Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-10-09
paiIp Aennebet Suurnal.
Augusta, Thursday Morn'g, Oct. 9, 1879
From the Boston Journal
The Future Of our Foreign Trade.

From the Boston Journal.
The Future of our Foreign Trade.
The monthly statement of our foreign
trade to September l shows an excess Of
exports over imports during August OF
sl5.OOO.OO0 The exports for August.
1879, were valued at 81, 9ls,992, against
S5s, 1896 in August, 1873. This is
very slight difference, and there appears
but little cause for concern when the i'm
ports of the same periods are compared
those of August, 1879, being valued at
S42,Sl9.37l. against $50 ,959,6sl during
the corresponding month of last year.
This increase of imports, nearly six mil
lions during the last August, is not calcu-
lated to excite concern, because the coun-
try has been passing through long Pc
Rod of business depression and our people
have been compelled to deprive them
selves of many articles OF foreign produc-
ton which they would have purchased had
they had the means. Now they are sup
posed to have more means to purchase
and the result is decided increase of inn
ports.
In this connection, it must be borne IN
mind that this increase of imports repre-
sented by the figures of August was the
result of orders made the month previous
before the present remarkable demand and
upward tendency in goods had fairly set
in. In this view of the case the figures
for the month of September, representing
the orders of merchants during the month
of August, will be awaited with no little
interest.
At best these figures indicate that our
trade balance for the present year will be
less than that of the year previous, despite
the probable increased demand upon us
from abroad. This we can afford to
considerable extent, but it should be borne
in mind that the entirely speculative spirit
which appears to be gaining ground may
lead us to forget the lessons OF the past and
ere we are aware of it we may be brought
face to face with disasters similar TO
those from which we have just
been relieved. For instance, this purely
speculative spirit may so enhance the
price of living, and consequently of pro-
duction in this country, that we shall not
longer be able to compete with producers
in other countries This will keep us out
of the list Of competitors and diminish the
total Of our exports. This being the case,
we must rely upon the exports of our food
products to balance our imports. which
are likely to be largely increased by rea-
son of a wider demand and higher prices
If the demand abroad for our food products
continues the same as at present, or as il
has held during the past two years, there
would be no cause tor concern. But we
are not sure Of such condition of the
market. 1t may be that the speculative
spirit which has aided to send up the price
OF wheat and other articles will check the
volume Of our food exports. We have had
the market two years because we have
been able to place wheat and other arti-
cles OF food upon the market cheaper than
any other people. We may be able to do
this the present year because OF the bad
harvests in other countries. But suppose
these countries have good harvests next
year. and purely speculative spirit has
SO enhanced the value of all goods that
We cannot compete with them in the prices
OF food products-what will become of our
favorable trade balance and of our pros
perity due to that cause9
Already the speculative craze which has
taken possession of the stock market is
manifest in other departments of trade.
That there should be an advance of prices
is reasonable and is to be desired. Natural
demand based upon greater facilities Of
purchasing and consuming goods will in.
sure such result; but when it comes
from purely speculative action no good
can in the end result to anybody, but loss
and depression. The tendency to specu-
late, to force up prices by unnatural
means, and thereby enhance the cost of
living and production and increase the
volume OF imports, is a danger to be
avoided. MAKE haste slowly" is the
true maxim.