The St. Louis Republic., 1903-01-02
o. 2. Austin of the Treasury De,
partment Explains Reasons for
the Unfavorable Showing.
SEES NO CAUSE FOR ANXIETY.
Shortage in Crops Cuts Down the
Exports-Increased Imports
Are for Use in Manu-
factures.
REPUBLIC SPECIAL.

| REPUBLIC SPECIAL
Washington, d. c., Jan. 1-Mr. o. P Aus.
tin of the Treasury Department. Bureau OF
Statistics. gave the following interview tc
The Republic, dealing with the foreign
| commerce of the country, during the calen-
dar year 1902. and revised it carefully:
1T is true" said Mr.. Austin. that the
exports are more than n hundred million
| dollars below those of last year or the year
before. and that imports are seventy mill
lions greater than in any preceding year.
Yet l do not think that either of these are
occasion for anxiety about the condition of
our foreign trade. 1t must be remembered
that the wheat expectations OF last year
were unusually large. the largest In the his
tcry or our foreign commerce. that the
prices of cotton were unusually high. and,
therefore. the export figures of wheat and
cotton were exceptionally large.
The result is that If We compare the ex-
ports Of wheat this year with those Of last
year we find considerable reduction and
also slight reduction in the value of cot
ton exports.
In addition to and more important than
either OF these is the fact that the corn
crop OF last year was 25 per cent below the
normal. due to the drought, and this caused
very great falling off. not only in the ex-
ports Of corn. but considerable reduction in
which are largely the product of corn. The
corn exports Of the eleven months ending
with November were only 1000 900 bushels
against 1o1.00.000 in the corresponding
months of last year. making a reduction Of
about SiS.Uc.0O in the value Of corn expor-
tatiorS. This shortage in corn naturally
caused reduction in the expectation Of
oats. of which there were only exported g.
soeo % bushels in the eleven months, against
2o.A"eO in the corresponding months Of the
preceding year. Even oatmeal fell of TO-
Wo,ool pounds in expectations in the eleven
months OF this year. compared with last.
WHEAT EXPORTS FALL OFF.
I'm wheat the exports were 1A,0O0 900
months OF last year, but were 70. 900 more
than in the corresponding months Of 1900
c y in VaI %as the fell of about
AS consequence the total expectations
or breads.uffs IN the eleven months were
sS'.oop.0n below those OF the corresponding
months of the preceding year, the total val
lie of breadstuffs exported in the ele zen
mo- months IN ending with November. 1902 being
month in 1901, and SOS g., ,9s2 in the corre-
spending months of 1900.
of cotton, the expectations were N4,OO0-
90 in value below those Of last year.
Provisions. which are largely the prod
uct of corn. were materially affected by the
corn shortage of last year. and the value
Is $685. O0J below that Of the correspond
Ing months of last year.
Sill another cause OF the reduction In
exports. but one which cannot be defin-
iteiy measured is the constantly Increasing
demand for all classes of production for
home consumption
The expectation of manufactures IS
sl5. 100000 greater in the eleven months end
ing with November than in the correspond
iEg months of last year.
In a few instances there has been a
slight reduction. especially In iron and
steel. for which the home demand has been
unexampled. The home production Of pig
nod
measure of the activity in the iron trade
and in Iron consumption. increased nearly
two million tons; yet, in spite of this
increase. the Importation Of iron and steel
manufactures was actually double In value
those OF the preceding year. showing that
the increased home demand for iron and
steel of all sorts has been unparalleled"
What do you consider the cause of the
marked Increase in imports. Mr.. Austin?'
Chiefly the increased demand of the
home manufacturers for foreign material
for use in manufacturing. There is steady
increase in the use of manufactures at
home of products necessarily composed of
foreign material"