The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-06
The following are The items of these returns:--

Navigation dues OBSERVATION-DISCLOSURES. 244sooo
sundiy customs duties and receipts 49,. 2,lss 200
Salt tax ACKNOWLEDGEMENTS. ......... 49, 1872 900
Duty liquors 82126 900
Ditto domestic sugar ......... 1890 900
Miscellaneous duties and receipts. .... %, Tis 900
Sales Of tobacco, &c...............l l2'425 600
Ditto Of gunpowder ................... 6,215 900
Pos ag eef let'ers...... ..........: SO, 900
the Post ONCE ...................... 1,24s, 900
Fares in mail coaches NEUTRALITY-SUSPICIOUS.. 2O8 600
Ditto in mail packets. OBSERVATION-DISCLOSURES. 900
Transit duty foreign correspondence 23l 900
Occasional receipts. NEUTRALITY-SUSPICIOUS.. 50 900
Total. es9, 7s9, 200
The itemr which exhibited an increase compared
with 1854 :-Registry duties mortgages, &C.. OF
merchandise 20, sos, OOof do. on colonial sugar
dues i2s 6ocf sunafy CUSTOMS duties lis salt
tax, 1,916 o00f; miscellaneous duties and receipts
3117 000f sale Of tobacco do Of gunpowder
462 000f duty of cent money forwarded by the
Post office l4S Vo0 transit duty foreign correspond
ence 60 AND occasional receipts, lsOo Total in
The items which exhibited decrease were Import
duty on corr SIC oo export duties oo duty dyo on
ses IL @ d % IL
S6,0QQf Total decrease $3.50 O00.
The amount collected during the FIRST quarter was
"a ooof during The second 231 1856 ooof and during
The direct tax paid into the Treasury down to the soh
14vl6, 000f the amount due at that date.
MODERN FINANcIERINa IN FRANCE.
From the London Times, Oct 1871
we have already on various occasions directed public
attention to the popular system If finance In France and
have expressed our conviction that it Is fraught with
serious danger, unless carefully watched and controlled
Many circus appear indicate that the attention
OF the government l. turned to the operations Of the
banking companies established Within the last few years
and that deposition exists to avert in some degree
the dangers have inted out by controlling to con-
siderable extent the disposition to foster bOurse specua
tons involved in their system Of action. The recent
check the issue Of bonds by the Credit Mobie tue
raising the rate Of discount advances public
Notwithstanding at the same time the margin
panes-are all steps in this direction. 1t remains,
however, to be seen whether these precautionary
the commercial pressure which believe to be tae
Inevitable result ct the system to which we have from
time to time ALLUDED fbe principe On which the recen
ly founded banking establishments pro to act is that
of developing far pos ibe the system of commercial
credit, ofu,iing small capitals hitherto unproducve
or nearly 80, and Of distributing in new and more numer
channels the profits of financial undertakings
have been hitherto absorbed by comparatively small
numbers great tass The goodness # the prin-
cipe and the national bepef Of system calculated to
Develop the indus of France
pperectly worked hitherto, will dispute; II is
in the employed rather in the absence If any
efficient check to the abuse # those means that the
pei lies which not ony eocangers the Of thoe
undertakings but positively tends 20 imperil the very
object they established to support-namely the
tension Of commercial credit.
1hs statutes of most of these companies empower them
to make advances the riry OF shares cnd Stock
and to invest portion, some lines limited of their capt
remuneraed Nv nronor;o ~ ths net aiyieus Va,
ryng froa 10 per cent the Credit Mober, to 40
per cent in some other companies This mode Of remu
neraton, although admirably calculated to stimuia ne
energy u the directors has also tendency TO induce
them 10 use ali means to mantain high quotation Of
the various securities held by the company aud thus
aided by the loans made those securities and by
ryng over shares from account TO account TO foster
and keep alive that spirit of bourse gambling which
seems to be besetting sin of the rarisians It
/ s true that in the event Of reaction, the mana
| gers, as shareholders suffer but our own expert
/ ence Of public companies demonstrate that such O.
