The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-01-05
A RECORD-BREAKING YEAR,
OUR FOREIGN COMMERCE ron IN,
PEAR ENDED JrNE 30. 1899

The value of imports Aus,usd IN. I,,sS..
Marx, and the Exports Of Goid Reach.
the Highest Figure IN Our Iii.torr. =.
Did Also che Imports nnd Esport. =,
trvrr Coin and Ruuion- Our M.rcb...
Nsrine In the Forsign Carrying Tr...
However. Take. Another Step no,,r.
wnrd-Csu-es or the Cold Mavens.,
WASHINGTON, Jan. 4--The annual renor+ a,
the Chief Of tho Bureau Of Statistics NJ,
Worthington c. Ford. which has lust hse,
issued. comprises statistics OF the FOREIGN
commerce OF the United States for the rea,
ended June 30. 1893 and discusses the causs.
OF the gold movement The report says:
The noticeable features OF these figures ara,
The values OF imports OF merchandise attain.d
the highest mark in the commercial history Of
the country. and the exports OF gold reachsds
higher figure than ever before attained in 1.
single year since the foundation OF the Gov.
eminent In 1854 the exports OF gold reached
the figure 500, O6l, 1874 and this has hecn IN.
high water mark Of gold exports until the last
year. In 1893 the net exports OF gold wers
less than the net exports In 1884, being SS1.
5O6 IU3 ns conf ared with $50. 4S4 1865 in 1874
The exports OF 1884 were due to pressure re-.
sulting from years OF war and consequent
arrangement of commerce and industry
and to general displacement Of gold
and silver from circulation by issues OF
bank and Government Iaper. 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 1893 notable for this single item in its
financial and commercial experience II 10
true the country, in 1893. was better able 10
lose S7.50O.O00 in gold than It was In 1854
An import and export trade OF S1.7l4 O6GOOO
IL good evidence OF an economic standing and
capacity mmeasurably superior TO the situs-
ton that prevailed in 1884. whom the trade Of
the country was only about one-fourth as great
as in 1893. viz. S475. 900.
There are other features worthy OF men.
ton. The imports as we'll as the exports Of
silver coin and bullion attained an amount
greater than Is recorded In any one yearin
the history OF the country. In 1873. which will
be remembered rs the year OF panic and in.
portant mon etnry legislation. the exports Of
silver reached $50. 75l, 800. point that had
never been attained in previous years. and ha,
never been touched or exceeded in subsequent
years until 1893. when the exports were $40.
737.8l9. In 1890 the imports Of silver touched
the high level OF s2l. O32. 1884. a movement
probably due to anticipated legislation on
silver. In 1893 the imports were s23. la3 $50.
thus making q new record in the imports Of
silver.
While the year 1902 gave the highest
fgu res for exports of merchandise. CONNER.
cially and financially the year 1893 will 30
the ore notable because OF tho larger mum.
Der OF achievements. surprising previous per.
formances in 10 less than four items. Theyear
1893 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 percentage OF imports and et'
ports carried in American vessels in lS'2 80
low as to give foundation to n belief that no
lower. point could be reached. there was al
must be recorded as the lowest point this
feature OF our commercial history has touched.
make the trade oi the year 1873 an Interesting
study In the general laws governing intsrna.
tional COMMERCE The previous two years
and PARTIAL failure Of the similar crop
a natural command over European markets.
The prevalence Of good prices for these grain
R R9sTissn ri farmer sf?a Pnor@siy s:
cotton crop, coupled with an unusual.
erimna.ca against the cotton grower in favor
OF the cotton msnufacturer. While market
was found for the increased production GffOSdI
reaped by the farmer and manufacturer. FL.
ports were largely increased and imports
wefs res than
fore been attained In the commercial expert.
'"S The influence Of such an exceptional year
was not confined to the twelve months OF that
year. 1t made itself felt in the succeeding
year. but with constantly decreasing effect
An average crop OF European cereals marrow:
ed tho market for tho American product and
sent the price of wheat to point below which
IL would seem as II continued production
could no longer be proiitabe-SO cents
bushel exported. as compared with 81 w
bushel in 1892 A large decrease in the cotton
crop was not met by q corresponding increase
In price. Thus informal influences were BY no
means so favorable to producer or manu-.
facturer In this or other countries In the last
year as In the year previous. The situation
was further aggravated By a widespread and
In some senses contradictory financial situa.
ton"
The chief cause OF the movem emit OF gold, the
report says. was tho withdrawal OF large sums
Of foreign capital invested In this country, the
foreigner finding IL cheaper to export Amen-
can securities to this country than to liquidAts
his Indebtedness by an export of commodities
or specie. The import movement OF Amsr-
$50. 600 zoo to si35660, 600, and the sxtentoi
the entire movement from June. 1892 oJune
1898. at upward OF S2OO,OOOOOO. Against
this return OF American securities must no
set the amounts purchased on foreign ac-
count whether for speculation or for actualin'
vestments. which for the entire year is estl'
mated at between $50. 0OO, 900 and 100000
600. Thus the balance of this movement was
upward OF 500. 1000, 900 on the side OF In
D0rfa NJ m ArIcan aanu rifiAa