New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-05
4 YEA RS FOREIGN COUMERCE

/ Il IN ~ l. On IGN CON " EHCE
IMPORTS OF MERCHANDISE TIE GREATEST
EVER KNOWN.
HEAVY EXPORTS OF GOLD AND LARGE RETURNS
| OF AMERICAN SECURITIES FROM ABROAD
INTERESTING FACTS AND FIGURES
FROM TIE REPORT OF TIE
BUREAU OF STATISTICS.
Washington. Jan. 1.-THE annual report or the
Chief OF the Bureau OF Statistics. Worthingion {.
Ford, which has just been issued comprises In lo'
printed quarto pages statistics of the foreign COM
merce of the United States for the year ended june
30. 1885, and discusses at considerable length 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 I'm the commercial history OF the
country; the exports OF gold reached Il hisher "bu
than ever before attained in single year since the
foundation OF the Government In 1854 the exports
Of gold reached the figure s0o,G663i. and this mas
been the high water mark Of gold exports uh'h the
last year In 1893 the exports OF gold were less
than the net exports In 1854. being so''|of'' 40
compared with sS9,4sSG5 in 1851 The exports OF lo't
were due to n pressure resulting from years Oh
war and consequent arrangement OF commerce anu
industry and TO n general displacement OF goa
and silver from circulation by issues OF BANK ana
! Government paper. An outward movement OF gold
Of nearly the same amount. occurring In ume OF
peace and apparently in defiance OF coh'herc'ai
laws, will make the year 1893 notable lor '"'S
single item in its financial and commercial eN-
perIence 1t IS true the country in 1893 was better
able 10 lose ST. 100000 In gold than It was In lsGi
An import and export trade OF N,7l4066OoO is good
evidence of an economic standing and capacity
inmea surably superior to the situation that pre-
vailed In 1861 when the trade OF the country was
only about one-fourth as great as III ie''-'%
s475. 2S5,0O0.
"Tv,era are other features worthy OF mention.
The imports as well as the exports OF silver com
and bullion attained an amount greater 'hah ID
recorded in any one year In the history OF the
country In 1873 which VIII be remembered "a the
year OF panic and important monetary Iesisauoh,
the exports Of silver reached $50 point 'hal
had never been attained IN previous years, ana
has never been touched or exceeded IN supsene'i.
wears until $50, when the exports were $"hS''"i'
In 1890 the imports Of silver touched the hish 'e'
OF s2l O32 9s4 a movement probably due to antlc'-
mated legislation on silver In 1893 the Imports were
Sc 1873 49, thus making new record In the imports
OF silver While the year 1872 gave the highest
figures for exports Of merchandise cohm-Tc'd"S
and financially. the year OF 1898 VIII be the more
notable because OF the larger number OF acheVe-
ments surprising previous performances IN no less
than four items .
1.-THE year 1893 also marked one step down In the
relative Importance OF the American merchant
marine In the foreign carrying trade VI the country
Low as the percentage OF mil rus anu cNP''''
carried In American vessels in lo'-' SO 20" "' ~
give foundation 10 n belief that no lower io'ht
could be reached, there WAS an actual decrease IN
1885 and 1872 yer cent must be recorn@I , ns ar,
lowest point this feature Of our ooni"'re'a' ms
"A number Of circumstances combine TO- n na axe
general laws governing international so'n h,1
The previous two years were ho',"o'Sf a. h.
United states and partial failure of inr riinS'
try natural command oyrr s", 10y 70. gT,in
The prevalence OF good pI1ors LOT . t,..,".n
products reacted greatly IN favor OF ''e ''''''''"
CAUSES OF THE GOLD MOVEMENT. ~
Discussing the causes OF the movemen; q gold
the report says: ~,
The phenomenal features are all connected Win
the commercial and financial relations between
'rnp u within even narrower lines and say that
Win nm almost normal trade the abnormal clement
yr bnt xnnled ",.r peroi u eighteen months
that II might begin at tn' time W.. ~, ~, a., In,
poris. Win the exeeion OF NJ Two months nam'-i
it is almost rnbrok recprI rom Jim" ,,rn g.,
.sTb salrs or purchases Of American srcnri'ie,
hy foreigners the investment, or withdrawal %
foreign capital from un4eriak King II we H',.'
trrest and dividends and r,mt;ances To Americans
abroad. one Of these factors Is SUBJECT %
"Amcrcan Government AMI railroad securities
haze niGn s sIr, ~ Inv nyer Ravc nnc limited pur
cbaseS In our stock and Investment markets cx-
a Special iniucement to taking ci hnc"s ma IS IN
a time of distress. bordering upon PAM.
SALES OF SECURITIES on foEii"" A''''N'
ut is estimated that between s75co@ and NO.
o1 90 IN shares of different descriptions have been
gold on foreign account In the United states from
January 70 the beginning OF August. To this sum
must b. al Jed from $l5V0CJ to &0p1v0D In various
kinds Of bonds; chiefly currency nSihs nm nnrc
Euro
land Germany Holland and Belgium
''Thc inward movement or. hs !, may he called the
import movement OF American secur.t's thus rep
resonts an aggregate OF from sO01c)O - 'l2j0J,-
of0 70 this aggregate must be added the coupons
cut from American securities and sent T. this
country for payment, ana when require either me
,ransnission Of funds 10 the other side or the
proceeds Of which invested IN American Sc
cuIltics The extent Of this payment on coupon ac-
count cannot be accurately measured. but some
idea may be gained OF its size by the returns made
bv three houses OF foreign correspondence which
reported aggregate payment on this account in
fore. It IL safe estimate 20 place the extent q
at upward OF s9O00Jo0Oo there IA every evidence
that the movement was continuous for the twelve
"Against this return Of American securities must
be SET ne amounts or 90 IGH
II the eight months from January 10 Septcnber be
seen that purchases for Investment accounts OF
bonds were laree! confined T. the hrst three months
Creaspd in the s@cond quarter Of the year and in
July and August the amount OF purchases OF both
81
menfs amounting ii is estimated, to about
100000 on Duicl account. whether for invest |
ment or speculation remains 70 be determined. |
FrEa January to June. making the same relative |
estimate as ~ the case Of sllrs American So
curitIes | should p'nce the purchases about
$0W10O or for the entire year ~ between 5000 |
and sl0ocD.O0. as the purchases must have been
larger In the last six months OF 1872 than In the |
first six months OF 1917 Thus the balance Of this |
movement was upward II se)cte0 the side OF |
Imports Of American securities.
A0MIN ATI0NS by TIE PRESIDENT