The sun., 1901-10-09
PAST PRESENT AND FUTURE OF OUR FOREIGN TRADE.
aid Prospect rs Inrhe1 De'
theImm Commerce

increasing our production at a rapid rate.
This has not appeared so much in the
products OF the soil as in those OF mining
and manufacturing industry. Proper
tionatcy, we are consuming more OF our
provisions and brcadstuffs and of new
materials than formerly, and such raw
materials as we have occasion to import
we are buying in increasing quantity.
But by accommodating capital, applying
ii on large scale and cheapening the
processes of manufacture, We have be-
gun to produce in many lines Of manu-
factured goods a surplus over our own
requirements at cost that enables us
to sell them in foreign markets ia COM
petition with our strongest rivals. In
prosperous times the consumption OF our
own people naturally increases, even
though prices advance; hut in spite OF
increased home consumption we have had
less occasion to import and n greater sur
plus to export. The slight falling off in
the expectation OF manufactured articles
in the last year was chiefly due to the
larger demand for the products at home.
For instance, in the line of iron and steel,
il has much of the time been difficult to
keep up with domestic ORDERS while ths
actual output Of the works has been
greater than ever before. Another incl
dent was a relaxing.of industrial activ-
ty in Europe and falling off in de-
mands from that quarter and the dis
turbancc caused by complications in
South Africa and the East had its effect.
Another interesting aspect Of our for
cign trade is its distribution among other
countries and the changes which il nm
der goes in that respect. Confining our
selves again to the fiscal years closing
in the middle OF 1891 and 1901, we shall
find some significant comparisons The
United Kingdom has always been the
best customer of the United States
and much heavier buyer than seller in
their mutual transactions. In 1891 our
imports from that quarter were valued
at S19I 125262 and our exports to it mt
S445,415.026. In the last fiscal year the
imports were S143,3,i5,9O1 and the ex-
ports $631 ,266.2 .263. Here is Il falling off
in ten years Of about % per cent in i'm
ports and an increase III much larger
ratio of exports in our trade with Great
Britain. which takes large proportion
of our food products and raw materials
and was wont to furnish ms with great
variety of manufactured goods. close
scrutiny of the details of the tables of
exports shows that we now send con
siderable amount Of manufactured
goods, even Of metals and of cotton to
that home of mechanical industries How
the disparity between imports and OK
ports in this trade is met in the settle
ments that constantly occur, is some
times considered puzzle, but there is
no mystery about it. A large portion of
the excess of exports pays freight to
English carriers and settles balances
which other countries hold against us,
Gfeat Britain paying for MS i'm other
parts Of the world with her own ex-
ports and collecting from MS in ours
Financial dealings in securities and in
vestments also enter into the settlement
of balances; but the Significance or the
figures for the present purpose lies in
the increase of exports and diininution
! of imports IN our dealings with the larg-
est or our national customers, and the
one most concerned for maintaining
friendly commercial relations with us.
Much Of what she buys from us is trans
: mnted into what she sells to others.
4 Next III Importance to the United
Kingdom in our trade relations Is the
empire of Germany. In 1891 we i'm
: ported from that country to the value
OF ND i,3l6,3S5. and exported to il S92,-
J 195,456, the balance being on the sida
Of imports. Ten years later the imports
= had increased only to 500, 293 ,Gai while
! the exports had swollen TO $l9l ,o7o o52
. or more than doubled This change has
not been regarded with favor in Gnr-
7 many, though it indicates an increased
. buying capacity on her part and an en-
] hanecd consumption of our food sl,pples
and raw materials by her industrial
population. 1t has also been accomppnied
by considerable invasion OF her m,r.
kets BY American manufacturers, many
q of which compete with her own
i Our imports from France IN 1Sg1
) amounted to Sf6,GSS,9 ,9a5, and exports ~
r tilt country were valued at $50, 500. 100
n showing an excess Of more than % NOR
/ cent ~ the former For the year ending
Jllne 30 last we imported from Franeo
70 the extent of SI5, 5,454 ,09S, and sem u
i ls. markets value Of $7S923.914 tI,n,
] lls the balance to the other sjl. ~