New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-22
CAPTURING FOREIGN MARKETS..

/
Foreign commerce in November was again
surprising in the increase of minor exports,
which rose to the highest point ever known.
/ The exports OF the great staples covered by the
preliminary statement showed n dishcartening
decrease, $13020926 in cotton alone S3474,556
/ In breadstuffs. and $Sl924S in provisions and
cattle, while the fine gain I'm oil, 81 .996,26s. was
not enough TO prevent decrease Of S1533S iG2
in the total value of staple exports for the
month. 1t was true that the comparison was
with month of altogether abnormal business
I'm the great staples last year, but the Novem-
Der exports OF these also fell far behind the
records for 1897 or 1896. 1t IS not strange if
some apprehended that general decrease had
commenced, owing to the advance in prices of
most commodities in this country, hut the full
return shows a decrease Of only 1851 ,4S5 in
all domestic exports, so that nearly two-thirds
of the great decrease in staples was balanced
by increase in minor exports, mostly manu-
featured products.
The amount of such domestic exports after
deductng from the total those covered by the
preliminary statement Of the great staples was
less than S20O00O00 a month in 1S90l9l. aver
aging but S19,5O0000 for the last half of 1890,
and only S1s,96f, $40 for the first half OF 1891.
1t rose to S20,359.22 In the first half of 1899,
and after the panic advanced yet more, with
the anxiety Of American producers to find some
thing to take the place Of their Frustrated home
markets, and I'm the disastrous times Of 1896
rose further to S33. 526,303 a month after June.
But the marvel is that the expansion which be-
gan with disaster has been increased by re-
vived prosperity, so that the value Of domestic
exports after deduction Of the great staples,
never over S34, 100000, I'm 1897, rose close to
S40.0O000O in March, 1898, passed S41 100000
in November and December Of last year. rose
above S49000O0O I'm March and again in Au-
gust Of this year. and in November for the first
time passed SjOOOO0O0 when total domes-
tic exports were $121 500, 627, the great staples
covering only S71O67,240, and the minor ex-
ports being $50, 735,3S7 in value.
IT is not possible yet to state in what products
the increase Of S96G6977 over last year was
effected, but probably it will be found that, rs
in October, much the greater part Of the gain
was in manufactured products In products OF
iron the gain in October was 100000, and as
large foreign contracts are being made even
now at the highest prices ruling 1t may be in
ferred that the gain in that respect has con-
tinued. Other gains in October were 81 900 900
I'm copper and its manufactures, 100000 in
wood products, 100000 In leather, S450.000 in
ocake 100000 in cotton goods and 100000
in fertilizers, besides minor items in great num-
Der 1t is evident that the final returns for this
year when published, will form an exceedingly
interesting chapter in American history, and
will go far to drive out Of the heads of sensible
men the old free trade notion that no nation
can possibly find foreign markets for its prod
ucts while defending its own industries against
hurtful competition.
Respecting prospects of foreign trade for the
near future, the difficulty of calculation is
greatly increased by the abnormal situation in
cotton. Exports in three months ending with
November have been smaller by 100000 bales
than last year, but stocks in sight We're then
unusually large and accommodating, with prices
close TO the lowest on record. This year stocks
are about as large but prices are about two
cents higher, and while It is impossible TO
guess how much difference this may make with
the consumption of cotton it is obvious that
mills will use up great quantities Of cheap cot
ton bought long ago before they take on sup
plies for distant future. As II Is easy for for
eign mills and markets to get along with more
than million bales less than the visible sup
ply and mill stocks now held. heavy buying
may possibly be deferred until the results Of the
picking this year are more definitely known.
In that case the domestic exports may CON
tlnue relatively small as respects the great
staples for n month or two longer, and the ex-
cess Of exports over imports will depend much
upon the manufactured products. In Novem-
Der that excess was 1929, 100, and net i'm
ports Of gold were 50 go 1913, with net exports
Of silver only S1GG6S06 But full conviction
that the cotton crop has hopn only uiua million
bales, or less, would doubtless lead 10 pretty
heavy foreign purchases, and TO exports ma
teriay increasing the total excess over i'm
ports. Much the same result might also follow
n decline in prices here enough to Indicate 4
general belief that supplies are to be suffi-
ccnuy large for all needs In other respects
there seems TO be nothing that is likely ma
terially TO reduce the merchandise balance in
favor Of this country until next spring mp
prOaches.