Cotton introduced 1676. Sentence continued from page 565.] in England in 1676. To foster the nascent industry, a succession of statutes were passed prohibiting the wear of imported cottons; nor was it until after the inventions of Arkwright and others, and the application of steam as a motive power, had secured to Manchester the advantage of cheap production, that these protective measures were entirely removed. In the present century, Lancashire rapidly improved on her instructors. During the five years 1840-45, the annual import of cotton manufactures into India averaged a little over £3,000,000 imports, 1840-83. sterling. In each subsequent quinquennial period, there has been a steady increase, until in 1877-78 the import reached the total of £20,000,000 sterling, and in 1882-83 nearly £21,500,000, or an increase of more than seven-fold in fortyfour years. Cottongoods Imports of treasure. Proportion of gold to silver. Gold and silver circulation. The importation of treasure is perhaps still more extraordinary, when we bear in mind that it is not consumed in the using, but remains permanently in the country. During the same period of forty-four years, the net import of treasure, deducting export, has reached the enormous aggregate of 3584 millions sterling, or a fraction under £1, 8s. per head of the 256 million inhabitants of British and Feudatory India. By far the larger portion of this was silver; but the figures for gold, so far as they can be ascertained, are by no means inconsiderable. During the ten years ending 1875, when the normal value of silver as expressed in gold was but little disturbed, the total net imports of treasure into India amounted to just 99 millions. Of this total, 62 millions were in silver, and 36 millions in gold, the latter metal forming more than one-third of the whole. On separating the re-exports from the imports, the attraction of gold to India appears yet more marked. Of the total imports of gold, only 7 per cent. was re-exported, while for silver the corresponding portion was 19 per cent. Roughly speaking, it may be concluded that India then absorbed annually about 5 millions of silver, and 3 millions sterling of gold; say a total hoard of 7 to 8 millions sterling of the precious metals each year during the decade ending 1875. The depreciation of silver which has since taken place has caused an increase in the import of silver, and a corresponding decrease in the export of gold. The figures since 1876 do not show the normal state of things. But even in 1877-78, when the value of silver in terms of gold touched a low point, although India drew upon its hoards of gold for export to the amount of more than 1 million sterling, she at the ACCUMULATION OF TREASURE. 569 same time imported 1 million, showing a net import of half a million of gold. It has been estimated that the gold circulation of India amounts to 1,620,000 of gold mohars (Rs. 16 to Rs. 20 each), worth about three millions sterling; as compared with £158,000,000 of silver and £2,960,000 of copper. In addition, 10 million sovereigns are said to be hoarded in India, mainly in the Bombay Presidency, where the stamp of St. George and the Dragon is valued as a religious symbol. As already stated, the net accumulation of silver and gold in India, after allowing for re-exports, averaged 7 millions sterling during the five years ending 1879; and rose to an average of 11 millions sterling during the next quinquennial period ending 31st March 1884. exports. Turning to the exports, the changes in relative magnitude Analysis demand detailed notice. In 1877-78, raw cotton for the first of Indian time for many years fell into the second place, being surpassed by the aggregate total of food-grains. In 1882-83, raw cotton had again advanced into the first place among the exports, exceeding the value of food-grains by upwards of a million sterling. Oil-seeds show as a formidable competitor to cotton, jute nearly doubles indigo, hides and tea come close behind; while exports of cotton manufactures exceed coffee in value by upwards of half a million. The imports of sugar, in value although not in quantity, exceed the exports; the trade in raw silk is about equally balanced; while spices, once the glory of Eastern trade, were exported in 1877-78, to the value of only £226,515, as compared with imports of spices of twice that value (£488,884). In 1882-83, spices were exported to nearly the same value as the imports, namely, exports £417,391, and imports £510,854. raw cotton. In Its history The export of raw cotton has been subject to excessive Export of variations. At the close of the last century, cotton was sent to England in small quantities, chiefly the produce of the Central Provinces, collected at Mírzápur and shipped at Calcutta; or the produce of Gujarát (Guzerát) despatched from Surat. 