as we do: that the progressive increase of the latter countries the last three years, viz., 1848, 1819, and 1850, is 17, 31, and 56 11-12 per cent,
or increase of 1848 over 1847, 17
“ 1819 over 1848, 34
“ 1850 over 1849, 56 11-12 while we are at a stand-still, or rather declined.
Mr. Bonynge states, from his own experience, after visiting 8. Carolina and Georgia that East India can produce any amount of good cotton, and also shows, from the proceedings of the East India Company, that a valuable cotton, equal to fair New Orleans kind, has been landed in Liverpool at 3pence per lb.
He enters fully into the present state of cotton planting in the East Indies, and of its future prospects; and strongly condemns any attempt at artificially raising the price of cotton, as a most dangerous step for this country.
He also gives a short article on our Southern rice trade, showing it has declined in price some 15 per cent, and that our exports of this article have been gradually diminishing
However, while Mr. Bonynge exhibits this general decline in some of our agricultural staplez, he points out to us, on the other hand, a vast stock of exotics for our enterprise and the future wealth of our States generally; and, more than this, pledges himself successfully to introduce the tea and indigo plants, which he says will eventually amount to more than all the present exports of our domestic agricultural products, and attempts to show that there are some 18 other valuable articles which may be introduced, and successfully, into our States. Amongst them is the coffee plant. We consume 145,000,000 lbs, of coffee.
In the article on tea, the soil and climate of America and China are compared--the expense of producing tea is shown in tive countries to vary from 2 to 5 cents per lb. ONLY; while we, the consumers, in this country, pay 65 to 100 cents, and in England, from 100 to 150 cents per lb. An extensive adulteration is practiced in China, by which they can sell us tea at about 20 cents per lb., while for the good genuine teas the high class Chinese and Russians pay 50 cents to $7 per lb. The whole process in indigo cultivation and manufacture is minutely described. The fearful effects of the opium trade are exposed, and the future of America and slavery is discussed.
The work of Mr. Bonynge, although interesting to all who take an interest in the progress of the whole country, will be particularly interesting to our brethren in the * Sunny South,” where the exotics can be successfully cultivated. Mr. Bonynge, as we understand, was induced to visit the United States at the instance of Mr. Law. rence, our Minister to England. He is the only white man who bas for any length of time been engaged in the cultivation and manufacture of teas, added to which he has a scientific and practical knowledge of the culture and treatment of the other exotics discussed in the pages of his instructive work.
THE PAILOSOPHY OF ADVERTISING. We have transferred to former numbers of the Merchants' Magazine articles setting forth the advantages of advertising; and among them the able essay of Mr. Greeley, on the “ Philosophy of Advertising.” As the subject is one which interests a large portion of our readers, has an important bearing upon the interest of traders, and is in perfect keeping with the character of our Magazine, we may venture to transfer the subjoined editorial of the Cincinnati Price Current, a journal that speaks clearly and sensibly on every topic it undertakes to discuss.
This is a subject which has in a greater or a less degree engaged the attention of all business men ; and, uot withstanding this our progressive age, there are many, in fact the great majority, who are disposed to think there is little, if any advantage to be derived from making their business and their wants known through the medium of the public press, and that it is, except upon special occasions, a vseless bill of expense for which they receive little or no compensation. Now we hold that this is in direct opposition to wbat is every day demonstrated in the various ramifications of society; and that the sum spent for advertising our business, is but as a drop in the bucket when compared with the vast amount which is spent in this way, but for quite a different object. The n'an who builds a splendid mansion, and adorns it within and without in the most gorgeous style, pays in this way hundreds of thousands perhaps, and for what? Why that bis private mansion may be a standing advertisement, to epable his neighbors, and a few strangers as they pass, properly to classify him in graduating society ; is this not a very expensive yet unprofitable way of advertising & Again, when an individual sports a splendid equipage, wbat is it but a daily advertisement that its owner must be a gentleman of wealth and distinction. And when we see a man or a woman put on custly and rich attire, with jewelry and other trappings to make them shine, what is it but giving daily notice that they must be corsidered as moving above the crowd? But we might extend these illustrations, were it necessary, to show what vast amounts are paid in this way for advertising; but it will be at once perceived that a'l the customs of fashionable life, are but one long list of transient, standing and daily advertisements, hung out to catch the breath of fams or the praise of sycophants, and nothing received or indeed expected in return but aa empty name.
