Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-05-16
Russla's Commercial Hazard.

Whls Nn' HndkHltuut uiiu Nbob VI Nhish w |
man can foretell, naturally attracts general
attention to her productive capacities and
financial resources. Fortunately, her official
report in the customs department, covering
these grounds has just been published.
Her total importations for 1865 were only
ninety million dollars. By 1870 they had
been increased to two hundred millions-in
1875 to two hundred and eighty millions,
and during the year just closed to three
hundred and eighteen millions. Looking
merely at this side of the account, we find
that the demand for foreign products in
Russia has grown during the last decade
with almost unexampled rapidity. So far
MS il goes this may doubtless be taken as
both the proof and the fruits of social me-
Iteration. We may note, too, as suggestive,
the distribution of imports among the sew
eral ports of the empire, those of the Baltic
being credited with two.fifths, and those of
the Black sea and Azof with only tenth of
the whole quantity, the remainder passing
across the land frontier. Unless therefore,
England should become a party to the pend
ing contest, there seems to be no reason why
Russia should not continue to crafty her
taste for foreign wares, provided she can find
the money to pay for them.
But the export side of the ledger presents
comparatively dark picture for Russia.
The total value of native products, chiefly
,rrn,n an1 har ,,ataria1 ant Of
the country in 1875, fell short of two hun
bred and thirty millions, showing deficit
when offset against imports of more than
fifty millions of dollars. Further examina-
ton reveals the fact that fully one-third OF
this whole volume of exports comes from
the rich agricultural region bordering upon
the Black Sea, the surplus products of which
have hitherto constituted a main factor OF
he national wealth. But all these outlets
will soon be sealed.
Not only will the export of surplus staples
~ partially arrested by the present war, but
would appear from this report that the
productive capacities of Russia had already
'egun TO waue. 1t is significant fact that
The exports of 1875 were but very slightly
larger than those of two years before, Will.
hey actually fell behind those of 1874
W thirty millions Of dollars. When we cor
'ider that such was the state of things in a
year of profound peace, we can hardly doubt
that the withdrawal of fraction of the
population from agriculture must accelerate
the tendency to decline. We may note fur
ther that the shortcoming above cited was
wholly chargeabe on the Baltic ports and
the channels of land transport, while the
only progressive figures are credited to the
precise quarter now effectually sealed up,
namely, the harbors of the Black Sea.
But Russia has one source of comfort
such as it is-that very little of her capital
is afloat on the high seas just how large
proportion of her carrying trade has been
in foreign hands it is now difficult to deter
mine with any degree of exactness. But
there is reason to believe her merchant
marine extremely insignificant. One ground
for this opinion is this In 1874 the whole
trade between Great Britain and Russia re
quired fleet aggregating not far from eigh
millions of tons, to which the latter power
contributed one-eleventh. Tried by the sam,
test, there is scarcely any European state but
can show better record
While Russia has relatively little capita
invested in shipping, and therefore mucl
less to fear from Turkish cruisers thar
might be inferred from the magnitude o.
her commerce, there are features of her tis
cal condition which would give even in time
of peace peculiar and grave import to any
substantial decline in customs returns. Tn,
financial situation of the country has beer
for some years exceedingly strained. Tn,
income has hardly covered expenditures
and, while the latter have been steadily aug
mented, the limit of ordinary resources wa
acknowledged more than a year ago by tn,
Imperial Comptroller to have been reached
For years Russia has had no balance in he
favor, and she has now no margin for in
creased taxation. She has no means of de
fraying the enormous draughts she is nov
planning upon her resources except thes
two, namely the issue of irredeemable pape
; or foreign loan. And of a promise of re
lief in these directions il is sufficient to re
mark that gold already commands pre-
MUM in Russia of nearly forty per cent
and that it might be difficult to show car
talist familiar with the financial condition
of the country how the interest on a neN
loan could be forthcoming.