The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-06
FINANCIAL AND COMMERCIAL
SUNDAY. Feb. 8. 1860,


SUNDAY, Feb. s, $780,
The announcement that on the 18th ult the
French Moniteur published letter from Napoleon
III. proclaming his resolve to initiate policy of
free trade in France, and to improve the CONNER
cial Development Of the empire, is indeed of
marked Importance. Should he carry out his de-
sign-and it is not likely he would have made the
announcement had there been any doubt on the
matter-our own trade with France will feel the
change materially, for among the first articles on
which he proposes to remove the existing duty
are cotton and breadstufi.
Our exports Of domestic produce to France last
year were, in round numbers, $43 900 900, of which
$22,420,OO0 was in cotton, $4,000 in tobacco,
100000 in specie, and the rest in sundries.
Our export of breadstuffs was nominal, contrary
to the usual custom. The year before we sent
1884, 66 bales of cotton to France, worth $21 ,O57
73l, out of q total export of s3l5O0 900. In
1867, we sent to France $4,000 bales, worth
$22 900, out of total export of s37 200 900,
France having that year taken large quantity
of breadstufs from us. In 1866 we sent
to France $4,000 bales of cotton, worth
$20S5l,s27, out Of total export of al, 800 900.
This trade had sprung up under the empire.
Ten years previously in ls45 our exports to France
were only SIG, 900, and had not averaged more
than that amount for the previous ten years. In
the year 1859, a. soon as peace was declared the
French manufacturers made preparations for an
increased business, and augmented their purchases
of raw cotton. From September, 1859, to date,
we have sent to France 1000 bales of cotton
against 900 to same date last year. and l7s 900
tn anno At ho voar hafo Tho
continues at this rate, even without any change in
the French tariff, the exports to France this year
will be unprecedentedly large. With the changes
now proposed by the Emperor, the increase must
be still greater. France, according to the Empe-
ror, ought to compete with England in manufactur-
ing for the world and ought to be as successful in
manufacturing cotton as she is now successful in
silk goods. To enable her to do 30, he proposes to
abolish oil the present restrictions on trade and
industry, including the customs duties on raw ma
terials, the foremost Of which is cotton. Xxx
Should the Emperor persevere in his design, our
cotton export to France will very probably rise to
million bales next cotton year. An active rivalry
between Great Britain and France for the cotton
goods markets of the world could not but
raise the price of raw cotton and cheap
en- cotton goods. We presume that this
is the view which is taken by the English; for not
outstanding the high crop estimates, the steamer
which brings the news of this rev imperial mani
festo likewise announces buoyant cotton market,
and an advance at Liverpool Indeed, it is too clear
to need demonstration that the impetus the EN-
peror proposes to give to French industry must
lead to an increased consumption of cotton goods
throughout the world, and consequently an in
creased demand for raw cotton.
There is another point in the letter which is of
importance to us; it is that in which the Emperor
expresses his desire for new commercial treaties
with foreign Powers. The United States have been
seeking new commercial treaty with France for
many years, and if we had ever had an able repre-
sentative in Paris we should have had one before
this. 1t is known to all merchants and shipowners
that the French levy diferential duties on goods
imported into France in foreign bottoms, the idea
being OF course the old protectonist fallacy that
such duties would, in time, build up French mer-
camille navy, and secure to French vessels the bulk
of the carrying trade between France and other
countries. For twenty-five years at least, goods
sent to France in American vessels have paid con-
siderably higher dues of all kinds than the same
goods imported into France in French vessels.
One can judge how well the system has worked
by the last commerce and navigation report, from
which it appears that, Notwithstanding all the pro-
lection French vessels have enjoyed for so many
years, out of $43,000,000 goods sent from this
country to France last year, SAL 800 900 were
shipped in American, and only 81 800 900 in foreign
vessels. The fact should convince the French
government that they have been pursuing the
wrong plan, and that in justice to themselves II not
to u.s. the differential duties should be abolished.
independently of the direct advantage which the
trade OF this country would derive from an in
creased market for cotton, and more favorable
treaty regulations as regards our shipping, the
general tenor of Napoleon's new scheme is calcu-
lated to benefit and develope trade throughout the
world, here as elsewhere In this view it could
not have been more timely. Trade has really never
recovered from the crisis Of 1857. At the present
moment money is abundant everywhere, and every
one is ready to embark in large business opera
tons; but the impetus is wanting. It seems likely
that Napoleon's manifesto may answer the desired
purpose, and inaugurate general commercial
revival throughout the world.
The banks closed their last weeks statement
with rising specie average; so that IT Is possible
that the average to be shown tomorrow will show
no material variation from the last-which was
$40 06o, 49, Notwithstanding the shipments per AZ
RIGA and Fulton. The organization of the House OF
has already led to the appearance
of some drafts on the Sub-Treasury here for pem-
bers pay, &c. SO that, though the duties continue
heavy and about 5000 600 hare already beer Maid