INTRODUCTION. 25 
The exports of nitrate of soda were as follows: 59306648 cwts. Spanish in 1913 
(1 cwt. Spanish = 46 kilos) compared with 54199439 cwts. Spanish in 1912, while the 
copper shipments amounted to 887 895 cwts. Spanish in 1913 compared with 823 970 cwts. 
Spanish in 1912. | 
The total value of the exports and imports in the two last years for which records 
are available (the figures for 1913 have not yet been published), were as follows: — 
Exports Imports 
in the year 1912 Chil. Gold § (at 18d.) 383227949 334 454 779 
| eR ee! Oo 8 Nas : s 339 409 350 348 990 300. 
The causes of the depression in trade referred to above should probably be sought 
not so much in the reaction of conditions prevailing in Europe, as in those of the 
country itself, in particular in the steady fall of the rate of exchange (the rate for 
90 days’ bills on London declined in the course of the year from 10°/s d. to 9*/s d.) 
and the increasing cost of living connected therewith. 
The Chilian Government is endeavouring to bring about an improvement in the 
situation, and with this end in view has laid a Bill before Congress for the establish- 
ment of a conversion-fund, which besides converting the paper currency at a rate of 
exchange still to be determined, between 10 and 12d., is to furnish to the economic 
life of the country a certain mobility in the means of monetary circulation. Whether 
these intentions will be realized still appears to be questionable, for there are not 
lacking in Chile influential voices which declare the carrying-out of these measures 
under the present conditions to be inappropriate. The Government already has at its 
disposal the gold required for the contemplated conversion, a fund of 160 million 
marks, deposited abroad, being available to redeem the paper currency, representing 
about 150 million pesos, now in circulation. 
In Peru affairs do not seem inclined to take a turn for the better. The country 
is suffering seriously from scarcity of money and from the low prices of rubber 
and sugar. 
In the Far East, the chief interest, as before, continues to be centred in Japan. 
The state of trade in that country may be described as unchanged, and during the 
year 1913 no exceptional events have signalized Japanese commerce. Progress has 
been undisturbed and a considerable increase both in imports and exports has to be 
reported. The values were as follows: — _ 
1912 1913 
Imports . . . 618992277 Yen 729 431 644 Yen 
Exports, ..) (5 .920:981 342: _;, 6324600213 , . 
These statistics do not include the commercial figures for Korea and Formosa. 
The record-value for the entire trade of the country, that of 1912 (when the turnover 
for the first time exceeded 1000 millions yen), has therefore been surpassed, and that 
in a considerable measure, by last year’s results‘). For Old Japan alone the value of 
the imports in the closing days was given as 19,5, and that of the exports as 23,4, 
total trade 42,8 million Yen. On the basis of these returns, therefore, the figures for 
Old Japan for the entire year would be as follows: — 
IO Orisarn a Re abrar., ian cee,» 105.997 000) Yen 
Pap Oer dee tie nee tone i O10L423 O00. 8 
Rermaoe te eee eS. 1.316:720.000" ., 
EXCESS OF MmpOtisie Gul. 603. §95.274,000 
» banana 
