The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1898-05-05

I
ooc or moro than a third, whereas at this
city the decrease was only abou, an
\ eighth
Tho heavy outgo from other ports was
in part due to Pacific grain shipments,
/, which appear to have been S&l,eS bus.
hels OF wheat alone, agains, ssys East
year, and the difference In valuc-s.5l6-
7s, against ss9s 9s@i-accoun,s FOR abou, a
, third " the unexpected Increase in total
exports The increase Of more than 50
per cent in value of Gotten exported com.
parIng with the same month of the year
was more than had been generally antIcl.
patod. though well Indicated by the week.
ly trade reports. But tho Increase OF
more than S,NO.eN in exports ot pro.
visions, or over 50 per cent, was not ex.
pected. and there were evidently uneN.
pected exports OF some other products,
possibly due to the prospect OF war, II,
Is also possible that the great decrease
in imports at other ports than New York
was in part owing to desire to use the
shortest and quickest routes In order to
avoid the risk OF having the goods lost
at sea. This suggests the question
whether, in the event OF hostiuties. there
may not be continuing tendency 10
ship by the fast ocean liners to this point
rather than to other ports by cheaper
but less expeditions conveyance.
With March there have now been six
months GU, OF eight months under the
new tariff in which the value OF domestic
products exported has exceeded sioO Ooc0.-
e0 Had February been month OF %
days its exports also would have exceeded
that amount and August alone zen much
below i,, being the lowest month OF the
year in the cotton movement. In the
eight months since the new tariff wen,
into operation the excess OF merchandise
exports over imports has been SIS. Isl NC.
and the net exports OF silver. sl55w.Ga In
part payment there have been net i'm
ports OF gold every month since the new
tariT went into effect. rising to ssSp.s7l
in March and sslsCisS for the entire
period. Thus it is seen that the apparent
unliquldated balance in favor Of this
country for the eight months Is more
than S4J,Sl7lSl. or exceeding S0o0OO
month. Some time ago, when the Tri-
bune called attention to this state Of
things and expressed belief that enor-
nous current accounts against Europe
were carried in forms not disclosed in
exchange operations. the suggestion was
ridiculed by some bankers who have since
suffered considerable loss because Of their
certainty that exchange must rise be-
fore May l.
There is known to be yet held as col !
lateral for loans in banks Of this and one /
other city sterling exchange amounting .
20 S57,5o0Ooo. As much more is certainly (
due and conectible on demand. after all 4
the orders for gold have been met and I
these orders amount to about S52D0OD1 /
since the movement began. In effect the I
orders not covered by March imports are /
abou, S2Ooo.oW, and the exchange held /!
over is at least sg75oOOO and yet $1,000
% by no means represents the entire
amount due from other countries to this.
It may be supposed that undervaluations
are stnl about 70 per cent Of dutlable i'm
ports, as they were under former tariffs
Of a similar character, and if so they
have amounted TO s1s.sD0005 since July
Interest on debts and interest and dlvi-
dends on bonds and stocks held abroad
may amount to seoOOo.Ooo yearly, or 3i0-
000O0 for the eight months. but must be
reduced below that figure If the return Of
securities to this side has been Of such
Importance as many believe. a large
sum may be put aside for the expendI-
lures Of Americans travelling in Europe,
in excess Of foreigners in this country.
and yet not more than half the apparent
balance would be covered by these al
lowances, the visible exchange and the
orders for gold Roughly speaking, there
must yet be due more than S200Oo0OO
from other countries. unless the return
Of securities TO this side has been in
greater amount than the best Informed
bankers suppose
=---sa.ssa------rs-.---s---
INTERNATIONAL ARBITRATION.
At the Geneva conference 10 arrange
international disputes. there was siren
uous advocacy on the part Of the United
States and other powers In favor Of the
settlements Of international differences
as 70 boundaries, port custom duties
fisheries and what not by an international
court and not by the bloody arbitrament
Of war. The question has been mooted