Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1904-09-01
Excess Of

1t Is evident that some S3CO coo GOO or
800 600 900 is necessary to satisfy
lr annual foreign charges and prevent
he expectation Of gold. Just what
heSe charges are IL IS impossible TO
Say. although we know that more than
half of them are due to ocean freight
bills and settlements Of the eXpendi
ures Of tourists abroad.
During the year 1904 our excess eX-
PORTS of silver amounted TO S21 .7S3 $50,
he figures for 1903 being S2O0OoQO0
and for 1902 sol 100000. These should
be added to our merchandise balance.
The gold imported was $90,OO0,0oO and
I've exported SSl 800 600. making an ex-
cess of gold imports OF SIT 100000.
1t should be noted that in spite Of
the fact that we appropriated $4,000,
900 for the Panama canal, to be paid
tn gold, and which was settled during
thc month Of Nay, yet our excess Of
imports Of gold during the year was
ST. $40 600. This would seem to show
that our Indebtedness abroad has been
largely liJuilatod during recent years.
and that we shall not for much longer
he great debtor nation, but may soon
become q creditor nation, If we have
not already reached that condition.
We are now tirmly established rs the
largest exporting nation on earth Nor
IS this due to large sales Of agricultural
pruducts. as has been the case for many
years until recently. Our sales Of man
ufactureS abroad for the past year
were the largest in our history, and
seem 20 be constantly increasing. Al
though our exports OF farm products
have fallen off somewhat. yet II has
resulted in no decrease In revenue to
| our farmers. on The contrary, they
have been enabled to market almost
their entire product at home, and at
| better prices than they would have
received abroad
We have entered upon a presidential
campaign, which is always supposed to
be more or less detrimental to business
! and yet the outlook for the future is
stated by the impartial commercial
agencies and financial journals to be
bright indeed.
There is one industry to which attcn-
ton should he called at this time, and
the proper lesson drawn therefrom We
refer to the wool industry. Never In
our history was there such demand
TOR raw wool as there is today, 1t has
taken six or seven years 20 recover
from the hi -ht and the blow given to
this indus'rl by the free wool tariff
from 1894 ami 1897. The large stocks
of foreign wool which accumulated in
this country under that law have at
last been consumed, and we are now
operating under normal conditions, and
our wool growers are reaping the bene
ut OF protection TO their product. 1t
can be said that buyers are standing
BY the shcarers, ready to take the wool
as fast as 1t is clipped and almost at
the growers own price. AS this wool
Is made up during the coming year
into garments, the double benefit OF a
tariff upon both wool and woolcns will
be more and more apparent, and the
situation will help largely TO mitigate
the losses of the last year, because Of
the abnormally high price Of cotton,
although in that industry conditions
are expected to y, much better during
the coming months
While there Is as yet no full return
to the immense iron and steel business
Of 1901 and 1902, yet there is a most
firm undertone 10 the market. and the
coming months are liable to see con-
siderable increase In that industry over
the slump of the eOrller part Of the
year, This is evidenced in many ways,
one of which may be particularized in
the resumption Of the Homestead Steel
works, which have again started up
at full capacity. The 1000 men are
promised pot only steady employment