New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-20
THE INTERNATIONAL BiLANCES.

The final return Of foreign commerce for No
ycmber entirely warrants the questions which
were nut some DAYS ngo. Where IL payment
coming from. aud In what shape 10 meet The
enormous balance IN favor Of this country!
The final statement for November shows cx-
ports Of SllGG3O go climbing toward but not
unite reaching the high-watcr mark some years
ago. while imports were somewhat larger than
the Now-York account indicated. amounting 10
S52.352.33I. but nevertheless the excess Of OK
norris over imports was S'A. 277.o59. In the four
months ending with November, since the new
turlY went into effect, the excess Cf exports las
been S22o2 4oi and in the same months the
net imports of gold exceeded the net exports or
silver 10y Sl3,Gi7.2Ol. so that on mcrchnn'liSe
and specie account the net balance in favor or
this country WINS s2I5.55f,2oo. II is 70 be added
that I'm December thus far exports have fallen
but little behind. while imports have been
s2.550 900 less than last year, when the excess
Of exports over imports was S5s,20 ,2d6.
Precision I'm transactions which show balances
80 large is not Of consequence. and 1t makes
little difference whether December Yields m
excess of exports amounting 10 S5o000OoO or
somcw hat less Tho great fact is that there Will
have 10 bc paid on the five months business
S275. 900. 600. and It does not much matter
whether the amount Is S2o,O00,000 smaller or
larger The problem remains the same: How Is
payment 10 he made? Banking houses are now
said 10 hold deferred foreign exchange amount
Ing TO Sl5.OOO.OOO. which Is n flea bite. This
Is the amount supposed to be held by banks in
New-York alone, and perhaps larger amount
may be- held by bankers in other cities. One
Ian * nj II, hoV q
between customers amounting TO $5,00o,0o0 not
represented by exchanges. and that implies n
much larger amount In similar accounts else
where Yet the international balance still re-
mains n puzzle
Many people have expected that tho heavy
imports customary In the early months OF re-
cent yenrs would meet these balances. But
smaller imports thnn have been known for five
years past are to be expected, and also larger
exports. The truth is that no reasonable pros
pcct appears for the settlement Of this lnterna-
,lona balance unless through n movement of
securities or Il movement of gold The recent
tendency as 10 securities is not toward this
side for London has purchased to cover short
sales, thirty thousand shares within week In
excess Of the amount OF shares sold. Consldera-
bic sales Of bonds are reported to supply the de-
| to balance the excess I'm stock. Interest due
/ abroad on about 81 1O0,O00,Q00 may account for
something like 50, O0OO 600 yearly, or $22,00000O
/ for half-year, but after allowance Is made for
! all such items the balance Is still too lnrge for
probable arrangement without movement OF
specie.
! Money is easy here, and rates are low
that gold does not come this way. The inter-
national balances would speedily be settled by
shipment OF specie II there were anything to
he gained by moving money to this side, but
there is no present induoement for such an OPP
Grafton. and all bankers would regard any such
movement as a misfortune to them. This coun-
try can wait. Whether other countries can wait
with equal equanim.ty Is yet to be determined.
England Is bothered about American iron and
shoes. Germany gets irriatcd about American
pork and petroleum. Still those countries are
buying American products, and would pay n
larger sum for them II they bought elsewhere.
With an enormous mortgage on the commerce
OF the world Americans can wait. Some time
the situation viii dawn on foreign investors,