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lying in the hands of the Bank of En
£ gland. The manner in which this sum Amount brought forward 127,349 14 1 has grown up. is as follows: As every 31. 55. per Cent. Annuities, dividend has fallen due, the full amount
3,204 5 II has been issued by the exchequer to the Consolidated Long Annuities, bank. In dividing this sum out to the
127 19 0
Sundry balances of old annui. various recipients, the bank has never
12,590 12 paid the fundholder the fractions below a penny.. The bank has thus always had a
143,272 11 somewhat larger sum paid to it than it has paid out. But, as the sum, however Another account contained in the same small, did not belong to it, the bank has, statement requires some explanation. The ever since it has had charge of payments amount of the dividends is paid on a fixed on account of the national debt, like a day by the exchequer to the bank, but faithful steward, taken charge of these the fundholders do not all take what is due fractions on behalf of its employers. to them with the same punctuality. Many
This process has thus been going on dividends are received by London bankever since the national debt began, and ers through powers of attorney. Some, the accumulation had attained by March and an increasing number, we believe, 31, 1882, the respectable sum of more are remitted through the comparatively than 143,000l. The largest item in the recent adoption of dividend warrants sent account, as might be expected, is from by the post. But many fundholders still consols, but even the 23 per cent, stock prefer to receive their dividends in perhas contributed a small amount. It is son. There are always persons of a senow proposed to take power to write this cretive nature, who do not like other peoas unclaimed amount off. The figures are ple to know anything about their affairs. as follows:
They do not like to entrust others with a
power of attorney, and, in consequence, ACCOUNT of FRACTIONS of a PENNY accumu. venient to them to come and call for them.
they leave their dividends till it is conlated in the hands of the Governor and Some of these persons may come once a COMPANY of the Bank of ENGLAND to 31st March, 1982.
year, some, we believe, even at longer € s. d. intervals.
The outstanding balance of Consolidated 31. per Cent. An
unclaimed dividends, hence, of course nuities
80,997 1 9 varies very much. It is very large imme. Reduced 31. per Cent. Annui.
diately after the dividend becomes due, ties
15,068 5.11 and gradually diminishes towards the end New 31. per Cent. Annuities
4,289 11 7 of the term.' The amount outstanding in 21. Jos. per Cent. Annuities,
this manner is smaller now than it used 1854
37 9 4 New 36. rós. per Cent. Annui:
to be some years since. In former days, ties, 1854
when communication was less rapid and Annuities for 30 years, ending
easy than it is at present, the dividends 1855
7.15 11 were not claimed as quickly as they are Annuities for terms of years
36 2 11 now, and a heavy amount was always outRed Sea and India Telegraph
standing. The government naturally deAnnuity
0 10 8 sired to make use of these sums, considNew 54. per Cent. Annuities,
ering that it had the right to do so, till 1830 54. per Cent. Annuities (Con:
13 4 7 they were claimed by the persons to whom solidated)
they belonged. Power was, therefore, 41. per Cent. Annuities icon:
taken in an act of Parliament in the time solidated), 1780
of George III., in 1791, to lend the gove 31. per Cent. Annuities, 1726 1,429 9 7 ernment half-a-million of the amount. A 31. 1os. per Cent. Annuities,
further authority was also taken a few 1918 per Cent. Annuities, 1826.
10,595 19 8 years later, in 180s, by the government to
49 2 borrow back another half million if the 31. 1os. per Cent. Reduced An.
fund disposable would admit it. It was nuities, 1824.
797 15 4 never large enough to permit as much as New 4l. per Cent. Annuities,
this sum to be advanced, but 376,7391. 1922
2,231 13 4 New 31. 1os. per Cent. Annui.
making with the former advance 876,7391. ties, 1830
in all was lent in this manner to the
government. Of recent years, as the dive Amount carried forward
1 idends have been, as we explained pre
viously, taken up more rapidly by the
£ s. d. fundholders, the government has had to ing amount ap:
849,372 17 1 pay back 120,000l. of this loan to the bank, propriated out as is described in the return. In time it of surplus bal. will probably have to repay more. The
ances of divi.
