COM MERCE. Prom the earliest periods of his tory India has held high rank in the trade of the world, having been a large producer of com modities that were highly prized in general commerce. The attempts of Portugal. Rolland, and France to secure re the largest share of India's trade form an important chapter not only of its own history, but of that of the world. The desire to find a short route thither by sea fur nished much of the impetus given to the spirit of exploration during the fifteenth century. of which the achievement of Vasco da Gama (q.v.) affords a conspicuous example.
In 1600 an English trading company. the East India Company (q.v.), joined in the rivalry. and opened the way for the extension of Eng lish influence and power over the whole coun try. For over two centuries trade between 'Eng land and India increased slowly. After the Eng lish East India Company was deprived of its monopoly in 1s34 there began an (Tex.!' of rapid trade development. The abolition of the inland duties. the assumption 01 ventrol by the English government, the construction of the Suez ('anal, and the improvement of inland transportation been most influential factor. in accelerating this trade movement. The magnitude of the in crease since 1834 in which year the total foreign exports by sea were les- than 00.1)(0,000, is shown pro tanto by the following table: former being more prominent in exports and the latter in imports. Adequate harbor facilities have been secured at great. expense at Karachi, and it now senes as a port for the Indus Valley region. A harbor has only recently been com pleted at Madras and another at Bangoon—the port for the Irrawaddy Valley region.
The large increase in commerce during the last century has been accompanied by a radical (-bongo in the quality Of the trade, and consid ered from this standpoint the increase has not The rate of increase has declined somewhat during the last decade. Since IS34, With few exceptions. the exports have annually exceeded the import:. A large proportion of the Indian foreign trade (about four-tifths of the imports and a little less than three-fifths of the exports) passes through the Suez Canal. Of this the greater share is with the United Kingdom. The figures for 1900 are: Imports via Suez Canal, £48.737,000. by other routes £12.376,000; exports via Suez Canal. i44.S10.000. by other routes 03.110.000. The following table showF the amount of trade with other countries since IS69: meant a corresponding growth in the welfare of the country. A large proportion of the trade
during the earlier period was in ma 1111factured products. especially manufactures of metals and textiles. But the factories of Manchester and other foreign places have in :1 large measure sup planted the hand labor of India. Textiles. once an important export. now far exceed all other imports, and amount to over two-fifths of the total imports. The exports have become predomi nantly those of raw materials: the import. have become almost wholly mannfactured products. As manufactured cotton leads in the imports, so It will be noted in the above table that the preiMiinence of the United Kingdom in the trade with India is waning, particularly in the exports. They have been reduced to less than a third of the total exports. while the imports from Orval Britain are almost two-thirds of the total imports. The increase in the exp(;rts from India has been largely in the to other Oriental countries. The United States is mak ing significant gains in exports from India, but the amount of American products sent to India is still insignificant. The exports accredited to Egypt are probably intended largely for the Mediterranean trade. Among Continental Eu ropean countries Germany, France, and Belgium are in the lead. the former being first in the amount of imports from India. In Asia the Straits Settlements and Ceylon have a large trade with India.
Two cities, Calcutta on the east and Bombay on the west. have the only good. large natural harbors on the coast, and about three-fourths of the entire trade passes through their ports; the raw cotton for a long time held first place among the exports. Cotton exportation received a great impetus during the Civil War in the United States, but it declined materially after the war, and has continued to do so over since. Three or four other article: have surpassed it. Nearly all the cotton goods are imported from the United Kingdom, but that country reeeive: only a small part of India's exports of raw cotton. The exports of India were formerly distributed among the European countries, but during the decade cooling with 1900 the demand from dapan rapidly increased until it amounted to over half the total. or £3.730.000. The importation of cotton twist and yarn decreased one half during the decade ending with 1900. and there was a corresponding increase in the exports of that article. These exports in 1900 amounted to £40071.000. almost all going to China.