Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-26

| icy. The bad harvests In Europe last year
helped us out amazingly in meeting the
demands of our foreign creditors. This
year, when we have not such Intervention
| of Providence in our behalf, we will with
| equal good fortune, have not the same need
| of 1t.
Specie Shipments Suspended for Awhile.
In spite of the desire of European fnan-
cial institutions to strengthen their gold re-
| serves, and of the special effort making by
Austria Hungary TO acquire the means of
resu ming specie payments on q gold basis.
the shipments ofthe metal from this country
have ceased for the present, not to be re-
sumed. probably, for some months to come.
This is partly owing to the check given to
importations by the precautions against
money abroad prof1tably, indicated by the
low rates of interestthere.
The shrinkage in the volume of trade in
Great Britain, which began with the Argen-
tine collapse, has been assisted by the dnan-
cial troubles of Brazil, following closely
upon those of Argentine, by the bad har-
vests of last year, and, finally, though not
tion of the Mckinley tariff. The bank
ruptcy of the large area of South America
covered by Argentine and Brazil has natur-
ally diminished the ability of numerous
population to buy and pay for British goods.
The partial failure of the crops at home
has had the same effect upon home con-
sumption. In special branches of manu-
cles of metal, the exports of Great Britain
to this country were for time unIavora bly,
affected by our new tariff, though they are
now re5um1ng their former proportions.
A Great Reduction in Exports.
The general result of these causes has
been to reduce the total amount OF British
exports of home manufactures during the
first eight months of this year to about ESQ.,
0O0, 900. against 9165, O00 600 during the CORE
spon ding period of 1891. On the other hand,
the British imports of food for these last
eight months have been S700O,OO0 greater
than they were for the first eight months of
1891, and those of cotton aud other raw ma
terials about "a, ,00O, 900 less, showing net in
crease in imports of f3.O00,00O and more. Ac-
companying this shrinkage in the imports of
raw materials and the exports OF manu-
factured goods an unwillngness has been
shown to embark in new enterprises, which
has reduced the amount of fresh capital in
vested in them since January /, 1891, to fl70,-
O0O,OO against ESQ 100000 tor tue two years
previous to that date.
The depression in the British shipbuilding
industry also reflects in marked manner
the depression in the general trade of the
country. At the annual meeting of the
Associated British Chambers of Commerce,
"shipbuilding was little more than a remem-
brance." The effect in preventing its re-
vival which the cholera panic is likely to
have, need nat point out.
Quite Deficiency In Grain.
What makes this decline in the foreign
demand for its manufactures and OF en-
ployment for It's shipping the more serious
to Great Britain is its dependence upon the
profits of the manufacturers and of its carry.
ing trade for the means of feeding its peo-
pie. Its net imports of articles of food and
drink in 1891 came to over El5O 600 900, and
for the first eight months of this year their
value has been nearly S1O0.00000O. Notwith-
standing high cultivation, which makes
the average yield of wheat q bushels to the
acre, whereas on our new, fertile land the
average is but about II bushels, the total
harvest of wheat in Great Britain and Ire
land for the present comparatively favor
able year is estimated at only 81, l5O 900 BUSH
els, while the requirements for seed and for
consumption as food are put ut 250,052 900
bushels. leaving deficiency of 1885, 900
bushels to be supplied by importation. In
addition, the country consumes annually,
beyond its own production, about 40 00O, 600
bushels of barley, 100000 bushels of oats
and 100000 bushels OF beans. 1t also i'm
ports some 60.O00. 900 bushels OF our Indian
corn which takes the place of other bread
stuff, and an immense quantity Of beef, pork
and other animal food, the value of which,
with that of butter, cheese, eggs and similar
articles, is nearly S60,000OOO annually.
England's Great Investments Abroad.
Nearly century ago the famous Thomas
Nautilus, in his essay on the rate of increase
of population, predicted this deficiency in
the British food supply and was violently
denounced for doing il. The fufillment of
his prediction has indeed been aided by
causes of which he took no account, yet his
principle has proved to be sound. would
not be understood as asserting that the peo-
pie of Great Britain have no other means of
paying for the food and drink they import
than their manufactures and their ship
ping. On the contrary, they have an enor-
NOUS income, derived from their invest
ments all over & the world and especially in
ions of dollars worth of our rail-
road securities belong to British
isl matter matt u1dsr.10oS Of not9
besides, that they are interested in numbers
of our mines, manufactures, gas and water
works, land companies, breweries, and other
which yield them a large rev.
enue How much of our banking and insur-
ance capitals furnished by them 1t Is i'm
possible to say, but the amount cannot fail |
to be important. What they haye done here
they have done on almost as large scale on |
the continent OF Europe, In Asia and Africa |
and, to their sorrow,in South America. The |
result is, that for many years in succession
ed its exports by 9lOO OOO, 900. or f65OO, QUO
a year.
The End Impossible to Foreten.
The causes OF the prevalent depression |
in the London market being such as they |
are. it is impossible to predict when it will |
come to an end. So far as 1 can judge, the |
state of things in Great Britain is very |
similar to that which we lave experienced |
here after the great crashes of 1887, 1857 and
1878 People must have time TO recover
from their losses and to pick upscourage for |
D fresh start. This will come in the course |
Of time, but until it does come the present
stagnation will continue. 1t is fortunate for |
rs that it exists Just at this juncture, when
our currency is at so dangerous point or |
expansion, and we ought to be very thank
fuI for it.