New-York tribune., 1876-02-26
RRLTISH TRADE IN 1S7h.

The statistics Of British trade for the year
1875 are more than ordinarily instructive.
The imports, which fell OF slightly i'll 1874,
have again risen in value, and are the largest
vet recorded On the other hand the ex-
ports of British products and manuiac-
lures, which in 1874 were $7S,0OO.OO0
below those of 1878, arc again III 1879
SSJ, ,OOO, 900 below those of 1874. Comparing
1875 with 1873, the falling off in the exports
is 81 IS 900, 900. or about tCetce per cent OF
the total value of $l.275, 100000 exported III
1873. These are gold values, and include
merchandise only. For January, 1876. tAe
exports show Il slight decrease and The imports
a large increase, as compared with those OF
January, 1915.
II is now 33 months since (in June, 1879
the exports Of British products and nanuiac-
tures began to shoy q decrease, and since
then. comparing each month with the CORE
spending one of the preceding year, every
month, with single exception. has shown
fall in value. This fact, Mr.. Kelley and
others of that school of infldtIonists would
have us believe. portends the ruin Ct
England. We view the figures in n far
different light. This temporary curtailmcnt
q
eauably, and has not been aggravated by
financial commissions. In spite OF the fact that
the decline ha> steadily proceeded for more
than two and half years, the falling of l.
only one-cighth from the tota OF 1872 and
1873, which are the highest on record.
The absence of panic is due in great de-
gree in our opinion. to sound currency. To
the absence of panic we ascribc the circnm-
stance that Ensland has been able TO buy
from u.s. at fair prices, more than ont-hali
of all our exports. which since 1872 have
been of unprecedented volume. Had England
in 1873 been caught, like the United States
in papcr-moncy trap, never would she have
imported the large quantities of cotton, wheat
corn, bacon cheese aud other articles she has
taken from us in the course OF the last three
years.
AT this point we shall he met with the oh
lection that England is n creditor nation, ana
that her freedom from panic is due 10 her
ability - draw gold from the rest OF the world
10y returning their bonds. Let us see wh { the
objection is worth. Though prices have fallen
in England nearly a. much as they have here.
no ono has thought of importing gold To keep
them up. Low prices, in the absence OF
panic. have been on the whole not unfa-
yorable TO the mass of consumers. II the
English hborcrs were idle and pennies,
would our English creditors have consented
10 be paid in cotton. breadstullS, and pro
visions. The last two in quantities never
reached in former years The only value ol
these thing. to The English creditors arose
from the fact that they could he sold to
lie English labOreIs. Had the mines, fac
tories and furnaces OF England been idle, far
greater than il is would have been oW COM
mercial distress. Our gold and not our cheese
and cotton would have been called for. Gold.
indeed, We could not have sent We should
have been compelled to restrict our importa-
nons still more than we have done, and 10
sustain more intense dcIangcnicnt and pros
tration of trade and industry than We
have yet known. That few thou
sand rich Enelisl.men own United
States bonds and other securities
and are therefore our creditors. j. of trifline
consequence, when compared with the circum-
stance that millions of laborors and artisans
have employment and can consume a. freely
as ever the products OF our farms and rlania-
tions Wheat and cotton do not bring as high
prices in England or America "a they did
wear or two ago, we know, bat that fact
(Which * mainly due to abundant crops
make. the gloaicr money value of the British
imports all the moro significant. II shows
what indeed is recorded in the official state
ments. that the quantities taken are still more
largely increased than the aggregate values
would indicate. The revival OF trade, if not
retarded by the in1a;ionis.s. will probably be
simultaneous, or nearly 20, in England and
the United states, each being by far the largest
customer OF the other.
CPy UtVJFy on TIE PRESS