The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-19
While Imports in Same Time, Com
pared with Like Period n Year
Ago, Increased S7e,OOO,OOO,
EXPLANATION BY MR.. AUSTIN
CHIEF OF THE BUREAU OF STATS
TICS NOT DISCOURAGED.
Most of the Loss in Exports Due to
Drought, Which Caused n Short
age i'm Corn and Oats.
to the Indiananolis journal

Special to the indianapolis Journal.
WASHINGTON, April 1S.-A reduction
Of ffty-nine millions in exports and an in
crease of seventy-nine millions in imports
do not seem to discourage the chief of the
Bureau of Statistics with reference to the
condition of the foreign mmer of the
United States. 81 do not see that there is
the slightest cause for anxiety" said Mr..
Austin. 1T is true that the value of our
exports in the nine months ending with
March is hfty-nine millions less than in the
corresponding months of last year. Yet the
causes of the reduction in the export fig
ures are so clearly due to abnormal and
temporary conditions that the falling off
does not indicate a decrease in the popu-
larity of American products abroad or a
reduction in the demand for them. On the
contrary, L think we may consider our
selves very fortunate that our export fig
ures held UP as well as they did.
THE chief reduction in our exports"
continued Mr.. Austin, "can be traced to the
destruction of our corn crop by the drought
of last year. Corn has become so important
a factor in our export trade, both in it's
natural state and in the condensed form
of beef and pork, hat a loss of one-fourth
1870 VI liz CAAOA AAAOdO CAOp lllCdIO
q great reduction in the surplus. In the last
four years the expectation Of corn has
averaged about 200, OOO,O 600 bushels per an
num-. In the present fiscal year it will not
amount to one-ffth of that nuantitv. In
the nine months ending with March, 1902,
the expectation of corn amounted to only
twenty-four million bushels, against 49,
100000 bushels in the corresponding months
or last year. These are the preliminary fig
ures, but they do not differ much from the
completed figures which we shall have a
fortnight hence. The value Of the corn and
corn meal exported in the past zine months
Was but fifteen million dollars. against
sixty-eight millions in the correspondents
months of the preceding year.
But that is not all of the effect of the
loss OF the corn crop. The shortage Of
corn at home has compelled many farmers
to use a larger share of oats in the feed
OF their live stock, and as a result the
value of the expectation of oats and oat-
meal in the nine months just ended was but
A,5O0,CO, against $9,500,O00 in the same
months of last year. In these two items of
corn and oats, in which the reduction is
wholly due to the drought of last year. the
expectations have fallen $4,000, coo, while the
total reduction in the value of all exports
is but $50, 100000.
Another item which shows a material
reduction in value of exports is cotton, yet
this is wholly due to a fall in price abroad
and not to a reduction in the quantity ex-
ported. On the contrary, exports have in
creased materially in quantity, although
the value has fallen. The total exporta-
ton of cotton in the nine months ending
with March was 1904, 56S, 421 pounds, against
2,740. SOS, 107 pounds in the same months of
last year. This is an increase of 334. 900, 900
pounds, yet, owing to the reduction in
price, the value is actually $4,000. 600 less
than in the same months of last year. the
figures for the nine months just ended be-
ing SOL, 100000 against 1894, O00, 900 in the
same months of last year.
THUS, in corn and oats, in which the
reduction is wholly due to the drought of
last year, and in cotton, in which the re-
duction is due to a fall in prices abroad
and not TO a reduction in quantity ex-
ported, the reduction in value of exports
amounts TO 10000, 900, while the grand total
of exports shows a reduction of but $50, OOO,-
600.
Regarding the large increase in importa-
tions,' continued Mr.. Austin. Il see no
cause for anxiety. but rather the reverse.
We have not received the details of the
March import figures; but, judging from
those of the preceding months, the in
crease is chiefly in manufacturers raw ma
terials. In the eight months ending with
February the Increase in manufacturers
materials imported was $57 " ,OO0, while the
total increase of imports was but ST., 600. 900;
and it is probable that the details of the
March figures when received will not ma
terially change this condition in our i'm
port trade.
AT the risk Of being considered a statis-
teal Mark Tapley,' concluded Mr.. Austin,
Il venture the assertion that there is
nothing discouraging about the conditions
on either side of our foreign
account. So long as the increase in i'm
pOrtations is chiefly in articles which we
cannot produce at home and indicate a
growth in manufacturing the increase will
be welcomed by all; and so long as the
reduction in expectations is due wholly TO
abnormal conditions, which may be looked
upon as only temporary, we need feel no
serious anxiety on that score, especially
as We are still to have. even in this appar-
entity adverse year. a favorable balance of
trade of hetWeen 500 900 600 and 500 nOn 900 >,