New-York tribune., 1902-04-17
FOREIGN AND DOMESTIC TRADE.

A nation, like individual. sells its surplus.
and It does not follow that a season of reduced
sales is necessarily one of misfortune. Yet the
smaller exports during March have aroused
numerous pessimistic comments that by
means warranted. According to the official re-
turns there was a decrease of S1S 113 493 in the
value of merchandise sent abroad last month as
compared with the corresponding period last
year The largest decrease occurred in raw cot
ton amounting to 81. 1SJ. 4S1. Part Of this was
due to the loss of 81 30 bale in price. The de-
crease of 342 bales in quantity loses its sig
nifcance when it is noticed that during seven
months of the crop year exports show in
crease of J4I ,5J5 bales over the movement in
1901 It is natural that after the exceptionally
heavy outgo earlier in the season there should
be some diminution. Similarly as to wheat
and -four. the decrease for the month amounted
to 3,154,5S0 bushels yet for the crop year to
date all previous records have been surpassed.
OF both staples foreigners purchased unusually
large quantities early in the season. rightly n
ticipating an advance in prices. The decrease
in value of corn exports amounted to s., 466 ,525
quotations having attained an almost prohib
tive point. These three staples account for
nearly all the loss in exports so that shipments
of manufactured goods have about equalled the
gratifying movement of a year ago
Domestic consumption of foreign raw ma
terials and luxuries is shown to be enormous by
the increase in value of SS006 Sal over March
imports last year. while only three times in his
tory We're last months figures surpassed and
two of these were just prior to the higher tariff
in 1897, when abnormal conditions existed. 1t
is distinct evidence of a healthy situation when
our purchases in foreign markets are thus
pandng unless home production falls off, which
is certainly not the case at present. Notwith
standing the loss in exports and the increase in
imports. there still appears a balance all
merchandise accounts of So, 466, 40 in favor of
this country. which is further increased to $25.-
622,64S by including the movement of specie,
although the exports of silver were much lighter
than usual. owing to the poor demand in Lon
don from India and China.
In the light of unprecedented domestic con-
sumption, the wonder is that foreign trade has
not been seriously neglected. Wage-earn-
ers were never before fully occupied so
well paid, and result they partake freely
of the necessaries and often of the luxuries. This
vigorous demand stimulates production and
taxes transporting facilities to the utmost. The
steel industry. where pig iron production has
attained the marvellous rate of nearly twenty
million tons annually about double the figures
of a few years ago. Moreover. there is no ques-
ton Of excessive output. for imports from Nova
Scotia have just begun. and prices are tending
upward despite the earnest efforts of the lead
ing interest. A few comparisons OF output
stocks and prices will indicate the extent of con-
sumption. On October /. 1900 furnace stocks
were 670.531 tons, while on April !. 1902 they