IMPERIAL INSTITUTE JOURNAL. 
[January, 1902.] 9 
Vol. VIII. No. 85. 
FINANCIAL AND COMMERCIAL 
RETROSPECT. 
United Kingdom. — The Board of Trade Returns for November record 
decreases both in the imports and the exports as compared with the same 
month of 1900. though in the re-exports of foreign and colonial merchandise, 
valued at ,£5,079,601, there was an increase of ^66,346. The number of 
working days was the same in the two months, and the smaller figures are 
largely explicable by the lower prices ruling. Among the imports, which at 
^46,810,553 showed a diminution of ^2,923,177 or 5 ’8 per cent., there were 
decreases in almost every class of article. The largest percentage increases 
were in living sheep and lambs for food, the number of which was nearly 
2d times greater than in November, 1900, while their value rose in almost 
equal proportion; in rice, the quantity of which was doubled and the value 
better by 83*9 per cent,; in coffee, the amount of which increased 747 and the 
value 36*1 per cent.; in hemp, which rose 46*3 in quantity and 427 per cent, in 
value ; and in cheese, of which 38*2 per cent, more was received though 
its value only increased i9'9 per cent. In cereals, larger supplies from 
Roumania, the United States, British East Indies, Australasia and Canada 
increased the quantity of wheat by 9'i per cent., but the value was only 
fractionally higher. Wheat flour was slightly less in quantity, but barley 
showed an important improvement owing to larger shipments from Roumania 
and Russia, the imports rising 31*3 in quantity and 15*4 per cent, in value. 
Oats improved slightly in quantity and still more so in value ( 1 5*4 per cent.), 
but, on the other hand, Indian corn fell off seriously — 347 in quantity, and 
244 per cent, in value — largely owing to the small supplies from the United 
States, which were only 574,800 cwt, compared with 3,397,300 cwt. in the 
preceding November. Refined sugar did not alter much in quantity, but 
its value was 13*8 per cent, less, while in raw sugar the value declined by 
414 per cent., the quantity being less by 287 per cent. Tea fell off by 227 
percent, in amount, and 257 in value, while in unmanufactured tobacco there 
was a decline in both respects of about 4 per cent., though manufactured 
tobacco showed an improvement. Raw cotton rose by 255,215 cwt., 
but its value was less by ^£2 19,692 (2*9 per cent.) ; the imports were larger 
from Egypt, the United States and Brazil, but smaller from the British 
East Indies. Cotton manufactures slightly declined in value. Flax, jute, 
raw silk and sheep’s wool were all less, the value of the last diminishing by 
^189,492 and its quantity by 4,695,259 lb., in spite of larger shipments 
from British South Africa. In hewn and sawn wood there was again a heavy 
falling off — 31 'i per cent, in quantity, and 35*9 per cent (nearly three- 
quarters of a million sterling) in value. In spite of a decrease in quantity to 
the extent of 8‘2 per cent., copper improved slightly in value. The exports 
of British and Irish produce were worth ^£22,842,4 36 — a decrease of 
1,7 82, 2 13 or 7*2 per cent. A large portion of the decrease was accounted 
for by the reduction in both the quantity and the price of coal. All countries, 
except Italy and India, took less, especially France, with the result that the 
exports were less by 587,431 tons (144 per cent), while the value fell 
x > 359?^37 ( or 3 7 ‘9 per cent). In iron and steel there w T as a falling off in 
quantity of 18,303 tons (64 per cent.), and in value 01^332,267 (or 134 per 
cent). The value of machinery declined ^203,517 (or 12-0 per cent.), 
although there was a slight improvement in locomotives, sewing machines, 
and mining machinery. In new ships built for foreigners there was a fall of 
^'366,291. Copper increased by 327 per cent, in quantity, and 23-6 per 
cent, in value. Increased demand for cotton twist from Germany, Turkey, 
China, Japan and the British East Indies increased the quantity by 28*6 per 
cent., but the value was only better by 124 per cent In cotton piece-goods 
there was an increase of nearly 16 million yards; India took less, but China 
took 30 million yards, and British South Africa 3 million yards, more than in 
November, 1900. The fall in prices, however, was such that the value was 
only 1 per cent, better. In other cotton manufactures the fall in value was 
4*1 per cent. Wool was 29 per cent, less in quantity, and 447 less in value; 
woollen and worsted yarns and woollen tissues were also less in both respects, 
though to a smaller extent, but worsted tissues increased 207 per cent, in 
amount, and 47 in value. Chemicals, with the exception of copper sulphate, 
were higher in value. Chemical manures increased 87 per cent, in quantity, 
and 94 per cent, in value, and soda compounds 32 '8 per cent, in the former 
respect, and 247 per cent, in the latter. 
