im A A = A = CO = = = h — ^^^ rJ 1 = I> GENEVA AWARD FUND. V/ FROM HENRY W.TIUBBELt TO THE Hon. GEORGE F. EDMUNDS, Chainnan of the Judiciary Committee, TJ- S- SE3SrJ5^TE- CLAIMS FOR WAR PREMIUMS. I > > NEW YORK. PuKss OF John Polhemus, 102 Nassau St. 1877. -•• -•- • • • • • o a • « • •• r • • • « • •• ••• .**. :• !.• • • (Copy.) New YoiiK, Januaiy 4, 1877. Hon. Georoe F. ED:\riJNDS, Chairman of the tienate Judiciary Committee^ Wasliington, D. C. Deak Sir. — Complying with my promise, I beg- to hand you, indosed, a copy of an interesting re- cord of adventures, whicli, unfortunately^ I did not have with me at Washington, to guide me more care- hdly ill my interview with you, instead of speak- ing mainly from niemor}'. It covers importations from Java, Manila, China, Singapore, Penang, and Calcutta, aggregating snles of s4,86().()()(). Bear in mind, it has not been made up for this par- ticular occasion, but, accidentally coming to light anumg old accounts rcmdered and closed years ago, \y it seems eminently useful at this moment to en- '^ . lighten you upon the character and results of a por- v; tion of the business in whicli I was interested du- ^^ rina: the war : otherwise I could not have und' rta- ken to furnish a similai- statement, occupying, as it t>v woidd. much time and endless (clerical labor. r also inclose a copy of "Sales"" and ''Accounts *) Current'" of the following adventures, viz.: ^ Dec. 23, 1864, Car^oix'v sliip Tropic, fi'oiii ]\Ianil:i, slinw- , ing a loss of - - - 37,445 !)1 V Dec. 31, 18(54, ("argo per sliip N. Bitldle, from Calouttii, ^ showing a loss of- - - 25,870 32 vfj' May 17, 1804, Cargo per ship Hamlet, from Manila, /^ showing a profit of '. 12,983 55 Nov. 26, 1864, Cargo per ship Sea Serpent, from Manila. <^ showing a profit of - - 2,244 21 rj The modus operandi exhibited in these ac- J counts will explain to you the ])rinciple upon which all the adventures in tlic ])rinted record herewith were carried out. 42577^ 2 And, I may venture to add, and be excused for j)i-('suiuiiig to state, that the general course of my commercial transactions may be received as a fair showing of results generally realized in all branches of distant mercantile enterprises, embracing the entire duration of the war. I beg on this occasion to refer more especially to the following questions as I recollect were put to me at our interview, and endeavor to review them in a light tliat T have no doubt will be entirely satisfac- tory to you, viz. : (1.) What was the result of my exj)erience in im- importations of foreign merchandise immediately preceding and during tlie war, and the state of ouf distant foreign trade at the commencemeiit of hos- tilities '. (2.) Did not the importer fix and realize a price for his goods that w^ould cover not only all expenses — including the "extra war premiums " — but liberal war profits in addition, and thus reimburse himself for the " extra premium " against risk of capture, out of tlie consumer ? Tlie inclosed Exhibits to which .your careful atten- tion is particularh' requested, will confirm from per- fect data what I now repeat — that on the breaking out of the war, in April. 1801, and for two years prior and subsequent to that event, foreign commerce was greatl}^ depressed. Stocks of mercliandise, partic- ularly East India goods, were so excessive and pros- ])e('ts so un})roniising for an early improvement that bankers cautiously withheld from their customers tht> usual facilities b}^ limiting their lines of credits, which notably restricted commercial operations, particulariy witli distant marts of the world. This state of things in time, naturally corrected itself by consumption slowly overtaking supplies, until, towards the close of the war