1805, the cotton from Surat was valued at £108,000. In the 1805-34. same year, only 2000 bales of East Indian cotton were imported into Great Britain. But this figure fails to show the average; for by 1810, the corresponding number of bales had risen to 79,000, to sink again to 2000 in 1813, and to rise to 248,000 in 1818. Bombay did not begin to participate in this trade until 1825, but has now acquired the practical monopoly, since the railway diverted to the west the produce of since 1840; and since 1865. the Central Provinces. In 1834, when the commerce of India was thrown open, 33,000,000 lbs. of cotton were exported. Export of Analysing the exports of cotton during the forty-five years raw cotton, since 1840, we find that in the first quinquennial period they averaged 2 millions sterling in value, and did not rise perceptibly until 1858, when they first touched 4 millions. From that date increase was steady, even before the American exports were cut off by the war in 1861. During the American war, India made the most of her opportunity, although quality did not keep pace with the enhanced price. The export of raw cotton reached its highest value at 37 millions sterling in 1865, and its highest quantity at 803,000,000 lbs. in 1866. Thenceforth the decline has been constant, although somewhat irregular, the lowest figures both of quantity and value being those of 1878-79, when the exports amounted to 2,966,569 cwts., valued at £7,914,091. The principal feature of the trade in 1877-78 was the comparatively small amount shipped to the United Kingdom, and the even distribution of the rest among continental ports. Indian cotton has a short staple, which is ill-suited for the finer counts of yarn spun in the Lancashire mills. In 1877-78, out of a total of nearly 3 million cwts., less than 1 million cwts. was consigned to England; of the remainder, France took 611,000 cwts.; Italy, 434,000; Austria, 407,000; China, 209,000; and Germany, 109,000. The export of raw cotton in 1878-79 amounted in value to £7,914,091, and of twist and cotton goods, to £2,581,823. In 1882-83, out of a total export of over 6 million cwts. of raw cotton, 2,865,065 cwts. were shipped to the United Kingdom, 937,934 cwts. to Italy, 764,550 cwts. to Austria, 585,766 cwts. to France, 333,708 cwts. to Belgium, 114,412 cwts. to Germany, and 364,519 cwts. to Hong-Kong. In 1882-83, raw cotton was exported to the value of £16,055,758; cotton twist and yarn, £1,874,464; and cotton manufactures, £2,093,146. Total cotton exports, £20,023,368. Export of jute; Second in importance to cotton as a raw material for British manufacture comes jute. At the time of the London Exhibition of 1851, jute fibre was almost unknown, while attention was even then actively drawn to rhea or China grass, which remains to the present day unmanageable by any cheap process. From time immemorial, jute has been grown in the swamps of Eastern Bengal, and has been woven into coarse fabrics for bags and even clothing. As early as 1795, Dr. Roxburgh called attention to the commercial value of the plant, which he ! HISTORY OF JUTE EXPORTS. 571 grew in the Botanical Gardens of Calcutta, and named 'jute,' after the language of his Orissa gardeners; the Bengalí word being pát or koshta. In 1828-29, the total exports of jute in 1828; were only 364 cwts., valued at £62. From that date the trade steadily grew, until in the quinquennial period ending 1847-48 in 1848. the exports averaged 234,055 cwts. The Crimean war, which cut off the supplies of Russian flax and hemp from the Forfarshire weavers, made the reputation of jute. Dundee forthwith. adopted the new fibre as her speciality, and the Bengal cultivators as readily set themselves to meet the demand. Taking quinquennial periods, the export of raw jute rose Later from an average of 969,724 cwts. in 1858-63 to 2,628,100 cwts. history, 1858-78; in 1863-68, and 4,858,162 cwts. in 1868-73. The highest figures reached prior to 1882 were in the year 1872-73, with 7,080,912 cwts., valued at £4,330,759. A falling off subsequently took place, partly owing to the competition of the weaving-mills in the neighbourhood of Calcutta ; but the trade continued on a permanent basis. By far the greater bulk of the exports is consigned to the United Kingdom, and a large proportion direct to Dundee. In 1877-78, out of a total of 5,450,276 cwts., 4,493,483 cwts. were sent to the United Kingdom, 845,810 cwts. to the United States, 110,983 cwts. to 'other countries,' chiefly France, which has prosperous weavingmills at Dunquerque. In 1882-83, the exports of raw jute had increased to and 10,348,909 cwts. valued at £5,846,926, being considerably 1882-83. higher both in quantity and value than the figures for any previous year. Of this quantity 7,834,136 cwts. valued at £4,709,299 were exported to the United Kingdom, 2,002,731 cwts. valued at £814,847 to the United States, 184,508 cwts. valued at £116,042 to Germany, 147,644 cwts. valued at £89,454 to Austria. Jute manufactures to the number of 60,737,654 gunny-bags, valued at £1,431,581, were exported in 1882-83, Australia taking nearly one-third of the total number of bags, and upwards of one-half of the total value. Including 4,601,247 yards of gunny cloth, and 1346 cwts. of rope and twine, the total export trade of raw and manufactured jute amounted in 1882-83 to £7,334,757 in value. The export of raw jute is almost monopolized by Calcutta, although Chittagong, which is nearer the producing Districts, is beginning to take a share in the business. The export of grain, as already noticed, reached in 1878 a Export higher total than that of cotton, although cotton again has of food. grains. taken the first place in exports. The two staple cereals are |