St. Landry democrat. (Opelousas, La.) 1878-1894, 1879-03-29
IN. o. Democrat

The New York Commercial Bulletin
reviews the foreign trade of this coun-
try for the seven months ending with
the thirty first of January, as follows
Comparing the imports of the seven
months with the exports for the same
time Gn each case exclusive Of specie)
we find the exports to exceed the im-
ports by the large total Of $175,500, 900,
or at the rate of 5000, 100000 per annum.
AS this large excess of exports consti-
tutes an important element in our abil-
ity to liquidate the heavy amount of
securities now being returned from
Europe, it may be we'll to examine it
somewhat more closely. The govern
ment has called in $25O,000,00O Of 5-20's
within the past two months; and, ac-
cOrdlng to the average estimate of those
most familiar with the international
movements OF securities, about $40 O,000,-
900 OF these bonds were held in foreign
countries. Besides this, an unknown
amount of other securities have been
returned from Europe; which may be
quite safely taken as making the foreign
Indebtedness, maturing or accruing on
these accounts, some $75,000,000. To
this must be further added interest on
our securities held abroad, the annual
aggregate of which is now perhaps about
$7O,O00,O 900; and also an unknown sum
on account of ocean freights, nearly 80
per cent OF which are now earned by
foreign carriers.
What have We to set off against this
extraordinary maturing Indebtedness ?
First, there is the surplus of exports,
which, from the figures here presented,
appears to have amounted to 26,5OO,OOO
for January, and, for the months of
January and February combined, may
be estimated, in round numbers, atabout
$50, 100000. Next, there are our ship
ments OF securities to Europe, which
includes S10,000,00O of per cents taken
by the syndicate of foreign bankers, and,
besides that, possibly $5,0O0,O00 to ST.
100000 of government and other securi-
ties sent to London and the continent.
From these items on the two sides of
the account, and considering that the
called bonds have three months to run
from the date of their call, it will ap-
pear easily explainable how it is that
the large transactions in the refunding
of the public debt have not caused any
disturbance of the foreign exchanges :;
and it will also appear highly probable
that the creditor trade balance likely to
accrue within the next three months,
possibly attended with further exports
OF securities, may cover not only the
amounts to be paid Europe on account
of 5-20's already called or to be called
for payment, but also our interest ac-
count with foreign creditors,
1t is not surprising, under the circum-
stances just noted, that the specie move
ment should show a balance in favor of
this country. The imports of the pre-
cious metals for the seven months end
ing January 81 amounted to $12,S60,OOO,
while the exports were only 10,500,0QQ,
leaving net gain OF $4,000, 600.
Comparing the import trade of the
first seven months of the fiscal year,
the increase is found to be much less
than it had been in previous months.
The value of merclandise imported
during the seven months amounts to
$3.50, 100000, against $259,600,0QQ for the
same months year previous, which
shows a decline OF $7,5O0,OOO, or less
than 8 per cent; whereas, comparing
these figures with those for the same
months Of 1S76-T, they show an in
crease of $4,000, 900, or y per cent,
which indicates recovering tendency
in the inward branch of commerce,
The exports of goods for the seven
amounts to S427, ,70O,O 900, com
pared with 1896, 100000 for the CORES
ponding months a year previ0us-an
increase OF $32, 900, or at the rate
Of 81 per cent; the ratio OF increase
would have been considerably higher
put for the falling Oft in the shipments
1t the last two months.