COMMERCE, INTERNATIONAL. 



177 



Between tho 1st of January, 1873, and the 

 1st of January, 1879, the " Gazette " average 

 price for wheat had fallen from 55s. lid. per 

 quarter to 39s. 7<Z., or 29 per cent., in London, 

 while the New York price for red spring wheat 

 had fallen from $1.70 to $1.10 per bushel; and 

 flour had fallen from $7.50 to $3.70 per bar- 

 rel, 51 per cent., in New York, and in London 

 had declined 22 per cent. The London price 

 for Scotch pig iron declined between the two 

 dates from 127*. to 43s. per ton, or 66 per 

 cent. ; coals from 80s. to 19s., or 37 per cent. ; 

 copper from 91 to 57 per ton, or 37 per 

 cent. ; and tin from 142 to 61, or 57 per 

 cent. The fall in inferior beef was 26 per cent., 

 in prime small 10 per cent. Middling upland 

 cotton fell from 10<i. to 5|ti. per lb., or 46 

 per cent. ; wool from 23 to 13 per pack, or 

 43 per cent. The decline in sugar was 26 per 

 cent., in coffee 19 per cent., in black Malabar 

 pepper 39 per cent., and in saltpeter 34 per 

 cent. 



The total value of British imports showed a 

 decline in 1878 for the first time since 1872. 

 The fall in the total values imported was from 

 394 to 366 millions sterling, the total im- 

 ports for the year amounting to the latter 

 sum. The imports of raw materials, 122 mil- 

 lions, show a decline of 1 per cent, or 14 mil- 

 lions. In the quantities of food and articles of 

 consumption imported there was an increase 

 of 2 per cent., and in materials for manufac- 

 tures a decrease of 5 per cent. ; in average 

 prices there was a decrease in the first class of 

 about 9 and in the second of nearly 7 per cent. 

 The increase in food imports was confined to 

 animal foods, and chiefly occurred in the arti- 

 cles bacon and hams, much larger quantities 

 of which were imported at reduced prices. 

 Among vegetable foods, there was a decline in 

 quantity and a still greater decline in price in 

 the articles wheat and sugar, and an increase 

 in the article Indian corn. Among the ma- 

 terials for manufactures, the largest falling off 

 was in the textile materials, the decline in 

 prices being considerably greater than that in 

 quantities. In the imports of wood sthere was 

 a remarkable diminution in quantities and a 

 considerable decline in prices. In the total 

 VOL. xix. 12 A 



imports of all classes there was perhaps a Blight 

 increase in quantities, with a decrease in tho 

 aggregate value of 84 per cent. The chief 

 articles of animal food were imported to the 

 amount of 40 millions in value, nearly 4 mil- 

 lions more than in the previous year. In the 

 imports of alcoholic beverages, which amount- 

 ed to nearly 84- millions in valne, there was a 

 falling off of about 1J- million. In petroleum 

 there was a slight falling off in quantity, which 

 was remarkable considering that the value was 

 proportionately much less. In oils and in tal- 

 low there was a decline in both quantities and 

 value. In niter there was an advance in quan- 

 tity at a higher price. In guano and bone fer- 

 tilizers there was a slightly increased impor- 

 tation. The chief materials for the textile 

 manufactures were imported to the value of 

 70*43 millions, or 5*84 millions less than in the 

 preceding year a decrease due in nearly equal 

 measure to lessened quantities and lower cost. 

 On imports of the chief manufactured articles 

 of the value of 6'70 millions, there was a de- 

 crease of 0'17 million, principally due to lower 

 prices. Among miscellaneous materials, there 

 was a slight increase in the import of raw 

 hides and tanned leather at a lower cost, and 

 also in rope and linseed. The following table 

 shows the course of trade in the principal ar- 

 ticles above mentioned and several others (+, 

 increase; , decrease): 



The trade returns for the first nine months 

 of 1879 show a decrease of 23,269,840, or 8-2 

 per cent., compared with the returns of the 

 same three quarters of 1878, which gave 282,- 

 616,072, against 259,346,232 in 1879. The 

 decrease in the exports was less marked, being 

 4,761,512, or 8'8 per cent. ; the exports in the 

 first nine months of 1878 being 144,926,177, 

 against 140,164,665 in 1879. The imports of 

 raw cotton were about 3 per cent, lighter and 

 about two millions sterling less in value than 

 in the first three quarters of 1878. In the 



