West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1903-04-30
THE BALANCE OF TRADE,
Some InterestinE Figures In ExpIs-
nstion of the .invfsibIe."


Statistics OF the brooklyn bridge
show that an average OF about 10000
more people cross Into New York each
day than cross back TO Brooklyn, These
statistics indicate that Brooklyn is los
ing and New York gaining In popula.
ton ut tho rate OF 1000. .00o. 900 n year.
Sensible men know that there is no
such daily balance OF population In IN.
yor OF or against New York according
to whichever political theory you ac-
pept. Somehow and In some waySaboSt
az manylpeoplc return TO Brooklyn dai.
ly as leave It.
Similarly Republicans arc prating
about the great balance OF trade" IN
our favor. amounting TO from 500 ,000,-
900 to 5000. .0O0. 900 year for six years,
and arc attempting to mako tho people
believe that Il IL a good thing to bo
sending out OF the country zach year
this much moro than is being brought
In. Sensible men shake their heads
and refuse to swallow these figures.
The trade and commercial papers, like
the Iron Age and'thc New York Com
mercial. are now discussing the ''invis-
iblc balance of trade" which punctures
both tho facts and theories OF tho poll
ticians.
The Following table Is from the Iron
Age OF Feb. 20:
INVISIBLE (ADvERsE) BALANCE OF
TRADE.
lhterest beiance .Seo. ooo. 900
Ocean freight balancc.............. Sc. 000, 900
Tourists expenditures ............ $4,000, 900
EAporietion .........................3 5000. 600
RENT pniancd .........-............. l5.0onOoo
Money sent by resident foreigners 1000 900.
As the Iron Age says, this table
Shows that the invisible balance OF
trade must run along annually at not
much less than S300.00o.Op0 70 enable
this country TO discharge its foreign
liabilities" The return last year OF
500. 100000 Of American securities held
abroad wiped out all OF the remaining
visible balance of trade I'm 1902, says
the Iron Age, which concludes that
"the United States IN still debtor ma
tion."
AT least two very important factors
have been omitted by the Iron Age.
Our imports OF dutiablo goods amount
to $500.000.000 n year. These arc un-
dervalued TO about 10 per cent, or $780,
100000. We export manufactured goods
valued at more than $400, 900 year.
AS these goods are sold TO foreigners at
an average OF about 20 per cent below
domestic prices, the manufacturers
quote fictitious valuations 10 govern
ment officials. IL is safe to say that
our exports OF manufactures are over
valued 10 or 10 per cent, or an average
or $b0,000,O00' a year. Adding these
two amounts TO our invisible and adj
verse balance, we have wiped out near
ly all OF the invisible balance I'm our
favor even during the last six years.
Undoubtedly the return OF. securities
during these years has wiped out any
remaining balance. This reaches the
sensible conclusion that we have not
outstanding accounts with foreign coun-
tries amounting to $1,000. 900. 900 or 49,
100000, 900, but that I'm some way each
years apparent balance is about squar-
ed. While we may be slowly paying
our foreign debts, yet it takes more
thar 500, 900, 900 a year 10 pay interest
and rents to foreigners. Thus if the
visible balance OF trade is not $780,
100000 I'm our favor We are losing
ground and getting deeper In debt.
BYRON w. HOLT.