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raw cotton thence over the Orenburg Railway, which had forwarded already, in November, 1,150,000 cwt., 36 million lbs. having been brought from Khiva and Bokhara in the three months preceding. The export trade from Russia was greatly stimulated by the war, and by the debased currency. The exports of grain in the same period increased nearly onequarter; of spirits, nearly one-half; exports of tobacco nearly trebled; those of flax more than doubled; and those of hemp, hides, sheep and cattle, wool, and many such products, increased in an astonishing ratio. The sugar-culture, owing to special protective measures and a favorable crop, attained a development almost magical in this period, and, instead of an import of 414,000 poods and an export of 1,000 in the preceding year, there were, in 1877, no imports, but an export of 3,256,000 poods. A conference, called by the Government of Russia, to consider the probable effect of a blockade on the grain trade, reported that the average grain exports had lately increased to 143 million bushels.

There has been a gradual increase in the exports from India for many years, which was abnormally quickened by the recent fall in the European silver market. In the year 1872-73 the quantity of wheat sent abroad was 320,000 ewt.; in 1875-'76 it had increased to 2,156,000 cwt., and in 1876-'77 to 4,839,000 cwt. The cultivation of the tea-plant has increased much in late years. New industries have also been introduced, such as the culture of the cinchona plant. The exports of India are usually about 50 per cent. in excess of the imports. In 1875'76 the imports amounted to about 212 and the exports to 300 million dollars. Not over 11 per cent. of the exports were manufactured articles; an increase in the exports of the latter class, notably of cotton and jute manfactures, and of leather and tanned hides, is observed. A large increase in the tea culture is noticeable. The tea exports of 1875-'76 were 24 million lbs., amounting to 10 million dollars.

The export of silk from Japan rose suddenly in the latter half of 1876, owing to the failure of the silk crop in Europe, to nearly double the quantity exported in the same period the year before. The value of the exports amounted to $12,770,000, which was more than the entire exportations of any year since 1869-'70. The high prices brought out the accumulated stocks in the interior. But, aside from this exceptional activity, there are signs that the silk culture in Japan is at present extending, and that the soil and capital employed in the production of tea for the American market are, owing to the depressed condition of the teatrade, being turned into the cultivation of silk. The Japan teas exported to America increased from 6,500,000 lbs. in 1862-'63 to 24,893,000 lbs. in 1875-'76. The foreign trade of Japan for the year 1875-'76 was reported at 244 million dollars imports, one-half of them from Great Britain, and 16 millions exports, nearly 7 mill

ions to the United States, 6 millions of which was in tea.

The customs returns for the treaty-ports of the Chinese Empire show a gradual extension of the foreign trade, the total exports for 1876 being two-thirds greater than the total for the year 1864; though the large exports, and high prices of silk in 1876, made the total, 151,120,086 taels, considerably higher than it would otherwise have been. More than threefourths of this trade was with the British Empire and colonies; more than three-fourths also of the shipping in which the goods were exported was British, German shipping ranking next, and then American, French, and Japanese in order. The exports of raw silk, stimulated by the recent failures of the European crops, will probably remain an important branch of Chinese commerce. The particulars of the Chinese imports in 1875, compared with 1874, indicate an increased demand for European manufactures and East Indian products, with the exception of opium. The decline in this article, from nearly 43 million dollars to 38 millions, is accounted for by the increased production of China, and partly, no doubt, by the efforts of the Government to restrain its use. The increase in cotton goods was from under 273 million to 30 million dollars; in woolens, from 6 to 6 millions; in metal goods, from 5 to 6 millions; and in sundries, from 14 to over 20 millions. The aggregate imports increased from $96,541,296 to $101,704,870. The increase in the values of the exports was from $100,069,302 to $103,369,393; the increase in the quantities was, however, considerably greater; a growing demand is observable for many peculiarly Chinese manufactures, and a progress in industries of modern introduction, as in refined sugar, tobacco, etc. The net imports of opium increased steadily from 53,915 piculs in 1868 to 67,468 piculs in 1874, and then fell off to 66,461 piculs in 1875. The total exports of tea from China were: 1875-'76-green, 8,023,601 lbs. ; black, 66,396,663 lbs.; 1876-77-green, 9,476,624 lbs.; black, 76,113,084 lbs. The exports in 1875 amounted to 192,054,568 lbs. of black, 27,172,647 lbs. of green, and 22,281,150 lbs. of brick, and the total shipments to 242,754,664 lbs. The export of green teas has declined since 1872; that of the black and brick varieties is steadily increasing. The total exports in 1866 summed up 159,150,423 lbs.. Besides the above quantities, there are large amounts transported overland to Siberia and Mongolia, to the value of a couple of million dollars a year. The land-shipments are increasing, and were, in 1875, nearly 20 million lbs.

