New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-03
ORR FOREIGN TRADE.

OUR FOREIGN TRADE.
The number Of vessels now unloading st this
port is surprisingly large. Many of them are
laden with iron and other bulky imports, but the
weekly statements of the Customs officers show
that the aggregate value Of imports at New
York for the past month has been not far from
$45,OOOOOO, against about $2j,000,OOO for
the corresponding period last year. 1t does not
follow, however,, as many suppose, that the
aggregate value of imports at all the ports OF
the United States exceeds the value of exports
from all the ports. The official statement by
the Bureau Of Statistics, just issued shows that
the aggregate exports of merchandise exceeded
the imports IN tho month OF March by
$6,447, 1862, although the excess OF imports over
exports at New-YOrk alone was nearly
$4,000, 000 This city received about 70 per
cent of the aggregate imports i'll that month,
but sent out only about 40 per cent Of the OK
ports. The indications thus far are that the
imports in April have been Of smaller value
than in March. while the amount Of exports IN
April has been considerably larger than IN
March, and it is therefore reasonable to inter
that the excess of exports over imports for the
whole country will be found considerably larger
than $6,500,000.
Nevertheless it is not wise to ignore the fact
that the foreign commerce of the country is in
q much less satisfactory condition than it was
one year ago. While imports have increased
enormously, both in value and IN quantities,
there has been but q small increase i'll the value
of exports, notwithstanding the fact that very
many OF the staple articles of export are now
returned at higher valuation than that of April,
1879. One year ago in March, it is true, the
excess of exports over imports Of specie was
81, 5000 for the wonderful flood of precious
metals, which afteward poured nearly
$50, zoo, 900 of specie from abroad into our
treasures had not at that time begun. In March,
1850, the imports exceeded the exports OF
specie, though by only $3.50. But there Is 40
present reason to expect another Hood OF specie,
such as rolled in upon us in 1879, and sagaclOus
bankers are in doubt whether some exports of
gold may not occur before Fall. Indeed, II is
asserted by tho foreign bankers who are calling
in their loans because of the pending bill re-
gardng State taxation of the capital employed
in their business, that they will be obliged to
ship gold to Europe In large amount, within
short time, if the bill becomes a law. In view
of the present rate of exchange, this seems not
improbable, if they decide to withdraw any con-
siderable part of their funds from exposure TO
Hew-YOrk taxation.
This, however, is n temporary feature Of the
situation The far moro important influence,
now affecting tho condition of our foreign
trade, is the disparity of prices between this
and other countries Iron comes hithCr by the
ship-Oad, for example, because ii has been aud
is selling here ut prices far above the actual cost
| of production. Little more than year ago, 1t
| WAS noticed that quantity OF American pig
| iron, forwarded to England 10y an enterlrising
| merchant had been sold there on satisfactory
| TERMS While this was undoubtedly an excep-
tional instance, the peculiar quality of the iron
shipped determining its price, still it is well
| known that the actual difference in the cost Of
production between this country and England
| was not at that time nearly equal to the cost of
transportation and the import duty. In short,
| imports were impossible, except of special
| varieties, and the American maker had the
| home market entirely at bis command. But the
| change of price has been such that British iron
| is now offered i'll large quantities III this city,
at prices much below those OF corresponding
| grades Of American iron, and many millions
must be sent TO London to pay for iron already
| imported and sold here. The same sort of
| change has taken place III respect to many other
branches of trade. The markets are crowded
with foreign goods, for the prices here have Loen
so far advanced us to make this peculiarly de-
sirablc market in which to sell, and the recent
decline in prices has not yet suilced to stop the
rush of goods htherward.
Hence no intelligent observer of the condition
of trade can regard the decline in prices with
regret 1t brings loss to some individuals, it is
true, though the producers in almost every de-
partmcnt are realizing fair profits at the pres
ent rates. But this reaction is absolutely nee
essary, if we are to have healthy and enduring
prosperity in business. Industry cannot pros
per, If the price ut which its products are sold IS
far above that at which similar foreign products
can be imported and sold. Our farmers cannot
continue to extend their acreage of wheat and
corn and cotton, if the prices demanded for their
products are such rs materially to restrict the
purchases for consumption in foreign countries.
The truth is that this country, under the i'm
pulse Of great prosperity caused by resumption,
has been trying to get rich too fast, and to adj
vance prices too rapidly. A slower movement
will he found more sure and lasting.