234 [September, 1902.] 
IMPERIAL INSTITUTE JOURNAL. 
First Committee. 
Mode in which any 
Vacancy in the Office 
is to be filled up. 
The Lord Strathcona and Mount Royal, G.C.M.G, 
The Honourable Ilenry Copeland 
The Honourable William Pember Reeves . 
Sir Walter Peace, K.C. M.G. 
The Honourable Sir Robert G. W. Herbert, G.C. B., 
* The Right Honourable the Lord James of Hereford 
* Sir Frederick A. Abel, Bart., G.C.V.O., K.C.B. 
G. 
C. M.G. 
( Appointment by the 
Government of the 
Dominion of 
Canada. 
f Appointment by the 
i Federal Govern- 
ment of the Com- 
i monwealth of 
\ Australia. 
1 Appointment by the 
. Government of New 
{ Zealand. 
t Appointment by the 
Governments of 
Cape Colony and 
Natal alternately, 
the Government of 
Cape Colony being 
entitled to (he first 
■ appointment. 
' A p p ointment in 
manner directed by 
the Secretary of 
State for the Colo- 
nies. 
[ Vacancies not to be 
i filled up. 
* Representing the existing Corporation 
PART II. 
1. — The term of office of a member of the Advisory Committee shall be three years, 
except in the case of members of the first committee. 
2. — The term of office of members of the first committee shall expire on the thirty-first 
day of December nineteen hundred and three, but the Board of Trade may, if they think it 
expedient, extend the term of office of the members representing the existing Corporation up to 
the thirty-first day of December nineteen hundred and six. 
3. — The members of the Advisory Committee shall retire on the expiration of their term 
of office, and their offices shall be filled by fresh appointments, made in the manner directed 
by the second column of the First Part of this Schedule. 
4. — A casual vacancy occurring in the office of any member of the committee by death, 
resignation, or otherwise, shall be filled by appointment in the manner directed by the second 
column of the First Part of this Schedule as respects the member whose office is vacant, but 
the member so appointed shall hold office only so long as the member whose office is vacant 
would have held office. 
5. — A vacancy in the office of either of the members of the first commiLtee representing 
the existing Corporation shall not be filled, 
6. — A retiring member may be re-appointed, 
7. — The Advisory Committee may act notwithstanding any vacancy in their number. 
FINANCIAL AND COMMERCIAL 
RETROSPECT. 
United Kingdom. — The returns of our foreign trade for July last 
compare very well with those for the same month of last year, and, although 
the number of working days was the same in both cases, there was a 
considerable rise in the value of both the imports and the exports. The 
former were valued at £44,086,960, and thus showed an increase of 
£1,058,138, or 2 ‘4 per cent. In them increases were recorded in all classes 
of articles except metals, dutiable articles of food and drink, living animals 
for food, and raw materials for textiles. The fall in raw cotton was somewhat 
heavy, amounting to 54’o per cent, in quantity, and 49^9 per cent, in value ; 
it was due mainly to decreased shipments from the United States, which sent 
only 112,499 cwt., against 500,570 cwt. in July of last year. In cotton 
manufactures there was a rise in value of 16*3 per cent. Flax showed the 
large increase of 79^9 per cent, in amount and 88‘2 per cent, in value, and in 
jute also there was an advance, though on a much smaller scale, but in hemp 
there was a decrease of 45'o per cent, in amount and 41*7 per cent, in value. 
Sheeps' wool, though it lost 7 '2 per cent. (3,507,222 lb.) in quantity, rose 
3'4 per cent. (,£50,382) in value. In cereals, wheat was the only item that 
advanced, its quantity improving by 2C5 per cent, and its value by 25*3 per 
cent., chiefly owing to larger shipments from India. But wheat-flour fell off 
by 12*9 and 8'o per cent, in quantity and value respectively; barley by 
29/2 and 26*3 percent.; oats by 48'9 and 36T per cent., and Indian corn by 
27*4 and 20’8 per cent. Rice was better by 62M per cent, in quantity, but 
only by 24‘o per cent, in value. Living animals for food showed a decrease 
owing to smaller arrivals from the United States, and so did fresh beef and 
bacon, but fresh mutton was somewhat better, and preserved meat (not 
salted) rose 19*5 per cent, in amount and 39*4 per cent, in value. Of butter, 
which was greater by 11 per cent, in quantity and worth i3 - 3 per cent, more, 
the total value was £'2,198,392, a figure which is a disgrace to the British 
farmer and an unequivocal testimony to his invincible supineness and crass 
stupidity. Refined sugar was all but stationary in quantity, but fell off 
i 8'3 per cent, in value; the raw article, however, increased 63’5 per cent, in 
the former respect, and 3S‘5 per cent, in the latter. In tea, too, there was a 
substantial improvement of 40' 1 per cent, in amount and 33*4 per cent, in 
value, and unmanufactured tobacco went up 4 6'6 per cent, in quantity and 
42 'o per cent, in value. Wood, the largest single item on the import list, 
rose in value from ,£3,652,308 to £3,859,691, or 5‘6 per cent., with an 
Vol. VIII. No. 93. 
increase in quantity of 4‘i per cent. The exports of British and Irish 
produce were valued at £26,029,170, and thus showed an increase of 
£1,643,399, or 6*7 per cent., which was spread over every class of article 
except raw materials and yarns and textile fabrics. Among the former, coal 
fell off by 1 1 ‘6 per cent, in value, although its quantity was slightly larger. 
