COMMERCE, INTERNATIONAL. 



179 



can products to France amounted to nearly 48 

 millions; but, interrupted by the war, they 

 sank in 1804 to less than 10 millions. In 1878 

 they were 5 millions more than in 1860. The 

 commodities exported to France from the 

 United States, with the exception of a small 

 amount in machinery, consist of raw materiula 

 and articles of food. Of the exportations of 

 AiiK'rican products to Franco in 1876, 31 mil- 

 lions, or nearly 60 per cent., were in raw cot- 

 ton; 21 millions, or 8 per cent., lard and tal- 

 low ; 19 millions, petroleum ; and 15 millions, 

 tobacco. 



The French cnstoms returns for 1878 give as 

 the values of the imports and exports of that 

 year the following suras (reduced to dollars) : 

 Total imports, $892,194,800, viz. : raw mate- 

 rials, $450,355,200 ; articles of food, $308,661,- 

 600; manufactures, $89,426,600; other arti- 

 cles, $43,751,400. Total exports, $673,961,- 

 400, viz. : manufactures, $373,428,400 ; articles 

 of food and raw materials, $264,173,000 ; oth- 

 er articles, $36,360,000. Among the imports 

 of food articles, breadstuffs are represented by 

 116 million dollars, oil-bearing fruits and seeds 

 by 31 millions, sugar by 22 millions, coffee by 

 22 millions, cattle by 48 millions. Among the 

 chief imports of raw materials are peltries, 

 82 million dollars; wool, 69 millions; silk, 75 

 millions; cotton, 39 millions; timber, 33 rail- 

 lions ; coal, 33 millions. Among the chief im- 

 ports of manufactures are cotton yarn, 9 mil- 

 lions ; woolen yarn, 4 millions ; silk goods, 8 

 millions ; woolen goods, 14 millions ; cotton 

 goods, 14 millions ; machinery, 8 millions. Of 

 the exports of manufactures, silk goods are the 

 chief item, 66 millions ; woolen goods next, 

 53 millions; then leather manufactures, 30 

 millions ; mercery, buttons, and turned wares, 

 29 millions; leather, 18 millions; clothing, 17 

 millions ; tools and hardware, 14 millions ; 

 jewelry, 12 millions; cotton goods, 12 mil- 

 lions ; woolen yarn, 8 millions. The imports 

 of food and crude products exceed the exports 

 by 495 million dollars, while the exports of 

 manufactures are 284 millions in excess of the 

 iports. Compared with 1877, there is an in- 

 rease in the total imports of 158 million dol- 

 irs, and a diminution in the exports of 13 

 lillions ; the excess of imports, which was 47 

 lillions in 1877, having increased in 1878 to 

 518 millions. 



The French customs returns for the first 

 i-L'lit months of 1879, compared with tbe same 

 period in 1878, show an increase in the im- 

 ports of alimentary substances from 1,149,527,- 

 000 to 842,442,000 francs, or 36 per cent. In 

 the imports of natural products and mate- 

 rials for manufacture the slight decrease from 

 1,430,732,000 to 1,424,457,000 francs is of no 

 statistical significance. The imports of manu- 

 factured objects were 289,709,000 francs, 

 compared with 287,501,000 in 1878 ; those of 

 other merchandise, 142,583,000 francs, com- 

 pared with 126,699,000. The increase in the 

 imports from 2,687,374,000 to 8,006,276,000 



francs, amounting to 818,902,000 francs, or 

 nearly 12 per cent., is therefore attributable to 

 the augmented food importations. In the ex- 

 ports there was an inappreciable diminution 

 in manufactures from 1,116,767,000 to 1,114,- 

 605,000 francs; a decline of 1 per cent., or 

 from 799,699,000 to 791,121,000 francs, in foods 

 and raw materials, and of 4 per cent., or from 

 115,495,000 to 110,498,000 francs, in other 

 merchandise. The decline in the total exports 

 was not -j^ per cent., being from 2,031,961,000 

 to 2,016,224,000 francs. 



The variations in the ninety principal secu- 

 rities dealt in on the Paris Bourse show a net 

 rise in the aggregate values of securities be- 

 tween the 1st of January, 1878, and the 1st of 

 January, 1879, of 2,996 million francs. The 

 rise in French rentes aggregates 1,000 million 

 francs; in French railway bonds, 548 million 

 francs. Among the few securities which de- 

 clined in price were Austrian Government 

 bonds, shares of the Bank of France, Suez Ca- 

 nal shares, and certain gas shares, depressed 

 probably, like gas shares in London, by the 

 prospect of the introduction of the electric 

 light. Money was more abundant in Paris 

 during the year 1878 than in any other money 

 market, large amounts flowing out to England 

 during the latter half of the year. The rise in 

 first-class securities is in this case the result of 

 the general depression of industry and com- 

 merce, the lowering of the rates of interest, 

 and the diminished demand for capital for pro- 

 ductive purposes. Industrial stocks generally 

 declined ; the coal stocks of the nineteen prin- 

 cipal companies of the north of Franco depre- 4 

 ciated during the year 103 million francs in the 

 aggregate, the fall in shares averaging 47 per 

 cent. 



The total volume of the external commerce 

 of Belgium in 1,877 was 4,360,800,000 francs, 

 about 4 per cent, less than in 1876. The total 

 importations, embracing all the goods received 

 both for consumption and for reexportation, 

 amounted to 2,356,600,000 francs, a decline of 

 about 4 per cent. ; the. total exports, including 

 the foreign exports, were 2,004,200,000 francs, 

 showing a falling off of 4 per cent, likewise. 

 Eliminating the transit and reexport trade, the 

 net amount of the foreign trade of Belgium 

 (the amount of foreign products which entered 

 into consumption and the amount of Belgian 

 produce and manufactures shipped abroad be- 

 ing taken together) was about the same as in 

 the preceding year, the total value being 2,500,- 

 500,000 frajics. The analysis of the total re- 

 turns shows favorably for Belgium, the value 

 of the imports which went into consumption 

 being 1,426,200,000 francs, a decline of 2 per 

 cent., and the value of the exports of Belgian 

 products being 1,074,300.000 francs, a gain of 

 1 per cent, over the previous year. There was 

 a diminished importation of grain, of wool and 

 hides, of pig iron, and of coffee and nearly all 

 luxuries and manufactures, and an increase in 

 the importations of iron ore and other mineral 



