The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-06-25
OUR FOREIGN TRADE.
Unprecedented Showing for the
Past Ten Months.
Vast Increase Of Exports and Heavy
Decrease of Imports OF Foreign
Goods Leaves Merchandise Hal
ance of 5000, 600, 900 for is0s.

mnct Oh FooosoOoyOOO TOT irocs
The exports of merchandise from the
United States 20 foreign countries dur
ing the ten months ended April 30,
1898, amounted 10 the enormous total
of 81 ,025, AT, 6S1. This total for ten
months is entirely unprecedented. The
largest annual totals of merchandise ex-
ports ever recorded were si.050, 99l, $50
for the fiscal year ended June 80, 1897,
and $1,000, 743,554 for the calendar year
1897. II Is probable that with the large
shipments of grain now going TO Eu-
rope at high prices the merchandise ex-
ports for the fiscal year ended June 30
will easily reach 81, 100, 100000.
The imports OF goods from foreign
countries during the ten months ended
April 30 amounted TO s511, 1s1. 1876, max
or excess of exports over imports, s514.-
245, 405, which figures have never been
exceeded. On this basis for ten months
IL is estimated that the apparent trade
balance, or excess Of exports over i'm
ports OF merchandise, gold and silver,
for the fiscal year ended June 80, 1893,
will be not far from 5000, 00O, 900.
These figures are attracting wide at
tention, not only at home, but abroad.
as indications OF the prosperity of the
country, mainly the result of the pro-
tective tariff and OF conditions incident
thereto.
The trade returns OF free trade Great
Britain and France for three months
ended March 81 enable striking COM
parsons To be made with similar trade
returns OF the United States. Our IA
yorable merchandise balance. or excess
OF exports over imports. for this period
was over $3.50, 100000, while the unfa-
vorable merchandise balance, or excess
of imports over exports, OF Great Brit
ain was 1921, 900 900, and of France was
SOC, 100000. Austro-Hungary likewise
records an unfavorable merchandise
balance OF 10000, 900 forms. Though
Germany reports quantities instead OF
values, the foreign trade of that coun-
try indicates an unfavorable trade bal
ance for the first quarter OF the year.
Here we have an unfavorable mer-
chandise balance in all the principal
countries of Europe for three months OF
the calendar year, while there has been
favorable merchandise balance in this
country amounting, as above stated, 10
| over S150,OO0,0OO. This balance will
undoubtedly be greatly augmented dur
ing the ensuing three months, April
alone showing an increase of S43 800, 900,
while the unfavorable trade balances of
Great Britain, France, Austro-H Hungary
and Germany may be expected 10 in
crease. II is not surprising, therefore,
that the attention Of Europe is being di-
rected TO the wonderful development OF
the commercial possibilities of this
country, and more particularly because,
while our export trade Is enormously
expanding, that of Great Britain,
France and Germany seems TO be con-
tracing.
IL Is, TO say the least, an interesting
| coincidence that this unexampled trade
record Of the United States for the first
ten months of the fiscal year should
have occurred during the first year of
the restoration of the policy of pro-
lection 10 American labor and indus
tries. A coincidence Is what IL will be
called by the free trade theorists, who
will never consent TO recognize in this
phenomenal trade balance of over
| s514, 100000 for ten months n case of
cause and effect so far IA the protective
| system Is concerned. They will main
tain that IL is altogether due TO the un-
usual occurrence OF contributory con-
dftions-thatis, OF short harvests abroad
and abundant harvests at home, where
from has arisen an extraordinary ex-
port demand for our foodstuffs-
They are partly right, but mostly
wrong. IL so happens that along with
heavy increase in the foreign demand
for our surplus OF food products has
| come heavy increase In the foreign de-
mand for our manufactures. II also
happens that, IA 4 direct consequence OF
our protective tariff, our purchases of
foreign merchandise have 40 fallen of
that the United States has sold more
than twice as much an 10 has bought.
The excess OF exports over imports In
s514,245, 495, while the total value OF i'm
ports Is SSH, 1s1, iS6. That means that
because OF protection over one-haf Of
the vast sum which the outside world
has paid us for what we had to sell has
been kept at home and spent on goods OF
home manufacture and disbursed In
great part as wages 10 American work
people.
That IL what the unparalleled trade
showing for the post ten months really
means. II Is n stupendous monument
10 the patriotic wisdom OF tho American
Dolicy