dend accounts £876,739 0 9 figures of the transactions as they stand
Less - Issues to in the return must be taken in connection
the Bank in with those of the accumulated fractions
1877-8, 1879of a penny on the dividends of the na
So, and 1880tional debt mentioned above, which must Si, under 24 be deducted from them. They would
Vict., c. 3
I 20,000 O O accordingly if that amount had been writ. ten off have stood on 31st March, 1882, Net repayment by the Bank 756,739 09 as 706,100l. 55. uid. The whole transac Cash balance in the hands of tion is in the nature of a book entry be
the Bank of England on 31st
March, 1882, available for tween the government and the bank, as
payment of dividends
92,633 16 4 the same figures have to be written off from the corresponding entry on the other side; but the magnitude of the transac. tion renders it one which it is advisable to explain. The accounts of dividends dealt with in this manner are entirely
From Chambers' Journal separate from the unclaimed dividends on PAPER AND PINE-APPLE FIBRE. the national debt. When dividends have THE variety of purposes which paper not been claimed for more than ten years can be made to serve is every day increasconsecutively, both the unclaimed divi. ing. A few of the latest of these are dends and the stock on which they have worth mention. It appears that thick accrued are made over to the commis- paper and cardboard can be rendered as sioners for the national debt till the right-hard and horny as papier-mâché by means ful owner comes forward and makes out of a kind of cement called Chinese var. his claim to them; but these sums are nish, which is easily prepared from blood, not in any way included in the return lime, and alum. With four parts of slaked which follows, and which refers only to lime and a little alum are mixed three the floating balances between the times parts of fresh blood well beaten up. The when each half-yearly dividend becomes thick-flowing mixture that results is, we due. The transaction is exactly as if a are informed, at once ready for application person keeping a large account with his to paper or card. bankers, and drawing a great many Amongst the curiosities of the late Auscheques on it, found by experience that it tralian exhibition is stated to have been was a long while before all these cheques a house entirely constructed from paper, were presented for payment, and in con containing carpets, curtains, dishes, and sequence, made use of the floating bal. what not, all made of the same useful ance in his own business.
material. Whether the dishes aforesaid
were similar to the plates and dishes made ACCOUNT of Sums Borrowed by the Gov. in Germany, we cannot say; but in that
ERNMENT ON FLOATING BALANCES of Divi: country, we are informed, platters are
paper in the following manner: Selected
plane shavings are bound into bundles,
L Excess on 31st March, 1882, of
and steeped in a bath of weak gelatine issues out of the Exchequer to
solution about twenty-four hours, then the Governor and Company
dried, and cut into suitable lengths. of the Bank of England for
Plates are cut of strong paper or thin payment of dividends beyond
pasteboard of the size of the objects to the sums paid
849,372 17 1 be produced. These are moistened with Amount repaid by
a liquid consisting of weak gelatine soluthe Bank of En.
tion with sodium water-glass, and pressed gland to the Ex
in heated metallic moulds. After drying, chequer in 1791 under 31 Geo.
the pressed paper objects are coated on
both sides with an adhesive material made 3. c. 33, and in 1808 under 41
of five parts Russian gelatine, and one Geo. 3, c. 4, be.
part thick turpentine; the shavings are
applied to them, and the whole is subers, the conclusion naturally suggests jected to pressure. (Wood-shavings alone itself, that some day a new and hitherto would, because of their unequal thickness, unsuspected meaning may attach to the present uneven surfaces.) The objects proverbial phrase of a
paper war.” are now cut, if necessary, dried, and var. Apropos of our subject, it may not be nished.
uninteresting to note that the amount of In a former number of this journal, paper required for the census of last year mention was made of the dome of an ob- was stated to have been fifty-seven tons, servatory having been constructed of thirteen hundredweight - comprising con. paper compressed to the hardness of siderably over seven and a half million wood. Jf buildings can be satisfactorily householders' schedules, more than sevroofed with what is usually considered só enty-nine thousand enumerating books, frail a substance, it is not surprising to and one hundred and ten different forms learn that hats and umbrellas can be made for vessels. from the same material, a paper of ex- As regards the raw materials out of traordinary fineness and strength being which paper is made, the immense comsaid to furnish the people in the Corea mercial importance of cotton and jute as with both of those useful articles.