importers began to re- alize a ])rotitable return. After the fall of Richmond, in May, I860, business continued to improve. It may be noted, however, that this improvement, very largely grew out of tht; four year' s embargo which the war had inflicted upon the South, and the supplies needful to that section upon the reopen- ing of its intercourse with the North, which partially repaid the merchant for his patience and perseve- rance in struggling thi'ough four or five years of disastrous results. I refer to the record of adventures (page 10) from May to December, 1865, inclusive, immediately following the clpse of the war. It shows a proflt of jB187,778.87, from which deduct the losses of $102,500.79, from January, 1868, to May, 1865— the cargo of the Winged Racer having been partially paid for from the Geneva award — and you will have a result of al)Out $85,212.08, of profits. And here I desire to impress upon your attention particu- larly that this apparent proflt would barely ex- exceed li^'c ujDon the cost and expenses of the ag- gregate l)usiness during the four years of the war. And, to l)riiig the matter of j^roflt and loss imme- diately preceding and during the war still more forci- bl}^ to 3^our attention I may add, in detail, that for two years ending 20th May, 1861, about the time the wai' ])egan to assume a formidable shape, my losses were, in adventui-es with India and distant ports of Eastern Asia, also the AVest Coast of Chili and Peru, made up to the above date on their face, $164,860.12, less about $20,000 commissions charged thereon. From May, 1861, to -January, 1862, my business was unimportant. At the latter date. 1 renewed my oi'ders, which required about ten months for a ship- ment to mature. Thus, it will be seen in the record of adventnres', that on the 2d January, 1808, the shipment ex. ' Surprise' from China is noted. I make this statement thus sunuuarily, and at the outset of this letter, . to establish and settle the fact that so far from the business being a monej^-nmking one, it resulted in a simph^ ('(mimission for guaranty upon sales, without even the addition of a factor's commission of 2^ pei- cent. I As must always be the case in time of war, when a. country has to descend to a demoralized paper money system, so our people, as the quantity of that kind of money increased, became speculative, and.//c//7/o/^v7?/prosl)evous, until, in this respect, the war wns ])i-on()unced a blessing, inasmuch as the country was growing rich by it. Tliis i)aper money illusion, however, had no con- nection nor sympathy whatever with the business of the importei-, the nature of whose transactions com- pelled him to continue his operations upon a gold basis, the same as in time of peace'; the effect of which, T trust, may be made so clear to your com- prehension that I am not without hope of being able to disabuse your mind of the erroneous idea that the merchant was operating in the same channel as the domestic trad(^r and apparently making money on the same magnificent scale as manufacturers, government contractors, agriculturists, real estate speculators, and operators generally, throughout the length and breadth of the land. I cannot, however, see how results of profit or loss during the war can practically establish any difi'erent principle than similar results in time of peace. Fluc- tuations in the producing, also in the consuming, mar- kets, MIC the same in either case, and whether impor- tations are profitable, or otherwise, the extra "war risk" covered in time of war is, to the extent of the wai' ])r(Mnium paid, a direct resulting loss to the ini])()rtei-, beyond the possibility of recovering it from the consumer. The i;hmse •■ marking up " goods so current, it