Vol. VIII. No. 90. 
IMPERIAL INSTITUTE JOURNAL. 
[June, 1902.] 149 
FINANCIAL AND COMMERCIAL 
RETROSPECT. 
United Kingdom. — 'According to the Board of Trade returns of the 
foreign trade for April, the imports, valued at £46,199,928, were £65,689, or 
o- 1 per cent, less than in the same month of last year. In April, 1901, there 
were only 24 working days against 26 in last April, but, on the other hand, the 
figures for last year were abnormally large, owing to the heavy importations of 
sugar in anticipation of the Budget proposals. In April last there were 
increases in manufactured articles, miscellaneous articles, metals, raw 
materials for sundry industries, chemicals, oil and tobacco ; but in other 
classes there were decreases, among them being one of over two millions 
sterling in the category of food and drink liable to duty, in which of course 
sugar is included. In meat of all sorts, whether dead or in the form of living 
animals, there was a general decrease, both as to quantity and value, though 
it was not quite so pronounced in the latter as in the former. There were 
smaller shipments both of cattle and sheep and of beef, from the United 
States. In cereals, wheat, valued at £2,238,441, showed a rise of 5*5 per cent, 
in quantity, though only x'4 per cent, in value. Wheat-flour, however, was 
one-third less in amount, and its value fell from ,£1,000,643 to ,£633,151. 
In oats and Indian corn there was a decrease in quantity of just over 14 per 
cent, in both cases, but whereas the value of the former increased by 7 *6 per 
cent., that of the latter fell off by 6 '6 percent. Barley improved 5*4 per cent, 
in amount, and 7*3 per cent, in value. In raw materials for textile manufac- 
tures, smaller consignments of raw cotton from the United States reduced 
the quantity by 21 ‘5 per cent., while the value fell by 23-8 per cent. 
(£^917,268). Cotton manufactures increased in value by 32 '8 per cent. 
Sheep and lambs’ wool, however, owing to larger arrivals from Australasia, was 
1 9 - 2 per cent, higher in quantity, and increased in value by £"460,565 (15*4 per 
cent.) to £3,447,544- Jute, silks, alpaca wool and goats’ wool, were more in 
quantity and value, but flax and hemp were less. In metals, iron ore, pig iron, 
bar iron and unwrought steel, were all higher in value and quantity, and 
though copper ore and regulus were lower in both respects, unwrought copper 
showed a large improvement. Lead and crude zinc were also much higher, 
and tin gained about the same fractional percentage in value that it lost in 
quantity. Wood, sawn and hewn, was worth £1,073,040, the value having 
decreased by 2 '8 per cent., although the quantity increased 5'6 per cent. 
The exports of British and Irish produce were valued at £23,492,529, an 
increase of £1,505,496, or 6*8 per cent., being thus shown; the increase is 
spread over every class of articles except raw materials, metals, and new ships. 
Coal, although 0*2 per cent, greater in amount, decreased in value by 
9'5 per cent, to £2,200,133. Iron and steel were 14*8 per cent, greater in 
quantity, and 16*4 per cent, in value. Machinery rose in value by 7*1 per 
cent, to £1,6 55,067. Cotton yarn was 1*2 per cent, less in value, though 
ii'o per cent, greater in quantity, but cotton piece-goods rose 16*2 per cent, 
in the latter respect, and 10*7 per cent, in the former, to a total value of 
£4,882,896, the larger shipments being mainly to China. Other cotton 
manufactures increased by £75,457. Woollen and worsted yarn increased 
14 per cent, in quantity and 6*6 per cent, in value, while in both woollen and 
worsted tissues there were substantial improvements, the increase in quantity 
being io*o per cent, and 13*9 per cent, respectively, and in value 9*2 per 
cent, and 5*3 per cent. In chemicals, soda compounds rose in value by 
27*8 per cent, to £116,611, but the improvement in quantity was still larger, 
viz. : — -34*5 per cent. ; chemical manures fractionally declined in amount, blit 
their value was 25*2 per cent, greater. The re-exports of colonial and foreign 
merchandise were valued at £6,6 73,949, an increase of £387,942 as compared 
with April, 1901 
Lloyd’s shipbuilding returns for the first quarter of this year state that on 
March 31st there were, excluding warships, 431 vessels, of 1,120,344 tons 
gross, under construction in the United Kingdom. At the same period of 
last year, the number of vessels was 444, and the gross tonnage 1,303,116. 
