New-York tribune., 1906-04-28
OUR GREATEST YEAR IN TRADE.

New high records both in the export and tue
import trade will be made in the fiscal year end
ing June 30, 1906. Figures for the first eigEs
months of that year compiled by the Bureau of
Statistics of the Department of Commerce and
Labor indicate that the trade totals for 19O4'Oo
hitherto the greatest i'll our history-will be
easily dstanced. In 1904-'05 our exports were
valued at $1,51S5 0OO-a gain Of $31,O00,OOO
over the largest previous total that for 10000.
Our imports were valued at $1,11T.512,629-a
gain of $92O00OOO over the largest previous
total that for 1902-O3. But in the first eight
months of the current fiscal year exports have
run $190,0000OO ahead of the total for the
same period last year, while imports show gain
of S71 100000. The volume Of our foreign COM
merce has been swollen by $261. 100000 and the
balance of trade in our favor, which in 19O4O5
S4OO,955,OO0 will probably be increased in
1860 10 $530,OOO,0OO or $540O000O0.
This unusual expansion in our foreign COM
merce is due primarily TO the record breaking
American harvests Of 1905. In 1904 we raised
barely enough wheat to supply home demands.
But in 1905 our crops both Of wheat and corn
were superabundant, and we had an old fash
ioned surplus to sell abroad. Wheat exports In
creased in value from S371OOO0 In the first
eight months of 1904-05 TO so, ,621 ,95S in the
first eight months of 1905 06 and flour exports
increased in value from S26, 723,OOO to S42O9S,-
600. Corn exports showed a gain of $19,0OO,OOO,
oats Of S11OOOO0O and barley of $3,OO0,OO0.
Less cotton has been sent abroad this year than
last year. but an increase Of three cents in aver
age value a pound has resulted so far in net
gain in selling value Of about $30.0O0,O00. In
the first eight months of 1905-06 we have ex-
ported agricultural products valued at $780,
100000 The highest previous total for any
similar period was $65S. .OO0O 900 reached in 1900
Ol and again in 1903-'O4 1t is interesting to
note however, that notwithstanding this enor-
nous squirt in agricultural exports the ratio OF
agricultural products to other commodities ex-
ported is smaller this year than in any year
since 1895, with one exception In 19O4-O5,
when our wheat crop short, the percentage
of agricultural products sold was 57.2. This
year it is 593. But in 190304 it was 63.S and
in lS97-'9S it high as 71.9.
Our export trade in manufactures is, in fact,
growing much faster than our export trade in
raw materials. In the eight months ended
February 2S the gain made in the value Of man
ufactured exports S450O0OOO This repre-
Sents steady growth, not an accidental spurt
due to harvest conditions. A decade ago we were
selling TO Europe 20 or so per cent of the amount
of raw materials we ship abroad to-day. But
to-day we are exporting to Europe and the rest
of the world three times as many manufactured
commodities as we were able to sell ten years
ago Our import figures tell the same story.
For. while we are only slightly increasing our
purchases of manufactured goods and luxuries,
we are buying greater and greater quantities
Of manufacturers materials In this class OF
imports Il gain of S4O0OOOOO was made in the
eight months ended February 2S last. out of
total gain in imports of $71. .0OO,O00. The growth
of the United States as a manufacturing nation
has therefore been the second contributing
cause in the remarkable trade expansion indi-
Gated for 1905-O6.