In the course of last month the North Eastern Railway Company 
announced that, for the future, it will adopt an important innovation in the 
method by which its traffic statistics are compiled. Hitherto British 
railways have only published the number of train-miles run, and the number 
of passengers carried, and have not compiled, even for their own use (with 
one possible exception), those particulars as to the number of passengers and 
tons of goods carried one mile (“passenger-miles ” and “ton-miles”) which 
are furnished as a matter of course by the railways of other countries, and are 
generally regarded, except in Great Britain, as indispensable to the proper 
and economical management of a railway’s traffic. Henceforth the North 
Eastern will be an exception to this British rule (though it may be hoped that 
it will not long retain this particular monopoly), and will for the future have 
these units regularly worked out, and will use them as the basis for the 
operation of the line. 
Colonies. — The report of the Customs Department of the Dominion of 
Canada for the year ending on June 30 last has just been issued. It states 
that the aggregate of the imports and exports of the Dominion in that period 
was $386,903,157, or $5,385,92 1 more than in the preceding year. By far 
the larger portion — $331,000,000 — was with the United States and Great 
Britain, the share of the former being $183,000,000, and of the latter 
$148,000,000. The next countries in order were Germany, which sold 
about $2,000,000 of goods to Canada and purchased over $7,000,000 ; 
France, which purchased $5,000,000 and sold $1,500,000 ; Belgium, which 
purchased $3,800,000 and sold $2,800,000 ; and the West Indies, which took 
$2,905,000, and sent $1,801,000. With China and Japan the total trade was 
worth over $3,000,000, with Newfoundland a little under $3,000,000, and 
with Australia $2,31 1,000, the great bulk of the transactions with the two 
latter being purchases. The percentage of duty on the total value of the 
goods imported was i6‘o6, against 1548 in the preceding year. 
The number of mines on the Witwatersrand at which resumption of 
working is being allowed is steadily increasing, but as yet the results 
scarcely seem commensurate with the number of stamps that have been 
started. The yield of gold for November was 39,075 oz., less than a 
twelfth of the highest output recorded, which was in August, 1899, just 
before the outbreak of hostilities. In October last it was 33,393 oz. How- 
ever, there has been a distinct re-awakening of interest on the London Stock 
Exchange in the South African mine market, and prices have already 
improved generally. The Rhodesian output is slowly rising. That for 
November — -16,487 oz. — was the highest yet recorded, being nearly two 
thousand ounces better than in the preceding month, and nearly six 
thousand ahead of the return for the first month of last year. The November 
yield in New South Wales was 34,293 oz., valued at ^£1 13,528 — a large 
improvement on that for the same month of the preceding year, which was 
only 12,579 oz., valued at ^43,587. In Victoria the output was 53,426 oz., 
while in West Australia 85,324 oz. were entered for export and 89,157 oz. 
received at the Perth Mint; this total of 174,481 oz., valued at ^671,753, 
compares with 146,635 oz. in November, 1900. In New Zealand the yield 
was 39,185 oz., valued at ,£149,680, against 19,739 oz., valued at ,£70,957 
in the preceding November. 
The following table shows the variations which have occurred in certain 
Colonial Government securities during the past three months : — 
29th Oct. 
28th Nov. 
30th Dec. 
Canada 3 per cent. 
ioo|-ioi^ 
IOI J-IOlf 
IOl|-IOlf 
Cape 3 per cent. 
93l- 94i 
93^" 94a 
95 “ 95& 
Natal 3 per cent. 
93 j- 94 h 
93h~ 94i 
94 ~ 95 
New S. Wales 3 per cent. . 
94U 95i 
94 - 94i 
9 5 h- 9 6 
New Zealand 3 per cent. 
