The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-30

F, Of American manufactures has been much
! more satisfactory than that made by
either of our principal competitors. a stu
| dent Of our industrial history is constant
| " impressed with the remarkable chang
| es which are taking place in the char
actcr as well as the extent of our manu-
! featured products.
American manufacturers have not only
| retained their hold on the home market,
7 but they have successfully invaded foreign
nla;ke.s, ana secured constantly increas-
| ing proportion of International trade, as
J is clearly shown by the remarkable
| CROWN OF our manufactured exports.
II is the character of international trade
| and not its extent that determines the
| measure Ct benefit to a country.
Under modern conditions manufactures
are not only necessary for successful
industrial organization, but they also
! furnish the most satisfactory basis for
| profitable foreign trade This latter fact
is established by the experience of Great
| Britain for half a century The remark
| ably successful efforts of Germany TO
extend her foreign trade through the pro-
| lection and consequent prosperity OF her
| manufactures, furnish another striking
! illustration of the accuracy of the state
nent.
THE DESIRABLE TRADE.
! The foreign trade most desirable for the
| United States 10 promote is that which
| provides for the exchange of her manu-
| featured or partially manufactured pr ID
| u,.s, t'aose requiring the greatest amount
| OF skin and labor in production. for the
| products of other countries which, from
! climatic OR other causes, cannot be pro-
duced here, or which we cannot produce
with an equal expenditure of labor or
skill. Foreign trade OF this nature builds
up domestic manufactures.
The manifest interest Of the United
States lies in enlarged expectation or
manufactured. rather than agricultural,
products. From d national standpoint
II is Cleary Improbable for us TO send
abroad TO other industrial countries our
crude materials and food in exchange for
manufactured articles in the production
Of Witch we have equal natural adVan-
taSeS. II our agricultural products could
be first transformed into finished manu-
featured articles and then exported great
saving in the cost of transportation and
other expenses would result, but the ind1-
rect consequences, from an industrial
standpoint would be even more impor-
tant. Manufactures, once firmly eStab-
l.shed and covering the entire field OF
industrial creation, became the most
effective agency for securing permanent
improvement in tht character Of national
productive forces.
1t is quite natural. however, that our
people. with q productive capacity IN
excess of their requirements, should seek
an outlet for the disposition of their
surplus, but in our corn1nendablcr search
for new markets for American products
we should not forget however, that It
IS still necessary for the continued pros
perity of Americau 1nanufacN urers that
they should retain the American markets,
and that there should be no diminution
in the purchasing ability of the American
consumers from the present high level.
This retention of domestic markets is
rendered all the more imperative: from
the fac, that under existing conditions
many of our manufactures are only
profitable when conducted on very large
scale.
ECONOMY on HPonIYrTION