Egypt ful light, of French construction, and is visible from a distance of 20 miles. The next light, or third in order from the Suez light, is that on Ashrafi or Ushraffee reef, at the northern entrance, and on the western side of Jubal Strait, in Lat. 27° 47' 33" N., Lon. 33° 42′ 18′′ E. This is a revolving white light, attaining its greatest brilliancy once every minute, the illuminating apparatus being also dioptric, or by lenses of the first order. It is raised on a structure of open iron-work, 140 feet high from base to vane, the light itself being 125 feet above the level of the sea; the surface of the reef is a-wash at low water. This light should be seen in clear weather from a vessel's deck at a distance of 18 miles. The fourth light is on a reef called by the natives Aboo-1-Keisan, but known as the Daedalus reef. This reef is situated nearly in the middle of the Red Sea, about 207 miles S.S.E. E. of the Ashrafi lighthouse. There is no anchorage nor shoal near it, the water being very deep all round close to its edge. The reef itself is oval in shape, about 5,000 feet long, N. W. and S.E., by 1,800 feet wide, and its surface is almost always under water. The lighthouse is placed 200 yards from the south-eastern extremity of the reef; it is a structure of iron, partially open, 70 feet high from base to vane. The light, which is a fixed white light, being at an elevation of 61 feet above the mean level of the DIRECT TRADE IN BRITISH VESSELS Egypt sea, is visible in clear weather at a distance of 14 miles. Maritime Canal. The opening of this canal has already produced a marked effect on the communications with the East by the way of the Mediterranean and the Red Sea. Freights were formerly prohibitory for all but valuable cargo, whereas now the most bulky produce and raw materials find their way to Europe via Egypt, and raw cotton in bales, hides, oils, seeds, &c., are conveyed to Alexandria by rail, and thence shipped for Europe, notwithstanding the facilities afforded by water, while through the Suez Canal even coals are carried on freight by steam-vessels to Suez, as well as to the Indian ports. According to the report of 1872, in 1870, 486 vessels, giving a total tonnage of 435,911 tons, passed through the canal. In 1871, 765 vessels, giving a total tonnage of 761,467 tons, passed from Suez to Port Said, and vice versa, showing an increase of 279 vessels and 325,556 tons. Seventy per cent. of the tonnage which passed through dur ing 1871 did so under the British flag, and of the 611,797 tons which passed through during the first six months in 1873, 73 per cent. were in like manner under our flag. The number of vessels built and still building expressly for the purpose of trading with India and China, via the Suez Canal, points clearly to the expec tation of increasing trade. The canal has already cost £10,000,000 exclusive of interest. FROM AND TO GREAT BRITAIN AND BRITISH COLONIES. CLEARED. I ENTERED. Total Number of Vessels. Total Tonnage. Total Numbe r, Total Tonnage. 112 112 157,057 157,057 14,895 Unkn. 113 113 155,920 155,920 14, 736 Unkn. INDIRECT OR CARRYING TRADE IN BRITISH VESSELS FROM AND TO OTHER COUNTRIES. Elephant's Tail The Government system of weights in use on the railway is not quite consistent. The Administration reckons 22 kantars of 100 Egyptian lb. each to 1 ton English. The Egyptian lb. is 144 dirhems, and each dirhem, according to the weight of the Egyptian gold coin, 48 grains English, but of the Turkish nearly 49 grains, while the dirhem of Constantinople and of Egypt are supposed to be identical. The result of the Egyptian standard is that an Egyptian cantar should weigh 98 742 lb. English. The kantar in practice does not generally exceed 98 lb. English. However, 22 kantars of 98 742 lb. each give 2,172 lb. English, or 68 lb. less than the weight of an English ton. The practical effect is this: that if a person sent goods weighing an English ton to be carried by the railway, he would find that he had to pay, not for 22 kan tars, as stated in the railway tariff tables, but for 23 kantars. All such deviations from regularity are opposed to the interests and just exigencies of trade. Money. The value of the piastre as against the English sovereign is 2461538d.; 97 Egyptian piastres are equal to 1 English sovereign, and the gold piastre piece, or, as it is called, "Guinea Egyptian," is equal to 1 os. 61538d. Yet the value of an English shilling, if not worn, is only 4 Egyptian piastres, whence it follows that 205. in English silver are only worth 90 piastres Egyptian, and that an English sovereign is the equivalent in British silver coins in Egypt of 21s. 8d. Bank. The only banking establishment here is a branch of the Imperial Ottoman Bank. Exchange. The rates of exchange are ruled by those of Alexandria, which are subjected to an addition of 1 per cent. in favour of the bank. ELEPHANT'S TAIL (HAIR OF). This article is made into rings, bracelets, and other female ornaments for the natives of India. ELEPHANT'S TEETH. These are obtained in South Africa, Ceylon, Burmah, &c. Much of that which comes to China is brought from Siam in junks; the northern ports of Siam, Cambodia, and the confines of Burmah supply that market. The teeth should be chosen without flaws, solid, straight, and white; for, if