The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-23

.iased. and consequently no sales were made.
M tba street the sales footed up SA50O0 OF
conaols at $685., and $4,000 Premiums
a25H@25A.
From Messrs Small n CO., The well known
,oree brokers, we have received their weekly
ooffee statement, from which we learn that
tbo imports of Rio coffee since the first of
Iulv 60 the fifteenth Of February, 1879, amount
n Al. 7sg bags; the total receipts this season
foot 10 80, 107 bags; the stock on the twenty
second Of February was 1850 bags; dealers
stock 5000 bags.
The trade Of the United States with China
has been slowly developing under the provi- |
sions OF the Burllngame treaty. Last year |
our people sold the Oelestials ~ 900 worth |
Of cotton goods, $lOOO,00O Of grain and over
s2Doo,oO0 of other articles. The expectation
b China has increased from 600 In 1871
10 s7,eOo,000 In 1878. Should the imperial
government shut down on this trade as O re-
turn for the demagogy Of Congress, II will
not grieve the English, who have found the
Americans dangerous competitors In the Chi
nese markets.
The elevator, which was purchased In Buff
M L.,
bilt. IL one of the largest and best equipped
in the country II is known as the Tint eleva-
tor, and Ia built Of brick and iron go as to be
entirely fire-proof 1t was first set In opera
ton ten years ago and has storage capacity
OF about 100000 bushels, and an elevating
power Of 5000 bushels per hour. 1t cost orr
glnally about $500, O00 but Mr.. Vanderbilt has
not paid more than $255,OO0 for 1t. No insur-
ance Ia ever taken on grain stored In this
elevator
The national debts Of France and England
are not now far apart in amount, that Of
France being little the larger The French
debt is held by 4,3s09Oo persons, being an
average Of about 1856 to each holder. Eng
lands debt on the other hand, by the latest
returns, is held by 100000 persons, being an
average Of about $4,000 to each holder. In
France the masses Of tho people seem to be
bondholders; In England the capitalists in
stead. In France there are about 100000
land owners, OF whom some 100000 have
little plots of about six acres ON the average.
In England the number of land
owners Ia set down at 1.1T3,000.
In France one person In five Is a land owner !;
In England one In thirty. In England, how
ever $4,000 of these owners have In the ag-
gregate but $4,000 acres, being an average Of
triae more than one-fifth of an acre each.
There is no reason why America should not
soon control the paper market Of the world,
with the greatest abundance Of material, most
improved machinery and skilled workmen,
which is shown by the following. In 1869 the
United States exported S3777 worth of paper
and stationery. Five years later the exports
had risen to the value of $662,332. The same
year, 1878, our imuorts OF paper and stationery
amounted to S1,926 AGO. Since then the i'm
ports have steadily decreased and the exports
have risen, SO that last year the imports
amounted to only $685. 4S7, while the exports
rose to s11os,3ls In view Of these facts
American people may well be proud of the
wonderful success Of Its paper manufacturers
It has been accomplished by the most deter
mined efforts, the greatest enterprise and the
utmost sagacity.
NEGOTIABLE BILLS OF LADING.-At the
last session Of Congress Mr.. A. 3. Hewitt, OF
New York. introduced very important bill
which was referred TO the House Committee
of Commerce. "to facilitate the negotiation 81
bills of lading and other commercial instru-
ments. and to punish fraud therein" The
bill provides that bills of lading, shipping
and warehouse receipts and similar instru-
ments representing produce or property
shipped or delivered, and drawn to order
shall vest the absolute title to such property
In the person to whose order 1t Is drawn. and
such instruments shall be transferable by In
dorsement from one party to another, the
title to the property going along with the
transfer Instruments stated to be not nego
table do not come under the provisions OF thif
section, and equities with notice given are pro-
tected. The act Is to be construed literally
'for the purpose of securing negotiabilty tc
all the instruments mentioned and the trans
fer Of ownership of the goods, wares anc
merchandise or other personal property men
toned III such instruments" The Issue OF
fraudulent bills of lading is to be punished az
a misdemeanor, and mo party dealing In
good faith with any such instrument shall bt
liable as indorser thereon after the same
shall have been transferred and accepted by
the subsequent transferee.' Representative
Bliss, of the Committee Of Commerce, has
just submitted report from that committee
on the subject Of the bill, which the commit.
Tee says LHIOWS proper ShleRudTuS AROUND
commercial transactions Of this kind, pre-
serves all equities with notice, and Furnishes
fraud, and, in our opinion, ought to become q
law" The report claims that the bill Is the
outgrowth OF the sentiment of merchants In
our business centres, and adds:
The facility for fraud in obtaining ad
vances or credit by bills OF exchange, or other
wise, on bills of lading, warehouse receipts
and kindred instruments Is now so great as
to require remedy. Chambers Of commerce
and boards of trade In various States have
taken action recommending the passage b
such law as proposed in this BILL and tn,
State OF Maryland In 1876 passed very SINH
lar act intended to confer the same benefits
within its jurisdiction. In New York tn
factors act" passed In 1880, and amended
In 1855 and 1866, attempted the. same thing
but its operation is partial and far from sat
isfactory. The objection that the question !
one affecting commerce between the States
and with foreign nations lies to State enact