Vol. VIII. No. 87. 
IMPERIAL INSTITUTE JOURNAL. 
[March, 1902.] 65 
FINANCIAL AND COMMERCIAL 
RETROSPECT. 
United Kingdom. — The Board of Trade returns for January compared 
fairly well with those for the same month of last year. The imports Vere worth 
£50,131,348, thus showing an increase of £4,143,832, or 9*0 per cent. 
The classes of articles in which improvement was most noticeable were 
articles of food and drink, and raw materials for textile manufactures. 
Live cattle fell off in numbers by 11*6 per cent., and the reduction of value 
was almost precisely proportionate, but sheep and lambs improved by 
79-3 percent, in quantity and 827 in value. In bacon and beef there was 
little alteration. The value of the butter imported reached the huge value 
of ,£1,897, 554, representing an increase of 10*9 per cent, in quantity and 
8*2 per cent, in value. Eggs, worth £477,227, improved 14M per cent, in 
number, and over £70,000 in value. In cereals, wheat, with an increase 
of 10*5 per cent, in amount, was better in value by 9-4 per cent., but wheat 
flour was less by 17 per cent, in the latter respect, though its amount was 
slightly greater. Barley again for an increased amount of 12 '5 per cent, 
only improved in value to the extent of r6 per cent, while with oats this 
condition was reversed, for an increased importation of only 3*1 per cent, was 
accompanied by an increase in value of 237 per cent. Indian corn 
increased by 812,403 cwt. (13*6 per cent), and its value rose by £504,402 
(37-1 per cent), Russia, Argentina and Roumania sending larger quantities, 
though the shipments from the United States showed a diminution of nearly 
five million cwt. In refined sugar, possibly in anticipation of an increased 
duty, there was a rise of 1,933,405 cwt., the value being enhanced by 
£903,857, and raw sugar increased by 750,360 cwt. in quantity and 
£164,439 & value. In tea there was a slight decline of 2 per cent, both 
in quantity and value, but coffee improved 103 ‘4 per cent, in the former 
respect and 68 '4 in the latter. With regard to raw materials for textile 
manufactures, there was an increase in the imports of cotton from Egypt 
and the United States, though less was sent by the British East Indies; 
the result was a net increase of 751,863 cwt. (36-9 per cent.) in quantity and 
of £1,168,385 (20‘4 per cent.) in value. Sheep’s wool also largely increased, 
owing to extensive shipments from Russia, Turkey, France, British South 
Africa and Australasia, and hemp was better by 60*4 per cent, in quantity 
and n8'6 per cent, in value. Jute was greater in amount though less in 
value, while flax fell off over 30 per cent, in both respects. The exports 
of British and Irish produce, valued at £24,254,574, showed a decrease of 
£498,957 or 2‘o per cent. The loss in the value of coal is more than 
sufficient to account for the reduction, for though the amount exported was 
only 32,461 tons less than in January of last year, the diminution in value 
was £521,046. Iron and steel increased by 18,237 tons (8-8 per cent.), but 
the value was £82,602 less. Machinery also declined by £39,117 (2*6 per 
cent.), although more locomotives were sent to India, Australia and British 
South Africa. New ships increased by £i34>573- In cotton yarn and 
twist there was an increase of 1,062,900 lb. in quantity, but the value was 
less by £65,546 (9 per cent.). The same was true of cotton piece-goods, 
though the fall in value was less — only 0-3 per cent, or £19,263; the 
quantity, however, increased by 5*2 per cent., or over 25 million yards, owing 
to a heavier demand from Egypt, Japan, Brazil, Uruguay, Argentina, 
British South Africa and China ; the last country alone accounted for an 
increase of 35 million yards, but, on the other hand, smaller shipments were 
sent to India, British West Africa, Chili and the United States. Jute yarn 
rose 55‘2 and 48*2 per cent, in quantity and value, but the piece-goods were 
less by 4*2 and 3‘S per cent, respectively. In linen yarn there was a decrease 
of 24'9 per cent, in amount and 147 per cent, in value, but the piece- 
goods were better by 8*i per cent, in the former respect and 7*4 per cent, 
in the latter. Sheep’s wool improved 20-6 per cent, in quantity and to a less 
extent in value, but woollen and worsted yarn was worth 5-3 per cent, less, 
though its amount was 7’i per cent, greater. Woollen tissues slightly 
improved in both respects, but worsted tissues were slightly worse. In 
spirits there was the considerable advance of 177 per cent, in quantity and 
2 1 '8 per cent, in value. Refined sugar was nearly a third less. Soda 
compounds were worth 12 '8 per cent, more, and chemical manures improved 
by 2 2 -4 per cent, in quantity, though their value did not rise proportionately. 
