Vol. VIII. No. 86. 
IMPERIAL INSTITUTE JOURNAL. 
[February, 1902.] 39 
was from Newcastle (292,989 tons) ; Glasgow followed with 274,606 Ions, 
Sunderland with 268,069, Greenock with 163,816, Middlesbrough with 
161,058, Hartlepool with 150,607, and Belfast with 149,705. As regards 
warship tonnage, Glasgow led with 60,200 tons, London was second with 
30,815, and Belfast third with 26,700. 
Colonies. — The gold output from the Rand in December amounted to 
52,897 oz. of fine gold, a very considerable increase over the figure for 
November, which was only 39,075 oz. For the eight months since May, 
when the first mines were allowed to resume work, the total was 238,991 oz., 
and much better results may be expected in the near future, as the number 
of stamps at work is being increased every week. The yield from Rhodesia 
is slowly increasing; in December it was 15,174 oz., against 14,502 oz. 
in November, and 9,463 oz. in December, 1900. In West Australia the gold 
exported and received at the Perth Mint, amounted to 177,165 oz., valued 
at £(682,086, an increase of 27,834 oz., as compared with December, 1900. 
In last year West Australia produced seven tons more gold than in 1899, 
the figure for which, 1,643,973 oz., was hitherto the largest recorded, 
Fourteen years ago the yield was only 302 oz.. In New South Wales the 
yield for December was 18,094 oz., valued at £(51,704, against 36,248 oz., 
valued at 125,001 in the same month of 1900, while the total for 190T, 
amounting to 270,724 oz., and worth £(921,282, is considerably behind 
that of the preceding year, viz.: 345,650 oz., valued at £(1,194,521. In 
Queensland the output for December was 73,300 oz., and for the year 
816,600 oz. Canada reports a highly prosperous year. Her exports were 
worth $196,000,000, or twice what they were valued at ten years ago, while 
her imports have grown in the same period from $119,000,000 to $190,000,000. 
In Australia the revenue of New South Wales for the last half of the year 
amounted to £"5,102,893, showing a decrease of £2,033. South Australia 
fared worse, for there was a decrease of £224,193, the total being £(1,085,752. 
On the other hand Victoria’s revenue rose by £(213,971 to £(3,943,076. In 
Tasmania there was a falling off for the whole year of about £ 100 , 000 . In 
New Zealand, for the nine months ending on December 31st, the revenue 
reached a total of £"4,211,612, a gain of £"181,000, as compared with the 
return for the same period of the preceding year. The Customs revenue at 
£(1,606,353 was £(35,085 better, the Land Tax yielded ^^ 7 56,383 more, the 
total being £ 296 , 509 , while an increase of £"103,975 brought the railway 
revenue up to £(1,301,779. 
Two Colonial loans were floated during the month. Natal issued 
£ 1 , 945,000 Three per cent. Consolidated Stock at 93, and the Cape offered 
£(2,608,300 Three-and-a-Half per cent. Stock on the tender system, the 
minimum being fixed at 102. The average price obtained was £ 102 . 3s. 6d., 
and tenders at £ 102 . 2s. received about 28 per cent, of the amounts applied 
for, those above obtaining allotment in full. 
The following table shows the variations which have occurred in certain 
Colonial Government securities during the past three months : — ■ 
Canada 3 per cent. 
Cape 3 per cent. 
Natal 3 per cent. 
New S. Wales 3 per cent. 
New Zealand 3 per cent. 
Queensland, 3 per cent. 
South Australia 3 per cent. 
Tasmania 3! per cent. 
Victoria 3 per cent. 
West Australia 3 per cent 
(May-No v.) 
28 th 
Nov. 
30th 
Dec. 
28 th 
Jan. 
101}- 
101}- 
lOlf 
101J- 
10 if 
932“ 
942 
95 “ 
952 
94 “ 
94} 
932" 
94^ 
94 “ 
95 
93}“ 
94} 
94 ~ 
94} 
95}- 
96 
95f- 
9 6 1 
93f“ 
94'} 
941“ 
95 
942“ 
95 
93 “ 
93i 
934“ 
94} 
934“ 
94} 
9 2 f~ 
93} 
93}“ 
93-f 
93 " 
93} 
104L 
103 I- 
104} 
* 03 }- 
1 04^ 
95 4 “ 
96 } 
96 }- 
96J 
962- 
97 
1 
H-l 
w 
Cn 
9 2 i 
9 2 1 ~ 
93} 
9 2 i _ 
932 
India. — The variations which have occurred in the securities of seven 
leading Indian railway companies are 
shown below 
: — 
29th Nov. 
