New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-17
THE SHRINEAGE IN EXPORTS.

The decline in exports is factor OF great
importance in the financial problem. In April
there was a decrease of nearly $1,000, 600
compared with last year in value Of brcadstuifs
exported, a decrease of $4,000, 600 in pro-
visions, decrease of nearly S2,7OO,OOO in
cotton, decrease of 5000. 900 in cattle and
hogs and a decrease of 81 100000 in oil. In
these principal classes the decrease was $40,
2971G1 for a single month.
1t has rarely happened that all of the prn-
cipal classes of exports have shown decrease
at the same time, and the phenomenon indicates
that some further decrease probably occurred
in the remaining exports not yet reported. But
without any further decrease the aggregate for
the month would fall from S75,954 ,962 last
wear to S59, G57 ,0Ol. 1t cannot be said that
this decline is wholly due to unnatural prices
here. In breadstufs and oil part Of the de-
crease in value is due to the great fall in prices,
but in cotton and meats part of it is due TO
prices higher here than year ago, and appar-
emily higher than foreign purchasers are dis
posed to pay.
Thus the average export price OF wheat was
only III cents, against SS.1 last year. and Of
-four 81 40, against 81 80 per barrel. But
there was also a decrease Of 200, 900 bushels
in quantity of wheat, and over ), OOO 600 bush
els in corn. SO in petroleum, the average ex-
port price was only 8 cents per gallon, against
6.1 cents last year, but there was also de-
crease of 5000, 600 gallons in quantity, or al
most - per cent On the other hand, the aver
age price Of cotton exported in April was almost
cents, against S.4 cents last year, but the de-
crease of $4,000, 900 pounds in quantity, or
more than 20 per cent, was doubtless more
| largely due to the fact that foreign stocks are
still exceptionally large, while the foreign manu-
facture and demand for goods are depressed.
Prices of meats are so high here that part of
the loss in exports may be due to that fact
| the export price Of bacon was 4 cents, against
75l last year; Of lard 1913, against ~ last
year, and of fresh beef 915, against SOC last
year. But while the higher prices here have
some excuse in partial failure of supplies, it j.
notorious that speculation has been rampant
in these products, and has been aided by the
abundance of money and heavy loans of banks
in past months.
The imports meanwhile continue surprisingly
large. In April the increase at New York alone
was Sc, 900, and without any increase else
where this would make the aggregate for the
month not far from $50 900 900, so that the
excess of imports would then be at least
S23, 900, 600 for that month, and $4,000, 900
for the four months ending with April. Yet
last year in the same months the excess OF ex-
ports was over $50 900, 900.
The poverty of Europe is felt here. Pros
tration of industries there forces the people to
consume less and hence to purchase less IRON
this country. But the same prostration OF in
dustres with stringency in money markets COM
pels manufacturers and dealers to send to this
country their manufactured goods so cheaply
that our purchases are largely increased. The
| effects of great standing armies in Europe and
heavy taxation of partial losses of crops. OF
enormous losses in trade with India and in
Argentine and Australian Investments, all are