The Lake County star. [volume] (Chase, Mich.) 1873-current, 1876-11-09
bearings OF the War on Our Commerce

ever, should such a thing occur, would
not make difference of two and half
per cent. to our aggregate export trade,
while we could very well afford to dis
pense with most of the articles of i'm
port, If that were necessary.
An interruption of the foreign trade
of the belligerents would, however, have
very important indirect bearing on
our grain trade. Russia and Turkey
have been important competitors with
the United States in the European mar
kets as sellers of breadstufis. England
has imported from these countries the
following quantities of wheat during
each of the three last crop years:
1s75-76. 1s74-75. 1874.
Cwts. Cwts. Cwts.
From rom fSIIey.. .8S5,iss sasSsi G'sis
Total .i77,52S o,sOees6 6SO2, 1858
Great Britain also imported, within
the last three calendar years, the follow
ing quantities of maize from the same
countries and from Roumania:
dx,:. ls7S; dsi.. 1874. dEi:. ls7s
From Turkey;........ $4,000 1,l72ooo 27ss,oO0
From Roumania....... $4,000 $4,000 1,27O,O00
Total .................. 4052OOO 2O37 900 100000
1t will be seen from these figures that,
on an average of the last three years,
Great Britain has imported from these
countries about 100000 bushels of
wheat tand Z, 500, 900 bushels ofcorn, repre-
senting total value of, say $24, 600, 900.
What with the blockading of ports and
the necessity of retaining food supplies
at home, it may be anticipated that Eng
lands supply from the belligerents dur
ing the war will be almost nil. And
considering the poor crops in other
countries from which England draws her
supplies, she will virtually have to look
to us for this deficiency of 25,000,000
bushels of grain. This, unquestionably,
is most vital item in the future of our
grain trade, and is calculated to mate
rally advance prices; the more so as
neither country is likely to have any
thing to export until the end of the war.
But what we may thus gain on our
exports of breadstuffs we shall be likely
to lose in large measure on our ship
ments of cotton. Both Russia and
Turkey are large consumers of cotton
fabrics, the latter country usually i'm
porting $20,000,000 worth a year from
England, while the continental demand
is likely to be depressed, and a generally
crippled condition of the European
markets. The feeding of large armies
apd the active employment of fleets is
calculated to cause an important de-
mand for our surplus of hog products
and beef, and the more so as ours is the
chief market to which the belligerents
can resort for these articles. Both coun-
tries also have been wont to buy con-
siderable quantities of arms and ammu-
milton in this country, and it is to be
presumed that their orders for these
articles will be larger than usual. Our
export trade will thus have both its
advantages and disadvantages from the
new condition of things; but perhaps
with considerable balance on the side
of advantage. As to the import trade,
it will naturally be stimulated by an
increase in the value of our exports.
Besides which it will be benefited by
the cheapness of many articles in foreign
countries. The general depression of
business in Europe will tend toward re-
ducing the price of wide range of
manufactures, and the markets of this
country, being least directly affected by
the war, will naturally be sought as an
outlet for goods.
As to the financial bearings of the
war, the way in which the news was
taken by Wall Street shows that some
thing has been learned from past similar
experiences. 1t has been found that an
outbreak of war in Europe disturbs our
exchanges only momentarily, and that
one of its sure effects is to create q
preference for American investments, as
least subject to sympathy with fluctuat-
ing political influences. Under this
knowledge, although gold advanced for
moment three and a half points, yet
the permanent rise was only about one
and one. quarter. The great uncertainty
that must surround the issues of Eu'
ropean governments, under the danger
that exists of the war assuming European
dimensions, is calculated to induce a
very important demand for United
States bonds and for the best of our cor
porate mortgages; and it would not be
surprising to see this effect soon appear
ing. In short, American credit in all
forms will stand at an advantage in
London, as compared with that Of other
countries; and freer movement in
whatever depends upon our credit may
be expected to result. Financial inter.
ests are likely to be also quickened by a
certain amount of speculative business
produced through the fluctuations in
values and the greater activity in certain
interests. The railroads will be bene'
flied by freer movement in our ex
portable products, and the shipping
trade will derive advantage from in
creased shipments of the bulkier com
modities. Upon the whole, therefore
we may anticipate all the appearance
of a more active movement in genera
trade, and more buoyant tone in SOM
important markets; but, nevertheless,
would be a great mistake to suppose tha
we can be enriched, in the long run
from what impoverishes the rest of tn
world with which we have commercia
-