The star. (Reynoldsville, Pa.) 1892-1946, 1894-01-10

ANNUAL REPORT OF THE CHIEF
OF the Bureau of Statistics. Imports
and Exports Amounted to
sl,7l4, ,oee,ooo.

The annual report Of the Chief Of the
Bureau Of Statistics, worthington c. Ford,
which has Just been issued, comprises 157
printed quarto pages Of statistics Of the
foreign commerce of the United States for
the year ended June 80, 1893. and discusses
OF considerablelenRth the causes Of the gold
movement. The report says:
The noticeable features of these figures
are: The values of imports of merchandise
attained the highest mark In the CONNER
cial history Of the country; the exports OF
gold reached higher figure than ever before
ton of the Government In 1864 The efpQtts
of gold reached the figure 9l0l 6el, ,es4 AID
this has been the high water hiafk OF gold
exports until the last year. In 1893 the net
exports Of gold were less than the net ex-
ports. of 1854, being t87 ,506, ,463, as compared
1894 were due to q pressure resulting from
years of war and consequent arrangement
Of com merce and industry, and TO general
displacement OF gold aud silver from circu-
lation by issues by bank and Government
paper. An outward movement Of gold OF
nearly the same amount, occurring in a
time Of peace and apparently In defiance Of
commercial laws, will make the year 1898
notable for this single item in its financial
and commercial experience. II Is true the
country in 1893 was better able to lose fs7,-
100000 in gold then than it was IN 1884. An
| import and export trade of 81, ia, ,006, 900
IS good evidence OF an economic standing
and capacity. .immeasurably superior to the
situation that prevailed in 1864, when the
trade OF the country was only one fourth rs
| great as in 1898, viz: s4f5, 2S5, 900,
''Anumber Of circumstances combine to
esting study in the general laws governing
internal commerce. The previous two years
were noteworthy through the enormous
grain and cotton crops gathered in 1891 IN
the United States and partial failure of the
grain crops in European countries. thus
over European markets. Exports were
largely increased with the result that the
export trade figures for 1892 were larger
than have ever before been attained In the
commercial experience Of the country.
The influence OF such an exceptional year
was not confined to the twelve months of
that year. and made itself felt In the sue
ceeding year, but with constantly decreas-
ing effect"
The report then discusses the causes
OF the outward movement of gold, and
says:
"Wih the exception of two months nam.
ed IL Is an nnbroken record from January
], 1892. until July, 1S93 when there was a
turn in the other direction. The sales or
purchases Of American securities by for
| eigntrs, the investment or withdrawal of
foreign capital from undertakings in the
United States, the money transferred in
payment Of interests and dividends and re-
mittances to Americans abroad-no one. of
these factors To- a subject of official record
That foreign capital is required for the de-
.elopment ofour resources is shown by the
heavy investments known to have been
made in almost every kind of security and
adventure, and these investments were in
| creasing yearly.
"The decrease shown in 1892 Is an expres.
sion of what has been the general belief of
those in position to be well informed and
was continued, even aggravated in 1893.
This points to the withdrawal of large sums
of foreign capital invested in this country
and have sought TO obtain from leading
bankers, who buy and sell American
securities on foreign account some figures
which may illustrate, even If they may not
measure this movement. BY their courtesy
intended TO show the direction Of the sales
and purchases since January, 1893:
ut is estimated that between s75,0O0, 600
and 500 O0O, 900 In shares OF different de-
scriptions have been soldon foreign account
in the United States from January to THE
added from SIS, ,000, 900 to 25,0OO,OOO in
various kinds of bonds, chiefly currency
bonds, that have been sold on European
orders coming from England, Germany,
Holland and Belgium. Think 1t is n safe
estimate to place the extent of the entire
inward movement from June, 1892
TO June 1893 at upward OF 5000 900, 900, as
there is every evidence that the movement
was continuous for the twelve m ontts OF
the fiscal year.
Against this return of American secur-
tiles must be set the amounts purchased on
foreign account whether for speculation
or actual investments. ! should
| nnYphaQaQ hn Hvs
year at between 800 00O, 900 and slO0, ,OOO, O0C
as the purchases must have been larger in
the last six months of 1892 than In the frs
six months OF 1898. Thus the balance o.
this movement Was upwards of a hundred
millions on the side Of imports Of Ameri
| Al