Of the tonnage in hand, 1,000,774 tons are for home account, 30,574 tons 
are for Germany, 22,300 tons for Austria-Hungary, 20,839 tons f° r Holland, 
and 14,020 for France. The total is about 119,000 tons less than that shown 
by the returns for the previous quarter. 
Details were published during the month of the Atlantic Shipping 
“Combine,” which has recently been attracting so much attention. The 
corporation, organized under the auspices of Messrs. J. P. Morgan & Co., is to 
be registered according to the laws of the State of New York or other State 
they may select, and is to have a total capital of $120,000,000; one-half of 
this is to be 6 per cent, preferred stock with limited cumulative dividends, 
and the other half common stock, limited to 10 per cent, dividends so 
long as there are outstanding any of the £50,000,000 of 4^ per cent, 
collateral trust debentures which are also to be created, and of which the 
principal is to be payable in 20 years, the corporation possessing the right 
to redeem them at any time after five years at 105. The properties to be 
acquired by the Corporation are 750 fully paid shares of £1,000 each in 
the White Star Company, including all the ships now being built for it, 
and the goodwill, assets, etc., of Messrs, lmrie, Ismay & Co., including the 
position of managers of the White Star Line so far as the White Star Line 
vendors can dispose of it ; all the shares of the Dominion Line, the 
American Line, and the Atlantic Transport Line, including new ships in 
course of construction for those lines; and 118,463 ordinary and 58,703 
preference shares of the Leyland Line. The valuation of the several 
properties is, in every case, on the basis of ten times the net profits of the 
different companies in 1900, subject, however, to certain deductions and 
r>«*~ 
exceptions. There is also a builder’s agreement between Messrs. Harland & 
Wolff, of Belfast, and Messrs. J. P. Morgan, by which the former are bound 
not to build for shipowners who are not parties to the “ Combine,” except 
the Hamburg-American line. In return they are to have all the shipbuilding 
required by the corporation in this country, although the corporation is at 
liberty to place orders for ships in the United States if it thinks fit. The 
arrangement has given rise to a great deal of discussion — much of it 
necessarily futile in the absence of any detailed knowledge of the plans and 
policy of the promoters — and while some people regard it as a serious blow 
to the interests of British shipping on the North Atlantic, others hold that 
too much stress may be laid on sentimental objections and that, even from 
the British point of view, the combination presents undeniable advantages. 
It may be pointed out that the total tonnage passing under the control of , 
the “ Combine ” seems to be of the order of three-quarters of a million gross 
tons ; this is, undoubtedly, a very large proportion of the tonnage employed 
on the North Atlantic, although important lines like the Allan, Anchor, and 
Cunard, appear to stand outside, but it is quite a small fraction of the total 
tonnage registered in the United Kingdom, and what those should do who 
object to this Americanization is to cease idle lamentations about lack of 
patriotism, etc., and set to work to ensure that the residue is worked to the 
best possible purpose, and that its powers are developed as widely and as 
energetically as possible. 
Colonies. — The Rand gold output in April is reported as 119,58s oz. 
of fine gold, worth £502,269, against 104,127 oz. in March. This amount 
is about one-fourth of the Rand output in the same month of 1S99 before the 
outbreak of war. It is computed that at the present time nearly 2,000 stamps 
are at work out of a total of about 6,000. The Rhodesian output for April, 
at 17,559 oz., shows a substantial increase over that for March— 16,891 oz.- — 
in spite of reported difficulties from cattle disease. In Western Australia 
the yield was 159,225 oz., obtained from 142,906 tons of ore, the average 
yield being thus 1 oz. 2 dwt. 6 grs. per ton. In April of last year the yield 
was 143,809 oz., the amount extracted per ton being 1 oz. 1 dwt. iS grs. 
