On one side there is Rotterdam with its stream running inland, but wanting a convenient port; on the other side there is Amsterdam with an excellent port, but which has no river which can unite the port with the main continent. In order to obviate this inconvenience a bill was voted last year, proposing the construction of a great canal, which should unite Amsterdam with the Rhine, passing by Utrecht.

This is a work of actual necessity, which, once achieved, would enable Amsterdam to take its share in the transit trade, of which Hamburg, Rotterdam, and Antwerp, are now in sole possession. We must recollect that Amsterdam is now no longer the great town it was in the 17th and 18th century, in the time when foreign ambassadors danced attendance in the houses of its burgomasters. However, during the last few years it has awakened from the torpor which seemed to paralyze its every member. The capital of Holland appeared to have become in politics the nursery of all the national conservative instincts, and in commerce it had developed slow, phlegmatic, apathetic habits, which astonished even the Dutch, and afforded many jokes even in Holland. It has all altered now. The fleets from the North Sea, crossing the isthmus, have brought with them a new breeze of activity and energy, which may perhaps enable Amsterdam to retrieve part of her ancient splendour.

It is the merchant service particularly which needs new strength, to take a new start. In Holland, as in France, they are going through the consequences of the revolution which is being effected in shipping by the introduction of large steamers, as substitutes for the old sailing vessels. In 1850 the merchant navy of Holland held the fourth place after England, America, the North, and France. It actually occupies, at this present time, the eighth or tenth place!

The following are the statistics of the merchant navy during the last 10 years, including ships capable of long voyages as well as coasting-vessels.

The principal observation which this statement suggests is that the number of shipowners and the number of sailing vessels diminish

in a remarkable proportion; that, on the contrary, the number of steamboats has increased, and that, thanks to the construction of some large steamers, about 2,000 and 3,000 tons, the amount of the tonnage remains stationary in spite of the diminution of the sailing vessels.

Moreover, these figures will suffice to show that the merchant service is in a state of transition, and that, for the moment, its condition is far from being a flourishing one. The natural consequence of this is that the mass of trades dependent on navigation must be injured. Before the introduction of large iron steam packets, all the wooden vessels were built in the country itself. There were a great many small dockyards where wood vessels of six, seven, eight hundred tons at the outside, could be built. But these yards were neither capable of, nor possessed the machinery for the construction of steam vessels of two and three thousand tons which the English could supply in less time and at a cheaper rate. Hence the fact that Holland, the traditional land of all naval constructions, which the Czar Peter the Great visited in order to initiate himself in the art of ship-building, may now be seen with her dockyards deserted and forsaken. One curious thing to observe is, that they say that the attention of the Dutch is being turned away from the sea. The number of young men who devote themselves to a naval career is constantly decreasing, and even amongst professional sailors there is a very marked tendency to secure situations on land. They say that the Dutch are losing the remembrance of the greatness they owe to their navigation.

The cause of this fact may be sought for in the facility for acquir ing luxuries and the development of education, which turns away the mind from great enterprises and great risks. Is this the truth? We cannot tell, but we must observe narrowly the facts of the point in question in other nations, if we would draw a right conclusion on this subject. What remains unquestionable is, that there is a scarcity of a capable staff both of officers as of sailors; and every one agrees that one of the fundamental reasons of the decline into which the merchant service has fallen may be found in the incapacity of the available staff. Another active branch in constant connexion with navigation-shipping insurance-suffers no less than the building. In 1859 there were 1,190 shipowners in Holland; in 1881 there are only 503. There are fewer ships, but they are much larger; so that the risks are increased by being portioned among a number of cargoes which are gradually being restricted. This change has brought about the ruin of a great many small insurance companies.

To these causes of decadence which have been felt in many other countries, there is added, for the Low Countries, another which has aggravated the crisis in a very remarkable degree. Under the first French Empire, Dutch commerce and navigation, already decaying

at the end of the eighteenth century, had been completely ruined. In order to help them to recover themselves, the government of the kingdom of the Low Countries founded a Society of Commerce in 1824, called the "Nederlandsche Handel Maatschappy." To this company was entrusted the bringing into Holland produce which the Government cultivated in the Indies, and to sell this produce for the benefit of the Government in the seaports of the Mother Country. They gave a premium for the construction of vessels, and they paid a high price for their transport. Each Dutch shipowner obtained a cargo of colonial produce in turn. Fearing to expose themselves to too great risks, the Government encouraged above everything the construction of vessels at a maximum tonnage of 800 tons. Above this figure the price granted for transport diminished. They did not concern themselves about the rapidity of the voyages. The builders concentrated their attention on the construction of vessels which should be capable of carrying cargoes of a great specific weight, such as coffee and sugar. By this system the Dutch soon saw themselves in possession of a large fleet excellently fitted out with small vessels of adequate power which are perfectly suitable for the purpose of transporting the produce of Java into Europe, but entirely unsuited to compete in swiftness and cheapness against foreign vessels to Brazil, to Australia, or to China. It was a change appropriate to the need of the moment—namely, the transport of Colonial produce, and this transport made life so easy to the shipowners that, say it we must, they scarcely put themselves to any trouble to form new relations elsewhere. They neglected the countries where advantageous cargoes could be met with, especially America and Africa; and, most astonishing fact, every time that a commercial house did business with these two parts of the world, brilliant results were obtained. But the Java voyages were so easy and gave such certain results that the officers did not trouble themselves to make other and more difficult trips. The certainty of having a cargo made a great number of carrying companies spring up which were not always in the hands of persons sufficiently competent to guide them prudently.