cracked or broken at the point, or decayed inside, they are much less valuable. EMBARGO [Sp. Embargo, an impediment], a public prohibition forbidding ships to sail, generally adopted with a view to impending hostilities. EMERALD [Ger., Du., Da., and Sw., Smaragd, Fr Emeraude, It. Esmeraldo] is one of the most beautiful of all the class of coloured gems when perfect; its colour a pure green. Our jewellers distinguish emeralds into two kinds, the Oriental and Occidental. The emeralds of the East Indies are finer than those of any other part of the world; but as these are not often met with, the dealers call the American emeralds the Oriental. The genuine stone is found of various sizes, but usually small; great numbers are met with Emerald Mines of about the 16th part of an inch in diameter, and they are found from this size to that of a walnut. The emerald is next in hardness to the ruby, and varies in colour from the pale to the perfect green. EMERALD MINES of Muzo (The) are situated in the state of Bogota, one of the united states of Columbia, and are about four days' journey from Bogota. It is evident that these mines were known and worked long before the discovery of America and the conquest of New Granada by the Spaniards. When an expedition came about 1553 to reduce the tribe called Los Muzos to the Spanish rule, these Indians were found to possess a large quantity of emeralds. It is not easy to see how they worked the mines, as they had no tools of iron. It is supposed that they had found the stones in the bed of the mountain torrents; for it sometimes happens that the winter rains produce great land slides, which lay bare large veins of emeralds, the stones in which are washed out by the waters. But these gems are of a very inferior quality; they resemble those which are still found in the Indian burialplaces, or in the lakes into which the Indians used to throw their relics during their contests with the Spaniards. However this may have been, the mines of Muzo were worked soon after the arrival of the Spaniards, on a large scale, both in the open air and by means of subterranean galleries; but about the middle of the eighteenth century the mines were abandoned, no one knows why. It was not until after the war of independence, and the expulsion of the Spaniards, that they were resumed. The mines were naturally taken possession of by the Republic, and let out to individuals and companies. In 1844 a Columbian named Paris carried a large quantity of emeralds to Europe and the United States, many of which he sold for considerable prices. He died a rich man. In 1864 a French company obtained a grant of the mines for ten years, for an annual payment of 14,700 dols. (3,000), together with a monopoly of all emeralds in Columbia, the government binding itself to prohibit the working of any other mines which might exist in the territory of the Union. This company is now in possession of Muzo, where the works are directed by a French engineer. In the opinion of this tleman the mountains of Muzo are very rich in emeralds, the quantity hitherto extracted being almost inappreciable. The principal mine now worked is pierced in every direction with galleries made by the Spaniards. Since 1825 it has been worked in the open air; an immense number of gems have been found, many of them of great value. After this mine shall have been exhausted, which will not be for many years, not a thousandth part of the ground containing diamonds will have been touched. This consists of a chain of mountains which extend beyond human sight. two days' journey from Muzo there is another mine called Lasquez, which was just touched gen At Emerald Mines same Europe its financial condition is prosperous. [We are indebted for this interesting account to Mr. Bunch's report to the Foreign Office.] ESSENTIAL or VOLATILE OILS occur in the stems, leaves, flowers, and fruit of many odoriferous plants, and are procured by distillation along with water: they are called essences, and contain the concentrated odour of the plant. They usually exist ready formed, but occasionally they are obtained by a kind of fermentation, as oil of bitter almonds and oil of mustard. Some of them consist of carbon and hydrogen only-as oil of turpentine from Juniperus Sabini, oil of oranges and lemons, from the rind of the fruit, and oil of neroli from orange-flowers. Another set contain oxygen in addition, as oil of cinnamon; otto or attar of roses from various species of rose, especially Rosa centifold; oil of cloves from Caryophyllus aromaticus. Those principally obtained from tropical shrubs and plants are citronella, oil of oranges and lemons, from the rind of the fruit oil; of cinnamon and cloves, croton oil, &c. The oil of sandal or Sanders wood, grown on the Malabar coast, is much esteemed as a perfume.