In Queensland the yield was 67,370 oz., and in Victoria 48,946 oz. In New 
Zealand, the accounts for the past financial year show that the revenue, 
which amounted to £6,185,403, exceeded the estimates by £214,070, 
including the sum of £42,769 recovered on account of war expenditure, and 
there was a surplus of £279,489. The expenditure, which exceeded the 
estimates by £2,788, amounted to £5,895,914, exclusive of £19,000 
expended in paying off debentures. 
The following table shows the variations which have occurred in 
certain Colonial Government securities during the last three months : — 
26 th Mar. 
28th April. 
28th May. 
Canada 3 per cent. 
101 
102^-103! 
103A-104 
Cape 3 per cent. 
9 6 4 97 
974 9 ll 
9S — gSi 
Natal 3 per cent. 
93J- 94 
95 " 96 
964 97i 
New S. Wales 3 per cent. . 
95 “ 952 
954 9&1 
95 - 952 
New Zealand 3 per cent. 
93:4 94 
954 9 6 
954 96 
Queensland, 3 per cent. 
95 ~ 9 5 h 
95f- 9 6 4 
95f~ 9<4 
South Australia 3 per cent. . 
94 ” 94-j 
95 “ 95-2 
96 - 96^ 
Tasmania 3 Jr per cent. 
103I-104I 
i° 34 io 42 
i04j-i°5i 
Victoria 3 per cent. 
964 97 
974 97f 
9^4 98I 
West Australia 3 per cent. 
(May-Nov.) 
934 94 1 
934 94j 
944 95i 
27th Mar. 
29th April. 
29 th May. 
I 3°~ I 34 
I 3°~ I 34 
I 3° -I 34 
103-107 
104-108 
105-109 
156-161 
158-163 
160-164 
103—107 
104-108 
105-109 
132-136 
i32-!36 
^ 35 ~ 1 S 9 
13S-143 
138-143 
138-143 
106-109 
106-109 
106-109 
; to the report of Mr. F. 
E. Taylor, 
India. — The subjoined table shows the variations which have occurred 
in the securities of certain leading Indian railway companies 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^ per cent. Deb. 
Southern Mahratta 3^ per cent. 
Statistical Secretary to the Imperial Maritime Customs, the foreign trade of 
China was greater in 1901 than it has been in any previous year except 1S99. 
The value of the imports in 1901 is given as 262,302,918 Haikwan taels, 
against 211,070,422 in 1900, while that of the exports was 169,656,757 taels, 
as compared with 158,096,752 taels. With regard to the two staple exports 
of China, tea and silk, the former has for years been declining, and in 1901 
the amount of black tea exported was smaller than ever recorded before, 
while there was a serious diminution in the exports of green tea. The silk 
trade did better, the crops being good and the cocoons of fine quality. Of 
Chinese imports cotton goods take the first place, and the imports of them in 
1901 were valued at 96,651,199 taels, against 73,606,360 taels in the 
preceding year. Contrary to the tendency of recent years, there was a 
marked demand for the cheaper qualities, and the cheapness of certain 
American products enabled them in some cases to oust those of British 
manufacture, Japanese competition also making itself felt. It is comforting 
to note that Great Britain is still very far ahead of any other country in the 
share it secures of Chinese trade. Of the tonnage entering and clearing the 
Treaty ports in 1901, 54 per cent, was British, Germany coming next with 
15*5 and Japan with 11*4. All other foreign nations counted for only 5*8 per 
cent, the Chinese tonnage being 13*3 per cent. If the comparison be made 
on the basis of the tonnage dues paid, the result is : — Great Britain, 5 1 per 
cent.; Germany, iS*5 per cent.; Japan, ii*8 per cent.; all other foreign 
nations, 14*9 per cent. ; and China, 3*8 per cent. The Customs revenue in 
1901 largely increased in unison with the increase in trade, and reached the 
sum of 25,537,547 taels; in 1900, the amount was 22,873,986 taels. In 
Japan, according to a report by Mr. Lay, Acting Japanese Secretary to H.M. 
Legation at Tokyo, the imports were worth about 2 1 j- millions sterling, or nearly 
three millions less than in 1900, while the exports' were valued at about 
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