It was prosperity, but a prosperity which was artificial and without solidity. Whilst it is true that the protective system enervates a nation and renders it incapable of sustaining a serious competition against its neighbours, this system of protection has been carried on in all its vigour for upwards of 30 years. Since then other ideas have arisen and soon, as it always happens, the movement is fast from one extreme to the other. They made out, rightly or wrongly, that the mother country exhausted the vital power of Java, that it was necessary to sell its produce, not at Amsterdam or Rotterdam, but in Batavia, in order to secure other outlets to the colony. The system of protection of the merchant

service was changed. They did not allow cargoes of a fixed size any longer, but they contracted for the transport of produce; they did away with the premiums on ship building as well as the proportionate tax of registration on the purchase of foreign vessels, but they forgot equally to suppress the duty upon importation on building materials. They opened colonial ports to all foreign nations, and they abolished the differential duties which had been established on colonial produce.

Can we be astonished that after so many radical changes they had assisted in a complete breaking up of all navigation and merchant service which had been so laboriously organised during 30 years? If this change of system had not unexpectedly occurred at the moment in which the formation of a new type of stock became inevitable, if it had been effected gradually and prudently, the force of the stroke might have been broken, and the shipowners would have been able to prepare themselves to transform their stock according to new requirements. In acting as they have done, they have prepared for themselves, by want of consideration, a disaster which has rapidly come on.

For the moment, however, they have already returned to a better state of things. Already several companies have been formed with large capitals. In Amsterdam there exists the "NéerlandoIndienne," Navigation Company of with 24 steamboats of a total tonnage of 19,123 tons; the Netherland Company, with eight vessels weighing 17,687 tons; the Royal Navigation Company, with 24 boats and 14,939 tons; the Java Company, with four boats and 6,000 tons. At Rotterdam there is the "NéerlandoAmericaine," with seven boats and 12,000 tons. At Amsterdam there are shipowners, such as Landberg and Jouz, disposing of a tonnage of 11,458 tons, and at Rotterdam, such as W. Ruys and Son, disposing of a tonnage of 7,457 tons (the ton is equivalent to 2.82 cubic metres-35 cubic feet 547 cubic inches).

All this denotes a very marked revival and gives the best hopes for the future, but what is wanting is a real interest in the heart of the whole nation for everything which concerns navigation; it was this general turn to matters connected with the sea to which the prodigious success made by Dutch navigation in the 17th century was owing. A turn to matters connected with the sea, which still exists in England and which the geographical situation of the Low Countries justified so admirably. At the present time all the obstacles to navigation have disappeared, but the government might do much more than it does for instruction in maritime matters and for the instruction of merchant captains going long voyages, pilots and sailors generally. The parliamentary inquiry which took place in 1875 on the merchant service has been decisive on this head. Only it has not yet produced all the fruit which might be desired.-From the Economiste Français.

INTERNATIONAL BANKS IN AMERICA.

THE following Act to enable national banking associations to extend their corporate existence and for other purposes having passed both houses of Congress, became a law by the signature of the President on the 12th day of July, 1882. Under the provisions of this law the continuation of the National Banks of the United States, the charters of many of which had ended this year, is secured.

An Act to enable National Banking Associations to extend their corporate existence and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That any national banking organisation organised under the Acts of February 25th, 1863, June 3rd, 1864, and February 14th, 1880, or under Sections 5133, 5134, 5135, 5136, and 5154 of the Revised Statutes of the United States, may at any time within two years next previous to the date of the expiration of its corporate existence under present law, and with the approval of the comptroller of the currency, to be granted as hereinafter provided, extend its period of succession by amending its articles of association for a term of not more than 20 years from the expiration of the period of succession named in said articles of association, and shall have succession for such extended period, unless sooner dissolved by the act of shareholders owning twothirds of its stock, or unless its franchise becomes forfeited by some violation of law, or unless hereafter modified or repealed.

Section 2. That such amendment of said articles of association shall be authorised by the consent in writing of shareholders owning not less than two-thirds of the capital stock of the association; and the board of directors shall cause such consent to be certified under the seal of the association, by its president or cashier, to the comptroller of the currency, accom panied by an application made by the president or cashier for the approval of the amended articles of association by the comptroller; and such amended articles of association shall not be valid until the comptroller shall give up to such association a certificate under his hand and seal that the association has complied with all the provisions required to be complied with, and is authorised to have succession for the extended period named in the amended articles of association.

Section 3. That upon the receipt of the application and certificate of the association provided for in the preceding section, the comptroller of the currency shall cause a special examination to be made, at the expense of the association, to determine its condition; and if, after such examination or otherwise, it appears to him that said association is in a satisfactory condition, he shall grant his certificate of approval provided for in the preceding section, or if it appears that the condition of said association is not satisfactory, he shall withhold such certificate of approval.

Section 4. That any association so extending the period of its succession shall continue to enjoy all the rights and privileges and immunities granted, and shall continue to be subject to all the duties, liabilities and restrictions imposed by the Revised Statutes of the United States and other Acts having reference to national banking associations, and it shall 62

VOL. XLII.