The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-08-08
A REVOLUTION IN TRADE.


In increase of 10 millions in imports
of iron and steel manufactures and q
decrease of 10 millions In the exports OF
that class of articles, is the most strik-
ing characteristic Of the commerce of
the year Just ended. The total imports
of iron and steel manufactures in the
fiscal year just ended were s97 ,1se. a65 in
value against ST ,S74, 7s9 in the preceding
year, while the exports of iron and
steel manufactures we're $ss, $50. $50,
against $117,s1s,s2O in the preceding
year. This makes the imports of the
year larger than those OF any preceding
year since 1893.
The cause of the remarkable increase
in imports and decrease in exports of
iron and steel is stated by the secretary
of the iron and Steel association. Mr..
James M. Swank, in his annual report,
issued In 1902, as follows:
"a marked change has taken place
in our foreign trade in iron and steel
since this subject was prominently re-
ferred to in our annual reports in 1899
and 1900. In 1899 and Immediately pre-
eeding years the iron and steel indus
tries in Europe were exceptionally pros
porous: there was an active demand
and prices were high. In the years just
prior to 1899 the prices of iron and steel
in the United States were lower than
they had ever been. Under these con-
ditions we naturally found opportuni-
ties to dispose of our surplus iron and
steel products in neutral markets. and
even in the home markets OF our Euro
pean competitors. But these conditions
have materially changed; the European
demand and European prices have de-
olined and the home demand upon our
own iron and steel works has greatly
increased while our prices have ad-
vanced; hence sharper competition In
neutral and all foreign markets and in
creased foreign competition In our own
markets. The figures of increased i'm
ports and decreased exports of iron and
steel should not be hastily dismissed
by our iron and steel manufacturers.
We hope that they will lead them, in
stead, to dismiss the thought that the
worlds m arkets for iron and steel are
to be easily captured and held. The
activity in our expert trade in iron and
steel in the last few years was excep-
tional and abnormal. Not only Is
Europe adopting our improved methods
of manufacture. but 1t will always have
cheap labor, and by these agencies it
can hold its own markets and actively
and aggressively contend for the pos
session of neutral markets. For our
iron and steel industries, as well as
for all other domestic manufacturing
Industries, our home market must al
ways be our best market
1t seems not improper to add to the
above staten ent of the causes of re-
duction in exports of iron and steel that
one of the principal causes OF the low
prices in foreign markets seems likely
TO terminate in the near future. These
reductions in prices were, it is stated
on good authority, due in part to ex-
cessive expectations of iron and steel
manufactures from Germany, made at
unusually low prices with the purpose
of disposing of an accumulated surplus
caused by overproduction and the re-
duced home demand due to the recent
temporary depression existing in the in
dustries of that country. This surplus
having been largely disposed Of and the
depression having apparently passed its
most acute stage, it is believed that the
exports of iron and steel from Germany
will soon resume normal conditions,
both as to quantity and prices, and
that with this. one of the important
causes of the reduction in prices of iron
and steel manufactures in the foreign
markets will disappear and normal
conditions in our own export trade be
resumed.