textile products suggests a few important Talking of dress equipment, a writer considerations. Within a comparatively in the Theatre mentions having seen in short space of time, these fibres have been Paris a magnificent stage costume en the means of founding industries which riched with the loveliest lace he ever be rank by the side of the time-honored silk, held. In his own words: “ The dress wool, and linen manufactures. Is it not was displayed on account of that lace; natural to suppose that if, in scientific and that lace was worth, perhaps, twenty- matters – notably electricity - we seein five francs; for it was paper, wonder. almost daily increasing our knowledge, fully stamped, and represented trains of similar progress should be made with refuchsias, and looked just as much a piece spect to those more prosaic subjects which of real lace as a Paris diamond by night very closely affect the personal and do. looks an old mine gem. Parisian actresses mestic comforts of mankind ? Amongst wear that paper lace a great deal; it is the latter, clothing is, after food, the most tough, soft, and very effective. To wear essential requirement. The discovery, or a costly lot of lace which may be ruined application, therefore, of a new textile in a night, when very cheap lace-paper fibre is of much economic importance; looks as well, is considered the height of and the recently published accounts of folly by intelligent foreigners."
the properties of the ananas (or pine-apple) Other triumphs in the way of utilizing fibre are sufficient to show that in all paper may safely be predicted. By some probability a very valuable raw material enterprising Americans at least, the time for the manufacture of certain qualities of is thought not far distant when yachts, cloth has been placed within the category lighter, swifter, and stauncher than any of textile vegetable fibres. craft yet built, will astonish the maritime The pine-apple is justly esteemed in world. Not very long ago, a citizen of Europe for its delicious aromatic flavor, the United States made a journey of over and when grown in this part of the world, two thousand miles in a paper canoe, requires to be kept in hot-houses. In built for him by a firm in New York. The the more sunny regions of the East and total weight of the canoe was only fifty- West Indies, South America, Mexico; eight pounds; and for strength, durability, and the Philippine Islands, the pine-apple and elasticity, could not, they say, be sur. grows in wild luxuriance. Yet, however passed. The paper skin, after being wa: widespread its fame as a table fruit, it is ter-proofed, was finished with hard var- doubtful whether many people know of dishes, and then presented a solid and the plant in connection with the textile perfectly smooth surface to the action of fibre it produces. According to one practhe water, unbroken by joint, lap, or seam. tical authority, the leaves of both the wild Unlike wood, it has no grain to be cracked and the cultivated kinds yield fibres which, or split; and paper being one of the best when spun, surpass in strength, fineness, pon-conductors, boats of this kind appear and lustre those obtained from flax. It is to be admirably adapted — which cannot further added, that in its manufactured be said of steel or iron - for use in all state, this product has been long known climates. The surface, polished like a as an article of commerce in the countries coach-panel, never shrinks or absorbs referred to. One of the leading trade moisture. Once employed by boat-build-/ papers of the German textile industry has
Increase in 1881
given attention to the investigation of the come within the control of the foreign properties of this fibre. From India and customs. Still, though in this respect from Central America, two specimens of imperfect, they record with sufficient tissues woven from it have been received. closeness the fluctuations, one year with The former was a piece of striped mus- another, of the external trade of China; lin; and the latter a sample of dress ma- and it is satisfactory to find that of late terial in which the yarn had been their record has been one of progress. bleached; thus showing that the fibre is For the past three years the recorded valcapable of undergoing that process suc- ues of the net foreign imports that is, cessfully. As to the uses to which the of the foreign goods retained in China – fibre can be put, it is asserted that it can and of the exports of native products be employed as a substitute for silk, and have been: as a material for mixing with wool and
Native cotton. It is likewise stated that for sew
Imports. Exports. ing-thread, twist, trimmings, laces, cur.
1831 tains, and the like, its particular qualities
27,195,000 19,798,000 46,993,000
ISSO render it specially applicable.
24,437,000 21,580,000 46,017,000
1879 24,640,000 20,028,000 44,668,000 As to the extent of its production which is a primary consideration, from an
About five-sixths of the total imports industrial point of view - it is remarked of China consist of opium, cotton and that the plant in its wild state covers large woollen goods, and metals. And as retracts of land; and that, owing to the gards these staples, a comparison with absence of suitable machinery for prepar- 1880 brings out the following results: ing the fibre, the domestic consumption,
VALUES OF CHIEF IMPORTS.
