ulting from this service of $29,000. The trade of the
United States with Australia, which is in a considerable part carried by
these steamers, and the whole of which is practically dependent upon the
mail communication which they maintain, is largely in our favor. Our
total exports of merchandise to Australasian ports during the fiscal
year ending June 30, 1890, were $11,266,484, while the total imports of
merchandise from these ports were only $4,277,676. If we are not willing
to see this important steamship line withdrawn, or continued with
Vancouver substituted for San Francisco as the American terminal,
Congress should put it in the power of the Postmaster-General to make a
liberal increase in the amount now paid for the transportation of this
important mail.

The South Atlantic and Gulf ports occupy a very favored position toward
the new and important commerce which the reciprocity clause of the
tariff act and the postal shipping bill are designed to promote.
Steamship lines from these ports to some northern port of South America
will almost certainly effect a connection between the railroad systems
of the continents long before any continuous line of railroads can be
put into operation. The very large appropriation made at the last
session for the harbor of Galveston was justified, as it seemed to me,
by these considerations. The great Northwest will feel the advantage of
trunk lines to the South as well as to the East and of the new markets
opened for their surplus food products and for many of their
manufactured products.

I had occasion in May last to transmit to Congress a report adopted
by the International American Conference upon the subject of the
incorporation of an international American bank, with a view to
facilitating money exchanges between the States represented in that
conference.[14] Such an institution would greatly promote the trade we
are seeking to develop. I renew the recommendation that a careful and
well-guarded charter be granted. I do not think the powers granted
should include those ordinarily exercised by trust, guaranty, and
safe-deposit companies, or that more branches in the United States
should be authorized than are strictly necessary to accomplish the
object primarily in view, namely, convenient foreign exchanges. It is
quite important that prompt action should be taken in this matter,
in order that any appropriations for better communication with these
countries and any agreeme