The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-01-24
RECORD BREAKING YEAR.
OUR FOREIGN COMMERCE FOR
THE LAST FISCAL TERM.

The Value Of Imports Attained the
Highest Mark, and the Exports OF
Gold and Silver Reached the
Highest Figure In Our History
The Causes of the Gold Movement:
The annual report of the Chief Of the
Bureau Of Statistics, Worthington G. Ford,
which has just been issued, comprises
statistics Of the foreign commerce OF the
United States for the year ended June 80,
1893, and discusses the causes OF the gold
movement. The report says:
Noticeable features OF these figures are
The values Of imports OF merchandise at
tanned the highest mark In the commercial
history of the country, and the exports OF
gold reached higher figure than ever be-
fore attained in single year since the
foundation Of the Government. In 1854 ,t the
exports OF gold reached the figure $100, ,661..
634, and this has been the high-water mark
of gold exports until the last year: In 1893
the net exports Of gold were less than the net
exports In 1854, being SS7, ,506, 463, as
compared with. $89, 1896 in 1854. The
exports Of 1854 were due to pressure re-
sulting from years Of war and consequent
arrangement Of commerce and industry, and
to general displacement Of gold end silver
Government paper. An outward movement
of gold of nearly the same amount, occurring
In 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. 1t is true the
country, in 1898, was better able to lose
$751;, 500, 900 in golG than 1t was In 1854. An
Import and export trade OF 81, ,714.066, 800 1s
good evidence of an economical standing
and capacity. immeas1rably superior to the
situation that prevailed in 1854, when the
trade Of the country was only about one
fourth as great as in 1898, VIZ, $475, ,2s5, 900.
.tThere are other features worthy OF men
tion.' The imports az well as the exports OF
silver coin and bullion attained an amount
greater than Is recorded in any one year In
the history of the country. In 1873, which
will be remembered as the year Of panic and
important monetary legislation, the exports
Of silver reached S39, ISL 1859, q point that
bad never been attained in previous years,
and has never been touched or exceeded IN
subsequent years until 1898. when the ex-
ports were $40, ,767 ,319. In 1890 the imports
OF silver touched the high level OF $21 ,032..
394, movement probably dueto anticipated
legislation on silver. In 1898 the imports
were S23, 1913 ,252, thus making new record
In the imports Of silver. x.,s
s'While the year 1892 gave the highest
figures for exports of merchandise, CONNER
cially and financially the year 1898 will be
the most notable because OF the larger mum
ber OF achievements, 5urpasstng previous
performances In no less than four items.
The year 1898 also marked one step down In
the relative importance Of the American
merchant marine In the foreign carrying
trade of the country. Low as was the per-
centaee Of imports and exports carried In
American vessels In 1892, so low as to give
foundation to belief that no lower point
could be reached, there was an actual de-
crease in 1893, and 1872 per cent. must be
recorded as the lowest point this feature OF
our commercial history has touched.
"a number of circumstances combine to
make the trade OF the year 1898 an interest.
Ing study In the general laws governing In.
years were noteworthy through the enormous
grain crop gathered in 1891 In the 1nited
States. and a partial failure of the similar
crop In European countries, thus giving th1s
/ country a natural command over European
markets. The prevalence OF good prices fol
these grain products reacted greatly in favor
/ of the American farmer, An abnormally
large cotton crop, coupled with an unusually
low price, would seem to have Disseminated
against the cotton grower In favor OF the cot
ton manufacturer. While market was found
for the increased production OF food and raw
material, the benefit was directly reaped by
the farmer and manufacturer. Exports were
largely increased and imports favored, with q
result that the export trade figures for. 1892
were larger than have ever before been at.
lained In the commercial experience OF the
country.
"The influence OF SUCH an exceptional year
was not confined to the twelve months Of
that year, II mace itself felt in thesucoeed.
Ing year. but with constantly decreasing ef-
feet. An average crop OF European cereals
narrowed the market Tor the American pre-
duct and sent tAe price Of wheat to point
below which it would seem as II continued
production could no longer be profitable
eighty cents bushel exoorted. as conpa,Su
with 81. .OS bushel In 1892. A large decrease
In the cotton crop was not met by GORE
spending increase in price. Thus Internal
Influences were by no means so favorable tc
producer or manufacturer In this or other
countries in the last year as In the year pre-.
yious. The situation was further aggravated
BY widespread and, In some senses, contra
dictory financial situation
The chief cause OF the movement OF gold,
the report says, was the withdrawal OF large
sums of foreign capital invested In this
country. the foreigner finding it cheaper to
export American securities to this country
than to liquidate his indebtedness by an ex-
port Of commodities or specie. The import
movement Of American securities the report
estimates at from $50, 900 900 to $t25. 900 900,
and the extent OF the entire movement from
June. 1892, to June, 1898, at upward OF $780,
O00,0 Against this return of American
securities must beset the amounts purchased
on foreign account, whether for speculation
or for actual investments, which for the en-
tire year is estimated at between $50, ,000, 600
and $100, 600, 900. Thus the balance OF this
movement was upward OF S100, 600 900 on
tba oido ~ imnnrfa NJ rnerican aecuritieS.