The industrial condition of the countries of South and Central America is steadily improving, though amid many drawbacks. Large amounts of European capital have been employed in opening up the resources of this part of the world, yet its natural wealth is still very far from being fully developed. Some of

these countries have, however, already a considerable and increasing foreign trade, and stand on a respectable economical level. The Argentine Confederation received, in 1875, imports to the value of about 55 million dollars, they having increased from 473 millions in 1871, and exported 45 million dollars' worth-an increase of 10 millions in four years. It stands in communication with all the chief maritime powers, England and France leading. The main articles of export are wool and tallow, and other animal products. Bolivia has a trade of about equal dimensions. Brazil's average imports, during the period mentioned, amounted to some 95 million dollars, about one-third coming from England and one-fourth from France; her exports, 112 millions, onethird to England and one-fourth to the United States. Chili imported in 1875 about 38 millions' worth, and exported 343 millions, over 16 millions in copper to England, whence most of her imports are brought. Peru's average imports were 25 millions, and her exports 30 millions, consisting chiefly of guano and cubic nitre, with the minor articles alpaca and sheep's wool, sugar, etc. Uruguay's enterprising and active trade fell away in 1875 to 14 millions imports from 16 in the preceding year, and from 15 to 14 millions exports, which consist mainly of animal produce-hides and skins, grease, bone-ash, etc. One-half of her commerce is with England. Venezuela's commerce, in which Germany takes a leading part, amounted to 4 millions imports, and 5 millions exports. The commerce of the United States of Colombia, owing to internal political disturbances, decreased in 1875 to less than 7 millions imports, from over 11 millions the previous year; the exports, about 10 millions, also declining a little. Great Britain, with France and Germany, commands this commerce.

In the foreign trade of Mexico and the West Indies the United States takes a more or less predominant part. In the year 1873 the commerce of Mexico amounted to 33 millions exports, 24 millions being in coined silver, and 29 millions imports; in 1874, 25 millions exports, 15 millions in silver, and 28 millions imports. The annals of the Mexican mints make the aggregate coinage, during the colonial period of 300 years, about 2,200 millions, and during the period of independence of 53 years, about 854 millions; in all, 3,054 millions of dollars. The coinage in the fiscal year 1875 was 20 millions. The commerce of Cuba, Hayti, and Santo Domingo is chiefly with the United States. Owing to the inferior and deficient out-turn of the Cuban tobacco crop since 1873, other countries, in Europe as well as in America, have given such attention to the tobacco culture that a very fair leaf for cigars is grown in various portions of the world. The Mexican and South American tobacco is constantly improving. The Dutch East Indies are also extending the cultivation of the plant.