30th Dec. 
29 th 
Jan. 
Bengal and North Western 
129-133 
I27-I3 1 
130- 
' I 34 
Bengal-Nagpur Gua. 4 per cent. . 
105-109 
io6-ito 
105- 
-109 
Bombay, Baroda & Cent. India . 
170-175 
171-176 
* 55 - 
-165 
Indian Midland 4 per cent. 
1 06-1 10 
106-1 10 
104- 
-10S 
Madras Grntd. 5 per cent. 
138-143 
I34-L38 
136- 
-140 
South Indian 4^ per cent. Deb. . 
138-143 
i36-r4i 
137- 
-142 
Southern Mahratta 3^ per cent. . 
107-1 1 1 
107-1 1 1 
106- 
-109 
Foreign Countries.- — In the Russian Budget for 1902, the total 
expenditure is put down at 1,946,571,976 roubles, of which 1,775,913,481 
roubles represent ordinary expenditure, and 170,658,495 roubles extraordinary. 
The revenue is estimated at 1,802,584,482 roubles — 1,800,784,482 ordinary 
and 1,800,000 extraordinary — so that there is a deficit of 143,987,494 roubles. 
These figures, as compared with the Budget of 1901, show an increase in 
ordinary expenditure of 119,260,925 roubles, and in ordinary revenue of 
70,688,47 6 roubles. A large part of this enlarged expenditure is accounted 
for by the estimates of the Ministry of Ways of Communication, which is 
spending 52 million roubles more than in J901. The construction of new 
railway lines, together with the development of the traffic and the improve- 
ment of the equipment on those that already exist, necessitates a great 
increase in ordinary expenditure ; and, moreover, the present Budget has, for 
the first time, to make provision for the working by the State of the Moscow- 
Yaroslav-Archangel line. The remainder of the increased expenditure is 
made up of an increased sum of 30 million roubles, required by the Ministry 
of Finance (though 12 millions of that is in connection with the spirit 
monopoly and is balanced by a corresponding increase in revenue), and by 
various small amounts required in other departments. The increase in the 
revenue is expected, as to 35 million roubles, from larger receipts from the 
railways ; other sources of revenue which are calculated to yield more money 
are : Customs (8,800,000 roubles), Imperial forests (8,200,000 roubles), sugar 
trade (7 million roubles), taxes on commerce and industry (3,400,000 roubles), 
and post office (2,400,000 roubles). On the other hand, a decrease of r o million 
roubles is anticipated in connection with some other departments. Of the 
extraordinary expenditure the greater part is also allocated to railway 
construction; thus nearly 16 million roubles are to be expended on the 
Siberian railway in re-construction and other ways, while 150 millions are to 
be devoted to making other lines within the empire— for example, the 
Orenburg-Tashkent railway. The 144 million roubles necessary to balance 
this year’s Budget will, as usual, be drawn from the ever-ready free resources 
of the Imperial Treasury. These, at the beginning of last year, amounted to 
nearly 105 million roubles, and in the course of the year they were augmented 
by various sums amounting to about 1 16 million roubles, as well as by the 
127 millions raised by the four per cent, loan of last spring. On the other 
hand, they have been depleted by the sum of 106 millions, spent on the 
military operations in the Far East, in alleviating the distress caused by the 
famine, and in other ways. At the present time they are considered to amount 
to about 240 million roubles. 
In the French revenue for last year there was a deficit of 167,000,000 
francs as compared with 1900. Beer, wine, cider, perry and mead account 
for i26,ooo,ooof., Customs duties for 4r,ooo,ooof., beet-root sugar for 
23.000. 000f., and death and transfer duties for 22,000,0008 On the other 
hand, there were increases of 40,000,0008 from spirits, 3,000,0008 from 
the tax on coupons and dividends, 5,000,0008 from the stamp duty on 
bonds, and 5,000,0008 from the stamp duty on mortgages. The French 
railway receipts for last year show a decline of 17,000.0008 in the Northern, 
15.000. 0008 in the Paris, Lyons and Mediterranean, 11,000,0008 in the 
Eastern, 8,000,0008 in the Western, and 4,000,0008 in the Orleans lines. 
The German imports last year amounted to 44,304,857 tp ns (L°°° 
kilogrammes = 1 ton) against 44,911,799 in 1900, the value falling 75,975 
marks. The exports increased by 271,241 tons to 2,909,648 tons, their value 
rising 6,806 marks. A new German Imperial 3 per cent, loan for 1 1 5 million 
marks, and a Prussian one for 185 million marks, were placed on the _ market 
last month. The subscriptions to the former amounted to something like 
7,000 million marks. 
