of 1874. In each case the record is that of the calendar year, ending 31st December. The total number of vessels (steamers included) remaining on the register books of the Dominion on 31st December, 1878, including old and new vessels, sailing vessels, steamers, and barges, was 7,469, measuring 1,333,015 tons register tonnage; being an increase, as compared with 1877, of 107 vessels and 22,547 tons. The number of steamers on the register books on the same date was 834, with a gross tonnage of 183,935 tons, and a net tonnage of 116,620 tons. Canada's position as a maritime country is shown by the following statement of gross tonnage, quoted in the Marine Report from the Répertoire Générale for 1878 and 1879:

After this comes Russia with 482,963 tons; Sweden, 468,694 tons; Holland, 443,974 tons; Spain, 430,858 tons; Greece, 410,958 tons; Austria, 300,427 tons; and Denmark, 222,467 tons, showing a high maritime rank for Canada among the nations.

The Dominion fisheries held their own during the year, and even showed a considerable improvement; almost the only branch of trade of which this remark can be made. In 1877, the yield of the fisheries was estimated at $12,029,957; and in 1878, at $13,373,486 (up to 31st December in each year, being an increase of nearly one and a half million of dollars. This, as stated in the Commissioner's preliminary report, was principally in the cod, mackerel, salmon, and lobster fisheries. The lake shipping trade, which it was supposed had touched bottom the year before, went a point or two lower still in 1878. Mining and manufacturing had already got to the bottom, and were staying there. From midsummer onwards political considerations appeared to influence business strongly, many people engaged in various branches of manufacture being inclined to barely keep the shop open, waiting the event of the general election in September. In the general uncertainty which prevailed there was little disposition either to extend old ventures or enter upon new ones, and everybody appeared to be waiting for something to turn up. The event was decided in the way that most people engaged in manufactures and mining wished it should be, and a Government pledged to give Protection to these interests, and to other interests as well, came into power. But for the establishment of the promised National Policy the sanction of Parliament was necessary, and it was well understood that the first quarter of another year must be nearly gone ere legislative action could be taken. Under the circumstances, even the most enterprising, and those most confident that the promises made before the elections would be redeemed by the men who had attained to power, did not feel like striking out a new departure in business during the closing months of the year; and the expression, "let us wait now until spring," appeared to indicate the prevailing view among business men.

With general business in such condition as above indicated, real estate had of course to suffer. Wherever failures forced real estate upon the market, the lack of buyers to take it up became apparent, and the test of what it would sell for revealed low prices and a great shrinkage in value during a few years. There were two kinds of property, however, that fairly maintained their value-town and city real estate in central positions, and farms in good agricultural districts. In the former, little movement took place; there was not much demand, but holders were generally strong enough to keep what they had if a sufficient price were not offered. In the latter there was actually more eagerness to buy than to sell, and good cleared farms in desirable localities, in Ontario, at all events, brought from $60 to $100, and even sometimes higher figures, per acre. These high prices for good farms are traceable to the increasing number of farmers' sons who want land, and who, having ran up the price in the best townships beyond their own means, are now by thousands seeking new homes in the great Northwest. With these two exceptions, depression and a still downward movement continued in the real estate business during the year, which closed, however, with a widely diffused hope that a change would come with the spring of 1879.

The financial record of the year was no better than the commercial; it was in fact even worse, for the reason that the accumulated bad influences of depression continued during years before, already spoken of, this year began to tell particularly upon the banks. There was a remarkable lack of good, safe business for the banks to do, and even the usual fall crop movement brought less than the usual amount of benefit. In no year since 1870, so it has been said, was the expansion of the circulation during the fall months so small as in 1878. The dead dulness which was the leading feature in matters financial during three-quarters of the year was broken, but in no cheering manner, by the astounding revelations of insecurity which came with the failure of the City of Glasgow Bank in October. Canada's direct interest in this disastrous event was not much, but still the tendency was to create distrust and to provoke investigation here as well as on the other side of the Atlantic. Before this, Canadian bank and other stocks had been almost steadily declining, under the chill of dulness and "nothing doing," but near the close of the year something more unfavorable than mere dulness and inactivity was to be observed. The following table, showing the market value of the capital stock of several banks, on January 1st and December 31st, 1878, will convey an idea of the depreciation which all securities suffered during the year:

In its financial review of the year, from which the above table is taken, the Montreal Gazette thus condenses results: "In these eight stocks the deprecia

tion during the year has been nearly seven million dollars, and if the decline in the value of all the stocks dealt in at the Stock Exchange were calculated in the same way, the total depreciation would be found to be something like ten million dollars. But the loss to investors in these securities is not to be estimated solely by the decline in the market value of the shares; the reductions which have been made in the dividends paid by the different Corporations have also to be taken into the calculation. We find that during the year the Bank of Montreal half-yearly dividend was reduced from 6 per cent. to 5 per cent.; the Ontario Bank dividend from 4 per cent. to 3 per cent.; Consolidated Bank dividend from 3 to 3 per cent.; Molson's Bank dividend from 4 to 3 per cent.; Toronto Bank dividend from 4 to 34 per cent.; Quebec Bank dividend from 3 to 3 per cent.; Nationale Bank dividend from 34 to 3 per cent.; Eastern Townships Bank dividend from 4 to 34 per cent., and Loan & Mortgage Company dividend from 5 to 4 per cent. By these reductions the amount of dividends paid by these Banks in the last half of the year was $232,000 less than in the corresponding period in 1877.”