contingency is very fesbo restraint upon men
WELDING such enormous power as the large CAPT
dend recently announced the minimum for the
current year The shares Of the Credit Mobilize t2o0t
gives rise TO strong suspicious that prudence is
times lost sight Of when the heads of tho establish
ment Of such high character and talent thoss
that gives about els 600 share falling to
the administI aters in addition to heit profit share
holders, and must be mainly produced hy taking the in
creased value Of shares held by them quoted at Tho
Bourse as realized profit most falaciDus mode OF cal
cution bearing in mind the great and sudden hucrua
tons to which shares and binds have been subet in
France In where these societies have the power
Of issuing bondsa strict supervision douby necessary
asmuch these urites amount to bills pay
able, due at given date, and unless means
muiated 10 meet them without depending mainly on
the realization of securities of such uncertain value
| az shares in industrial uodertakings' wide
spread calamity must at no distant period becom,
ne osv.,ops -, nposssaSx issas on,v as .,
ties ed, and which have like term Of REDEEM on
with those obligations and that consequently hey fall
due the securities they represent will pay .be
Also aDc the proceeds Of the latter wilt consequently
enable the company to pay oil their own aD'ie.. When
railway bonds this sounds practical enough but in
the OF shares in .auies terminable At given
assumption hat The sinking funds Of those companies
viii In al cases suffice to replace the capitals
s assent are @ a The p a the
national sinking fund La cdtse Gd,nortis'epen qut
namortir rim" aud the sinking funds Of the rail
way companies not work much better. To
make good any deficiency which may arise, the
capital OF the Credit Mobiier and It's fand
put forth as guarantee but the total ampnnt OF
obligations proposed be Is GOO 900 francs
.he the CAPITA 4 oay GO 600 600 and The reserve fond
| leave a margin Of little Than ten per cent.
The great danger appear. tn us, however, to consist
not 20 much In me issue OF 80 large an amour, OF paper
Of companies which will absorb large portion Of the
a,ins Of the cemmuni'yor in other words
winch Will convert too i'll, the floating capital Also
lutely cessary for establishing credit arm founda
ton into Fixed capital which delivers the
their hands lied. In England have this result
than occasion The reproductive powers OF this
country and the I'D accumulatinn ~ surplus profits by
any hing che most sAngane hope
In France for many years hut we cannot forget inst
1925 and 1sl1, and 10 the railway and gold c,mpany
las Earnestly desiring 10 SO the finances Of France
established a solid basis, and free scope given to
the and of her ~ alists al
ducers NJ IL with cap,us depreciatory spirit that
We point out what consider the pers II the
which seems TO b. mo.t popular with he multitude.
hat ne urge the government az Is will not abstain
r m ini would be better) to both
It, power Of action and it's still gccaer p,wer II example
restrain instes OF foster the too rapid extension "
credit system which Is not founded on well knowl
and sufficient bai- desirable 1t may be 10 encoa-
rage the formation OF societies FIR developing The in
dusfial powers OF Fran aud for facilitating their
operations we trust that 81 viii not be forgotten that
II Is only the surplus profits II the community which
can be rendered safely available for such parp and
that even those surplus fits should not be too rapidly
absorbed The insanity % ambition 90 man, all
knos to enr cot, may ~ any time necestte bad
gets; and y ha- hsPpenei fortunately Tar England that
instead ~ having 10 provide Ia 1917 and 1878,
o,0o0o 600 per annum for ailsays. many Of viii ID
might very cell have been dispensed with floating
capital has enabled IA 10 provide not only FOR all ordi
nary ndus'rsl undertakings but also for the cxigences
Of he state without ~ yet, oveTburdening the re-
s,urces az the country. u 10 the present moment
France has Responded molly the appeal made 20 her
CAPITALISTS great and small 10 enable the government