The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1902-04-30

THE AMERICAN MARK IABLEN.
In recent interview the reduction Of
90 millions i'm exports and an increase
of 10 millions in imports does not seem
to discourage the Chief of the Bureau
! of Statistics with reference to the con-
diuon of the foreign commerce of the
United States,
Il do not see that there is the slight
| est cause for anxiety said Mr.. Austin.
1t is true that the value of our ex-
ports in the nine months ending with
| March is SO millions less than in the
| corresponding months of last year. Yet
! the causes of the reduction in the ex-
port figures are so clearly due to alb
normal and temporary conditions that
| the falling off does not indicate a de-
crease in the popularity Of American
products abroad or a reduction in the
demand for them. on the contrary, 1
think we may consider ourselves very
fortunate that our export figures 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 drouth OF last year. Corn has be-
come so important factor in our ex-
port trade bott in it's natural state and
in the condensed form of beef and
pork, that a loss of One-fourth or one
third of the enormous crop means a
great reduction in the surplus. In the
present nsCal year it viii not amount
to One-htUh OF that quantity. In the
nine months ending with March 1872,
the expectation OF corn amounted to
only "A million bushels, against lao mill
ion bushels in the corresponding
month OF last year. These are the pre-
a, liminary figures, but they DO not differ
much from the completed figures winch
we shall have a fortnight hence. The
value of the corn and corn meal ex-
ported in the past nine months was but
. 10 million dollars against 6S millions in
, the corresponding months of the pre-
, ceding year.
But that is not all of the effect of
the loss of the corn crop. The short
, age of corn at home has compelled
/. many farmers to use a larger snare 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 months
just ended was but Az millions, against
t 9La millions in the same months of last
/ year. In these two items of corn and
! oats, in which the reduction is wholly
8 due to the drouth of last year. the eX-
d portations have fallen 81 million dol
3 lars, while the total reduction in the
value Of all exports is but SO millions
Another item which shows a mate
rial 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 exported. ON the con-
trary, exports have increased material
~ in quantity although the value mas
fallen The total expectation Of cotton
in the 8 months ending with March
was 3,O7456S 421 pounds, against 2,74O,-
56S,1O7 pounds in the same months of
last year, This is an increase Of 334
million pounds; yet, owing to the re-
ductiOn in price, the value is actually
Il million dollars less than in the same
months of last year, the figures for the
months just ended being 251 million
dollars against 264 millions in the same
months Of last year,
Thus, in corn and oats, in which the
reduction is wholly due to the drouth
of last year. and in cotton, in which
the reduction is due to a fall in prices
abroad and not to a reduction in guam
tity exported, the reduction in value of
exports amounts to 20 million dollars,
while the grand total of exports shows
a reduction of but SO millions.
Regarding the large increase of i'm
.portatiOns, l 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 increase
is chiefly in manufacturers raw mate
rails. In the months ending with
February the increase in manufactur-
ers' materials imported was 81 million
ports was but Il million dollars, and II
is probable that the details Of the
e March figures when received viii no
n materially change this condition in on
% import trade.
IS AT the risk of being considered
statistical Mary Tapley" concluded
D. Mr.. Austin 81 venture the assertion
- that there is nothing discouraginl
c about the conditions on either side o
r. our foreign commerce account. So lonl
NJ as the increase in importations i
chiefly in articles which we cannot pro
y duce at home and indicates a growth fl
i, manufacturing, the increase will b
.e welcomed by all; and so long as the re
.e duction in expectations is due who'll
D. to abnormal conditions, which may D
- looked upon as only temporary w
S, need feel no serious anxiety on tina
10 score especially as We are sull to have
~ even i'm this apparently adverse year.