The effect of the war on the European stock market was at first depressing; and when the market again hardened, the average prices were lower, in spite of vast amounts of money seeking investment. Before the declaration of war there had been a steady advance in the prices of first-class investment stocks since 1874. The advance in the values of an aggregation of stocks, both governmental securities and corporate, amounting to over five billion dollars, was computed to be a little over 5 per cent. in the 12 months ending March, 1877. At the outbreak of the war there was a rapid decline, which was not afterward recovered, the ruling prices averaging, in June, 1 or 2 per cent. below those of March. The rise in the prices of good securities was owing to the stagnation of trade and discredit of new enterprises, and the consequently large amounts of idle money, which condition was also evidenced by the low rate of the minimum discount of the Bank of England (2 per cent.), which had prevailed in July, 1877, for more than 12 months, while the rates in the open market were considerably lower during the same period, latterly in Paris as well as in London. A rise in the value of the most credited Government obligations, like English consols, French rentes, and, in an inferior degree, American bonds, in comparison with other stocks, has made itself remarked of late years. This is easily accounted for by the fact that the annual dividends of the stock companies are generally lower by 2 or more per cent. than they were a score of years ago.

Up to the middle of 1876 there was an influx of gold into England, the excess of imports for the first seven months being £9,024,000. In August of that year the tide turned, and at the end of the year the excess was reduced to £6,960,000, and during the first seven months of 1877 there was an excess of exports of £3,136,000. A part of the time the state of the exchanges with Paris caused an efflux thither of gold. The rationale of gold-movements between England and other countries is given by Ernest Seyd, as follows: Par of (short) exchange between London and New York, Paris, Berlin, Australia, £1 = $4.867, 25.22 francs, 20.43 marks, £1. When the exchanges deviate from these pars, they indicate the indebtedness of one country to another. When the exchange in New York on London sinks to $4.824, or .08 per cent. below the par, there is a flow of gold to New York; when it rises to $4.89, or .05 per cent. above the par of exchange, the flow is the other way. The same occurs when exchange in Paris sinks 4 per mille to 25.12 francs, or rises 4 per mille to 25.321 francs; or when German exchange falls 5 per mille to 20.32 mards, or rises 5 per mille to 20.52 marks. The normal outflow of gold from the Bank of England can, however, be checked by raising the discount-rate. This occurred in the autumn of 1877. The imports of gold into England were, for the first nine months of 1877,

£11,710,000, or 7 millions less than in the corresponding months of the previous year. The exports were £16,363,000, of which £7,250,000 went to Germany and £5,390,000 to France, while comparatively little was sent to the United States. Only £2,047,000 of the gold importations came from the United States, against £4,347,000 in the previous year, and £8,227,000 in 1875. The silver importations for the same period were for £10,920,000 from Germany; and the exportations to India, £10,844,000; to China, £1,839,000. The effect of the decline in the silver market caused in India a rapid influx of silver. When silver touched the lowest figure in London, in July, 1870 (483d.), and gold was dearest in Bombay, there commenced an extensive exportation of gold, which reached its flood in August; while the subsequent rise of silver in England to 574d., in January, 1877, was followed by a corresponding reflux of gold into India. The export of silver from England to India amounted to £13,368,000 for the 12 months ending June 31, 1877; the annual shipments for four years previously had only averaged £4,.100,000. The exports to China were proportionately larger during this period. According to the reports of Dr. Linderman, the excess of exports over imports of silver in America has declined since 1872, the excess being, in that year, $35,302,543; in 1873, $26,953,869; in 1874, $23,636,216; in 1875, $17,947,241; in 1876, $17,386,508. Considerable silver has been shipped from San Francisco to China lately on British account. The value of the silver coin withdrawn up to the end of September, in Germany, was estimated, at the former mint-price, at about 220 million dollars, over two-fifths of which was used for the new coinage. The German produce of silver amounts to about 7 million dollars per annum. The exportations of silver to England were about 10 millions sterling from 1872 to 1876, and about 11 millions in the nine months of 1877. The rest of the old thaler coinage to be withdrawn was estimated at the same date at 112 million dollars. The total new coinage was, up to October 27th: Gold, 1,527,313,885 marks; silver, 144,022,704 marks; nickel, 35,160,344 marks; copper, 9,595,930 marks.

The effect of the Eastern war upon the wheat market was to stimulate speculation and inflate the prices, which soon subsided considerably after the first excitement was over. Red spring wheat stood at $1.54 per bushel in New

WHEAT AND FLOUR. 11 cwt.=1 cwt.