seems, during the war, ui)on which great stress was laid by the Hon. William Lawrence, of Ohio, in his speech delivered in the House of Representatives, on the diiy of .Inly, 1876, wherein he says : "From " the middle of the year 1862 to the beginning of " 18G4 the ])ii<'(>s of almost every article consumed " trebled, and in uumy instances quadrupled. "A great pan of the business of merchants and "their clerks was in *' marking up" goods, and I " tlio people generally became familiar Avitli that " interesting mercantile exercise. Freight, marine " premiums, extra war risk jnemiums. were all "added to the cost of the goods, and tht^ii tlie " liberal war tiini' i)ei' centagi^ was put ui>(>n the "' whole sum, thus making the extra wai- ])reiniiim '' a res])e('table and not an uni)rolital)le investment. " Noi- did the thrii't y iiieichant always limit himself *' in the "marking up" pi-ocess to new jMirchases. " That there might be no confusion, the old stock " was usually 'marked uj)" with the n(nv. In short, " the consumer ])aid the extra war risk prenuum." Mr. Lawrence is, undoubtedly. ijuite excusable for his want of practical knowledge in mercantile trans- actions ; otherwise he con hi not possibly have com- mitted a mistake so grave as he did. The ])lirase "marking up"' was ajjplicable especially to ti-aders or middle men, better known as jobbers or shop- keepers, whose Imsiness, as 1 have already said, was based n])on depreciated paper money in their trading relations with consumers, which, un- fortunatel}', led many learned gentlemen now occupying high positions in the forum of their country — reasoning on the same false ])remises in which Mr. Lawrence indulged — to believe that the business of the importei- of foreign merchandise was conducted and affected precisely in the same way as that of the jobber oi- middle man when no parallel whatever can he drawn iherefrom. Instance the jobbiM' or distributor of goods to the (consumer during the war. lie paid for his coffee 20 cents per pound in depreciated paper. The pre- mium (m gold advances 50 per cent. At once he " maiks up " his goods to 80 cents per pound. Not that coffee has suddeidy become scarce, and the importer enalded to substantially exact and realize this advance on a limited su])])ly, but simply 50 per (ient, depreciation in ])a]).'r money and nothing more. Coffee remains unchanged in price in the hands of the im})orter stored in bond. The 50 per cent, advance in gold simply compels him to use 50 per cent, more of dei)reciated paper money to reimburse liis gold witli wliich to pay the import duty ; also his freight, and i)urcliase his sterling exchange to remit to England in final payment of his coffee imported under sterling- credits, payable in British gold in London, He realizes no more in gold for his coffee at 30 than 2() cents currency per pound, and thus the war pre- mium paid, or the extra marine premium on second- class risks, or high and low freights, or commissions added to the cost, can not nor does not influence the buyer to pay one cent more for his goods than the legitimate competition establishes. It would be simply absurd to suppose the impoi'ter could arbi- trarily override the fundamental hiAv of supply and demand which absolutely controls the market prices of the world over. Instance goods imported under the British and American flag during the war. The one pays no war premium. Tlie loyal American flag is subjected to it. Both cargoes are shipjjed at the same cost, and both sold at the same prices. 