ANNUAL TRADE AND NAVIGATION ACCOUNTS FOR 1854.

In the second volume of the Foreign Trade and Navigation Accounts of the United Kingdom for 1854, issued on the 27th December, special atten- tion is drawn by Mr. Fonblanque to a new feature. The valuation of gene- ral imports into this country and our exports of Foreign and Colonial mer- chandise is ascertained by the average market-prices of the respective articles, and not as hitherto by rates fixed so long back as 1694, giving what is known as the "official value." The change gives the "real value," and not the fictitious or " official value." This businesslike arrangement was directed to be made by the Commissioners of Customs in 1854, and care has been taken to carry the order accurately into effect. The prices fixed for the valuations are principally the average annual prices obtained in the London and Liverpool markets for the articles in bond, including the charges of freight and landing, but exclusive of the duties. The effect is to add largely to the value of our imports as expressed in figures. Of this, Mr. Fonblanque gives examples. " The total value of our imports in 1854, as computed by the old and new systems, shows the following comparison-

Old official value £124,338,478 New computed real value 15,591,513 Which shows an excess of real value of.... £28,253,335, or 221 per cent.

"Of the imports from Foreign Countries and British Possessions respec- tively, the same comparison shows- From Foreign Countries.

Official value £93,940,967 Real value 118,439,488

An excess of real value of £24,08,521, or 26 per cent.

From British Possessions.

Official value £30,397,511 Real value 31,152,025 An excess of real value of £3,754,514, or 131 per cent.

" The total value of our exports of Foreign and Colonial produce, by the old and new systems.

Old official value £29,821,656 New real value 18,648,978 The old value being in excess by £11,172,678, or 38 per cent."

In quoting from the volume, it is still necessary to state the "official value " cases where, for the sake of comparison, reference is made to pre- vious years, as the "real value " is only given for 1854. In fact there are now three values running through the commercial sta- tistics of the country,-a complexity unavoidable in the transition from an imperfect to a more correct statement of the truth. There are the "official value " and the "real value," explained by Mr. Fonblanque ' • and there is the adeclared value," applicable to the exports of British produce and manufactures, and which means the " value " as " declared " by the exporters.

IMPORTS (a).

As the condition of Russian commerce engages some attention, the fol- lowing quotations of the "official value" of the imports for three years from the Northern and Southern ports of the empire may be given.

Northern Porta Southern Ports

The following specifies the Countries from which our imports are the most

Imports : Official Value.

1839. 1854.

£1,321,771 £1,252,555 3,663,561 4,274,173 3,183,673 3,623,494 4,357,586 4,192,221 2,168,185 2,803,688 8,615,799 7,411,358 1,528,621 2,010,246 3,050,519 1,745,278 1,194,175 276,284 3,596,307 2,980,108 2,856,803 2,804,440 27,458,722 30,060,613 8,255,615 10,588,126 Canada 1,094,610 1,015,515 West India Islands 4,326,001 4,905,012 Guiana 1,050,583 1,566,013 Australian Possessions 1,476,219 1,509,200 Honduras 357,340 1,223,445 East Indies 13,641,458 11,784,936 Ceylon 2,486,629 3,358,507 Mauritius 1,722,642 2,285,838

The comparison of imports in 1854 with those in 1850 shows great exten- sion of our transactions with several countries. Thus : the imports from the United States have increased in the four years from 20,000,0001. in 1850 to 30,000,0001. in 1854; Peru, from 1,400,000/. to double that amount; China, from 6,000,0001. to 10,500,0001. ; West Coast of Africa, from 500,0001. to 1,500,0001.

The British Possessions, for the most part, present an increase. The im- ports from the four provinces of Australia in 1850, amounted to 1,200,0001. ; in 1854, the valuation was 1,500,0001. From the Mauritius, the value had increased from 1,400,0001. to 2,300,0001.

Expowra (6 and 0.

Turning to the Exports of the manufactures and produce of the United Kingdom, we have the following as regards Russia.

1852. 1853. 1834.

Northern Ports (declared value) £994,330 ... 1,106,766 .,, 4,798 Southern Ports (ditto) 105,587 ... 121,638 ... 49,503

The following Countries receive the largest value of British exports.

