The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-17
The Spring Trade.

Tho exchanges Of our chief cities. since the
opening of the present year, afford welcome
indications that business is improving in
the country. Its volume was never So great
rs now. though the percentage OF profit is
very small and large share of the traders
suffer from the restrictions of greatly
diminished capital 1t therefore happens
that though merchants may be doing well
at present, they are making so much less
money in proportion to the amount Of busi-
ness they handle than they did ten years
ago, that even their prosperity seems to
them comparative misfortune.
The prepoudcrancc OF our exports over our
imports, 10 which We have grown accus-
toned for more than year, still continue.
and indicates both that the people are mora
economical In their expenditures and that
we are moro and moro doing our own manu-
featuring. The imports of the first week Of
this month showed decrease in both dry
goods and general merchandise, compared
with those Of the preceding week, the total
valuation being S5,3lGOls, against SG,sl3,-
9sj, while the exports for the week which
ended March amounted TO S5.7G3,1 j5,
against sd,3S2isj. Taking the figures fur
ni-hcd by the Commercial amt Financial
Chuonic'C, we find that our imports for the
first two months Of the present year
amounted TO SO sc7,2]6, against SGo,lGi,j37
in 1876, a falling on Of more than ten mil
lions. Omitting specie our exports to for
cign ports for the week ending with the Attn
Of this month amounted to $500 1856 and
their aggregate since the opening Of the
year M ~ that date was 81, 7i9,2)6, against
si2,1iS,9lo in 1876, and against SG0, 59i G9l in
the first two months Of last year.
Thus, while the volume and value Of our
exports have declined this year, they still
keep ahead Of our imports, and we thus
have the satisfaction Of selling more abroad
than we buy there.
The great plethora of money tends Of
course TO put up the value OF all securities
Of the best and better class, and therefore
the per cent. Government bonds have been
in extensive demand, and approved railway
bonds are selling at prices which must
make investors cautious. The per cents
are largely bought for use as collateral
since money isnow easy on call at from to
3 per cent, and they furnish substantial
basis for speculation.
1t is interesting to observe that Mt this
changing, and throughout Europe and
America the profits of commercial enter
prise have been greatly reduced, the old
fashioned protcctiOnist ideas are simulta-
nc0usly gaining Roadway IN several differ
ent and widely separated countries. There
has actually sprung up a protectionist
party in England itself, and though it may
never make itself felt in legislation, it is sig
nillcant that in the very home OF free trade
there are now many intelligent men who
either cherish or at least tolerate political
! theories directly antlgonistiG TO those TO
! which England has for generation COM
mitted Itself. The Marquis Of LORNE though
bred amid free trade ideas, finds himself the
Governor Of an English colony which is dis
posed to array itself on the side Of protcc-
ton, aud therefore lc dutifuly backs water
and gets in tho Canadian currcntl
Meantime we find the protectionst ideas
gaining the Nscendency in France, in Gcy-
| many, in Spain. ana IL Austria, while two
other Of tho English colonies, India and
Australia, reject the theories OF trade SO
| long held in the mother country, and de-
mand Government protection for their in
dIstiies.
II therefore seems not at all improbable
that this question, which once was appa-
rcntly settled against the advocates Of pro-
lection, will yet bo rc0pcned us leading
subject Of political contention. Already it.
divides Germany, aud we SEQ the opponents
/ Of free trade arising in cyon Manchester
| itself But fortunately for us, IT IL not a
, pressing question in the United states.