'Tis very clear that, to the extent of the extra war premium paid the one suffers, while the neutral flag comes in " scot free," reaping the benefit of the saving of the extra war IDremium, with the advantage on a dull market to make a concession to bu^^ers and I'id themselves of a heavy responsibility. It cannot be possible that, after a full and careful examination of the relative i^osition of an imi)orter, as compared with the domestic trader and distributor of goods to the country in time of war, on a depr(^- ciated currency basis, the intelligent Senatoi- should be unable to see that the merchant could not by any possibility be reimbursed from the consumer for the extraordinary war premiums paid to cover the risk of capture, which extra war risk he was compelled to cover as a condition when opening- credits with his London bankers, oi- tie his ships up to the dock to rot, and driven to emplo}^ foreign bottoms, while Confederate cruisers were ravaging the seas. The following (X)py of a. letter from the agent of Messrs. Baring Brothers & Co., of London, will eon- linn the conditions requiicd from their eorres])on(l- ents upon granting credits soon after the war coiii- nienced : Boston, November 25, '(51. Messrs. Bucklix & Ckane, New York. (Jentli'Aiicn. : "I liave yoiii' Miliicd favoi- of yesterday, a-3id beg yon to acct^pt my thanks for the prom})r manner in which you linve met my inquiries.'" 'Vl note yoni-reniaiivs ns to insurance, and thai you make excerption in neutral vessels. My understand- ing is for the present with all correspondents that they will insure against war risk in all cases, but if, as we may hope, within a few moJiths we may see the way clear to rescind all restrictions as to wai- risk, it will at once be done. For the sake of regu- laiity, and to nnderstand fully from the onts<:'t, please conlirm to me that while using Messrs. Ba- ring's credits, no neAV ones will b(>o]¥Mied with other London houses." , 1 am, gentlemen. Truly yours, (Signed) SAM'L G. AVAR]), Alt'!/. A careful consideralioii of the War Premium (Jlainis, as classed in the House bill, now in tlie ''Senate Judiciary Committee,'" should entitle them to be ])la('e(l among the very 1irst niei-itorious and equitable liens u])on the fund now remaining undis- posed of under the clause, Sec. 15 of laws approved June 23d, 1874, viz. : '"and after the paynnrnt of the '•said judgments, and the reinduirsenients of tln^ "exj^enses as herein provided, if there shall ivinain "any part of the said money, the same shall be and "remain a fund fiom which Congress may hereafter "authorize the payment of otiiei- claims thereon. ' 8 There is another and serious consideration which should have weight with the committee in their re- port, and strongly recommend and urge the passage of the "House bill'- without amendment. I beg to refer to it on this occasion. The "Court of Commissions on Alabama Claims," in their awards upon losses of merchan- dise, rendered judgments based upon the cost, adding marine insurance, and 6 per cent, interest from time of shipment to date of loss, instead of awarding the value of the property at the date of loss, as was estimated in the tables at Gen- eva. Instance the cargo on l)oard the sliip "Winged Racer," destroyed by the "Alabama." It cost, on board, in the East Indies, pa^i^able in London, including marine insurance, $190,- 146.79, for which judgment was rendered and paid 1st May, 1876, with 4 per cent, interest added thereto Its net value at New York, in bond, on the day it was destroyed, estimated fiom actual sales to arrive, made at that date was $216,480.89. At the date of her probable arrival, it w^ould have realized $252,210.67, and in lieu of interest at 6 per cent. , as estimated at G-eneva, 4 per cent, only has been allowed. Taking the net value at the date of loss, 10th No- vember, 1863, satisfactorily proven by voluminous tes- timou}^, at $216,210, with 6 per cent, interest