-Simmonds. EMERY [Ger. and Sw. Smirgel, Fr. Emeril, Emeri, It. Smeriglio, Smeregio], a rich iron ore, found in large masses of no determinate shape or size, extremely hard and very heavy. It is usually of a dusky brownish red on the surface, but when broken is of a fine bright iron grey. It is imported from the island of Naxos, where it exists in great abundance, and is also found in Sweden, Germany, Italy, England, and many other places. Its specific gravity is about four. It consists of almunina 86, silica 3, oxide of iron 4. The emery of commerce is extensively used in Europe, and imported into England for grinding and polishing metals. by the Spaniards, and is evidently very rich. All this ground, including Lasquez, bears traces of the presence of the Spaniards; and as the geological formation is the in the whole neighbourhood, it is clear that the day is far distant when these mountains will be exhausted. The mountains of Muzo belong to the lower formation of chalk. The emeralds are found in two distinct layers; the first or upper one composed of a calcareous bitumen, which is black and friable; the second lower down, also of calcareous bitumen, but hard and compact. These two layers are generally separated from each other by a distance of from 17 to 22 yards. In the upper layer are found the veins which yield the 'nests" of emeralds-that is to say, a number of these gems massed together. But after one of these nests the vein disappears, being crossed by others of a different kind, which run in a different direction to those containing the emeralds. These latter veins are called "ceniceros," from their ashy colour; they are generally horizontal, whilst the emerald veins are perpendicular. They all run from N. E. to S.W. The veins of the lower layer are more regular, and are followed for 50 to 60 yards, and even more. "Nests" of emeralds are very seldom found in them, but they are more easy of extraction. When veins of fluor-spar well crystallized are met with, the emerald is not far off; the presence of rock-crystal is also a good sign, as likewise that of a pretty pyramidal shape of the colour of honey, called Parisite." The mine of Muzo is worked both by galleries and in the open air; the latter method, although more expensive, is more profitable, in consequence of the great irregularity of the veins, which are thus more easily got at. All the emeralds now extracted are sent to Paris, where they are cut, an operation ENAMEL [Fr. Email, Ger. Schmelz, It. which causes them to lose more or less of their Smalto], a kind of coloured glass used in weight and size, according to the degree of enamelling and painting in enamel. Enamels crystallization and of purity. It is impossible have for their basis a pure crystal glass or grit to determine the number of carats annually ground up with a fine calx of lead and tin pretaken from the mines of Muzo. The produc-pared for the purpose, with the addition usually tion is very variable, depending upon the number of veins which may be found, and their richness. Whole months may pass without a single emerald being found, whilst 100,000 carats may be procured in a few days. It is also impossible to fix the mean value of a carat of emerald, as, when the stone is large and of a very dark colour, and perfectly pure (which latter condition is extremely rare), it may be worked up to £20 a carat, whilst stones of a light colour, full of flaws, and divided into small fragments, are not worth 5s. a carat. These are then called "morallos," and have scarcely any value. There are no means of ascertaining the mean annual quantity of emeralds which has been previously or is now procured. This is the Company's secret, which it preserves from fear of the competition which will arise when it applies to government for a renewal of its lease. It is, however, certain that, notwithstanding the expense of working, of white salt of tartar. The best comes chiefly from Venice, in little round cakes, about six inches in diameter and half an inch thick. EUROPE had 56 States before the Italian war, while now it has only 18, with a total superficial area of 179,362 square miles, and a population of 300,900,000. Of these the German Empire comprises 9,888 square miles, and a population of 40,106,900 (according to the cen sus of 1867). The principal States in Europe with a population of more than 25 millions are:-Russia, 71; Germany, 40; France, 36; Austro-Hungary, 36; Great Britain, 32; and Italy, 26; their total population is, therefore, four-fifths of that of the whole of Europe. A century ago, before the partition of Poland, the Great Powers only possessed one-half of the then population of Europe, thus:-Russia, 18 millions; Austria, 17; Prussia, 5; England, 12; and France, 26: total, 80. The number of Roman Catholics in Europe generally is Exchange now 148 millions-35 in France, 28 in Austria, 26 in Italy, 16 in Spain, and 14 in Germany; of Greek Catholics, 70 millions-54 in Russia, 5 in Turkey, 4 in Roumania, and 3 in Austria; of Protestants, 73 millions-25 in Germany, 24 in England, 5 in Sweden and Norway, 4 in Russia, and 3 in Austria; of Jews, 4,800,000 -1,700,000 in Russia, 822,000 in Austria, 1,300,000 in Hungary, and 500,000 in Germany. Dividing Europe into nationalities, there are 82,200,000 of the Slavonic race, 97,500,000 of the Latin races, and 93,500,000 of the Germanic race. Exchange business to ascertain not only the state of the direct exchange between London and Paris, and consequently the sum which he must pay in London for a bill on Paris equivalent to his debt, but also the state of the exchange between London and Hamburg, Hamburg and Paris, &c., for it frequently happens that it may be more advantageous for him to buy a bill on Hamburg, Amsterdam, or Lisbon, and