Vol. VIII. No. 88. 
IMPERIAL INSTITUTE JOURNAL. 
FINANCIAL AND COMMERCIAL 
RETROSPECT. 
United Kingdom. — The trade returns for February show increases 
in both the imports and exports compared with the same month of last year, 
though the re-exports of foreign and colonial merchandise, worth £7,804,101, 
were less by £762787. As regards the imports, which were valued at 
£71,691,591, and thus showed an increase of £7,977752 or 4*9 per cent., 
there were improvements in almost every class of goods except duty-free 
articles of food and drink, living animals, and chemicals. In the first-named 
class the decrease amounted to ££04779. Among cereals, barley alone was 
greater in quantity and value, which increased by 29 and 26*4 per cent, 
respectively. In wheat, owing to smaller shipments from Argentina, there 
was a decline of 9*3 percent, in quantity and n’6 per cent, in value. In 
wheat-flour, of which there was a diminished supply from the United States, 
the fall was 12*9 per cent, in quantity and 16*5 per cent, in value. Oats 
fell by 537 and 43" 8 per cent, in the two respects, and Indian corn by 
297 and i7'6 per cent., the United States sending over 3^ million cwt. 
less. There was a large increase in rice — 140*6 per cent, in amount and 
102*5 per cent, in value. In sugar a big rise was recorded; the refined 
exactly doubled in weight and its value increased 27*3 per cent, to 
£7,304760, while the quantity of the raw article rose by 587 per cent, and 
its value by 21 "2 per cent, to ££07,479. In raw materials for textile 
manufactures, larger shipments of cotton from the United States, Egypt and 
Brazil increased the weight by 33-9 per cent, to 492,473 cwt., the value, 
£7,722,358, being higher by 17*4 per cent, or ££02768. Cotton manu- 
factures also increased in value by 22’2 per cent, to £789704. Flax was 
less in quantity and value, hemp improved 13*9 per cent, in the former and 
36*6 in the latter, jute was higher both in amount (36*3 per cent.) and value 
{24*3 per cent), while in raw silk the rise in quantity was 173*3 per cent, 
and in value 147*1 per cent. Wool again showed considerable improve- 
ment — an increase of 15*9 per cent, in quantity and of 4'S in value to 
£7767718; larger shipments arrived from South America, British South 
Africa, New Zealand, France and India, though Australia sent less. In the 
exports, which were worth £71,312776, there was an increase of £774,821 
or i‘3 per cent. The quantity of coal was greater by 9*1 per cent. 
(253,900 tons), but its value was less by 10*3 per cent. (£721,530), Iron 
and steel were better by 3*7 per cent, in quantity, but the value was 
fractionally less. In machinery there was a loss in value to the extent 
of 5*9 per cent. ; new ships exhibited an improvement of £793,800. 
In yarns and textiles, cotton yarn increased 5*8 per cent, in quantity but 
fell off 9*1 in value, China taking more while Japan took much less. Cotton 
piece-goods were better by 13,262,300 yards (3*1 per cent.), but the value 
decreased by £79770 or o*6 per cent. ; here, also, China was mainly 
responsible for the increased exports, the Indian demand being smaller. 
The quantity of wool increased by 122*4 per cent., but its value only about 
half that percentage. Woollen and worsted yarns were less in value by 9*1 
per cent., though their quantity was higher by 2*5 per cent. ; woollen and 
worsted tissues, however, were better in all respects, the former by 4*3 in 
quantity and 10 percent, in value, and the latter by 17*2 and 18*4 per cent. 
In chemicals, all articles were higher, except sulphate of copper. Soda 
compounds increased 22*9 and 29*7 per cent, in quantity and value, while 
chemical manures were better by 27*6 and 34*3 per cent. 