AVERAGE PRICE.

York; English red, 528. per quarter in London on the 6th of April, 1877; May 3d, the prices had risen to $2.09 and 678.; June 9th, they had ebbed again to $1.90 and 618. 6d. During the period of inflation there were large sales in England, and large importations from Russia and the Danubian provinces, and from French and German stocks. The American exportations were, however, not as large at that time, both farmers and speculators holding on for a further advance. The highest price obtained in the English market was 688. 9d., on May 19th. The fluctuations in the English wheat market were considerable, owing to varying weather and political reports; at the end of the first half of 1877 it stood at 648. 6d. per quarter, against 528. 3d. at the beginning of the year, and 488. 2d. a year previous. In Germany the crops were of average size, in Hungary above the average, and in France fine, but smaller than had been expected. The quotations in the summer months for delivery in October, November, and December, were 5 to 10 per cent. below current prices; in New York, also, dealers speculated for a lower market, and frequently sold 10 per cent. under the market for forward delivery. In Austro-Hungary there was an excess of about 4 million quarters over the average yield, and a surplus for exportation of 3 million quarters. France imports large quantities of grain every year, and exports usually still greater quantities manufactured into flour; her imports, in 1876, amounted to 38 million dollars, and her exports to 43 millions; these imports are almost entirely from her commercial allies, the United States taking no part in this trade. The dependence of the British population on foreign countries for its food-supplies has become much greater within a few years, and within a similar period the United States have won the position, before held by Russia, as the chief purveyor to its immense and growing wants. In 1867, Russia supplied 44 per cent. of the English wheat importation, and America 14 per cent.; in 1873, 44 per cent. came from the United States. Holland and Belgium also depend, though to a less considerable extent, upon America for their grain-supplies (see article COMMERCE (FOREIGN) OF THE UNITED STATES). The extent and sources of the supplies of foreign wheat imported into England are shown in the following statement of the imports of wheat and flour into Great Britain for five years and seven months of the year 1877 :

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468. 2d. cwts. 22.228.000

578. 7d.

cwts. 12.484,000

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4,012,000

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France

4,554,000

3,260,000

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India (wheat)..

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120 COMMERCE, INTERNATIONAL.

The imports in 1875 were not all consumed the same year; but of the stock of 1876, none to speak of was carried over to this year. The acreage under wheat has been diminished from 3,630,000 acres in 1874 to 2,994,000 acres in 1876, in the British Isles. Mr. Stephen Bourne has calculated that, "of the 33 million inhabitants of the United Kingdom, 18 millions are sustained on food grown at home, and 15 millions on that received from abroad." Herr NeumannSpallart, an Austrian statistician, has estimated the total corn-produce of the principal graingrowing countries at 2,400 to 2,450 million hectolitres (830 million quarters, or 6,640 million bushels), of which total Russia contributes 27 per cent., America 22 per cent., Germany 11 per cent., France 10 per cent., Austro-Hungary 7 per cent. The European lands which usually produce more than they consume are: Roumania, Denmark, Russia, Prussia, France, Hungary, Bavaria, Sweden.

The cotton industry has been very much depressed for the last year, the result of excessive production; and when, at the beginning, a favorable tendency began to be felt, the commencement of the war suddenly arrested the rising movement. The English manufacturers have suffered serious losses from competitive prices. By working the mills part time, and during a long strike of the operatives at Bolton, provoked by a reduction of their wages, the large surplus stock has been greatly diminished, and in October, 1877, the mills were again in full operation. In Russia the manufacture has been favored by the condition of exchanges and high duties, discouraging importation. In Norway and Sweden, also, the factories have yielded a profit. In France the ministerial crisis had a very depressing effect, and also in the neighboring states. From Germany the reports are most discouraging, and, unless matters change, the production in Saxony, Prussia, and Alsace must be diminished. The number of spindles now employed is calculated at 39 millions in Great Britain for 33 lbs. each, 19 millions on the Continent of Europe for 53 lbs. each, and in the United States 10 millions for 63 lbs. each. The consumption is, in the English factories, 1,3033 million lbs.; on the Continent, 1,033 million lbs.; in America, 630 million lbs. The last season's crop falls short of the usual requirements of the spinners by some 70 or 80 million lbs. Yet, owing to the slackness of trade, no higher prices were obtained than usual; the market hardened, however, in England late in the autumn, and large quantities were removed from Liverpool for manufacturing requirements. The export of cotton goods from Great Britain has steadily increased from 2,980 million yards in 1868 to 3,803 millions in 1877; and of yarns, from nearly 130 million lbs. to nearly 230 millions. Production has increased in an equal or greater ratio in several other countries, probably faster within the last few years than the increased demand, great as it is, will

