Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-12-10

the heaaltiss ic,fr-d By Them ii, fhr tate
irilortatioas Of Brush N1aufactIres IN
10 me U9ifci STATES. .Nourmbe- 25. 1912.
Read, and co rtali.ted to a committee oft he
svhoLe house on fhe 30th mh.
(Conciudcd from our last.
PHiLADsLPiIIA.
The committee from Philad elphia confirmed
in all important particulars, applicable TO
that city, the statement of the committee from
New-yor!;, nj added the following part icu-
lars: The merchants Of philadelphia tend or
their orders for Engiish manufactures ron
to IL months before che period at v.lch they
expect the arrival of the goods "a considera-
bic portion of the late i1nportatons which l's.ve
been made on account Of the merchants
of Phiiadeiphia were prepared for shipment
ton vas purchased between February, 1871,
and the revocation of the orders in council, and
4 few were purchased immc diatsiy after the re-
voca ion Otd-rs were given in he sunmer
OF 1910 f,r the bulk uf the goods which lave
been latrly'impor.ed, and th- principal pert OF
| these orders were executed BY III month o.
| December. 1870 but on the appearance OF tie
| presidents prociams ion OF The 2d November,
| 1870 the merchants cc.intermandci tie ship
| meat of tleir goods and the further execution
OF tbeir orders, aud gave instruct IONS that they
4 should he completed and the shipments made
when tie orders in council shout be reyoked,
and their Importation into the United States
become legal
| g,eat por ion of these goods was paid for
at the time they We're put up Some u them
| bou ght upon tine usual credit, but paid FOR long
| before the revocation of the orders in coun
| Gil
! Dry goods which were put mp prior 10 the
! ID OF February. 1911, and those which were
! purchased after the revocation of the orders in
| council were laid in at about the usual pr
| ces : those purchased IN the intervening time
| were from ten to fifteen per cent. lower Some
| articles OF hardware cost rather increased
| price, and none were purchased 1t reduced
| prices.
The importers Of Britiah manufactures are
not n Philadelphia exporters ofproduce. The
rade of that city Is divided among two classes
| pf merchants: one class imports and the Other
! .'xports The importcr almost universally
makes his remittapces i'll bills. Therate ofex-
( change in Philadelphia varied in 1871 fro
/ ten to twenty. twoand half pSr cent discount
| -in 1912, it has varied from ten TO twenty per
cent discount two weeks ago i, az six-
! reen in the fall of 1916, it at about five
/ per cent discount The merchant does not
4 consider part of his profit the advantage
| 'ainel rom tempora depression o. eX-
| change, because on other occasions lac Las to
| pay corresponding advance. 1t Will be found
| in twenty years, other considerable given
| period, To he balanced. Whenit has been q
bove par, they have not increased the usual ad-
vance on their goods. They have never before
| late Periods known exchange ON England TO be
| so low; never knew it before these periods TO
| be lower than ten per cent.
Generally speaking, about one-third OF the
late importations remains on hand. The pro-
fits have been rather greater than formerly !;
from five TO ten per cent. greater. But the
merchants have boon idle for almost two yesrs,
paving house rent and all other expenses OF
their establishments, without any gam. and
considering these disadvantages, they will, not
withstandmg this profit be losers, not gamers
on their business.
The quantity imported is not full imPor-
talon
BALTIMORE.
The committee frofa Baltimore confirmed,
as applicable generally TO that city, the state.
ment OF the committee from New York, exec pit
so far IS the following particulars may be va
RANT from it
They stated that Mr. Russell. late charge
d'aiIlires Of the United States 1t London, had
been applied to for his opinion and advice, and
that he did advise these shipments and gave il
a. his opinion that the Shippers would be safe
that the original importers of Bal,more had
sold nearly ali their goods: that they have not
more than one fifteenth or twentieth OF then
impurtations on hand they have passed into
tie hands of jobbers and Spectators. The
average profit which the importers have OBJ ain
cd beyond that Of ordinary years is between
hive ard ten per cent.
The usual practice, under the late RESTRICT
ons. has been 10 give orders for goods to be
executed on the contingency Of a remission o
these restrictions IL is believed thai many o
the goods la,ely imported were purchased be
r fore the revocation Of tic orders in council, am
many before the "a February, 1911. The hasd
ware iinportations were all Of this description
One Of the committee, in October aIid Novem
b'r 1871, passed through the great manufac
: turing towns in Engiand, and the ware
/ houses fal Of goods, packed up, which wcr
said 10 be there ON American account.
4 great many Of these goods were paid f.
before their shipment, others were reinitte,
= for before their arrival, and others have bee
obtained on the usual credit. It has not bee
e s the general practice to pay for goods ut tn
. time OF purchase, but merchants have ha
= much more the means Of paying for the lat
II impnrtations, than they had 10 pay some vesT
.gJ.' This Increased ability has arisen fro,
g the circumstance that this description Of me-
~ eli ,uls have dose no business lnr nearly tw
. years past. There viii be always some n,
- wholly paid iOr but, whether paid Tor
> not, whenever they are out Of tie warehous
u they arc considered as on account Of the in
Al pOrter.
The importers of these goods are not n
same pcTsons shu have shipped America
produce to the -ninsG'a. VI !. u.tal lor the,
importers to place fisds in England, in antic
.ton Of their or,iers, for the purchase
ods the usual operation is By the purcha
bills Of exchange.
Dry goods have been purchased lately at
or rate than formerly, IN England Ito
released IN March, Npril and May, we're o
,.,t a. q Io.er 40 than Tho can. ,rco.