114 



COMMERCE, INTERNATIONAL. 



The principal countries, and trade with each 

 in millions of francs, with the increase or de- 

 crease likewise in millions, in parentheses, 

 were, in 1876, as follows : Imports England, 

 650 (+27); Belgium, 405 (35); Italy, 415 

 (+92); Germany, 389 (+40); United States, 

 265 (+75). Exports England, 1,033 (34); 

 Belgium, 446 (81); Germany, 431 (+4); 

 Switzerland, 279 (36); United States, 230 

 (-31); Italy, 216 (-3). 



In 1877 the exports continued to decline, 

 while the aggregate importations showed a fur- 

 ther increase. The returns for the first eight 

 months of 1877 in juxtaposition with those of 

 the same portion of 1876 were, in francs, as fol- 

 lows: 



IMPOSTS. 



EXPORTS. 



The account stood, at the end of ten months : 

 Imports, 3,080,447,000 francs, against 3,284,- 

 861,000 francs in 1876 ; of these, 778,550,000 

 francs articles of food, against 764,714,000 

 francs. Exports, 2,853,385,000 francs, against 

 3,012,682,000 francs. 



The principal imports which showed an in- 

 crease over the first eight months of 1876 were: 

 Sugar, increase from 71 to 82 millions ; meat, 

 15 to 26 ; tallow, 26 to 36 ; flax, 27 to 88 ; wool, 

 205 to 217; oil-seeds, 65 to 82; ore, 20 to 30. 

 Among the imports showing a decrease, the 

 chief ones were: Breadstuff s, 147 to 116 mill- 

 ions; wines; coffee, 71 to 63; silk, 313 to 

 142; cotton, 159 to 154; coal; copper; woolen 

 cloths, 55 to 50; cotton goods, 53 to 48. The 

 exports showing a gain were : Leather, 48 to 

 53 millions; jewelry, 35 to 41; chemicals, 19 

 to 25 ; breadstuffs, 83 to 138 ; wines, 138 to 

 141 ; eggs, 33 to 35 ; butter, 63 to 70 ; wool, 45 

 to 54. A decline was shown in the following: 

 Silk fabrics, 214 to 186 ; woolen goods, 206 to 

 200f4eather goods, 104 to 97 ; tools, 46 to 40 ; 

 small wares, 95 to 93 ; hops, 58 to 54 ; refined 

 sugar, 99 to 66 ; spirits, 74 to 41 ; raw sugar, 

 22 to 3. The principal fluctuations are trace- 

 able to a failure in the silk crop and in the 



domestic sugar crop, and to a fair harvest suc- 

 ceeding a deficient one. The returns of the 

 production of sugar give, for the year ending 

 August 31, 1877, 245,000 tons, against 463,000 

 in the previous season. 



A depression in the Lyons silk- weaving estab- 

 lishments, which had existed for eight months, 

 showed signs of relief in May, 1877, when 800 

 looms, which had been idle, commenced work 

 again, and the dyers were again employed full- 

 time who had been on half-time. About the 

 end of June, 1876, when it became apparent 

 that the silk crop was not greater than one- 

 third the nsnal production, the prices of manu- 

 factured silks rose rapidly, the advauce on some 

 descriptions being over 100 per cent. These 

 prices were to a large extent speculative, and, 

 consumption declining greatly, they fell again, 

 reaching a point about 10 per cent, above the 

 initial rates, in the spring of 1877. The Euro- 

 pean silk crop was again a failure in 1877, being 

 about half an ordinary crop. 



In France, as well as in Germany, the pro- 

 tectionist spirit has been rife among the man- 

 ufacturers. A proposition to revise the com- 

 mercial treaty with England, reducing the 15 

 per cent, duties on cotton manufactures, raised 

 a great outcry. The French Government in- 

 sisted on a reciprocal reduction in the English 

 wine-duties. There was a pressure brought 

 upon the Government for a higher protective 

 tariff on cotton yarn. 



In consequence of the French commercial 

 treaty, in accordance with which French duties 

 on English manufactures were reduced to 30 

 per cent, or under in 1860, and to a maximum 

 of 25 per cent, ad valorem in 1864, while the 

 English duties on silks and other French man- 

 ufactures were abolished and the wine imposts 

 reduced, the English imports from France in- 

 creased from about 17 millions sterling to about 

 47 millions, and the exports to that country 

 increased 185 per cent. 



The foreign trade returns of Italy for the 

 first half of 1877 exhibit an increase of imports 

 from 611,914,709 lire in the first six months of 

 1876 to 638,366,006 lire, and a decrease of ex- 

 ports from 573,196,524 lire to 488,830,575 lire. 

 The wine-exports diminished 24 million lire ; 

 silk, 37 millions; and breadstuffs. 16 millions. 

 The imports in the same three classes increased, 

 on the other hand, 8 millions, 25 millions, and 

 16 millions respectively. The foreign com- 

 merce of Italy has shown a remarkable devel- 

 opment since the date of the national unifica- 

 tion. The volume of trade has increased from 

 1,300 million lire in 1861 to 2,546 millions in 

 1876 nearly double; while the export side 

 has constantly gained upon the imports, al- 

 though the balance has remained constantly 



