The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-05

examining inc returns IN ueIAll 30 us
show In what trades the excess of imports
greatest, we end that in the case OF the Unite
Kingdom the excess OF imports Ia mainly tror
European countries. principally France. fror
the United States and from British Mort
America. This appears to correspond wit
the suggestion that the two causes OF the ex
cess OF imports are the Indebtedness OF for
eiRn countries and the fact that they have ;
Day us for the conveyance OF goods and pas
sengers In our shlps. The United States. q
we have seen. is VIGOROUSLY an indebted coun
try. and both the United States and the va
r!ous European countries IRE countries TO
which we do a large amount Of conveyance. a.
Is Ovldanced from their own returns showing
the proportion OF the British flag In the en-
tries and clearances OF ships In those coun,
tries. This cannot be the sole explanation
however. aud IL is further evident uron an an,
alysis OF the returns that there are various
countries to;which we send an excess of ex.
ports. countries like Brazil and India. for in.
stance, and these are countries again from
which countries like the United States and
France receive an excess OF imports. All
this indicates the existence Of what Ia
known "a a triangular trade. 30 that the
United States and the like countries send us
really an excess Of exports in order to paw for
the excess OF imports they receive from other
countries. the differences being finally adj
justed In Lombard street.
Looking at our trade more generally,
apart from the question OF excess OF imports,
the facts and statements brought under re-
view have shown that incessant changes have
been going on In the nature of our foreign
trade. Coal and other articles have been ex-
ported more largely than ever before. and they
occupy a larger proportionate place in the ex-
mort 1iQta Az fhn ttp,n thn hlp,ia
fleet. whose work. as we have seen. is an ex-
port in a special form, has developed proaig-
lousy. Coal and shipping together thus oc-
cupy a chief place such as was formerly held
by wool, then by woollen manufactures. then
by cotton manufactures. and then by iron and
iron manufactures. Other changes have also
taken place in our foreign trade. such as the
great development of business with South
Africa. The conclusion to be drawn Is that
only a general survey could suffice to tell us
how our business is going on. There may be
changes in some directions apparently Of an
adverse kind. but it is obvious that In a wide
ly extended trade. with constan. changes GO
Ing on. there must be some adverse changes In
detail to permit of room for tho change OF an
opposite kind In other directions.
Without attempting to predict what the
future course Of trade will be. 1t is pointed out
'hS ihSiVuoO u I'LL IL may
increase the foreign trade in the aggregate.
does not necessarily increase the pror ortion
OF that foreign trade to the whole business Of
the country. 1t NAV or may not be the for
eign trade that will develop specially In fu-
ture. although trade generally, including both
and foreign. is certain 20 increase large
~ as inventions and the use OF machinery con-
to increase. Without a general survey
" trade. no opinion can be justified to the
sffect that a decline of English trade generally
has begun or is at hand. The decline appears
because with abundant capital
md energy people can exchange with each
indefinitely, can make and consume
they most require. and to a country like
with a large credit in foreign coun- |
ries. this would be sufficient to insure all |
hat they can want from abroad and ample
prosperity ut home"
To reproduce Sir Robert Gifen's own words
s enough to show that he is an optimist Of the |
type. OF course. everybody In this
country would like to believe him II possible.
Till he spoke people had worked themselves |
nto a state Of acute apprehension. They
Irgued that II England imports and consumes |
more goods than she sends out. to the ex-
emit OF f16O.OOO.COO per annum on an ave-
age OF three years. British industry must be
anguishing. British trads must be decaying, |
nd this unhappy country must be living like a
tarved camel on its own hump. Their JOY
us reaction Is already proving short lived.
Ir. Courtney. NJ. p. as experienced If NOT so
heerful an authority as Sir Robert Gifen, |
makes some SOLDERING omment on the pa
er. He points out that the way in which GER
ain circles of our trade were narrowing in
heir dimensions might be seen in the coal
rade. But his most striking argument was
10 M 70 thn Fa-n q ( IL 1T
II their means and supporting a certain num-
err OF dependents. He was not sure that they
ould not fasten on some parts Of this country
'hich might he called RENTER districts. and
on that conception from the RENTER
lmily and district 1t would he easy to conceive
UGH n thing as n RENTER country. He said:
Our foreign trade was due to some extent TO
he lending of large sums abroad: in addition
that we were a great carrying and manufac-
lring country. Some countries were more
RENTER than others. and It might
onceivably be from the history OF our own
ountry that they might have to watch such a
ling as the gradual increase Of a.rPntier class
nd a relative disproportion OF tho manufac-
ring element OF the country producing man
facturing exports"
This vie Of Mr.. Courtney is what the un-
inquirer is driven back to when he
80 h'~'' " NV liz UlS6lN6S. |
hay see and they say loudly that the for
On trade OF the country Is falling from Il at
disastrous pace. Chief among the reasons
# this they give the tyranny OF the trade
II is not the combination for higher
they complain OF so much as the deaden-
z regulations which compel them to pay the
competent as much as the skilful. to restrict
Ieir hours OF work even when that means los
g great contracts. They maintain. and peo-
Q who know both sides agree with them. that !
proportion to the work done the British
orkman Is much botter.paid than his Amer
an colleague. 1t is not the figures OF the
eek's wage. but what Is done to earn It. This
Of the unions In lettering the en- ,
overs has Just ended in the manufactured '
tton trade with China being transferred
and bulk to the United States. The man
are awake to this state OF things.
1t II cannot be said yet that they are any ,
Ing like masters OF their own house. {
AS the Britisher Is by nc means disposed to {
9 his country the home Of placid. played out 7
ntiers. and Sir Robert Gifron's optimism is ]
I to be reconciled with the experience Of tho G
eat industrial concerns which used to make I
rtunes in the export trade. he is eager for c
. L. 49,