thereon to date of payments, 1st of May, 1876, it aggregates a difference in the result ovei- the cost and 4 per cent interest of not less than $03,000, to Avhicli extent the owners on that cargo still actually suffer. If we take the ascertained net value which it would have realized at the time it was due at New York, about the 1st March, 1864, at $252,210, with 6 per cent, interest, the difference would have been $155,229, showing a final absolute difference which the owners might have realized on cost but for the destruction of the property by the Confede- rate cruiser, Alabama, not taking into account the difference of 1 per cent, in the interest, the usual rate in all business transactions being 7 per cent. Surely in tlie face of such inequitable adjudications, - it would s(^em still more unjust to withhold from the war premium claimants, the respective sums which tliey were compelled to pay for the wrongful acts of Great Britain, of which not one penny has been reimbursed by the consumer to the unfortu- nate merchant who })aid them. You will pardon me for intruding upon you so much detail of my own mercantile experience. If, however. I have succeeded in answering your ques- tions within the scope of your inquiries, I will have been repaid for venturing to trouble you with this lengthy communication. Referring to the annexed Memoranda of the loss of tlie cargo of the ship Winged Racer, an itemized statement of which I also inclose — I am, dear sir, Your most obedient servant, HENRY AV. HUBBELL. TaHI.K 1)I1-KKHKN( k No. 1, Cost, - - - - $l',lO,14(i. at 4;, S"-i«*i,li;, at ()> S330,8a"), $47,000 " 2, date destroj'cd, - - 21(j,480, •' 322,555, " 376,075, 93,551 " 3, date of ari-ival, - - 252,210, " 375,4!)3, 4:38,546, ]55,22'.i 10 =0 '?; '"i — ^- c>> r«.. m ^ hCi g ^-* S5 ic ;c f- es xi t- xc: 00 X -t -* X I- 1-1 l^ lO r- XO c; o C5CS ox O r-i X O ! -* i- •'-^ ' ^ =: — X-* 7( 1— CO CJ T^ =5 L~ CC X o X o * i- f X x", -« C** W C« OJ 1-^ ^ 1 1 « <» ^ CO X 55 ■^i — i.T "+ — iO T-< a i" i-- ^H ^^ X CO -^ c~. CO Sg S C5 COCO -* y—t X o ooco CO 10 05 lO Or- X io i— 1 'S o ?o X i.o 35 O CO TT o X =5 O Or- el' X CO 5- T* '-OC>J I- X cvj C5 ( - C^ ■* CO o •* g o tj^ . 3 ^ 2 :/2 I— I c5 "o I— « o fcc «2 as «; O o S - S O ^ ^'-r ^ -O > X = : =r; ^ if 2 = - - di = ■_- c^.i; ^ - - .£ -^'Lr ? z - " H £ B.' -"■ .- sac - •'- : s ' O ^ t. 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O O O -^< C"! 0> ID «^ O O CI O o CO i.-r i-o CO * - o 1— ( CO ^< i.O ^^ 1— I O X i^ l-O CO s^ t~ of 00" -* Si o" x' cc o" o" I -o" Oi ,-H -tl< t- CO cseo §B ^ 00 CO 10 Si 10 ^^ § CO O o 00 0^ a 3 o u eS 2 'i-'-ii O cs -- be S ci a. r-, &< IsH (^^i 1^ («^ CO- O O Ho £ - K w ■ c3 .*-';-- P5 O is w 1^ w H cc " *^ o ?-( Gi pq « a eS pq 00 CO oj 1-1 a-1 01 *'' *' oo o o cJ 10 ■* ^ ifi OS ».o 00 1^ CO Tfi CO = - 3oCt-i=23- 3 « " « <^ ,5 i^ i-i ^ i^'-' « 12 Account iSales of Snii(Jr/e.<^, ex. Mcm'tlla. t'ov account of wliom " Tropic^'' from. it nxiy concern : 18G4. Nov. Gross Proceeds of 2,900 hales of lu'iii]), ea. 270. Obr),8oortj@iGitt I " Q,?>\2 mats of su- I ii'ur, 418,926 lb ^/) \Sh: & 15c. for I damaged, less 2^^*; & 35J' ■_ . \ Chnrgea. I Mariin- Insurance, $220,000(a«2i-;, and Policies,. - '. War Insurance, 1230,000 qij :];/_ : Duty on Sugar, 440,40011) @ 3 '%. Duty on Hemp, T, 3G2A ^ |25- ' Premium, gold on tlie above duty I @, 23o)/ Freiuht, Hemp i T,349M|*(a£3,10,i;i ,224, 10,7 Freight, Sugar T, 187HM@£2,15.-- 516, 5,0 £1,740,15,7 @ 250^ Exchange i Cartage, Fire Insu ance. Storage j and Labor I Brokerage and Gov't Tax on I Hemp j Brokerage and Gov't Tax on I Sugar ._ Net Proceeds due Nov. 23, 1864. $127,575 00 75,058 80 1202,625 80 $5,502 50 6,903 75 13,392 00 9,062 50 30,313 58 19,342 00 j 2, (.26 25 797 34 . 