96 U 97 J 
93 !- 94i 
94 - 2 ~ 95 
Queensland, 3 per cent. 
9l |- 92 Jr 
93 - 93i 
93i~ 94i 
South Australia 3 per cent. . 
92 h~ 93 i 
9 2 ! - 93i 
93i~ 93 f 
Tasmania 3! per cent. 
I °3^“i°4‘j 
103 J- 104 I 
i°3 2 “i°4i 
Victoria 3 per cent. 
West Australia 3 per cent. 
95U 9 6 ~h 
9Sf“ 9 6 i 
96 -J- g 6 f 
(May-Nov.) 
91J- 9 2 i 
91 L- 92 ! 
9 2 l~ 93s 
India. — The report of the Burma Railways Company for the year 
ending in June last shows that the receipts were Rs. 11,632,642, against 
Rs. 10,062,592 in 1899-1900, while the expenditure was Rs. 6,563,241, 
against Rs. 5,602,901. The net revenue of Rs. 5,069,401 thus showed an 
improvement of Rs. 609,710. The working expenses were 5 & 4 2 P er cent, of 
the gross receipts, against 55*68 per cent. The mileage open for traffic at 
the end of the financial year was 1,177 miles, and the mean mileage for the 
year was 1,128, against 997 in 1899-1900. The goods carried increased in 
weight from 1,168,178 to 2,357,567 tons. 
The fluctuations which have occurred in the securities of seven leading 
Indian Railway Companies are shown in the subjoined table : — ■ 
Bengal and North Western 
Bengal-Nagpur Gua. 4 per cent. 
Bombay, Baroda & Cent. India 
Indian Midland 4 per cent. 
Madras Grntd. 5 per cent. 
South Indian 4^ per cent. Deb. 
Southern Mahratta 3^ per cent. 
29th Oct. 
29th Nov. 
30th Dec. 
126-130 
129-133 
127-131 
104-108 
105-109 
106-1 10 
168-173 
x 70— 1 75 
171-176 
105-109 
106-110 
106-110 
133-137 
134-138 
138-143 
i 3 8_I 43 
136-141 
106-1 10 
107-1 1 1 
107-m 
Foreign Countries. — In the German Budget Bill, as laid before the 
Reichstag at the beginning of last month, the estimates of revenue and 
expenditure balanced at 2,349,742,456 marks. The revenue, however, fell 
short of the expenditure by nearly 59 million marks, and to make good the 
deficit it was proposed to increase the matricular contributions, so as to yield 
24 millions more, and to provide for the remaining 35 millions by a supple- 
mentary loan. Credit operations to the extent of 182,058,945 marks were 
authorised by the Bill to meet various items of non-recurring expenditure. 
In Italy the Treasury Minister in his financial statement could point to 
various signs of the increasing prosperity of the country. The Budget for 
the past financial year showed a surplus of income over expenditure of 
/li, 648, 000, exclusive of ^£300,000 spent in the redemption of debt and 
;£y 20,000 devoted to railway construction, while for the current year the 
surplus is estimated to amount to 00, 000. There are satisfactory yields in 
almost every branch of revenue. The floating Treasury debt has been 
reduced by £2, 500,000 within the last three years, and the metallic 
reserve has been increased to 50 per cent, of the total note currency, while 
Consols stand at par and the gold premium has fallen to 2-j- per cent. In 
the Japanese Budget, the ordinary expenditure appears as 177,500,000 yen, 
and the ordinary revenue as 225,000,000 yen. The surplus, together with 
38,000,000 yen obtained by the sale of Chinese new indemnity bonds and 
[5,500,000 from the old Chinese indemnity and other sources, it is proposed 
to devote to the redemption of national debt, building railways and tele- 
graphs, and restoring the naval maintenance fund. These proposals, however, 
do not meet with universal approval, one objection urged being the inclusion 
of all the new indemnity in one year’s revenue. The proposals put forward 
by the Portuguese Government for the reorganization of their debt were 
rejected by the Council of Foreign Bondholders. The proposals provided, 
among other things, for a reduction in the principal of the debt to the extent 
of 5 2 J per cent, for the 3 per cent, debt, 33^ per cent, for the 4 per cent, 
debt, and 25 per cent, for the 4 h per cent, debt, while for the balance new 