Cotton piece-goods fell from £5,066,265 to £4,678,859, owing to a 
diminution of 8*1 per cent, in the amount exported ; India, the foreign West 
Indies, Venezuela, and Argentina took less, but Japan, British South Africa, 
and Australia more. Cotton yarn and twist also suffered a reduction of 
23’8 per cent, in quantity, and 2o‘5 per cent. (£148,209), owing to 
a smaller demand from Llolland, Turkey, China, and India. Other cotton 
manufactures were worth 7*3 per cent more. Jute yarn and piece-goods 
were less, but linen yarn and piece-goods considerably better. Sheep and 
lambs’ wool improved by 64 per cent, in quantity and 7 6*i per cent, in 
value, and woollen and worsted yarns rose by 16 per cent, in the former 
respect and 1 5,* 5 in the latter. Woollen tissues also were better by i2'5 per 
cent, in quantity and io’6 per cent, in value, as also were worsted tissues, 
though to a smaller extent. In iron and steel there was an important increase 
of 87,485 tons, meaning £452,923 in money, and machinery and millwork 
was worth £328,549 more (20^9 per cent.). New ships for foreigners 
showed only the trifling increase of £6,032, but the exports of telegraphic 
wire and apparatus were better by £844,461. All chemicals, except 
bleaching powder, improved in value, chemical manures rising 57 per 
cent, in amount and 13 ’8 per cent, in value, while soda compounds increased 
8'9 per cent, in quantity and were worth 12*1 per cent. more. The re-exports 
of foreign and colonial merchandise advanced by half-a-million sterling, their 
value being £6,034,529, as against £5,526,083 in July of last year. 
The results achieved by the leading English railways, during the last 
half-year, show some slight improvement on those achieved in the same 
period of 1901. For the twelve principal lines, the gross receipts, amounting 
to £37,606,000, showed an increase of £769,000, or 2’i per cent., while the 
expenditure at £24,243,000 was 1 per cent. (£233,000) smaller. The net 
revenue at £13,363,000 was better by S’i per cent., or £1,002,000. The 
working expenses were reduced from 66 ‘5 per cent, of the gross receipts to 
64*5 per cent. As a result the dividends declared were higher than in 1901 
in every case except that of the North Eastern, which made no change, 
although the increases were mostly not very great. The following table 
shows the rates of dividends paid in the first halves of 1901 and 1902, the 
amounts thus absorbed, and the amounts carried forward : — 
Dividends. 
Companies. 
Per cent. 
Amount. 
1902. 
1901. 
1902. 
1901. 
1902. 
1901. 
Great Central ... 
„ . _ 

£ 
£ 
4 
30,342 
£ 
1,250 
Great Eastern 
u 
it 
103,972 
82,893 
1 1 ,844 
9,418 
Great Northern... 
2j 
210,788 
189,709 
8,232 
6,692 
Great Western ... 
3 k 
2f 
519,537 
317,954 
23,948 
19,730 
Lane. & Yorks. ... 
n _L 
ji 
n 
J 
290,470 
251,115 
21,891 
21,505 
L. Brighton & S.C. 
>-* 
j 
2i 
140,961 
122,864 
20,268 
8,325 
L. Chat. & Dover ...* 
2 2 
£i- 9 s. 
84,092 
48,620 
299 
13 
Lon. & N. -Western 
4 t 
4^ 
1,018,203 
964,602 
54,672 
32,918 
Lon. & S.- Western 
4 
3-j 
242, 1 90 
211,479 
25,104 
18,376 
Midland... 
4 k 
4 
849,590 
746,136 
21,270 
48,060 
1 1 ,046 
North-Eastern ... 
4 k 
4 k 
676,616 
652,938 
3 S, 9 t 4 
South-Eastern ... 

— 
— 
- — 
19,566 
Total 
— 
— 
4,136,419 
3,588,310 
285,496 
165,187 
0 Four-and-a-Half per Cent. Arbitration Preference. 
Colonies. — The financial statements delivered in several States of the 
Australian Commonwealth during the past month were far from cheerful. In 
South Australia, the State Treasurer had to announce a total deficit of 
£239,000. The actual revenue for the year was £2,428,000 and the 
expenditure £2,650,000 ; the extraordinary expenditure amounted to over 
£50,000, and the revenue from the railways £115,000 less than was estimated. 
For the current financial year the revenue is estimated at £2,463,000 
and the expenditure at £2,461,000. New taxation of incomes and new 
stamp duties are expected to yield £89,000, while economies in the railway 
working and in the public services are estimated to "save a further £50,000. 
In Victoria again the financial outlook is bad, and it is feared that the revenue 
will rot reach the level expected and that the deficit for the present year may 
reach £650,000. In Tasmania it was declared that the Treasurer’s difficulty 
was the adjustment of the State’s finances to a greatly reduced revenue, 
although the country was stated to be generally in a prosperous condition. 
The deficit at the end of 1901 was £97,000, which might be increased 
during the current year to £219,000, subject, however, to new taxation pro- 
posals, designed to make up for the loss of about £160,000 annually in the 
Customs revenue under the Federal Tariff, as compared with what was 
obtained under the State Tariff in 1900. The Treasurer proposes to effect 
economies in expenditure to the amount of £33,000, and hopes to get an 
additional sum of about £76,000 from a graduated land tax on properties 
over £10,000, from stamp duties on receipts, from succession duties on real 
estate, and from income-tax assessed on house-rent values. In the first half of 
the present year the total value of the imports into the Transvaal was 
£4,217,698, as compared with £143,192 in the corresponding period of last 
