The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1901-06-21
ENGLAND DISMAYED.
ALARMED BY CONDITIONS OF TRADE
AND FINANCE.

Removal of American Tariff Restric-
lions Hoped For as a Means of Re-
lIef-Large Debit Balance Due This
Country.
In the light Of Epgland's new loan
and proposals to increase taxation the
latest statistics of foreign commerce
are especially interesting British news
papers are outspoken in their dismay
at the exhibit made in March and the
first quarter Of the current year, and it
is noticeable that only one remedy is
suggested. The panacea for CONNER
cial ills in the mother country, as pre-
scribed by many doctors in English
periodicals, is nothing less than free
trade in the United States.
British imports in March were valued
at FAC, 10000, an increase of fl,423.-
600 over the same month last year,
while exports decreased f293, 900. Re
exports of foreign and colonial mer-
chandise decreased f466,OOO, or about
o per cent Even these figures do not
fairly express the unsatisfactory re-
suits for the month, because they in
clude f2, 774,00O worth Of new ships ex-
ported, which is phenomenally large
amount that happens to come within
the March statement and probably
will be followed by a corresponding
loss to restore the average. A million
pounds monthly was about the general
l. ic hnpntNfnrp
In the first quarter of 1901 the de-
crease compared with 1900 in value or
iron and steel products exported was
f2.O64,OOO, IN machinery 100000, IN
coal and fuel f7S5.000, in wooden goods
1854 900 and in wooden yarns f493,OOO.
Imports for three months were affected
by the expectation of increased taxes
IN two departments-grain, where the
increase over last year was t3.O93,OOO,
and sugar, f2.237,000. Heavy gains
were not confined to these items, how
ever. but exceeded 100000 in many
other classes. On the other hand, there
were many serious losses in materials
of manufacture, the decrease in March
compared with the preceding year
amounting to f246,000 in copper, f2O3.-
900 in iron ore, f6S9,000 in cotton, $3.50
600 in rubber and f114,0O0 in jute.
These changes do not speak well for ac-
tivity in many important industries.
The excess of imports over exports
for II months ended March 81 largely
exceeded any previous year and was
about double the adverse trade balance
of 1890 International trade with the
United States showed debit balance
for Great Britain of f126,6S1, 900 during
the last II months, more than twice the
amount in 1895. Commenting on this
state of affairs, the London Statist es-
Inmates that after making due allow
ance for freight, insurance, interest
payments and disbursements by tour
lists, the United States must be absorb
ing securities at the rate of f40,000,O0O
per annum and that unless British eX
ports to this country are given an OPP
portunity to expand by removal of tar
iff restrictions the return of foreign
capital invested here must continue. 1t
is not profound problem in finance to
ascertain which arrangement would
be more profitable to the United States.
Allowing an average of 5 per cent paid
to English holders Of American prop
critics, we are reducing the amount of
interest sent abroad at the rate Of f10
100000 yearly.
There can be no question regarding
the ACCESSIBILITY Of retaining this sum
at home for further development, while
breaking down the protective policy in
order to secure the privilege Of contin-
uing interest payments to foreign in
vestors will hardly appeal to thought
full Americans. The English financial
journal suggests that when there are
no more securities to be returned and
the United States asks for payment OF
the trade balance in gold it will be nee
essary for Great Britain to economic
in the quantity of goods purchased
from us. While this might ultimately
affect luXuries, it must be remembered
that the bulk of shipments are grain,
cotton, meats and such manufactured
products as are necessaries of life.
The proposal to put an export tax
Oli SOdi 10 dlSO VI lulCICSl W
for it will make more possible competi-
ton in foreign markets. Shipments
have about doubled in the last few
years, while it has taken Is years for
British exports to increase 100 per
cent, notwithstanding the greater dis
advantage Of high freights and poor
shipping facilities available at domestic
ports. In total output the United
States surpassed all other countries
last year. although far behind Greet
Britain ten years ago. Every restric-
ton put upon the English exporter will
tend to stimulate the movement from
the United States, where supplies ar,
abundant and mining and railway
methods decrease the cost of handling.
New York Tribune.