The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1902-10-21
AMrsl,AN NumMtKOt.

Commercial conditions m ESQ., United
States arr now the subject uf very close
attention by ihp financial Eud common
GOD Journals uf Europe A copy m ihe
London .FInancier." just received by
thr Treasury Bureau If Statistic. dis
tusscs IN grcat detail commercial and
mnnuiactur ng conditions In the United
states and their bearing upon the man
ufacturc= and commerce ~ Europe,
aud especially 81 Great Britain COM
nicnting upon the reduction In exports
during the last fiscal years. It says:
This large decrease is chiefly owing
io tie partial failure Of the Indian corn
crop last year. and partly owing TO the
decrease In the value of iron and steel
goods exported. The exports 81 all
kinds of iron and steel. with the ex-
ception of iron ore, amounted last year
TO sli7.3ls.32O This last year us02)
they amounted TO only SgS. ,562, show
ing a falling Off OF tlS.76675S.
The shortage OF certain iron and
steel goods in proportion to the demand
Is chiefly due to the great prosperity or
the railways. Ii is estimated by steel
rail manufacturers that the railways
will require at least 100000 tons OF
steel rails for the year ending June 80
1903. Orders for 100000 tons have al
ready been given. II is said that ,2jO,-
600 tons OF the 100000 tons will be re-
quired FOR renewals, the remainder be-
ing used for extensions. Another great
factor in the iron and steel trade Is
the agricultural implement industry. a
third is the unprecedented demand for
steel in the building of dwellings ana
factories. The total imports of iron
and steel goods amounted to S27,lSO,2iI,
as compared with s17.S74.7s9 in 1901. an
increase OF t9,305,45S. This increase is
general throughout the whole list OF
articles but Is largest as regards raw
and semi manufactured material. Not
outstanding the enormous demand for
iron and steel prices have been kept at
a reasonable level This has been large
~ due to the United States Steel Cor
poration, who firmly refused to raise
their prices unduly. This policy has,
doubtless, caused prolongation of the
period of great activity, by encourag-
ing greater consumption. As long as
the United States continues in its pres
ent prosperous condition, absorbing all
il can produce in the way of iron and
steel, British manufacturers need not
fear serious competition. But TINS
prosperity cannot last indefinitely. The
home demand must fall off to a greater
or lesser extent when, owing to the
present increase of output all over the
country, we shall probably see an over
production exceeding anything hitherto
experienced. Preparations are being
made to meet this contingency, so that
when supply greatly exceeds demand In
America everything will be in readi-
Less TO carry the surplus to Europe and
other countries more economically than
ever before. British manufacturers
should, therefore, put their houses in
order meanwhile.
"A notable feature of the imports is
the large proportion of manufacturers
materials, as compared with what may
be considered as luxuries. Thus, raw
cotton, silk, wool, fibers. tobacco, hides,
rubber, tin. copper and chemicals form
the bulk of the importatiOns of raw
materials for use I'm manufacturing. In
nearly all of these a comparison of the
quantities and value Of the importa-
lions of 1902 with those Of preceding
years shows that the increase in guam
tity IL greater than the increase in val
ue.
'While the whole country is in a con-
ditiOn of great prosperity, perhaps, II
IL more noticeable, comparatively
speaking, in the South than in any 9TH
er part. Not that the Southern States
are really more prosperous than the
Northern, but the contrast Is so much
greater than what ii was few years
ago The increase in exports and inn
ports in the principal Southern ports
In the last two years Is reelection OF
the growth in commerce and trade.
Railway travelling has been very much
improved. and the railway companies
are assisting the farmers and manu-
facturers, knowing that their profits
depend upon the resources of the South,
and as a consequence no effort Is being
spared to encourage the development
Of the Industries along the various
lines. The development of the oil in
dustry has done wonders for some Of
the States. Not only has 1t brought
immense sums of money, but the low
cost Of oil has caused 1t to be used as
fuel on steamships, locomotives, ETC..
reducing costs of manufacture and