Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-18
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, August II, 1870.
SECRETARY BoUTwELL's INSTRUCTION.

SEEiCE OF TIKI bAAhA AEFAa
MEMPHIS, August IL, 1870.
BoUTwELL's INSTRUCTIONS
SET ASIDE.
About a year since the Secretary OF the
Treasury instructed collectors of customs,
in determining the dutiable value of
goods imported into This country, thai it
should be at the Vslue at which they en-
tered into consumption in the country
from which imported, as, in many in
stances, the value Of goods would be
greatly increased by the addition of a
heavy excise tax payable only when they
were offered for consumption, but not
chargeable on the expectation ofthe same.
The order was regarded as imposing an
unfair valuation upon such imported arti-
cles as were affected by the excise tax.
shortly after the above instructions were
issued, 3 case involving the dutiable value
ofmalt impOrtedinto Chicago from Canada
arose in that city and the Collector of the
Port, under the order of Secretary Bout
well, eXacted duty thereon at the value
at which il was sold for consumption in
the CanSdian market. At that time the
article was selling for eighty-fOur cents
per bushel, including the excise tax of
thirty-four cents per bushel. The i'm
porters claimed that the dutisble value
of the malt was ffty cents per bushel, its
price in bond at the time Of the purchase,
but yielded to the requirements Of the
Secretary under protest, and the case was
taken to the United States District Court,
where il has been pending for twelve
months. On Friday last Judge Blodgett
decided that the position taken by the
government in the case was wrong and
that the proper dutisble value Of the
malt was its value in Canada in bond.
The principle of the case is of great im-
pOrtance to importers, as II affects not
onlv the amount of duty on malt, but
the value OF impOrtstions of tea, cotiee
aud many other articles from European
countries which are subject to an excise
tax bus which is not chargeable on eN
portatiOn Of the goods from bonded ware
houses. The Treasury Department was
Yesterday sdvised OF the decision of Judge
Blodgett. 1t has not vet been determined
whether TO acquiesce in the decision or to
take the case TO the Supreme Court, as
Secretary Boutwell, maintains that he
has the authority to determine such
questions, and as the principle involved
is one affecting the customs revenue to
q large extent, the latter course will un-
doubtedly be taken.
THE R FOODS RADE.
The Philadelphia Public Record, of the
18th inst, SAYS; THE dry goods commits
sion houses and importers are in full
EN0Gk. anu art onON INK 4AANS a. AAANL NJ
tivity as is usual at the middle of August.
The iobbers from the west and south, who
came on early and made some purchases
for early shipment, are recreating at
the sea-shore or watering places, and will
not be in the market again earlier than
The first of September. The oppressive
heat Of August has deferred many buyers
from the west from buying largely, who
have so far only purchased and shipped
- - - n-a~a a1a1uTnHa1u naadaA At
home st once. So far as we can learn, all
the buyers, both from the west and south,
are in good spirits in anticipation of a
healthy and profitable trade. There are
many reasons why, we think, the early
purchases this fall will be the best. We
shall have few if any goods from Germany
or France, and the supply will not be in
creased from other continental countries.
The difficulties attending shipments will
prevent, and, besides, the time has been
roo short for them 10 NIL the acuu oc-
cRsioned by the suspension OF the manu-
featuring establishments of the belliger-
ents. England will have q large CONT
mental demand, and, we think, as the sea-
son advances there viii be a general
marking up of prices on all descriptions
Of desirable imported goods. The absence
Of the low wOOlens of Germany and Prus-
STA from the market, viii, without doubt,
neSSee, Kentucky, NORTH
Idaho and Montana has h
sickening effect upon the
throughout the ILninn
demand for all goods heretofore imported
from these countries; 50 that now all the
markets are bare, with no certain pros
pect of replenishment from that quarter.
There has been quite a stiffening in the
price OF desirable wOolens from these and
other causes; so that the most of the lesd-
ing STYLES of cOatings, cloths and cassl-
have found purchasers as soon as
have been exhibited. We think the
for wooden manufacturers the
best they have had for many seasons, If
are not stimulated TO over prOduc-
ton, which has always been the pane OF
the wooIlen goods manufacturer. In
goods, owing TO the unsettled state
of the cotton markets, and the reluctance
Of the cotton manufacturers to meet the
in price, there has been less doing.
have been no large transactions,
and the prevailing temper OF the trade Is
buy afrom hand 10 mouth" There is
exception to this, however, in heavy
brown ~shestings, the price having been
reduced to meet the decline IN cotton,
large lots have been placed. In lighter
Foods brown as well as bleached, there
has been less doing. Some large lines of
Philsdelphia-msde tickings have been
placed ION private terms" Philadelphia
is the great market for the fancy knit
goods for which Germantown Is so IA
as it is for knit wooden shirts and
hosiery. The Pennsylvania knitting mill,
at Mansyunk, is exhibiting styles of knit
shirts and drawers thai will compare IA
yorably with the best imported goods, and
lower prices. Within the last week
there has been q visible movement in the
print markets, and we understand some
considerable lines of desirable styles have
been placed on satisfactory terms. We
were glad TO learn that the desirable mad
der goods of the Gloucester print works
are sold close up. The production OF these
works is about fifty cases per day of I'm
goods; they do a large portion of
their own spinning, but have not yet been
able to supply the full demand for print
for the print works. and are cOnse-
quently large buyers. We look for an
trade in all the departments of dry
goods by the first of September, and do
believe our merchants will be disap-
pointed in their expectations of an active
and lucrative trade; n thing they will
nave to encounter, which has been
the great trouble of several past seasons,
the constant shrinkags in value, by which
they have lost almost as much on stocks
carried as they made profit on goods sold.
There has been no period within b last
years when the stocks of goods we're
50 low IN the hands OF all p"arties-consu-
mers, country distributors, jobbers, COM
merchants, and impOrters-as
now; which, with an increased activity
in all agricultural products, a prospect of
full, If not large crops, to be added to a
large surplus Of last year, and all bringing
good prices, il will indeed be singular il
business does not recover from the stag
of the last few years"