New-York tribune., 1890-03-22
FOREIGN TRADE BALANCES.

4 correspondent asks. i'm view of the stat" Of
trade in this country and the number OF brew
crie. ar1 other enterprises which have apparently
p.-.,I into the hands of tlc European investor.
an explanation Of ihc entire absence of imports
of ihc precious metals. II ln sN months ending
February mcrchandis, las been sent abroad "N-
cccdins Boy Si30.0o0.oo0 tie reported value OF
merchandise brought hiihcr from other countries
and If tl. tifles ior hrcwcrics. mines mills. and
other properties valued 90. lci us sny. $4,000 600
or more. have also gone abroad why has not
specie come tins way in payment
some of tie item, ou the other side must first
le roucu. hcfcd because tlcg lIc constant. though
unr.c..nIlcd. l. is certain iNHt hr-c amount
of interest is d1c - foreigners every year on
bonds and other debit as well a> DIVIDENDS 'n
pf,tef;v which they own lcre. II s generally
considered low estimate 20 pat this amount ai
100000. 900. OF ; .00O.0Oo month. A-nn.
,l.rc ,s a hrsc difference between tie actual
value of goods imported and the value "lh''aiS
stated. and these fraudulent uudcrvalnaiions hF
impor,crs were officially estimated ycars ago 80
10 per cent Of tie imports. which would he over
- .oo0. 600 per month But If his difference lee
only $1,000. .oo0 there must hc nckoncd in all
q, beast $4,000. 600 "a month in addition to
merchandise imported i'm estimating the balance
100000. 600. this correction would make the ap-
p,rcui balance S7o.oo0.o0o for tie siN months.
and 70 This must be- added let exports OF
$1,000. .0o0 specie. mainly silver wiz SIP
no.cd pnrcLa-c of hrcwcricS and other property,
flc app,r.ni balance would be- Sl3'.'0o. o"p.
Tic escai fact is. That in thc months Fcbrn-
,r,. c.nt.mhcr. inclusive, 1s~S. there was an cN-
ccs, of import, over exports amounting TO 80
ooo 600 with S9o.oOoooo for interest and nm
deryaluaiions IN the eight months. this would
mako q balance due abroad of ~ jooo.ooO But
in tIe months Ocioicr-lanunrv. following. tie
c>ccss of exports was but S6l .ooo.ooo. or. with
.1ov,ncc as before for interest, etc. only S2l
oon 600 which would leave on the year ending
,.ith Innunry balance of Spt ,00u,Oou less
So 600 GOO paid in gold and silver. This hal-
,nc.. about $56.O0o,0o0 was presumably settled
in securities sent abroad, because the course "t
,lc exchange market indicated no unsettled bal
auc.s awaiting liquidation And again, in the
.,,pths Fcbrnary-Ianuary. inclusive, of last year,
,bc cxccss of imports over exports was S6l .0o0,-
600 or. with interest, etc, Sl3l ,0oo,0 600. OF
,,lich about S50.oOO,OoO was paid by exports
~, .ncce This again would leave an unsettled
b,lancc Of S.l 600 600 had not securities gone
.hro,d and the course of exchange and Of the
.,ocl, market did indicate such movement Of
.ccuritics Thus, there are indications that IN
,hc year and n half prior TO September last, some
,h,no like Si37. 100000 in American securities
had been taken by foreign holders as profit or
investment.
In Scpicmbcr the course Of exchange. and also
of the stock market. altered There was large
realizing bv foreign holders Of securities during
that and the remaining months last year and in
Ionuarv The amount of such realizing can only
hc inferred from the fact that. rs has been shown
an apparcnt balance of $3.50. 100000 the other
,va, has been created within the last SIN months
including the supposed purchase of property.
Once more the course Of exchange indicates no
urcssurc for settlement of current Indebtedness
The natural presumption is that securities taken
in 1855. and the first half OF leS9. have been
scnt back 10 the amount of about So 100000 at
tho least and if large purchases of brcweries. mills
and other properties have been made and paid
for to the amount of such purchases also. This
would still leave in the hands OF forci rncrs small
balance of securities which We're not held at
the beginning OF February. 1885, unless the amount
paid for American industrial property purchased
has been over S5O0OO,OOO Perhaps the course
Of the exchanges within few weeks may indicate