Colonies.— -In the course of his Budget speech the Treasurer of the 
Dominion of Canada estimated the revenue for the current year ending in 
June at $56,800,000 or $4,000,000 more than in last year. The total surplus 
he put at $5,800,000. Lie spoke cheerfully of the future, and hoped for a 
broadening of the treaty with France, and a satisfactory treaty arrangement 
with jGermany. In regard to the latter, he urged that it was a mistake to 
suppose that Canada had discriminated against her. Canada had indeed 
withdrawn some commercial privileges from Germany, but they were such as 
should only be granted to the family circle of the British Empire, and no 
foreign country should expect to enjoy them. Canada was quite ready to 
allow Germany as favourable treatment in her markets as was allowed to any 
other foreign country. This argument, it may be mentioned, is not accepted 
as convincing in Germany. 
The increase in the Customs revenue of the Australian Federation for 
the current financial year is ££78700. New South Wales showed an 
increase of ££51,859, Victoria of £74700, South Australia of £78700, 
Tasmania of ££700, and Western Australia of ££07700. Queensland 
reported a decrease of £722700. The reductions in the Tariff made by 
Parliament amount to ££00700, and the increases to ££5700. Queensland 
showing a decrease of £708700 on the State Tariff of 1900, and Tasmania 
one of £710700, the Government intend to adhere to the revenue duties 
proposed in the Tariff Bill — 6s. per quintal on rice, 2d. a lb. on imported 
starch (besides an excise duty of id. per lb.), 3d. a lb. on tea, and 3d. a 
gallon on kerosine. 
The gold yield of New South Wales in February was 10,952 oz. 
(scarcely more than half the amount in the same month last year), of 
Queensland 60,800 oz., of Western Australia 158,108 oz., and of New 
Zealand 41,632 oz. 
ga-W** 
[April, 1902.] 93 
According to the Natal Budget statement, the revenue of the colony for 
the past year was ££83700 above the estimate, and there was a surplus of 
£789,809 over the expenditure. The revenue for the current year is put at 
££,400700, and the surplus at ££16700, Customs are expected to show 
a large increase, but a diminution of ££0700 is expected in the railway 
receipts. The Budget statement of the Orange River Colony states that for 
the six months ending 31st December last, the total receipts were £731700, 
and the expenditure ££9700. The surplus thus amounts to ££2700, 
although nothing has been received on account of railway profits, which in 
normal times vary from £700700 to ££00700 a year. Among the 
items of the revenue are : Customs, ££ 1,000; licences, £74,500; post-office, 
£72700; dividends, ££700; transfer duplicates, £7700; agriculture, 
£74,600 ; and quit rents, £7795. On the expenditure side, education cost 
£72700; municipal police, ££,500; district administration, ££,800 ; 
prisons, ££,500; post office, £71700; public works, ££700; and 
agriculture, ££000. In addition £700700 has been spent on the refugee 
camps, including ££0700 on native camps, but the whole of this sum has 
been recovered from the army funds. The financial position of the colony is 
regarded as highly satisfactory, considering that many sources of revenue are 
at present locked up. For example, nothing is included in the Budget 
on account of claim-licences, which normally produce at least ££700 a 
year, and quit-rents, which figure for only £7,095, in ordinary times yield 
something like £75700 annually. The gold output of the Witwatersrand 
mines that have restarted crushing amounted in February to 81,405 oz. of 
fine gold ; in January the amount was 70,340 oz. The Rhodesian mines 
yielded 13,204 oz. in February; this is in advance of the output (12,237 oz -) 
for February of last year, but considerably less than that for January last 
(15,954 oz.) 