288 25 1 87,628 17 $114,997 63 K d (). h\ New York, dlst Uec, 18f>4. Henry W. Huhhell. 13 CO ^ ^ ':> ^3 I s <^ "i - < -1 fj-" •N lO O C5 ceo CO C5 I' -* Of 1-1 T-t 1-^ a: =*-! 1 O a; O ._« "^ » r- ^ br. .-• c; ^ £2^ j2 1—* c '-^of « ci 0^:::^% . ^••^..^ ■^ ■Jl rr^-- ~ 1 ; M cq - » 00 J (M «N 't > ^ CO o a :S!zi O 1 i - CI ! o? •o o Cl 07 oc 'P i- t- ^ > %©• o If) rs r- o TO 01 to' O T— ' CO ■JO o»^ co" 1-1 i.O CO oi '~ -* LO _. o« co"'* O! g) CO "i' u c ~ '■" h ^ X OJ i-iM o s 03 "a o CO o P CO CO CO Si Si 14 Account Sales of Sundries, ex. ^''Nicliolas Jliddle,^'' from Ccdrutid, for accoinif of whoin it may concern : 1864. • Oct. 20 6,350 basi-s Linseed, 21,4201^ liushels dfi, $4/'„\ ' f 91 ,035 90 Less allowance for damatjc 486 62 $90,549 28 2,400 bales Jute % $270 @ |300 per ton Charges. ' Marine Insurance, $6,608 gold ! @. 3 ^ and 241 ;.' 'l..- ■ War Insurance, $6,008 gold (», 3J:;and24U' Marine Insurance, $150,000 cur- rency 3 % and Policies War Insurance, $185,000 cur- rency 3 ^ and Policies Freight on Jute T, 611,28,2 Qo^HS '• Linseed" 696, 3,0(r/,$16 Duty on Linseed 21,549 bushels @, 16 c. gold ! Duty on Jute Premium gold @', 201+ ,'t'-.- Brokerage on Linseed @ 4 ^r and Govt. Taxi "_ Brokeraue on Jute @, 1 ^l and Govt. Tax i Cartage, Storage, Labor, Insur- ance, Sec • Interest on ( 'harges 88.056 04 $178,605 32 $477 66 557 38 5,255 00 5,553 75 9,787 26 11,138 51 3,447 84 4,836 00 8,408 09 565 93 ♦ 990 63 1,786 05 321 76 53,128 98 $125,426 34 Net proc-eeds due Nov. 28, 1864. K cD O. K New York, Decemher ?>lst, 1864. Henry W. Huhhell. 15 1"^ t > ^ 'U G '^l ^ ?q 1 -i 1 <» '^~> K fi tii •"^ t^ •^j 'i-i ^ ^5^ ^ ^3 CO CO o 00 CO CO CO CO CO cs o o -* T-l GO •I— I so o 00 o o Iffl l-H '-' a ^ I T C ^3 o OJ .-/! a; a; rn r* bfi o £ « ? i; Ti ;r: o := i^ ♦^ O lO rr, ^ ;^ ^ O;^ CO-- rt S 5 00 Is 12; 00 o CO r— o 00 o Co 1-H 1^ CQ 1 =-: r 1 3D o> •5€- 0} OJ o LO l.O liO <- c: O JO co 00 00 00 2? ^■ o I' O i it? I 1—1 CO o 00^ i'O ^-^lO ^1(0 ^-^-^ -co CT .CO-^Cn 7 bales short delivered 336 00 30,!)40 00 Storage, Insurance, Cartage, &c. 1.868 88 Brokerage if/ !»34 44 Interest on charges Net proceeds due Feb. 11, 1864. 338 03 56,173 03 $130,715 25 E. S 0. E. New Yorh, \Uli June, 1864. Henry W. Huhhell. 17 ^5 K JO C5 s t- ^ n^ 1 > fi ^ 1- i 5>- l-»J Si T— 1 i^ 00 ^ ^ ct JC I- IT CO **, rr CO (M «o ^ 5&! ' CO ^ 1 or -^ m ^i OJ ^ o 3 -« et-i ^w ;_ r« cs ■^ br O cc CO ^ ■ -^ ^. ^ •^- c ^ 00 P C7 :^ c: — T) -* c> X' CO ^ C5 CO "SO CO 1^ CO 00 -4 1 > 18 Account Sales of Hemp, ex. " Sea Serpent,^'' from Manilla, for account of ivlwni it may concern: 1864. Sept. 6 I 2,400 bales ea. 2701b, 648,000 lb ' @20c.. Charges. '■' Marine Insurance, $98,000 @2i^ j and Policy War Insui-ance, $98,000 @ 2i ^ Policy Freight T, 600 % $10 gold Premium on do @,128i j?' Duty T, 800 ^x $25 _ _ .". . Premium gold on do @128i % Storage, Insurance and Cartage .- ; Brokerage I % and Govt Taxt . . Net Proceeds, due (itii Sept. 1804. },451 25 $129,600 00 2,451 25 6,000 00 7,710 00 7.500 00 9,();;7 50 1,296 00 810 00 :j7,856 00 $91,744 90 K & 0. E. . New York, 26^A Nov., 1864. Henry W. Huhhell. 19 I ■ CO IN. t« ^ «©■ 00 CO C5 s s a c 03 Oi « III « CO 0) ^ '^ k5 -3 Co CO o 00 s^ pq .^ ^ •^ , iM ^ 1^ > • >- O o '^ K ^ N -S CO 1-4 i> o O fcC ' 1-H -"o 1 oico- o" 1-1 y. 1 T— ' ^ « 1 ! l> CO i-i of-fce ; CO O TH in ^ ' 1 -j.T' ^^ "^^ 1 Is" m O 4S a @i ^-1 OO rt 83 d i-ss V t: o o B c r2 •2^ ■- S E c • »- o rt -^t^ "S h-i W HH O pq o — Eh 1 Tj5 > o 00 1 '-I Iz; 00 00 tH CO 20 Tatolo IVo. 1. Cost of ('AiKio ox Hoauu Stiii- ■•Wixgkd Racki!,"' Novemijkr Kitii, 18tiS. Ownen : HHNRY W. IIURBELL, onchnlf. '."i.SlO Balks Manilla Hemp, i),(i07 Bags Manilla Sugars, I 100 Bales Hide Cx'ttings, IJOP.ERT L. TAYLOR, ..n.