The San Francisco call., 1898-07-14
THE 0oRLD'S CREDITOR.

Once more the balance of foreign trade surpasses the expectations which even the most hopeful ventured to indulge. It was said some weeks ago that exports in May would probably run about $lOO,OO0OO OOo and exceed imports by at least S4O.VOo, Rnt the actual exports were $llo ,Z3S, ,Zoo Tn -,olua and exceeded imports by S06,9S0, ,S5s. In seven of the ten months since the he" tariff went into effect the exports nave o~~naaded s1O0 O0O. .0G0 and the total excess o1,e, irnnorts in those months mas peeh S55A 45q S2S That no other such year Has ever rejoiced this people IL Is Iieeu4ea" ~ say. The obvious conclusion cdhllo' Oo ovojded that protective duties do not pre- yent heavy exports, as many tneorlstS have long argued, nor have they III tiis instance operated mainly by proIli'i'iOIi of prevention of imports, for the piospo
 itv of the country has been so great that' a-,a,, ,rJtb inc home market for many kinds of goods almost ent1reIy Secui SI ~ domestic producers, the aggregate dnt- oI lltt- ports has declined less than was eApetGe
 ed. It is mainly in creating ana irF1it 4ha tainine that general prosperity that the change of tariff has had enect. L. o,o,,a,,
 It is worth while to note that Tn eIeEen n months ending with May ,oHe Woie been ea of breadstuffs. Their value Valo naS @ o0 nf nTo- sos 13S that of cotton $222 S8l lS0 I o0 0I pLod5 visions cattle and hogs, SIiS,oo5IIe'' ,iIe other Soneetic St raIt | axnorts have amounted to $3l5,- 1S6 OR against $352, ,547 200 in the sdIltS months of the previous year II ls M Mei known how great the expansion naS peen in some of the other exports-in iron products about $1O,OOo,0O0 in hops aeh oRe, S1 900 900 and in copper and 1ruaIs a1 ooe oSd about $1 900 O00, in oilcake over SZ,Uo,ogV, and as much in cottonseed oil, ana heaily S2 OOO 900 in paper, besides Suostaa1illiart or gains in many other articles. In spite oL The vastly increased home demand ourlhs the last eleven months, American plU
 ducers have been able also to SupplJ largely increased quantities for export.
 A difference of $554. .459 SZS between e- eA- ports and imports in value dufIhs een months has not been due in large meas ure 10 fradulent undervaluation or mn ports. though such frauds stll! exist anu anu are of importance, in spite or the nloIe general use of specific instead or aQ va lorem duties under the new tarlH froo ably a material portion has been cut coodd1 oIiI so that instead of more than $6O,VOO,Vo0 such underyaluations have been reduced below $50 900, 600 for these months. pu1 this affects but little the enormous pal ance Neither have specie lInpoIt tS squared the account, though or golo alohe the net imports in ten months nave peeh more than S100 GOO ,00O-Sl06, ,29z, ,4o5-the greatest net gain ever attaIneq III enT3 e whole of any previous year having peen $97, ,043, ,127 in 1882. The net exports or slI- yer, $20 043, ,351 in ten months, have been larger in several years, ana reduce lIIe balance received in specie against mer- chandise account to about $S6, 0,00o. 1T there be further added the underVaIua- tions. and about $40 000 900 for interest and dividends due abroad only $156,OOO 900 would appear to have been canceled, leaving almost S400 ,00O yet to be met by return of securities to this country or in some other way.-New York Tribune.