New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-21
TIE Blue BOOK ON BRITISH TRADE.

The point is made in the British Blue Book on
British foreign trade that against the SSOO.O00.-
600 year excess of imports over exports must
be set the S3l2.j90G00 a year income from for
eign investments and the S4J0,0O0.O00 a year
earnings OF the British merchant feet in foreign
trade. The point is legitimate one, though it
is not novel, We ourselves having frequently
called attention to it. But even with these Off
sets the balance Of trade is still against the
United Kingdom TO the extent of S375O000O a
year On the other hand, the Blue Book does
not seem satisfactorily TO take into account the
large and increasing sums drawn yearly from
the United Kingdom by Americans and others
who have made investments there Neither can
we discern from the dispatches that account is
taken Of the large and increasingly large place
in British exports filed by coal, limited COM
modify that is being rapidly exhausted and that
cannot be renewed or replenished. 1t can be no
source Of pride nor promise of continued pros
perity that coal exports are so great Yet it is
only the magnitude OF the coal exports that ell
ables British stadstcians TO show anything like
balance between imports and exports. If it
were lot for the coal trade the decline Of British
exports would be appalling.
This Blue Book has been prepared nv those
permanent officials of the Board Of Trade who
as we have recently been assured, are most
srenuously and unalterably opposed TO Mr.
Chamberlains programme or to ANYTHING re-
semblng protection. We may therefore assume
its statements to be as favorable as possible to
British trade and 10 the free trade system. Yet
the TACT Is that they prove remorselessIy the
fundamental propositions made by Mr. Cham
berlain and his f,iends-namely. that the Brit
ish eXTort trade is, not only in proportion TO i'm
ports. but actually rapidly declining. and that
the only quarter In which il is not declining Is
that of the protective British colonies In the
last dozen years British exports to America
have declined S47.5O0000 a year. exports tn all
non-BIitish countries have declined $40 ooO 600
and exr orts 10 tie whole world have declined
S5OooOO0. That means that while British ex
ports TO all non-British countries have declined
S9O.OOoO00. British exports 10 British colonies
have increased SS50000o0 The significance Of
such nSures and OF such trade tendencies should
be al parent even to a simon-pure Cobdenite
what the BlCe Book says about workmpn's
wages in America and in Great Britain f. Of
peculiar interest. in view of the current Cob
denite propaganda against Mr. Chamberlain
The secretary OF the Golden Club has bocn
sending out circular letters portraying lurjdIv
the pauperiZed condition Of American WORK,
men and passionately demanding II British
workmen are willing to have their wages cut
down TO the American level Yet this Blue
Book. prepared by men certainly not hostile 10
Cobd 1nsm, declares that wages In America
average considerably more than twice as high
in Great Britain. That should surely demoI-
ish tie scarecrow OF ''pauper wages under pro-
lection which the CObdenites are so vigorously
displaying TO the British workman II anything
can demolish Cobdenite fiction so that II will
not presently bob up serenely" again with 4
new pretence IN another place.
Beyond dispute. then. the British export trade
is seriously and ominously declining. The last
sophistical rretence IL the Cobdenites that II is
not Is SWEPT away bv this official reTOrt. There
is apparently no attempt on the part OF the free
traders to dispute the figures or TO explain away
their ominous rurport. The only answer made
Is confession of weakness. III is So and It