120 COMMERCE, INTERNATIONAL. COMMERCE (FOREIGN), UNITED STATES. 



The imports in 1875 were not all consumed 

 the same year ; but of the stock of 1876, none 

 to speak of was carried over to this year. The 

 acreage under wheat has been diminished from 

 3,630,000 acres in 1874 to 2,994,000 acres in 

 1876, in the British Isles. Mr. Stephen Bourne 

 has calculated that, " of the 33 million inhabi- 

 tants of the United Kingdom, 18 millions are sus- 

 tained on food grown at home, and 15 millions 

 on that received from abroad." Herr Neumann- 

 Spallart, an Austrian statistician, has estimated 

 the total corn-produce of the principal grain- 

 growing countries at 2,400 to 2,450 million hec- 

 tolitres (830 million quarters, or 6,640 million 

 bushels), of which total Russia contributes 27 

 per cent., America 22 per cent., Germany 11 

 per cent., France 10 per cent., Austro-Hun- 

 gary 7 per cent. The European lands which 

 usually produce more than they consume are : 

 Roumania, Denmark, Russia, Prussia, France, 

 Hungary, Bavaria, Sweden. 



The cotton industry has been very much de- 

 pressed for the last year, the result of exces- 

 sive production ; and when, at the beginning, a 

 favorable tendency begau to be felt, the com- 

 mencement of the war suddenly arrested the 

 rising movement. The English manufacturers 

 have suffered serious losses from competitive 

 prices. By working the mills part time, and 

 during a long strike of the operatives at Bol- 

 ton, provoked by a reduction of their wages, 

 the large surplus stock has been greatly dimin- 

 ished, and in October, 1877, the mills were 

 again in fall operation. In Russia the manu- 

 facture has been favored by the condition of 

 exchanges and high duties, discouraging im- 

 portation. In Norway and Sweden, also, the 

 factories have yielded a profit. In France the 

 ministerial crisis had a very depressing effect, 

 and also in the neighboring states. From Ger- 

 many the reports are most discouraging, and, 

 unless matters change, the production in Sax- 

 ony, Prussia, and Alsace must be diminished. 

 The number of spindles now employed is calcu- 

 lated at 39J millions in Great Britain for 33 Ibs. 

 each, 19J millions on the Continent of Europe 

 for 53 Ibs. each, and in the United States 10 

 millions for 63 Ibs. each. The consumption is, 

 in the English factories, 1,303 J- million Ibs. ; on 

 the Continent, 1, 033^ million Ibs. ; in America, 

 630 million Ibs. The last season's crop falls 

 short of the usual requirements of the spin- 

 ners by some 70 or 80 million Ibs. Yet, owing 

 to the slackness of trade, no higher prices 

 were obtained than usual ; the market hard- 

 ened, however, in England late in the au- 

 tumn, and large quantities were removed from 

 Liverpool for manufacturing requirements. 

 The export of cotton goods from Great Brit- 

 ain has steadily increased from 2,980 million 

 yards in 1868 to 3,803 millions in 1877; and of 

 yarnsTfrem nearly 130 million Ibs. to nearly 

 230 millions. Production has increased in an 

 equal or greater ratio in several other conn- 

 tries, probably faster within the last few years 

 than the increased demand, great as it is, will 



at present justify, Messrs. Ellison's estimate 

 of the probable importations into Europe in 

 the season 1877-'78 is as follows: American, 

 1,314,000,000 Ibs. ; East Indian, 472,500,000 

 Ibs.; Egyptian, 270,450,000 Ibs.; Brazilian, 65,- 

 600,000 Ibs. ; Mediterranean, 35,000,000 Ibs. ; 

 Peru, West Indies, etc., 18,450,000 Ibs. : total, 

 2,176,000,000 Ibs. 



COMMERCE (FOREIGN) OF THE UNIT- 

 ED STATES. The United States, like all the 

 chief commercial nations, has been passing 

 through a period of commercial stagnation and 

 contracted consumption for the last four years. 

 The depression has, fortunately, not diminished 

 the volume of their export trade. The domes- 

 tic exports reached, in 1876-'77, the unprece- 

 dented magnitude of $589,669,490, having in- 

 creased from $525,582,247 in 1876, and $499,- 

 284,100 in 1875. The exports of 1873-74 

 ($569,433,421) were exceptionally large, they 

 having been 505 millions the previous year, 

 with a steady increase from 269 millions in 

 1868. The import trade increased gradually 

 from about 345 millions in 1868 to $624,689,- 

 727 in 1872-'73, in which year the disturbance 

 in business began to be felt. The contraction 

 then set in with a sudden falling off of 74 mill- 

 ions, the balance in the merchandise trade turn- 

 ing out in favor of the United States for the 

 first time in 27 years, with the exception of 

 a slight balance in 1858. In 1874-'75 there 

 was a further decline in imports of nearly 

 32 millions, with, however, owing to a fall- 

 ing off of 70 millions in exports, a balance 

 of about the same amount as in the foregoing 

 year (19 millions) on the other side. In 1875- 

 '76 there was a further decline in imports of 

 73 millions, and a favorable balance of over 79 J- 

 millions, which was nearly doubled in 1876- 

 '77, being 151 millions. The amount of the im- 

 ports in the latter year was $438,510,996, hav- 

 ing declined about 7 millions further. The 

 volume of the total commerce in 1876-'77 over 

 1,128 millions was only exceeded by that of 

 three former years, it being within 10 millions 

 as great as in 1872, when the largest balance 

 (over 182 millions) stood against the United 

 States, and about 100 millions less than in 1873 

 and 1874, in which years the balance changed 

 from 119 millions against the United States to 

 nearly 19 millions in their favor. The above 

 statements take account of merchandise only, 

 and do not include the exports of specie, which, 

 however, belong by right in the same account, 

 being a product ot the country, and an impor- 

 tant one ; yet its enumeration with the mer- 

 chandise in any single year might give a false 

 idea of the commercial movement of that year. 

 The net exports of coin and bullion for the 

 last 7 years have been nearly 55 millions per 

 annum, and the aggregate net exports since 

 1850 have been about 1,500 millions, or 47f mill- 

 ions a year. In the aggregated commerce for 

 the last 7 years there has been an excess of 

 domestic exports, including specie, over the net 

 imports, of nearly 222 \ millions ; and in the ag- 