Exports: Declared Value.

Denmark Prussia Manse Towns Holland Belgium France Portugal Spain Sardinia Turkish Dominions

Egypt •

Brazil United States China -

1852. 1863. 1854.

£4,190,830 .... £6,582,700 £722,730

.... 2,212,238 .... 2,438,141 .... 1,411,298

largely drawn.

Denmark Prussia Manse Towns Holland Belgium France Spain Turkish Dominions Wallachia and Moldavia Ept Brazil United States China British Possessions :

1833.

£566,593

1854.

758,228

579,588 798,434 7,093,314 7,413,715 4,452,955 4,573,034 1,371,817 1,406,932 2,636,330 3,175,290 1,210,411 1,370,603 1,360,719 1,270,464 1,112.447 1,054,513 2,029,305 2,758,605 787,111 1,253,353 3,186,407 2,891,840 23,257,487 21,127,631 1,373,689 532,639

British Possessions : . ..

Canada 3,244,290 3,957,085 West Indies and Guiana 1,801,146 1,870,674 Australian Possessions 12,873,964 10,593.931 East Indies 7,4,147 9,127,556 Ceylon 265,982 382,276

Mauritius 385,879 383,210

Comparing the exports in 1850 and in 1854, we find the increase in the value of British goods sent to the United States to be from 15,000,0001. in 1850 to 21,000,000/. in 1854. In the case -of Egypt the increase is from 0,0001. to 1,250,0001. There is a large falling-off in the exports to the Two Sicilies, to Greece, to Wallachia and Moldavia.

The British Possessions show a striking increase. The exports to Canada, in 1850, were valued at 2,000,000/. ; in 1851 the value was 4,000,000/. - the exports to the four provinces of Australia had increased from 2,000,0001. to 10,000,000/. ; to the East Indies, from 7,000,0001. to 9,000,0001.

Another table is devoted to the Exports of " Foreign and Colonial Pro- duce and Manufactures" to Foreign Countries and the British Possessions.

Under this head also the position of Russia is a point of temporary in- terest. In 1852. In 1853. In 1854.

Northern Ports £3,853,751 4,085,289 20,649 Southern Ports 71,069 147,224 22,387

The following Countries received the largest supplies in 1853 and 1854.

Exports (Foreign and Colonial) Official Value.

In 1853. In Mt.

Prussia £1,078,215 3,437,574 Hanse Towns 4,211,474 5,573,689 Holland 4,177,417 4,407,580 Belgium 3,222,148 2,961,984 France 2,081,512 3,972,130 Turkish Dominions 268,249 731,137 United States 1,252,331 1,209,283 Of the British Possessions, the East Indies received the most 489,287 599,127

The following exhibits the totals under the respective heads.

(a) Imports from Foreign Countries and British Possessions : Value. 1850. 1831. 1852. 1853.

From Foreign 1 Countries _ -

£74'583'6: ,9 82,008,470 82,599,629 94,277,571

From British

Possessions . I 25,885,438 28,476,527 26,731,529 28,821,742

Total.. £100,469,067 110,484,997 109,331,158 123,099,313 124,338,478

(b) Exports of the Manufactures and Produce of the United Kingdom : Declared Value. 1850. 1851. 1852. 1853. 1854.

To Foreign Coun- 1 ,.....,„38,vw--- 54,049,888 57,792,581 61,601,057 63,332,528 Foreign IA.01 U To British Posses- 1 19,428,890 20,398,834 20,284,273 33,332,724 33,852,198

sions Total £71,367,885 74,448,722 78,076,854 98,933,781 97,184,726

(c) Exports of Foreign and Colonial Produce and Manufactures : Official Value. • 1850. 1851. 1852. 1859. 1854.

To Foreign Coun- 7 £19,230,761 21,224,550 20,685,244 24,277,077 26,722,317

tries To British Posses-1 2,643,451 2,505,066 2,643,064 3,467,695 3,099,339 sions £21,874,212 23,729,616 23,328,308 27,744,772 29,821,656

Other details illustrative of the component parts of the imports and ex - ports, the countries to which the various articles of export are sent, ship- ping statistics, and the like, are embodied in this voluminous series of re- turns. Official 1854.

93,940,969 30,397,511