The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-20
THE FINANCES AND TRADE OF FRANCE.

The London FfRdncter OF June translates the
subjoined remarks on the condition OF French
financial Affairs from the lSeDaaiae Financiere OF
Parls:-
the quantity OF wheat which entered this coun-
Try rom July TO December 81 1879, was 6.0gO,o0O
hectolitres Since January TO May l. 1874, we
nave Imported 3,220,OO0 nectoitres The total i'm
ports since July l. 1872 to the LIST ult reach. tacn,
s220OOO nectolltres. The deficiency In the last har
vest was estimated AT about 10o00, 900 hectoutres
In addition 10 q bad harvest we have 10 add an
Terror vintage We nave not found in the exports
OF our wines an adequate compensation TOR our
imports OF graln The position further ten-
dered dlhcut ny the circumstance that neighbor-
ing countries ike ourselves were subjected 10 the
necessity OF making up the insuffieency In their
own productions OF foreign imports. spain alone
has been favored; neither Russia nor Hungary
was able 10 AFFORD aid 10 nece ssfous countries,
as they usually do under normal conditions;
II was only the United States which
cess, however merely sufficient to supply
the requirements OF the New World, and we mao.
consequently, 10 submit 10 much cUnDeiltlon IN
this market. Snca circumstances did not lall 10
exercise their influence upon our. money market
during the later months OF 1873 lie was natural
al the time 70 entertain some apprehensions, IN
view especially OF the immense la lors winch were
requisite TO complete the liberation OF the country.
IL was 70 lis industrial activity trat the county
had TO look Tor the means 0i Establishing the
equilibrium which had been broken ny the nsufii-
cheney OF It's agricultural production and IL re-
NAMED 10 be seen whether the payment OF the
war indemnity had not exhausted those re-
sources winch could be employed 10 meet the
exlgences oi our foreign trade. We need hardly
re peat that all these fears have been dissipated
nor need we alude TO the facility VITA WHICH
has been solved; nor how, thanAs
TO the elasticity or It's resources the
country has emerged from this 4 critical
position The energy shown by our commercial
classes mas been assisted by various useful meas
ures j; the suppression OF the taxess0n raw ma
terlais and the reduction OF rates on our railways
have had the effect OF attracting sand chea enlGg
the Distribution OF foreign gram. In the financial
po.nt oil view the results attained have been still
more surprising The returns OF our exports show,
nave sold to the foreigner IN 1873 1880 900, oO0.
OF manufactured goods. or l73,000,0O0i more
than IN 1922 our exports OF all kinds during
the same year amounted TO 1927, 600, 0oOI
euce III favor or exports being 327 000, 000f. For
tile first four months OF 1874 this relation has
been reversed; the imports exceed the exports,
but the difference Is scarcely 10000 100l. Tnus
July TO december 100000 hectoltres OF foreign
gram, we find ourselves, nevertheless, creditors
TO the extent OF 81, 900 003t, and the decline in
trade noticeable OF late has scarcely nad time 10
Nevertheless 1t Is very obvious that the assistance
which we have derived from the steady develop
ment OF our foreign trade to enable us TO meet the
deficit OF 1S74 is by no means a sufficient expana-
ton OF how we have been able to meet the
numerous expenses which have been incumbent
upon us, The continued progress OF our exports
by means explains now we have paid these
enormous charges, and how, in the course OF a lew
months, our financial position has been re-estaD-
lished. II Is here that tue extraordinary influence
OF our last loans comes INTO play. IL ~ by means
OF them that we are aole to explain this constant
and favorable progress IN our monetary condition,
and the continued imports OF bullion which are
now SO rapidly augmentlng the cash reserve OF
into circulation part OF the capital which was
saved In times OF peace and abundance