262 [October, 1902.] 
IMPERIAL INSTITUTE JOURNAL. 
Vol. VIII. No. 94. 
FINANCIAL AND COMMERCIAL 
RETROSPECT. 
United Kingdom. — -Considering that there were two working days fewer 
than in the same month of the preceding year, the trade returns for August 
last must be considered fairly satisfactory with only a small decrease in the 
imports, and a fractional increase in the exports. In the former, which were 
valued at £40,412,571, the decrease amounted to £524,569 (or 1*2 percent.), 
and was most marked in the case of dutiable articles of food and drink, and 
raw materials for textiles. Thus wheat, mainly owing to smaller supplies from 
the United States, fell off by about a million-and-a-quarter cwt. (157 per cent.), 
its value being less by ,£378,999 (14*2 per cent.). In wheat-flour the decline 
was proportionately still greater, amounting to 599,886 cwt. (29^8 per cent.) 
in quantity, and £261,728 (or 28‘8 per cent.) in value. In oats, too, there 
was a heavy fall, amounting to 53'o per cent, in quantity, and 43*9 per cent, 
in value. Barley, however, improved, and in Indian corn there was a rise of 
£200,000 in value (21/2 per cent.) and of 778,766 cwt. in amount ; this 
increase was mainly due to larger consignments from Argentina and Roumania, 
the United States having sent only 393 cwt. against 640,300 cwt. in the same 
month of last year. In sugar there was a drop in price ; with a reduction of 
x'9 per cent, in quantity, the unrefined article showed a loss in value of 19 
percent., while the refined, though its quantity was 4r‘o per cent, greater, 
only increased 15*8 per cent, in value. The imports of tea again were about 
2. | million pounds greater (97 per cent.), but the value was nearly £8,000 
less. In raw materials for textiles raw cotton was less in quantity by about 
68,000 cwt. (1 7 '9 per cent.), while its value fell off by £777,983 (19T per 
cent.) ; less was sent from the United States and from Egypt, though more 
from Brazil and the British East Indies. Flax and jute were better; the latter 
increased n6'6 per cent, in quantity, and 98*1 per cent, in value, but[ hemp 
fell off, and raw silk was worse by 61 ‘2 per cent, in quantity, and 58^8 per cent, 
in value. Sheep's wool also suffered a severe reduction, owing to smaller 
importations from all countries except France and the British East Indies ; 
the fall in quantity was nearly 19^- million pounds, and in value £"587,838, 
both over 42 per cent. Hewn and sawn timber together increased over 
1 1 per cent, both in value and in quantity, but the increase was due to the 
sawn wood, since the hewn was much less. Of meat generally, both live and 
dead, smaller supplies were received from the United States, and though the 
deficiency was, to some extent, made up by importations from other countries 
such as Argentina and New Zealand, the net amounts were uniformly smaller, 
as were also in most cases the values. Butter, however, continued its 
triumphant course, and increased by over 50700 cwt. in weight, and by a 
quarter-of-a-million sterling in value, the total imports being 381,321 cwt., 
valued at £1,880,066. How much longer will English farmers, in their stupid 
supineness, allow this huge sum to pass into the hands of foreigners who 
have the sense to conduct this dairy-farming on organised and systematic 
methods? The exports reached a total value of £24,299,826, thus showing 
an increase of £94,257, or 0*38 per cent. In coal there was a decrease of 
291,481 tons (7’2 per cent.), the value being less by £484,599, or 1 7 *S per 
cent. A marked increase was recorded in iron and steel, which increased by 
nearly 100,000 tons (42*5 per cent.) in weight, and was worth over half-a- 
million sterling (27 ’8 per cent.) more. In machinery and millwork there was 
scarcely any change ; new ships sold to foreigners increased by £61,955. In 
cotton piece-goods the demand was higher from Morocco, Dutch East Indies, 
Japan, the United States, Brazil, Uruguay, Argentina, and British South 
Africa, but less from Greece, Turkey, Egypt, and China ; the net result was a 
diminution in quantity of 47 per cent., and in value of 27 per cent. In 
cotton yarns and twist, also, there was a decrease, but other cotton manufac- 
tures improved by 7^2 per cent. Jute yarn, linen yarn, and linen piece-goods 
all showed substantial increases both in quantity and value, but jute piece-goods, 
although their value was slightly greater, were worth 67 per cent. less. 
