The Savannah morning news., 1902-08-09
STEEL IMPORTS INCREASE.
A CORRESPONDING DECREASE IN
STEEL EXPORTS.

Total Imports of Iron and Steel
Manufactures Exceeded Those of
Previous Year by $4,000, 900,
While Exports Decreased $4,000
o0O-American Manufactures Were
More in Demand mt Home, While
Falling on in Demand in Europe
Left Surplus for Export.
Washington, Aug. SAN increase of
$10,OO0,00O in imports of iron and steel
manufactures and a decrease of $19,-
100000 in the exports of that class of
articles, is the most striking charac-
teristic of the commerce of the year
just ended. The total imports of iron
and steel manufactures in the fiscal
year just ended were $27,1S0,255 in
value, against $1T,S74,7S9 in the pre-
ceding year, while the exports of iron
and steel manufactures were $9S, $50, 562,
against $117 ,319, 800 in the preceding
year. This makes the imports of the
year larger than those of any preced-
ing year since 1898. This subject is
discussed as follows in the annual re-
port of the chief of the Bureau of Sta
tistics just completed
THE most remarkable feature in the
years commerce in manufactures has
been that which relates to the move
ment in the manufactures of iron and
steel. In this class of manufactures
the exports have fallen off SIS, 900, 000
in round figures, and the imports have
increased $4,000, 900. For many years
prior to 1901 the exports of iron and
steel had steadily increased while inn
ports had steadily decreased. Exporta-
lions of iron and steel manufactures
increased from $12,000,000 in value IN
1880 to $121, 000,0 900 in 1900, while i'm
ports of iron and steel decreased from
$67OO0,000 in 1882 to $12,000000 in 1899.
In 1901, however the exports of iron
and steel fell to Sill, 900, 600, and in 1902
to $9S,000, 900, while the imports of iron
and steel increased to 500. 100000 in 1900.
and to $27 200, 900 in 1902. Thus the
exports of iron and steel in the fiscal
year just ended are $4,000. 900 below
those of 1900, and the imports of iron
and steel are $4,000 900 above those of
1899; the total imports of iron and steel
for the year 1902 being greater than in
any year since 1898. This increase in
imports of iron and steel has been
general, practically every class show
ing much larger figures of imports In
1902 than in 1901. Tin plate, for ex-
ample, shows an increase of over ST.
100000; ingots, blooms and bars over
million dollars; pig iron over a mill
lion, and other classes in about the
same proportion"
The State of Affairs Explained.
The cause of the remarkable increase
in imports and decrease in exports of
iron and steel is stated by the secre-
tary of the Iron and Steel Association,
Mr. James NJ. 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-
ceding years the iron and steel indus
tries in Europe were exceptionally
prosperous; there was an active de
mand 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 conditions we naturally
| found opportunities to dispose of our
surplus iron and steel products In neu-
trail markets. and even in the home
markets of our European competitors.
| But these conditions have materially
| changed; the European demand and
| European prices have declined and the
home demand upon our own iron and
steel works has greatly increased
while our prices have advanced; hence
sharper competition in neutral and all
foreign markets and increased foreign
competition in our own markets. The
figures of increased imports and de-
CT eased exports of iron and steel should
not be hastily dismissed by our iron
and steel manufacturers. We hope that
they will lead them, instead. to dismiss
the thought that the worlds markets
for iron and steel are to be easily cap
tured and held. The activity in our
export trade in iron and steel in the
last few years was exceptional and alb
normal. Not only is Europe adopting
our improved methods of manufacture,
but II will always have cheap labor,
and by these agencies 1t can hold its
own markets and actively and agrees
lively contend for the possession of
neutral markets. For our iron and steel
industries, as well as for all other do
mestic manufacturing industries, our
home market must always be our best
market"
Germany Had Surplus on Hand.
1t seems not improper to add to the
abov statement of the causes of re-
ductl~n in exports of iron and steel
that one of the principal causes of
the low prices in foreign markets
future. These reductions in prices
were, 1t Is stated on good authority,
due in part to excessive 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 reduced home
demand due to the recent temporary
depression existing in the industries
of that country. This surplus having
been largely disposed of and the de-
preston having apparently passed its
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 ex-
mort trade will be resumed