New-York tribune., 1901-04-17
MARCH FOREIGN TRADE.

Weekly reports OF foreign commerce at this
city conspicuously satisfactory that
il feared the full statement for the month
al all ports would not make the usual good ex-
h.bit. On the contrary. however. there Is much
reason for qualification in the March figures
just issued Merchandise exports were valued
at 1201S.13O more than in the preceding
month. and the decrease % S91Sl .4s1 compared
with the corresponding month last year was
not surprising in view of the fact that the ship
n1ent OF S134 157 225 worth of goods in March
1900 had been exceeded but once up 10 that
time and by only four months since. while in
three Of these five months the difference was
insignificant. There is another fact OF
siderable importance that should not be over
looked-the general average of prices a year
ago was at the top record during the last dec
ade. imitation being especially striking in iron
and steel and kindred lines. Hence. the actual
decrease in quantity Of shipments is proper
tionately less than the shrinkage in value. There
We're many notable instances. that will appear
when the final detailed figures are published
in which the last month record breaker
One OF these is already known. exports Of coal
from Baltimore during March exceeding those
OF any previous month. the movement being
chiefly to Mexico and South America.
Imports during March also made an excep-
tional showing. aggregating SI5,949,0SS. This is
the largest total for any month during the last
elk years. with the exception of the correspond
ing month last year and the four months inn
mediately preceding July. 1897 when the Ding
ley tariff law became effective. AT that time
goods hurried into the country in order to
avoid the increased duties that assured
by the election of an administration favoring
protection and the development OF home in
dustries. AS these four months cannot be COM
pared with others in which normal conditions
prevailed, 1t leaves March. 1900 the only month
in recent years exceeding the last, and the
difference was S1O,513.36S. Although there thus
appears a loss of $40. T54. $40 IN total foreign
trade compared with the remarkably heavy fig
last year. IL is found that the trade balance
for the month S49O26656 In favor of this
country. 81 .391 SS7 more than the increase
in foreign Indebtedness last year. and S17, ,2S7,-
713 more than in March, 1889. Hence, last
months international business appears decided
y satisfactory from American point of view
IL the returns carefully studied, while the
total of exports imports for the
last twelve months reached the enormous ag-
gregate OF S673, ,569. a tidy balance on the
credit page Of the nations ledger.
By the preliminary statement of exports of
domestic products 1t is shown that three -fourths
of the months decrease compared with March
1900. was in cotton alone where loss of 100
o,b9 DaleS IN quantity ana nearly nall a cent
a pound in average price accounted for a decline
of S6. 192 900 in value of foreign shipments. AS
this unquestionably due TO depression in
the spinning industry abroad partly on ac-
count of the decrease in demand for goods from
the Far East, it will be difficult for free trade
writer's to find support for their theories of
retaliation in the March exhibit The loss of
over II per cent in value OF oil exported is
almost entirely due to the lower quotations
prevailing last month, for the decrease in guam
tity only about four-f OF per cent. In
there a decrease Of about a million
bushels exported but the phenomenal price made
a gain of S29l 800 In value. In wheat there was
a good gain both in quantity and value, while
thus far in April the movement has been even
more satisfactory. Flour exports showed little
alteration. Exports Of provisions in March We're
worth S16,65S.2S7, which exceeds every month
on record, but the movement Of cattle and hogs
not unusual. although surprising the same
month last year by good margin.