to direct his agent to invest the proceeds in a bill on Paris, rather than remit directly to the latter. Thus, if the exchange between London and Amsterdam be 35s. Flemish (old EXCHANGE, among merchants, is the mode coinage) per pound sterling, and between by which those of one country pay the debts Paris and Amsterdam 1s. 6d. Flemish per franc, due by them to those of another without the then in order to ascertain whether an indirect positive transmission of specie or bullion. The remittance to Paris would be most advanmeans of doing so are facilitated by those tageous, we must calculate what would be the representatives of money called bills of ex- value of the franc in English money if the rechange. The comparative value of the re-mittance be made through Holland, for if it be spective currencies of different countries is the less than that resulting from the direct exfoundation of exchange. This value is esti- change, it will obviously be the preferable mated by the weight and purity of the gold mode of remitting. This is determined by and silver coin of each country, and is called stating as 35s. Flemish (the Amsterdam curthe par, or equality of exchange. The rate rency in a pound sterling): 1s. 6d. Flemish of exchange-that is, the actual price for which (Amsterdam currency in a franc): : £1: 10d., the money of one country is sold in another- the proportional or arbitrated value of the though founded on the par, varies according to franc. Hence, if the English money or bill of the circumstances in which the two countries exchange to pay a debt in Paris were remitted may be placed. It is affected principally and by Amsterdam, it would require 10d. to dislegitimately by the actual balance of trade be- charge a debt of a franc, or 1 to discharge a tween the two countries, and the consequent debt of 24 francs; therefore, if the exchange necessity of remittances to discharge the debts between London and Paris were at 24, it which may have been contracted between would be indifferent to the merchant whether them. But this effect will not be seriously felt he remitted directly to Paris, or indirectly, if the general balance of trade is at the time via Amsterdam; but if the exchange between in favour of the country having occasion to London and Paris were above 24, then a direct remit. In that case some other country must remittance would be preferable; while if, on be indebted to it, and from which a transfer of the other hand, the direct exchange were less debt may be made with greater advantage. than 24, the indirect remittance ought as To ascertain or discover that country is the plainly to be preferred. Suppose, to borrow object of what is called the arbitration of ex- an example from Kelly (Universal Cambist), change. This is of two kinds, simple and com- the exchange of London and Lisbon to be at pound. Simple arbitration is when the ex- 68d. per milree, and that of Lisbon on Madrid changes among three places only are concerned, 500 rees per dollar, the arbitrated price beand the arbitrated price is such a rate of ex- tween London and Madrid is 34d. sterling per change between two of the places as shall be dollar for as 1,000 rees: 68d:: 500 rees: 34d. in proportion to the rate assigned between each But if the direct exchange of London on of them and a third. All questions in this rule Madrid be 35d. sterling per dollar, then may be performed by one or more operations London, by remitting directly to Madrid, must in the rule of three. Compound arbitration pay 35d. for every dollar; whereas by remithas respect to the exchange of four or more ting through Lisbon he will pay 34d.; it is, different places, and its utility consists in dis- therefore, the interest of London to remit indicovering the best and most advantageous me- rectly to Madrid through Lisbon. On the thod of negotiating exchanges with different other hand, if London draws directly on countries and cities, or, when several different Madrid, he will receive 35d. sterling per dollar, sorts of things are compared together as to whereas by drawing indirectly through Lisbon their value, to find out how many of one sort he will receive only 34d. ; it is therefore the inare equal to another. But compound arbitra-terest of London to draw directly on Madrid. tions are uncommon, as there are few houses capable of thus extending their negotiations; and, besides, the liability to unfavourable changes becomes much more increased. In MacCulloch's Dictionary the arbitration of exchange is explained very clearly:-"When a merchant in London, for example, means to discharge a debt due by him in Paris, it is his Hence the following rules:-(1.) Where the certain price is given, draw through the place which produces the lowest arbitrated price, and remit through that which produces the highest. (2.) Where the uncertain price is given, draw through that place which produces the highest arbitrated price, and remit through that which produces the lowest." In this country Facet Factory all exchange business is conducted by brokers, place separated by distance from his principal. who call upon the leading merchants and He is authorized, either by a power of atbankers, and discover whether they are buying torney or letter, to act for his principal in the or selling for the outward