New-York tribune., 1901-10-23
to dig out that bay and that canal. 1t has too
much on its hands already.
DECLINING BRITISH TRADE.

1t is unwise to ignore setbacks in business
to procrastinate regarding bodily ills. A con-
dition of disease or disaster cannot be discov-
cred too early If satisfactory cure is TO be ef-
fected. and it would appear to impartial OBJ
server on this side of the Atlantic that the
financial and industrial depression in Great
Britain has reached point where serious con-
sideration should no longer be deferred. 1t is
true that London clearing house returns still
show an increase over previous years, but this
is due to artificial imitation through payments
on conso issues in themselves decidedly
unfavorable factor and the outgrowth of one of
the principal disturbing influences-the war in
South Africa. In the leading industrial centres,
Manchester and Liverpool, clearings show heavy
losses from last years figures. Railway and
trade returns are far from encouraging, and
while the Bank of England is apparently in
stronger position than it a year ago its
report is also distorted by operations in con-
nection with government borrowing. Loss of
business with South Africa is doing harm. but
the long interruption to gold mining is much
more serious matter. This curtailment of gold
supply has reduced the ability to lend to South
America and the colonies. while the crisis on
the Continent is being felt across the Channel.
Some measure of the decrease in trade is
found in the official report of imports for Sep
f3, ,024.O61 compared with the same month last
year, while exports were Ell ,971 ,3O2. loss of
e, ,5SS. 500. Not only is there a heavy loss COM
pared with the active trade of last year. but
the return is even less satisfactory than for
September. 1899. After including re-exports of
foreign and colonial merchandise. separately
stated in the government report, there still ap-
pears adverse trade balance of FL 469 254
Since the gold supply is not in condition to pay
this debt, there must follow further selling OF
United States and other securities. Recent re-
turns of foreign commerce make the more strik-
ingly unfavorable exhibits, because there is no
longer the artificial aid of unusual exports of
coal, ships. supplies. etc, in connection with
operations in the Transvaal Disbursements for
account still heavy. but the United
States is securing more OF the profit the
buying is principally of food. horses. mules and
fodder
Examination of the September return in de-
tail discloses the heaviest loss in imports of
lumber. due to the fact that the building boom
has collapsed. This speculation was carried to
excess and the reaction has been severe. Also
in Silk wool. hemp. tute and most materials for
textile manufacture there a decided loss.
with the exception OF cotton. In this staple there
was slight gain in the aggregate. though i'm
ports from all countries except the United States
were much smaller. making splendid showing
for the American product. Imports OF sugar
and tea also fell off heavily. Wheat receipts
from this country decreased, though entirely in
Pacific Coast shipments. which may be
planned by the strike at San Francisco. A gain
occurred in imports OF corn. especially from Ar
gentina and Rumania. but high prices in the
United States cut the movement from here by
60 per cent. In exports the heaviest losses were
in ships and coal Iron and steel shipments. in
Guiding machinery. decreased about 100000 IN
value. though this country took tinplates freely.
In textile fabrics gain in cottons more than
balanced losses in other departments.