New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-01
FOREIGN COMMERCE REPORTS

Neither the returns of Exchanges nor the re-
ports of foreign commerce give ground for ap-
prehensiOn as to the commercial future. The
volume of business is still very large, and for
this season unprecedented. The compilation
of clearing hOuse returns in The Public of the
3Oth shows that the amount last week ex-
ceeded that of the corresponding week last
year at every one of the twenty cities which
report weekly, and Mt only three cities is the
increase below 10 per cent. At New-York it
was 500 per cent, at Boston 62.S per cent
at Philadelphia 34.2 per cent, at Chicago 27.2
per cent, at Cincinnati 52.7 per cent at St.
Louis 22.O per cent, at Baltimore 1872 per
cent, at Pittsburg 46.9 per cent, and at the
smaller cities the increase is in most cases I'M
usually large. The aggregate at all cities is
larger by 500 per cent than that of the
corresponding week last year, and the ag
gregate exclusive of New-York is larger
by 1873 per cent. Since these returns show
the amount of actual payments made through
the banks of nearly all the commercial
cities, they are with reason regarded very
reliable indication of the comparative volume
of business. Taking the returns for the last
four weeks we find that the amount of pay
ments in June, outside of New-York, has I'M
doubtedy been greater than in any other
month in the history of the country. At New
York, the exchanges are apt to be swollen by
speculative operations, but the amount for
June, after deduction for sales of stock has
been greater than for any other month with
perhaps one exception.
The official report of foreign commerce for
the month of May has been issued by the
Bureau of Statistics, and it shows larger ex-
port trade, and larger excess of exports over
imports, than had been expected by experts
1t was known that the exports of provisions
had greatly declined in May, on account of
the unusual speculative advance in prices that
the exports grain had been seriously checked by
similar causes; that the enormous movement of
cotton earlier in the year had left foreign
markets unusually well supplied, and that the
large exports of petroleum had been made at
a considerable concession in prices. Hence it
was inferred that the excess of exports over
imports for that month might be small. But
it proves to have been $S,616,S59, against
only S7s9,797 for May 1880. 1t is evident
that there has been an Unexpectedly large out
ward movement Of manufactured goods and
minor articles of merchandise For the eleven
months ending May 80, the excess of exports
was $3.50, SO, 1875, against only $156, 666.171
for the corresponding months ending May 80,
able balance. $75,OO0,OO0 was due to an in
crease of exports, and $23,00O,O00 to de-
crease Of imports But the decrease in value
of imports was mainly caused by decline in
the prices of goods imported. though in some
articles, and especially in iron, there was
considerable decrease in the quantities of for
elgn goods received.
The movement of gold and silver during the
month of May was insignificant, though an
apparent excess of exports is shown Upon
examination it is found that the excess of ex-
ports was due to sales of silver produced by
American mines, of which $1,397, 4Os was
sent abroad. The excess of imports over ex-
ports Of gold of all kinds was $7O1 ,270.
while the excess of exports over imports
of silver of all kinds was $1,21S,7S7.
For the eleven expired months of the fiscal
year the net imports of gold amounted To
s97, 1888, 52O-rnuch the largest amount ever re-
ceived in any year But the excess of exports
over imports Of silver during the same period
was $4,7S4,135 so that the apparent net I'M
ports of specie were only about 1903, 900 900
In monetary sense, of course, only the i'm
ports of gold are significant, and the exports
of surplus silver are beneficial precisely as ex-
ports of like value of iron, wheat or cotton
would be. The wonder is that this country
has not yet the wisdom to seek foreign
market for all of its silver that it cannot
proftably use.