mail. The price is purchase or sale of goods, and in the manage. fixed by a few of the most influential, at which ment of all the operations, financial or otherthe greater part of the transactions are settled. wise, that are conducted and carried out by The brokerage charged is 1-10th per cent. On merchants. He receives from the person or Tuesdays and Fridays (post days), the days persons whom he represents, in lieu of wages, when all exchange business is transacted, the a commission or factorage, according to the course of the Exchange" is published at usage of the place where he resides, or the Wetenhall's. In India all the exchange busi- business he transacts. A factor is expected to ness is done through brokers, who, however, keep strictly to the tenor of his instructions, receive per cent for their trouble. To illus- as a deviation from them, even in the most trate an operation in that country, let us say minute particular, exposes him to make ample that C, in Madras, ships a consignment of cot- satisfaction for any loss that may accrue from ton to D, in Liverpool, and as a long time will his non-observance of them. When unlimited clapse before the vessel arrives and before the orders are given to factors, and they are left produce is disposed of, C draws a bill on D, to buy and sell on the best conditions they payable at six months' sight, or whatever the can, whatever the result may be--a loss, for inusance may be, for a sum under the value of stance, instead of a profit-they are not held the cotton-say £1,000. This bill he hands to a liable, as it is to be presumed they acted for the banker, who buys it at a certain rate of ex- best, and were governed by the dictates of change, and pays over to C the money. The prudence. A factor should always be puncbill is then sent to Liverpool, where, in the tual in the advices of his tranactions in sales, course of time, it is paid by Dout of the proceeds purchases, and in financial matters. "With of the cotton. The rate of exchange in this respect to purchases. As no agent can lawfully case depends mainly upon the quantity of gold exceed his orders, it follows that, if he do so, arriving in or leaving the country, as may be his principal, though he may, perhaps, insist thus shown:-The par is 2s. per rupee for bills upon keeping them, if he think it for his adon London; but, perhaps, owing to large arrivals vantage, has a right to refuse the goods imof gold, it has risen to 2s. old. or per cent. properly purchased; and it has been said that above par, and will continue to rise until the ex- in such case, if he have advanced money on portation of bullion commences, which will take them, he may, instead of returning, take upon place whenever the bankers refuse to draw at himself to dispose of them as factor for the better rates than what gold may be shipped agent who transgressed his orders. But then for. Suppose, however, the bill has been sold he must repudiate the transactions and give at 2s. od. per rupee, and D wishes to buy notice of his disagreement to the agent, within a remittance on London, the loss would be in a reasonable time, else he will be taken to have the first place £5 4s. 2d. on the £1,000. D, adopted it, and the loss, if any, will fall upon anticipating a further rise, might perhaps wait himself; and it has been intimated that though until the rate rose to 2s. 3-16d., when, if he an agent exceed the price named in his inbought his remittance, the loss would be re- structions, yet, if by means of doing so, he covered, and a profit of per cent. made. Al-effect a saving on the same goods equal in though gold is the main cause of the fluctuations in exchange, the exportation of produce, or the importation of manufactured goods, affects the rates very materially; indeed, to ope- FACTORY, an establishment where a number rate at all successfully, the movements in the of persons are employed for the production of staple articles of commerce must be watched some article of manufacture, generally by very carefully, bearing in mind that the ex-means of steam power. Return of Factories. change is always against this country when more produce is imported than the value of what is exported in our own productions. F FACET, or FACETTE, among jewellers, the name of the little faces or planes to be found in brilliant and rose diamonds. FACTOR is an agent or correspondent employed to transact business for another or others. He usually resides abroad, or some amount to the excess price, equity at least would consider him as justified."-Smith's Mercantile Law. England and Wales. Cotton. No. 2,405: combing machines, 8,282; spinning spindles, 30,478,228; doubling spindles, 2,028,732 ; power-looms, 344,719; power-loom weavers, 134,261; billy spindles or condensers, 32,818; amount of moving power, steam, 171,403; water, 7,673; total number of persons employed, 357,052. Woollen Factories. No. 1,420; combing machines, 963; spinning spindles, 3,822,916; doubling spindles, 128,274; powerlooms, 42,571; power-loom weavers, 30, 157: billy spindles, 1,045,978; condensers, 1, 178; amount of moving power, steam, 34,880; water, 7,626; total persons employed. There are 104 shoddy factories; 687 worsted; 128 flax; 19 hemp; 8 jute; 45 elastic; 4 felt; 90 hosiery; 186 lace; 587 silk. Scotland. 131 |