COMMERCE, INTERNATIONAL. 



119 



11,710,000, or 7 millions less than in the cor- 

 responding months of the previous year. The 

 exports were 16,363,000, of which 7,250,000 

 went to Germany and 5,390,000 to France, 

 while comparatively little was sent to the 

 United States. Only 2,047,000 of the gold 

 importations came from the United States, 

 against 4,347,000 in the previous year, and 

 8,227,000 in 1875. The silver importations 

 for the same period were for 10,920,000 from 

 Germany ; and the exportations to India, 10,- 

 844,000; to China, 1,839,000. The effect of 

 the decline in the silver market caused in In- 

 dia a rapid influx of silver. When silver 

 touched the 1'owest figure in London, in July, 

 1870 (48f<Z.), and gold was dearest in Bombay, 

 there commenced an extensive exportation of 

 gold, which reached its flood in August ; while 

 the subsequent rise of silver in England to 

 57i<Z., in January, 1877, was followed by a 

 corresponding reflux of gold into India. The 

 export of silver from England to India amount- 

 ed to 13,368,000 for the 12 months end- 

 ing June 31, 1877; the annual shipments for 

 four years previously had only averaged 4,- 

 100,000. The exports to China were propor- 

 tionately larger during this period. Accord- 

 ing to the reports of Dr. Linderman, the excess 

 of exports over imports of silver in America 

 has declined since 1872, the excess being, in 

 that year, $35,302,543; in 1873, $26,953,869; 

 in 1874, $23,636,216; in 1875, $17,947,241; 

 in 1876, $17,386,508. Considerable silver has 

 been shipped from San Francisco to China 

 lately on British account. The value of the sil- 

 ver coin withdrawn up to the end of Septem- 

 ber, in Germany, was estimated, at the former 

 mint-price, at about 220 million dollars, over 

 two-fifths of which was used for the new coin- 

 age. The German produce of silver amounts to 

 about 7i million dollars per annum. The ex- 

 portations of silver to England were about 10 

 millions sterling from 1872 to 1876, and about 

 11 millions in the nine months of 1877. The 

 rest of the old thaler coinage to be withdrawn 

 was estimated at the same date at 112| million 

 dollars. The total new coinage was, up to Oc- 

 tober 27th: Gold, 1,527,318,885 marks; silver, 

 144,022,704 marks ; nickel, 35,160,344 marks ; 

 copper, 9,595,930 marks. 



The effect of the Eastern war upon the 

 wheat market was to stimulate speculation and 

 inflate the prices, which soon subsided consid- 

 erably after the first excitement was over. Red 

 spring wheat stood at $1.54 per bushel in New 



York ; English red, 52. per quarter in London 

 on the 6th of April, 1877 ; May 3d, the prices 

 had risen to $2.09 and 67. ; June 9th, they had 

 ebbed again to $1.90 and 61*. 6d. During the 

 period of inflation there were large sales in 

 England, and large importations from Russia 

 and the Danubian provinces, and from French 

 and German stocks. The American exporta- 

 tious were, however, not as large at that time, 

 both farmers and speculators holding on for a 

 further advance. The highest price obtained in 

 the English market was 68. 9<Z., on May 19th. 

 The fluctuations in the English wheat market 

 were considerable, owing to varying weather 

 and political reports ; at the end of the first half 

 of 1877 it stood at 64*. 6d. per quarter, against 

 52. 3d. at the beginning of the year, and 48. 

 2d. a year previous. In Germany the crops 

 were of average size, in Hungary above the 

 average, and in France fine, but smaller than 

 had been expected. The quotations in the 

 summer months for delivery in October, No- 

 vember, and December, were 5 to 10 per 

 cent, below current prices ; in New York, also, 

 dealers speculated for a lower market, and fre- 

 quently sold 10 per cent, under the market for 

 forward delivery. In Austro- Hungary there 

 was an excess of about 4 million quarters 

 over the average yield, and a surplus for ex- 

 portation of 3 million quarters. France im- 

 ports large quantities of grain every year, and 

 exports usually still greater quantities manu- 

 factured into flour; her imports, in 1876, 

 amounted to 38 million dollars, and her ex- 

 ports to 43 millions; these imports are almost 

 entirely from her commercial allies, the United 

 States taking no part in this trade. The de- 

 pendence of the British population on foreign 

 countries for its food-supplies has become 

 much greater within a few years, and with- 

 in a similar period the United States have 

 won the position, before held by Russia, as the 

 chief purveyor to its immense and growing 

 wants. In 1867, Russia supplied 44 per cent, of 

 the English wheat importation, and America 

 14 per cent. ; in 1873, 44 per cent, came from 

 the United States. Holland and Belgium also 

 depend, though to a less considerable extent, 

 upon America for their grain-supplies (see ar- 

 ticle COMMERCE (FOBEION) OF THE UNITED 

 STATES). The extent and sources of the sup- 

 plies of foreign wheat imported into England 

 are shown in the following statement of the im- 

 ports of wheat and flour into Great Britain for 

 five years and seven months of the year 1877 : 



