110 



COMMERCE, INTERNATIONAL. 



cial enterprise in central Europe and Ameri- 

 ca before the period of contraction, and the 

 very struggle to maintain the new industries 

 during that period, have, no doubt, seriously 

 and permanently reduced the dominion of Brit- 

 ish commercial supremacy. The returns of 

 French commerce show a great shrinkage in 

 the foreign trade ; but the greater decline in 

 the importations than in the exportations is a 

 new proof of the proverbial prudence and fru- 

 gality of the French ; and the volume of their 

 commerce is still enormous, and sufficient to 

 maintain the most expensive public adminis- 

 tration save that of Great Britain, if we in- 

 clude the expenses of local government in the 

 latter with a costlier military establishment 

 than that of any other non-belligerent power, 

 and to preserve the national credit under the 

 heaviest public debt in the world. The collapse 

 of speculative enterprise in Austria, and after- 

 ward in Germany, after they had received a 

 stimulus from the influx of the French war- 

 forfeit of five milliards, subjected those coun- 

 tries to a severe revulsion ; but the commercial 

 enterprise and ambition thus awakened in Ger- 

 many may bear lasting fruit in the growth of 

 industrial branches formerly pursued only in 

 France and England, and in the increase of the 

 foreign depots for German wares. It is Ger- 

 many and England especially which have been 

 impelled, by the contraction of trade, to seek 

 new markets for their goods; and the opening 

 up of new currents of commerce may be count- 

 ed among the indirect benefits of the hard times. 

 There are various reasons why America has 

 not taken a proportionate share in the rivalry 

 for the world's market. The advantage of 

 shipping owned and controlled in the country, 

 and sailing regular courses to foreign ports, 

 favors England in the race, and Germany, who 



possesses the next largest carrying-trade on 

 the high seas. The imposts on raw and partly 

 manufactured materials prohibit competition 

 in many articles. The higher rates of wages 

 prevailing in the United States are not in every 

 case synonymous with dearer production ; but 

 the traditions of American trade which lead 

 the merchants to expect larger returns or more 

 immediate returns on their capital than the un- 

 dertakers of other countries, and their want of 

 mercantile connections and an acquaintance 

 with the conditions and requirements of foreign 

 markets, are serious hinderances, while, more- 

 over, the tide of exchanges does not set in favor- 

 ably until the new commercial channels have 

 been opened. The mind of the European busi- 

 ness world has been considerably taken up this 

 last year with several changes in commercial 

 treaties. Most of the new provisions are in 

 the direction of free trade, although every 

 concession has been opposed by representa- 

 tives of powerful interests and violent preju- 

 dices. Another question which has forced itself 

 in an unpleasant way on the attention of the 

 commercial community is the silver question ; 

 Germany's forcible adoption of the single gold 

 standard, effected at the cost of many millions, 

 having seriously disturbed the foreign trade 

 of India, China, Chili, and other silver-paying 

 countries, and placed embarrassing obstacles in 

 the way of specie resumption by the French 

 Government, and the Government of the Unit- 

 ed States (see article CUERENCT). Before the 

 season of comparative stagnation now existing 

 there was an active development of industrial 

 facilities and commercial connections in all 

 countries, as may be seen in the subjoined ta- 

 ble presenting the exports of different coun- 

 tries, both agricultural and industrial, per head 

 of the population, for the years 1868-'74: 



The allowances to be made, in considering the 

 above statement, for the imperfections of sta- 

 tistical returns and for the general diminution 

 of the purchasing-power of money, it is im- 

 possible to determine. It is sure, however, 

 that the improvements in the agents of produc- 

 tion and in the means of communication have 

 been such that many commodities are much 

 cheaper ; and the quantities in which they are 

 produced, and the ability to purchase of the 

 people of many countries, are vastly greater 

 thanlhey were a few years ago. 



The report of the British Commissioners of 

 Customs for 1876 showed an excess of merchan- 

 dise imports over exports of 125,968.263, or 

 44 per cent, of the total imports. This is the 



largest excess of imports in any year, although 

 for 22 years ever since the revenue returns 

 were first compiled the imports have inva- 

 riably exceeded the exports, and by annual 

 amounts of 50 millions sterling and more. 

 The commissioners explain this constant excess 

 of imports as the result of English investments 

 made abroad, the profits of which, with the 

 earnings of British vessels, are returned to Eng- 

 land in the shape of imports. A cause of the 

 large increase in this balance may be accounted 

 for by the fact of British capital having been 

 called home within the past couple of years 

 from abroad, the investments proving no longer 

 sufficiently profitable. Another factor in this 

 calculation, less satisfactory to English pride, 



