Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-08-08
Await Lower Rates.

warehouses a the end of the fiscal
year 1918 showed a larger value than
ever before. the total being 106 million
dollars against - million at the cor
figures are from official reports to the
Bureau of Foreign and Domestic Com
merce, Department of Commerce,
which indicate that the quantity
of certain principal articles, upon which
a reduction of duty is proposed by the
pending tariff measure, in bonded ware
houses of the country is greater than
ever before. OF sugar. for example, the
quantity in bonded warehouses was,
on June go, IT'S million pounds valued at
10 Ia million dollars, against 205 mil
lion pounds valued at a little less than
million dollars on June 80 of last year.
OF leaf tobacco, the quantity in bond
ed warehouses was 50 million pounds
valued at % million dollars, against "a
million pounds valued at 19 million dol
lars on the same date OF last year. or
raw wool, the amount in warehouses
was IS million pounds valued at 10 IL
million dollars. against 80 1-2 million
pounds valued at l. million dollars at
the same date of last year.
Other principal articles of which the
quantity in warehouse is unusually
large are: Manufactures of fiber Chief
~ burlaps and linens) amounting To-
s 1-2 million dollars against million
collars on the same date OF last year;
manufactures of wool, 1-3 million dol
lars; manufactures of cotton, IL mil
hon dollars. chemicals, nearly mil
lions; manufactures of silk. over mil
Lions: fruits and nuts, over millions;
and manufactures of iron and steel, /
i-2 millions OF this large quantity OF
imnorted merchandise remaining IN
bonded warehouses of the country, val
ued June 20, 1919, at s105.92S, sSi against
s72.246.S7s on June 80 of last year, all
except | 1-2 million dollars worth is
dutia BILE. The value of imported mer-
chandise in bonded warehouses at the
present time is more than double that
in warehouses Immediately prior to the
enactment of the tariff laws of 1890 and
1894. five times greater than in 1897,
and about 20 per cent larger than in
1909.
These reports from the Bureau of
Foreign and Domestic Commerce. De-
partment of Commerce. Washington. d.
c., are published monthly giving the
amount of merchandise remaining IN
warehouse at the various ports. The
"honding warehouse" system of the
United States is best described as
system whereby the government ex-
tends the time for the payment of
duties on imported merchandise, retain
ing them in it's possession meanwhile
to secure such payment. Duties on inn
goods arrive in port. but the economy
and convenience Of importing in great
quantities and in advance of their actu-
, al requirement for consumption, is so
great and the immediate payment Of
duties would often involve such large
and unremuneratiye investment of the
capital of importers. that the principle
OF warehousing goods in government
custody, with reasonable extension Of
| been adopted by all the lead
' ing commercial nations. The payment
of duties is secured by bond given by
the importer or owner of the goods and
the goods are then said to be in
, bond" and the places of deposit are
known as bonded warehouses"
These warehouses are chiefly owned
and controlled by private parties who
| carry on an ordinary storage business
/ for their own profit, the government ex-
/ tending its authority over them and re-
tanning a virtual possession and control
| over the goods stored therein. No per
son. however, has right to keep a
| warehouse for the storage of dutiable
| goods unless appointed by the Seere-
tary of the Treasury, who may revoke
such appointment at his pleasure. An
importer may establish his own pri-
vate warehouse but ii must be devoted
| exclusively to that purpose ana under
the charge of a United States customs
officer. The warehousing system as
; applied to imported merchandise was
! first adopted III Great Britain in 1902
and in the United States in 1886
Thus the government report of the
vast amount of goods in bond at this
time is significant. That this amount
is so much greater than in years when
the tariff was being revised by Repub.