Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1888-12-13
New Series, Vol. 20, No. so.
HOME AND FOREIGN TRADE.

! HOME AND FOREIGN TRADE.
New York Tribune.
An estimate recently published of the
proportion of imports and exports to
the annual proportion by home industry,
based upon calculations by Mr.. Nimmo,
formerly chief of the Bureau of Statis-
tics, requires some modification, both
because Mr.. Nimmo's data are some
years old and for other reasons. He es-
timated the annual production by add
ing the census returns for different in
dustries in 1880. But he included the
entire value of manufacturing products,
five thousand three hundred and sixty
nine millions, though he had previously
included as products of agriculture,
mining, forestry or the fisheries the val
ue of materials, which was three thOus-
and three hundred and ninety-seven
millions. If these were deducted the
aggregate product of all industry
would be about six thousand four
hundred and twenty-one millions annu-
ally. Mr.. NimmO explained in letter
to Mr.. Atkinson that, while there were
some Implications in taking the value
of products of manufacture, the omis-
sions amounted to very much more, first
because the value was on the whole be-
low the actual value, second because
there was a considerable amount over
nd nd Is
establishments were entirely omitted
when not over $500 each year. These
are good reasons for holding that the
entire value of manufacturing produc
tiOn was not shown in census returns.
But there are few that will believe that
the omissions amounted to as much as
three thousand three hundred and nine
ty-seven millions, or more than 60 per
cent. of the value reported.
The annual production of all estab-
lishments omitted or overlooked can
be estimated. The hands employed in
establishments included, in manufac-
lures, mining, quarying and the fisheries,
were 3, 100000. But the number of all
persons in these occupations was $780,
900, of whom part were and at all times
are unemployed Perhaps half a million
persons may be taken as the maximum
of workers not in establishments includ-
ed. Their wages were not greater than
the average of wages in such occupa-
tions, and therefore were less than $500
yearly. Their production being, outside
the larger establishments in which labor
is most economically employed, was not
more than double their wages. Thus
the addition for their annual production
would in any case be less than five hun
dred millions yearly. The value of serv-
ices rendered by transpOrters, and few
other items omitted by Mr.. NimmO,
may also be included, and with them
the aggregate value of the annual prod
uct in 1880 would be not far from seven
thousand instead of ten thousand mil
lions.
There has been a great increase in
many branches of production since 1880.
No one will profess to be able to esti-
mate it accurately, but in the preceding
decade 1t was about double the increase
in population. On the other hand,
prices in 1880 were much higher than
now prevail: at present prices the seven
thousand millions produced in the CEN
SuS year would now be worth six thous-
and millions. Then if the increase in
quantities produced during the last
eight years has been at the rate of the
previous decade, the value of the yearly
product at present prices would be not
far from nine thousand three hundred
millions.
Now the value of domestic exports of
during the last twelve
months has been about six hundred and
eighty millions, or a little more than
of the annual product.
If gold and silver be included, as they
are in annual production, all exports
would be little less than thirteenth
Of the annual production. The imports
have been about seven hundred and fif-
teen millions, as officially returned, dur
ing the last twelve months, but there
must be large allowance for underval-
nations, probably not less than 10 per
cent. There were thirty-seven millions
silver and gold imported, making the
,Otal value about eight hundred and
millions, or about one-elev-
,nth of the annual production. Reduced
o proportions, the entire value of i'm
PORTS would be about So IS for every
300 annually produced, and of exports
bout 81 IS for every 800 annually pro-
luced, so that at present foreigners ap-
year to be acquiring American property
" investments amounting to about 81
or every 800 of our annual produe-
ion. Such is the relative insigni6cance
# foreign trade compared with the
.normous volume of home production.