The re-exports of foreign and colonial merchandise were worth £5,340,446, 
an increase of £289,139, or 57 per cent, over the figures for the same 
month of last year. 
The results obtained by English railways in the December half of last 
year were of a somewhat uneven character. Among the big lines, two (the 
Great Northern and Great Eastern), increased their dividends by f per cent., 
one (the Great Western), by £ per cent., and one (the Lancashire and 
Yorkshire), by J per cent. The London and North Western, the 
Midland, and the London, Brighton and South Coast, maintained the same 
rate, while the London and South Western had to diminish its distribution 
by J per cent., the South Eastern by f per cent., and the North Eastern by 
1 per cent. The case of the last line is rather peculiar. During the half-year 
it reduced its train-mileage by 483,000 miles, yet its working expenses increased 
by £45,983, and this, coupled with a reduction in gross revenue of £60,943, 
resulted in a decrease of £106,926 in net revenue. In contrast to this 
unhappy performance, the Great Northern reduced its train-mileage by 
almost exactly the same amount, but succeeded in saving £38,278 in working 
expenses and in increasing its gross revenue by £25,055. Similarly, the 
North Western, with a train mileage smaller by 692,000 miles, spent £32,809 
less on working expenses, and at the same time increased its traffic receipts 
by £39,270. The Great Central, too, was successful in measures of economy, 
for by saving 107,000 miles in train-mileage and cutting down its working 
expenses by £60,147, it obtained an increase in its net revenue of £77,047. 
The Lancashire and Yorkshire, again, decreased its mileage by 310,000 
miles, and improved its net revenue by £36,357. The Great Western’s 
results were the best of all. It ran 154,000 miles more (part of the increase 
being, doubtless, explained by the fact that it had 28 miles more of line 
in use), and its working expenses rose by £43,974, but its receipts were 
so much higher that its net revenue showed an improvement of £114,105. 
The Midland does not appear to have joined in the fairly wide-spread 
attempt to diminish train-mileage, for in this respect it reports an increase 
of 899,000 miles, though it had only 2 more miles of line to work ; still its 
working expenses did not increase inordinately, and a larger gross revenue 
enabled it to improve its position by £56,610, 
For the Irish railways the half-year was not very brilliant. Only one 
of them, the Belfast and County Down, managed to increase its dividend, by 
per cent. ; two others, the Belfast and Northern Counties and the Great 
Northern, maintained it at the same rate, but the shareholders of the Great 
Southern and AVestern and of the Midland Great Western had to put up with 
a reduction of 2 and 1 per cent, respectively. As usual, the Dublin, Wick- 
low and Wexford paid nothing. 
The recent issue of £3,000,000 three per cent. London County 
Consolidated Stock was applied for to the extent of £27,256,860. Of the 
total applications, 2,991 in number, 96 were for sums between £500,000 and 
£100,000, while there were six applications for £20, and three for £10. 
Small applications up to £200 were allotted in full, while applicants for larger 
amounts were dealt with pro rata , though no allotment of less than £200 
was made, 
Colonies. — The gold output of the mines working on the Witwatersrand 
in January was 70,340 oz. ; in December the amount was 52,897 oz. The 
total yield of Victoria in January was 39,091 oz., of New South Wales 
46,235 oz., of Queensland 53,100 oz., and of New Zealand 32,860 oz. In 
West Australia 79,926 oz. were entered for export, and 88,233 ° 2 - were 
received at the Perth mint for coinage, the total thus being 168,159 oz> 
The following table shows the variations which have occurred in certain 
Colonial Government securities during the past three months : — 
30th Dec. 
28 th Jan. 
25th Feb. 
Canada 3 per cent. 
101J-101 j 
TOI J— IOlff 
101 — 1 01 A 
Cape 3 per cent. 