COMMERCE (FOREIGN), UNITED STATES.

at present justify. Messrs. Ellison's estimate of the probable importations into Europe in the season 1877-78 is as follows: American, 1,314,000,000 lbs.; East Indian, 472,500,000 lbs.; Egyptian, 270,450,000 lbs.; Brazilian, 65,600,000 lbs.; Mediterranean, 35,000,000 lbs.; Peru, West Indies, etc., 18,450,000 lbs.: total, 2,176,000,000 lbs.

COMMERCE (FOREIGN) OF THE UNITED STATES. The United States, like all the chief commercial nations, has been passing through a period of commercial stagnation and contracted consumption for the last four years. The depression has, fortunately, not diminished the volume of their export trade. The domestic exports reached, in 1876-'77, the unprecedented magnitude of $589,669,490, having increased from $525,582,247 in 1876, and $499,284,100 in 1875. The exports of 1873-'74 ($569,433,421) were exceptionally large, they having been 505 millions the previous year, with a steady increase from 269 millions in 1868. The import trade increased gradually from about 345 millions in 1868 to $624,689,727 in 1872-273, in which year the disturbance in business began to be felt. The contraction. then set in with a sudden falling off of 74 millions, the balance in the merchandise trade turning out in favor of the United States for the first time in 27 years, with the exception of a slight balance in 1858. In 1874-75 there was a further decline in imports of nearly 32 millions, with, however, owing to a falling off of 70 millions in exports, a balance of about the same amount as in the foregoing year (19 millions) on the other side. In 1875'76 there was a further decline in imports of 73 millions, and a favorable balance of over 79 millions, which was nearly doubled in 1876'77, being 151 millions. The amount of the imports in the latter year was $438,510,996, having declined about 7 millions further. The volume of the total commerce in 1876-277-over 1,128 millions-was only exceeded by that of three former years, it being within 10 millions as great as in 1872, when the largest balance (over 182 millions) stood against the United States, and about 100 millions less than in 1873 and 1874, in which years the balance changed from 119 millions against the United States to nearly 19 millions in their favor. The above statements take account of merchandise only, and do not include the exports of specie, which, however, belong by right in the same account, being a product of the country, and an important one; yet its enumeration with the merchandise in any single year might give a false idea of the commercial movement of that year. The net exports of coin and bullion for the last 7 years have been nearly 55 millions per annum, and the aggregate net exports since 1850 have been about 1,500 millions, or 47 millions a year. In the aggregated commerce for the last 7 years there has been an excess of domestic exports, including specie, over the net imports, of nearly 222 millions; and in the ag

gregated commerce since 1790 there is a balance against the United States of 667 millions, according to the official returns. The extension of railroads has enabled this country to export vast quantities of food-materials, which now rank beside cotton in the external commerce of America; yet the ill-considered haste and rivalry in the development of these highways was one of the principal causes of the commercial derangement and exhaustion from which the nation has lately suffered. The sudden arrest of railroad construction affected materially the international balance-sheet, a great portion of the material having been brought from abroad, mostly from England. The following two tables show the extent of the entire foreign commerce in dollars for each year, from 1870 to 1877, inclusive:

Exports (reduced to gold values) from the United

YEARS.

States.