-hnlf. | i,,,, Boxks China Camphor. Letlcr of Credit on Drake, Kleiinvort ik: f^ohen (D No. 657), for jiccount of Henrv W . Huhbell, iuid the owners of ship "Winged Racer," i;','(M)()() slerling, dated London, .Alareli 2(), 1803, of which £10,950 was drawn by Samuel G. Downs, aTid accepted in London, November Kiili, IHO:!, at si.\ months" siglit, easli ^lay Kith, 18()4, for account of said iienip, sugars and hide cuttings. Letter of Credit on Brown, Shipley A: Co., Liverpool (No. D;5,ll(5), for account of Henry W. Hnbbell and Itobcrt L. Taylor, by vessel or vessels, £20,000, dated New York, March 25th, 186:5, of wliicli i'557.8.2 was drawn l)v .\ugustine Heard it Co., and accepted, i)ay- able in London, September l;>, lS(i;>, at six months" sight, cash March 18th, 18()4, for account of said 100 boxes camphor. PAYMENTS. 1864. Ajtril :>(). Remitted Drake, Kleinwort A Cotien, 60 days' sight draft of the British and American Ex- change Banking Corporation (Limited), £10,- 000 cash in London, July 14th, 1864, @ 98 % V. S. Currency 188,000 00 May 4. Do. do. do. $10,800 @ 96 ;, U. S. currency... 94,080 00 .March "2. Remitted Brown, Shiplej' &, Co., 60 days' sight Draft on themselves, for £576,18,5 ca.sh in Lcmdon, May 16th. 186:3, @ 74| ',; 4,480 00 ^[ay 4. Commission for purchasing and remitting bills (© 1 ;^ 1,86620 $188,426 20 MARINE PREMIUMS. 1864. [une 4. On cai'go bj^ Atlantic Mutual Insurance Co. $72,000 00 At 2i ;, ;ind policy. $1,801 25 " On profits do.$45,000 00=1,126 00 2,927 50 Less return .scrip divi-- dend, 40 j; 1,170 00 1,757 50 21 .Tunc 4. On cargo b}'^ Union Mutual Ins. Co ." - .$35,000 00 At 24 ;/ and policy <>2.") 00 Less relmn scrip divi- (lend, '2S;, IToOO 4r)() 00 On cariio by N. V. Mutual Ins. Vo !|l.-).000 00 At 21 ',. and ])olicy - - :iT5 00 Less return scrip divi dciul, :!0 ' 112 ."iO - 2(12 .■)() On carii'o by Sun Mutual Lis. Co.--'---!|2.'),000 00 At 2i ^; and policy ' 02.5 00 Less return scrip divi- 180 00 dend -145 00 2.!)15 00 !ji]01.:!41 20 OVER-PAYMENTS IN LONDON. >[ay 4. l'i:!4,l^<,0 (as per ststen\cul annexed) sight draft. 100 :; currency 1,194 6(> Total cost of cargo fl 5)0, 14(5 54 MEMORANDUM STATEMENT OF OVER-PAYMENTS IN LONDON. |)u(^ Drake, Klcinwort iV: C^iin'ii, ill London, casli May 10. lS(i4 . £lJ),i).50. 0.0 Coinniissioii, 2.V ;, .t':59y, 0,0 Statni>s, I'osiages, Arc.-. 'Ji.!^!*' 402. K.C. Discount in London on remil- tances, t2o,soO, due .July 16, lH(i4 - - ;)13, 5,0 £20,(if<(i,2,(; Hrniillc, Postau'cs, 1.^'c 2,0 14, 2,0 Di.sco'iiil in Loiidmi i>n reinil- tances, £57G.18..'). due .M:i\ Kl. 1804 4, 7,'.t 575, 1 ; , 1 Kiinil1i(L 570,. 8,05 1. (»,(! Over remittance, £l:!4, IS, 0. est imated (sight drafi. M.iy II, ISOI) cle TS^o. S. Showing tiie^Calculation of the Net VaIjVk of Cargo in Nkw York, at the Datk or Destuuctiox of thk "Winged Raoer." 10th Novkmbeu, 1863. 5,810 bales Manilla hemp, ea. 270 lbs. =1,.")<;S,700 lbs., worlli, on the 10th November, ISO:}, and (hiring that month, and to arrive in New York l^fg^o c. curr(!iu;y Less dut}'^ $25 gold j^er ton of 2,240 lbs., equal, with gold at 47 ',i premium (average rate of No- vember) to (deduct) ly'^(9,f @ 10," 0,= $1 70,988 30 Deduct freight, 1,452^ tons (g» * f 12 . . .117,450 00 brokerage, i % 854 98 18,324 94 1 152,(JG3 36 9,(i07 bags extra claved sugars, 5,000 pels., ea. 132 Ibs.=0GO,O0O, worth on the 10th Nov. (and during that month), at New York and to arrive 12 j-^,)',, e. currency Less duty 24 gold per lt>., equal, with gold at 47 '/i premium (aver- age of that month), t().-(dcduct)3T''o^@.8iV»=58,27S 00 Deduct freight, 312^ tons (^ $12 13,750 00 Brokerage 1% 145 69 — 3,895 69 54,382 31 100 bales hide cuttings, 27,771 lbs., @12c.. ...^. 3,332 52 Duty 10 % ad mlorem on invoice cost of $1,448.16 144 81 Gold at 47