It individuals would follow the example of the celebrated Lundy Foote, who, when he became possessed of wealth in the manufacture of snuff, in which he was engaged many years ago in the Irish metropolis, bought a carriage of the most splendid description, in which he was drawn by four beautiful bays, decorated with the most costly trappings; on the door panel of this carriage he had painted, not figures of quadrupeds with other armorial appendages, which would lead those unskilled in heraldry, to suppose it meant his ancestors were closely allied to the brute creation, but in simple Anglo-Saxon,
" See what Sauff done." and thereby his carriage, instead of being a bill of expense, was made a most successful medium of advertising, and which iu fact immortalized the man and his mer chandise, and they became thus associated, the one with the other, and as familiar to the nation as “household words,” and the result was, that he retired in after years immensely wealthy. If men, we say, in this our day, would follow the example of the Dublin snuff maker, and when they build splendid houses or keep fine carriages, have emblazoned upon them,“ see what snuff done,” or see what this, that, or the other done, as the case might be, would they not be turning their thousands or tens of thousands spent in this way to some practical account, would it not be a decided hit in the way of advertising. But now let us consider for a moment what are the objects to be attained in advertising our business.
When a man has anything to dispose of which he knows others need, he ought to make it as public as possible. When a person wants anything which others may have it is his interest to make his wants known as far and as wide as may be ne cessary.
The merchant, by publishing a daily or weekly edition of his business, is thereby spreading out before the eyes of the community his wares and his merchandite, and identifying Lis business with his name, and his name with his business, and making both so familiar, that one cannot be named without thinking of the other. And in this our day of progress, of lightning and railroad lines, when strangers are continually rushing into our business marts, and when the community is continually changing, the most sanguine can hardly form a just conception of the advantages to be derived from keeping our business before the people through the newspapers. It is, however, objected that but few read the advertisements in the public papers, and that consequently they are comparatively useless. We are not of the opinion that any one possessed of a moderate amount of practical knowledge believes this; all interested read them and read them carefully too. Now we don't mean to say that advertizing will, alone, build up a business; but this we do say, that it is a powerful auxiliary—so powerful, that the cheerest humbugs have through its instrumentality succeeded. What we deem necessary to be possessed of in order to succeed in general business, are, experience, cash, credit, common sense, and publicity. The first of these is obtained prac tically. the next incidentally, the next by integrity, nature gives us common sense, and the newspaper publicity.
SUCCESS IN LIFE. As in no department of life is success more earnestly desired, or more perseveringly sought, than in mercantile pursuits, it will not be out of place in a work like the Mer chants' Magazine to exhibit all the aids and hindrances to a consummation so devoutly wished by the thousands that crowd the marts and thoroughfares of commercial life. With this view we quote some sensible suggestions from the author of " Companions of my Solitude," which the reader is at liberty “to mark, learn, and inwardly digest” at bis leisure :
One of the great aids, or hindrances, to success in anything lies in the temperament of a man. I do not know yours; but I venture to point out to you what is the best temperament; namely, a combination of the desponding and the resolute, or, as I had better express it, of the apprehensive and the resolute. Such is the temperament of great coinmanders. Secretly, they rely upon nothing and upon nobody. There is such a powerful element of failure in all human affairs, that a shrewd man is always saying to himself, what shall I do, if that which I count upon does not come out as I expect. This foresight dwarfs and crushes all but men of great resolution.
Then, be not over choice in looking out for what may ex ictly suit you; but rather be ready to adopt any opportunities that occur. Fortune does not stoop often to take any one up. Favorable opportunities will not happen precisely in the way that you have imagined. Nothing does. Do not be discouraged, therefore, by a present detriment in any course which may lead to something good. Time is so precious here.
Get, if you can, into one or other of the main grooves of human affairs. It is all the difference of going by railway, and walking over a ploughed field, whether you adopt common courses, or set up one for yourself. You will see, if your times are anything like ours, most inferior persons highly placed in the army, in the church, in office, at the bar. They have somehow got upon the line, and have moved on well with very little original motive power of their own. Do not let this make you talk as if merit were utterly neglected in these or any professions; only that getting well into the groove will frequently do instead of any great excellence.