It may be said, in brief, that the year closed with nearly all interests in a state of great depression, but still with a prevailing expectation that a change for the better was near at hand. How far that expectation is to be fulfilled it remains for the record of succeeding years to tell.

REMARKABLE TRIALS.

THE "M'CARTHY MYSTERY" IN NEW BRUNSWICK.

The McCarthy Mystery," as it was called, proved to be one of the most exciting cases which was ever tried in the Province of New Brunswick. The circumstances attending the murder, for murder it must have been, were so mysterious, the story told by Annie Parker so incredible, that people did not know what to believe, or whose statements to credit. The case produced great excitement, not only in the immediate vicinity of Moncton, where the missing man resided, Shediac, the scene of the tragedy, and Dorchester, where the trial of the accused parties took place, but also in all parts of the Maritime Provinces.

The facts attending this celebrated case may be stated as follows:

Timothy McCarthy, the victim, was a tavern-keeper residing at Moncton, where he did a good business. He was a married man, having, at the time of his disappearance, a wife and four children living. On October 12, 1877, he left his home in Moncton, telling his wife he was going South. He took with him, according to her statement, fully $1,000. At the station he met his uncle, and decided to go with him to Shediac. His wife was also going to Shediac. The two went in the same train to Point du Chene, where both went on board the boat. Mrs. McCarthy saw Mr. McCarthy talking to a man named W. D. Mansfield, and saw them walk up the wharf together towards Schurman's Hotel, and this was the last she ever saw of her husband. She remained at Point du Chene for a few days and then returned home. As McCarthy did not make his appearance, suspicions were excited and search was made for him. It was discovered he had left the Weldon House a little after 10 o'clock that night in company with a man named "Chip. Smith," who left him about twenty minutes later, but no further trace of him was to be found. A horse he had with him remained at Shediac till the 25th October, when Mrs. McCarthy got it and had it taken home. His brother, Edward McCarthy, his wife, and others began to make enquiries about him, and searched all the places he had been found to have been at on the evening of October 12th. It was clearly proved he did not go to Prince Edward Island, as at first it was supposed he had. Statements were obtained from all parties who knew anything about his movements, until at last a young girl named Annie Parker, who, at the time of his disappearance, had been in the employ of John Osborne, who kept a hotel at Shediac known as the Waverley House, made a statement that she had seen McCarthy murdered in the Waverley House about midnight on October 12th. In consequence of her statements, Edward McCarthy went

before Justice Wortman and laid information against John Osborne, his wife Martha Osborne, his daughter Eliza, and his son Harry, charging them with the murder of Timothy McCarthy. Justice Wortman thereupon issued his warrant, and on Sunday, 20th, 1878, the Osborne family were arrested. They were conveyed to Moncton and placed in the lock-up there. The arrest caused the greatest excitement in Shediac and Moncton, an excitement which continued throughout the whole proceedings.

On Monday, the 21st, at 11 o'clock a.m., the examination was begun in Dunlap's Hall, before Stipendiary Magistrate Wortman and W. J. Robinson, Esq., J.P. R. A. Borden, Esq., appeared for the Crown, and W. J. Gilbert, Esq., and C. A. Holstead, Esq., for the prisoners; but before the examination, W. H. Tuck, Esq., Q. C., Clerk of the Crown, came up from St. John to take charge of the case for the Crown; and A. L. Palmer, Esq., Q.C., also of St. John, appeared to defend the prisoners.

Annie Parker was the first witness called, and deposed as follows:

room.

Annie Parker.

On the 12th October last, I was at John Osborne's, Shediac. The family consisted of Eliza Osborne, Martha Osborne, John Osborne, and Harry Osborne. I recognize the parties in Court. John Osborne was sick on the day referred to. He was an hotel-keeper, and kept the Waverley House. I was a servant girl. The prisoners were in the house that night, and two children, Morton and John-in bed. Timothy McCarthy was there that night. I saw him there. I saw him there before 10 o'clock, and again after 12 o'clock of the 12th October. When I saw him the first time he was in the ladies' sittingMrs. Osborne and Eliza were with him. They had a conversation about Mrs. McCarthy. They were talking about a girl in Moncton; I forget her name. They were talking about a polonaise McCarthy had given her. McCarthy said he had an idea of going to the Island. They were talking about the buttons on the polonaise. Eliza said they were white, and he said they were black. Eliza said, "I'll bet they were white." He said they were black, and he took out a roll of bills, about three inches thick, to bet. She then said she did not care if they were white or black, she would not bet, and they had high words, and she came out into the kitchen. He came out to the dining-room door, where I was scrubbing, and went through the dining-room and stopped at the kitchen door and called Eliza. She did not come, and then he sent Harry for Eliza. She would not come, and said if he wanted her worse than she wanted him, he could come where she was. I don't know whether he took a drink in the bar-room or not. He remained two or three minutes in the bar-room. He then went out of the front door. Harry was in the bar-room with him. I saw him next after the clock struck twelve. I had not seen him in the meantime. After he went out, I heard Mrs. Osborne, Eliza, and Harry talking of giving him a white powder to "mortifize" him, so as to take his money from him. They used the word "mortifize." I always used that word. This conversation was before he came in at 12 o'clock. I had heard McCarthy say, before he left the house, that he was coming back. I dare say Harry, Mrs. Osborne, and Eliza could hear him say this as well

as me.