95 “ 95i 
94 “ 94a 
96 - 96 J 
Natal 3 per cent. 
94 - 95 
932“ 94a 
93 “ 94 
New S. Wales 3 per cent. . 
952- 96 
95f- 9 6 ± 
9 6 h~ 97 
New Zealand 3 per cent. 
94|- 95 
94 h~ 95 
95 - 952 
Queensland, 3 per cent. 
93l“ 94 i 
93 1- 94i 
94f- 95i 
South Australia 3 per cent. . 
93f- 93 t 
93 ” 932 
932- 94 
Tasmania 3^ per cent. 
1 03 104 A- 
103^-104^ 
103I-104-I 
Victoria 3 per cent. 
9 6 T- 9 6 ! 
96 97 
9 6 2 - 97 
West Australia 3 per cent. 
(May-Nov.) 
92|~ 93! 
9 2 l~ 93§ 
93i~ 93'! 
India.- — A number of the mines working the Kolar goldfield, including 
the Balaghat, Champion Reef, Mysore, Nundydroog and Ooregum, have come 
to an agreement with the Mysore Government (subject to the approval of the 
Government of India) that the leases under which they work shall be renewed 
from March, 1910, so as to ensure them a tenure of their mining rights for 
38 years from the present time. In addition to the present royalty, the mines 
will be required to pay 2 A per cent, on dividends declared after March, 1910. 
The following table shows the fluctuations which have occurred in 
certain Indian railway companies’ securities, during the last three months : — 
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 A per cent. Deb. 
Southern Mahratta 3A per cent. 
30th Dec. 
29th Jan. 
26th Feb. 
127-131 
I 3°~ I 34 
106-1 10 
105-109 
103-107 
171-176 
U5- i6 5 
157-163 
106-1 10 
104-108 
103-107 
134-138 
136-140 
I 33~ I 37 
136-141 
137-142 
13S-143 
107-m 
106-109 
106-109 
Foreign Countries. — The returns of French foreign trade for last year 
show that the imports reached a value of over 1S8A millions sterling against 
rather less than 18S millions in the preceding year, while the exports at 
166 A millions were more than 2^ millions better. Great Britain was far and 
away France’s largest source of supply, sending over 26A millions of the im- 
ports. The United States came next on the list with 19 J millions, followed by 
Germany with nearly i6f, Belgium with nearly 15 A, and Argentina with over 
14J millions. In the exports the lead of Great Britain was still more marked. 
She took French produce to the extent of 50A millions, and was thus more 
than twice as good a customer to France as Belgium, which came next on the 
list with 23I millions. Germany contributed goods to the value of nearly 
1 81, millions, and the United States followed next, but a long way behind, 
with 9J millions. Of the total value of the imports received from England, 
more than a quarter was due to coal, which in 1901 was worth £7,632,000 
and in 1900 £8,146,000. The next largest item was wool which, worth 
£i, 633, 560 in 1900, jumped to £3,623,560 last year. Machinery came 
third with a value of £1,322,000 (a decrease from £1,603,000 in 1900) and 
woollen goods were fourth with £1,088,000. On the other hand, of goods 
sent to England by France, silks, worth nearly 5 A- millions, formed the largest 
item. Then followed woollens with £4,600,000, millinery and artificial 
flowers with £4,314,000, raw sugar with £3,910,000, wines with £2,256,000, 
and clothing with £2,031,880. The spirits England bought from France 
were worth £1,185,000 and the refined sugar £1,092,000. One interesting, 
though minor, item in the exports is that of automobiles. In 1899 the exports 
of these from France to all countries were valued at £170,360, in 1900 at 
£376,680, and in 1901 at £631,280, England being apparently the best 
customer. The total entries of ships with cargo into French ports fell from 
18,360,448 tons in 1900 to 18,199,003 in 1901, the French tonnage rising 
from 4,678,506 tons to 4,703,209, while the foreign fell from 13,681,942 
to 13,405,794. In the clearances, however, there was an increase from 
12,804,292 to 13,125,730 tons; both French and foreign tonnage shared, 
the former increasing from 4,332,585 to 4,503,131 tons, and the latter from 
8,561707 to 8,622,509. 
