The morning call., 1892-07-27
A YEARS TRADE.

The foreign trade of the United States in
the fiscal wear 1S91-92 was unprecedented
in our history. 1t amounted to the enormous
figure If 81 .s57. .726 9lO. an increase Of over
SIPS, coo, 600 over 1s90-9l. and over S5000O0,-
eco over the average of the last decade.
The importations of 1912 amounted to
SS27, 39l, ,3S4, which was decrease OF S17,-
524. 912 as compared with the importations
of 1S9O-91. There was a decrease in cur
imp0rtatOns of tin plate, of manufactures
of silk and wool. and of tobacco, vegetables
and textile grasses. Our importatiOns of
coffee. raw silk and sugar show an increase,
but it was not sufficient to affect the de-
crease in the articles above named. The
increase was in articles admitted free Of
duty and the decrease in dutiable articles,
the figures being an increase of sol, 100 coo
against decrease of S109 2S4, 600. In the
fiscal year 1889 the free imports constituted
81 81 of the whole; in the fiscal year 1912
they were 55.SS per cent. The addition OF
sugar to the free list by the side of tea
and coffee will in large measure account
for the increase, and it helps to explain the
fact that the average adyalorem per cent Of
duty on all imports in 1912 under the
Mckinley tariff was only 20 65, while un-
der the previous tariff in 1889 IL was 2969.
Tor the NTSl bllnb III our HiSlOIN Oul tA-
ports in 1912 exceeded billion dollars in
value. The exact figure was $1,000, 1856. .626
an increase Of SI45, ,S54. 0O0 over The previous
year. and of about $3.50 100000 over the
average OF the past ten years. This result
Was attained in spite of a decrease in the
money value OF our cotton export, which
was caused by the low price of cotton pre-
vailng during most Of the year. The less
was boD a Oh hE hp
in our cereal exports-Sl73, zoe, 000-and an
equal increase in our exports of meat and
dairy pro roducts-S137. all. .000-both of which
may be asCribed TO last years crop failure
In Russia. and the light food crops In France
and Austria.
The foreign trade of the United States is
about half that of Great Britain-S1, $780,
000.000 against S., 700.O00 OO0 The importa-
tons Of Great Britain are about 81 100, O0O,-
900, and the exports of British, foreign and
colonial produce about 1,600, 100000. Ar
coTding to the old way Of reckoning this
would show balance Of trade of $780,
002, 600 which called for settlement in coin;
but the state Of the exchanges show that
there is no drain of coin from England, and
that the excess OF imports over exports
merely shows a settlement of foreign debts
TO England in the shape of goods instead of
money. The foreign trade of France is
slightly larger than that of England,
amounting in round figures 10 81. COO, 600, ,00O
In this trade the imports and exports are
pretty evenly balanced, the former being
slightly in excess. France has no such
foreign Investments as Engan calling fer
annual payments of interest aud repay
ments Of principal. But its commercial
movement is even more active than Eng
lands, a fact which is not generally under
stood by the world. France has found ex-
cellent markets for her surplus of goods in
| her African colonies and in Cochin China
and she takes all their produce in exchange.
She has not the smallest hesitation in seeur-
! ing TO herself monopoly of those markets
| by system OF dfferential tariffs.
! 1t may he said that the foreign trade of
the United states is a thing of yesterday.
For the first halt century Of the nation
existence. the trade which engrossed atten
ton was the domestic trade. The eouniry
was so vast, and the products ara the wants
Of the various sections SO var ed that the
energy and the capital 0f the gading class
/ found emp p'oymertin the exchanges between
one part OF the country and another. In
| 1850 the volume Of foreign trade only slightly
exceeded $500 o0o, 900. The ten Years wh.aA
/
the volume IF foraigu tTsGe sgeila
1888 ,9oo De- the Vsar Rhen tas aat broke
oal DaT.s "aT q saT8uk to sUsu
res tHe aoaestic trade, stimulated by
issues OF Dalsl ORGY, bscoming eBormess
AS soon as tie 1ar ended the splrls-of an
! terprse spread 10 aEeign tFaGses well sne
10 1866 tas volume Il IMPORTS and export.
reached $500, 7,o5O,eDl --zI0m that pear l. ha,
| been steadily csseE6a snrraasa .,,s. ), - -
tnI1ssycns except th3so which were cause
by commercial boems aaa the reactoni
which ensued. Thus In the years 1881 anl
1882 the volume of trade passed the figars
Of 1850. oG0. coo; but it then fell back vhei
speculation suDsided, ard did not begin 4
increase again tin 1SS6-57. Row ii Is IN th,
ful springiide Of growth. and unless som
untoward accident befa.is the toia goium
oi trade viii exceed two thousand five huu
dFed millions long before the ceuturr euds
s-----------------------