New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-11-01

was generally increasing; in the second epoch the
.tr,sm was abspg, till at last an opposite current
set in. and. for the first time, Asis poured back
into Furope part Of the treasures it had absorbed
for almost two centuries and half; in the third
epocb still in ts ascending phase, the screw is
sgain turned and the absorption of silver BY ASIA is
proceedipe on scale hitherto without precedent
Tn earlier times, after the discovery Of the silver
~ .r,s,;c. and even after the foundation Of the
portuVuese dominion in India, the export Of silver
from Europe to Asia was hardly perceptibe.
Larger masses of that metal were wanted wbea,
in the beginning of the seventeenth century, the
Dutch and in it's later period the British, extended
their trade with Eastern Asia, but especially since
the rapid growth of the consumption Oftes 10 England
during the eighteenth centuy-the English remit
tances for Chinese tea consisting almost e1clu-
sivey Of silver In the latter part Of the eighteenth
century the etlux of silver from Europe to Eastern
Asia had already assumed such ample proportions
as to absorb an important part of the silver i'm
ported from America There had also already be-
gun direct ex port from America to Asia, although,
on the whole, Limited to the amount shipped by the
Mexican Acapulco fleets to the Philippine Islands.
This absorption of silver BY Asia became, in the
first thirty years Of the nineteenth century, the
more sensible in Europe as, account OF the revo-
lutions that had broken out in the Spanish colo
nies, the American supply decreased from upward
Of forty millions Of dollars in 1900, to less than
twenty millions in 1922 On the other hand, the
silver shipped to Asia from the United States
ouadruped from l796 to les, while, after the year
l-o9, not only Mexico but also Brazil, Chii and
Peru began, although on smaller scale, to exp".t
silver directly to the east of Asia, TIE excess of
silver imported from EVronnc into India and China
over the gold therce exported amounted to more
than thirty millions sterling from 1911 till 1892.
A great change took place during the epoch
which begins with the year 1881. The East India
Company had been forced not only to resign its mo
uopoly of the trade between Europe and its ORR
entail empire but also, with the exception OF Its In
Chinese monopOles, had been completely broken
I'D as a commercial concern. The East Indian
trade being thus abandoned to private enterprise,
the export of British manufactures to India began
by far to surpass the import of Indian raw produce
into Great Britain. The balance Of trade thus
turned more and more decidedly in favor Of Europe
and consequently the export Of silver to Asia rap
idly fell of. Every check that British trade en-
countered in the other markets Of the world began
now to be compensated By its newe1pansion In ASIA
If the commercial CONFUSION Of 1926 had already
led TO an increase Of British exports to India far
mghter impulse was given to them BY the Anglo
American crisis of 1896, while in l547 the British
crisis even derived its characteristic features from
over.tradDg to India and other parts of Asia.
The exports to Asia, which in 1897 had hardly
reached one 6fty.second part of the total Of
British exports amounted in 1922 to about one
fourteenth; in 1880 to about ninth, and in 1872
to more than one fifth. As long As only India and
the Western portion Of Asia were affected BY this
economical change the eflux Of silver from Europe
TO Asia slackened, but did not cease and stu less
give place to a reflux from Asa to Europe. Such
decisive turn was not impaired to the metallic
circulation until English philanthropy had imposed
regular opium-trade upon China blown down BY
the cannon's mouth the Chinese wall, aud iorcbly
thrown open the Celestial Empire to intercourse
With the profane world. Thus drained of its silver
n its Indian frontier, China WAS inundated on ta
Pacific coast by the manufactures of England and
America. Hence it happened that in lo42, for the
first time in the annals of modern commerce, great
shipments Of silver were actually effected from Asia
10 Europe.
This total reyulsiOn in the circulation between
Asia and the West proved, however, Of short dura-
ton A powerful and progressive resction set in
with ls49 As China had turned the tide 10 the
first and second epoch, so China again turned it in
the third. The Chinese rebellion not only checked
The opium trade with India, but also put stop to
the purchase of foreign manufactures, the Chinese
insisting upon payment in silver, and betsking
themselves to that popular continuance of Oriental
economists in times of political and social coavul-
sioD-hOardDg. The excess Of Chinese exports
over imports has been greatly augmented by the
late failure Of the European silk crops. According
to the reports of Mr.. Roberts, the British Consul
at Shanghai, the export Of tea from China within
the last ten years has increased some sixty three
per cent, and that Of silk two hundred and eighteen
per cent, while the import of manufactures hes
decreased sixty per cent. He estimates tho
average annual balance of silver imported from all
parts of the world at f5, $50 900 more than it was
ten years ago. The following are tho precise
figures Of the movement of Chinese exports and iu-
ports during the period dating from 1S49 to 1856,
each year concluding with the 30th Of June:
EXPORTS on TEA.
To O., Brn and Ireland. DE To the United States. Ms
f2 900 1902 900
1855. 50 800 COO 81, SIS 0e0
1855 81 OBS coo 4O,2i6,G0
SILK.
To O.. Br'n and Irelsnd its To France Bales.
H,22S 1880. ,fJo
lesJ............. 81 40
1856. 50fS9
X, al valre of exports from China to Great mn
Britain II lr.D- 80 WV"
u o.i ,,al,. 81 axrort from China IN the