New-York tribune., 1898-01-22
A NEW YEARS BILL.

A NEW YEARS BILL.
| The United States Is not unmlndful Of time
honored customs, and presents It's little bill also
with New Years compliments. 1t Is bill
against the outside world for 5000, 100000,
and covers only five months operations The
December exports surpass all expectations,
amounting to $12L474,4 435, making the aggre-
gate for the calendar year 81 900 129, ,51o much
the greatest ever recorded IN any year. and
exceeding the imports by $35649S,6G4. The ex-
cess Of merchandise exports over imports for
the month Of December alone was S72,959, ,7O2,
in official statements wrongly printed as $1,000
900 larger. and also exceeded the record Of any
previous month. The exports started with
about SSl coo 900 in August, rose about SOL
100000 In September, 100000 more in Octo-
ber, S50000OO more IN November and $1,000
900 more In December Meanwhile the imports.
below $iO0OOOOO only in August, have risen
above SJO.000,000, but for December were near
ly S7,50O,0oO less than year ago Thus the
aggregate value of merchandise exports in five
months has been $53S, ,f1S I72, and OF imports
only S23G, 1855, making the excess Of exports
$500, ,295, ,237. The net imports Of gold were in
the same months S23 139 723 but the net exports
Of silver were $40, ,SS4 $40. so that by the specie
movement only Sl2, ,255.044 Of the enormous bal
ance was paid, leaving $3.50, 1913 still due
TO the United States the face Of the account
for five months transactions.
1t Is worth while TO note that in only six en-
tire years has the excess Of merchandise ex-
ports over imports ever been more than $780,
600 OOO In the last fiscal year It was $751;
3lS6, but net imports Of specie reduced the
balance S3l.412. 401. In 1894 it $237, ,145,-
$50, and In that year net exports Of specie were
S41 ,693,G55. In 1892 the merchandise balance
was S202 S15 $50 and the net exports OF specie
increased it Sl3,3j1 ,3iG. In 1881 it was $3.50
712,71S, OF which S91 1GS $50 was paid by net
imports OF specie and in 1870 the year OF
specie resumption. the merchandise balance was
S264 GG1 Coo with net exports Of specie Sf,7O1,-
AL. In 1877 the merchandise balance was
$257 S14 234 with net exports Of specie S14,-
699,543 Thus there Is no record for any en-
tire fiscal year which has presented so heavy a
balance against the outside world as has re-
suited from the operations Of the last five
months.
There are items 10 be reckoned on the oppo-
SITE side Of the account, II IS true. but when
these are considered the current balance ap-
pears still more remarkable. In 1907 the under
valuations Of $3.50, Al 300 dutable imports un-
der an ad valorem tariff administered by ar
dent friends Of foreign manufacturers may
probably have accounted for $4,000 900 or more
of the apparent balance. In 1894 the imports
were greatly reduced in expectation of low ad
valorem duties. and the disposition Of officials
to construe the law against American industries
also accounted for much In 1891 besides the
enormous imports Of gold. there was a remark
ably heavy return of American securities held
abroad. owing 10 the advance Of prices here TO
about the highest point ever reached, in June
practically the same range Of securities aver
aging S94 30 n share which now averages less
than S5S a share In 1919 tho preparations for
resumption accounted for much OF the balance
and in 1877 the collapse OF stocks to the lowest
average ever reached about S23 a share
There remains the question of interest on in
debtedness due abroad. which in the earlier
years OF the record was probably more than
sG0,OOO,OOO yearly, and. including railway and
other corporate municipal and State Indebted
ness. was probably more than $50 900 900 as
late as 1881 But the course Of the markets and
OF foreign exchange shows that 1t has since
been much reduced. During the four years be-
tween the election OF President Cleveland and
the election Of President Mckinley the excess Of
merchandise exports over imports was S531 .327,-
0G1. the excess OF exports OF gold S131 ,223 3Of.
and the excess Of exports of silver $i22 .34S.
making in all ,719 paid to foreign coun-
tries on the face OF the account. As the dnti-
able imports In those years were 81 .4O4.61S.-
25S, and undervaluations were heavier than
ever before, It Is not improbable that S2S1 OOO.-
600 or more Of the apparent balance was fc-
tltiOus due TO fraudulent reporting Of goods
If something over $50 100000 a year be al
lowed for interest due abroad. there would still
remain nearly $500 100000 for which no settle
ment appears except by the return of securities
formerly held abroad But this would imply
heavy reduction of the amount due annually
to foreigners for interest and dividends, so that
the allowance on that account for the last five
months cannot have been important nor has the
undcrvauat,on been large under the specific
duties prevailing in the present tariff. The fact
Is that the balance due on five months opera
tions. after all possible allowances, has been
large enough to form high barrier against
foreign claims for some time TO come. nor do
the returns for January indicate any material
change in the course OF foreign trade