Our usual table of exchanges 
follows : — 
aSth Nov. 
30th Dec. 
29th Jan. 
Paris, cheques . 
258 1 6c. 
258 14c. 
258 I2|C, 
Berlin, sight 
20m. 43^p8 
20m. 39ipf. 
20m. 44}pf. 
Vienna, sight 
2 3kr. 94 
23kr, 91} 
2 3kr. 93} 
Amsterdam, sight 
1 2 H. iof 
1 2 fl. 10} 
1 2 fl. 13-^ 
Madrid, sight 
35ps. 80 
34 PS. 
33ps. 80 
Lisbon, sight 
38}}d. 
39 d. 
4od. 
St. Petersburg, 3 months 
93 r * 85 
93 r - 6 5 
93 r - 9 ° 
Bombay, T.T. 
is. 3||-d. 
is. 4d. 
is. 4#M. 
Calcutta, T.T. 
is. siRd. 
is. 4d. 
is. 4iV8 
Hong Kong, T.T. 
is. pfd. 
is. lojd. 
is. lod. 
Shanghai, T.T. . 
2S. 5<1 
2S. 6}d, 
2S. 6|d. 
♦ 
AGRICULTURAL RETROSPECT. 
United Kingdom. — Dull and occasionally rainy weather, with short 
periods of frost, was experienced during January, and the autumn-sown 
crops are in the best possible condition. Grass lands presented an unusually 
luxuriant appearance for the first month of the year, cattle enjoying several 
days of green pasture in the open fields. Good progress has been made 
with tillage work, and in some places sowings of oats and barley have 
already begun. During 1901 the value of the imports into the ■ United 
Kingdom of articles of food and drink and living animals for food amounted 
to £(219,945,200, a proportion of 42 per cent, of the total imports of all 
kinds, and £(5,002,264 more than the corresponding amount in the previous 
year. The value of living animals imported for food was £(9,400,033, or 
£ 222,286 less than in 1900. Of cattle, North America sent us 98 per cent, 
of our total supplies, the United States supplying £ 7 , 2 93 ,942 worth, and 
Canada £(1,497,472 worth. No cattle were received from the Argentine 
during 1901, our ports being closed against live stock from that country 
owing to the presence of foot and mouth disease in the valley of the Plate. 
The trade thus displaced has been acquired by the United States. Our 
imports of live sheep have substantially decreased during the last three years ; 
£942,801 was the value of the imports in 1899, £(610,125 in 1900 and 
£582,969 in 1901. This decrease, however, is more than compensated for 
in the increase of dead meat imported. The value of our imports of all 
dead meat has advanced from £36,149,891 in 1900 to £(39>987)8o6 last 
year. Of our disbursements for fresh beef the United States received the 
largest share, namely, £ 6 , 761,587 out of £(8,906,839. Australia received 
^378,701 and New Zealand £ 366 , 595 . Our payments for imported fresh 
mutton in 1901 amounted to £(6,597,780, of which New Zealand received 
£(2,949,441 and Australia £(952,511, or a total for Australasia of 
£(3,901,952, as compared with £(3,380,241 i n 1900- To Argentina went the 
sum of £(1,950,599, which is an increase £ 261 , 521 . Our bill for imported 
bacon went up last year by £(1,816,207 to a total of £43,590,176. Out of 
this total £9,255,851 went to the United States, £3,234,456 to Denmark, 
and £(921,509 t0 Canada. We continue to buy foreign eggs in ever- 
increasing numbers, and last year we paid ,£5,495,776 on that account. 
Russia, which became in 1899 our chief source of eggs, has maintained that 
position, Denmark, Germany, Belgium and France following in order. 
Canada sent us £ 255,766 worth of eggs. A decline is recorded, both in 
quantity and in value, in our imports of cheese, for which we paid last year 
£ 6 , 227,277 or £ 610,606 less than in 1900. The chief disbursements under 
the head of cheese were .£3,697,780 to Canada, £'1,274,061 to the United 
States, and £(747,035 to Holland. Our imports of butter rose in quantity 
from 3,378,516 cwt. in 1900 to 3,702,810 cwt. in 1901, and in value from 
£"17,450,435 to £’19,297,005, the latter showing an increase of £(1,846,570. 
A falling-off took place last year in our imports of butter from Victoria and 