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under normal conditions; but the amount taken from the circulation of the country was not great compared with the products of the mines, which have very much increased of late years; so that the net exports of the last seven years have averaged nearly 8 millions more than the ten years from 1861 to 1870, in which the average was about 5 millions more than that of the preceding decade.

The values for which the different classes of merchandise enter into American commerce can be seen in the tabular statement on pages 122 and 123, showing the net imports into the United States during the three years ending June 30, 1875, 1876, and 1877.

Among the unmanufactured exports, the class called "other articles" includes whale and animal oils (over 1 million dollars each year), quicksilver (increased export of from 1 to 13 million), wool, tan-bark, ice, etc. Among the unspecified manufactured exports are books and paper (over 14 million dollars in 1877), Total Exports. jewelry and watches, paintings and engravings, cordage, and vessels sold out of the country. Among the finished articles imported not enumerated are clothing (14 million in 1877, and half a million more the first year), paintings and other pictures (1 to 1 million), paper manufactures (over 1 million), furniture and musical instruments, and hemp and cordage, all of them decreasing.

1570... 376,616,473 16,155,295 58,155,666 450,927,434 1871... 428,398,908 14,421,270 98,441,988 541,262,166 1872... 425,487,181 15,690,455 79,877,534 524,055,120 1878... 505,033,489 17,446,453 84,608,574 607,088,496 1874.. 564,433,421 16.549,619 66,630,405 652,918,445 1575.. 499,254,100 14,158,611 92,132,142 605,574,853 1-76.. 525,582,247 14,802,424 56,506,302 596,890,973 1877. 59.669.490 12,504,996 56,163,237 655,637,723

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Total Imports.

26.419,179 462,377,587
21,270,024 541,498,708
18,743,659 640,838.766
21.480.937 663,617,147
28.454,906 595,561,248
20,900.717 553,906,153
15,936,681 476,677,871
40,774,414 492,090,406

It may be seen from the above statements that the entire excess of exports over imports was, in 1877, $166,547,317; in 1876, $120.213,102; in 1875, $50,668,700; in 1874, $57,052,197; before the latter year there was an excess of imports of about 114, 1, 1164, and 56 millions in 1870, 71, 72, and 73 respectively. There was an adverse balance on the whole account from 1864 to 1873 inclusive, save in the one year 1868; and before 1864, a favorable balance since 1855, save one heavy deficit in 1861 of 87 millions, 40 millions of which was specie imported. Be fore 1855 the balance stood, with few exceptions, against the United Sates. The average volume per annum of the commerce proper of the country, including the net imports and domestic exports, with the net exports of specie since 1850, was approximately, in millions of dollars, for the decade ending 1830, 110; 1840, 1921: 1850, 2224; 1860, 543; 1870, 6011; and for the 7 years following, 1,089. During the period of an exclusively paper currency, larger quantities of the precious metals have been exported, of course, than would have been

The

The superiority of many American manufactures is receiving a substantial acknowledgment in the form of orders which have come of late years from all parts of the world. The Centennial Exhibition attracted the attention of Europeans to the higher productions of American skill and invention. In spite of the difficulties of gaining new depots in foreign countries, which are greatly enhanced by the unfortunate decadence of the maritime industry in America, and by peculiar expenses of production, the American manufactures are winning their way in the contested markets of the world. fact that American mechanical products are preferred in some of the Spanish-American countries, and still more decidedly in the British colonies, and that American makers are winning away customers from the wealthy manufacturers of Birmingham, Sheffield, and Manchester, is regarded with not less alarm in England than gratification in America. On the Continent of Europe, also, certain American manufactures are being introduced, while British products are losing ground before the progressive native industries. The exports of metals and metal goods from the United States during the first 9 months of the calendar year have increased from 14 million dollars in 1876 to 21 millions in 1877. The exports of cotton goods have increased nine-fold in 5 years, that is, from 11,704,079 yards in 1872 to 105,831,694 yards in 1877, and the values from $2,304,330 to $10,180,984; the proportion of the colored goods has remained nearly the same-24 per cent. to 76 per cent. white. The propor

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