Sheep's wool exhibited the very large increase of over 162 per cent, both in 
quantity and value, as a result of large exportations to the United States. 
Woollen and worsted yarns and tissues all increased in quantity, and to a 
smaller extent in value, but woollen carpets, though 57 per cent, greater in 
quantity, fell of by 3-2 per cent, in value. An increase of 17 per cent, in the 
amount of refined sugar was accompanied by a fall of 177 per cent, in its 
value. Chemical manures were worse by q'o per cent, in quantity, but their 
value was i7'2 per cent, higher, while soda compounds increased 10*9 per 
cent, in the former, and 14 7 per cent, in the latter, respect. The re-exports 
of foreign and colonial merchandise were worth £5,698,640 compared with 
£6,166,955 in August of last year. 
According to a recently issued Parliamentary paper, the gross liabilities 
of the United Kingdom, which on March 31st, 1901, amounted to 
£7 0 5>7 2 3,S78, a year later stood at £768,543,386, thus showing an increase 
of £62,719,508. In the Funded Debt there was a net increase of 
£ 5 8 > 4 ° 5>°95 : on one hand, Consols were created to the extent of 
£60,000,000, ; on the other, Funded Debt was reduced (1) by operation of 
life annuities and annuities for terms of years, £1,242,314, (2) by application 
of sums derived from Land Tax Redemption and Composition of Stamp 
Vuty, £3,221,765, and (3) by sundry means, £29,826; total, £1,594,905. 
The estimated assets were £27,935,000, the market value of the Suez Canal 
shares purchased in 1876, together with “other assets," representing 
£726,855, the total being £28,661,855. The Exchequer balances 
amounted to £8,566,948. The net debt, therefore, on March 31st last 
was £731,224,583. 
Colonies. — In the course of his Budget speech, Sir J. Gordon Sprigg 
said that the debt of Cape Colony amounted to £38,000,000, the whole sum, 
with the exception of £6,000,000, being for reproductive works which paid 
more than the interest charged. For the two years ending July xst, 1902, 
the total expenditure was £19,224,000, and the total revenue £17,030,000. 
The revenue for the ensuing year he estimated at £10,350,000, the surplus 
being put at £286,227. The gold output of the Witwatersrand showed a 
considerable increase in August; it amounted to 162,750 oz. of fine gold, 
whereas in the preceding month it was 149,179 oz., and for the same month 
of last year 28,474 oz. The Government has determined to throw open for 
pegging the proclaimed areas in the Barberton and Pietersburg districts, which 
together cover some 650,885 morgen. The former includes the Selati 
goldfields and the Smitsdorp goldfields, while the latter includes the Kaapsche 
block. The Rhodesian output in August was also better than in the 
preceding month, amounting to 15,747 oz. against 15,226 oz. In August of 
last year the amount was 14,734 oz. The Budget statement of the Australian 
Commonwealth showed that the total revenue for the past year amounted to 
£11,288,903, of which nearly nine millions were derived from Customs and 
Excise duties, and most of the remainder from the Post Office. The 
expenditure was £3,926,809, the chief item being the Post Office, £2,336,46 5. 