Whatever happens, do not be dissatisfied with your worldly fortuves, lest that speech be ju-tly made to you, which was once made to a repining person much given to talk of how great she and hers had been. “Yes, madam," was the crushing reply,“ we all find our level at last."
Eternally that fable is true, of a choice being given to men on their entrance into life Two majestic women stand before you: one in rich vesture, superb, with what seems like a mural crown on her head, and plenty in her hand, and something of triumph, I will not say of boldness, in her eve; and she, the queen of this world, can give you many things. The other is beautiful, but not alluring, por rich, nor powerful; and there are traces of care, and shame, and sorrow in her face; and (marvelous to say) her look is downcast and yet poble. She can give you nothing, but she can make you somebody. If you cannot bear to part from her sweet sublime countenance, which hardly veils with sorrow its infinity, fullow her; follow her, I say, if you are really
minded so to do; but do not, while you are on this track, look back with ill-concealed envy on the glittering things which fall in the path of those who prefer to follow the rich dame, and to pick up the riches and honors which fall from her cornucopia.
This is, in substance, what a true artist said to me only the other day, impatient, as he told me, of the complaints of those who would pursue art, and yet would have fortune.
COMMERCE IN THE NORTHWEST. The following is an extract from an address of Rev. T. R. Bressy, of Indianapolis :
Look at the physical and commercial condition of the great Northwest. See these Ocean Lakes, 1,000 feet above the level of the sea. God's great reservoirs, mysteriously fed, to supply the clouds which distill their riches over the prairies of the Northwest. And are not the almost interminable rivers, stretching down from the Alleghanies and the Rocky Mountains, like huge veins to the great central artery of Commerce, and thence to the ocean, the highways of trade, civilization, and religion ! And then think of 5,000 miles of lake coast, and of 5,000 miles of navigable rivers, for flat, keel, battean, or steamboat in the Mississippi Vailey, and also to reflect upon 970 miles sea-coast in California, and 580 in Oregon, making 1,550 miles sea coast upon the Pacific, equal to our entire Atlantic sea board.
Some conception of the resources developed by these and other facilities of intercommunication, may be formed from the fact that the Commerce of our Western Riv. ers is $256,233,820, and the value of vessels $18,961,500, and of the lakes $187,475,268, and the gross value of the internal Commerce of the United States, amounting in 1850 to $798,654,774, exceeding all our foreign trade by more than one half. And yet little more than a beginning has been made in unlocking the agricultural and mineral treasures of our country. Probably not a hundredth part of the arable lands are tilled, nor a thousandth part of the hidden wealth of our country revealed. The flocks of the world might graze upon our bill-sides and prairies, and the population of the globe be fed from our granaries.
TO THOSE WHO WRITE FOR THE MERCHANTS' MAGAZINE, Much labor and vexation would be saved to editors and printers, if those who write for the press would attend to the following advice :
In the first place, all names—of county, place, or thing, and especially of individuals-should be written distinctly, with dots over the i’s, crosses only across the t's, - and a plain distinction between u's and n’s, as a compositor has no connecting sense of grammar to guide him in deciphering a name when it is obscurely written.
Secondly-when the capital letter I or J occurs in a name, (as Henry I. Jones,) make it with the pen to represent it in print, and then no mistake can occur; and where a list of names, or more than one, is written, a comma should be made after each—as Thomas Smith Walker Johnson might be made to signify one, two, or four
Writers for the press should understand that compositors, as a general thing, are paid by the piece for their work, and that, if their manuscript is badly written, it is a downright robbery of their labor, as they are compelled to waste hour upon hour to put it in an intelligible shape which the author has hurriedly or carelessly neglected to do.
COTTON GROWING IN NATAL. A.settler of three years' standing, writing from Port Natal, says :"I shall dismiss this subject by a few remarks on cotton growing here. This article will and does grow, and vigorously, too, in this country, as may be seen on plantations on the banks of the River Umganee-which, though now totally neglected, and the plants stified with weeds, are producing cotton abundantly,—no one thinking it worth while to pick it. But the instability of labor op-rates against its being cultivated to any extent. I am personally acquainted with the farmers of these plantations, who state that in addition to their inability to get the requisite amount of steady cheap labor, they had to sell their cotton for from d. to 1d. per lb. to persons living here.