BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1902-01-06
SAN JUAN, JANUARY I
Implerilling Our CONNER
cial Supremacy.

Mr.. Vanderlip's article In January
Scribner's on 1.-THE American Commercial
Invasion OF Europe" 10 - remarkable tor ITS
political and industrial philosophy as 1t - Tor
its array Of facts. The writer had excep
tional opportunities to sound the opinion OF
foreign finaDciers, official and private
They have long been racking their brains
over the QUESTION Of American competition,
and for them, az for many this side the At
Ism T., the s'financial oonundrum" OF %
apparent foreign trade balance of ~ 744 ,OOO
900 In favor OF the United States during
the past six years, has been the subject OF
interested guessing. What Mr. Vsnderlip
writes ON this topic, with what he has to say
of the great peril that goes hand in hand
with Americas great opportunity, 10 OF
more real significance than the mere rec
ounuting OF the trlmpbs of the American
trolley. car at the PyramldS, and OF our
bridge-builders in Burmah or Oh the At.
bars.
II he 10 not able to threw much new light
on the dark province of our alleged sstrade-
bslance,n Mr.. VAndsrlip at least tslks
refreshing sense about it. For the common
billions to our credit on the books Of foreign
hankers, he has no mercy. "Ioternstional
finances do not show ihst ve have any M.
utual command in the worlds money mar.
ksts; our banks have NO extraordinary cred.
its with their foreign correspondents" ln
other words, the balance has already been
settled, though cur net import Of gold, dur
ing the six years when the nearly three
billions Of s.baiapcs" was built up, did NOT
exceed @l32. .ODO, 900. How wss it psidf
Mr.. vsnder!.p gives again the usual ex--
planatOps-the spendipgs Of American
Iourits in Europe, fieights, repurchase OF
cur securities held abroad, etc. The only
new suggestion he makes 10 that the acrual
value Of our imports bss been much greater
than the nominal. This conclusion 10 one
forced upon him from his personal exper
icnce in ssthe making OF Government Gus.
toms ststistics." The figures on one side of
the ledger have to be taken from importers,
who have 'sthe strongest motive for andtr.
vaIuipg imports in their statements" How
much Of our s.balancsn has been paid in
sAis way Mr.. Vapdeilip does aot venture to
say. though hs 10 confident that it must be
- very large amount"
For tAis calm shattoring Of longstanding
Illusion about IN unsettled trade balance,
We all ought to be grateful. An swful
amount Of nonsense has been talked about II.
With every individual merchant In the
foreign trade promptly paid, it bss yet been
somehow supposed that the countr, that
10, the sggregsts af the merchants-kad mos
been psid, and that Europe was hvipg IN
daily panic lest We dsmsnd Of her those
buudfeds Of millions Of our gold which We
allowed her to keep fer ne temporarily. Mr..
vandsrl,p dispos~s Of this for all time, one
would hope, and be is equally sensible In
insisting that . 70. ulsrly recurring balance
Of q 0mO, ,OOO, 900 IN favor Of this country, if
10 sxisted, would bs bad hing for rs It
would show that We were impoverishing our
customers, and that they would soou cease
10 puy as all. II We are 70 20 on manufact
uring tor sll the world, ws must take our
psy N wnas the world has 20 sell. The
nsiursl condition Of hssl;Ay foreign trade
10 one oi sp.roximsts sqaalisy bst.essn sx
ports and imposis; and, - Mr.. vsndsFlip
foruibly argues, ons great problsm before
Amsriean exporters ID % discover SONS ksnd
ef iorsign soods In which 10 tale thslr pay.
He h Inclined 10 thsnk that partial sol1-
sisn wsll b fsuad in cur entering The
European security maTksiss and bringing
hens invsssmssts n sxchanEs Zoe eur
prodnsfs.
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