50 



Although the export of bullion during the period 1868 — 1878 is not precise- 

 ly known, it may easily be estimated, as its amount is pretty accurately indicat- 

 ed by the excess in goods imported over and above exports. 



TABLE VIII. 



In the 



YEAR. 



Moee Export 



of goods than 



Import. 



YEN. 



More Import of 



goods than 



Export. 



YEN. 



1868. 

 1869. 

 1870. 

 1871. 



1872. 

 1873. 

 1874. 

 1875. 

 1876. 

 1877. 

 1878. 



4,860,401 



7,874,655 



19,198,625 



3,984,119 



Total. 4,860,401 







2,381,560 



31,057,399 

 4,860,401 



26,196,998 



9,148,168 

 6,475,249 

 4,144,508 

 8,076,695 

 7,665,275 



5,020,663 



2,381,560 



40,530,558 

 2,381,560 





38,148,998 



The excess in imported goods over and above exports during the perio d 



1868—1871 was consequently yen 26,160,998 



and during the period 1872—1878 iuel „ 38,148,998. 



(The difference of more thau yen 5,000,000, which exists between the last 

 mentioned amount and the amount of bullion exported to cover the excess in 

 imports [yen 43,483,446], is probably due to the fact, that the values of goods 

 were not correctly declared at the custom-house by the interested parties). 



Our estimate will therefore at all events be rather too low than too high, if we 

 take the export of bullion during the period 1868-71 inch to have been equal 

 to the excess in imported goods over and above exported goods, or with a round 

 sum yen 26,000.000. 



The total export of bullion during the period 1868-78 would consequently 

 provided that gold aud silver were represented in the same proportion as in 

 1872-78, amount to : 



