Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-08-13
OUR FOREIGN TRADE.

The healthy state of our foreign trade is
attracting attention. In spite of the de-
preston in business our exports are gain
ing largely upon our imports. We are
buying less and selling more abroad. The
balance OF trade against US has been re-
duced in seven years from $130, ZOO, 900 to
less than $40, 100000: The croakers COM
plain that the country "is going to the
dogs" the democratic politicians utter la
ments over our PROSTATE condition, but
commercial statistics show that our pro-
ductive capacity has been vastly increased
in recent years and our trade with for
eign countries wearing a much healthier
look. Commenting upon the official sta
tistics of our foreign trade the New York
Daily Bulletin says:
The average of the last two years shows
an increase. over the yearly average OF
the five years preceding the panic, $780,
900, 900 in imports and Of $l35, 100000 in
exports. For the two years period there
was an average annual excess of exports
over imports amounting 10 $53, 800, 900
and for the five year period yearly ex-
cess of imports over exports Of 80, 700, 900.
This great change in the balance of
trcde" is the natural result of the check to
the export of securities and of their return
home which resulted from the shock to
confidence impaired by the panic. and it
fairly represents the extent to which Amer
lean credit has been effected abroad by
the event. At the same time, these fig
ures afford comment upon the croaking
about ruined commerce not SO fashiona-
BILE. The average yearly foreign trade OF
the country has been 10 per cent greater
since the panic than it was for the five
years next before the panic; and this fact
warrants two very important conclusions.
i. That the crisis has not caused the
contraction in the volume OF trade gener-
ally imagined, and 2, that trade was not
SO inflated and over-trading not SO gener.
al before the crash of 1873 as it is COM
monty represented These facts, with the
annual railroad statistics. showing no de-
crease but rather an increase in Transport
tation movements, proved that there is an
important error somewhere in estimating
the effects of the panic; for they show an
actual progress in the volume of business
transacted.
A still more explicit statement of facts
connected with our foreign trade, show.
ing more clearly how we stand with the
outside world is found in the following ar
ticle from the New York Times:
There are few, perhaps, who have re-
marked the large increase which has TAX
en- place in our foreign trade during the
past seven years. Seven years mark but
brief period in the life OF nation, vet
within this short term our exports, eXclu-
sive of specie, have nearly doubled, and
the balance of trade, instead of being over
$3.50 100000 against us. as it stood in
| 1869, is now less than $40. 200, 600 Dur
ing the fiscal year which ended in June,
| 1869, our exports of domestic and foreign
goods amounted only to 1886. GAS, G5S in
gold, while our imports for the same Pc
riod were S4l7 1861 Last year, end
ing June 80, our exports reached $jl3,-
343.6l8, while our imports were only
1888 ,0O0, 800. Indeed, during the year
1884, which comprised the period of the
panic, our exports exceeded the imports
by nearly $l9,000,00O, caused chiefly by
the large demand for our breadstuffs in
the European markets.
Taking the seven years from June,
1868, to June, 1873, we find the exports
to have been 1928. 774,470 less than the
imports, making an average annual def
cheney of $74.S24,924. When we, there
fore, find that for the past two years the
exports have nearly equaled the imports
in point of value, we have reason to con-
graduate the country on the progress OF
its manufacturing and commercial inter-
ests, Notwithstanding the effects of the
panic of two years ago. The figures which
we have quoted show that our exports of
merchandise have increased eighty per
cent. since 1863 while the import de-
mand has only advanced twenty weight per
cent. during the same period.
five take into account the exports and