€ large size of the leaves gives a great Opium 10,416,000 8,962,000 1,454,000 length of fibre, which is an advantage for Cotton goods 7,217,000 6,479,000 735,000
12,000 manufacturing purposes. It has hitherto Woollen goods 1,622,000 1,610,000
Metals been mostly used, in the countries re
1,338,000 1,134,000 204,000 ferred to, for the inaking of fishing-nets, In the sundries, which constitute the lines, etc.; its great strength, and its remaining sixth of the imports, the inpeculiar quality of not being injured by a crease in 1881 over 1880 amounts to fully prolonged submersion in water, rendering 1,000,000l., a growth which may be re it particularly adapted for such purposes. garded as specially gratifying, inasmuch The fact that every portion of the plant is as it may be taken to indicate that the utilized either as fruit or fibre, has been Chinese demand for foreign goods is exurged to prove the lucrative results which tending to a larger number of products, may attend its cultivation. In conclusion, and becoming more generally diffused. the writer considers that the ultimate The increase in the opium imports is not adoption of the pine-apple fibre as a man. a feature of the year's trade which can ufacturing product is assured, and urges be regarded with much satisfaction, and on Germa
manufacturers to devote spe possibly the best that can be said of it is cial attention to this new branch of textile that it does not necessarily imply an inindustry.
creased use of the drug, which is now so largely produced in China itself that the import figures are of little value as a guide to the total consumption. There is, however, nothing to detract from our gratification at the development of the trade in
cotton goods, the increase shown last A CONTINUED expansion of the com- year under this head being but the conmerce of China with foreign nations is tinuance of a growth which has been shown in the returns of the trade at the in progress ever since 1878, in which treaty ports during the year 1881. These year the value of the cotton imports was returns, it may be mentioned at the out only 4,432,000l. The increase in woollen set, do not give a complete view of the goods is comparatively slight, but the Chinese foreign trade, inasmuch as they market for these products in China is limtake no cognisance of the very consider.
• The Haikwan taels, in which the values are stated able quantity of goods imported or ex
in the return, are converted throughout al the rate of ported in such Chinese vessels as do not | ss. 6*5d. per tael.
From The Economist, THE FOREIGN TRADE OF CHINA.
ited, as amongst the poorer classes wad-about 800,000l, in value, that, however, ded cotton garments are preferred to being accompanied by considerable, alwoollens, not only because of their com- though not quite a proportionate, decline parative cheapness, but also from the in the quantity shipped. These two force of custom, which it is not easy to movements account for nearly the whole break through. In metals the increase of the diminution in the aggregate value arises almost wholly in tin and sheet lead of the exports of 1881, and the changes and tin plates.
in the other branches of the export trade The chief articles of export from China show few noteworthy features. are tea and silk, and of the former the As to the direction of the trade, it is export in 1881 was the largest recorded, not possible to speak with absolute certhe figures for the past five years be- tainty; for while in the returns the trade ing:
of all the treaty ports is classified accord
ing to the countries of origin or destina1881.
2,137,472 tion, no such classification is given of the 1880.
2,097,118 trade of Hong Kong, which last year 1879.
1,987,463 amounted to 13,536,000l, out of the re1878.
corded aggregate of 46,993,000l. This 1877 :
Hong Kong trade, however, is simply an But the prices obtained last year for the entrepôt trade, the imports thither and Chinese teas, partly owing to the large- the exports thence coming originally from ness of the supply, and also because of and being destined to, the various countheir inferior quality, were very low, and tries that do business with China. But a the recorded value of the larger ship- very good idea of the course of the ments in 1881 is 787,000l. less than that Chinese trade may be gathered from the of the smaller consignment in 1880. In following statement of the shipping enthe silk exports, also, there was last year, tering and clearing from the treaty ports as compared with 1880, a decrease of in each of the past six years:
TONNAGE and NATIONALITY of VESSELS ENTERED and CLEARED at TREATY Ports.
In 1876, the proportion of British to 400,000 tons to 225,000 tons, and although the total tonnage was about 50 per cent., this is to a large extent attributable to while last year it amounted to nearly 624 the substitution of Chinese for American per cent. It does not, of course, neces- vessels, yet the probability is that a large sarily follow that our direct trade with number of United States ships have been China has developed in the same propor. replaced by British. There can be no tion. It must be remembered that of late doubt, however, that the development of years we have been getting the carrying Chinese trade has been largely with Great trade of the world more and more into Britain and its colonies and dependenour own hands and that in all probability, cies, and that even from the growth that therefore, British vessels are being, em- bas taken place with other nations, we ployed to a larger extent in the trade of have benefited in the fuller employment other nations with China. We know, for it has given to our mercantile marine. instance, as a fact, that while the trade We cannot, therefore, but feel deeply inbetween the treaty ports and the United terested in the further extension of States increased in value from 2,216,000l. the Chinese trade, which, much though in 1876 to 3,747,000l. in 1881, the Amer. it has increased in recent times, is still ican tonnage fell in the interval from 2,- only in its infancy, for the imports and