182 COMMERCE, INTERNATIONAL. 



COMMERCE, UNITED STATES. 



people; but, as far as it is affected by the 

 greater importation of grain and pulse, which 

 amounted to 1,250,000 cwt. as compared with 

 41,000 and 282,000 cwt. in the two preceding 

 years, it is the result of the recent famine. 

 The imports of cotton twist and yarn and of 

 gray piece-goods show a large increase, the 

 former amounting to 36 million Ibs., as com- 

 pared with 33 million Ibs. in 1876-'77, and the 

 latter to 992 million yards, as compared with 

 840 million yards. But this line of trade was 

 unnaturally stimulated by the efforts of English 

 manufacturers to work off their surplus stocks 

 at greatly reduced prices. The imports of salt, 

 which afford a better criterion of the consump- 

 tive capacity of the people, have declined from 

 298,000 tons in 1877, and 365,000 in 1876, to 

 254,000 tons in 1878. The trade of France 

 and Italy with India through the Suez Canal 

 has greatly increased during the last four 

 years; in 1878 the trade with those countries 

 made 5 - 3 and T8 per cent, respectively of the 

 total commerce. The export trade of India 

 still continues to feel the stimulating effect of 

 the depreciation of silver ; the proportion of 

 the exports to the total volume of the mer- 

 chandise trade, which was 59 per cent, in the 

 years 1867 and 1868, and increased to 67 per 

 cent, in 187l-'72, was 62 per cent, in 1877-'78, 

 against 63 per cent, the previous year, and 61 

 and 62 per cent, in the second and third years 

 before. The values of the imports and exports 

 of merchandise for the last twelve years were, 

 in lacs of rupees (llac=$50, 000 approximately), 

 as follows : 



The foreign commerce of the Dominion of 

 Canada for each of the ten years from 1868 to 

 1877 was, according to the official returns, as 

 follows : 



The shipments of silver from England to tho 

 East, in millions of pounds sterling and frac- 

 tions of millions, the silver imports into Great 

 Britain, and the average price of standard sil- 

 ver per ounce in pence, are shown in the fol- 

 lowing table : 



In 1878 the total imports were $91,199,577, 

 and the total exports $79,323,667. The foreign 

 trade of Canada is mainly with Great Britain 

 and the United States. The proportions in 

 which these two countries participate in the 

 aggregate trade has greatly altered in the last 

 few years. In 1873 the imports from Great 

 Britain, $68,522,776, exceeded by nearly 50 

 per cent, the imports from the United States, 

 $47,735,678, and were more than 75 per cent, 

 in excess of the exports to Great Britain. In 

 1878 the imports from Great Britain had fallen 

 to $37,431,180, while the imports from the 

 United States, $48,631,739, had not diminished ; 

 and the exports to Great Britain had increased 

 to $45,941,539, while the exports to the United 

 States had shrunk to $25,244,898. For tho 

 first time in her history Canada has been ablo 

 to show a favorable balance in her trade with 

 England for the last three years, while her ag- 

 gregate trade still shows an adverse balance, 

 which is owing now to the United States 

 instead of to Great Britain : in 1873 England 

 supplied Canada with 53 per cent, of her im- 

 ports, and the United States supplied 37 per 

 cent. ; in 1878 the United States supplied 53 

 per cent, and Great Britain 41 per cent. 



COMMERCE OF THE UNITED STATES. 

 Comparing the latest official statements of the 

 foreign trade of all countries, the commerce of 

 the United States is found to have been less in 

 total volume than that of only three, Great 

 Britain, Germany, and France, and the export 

 trade inferior in magnitude to that of Great 

 Britain and Germany alone. A comparison of 

 the imports and exports of the several coun- 

 tries shows that while the United States in 

 1877-'78 exported 257 million dollars' worth of 

 merchandise more than they imported, Great 

 Britain imported 690 million dollars' worth in 

 excess of exports, Germany 272, France 45, 

 Netherlands 83, and Belgium 67 millions. The 

 only other countries which show a favorable 

 balance besides the United States are India, 

 whose excess of exports is 115 million dollars; 

 Austria, 37 millions ; Japan 2 millions ; Siam, 

 3 millions; and the South American countries 

 Brazil with 6, the Argentine Republic with 

 4, and Chili with 2 millions balance on the 

 credit side. 



Until 1876 the balance of trade was almost 



