held at 11 o'clock A. M., making three daily Calls of Provisions now in force. At the first and third of these Calls settling prices for Pork and Lard are made. The Rules were also amended so as to define more specifically what Lard was deliverable on year contracts.

A communication having been received from the Bremen Petroleum Congress, it was referred by the Petroleum Trade to a Special Committee who gave the matters therein contained very careful consideration which led to certain amendments being made to the Petroleum Rules, which were adopted by the Trade and went into effect August 1.

The Oil Rules (other than Petroleum) have been amended so as to provide for a more thorough mode of testing Lubricating Oil and Paraffine.

The Distilled Spirits Trade have amended their Rules in two important particulars, one being the adoption of the Government Hydrometer, or its equivalent, as the standard for testing; and the other, making the Inspectors and Gaugers subject to appointment and removal by the Committee on Distilled Spirits. One hundred copies of the "Gauger's Manual," received by the Committee on Distilled Spirits from the Commissioner of Internal Revenue, were ordered distributed, without charge, to Inspectors and Gaugers, and to the Trade.

The Cheese Trade have amended their Rules so as to provide for the appointment of an official Inspector of Rejections.

A meeting of the Flax Trade was held to consider the adoption of certain proposed rules for the government of that Trade, but, after some discussion, a motion prevailed to have transactions in Flax Seed continue on the same basis as heretofore.

THE CANALS.

In February the Canal Board adopted a Toll Sheet for the season of 1879, on a nearly uniform basis per thousand lbs. of one-half a mill per mile on East bound freight, and of one

quarter of a mill on West bound freight. Coal was placed at one-eighth of a mill either way and Petroleum at one quarter of a mill. Flour and Provisions, excepting Butter and Cheese, were made free, as were, also, the Boats.

Towards the close of the last session of the Legislature the President, by request of the Special Committee on Canals, appointed a "Committee of Fifty" to go to Albany for the purpose of securing such amendments to the State Constitution as should be most conducive to the interests of the Canals. Fifteen members of the Committee went to Albany, who, judging that the only amendment to the Constitution which could possibly be reported at that session was the one recently adopted by the Assembly, decided to urge its adoption upon the Senate, and it passed that body on the last day of their session.

The State Canals officially closed on the 6th of December, previous to which, however, a sudden turn of cold weather caused serious obstruction to their navigation, and threatened to close them unofficially. By the most strenuous exertions on the part of the State officials the ice blockade was broken and the large consignments of Grain still en route were enabled to get safely through.

In view of the retirement, at the close of the year, of Mr. B. S. W. Clark, Superintendent of Public Works, resolulutions were adopted by the Board complimenting him on his able management during his two years of service, and expressing the hope that the Department might continue to be conducted in the same exemplary and efficient manner as it had been under his administration.

THE CENTAL SYSTEM.

Next to the subject of a new building, probably no question has had more of the attention of the Exchange this year than that of the proposed introduction of the Cental System. The correspondence with other Exchanges, which was commenced last year, elicited the fact that most of our commercial bodies were in favor of the system abstractly, and that many of them were disposed to unite with us in an effort

to give it practical effect. On submitting the question to our own members, as to whether it should be adopted in all transactions on this Exchange to which it could be applied, the answer was in the affirmative, by more than two to one.

The Board designated the 1st day of October, 1879, as a suitable date for putting the system into practical operation here, and the Grain and Flour Rules, the branches of Trade more immediately affected by the proposed change, were altered by these respective Trades so as to be in entire accord with the new notation. All other Exchanges, at home and abroad, were notified of our action, and were requested to unite with us in giving it full effect. The various Departments of the General Government were asked to aid the movement by making the cental system the basis of their estimates for supplies, and Millers were requested to pack flour 200 lbs. net to the barrel.

As the time appointed for its introduction drew near the Grain Trade requested that its application to them might be deferred, which the Board finally assented to, and named December 31st as the date when it should be made applicable to them. The Grain Trade then asked to be relieved altogether from its application, and the question was formally submitted to the Exchange, at a vote by ballot, whether the Grain and Flour Trades should be thus released, and decided in the negative. Nothing, therefore, remained for the Board but to carry into effect the expressed wishes of the Exchange, and directions were given that with the new year all the statistics of the Exchange should be made on the basis of centals, instead of bushels, &c., as heretofore.

Without wishing to intrude upon the records of another year, it may not be inappropriate to conclude the narrative by stating that our members, finding themselves almost alone in their efforts to inaugurate this reform, and finding that we were by no means heartily unanimous with regard to the expediency of adopting the system ourselves, decided to hold another ballot on the subject, at which it was determined to indefinitely postpone the application of the cental system to the business of this Exchange.

LEGISLATION.

The Complaint Committee have heard seventy-eight complaints, and disposed of them as follows: Referred to the Board of Managers, 6; to the Arbitration Committee, 8; to Private Arbitration, 21; to the Committee on Grain, 2; on Flour, 1; on Cheese, 2; Dismissed, 16; Settled, 13; Withdrawn, 9

The following table shows the number of cases that have been adjudicated this year, as compared with the last two years:

Early in the year the President of the Exchange received from the Special Committee appointed by the New York State Assembly to consider certain alleged abuses in railroad management, of which Hon. A. B. Hepburn was Chairman, an invitation to appear before them with such suggestions as might aid them in their proposed research. This invitation was posted on 'Change by the President, with the request that members would give him, before the day of meeting, such information as they might be disposed to communicate touching this subject. No such information

was furnished, however, and the President, not being able to appear in person, communicated his views to the Committee in writing. Later the Committee held two sessions in this city, and at these several of our members were summoned to appear and give their testimony.

In this connection it is appropriate to state that when the so-called "Reagan Bill," for the regulation of railroads, was under consideration by the U. S. Senate Committee on Commerce, in February, the Board of Managers formally approved the objections made to the ninth section of that bill by G. R. Blanchard, Esq., in his argument before that Committee, and communicated the same to him by telegraph.

In March the Buffalo Board of Canal Forwarders addressed a communication to our Board, protesting against what they were pleased to denominate the excessive terminal charges on grain at this port, and asking that they be reduced. To this communication the President sent a reply, which will be found appended, in which he reviewed the whole matter of elevating and transfer charges at Buffalo, and pointed out the inconsistency of any attempt on their part to arraign the port of New York in this connection.

The President of the Exchange, at the request of the Distilled Spirits Trade, has addressed a communication to the Commissioner of Internal Revenue, directing his attention to the injustice done this Trade by the Government officials here, in detaining spirits on which the tax assessed by Government Inspectors, at the place of distillation, has been fully paid, it being done on the ground that such assessment was insufficient or not correct.

The President has appointed a Special Committee on Pilotage and Wharfage to confer with like Committees from other Commercial Associations, with a view to effecting some reduction on the excessive charges to which shipping is subjected at this port.

The Exchange has been represented by suitable delegations at the Annual Convention of the New York State Diarymen's Association, held at Utica, in February, and also at the Ninth Annual Convention of the National Butter, Cheese and Egg Association, held at Chicago in March.