Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-11-09
Trade Abroad.

There are indications that the improve
ment in trade. which has been remarked
in the United States, has extended to for
eign countries. This improvement has
taken place in our country toward the close
OF an excited Presidential canvass, and in
face of the uncertainties and doubts which
necessarily attend that process. Abroad,
the signs of revival, which were first no.
ticed some time since, were interrupted
by the apparent approach of war, which
during the second and part Of the third
week in October, produced something like
panic on the London Stock Exchange,
and caused great perturbation in all the
commercial and financial centres. This
source of disturbance has. however, been
pretty well removed, and the course of
the foreign markets indicates that while
tranquility in the East is by no means
surely counted on, and there is still some
feverishness in the Austrian and German
cities, the markets have, on the whole,
got near their normal condition, and this
- encouraging.
The last published returns of the Brit
ish Board of Trade were for September,
and showed some significant features.
There was slight decline in imports, rs
compared with September, 1875, but that
month was one of the unusually-ex,end-
ed food imports, and the comparison as
to raw material and articles of general
consumption showed moderate increase.
The comparison between the nine months
of 1875 and the nine months of this year
showed a slight increase in values Prices
being very low, however, there was a
considerable increase in quantities. OF
course imports OF raw materials and for
general consumption are direct and val
liable tests of general activity and pros
perity. They grow only when the people
of country are doing well and expect TO
do better. This improvement in England is
quite recent, but it is sufficiently decided
and has gone on long enough now, to
make 1t reliable. Against this ad rance
in imports, however, must be set off an
undoubted decrease in exports, which
amounts TO about 10 IL per cent. on
September, 1875. This decline is partly
apparent only, and is due for the most
part to fall in prices; but ii shows that
the improvement in trade indicated by a
comparison of imports, through well-de-
fined and likely to be permanent, is not
yet very extensive. 1t is to be remarked,
also, that the excess of imports over ex-
ports, regarded in England as a sure
measurement Of the depression of trade,
has reached extraordinary limits. In
1868, it was considered remarkable that
the surplus imports amouted TO nearly
E70, 900 900; but in the first nine months
of the current year the surplus imports
had reached already f13l 900 900, and at
the same rate would attain fl74,000,000
before the close of the year. 1t should be
added, however, that this decline in the
relative value of the exports of England
is largely to be accounted for, not by a
failure of that country to maintain itself
In mpetition--though foreign competi-
ton has pressed hard in some directions
but principally by the absolute decline
In composition throughout the world.
Turning now to France, which, for
many reasons, is more important as a
commercial nation than it was before the
German war and under the Bonapartist
regime, we find singular evidences of
solid and remarkably rapid progress The
most significant Of these is the rate at
which the revenues of the Government
are enabling it to discharge the debt to
the Bank of France. The arrangement
had been made that the Government should
reduce this Indebtedness by 150,00O,o00
francs during the year 1877, by which
the debt would be left on the lst Of
January, 1878, at 3o0,000,0 900 francs, and
then the bank was 10 resume specie pay
ments. But on the 10Th of October the
Government had already advanced 49,
600, 600 francs. and ii is by no means
1t is quite probable
that the entire 10000, 900 francs will