New-York tribune., 1899-03-27
FOREIGN COMMERCE. FIGURES
TOTALS OF EXPORTS AND IMPORTS SINE
ADOPTION OF THE CONSTITUTION.
.,,,>,,rc,vcr OF TABLE PREPARED BY
BUREAU OF sTArIsTICS-WHY EA-
PORTS EXCEED IMPORTS
IRY TELEGRAPH TO THE TRIBrNEl

PORTS EXCEED IMfORiS
IRy TELEGRAPH TO THE TRIBrNE.l
Washington. March 26-A picture OF the for-
eign commerce of the United states from the
adoption Of the Constitution TO the present t'fne
,s presented in a single table which forms
part OF the recently issued report OF the Cn'e'
q, tho Rureau of Statistics This table shows
the imports and exports. and excess or imports
or exports in each year since the adoption or
the Constitution and includes both merchandise
and specie. The total imports of merchandise
in the entire period were $40, $40 961 4S7 and the
total exports $3O, ,952. .202.9s5, making the excess
Of exports of merchandise S912.24l 49S.
The total imports Of gold and silver were
ST $40. 15O. 800 and exports 81. 400 6235S1 max
ing the excess of exports OF specie sl,i0o4'"'-
o61 Combining these. the table shows the total
imports Of merchandise and specie in the entire
period as S31 $40 III ,S01 the exports as S3l,-
40 S2G JC6 and the excess OF exports S2,l -
7I4759 Commenting upon these figures, the re-
port says:
The fact that the statements give the total
exports Of merchandise since 11S9 practically
q billion dollars in excess OF the imports OF mer-
chandise and the grand total of exports S2IOO-
100000 in excess of the imports seems suscepti-
bic of explanation
All statements of values Of imported mer-
chandse give merely the cost of the goods
abroad and do not include the sums paid for
their transportation to the United states. which,
OF course. enter into their real cost to the I'M
porter and their real value. Statements OF
value Of goods imported into the United states
are therefore. to that extent misleading. To OBJ
tain the real value Of imports at the point where
the value Of exports is taken the cost OF freights
should be added. 4 recent elaborate computa-
ton puts the average cost Of freights on I'M
ported goods at 80 per cent OF their original
cost. If this be accepted as fair addition |"
be made for freights to the stated values or the
importations since 1852 IL would make their real
value S3l O29 26O l39. a sum which about equals
the value Of the merchandise exported.
With the exports Of merchandise practlcaiy
equallinG the imports Of merchandise the excess
in the grand total OF exports must be found
chiefly in the specie account and amounts ap-
proximatelv to 81 300 OOOpO This excess Of
exports of specie seems to be accounted for by
the fact that large sums are annually sent
abroad on account of foreign capital invested In
the United States and the considerable amounts
expended abroad by our citizens temporarily So
journlng in foreign countries. The earnings OF
foreign capital invested In the United States have
recently been estimated at SSoVD.o"" year
and the expenditures abroad by American citi-
IONS nj $50 600 600 a year. II to this be added
500 600 600 a year for liquidation of the prin-
cipal of our foreign Indebtedness, the operation
Of q single decade would account for the entire
excess Of expectations.
While all of the calculations entered upon for
the purpose Of adjusting the grand international
balance sheet are necessarily estimates. they
are the concensus OF views of those whose ripe
experience gives value and accuracy to their
Judgment i'm these matters. one interesting fact
shown by the table covering the imports and *
ports by years since 1883. whether Of merchan-
disc or of merchandise and specie combined, Is
that prior To 1876 the imports almost constantly
exceeded the outflow of exports. while since that
time the outflow has almost constantly exceeded
the inflow. This is probably accounted for by
the fact that i'm the earlier years money was
borrowed abroad for use In construction of rail-
roads development OF farms and establishment
Of factories. and that in the latter years the eX
cess OF exports has been devoted to payment of
interest and a part of the principal as well as
the larger expenditures OF our citizens abroad.
The excess OF imports OF merchandise and specie
prior TO 1876 was Sl.oSl .;E99l2. and the ex-
cess Of exports since that date S3.5l1 Oj4G71
Two important facts seem To- be suggested by
study of this balancc-sheet of our interna-
tional trade First. that our people are rapidly
liquidating their foreign Indebtedness, second.
that. for the sake Of accuracy, in our accounts
of foreign commerce. all statements Of values OF
imports and exports should be made with refer
cnce to a common point. viz. the door through
which they enter and leave the country.
In the above attempt to balance the accounts
Of our international trade the sums estimated
annually expended for freights on imports are
included in the additions made To the stated
valuation 90 imported merchandise while those
on exports do not affect the statements Of value
at point OF expectation.
The following tabe shows the totals of the
imports and exports OF merchandise and specie
from 1889 To lSS'