The Meeker herald., 1898-12-24
BRITISH TRADE IS DECLINING.
sienincaat Figures Called Attsntioa To

sispincaat Figures Called Attention To
by Londoner.
Letter to the London Times: For
some time past. and during the last
Awo years more particularly, we have
been SO much mentally engrossed with
imperial questions that we have had
Sery little time to spare for looking
carefully into the items of the ma
tional ledger. They require looking
into always, and it would be difficult
to instance a time when the necessity
for looking into them was so urgent as
II Is at present. You. sir, notwith-
standing the pressure on your space,
have generally been able to find cor
ner for these questions of the shop.
And l well remember that in leading
article on Aug. 90 last you strongly
recommended to the attention OF our
merchants the debit balance of this
country to the United States, and l
happen to know that this arrested the
attention Of many people who had not
k;hought on the subject before. That
debt balance goes on increasing threat
eningly every month. Few people even
yet apparently regard it. and still fewer
recognize the meaning Of it. But 1t has
very significant meaning, which ne
who runs. may read, If he wishes 20
read. The trouble is that no one IN
England ever will read anything that
shows in the slightest degree a retro
gression in any department OF our ma
tional activities. That does not seem
to me to be true courage. We ought to
fare the fact and to look steadfastiy
where we are going. For some time
past it has appeared to me that our
course In trade has been somewhat
open to unfavorable comment and
statement which you publish today on
the comparative growth OF foreign
trade confirms these apprehensions
For what do we find in comparing the
exports from Great Britain and from
other countries, taking the years 1891
and 1897, as given in the returns? We
find that the United Kingdom is the
only country among the really great
trading countries of the world whose
exports are materially smaller in 1897
than they were in 1891, and l am sorry
to say that 1898 ESQ far as it has gomez
shows no better results than in 1897.
Or. again, taking the excess OF imports
over exports. We find from this same
return that it amounted to G157 100000
in 1897 for the United Kingdom,
against G126,000.000 in 1891. OF
course, no other country in the world
has anything approaching these fig
urcs because no other country has such
an amount of capital loaned abroad,
with interest. freights, commissions,
etc, to receive. But have the amounts
for interest, freights, etc, increased by
3O00O,0OO since 1891? 1t is very
large figure in the eyes Of grave men OF
business. equal to per cent interest
on G1,00O,OO0,000 capital. Looking 10
the recall of capital from the United
States and from Australia during the
past few years and looking also to the
reduction in rates of interest on i'll
yestments in these countries and In
the Argentine. 1t would surprise me to
learn that there was as much interest
due to the United Kingdom from
abroad in 1897 as there was In 1891.
cannot say anything useful in regard to
freights. as l know nothing about
them. 1 am therefore at loss to ex-
plain this increase Of 10000, 900, and
there is undoubtedly going to be still
greater increase in 1898 Is there 4
satisfactory explanation, or what is the
meaning of it?