The balance paid to the different States, amounting to £7,368,418, was 
divided as follows; New South Wales, £2,385,905 ; Victoria, £1,920,974 ; 
Queensland, £904,775; South Australia, £616,148; Western Australia, 
£1,225,076; and Tasmania, £315,540. For the current year the revenue 
is put at £11,510,104, the Customs and Excise being estimated to yield 
£9,055,000, and the Post Office £2,444,400. The expenditure is expected 
to amount to nearly four millions sterling, including 2d millions for the Post 
Office, and the balance returnable to the different States is estimated at 
7 1 - millions. The report of the Department of Mines of Western Australia 
states that the yield of gold for 1901, viz., 1,879,391 oz., was the largest ever 
recorded, being 298,441 oz. greater than in 1900, and 235,514 oz. greater 
than in 1899. The Murchison, East Murchison, Mount Margaret, East and 
North Coolgardie fields, showed increases varying from 18 to 39 per cent, 
over the previous year, but in some of the other fields, notably in those from 
Peak Hill northwards, there was a decrease. The Goldfields Water Scheme 
is stated to be within measurable distance of completion. The quantity of 
gold exported from Western Australia and received, at the mint during August 
last was 187,971 oz. ; in August of last year it was 161,770 oz. In New 
Zealand the gold output in August was 35,609 oz., as compared with 
30,742 oz. in the same month of the preceding year. In this colony last year 
the total expenditure on public works was £2,143,000; for the current year 
it is put at £2,193,000, the chief heads being railway construction, £743,000 ; 
roads and bridges, £335,000 ; goldfields and mining, £50,000 ; and public 
buildings, £288,000. 
The variations which have occurred in the securities of certain Colonial 
Governments are shown in the following table : — - 
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.) 
29th July. 
28th 
Aug. 
29 th 
Sept. 
102 d- 
*°32 
I02d— 
103 
102E 
102 % 
94 i- 
94 -| 
94 i- 
94 i 
92 - 
9 2 ! 
952 ~ 
97 
96^- 
97 ! 
95 !- 
9 6 ! 
94 i~ 
94 f 
94 1 “ 
94 f 
9 1 ! - 
92 
96 - 
9 6 ! 
96-J- 
9 <>f 
94 !“ 
95 
93 J- 
94 
93 l- 
93 % 
92 - 
9 2 ! 
94 i~ 
94 f 
934 - 
94 i 
9 2 l - 
93 1 
103-2- 
104 
103W 
104! 
103 d- 
104! 
94 i~ 
95 -i 
94 . 1 - 
95 
93 s" 
94 
94 ~ 
95 
93 -!- 
94 ! 
9 2 !“ 
93 ! 
India. — The following table shows the variations which have occurred 
in the securities of certain leading Indian railway companies, during the last 
three months ; — 
30th July. 
29th Aug. 
30th Sept. 
Bengal and North Western 
128-132 
128-132 
12S-132 
Bengal-Nagpur Gua. 4 per cent. . 
105-109 
102—106 
102-106 
Bombay, Baroda & Cent. India . 
1 54 -i 58 
150-155 
151-156 
Indian Midland 4 per cent. 
105-109 
103-107 
103-107 
Madras Grntd. 5 per cent. 
I 34“ I 39 
I 33~ I 37 
I 33“ I 37 
South Indian 4! per cent. Deb. . 
i 37 -! 4 i 
137-141 
I 37 ~ I 4 I 
Southern Mahratta 3^ per cent. . 
104-107 
103-106 
104-107 
Foreign Countries. — Last year 
the imports 
from all 
Africa to the 
United Kingdom amounted to £26,435,000, and the exports to £32,288,000, 
bullion and specie being, in every case, exclusive of these sums. British Africa 
sent £12,066,000 and took £21,830,000, while Egypt sent £11,906,000 
and took £6,419,000. With regard to French Africa, the imports and 
exports each amounted to about id million, and Portuguese Africa took about 
ij millions. The largest customers of Great Britain were Cape Colony, 
Egypt, and Natal, which, together, accounted for about 47 millions out of a 
total trade of 59 millions. From the official statistics of German trade with 
Africa in 1901, it appears that the total of the export and import trades 
together only exceeded £500,000 in the case of Egypt and British possessions 
in South and West Africa. The imports from Egypt were worth £1,605,000 
(a considerable decrease), and the exports £825,090 (a slight increase). 
From British South Africa, the imports to Germany were worth £1,095,000, 
and the exports £1,000,000; both showed an increase, the former of 
