The herald., 1898-10-30
Imports and Exports

Brief reference was made last week to the
September record of exports and imports.
The full treasury statistics covering the
months business are now available. The
total September merchandise exports were
300, ,495, ,63S, and the imports $4S, ,250, 200, the
balance in favor of the United States being
42,245, ,420 Some adverse comment has
been made on this showing, as indicating a
falling off in international trade. Such a
conclusion, however, is misleading. The
August exports were less than 85 millions,
and the July total 72h millions 1t is true
that compared with September, 1897, the
record of exports for the last month shows
a decrease of about IA millions, but with the
exception of that phenomenal month, when
wheat was being rushed to Europe at high
prices, no September in the history of the
country equals the one just elapsed. The
same holds true in the case of imports, the
latest record being smaller than any similar
period in recent years, with two exceptions,
the months Of September, 1897 and l893
The months totals, there fore, must be re-
garded as satisfactory, especially as the net
balance exceeds that of any September pre-.
vious to 1897.
For the nine calendar months the total
merchandise exports have been SG9a mil
lions, a gain of nearly l23 millions over
1897, and more than 200 millions over 1896.
Total imports for the present year to Sep
tember 30th, have been 475M millions. n
falling off of ll31s millions as compared with
1897. The apparent excess of imports is
therefore nearly 394 millions. At this time
last year the balance was only l57h millions,
and for the nine months ending with Sep.
tember, 1896, the export excess was but
l44 millions. The country is almost 236h
millions ahead of its 1897 record. In addi
tion, we have, up to September Both, i'm
ported 1927 ,407,S ,S72 specie, as against an ex
port of sl2,7Sl, 1923, which meant that the
country held $ll4,625, ,949 more of foreign
gold than on the first of January last.
What the actual figures for the calendar
year ending December next will show, can
not be judged accurately, says the New
York Financier, but there is little reason
to doubt that the trade balance in favor of
the United States will be one of the largest
if in fact it is not the heaviest, ever known
If we take the record of the twelve months
ending with September, it is found that the
exports in that time aggregate almost
1922 2-3 millions, and the imports $40 mil
lions. The balance is, therefore, 593h
millions in favor of the United States.
Making the same calculation for 1897, the
balance aggregates less than 1888 millions
The exports for the three last months in
1897, averaged between III and ll8 millions.
If the three months yet to come this year
can show anything like that level, our fu-
ture is made even more secure than it is at
present.
But to revert to the September export
figures, one fact that has partially escaped
attention is that cereal exports fell
not less than lSA millions as compared
with 1897, As the total discrepancy in the
outward movement for last month, COM
pared with September, 1897, was only IA
millions, it is apparent that exports other
than cereals increased about Az millions
over 1897. These exports, as closer anal
ysis shows, were mainly in manufactured
products, and this is one of the most graft
flying features of the present situation. The
United States is finding the worlds mar
kets open, and with such condition there
is no reason to apprehend those violent
changes which have occurred in past years
after short wheat crop, or small cereal
exports.