The Egyptian accounts for 1901 were closed at the beginning of last 
month. The revenue was £jEi 2,1 60,000 against £^11,663700 in* the 
previous year, an increase of nearly £^£500700. The actual expenses 
incurred in 1901 were ^£9,924,000, or ££24,000 more than in 1900. The 
balance of £^2,236700 was distributed as follows : ^££64,000 was paid 
into the Sinking Fund, £^265700 into the Economies Fund, and 
;£E 1, 143,000 to the General Reserve Fund controlled by the Caisse of the 
Public Debt. The residue, £^764700, represents the surplus at the disposal 
of the Egyptian Government. Testimony is borne to the flourishing con- 
dition of Egypt’s finances by the balances standing to the credit of the various 
reserve funds at the end of 1901 ; these were as follows: Economies Fund, 
£3479 r,ooo ; General Reserve Fund, £^3,795700; Special Reserve 
Fund, £££1,287700. The total of these sums is £££9,573700. 
The following table shows the variations which have occurred in certain 
Colonial Government securities 
during the last three months : — • 
28th Jan. 
25th Feb. 
26th Mar. 
Canada 3 per cent. 
IOlJ-IOI-f 
IOI -IOI.V 
IOI — I O I 2' 
Cape 3 per cent. 
94 ~ 94 | 
96 — 96^ 
96 X— 97 
Natal 3 per cent. 
93 h~ 94 i 
93 - 94 " 
932 " 94 -| 
New S. Wales 3 per cent. 
95 I- 9 &i 
9 6|- 97 
95 - 952 
New Zealand 3 per cent. 
94 h 95 
95 - 95 ^ 
9 3 i“ 94 
Queensland, 3 per cent. 
93 f— 94 i 
94 f- 95 i 
95 - 95 i 
South Australia 3 per cent. 
93 - 9 3 1 ' 
93 -b 94 
94 “ 94 1! 
Tasmania 3.^ per cent. 
103I-104J 
103^-104^ 
103I-104A 
Victoria 3 per cent. 
9 6 k~ 97 
96 -i- 97 
962- 97 
West Australia 3 per cent. 
(May-Nov.) 
9 2 2 “ 932 
9 3 i“ 93 ? 
932 “ 94 £ 
India. — The financial statement for the present year was made in the 
Legislative Council on March 19th. The accounts for 1900-1901 show an 
improvement in revenue over the revised estimate of £706700. The gross 
railway receipts improved by £797700, and the net railway profits were 
££25700. An increase in revenue of £7,355700 is shown by the revised 
estimate for 1901-1902, as compared with the estimate in last year’s budget. 
The chief increases are under the following heads : — Land revenue, £799700 ; 
opium, ££r 1,000; stamps, £747700; excise, £7 19,000; Customs, ,£644,000 ; 
mint, ££15700; railways, £7,750,000; military receipts, £715,000; other 
sources, £754, 000. Under other heads there is a decrease of £7,000. 
The expenditure is less by £7,027,000. The heads under which reductions 
occur are direct demands on the revenue, £720,000 ; interest, £744,000 ; 
civil departments, £795,000 ; other public works, £717,000; army services, 
£7,006,000 ; and various minor groups, £731,000, the total being £7713,000. 
On the other hand, there are increased expenses in connection with the mint, 
£731700 ; with railways, £768,000 ; minor heads, ££7700 ; and provincial 
surpluses and deficits, £7,400700. The net result is an increase of the 
surplus by £7,982700 to £7,673700. The Budget estimate for 1902-1903, 
as compared with the revised estimate for 1901-1902, shows the following 
decreases in revenue, amounting in all to £7,445700 : — Land revenue 
(explained by remission of arrears), ££80700 ; opium ££25700, owing to 
lower prices estimated for; Customs £'232700, a continuance of the 
abnormal importation not being expected ; mint £782700, no allowance 
made for coinage of new rupees; railways £729,000, the inflation of traffic 
not being expected to continue; and various minor decreases, £798,000. 
The increases amount to £769700, made up of irrigation £721700, and 
minor items £748700. On the expenditure side there are the following 
increases : — Direct demands on revenue, £746700 ; civil departments, 
££65700, including law courts £718700; police, £747700 ; education, 
£758700; medical, £757700 political, £722700; irrigation works, 
