The Birmingham age-herald., 1908-02-14
FOREIGN TRADE IN 1907.
Interesting Figures For Those Who
 Are Inclined To Feel Pessimistic.

From the New York Times.
 A year ago we were marveling at the vlgor of our foreign trade, but the year just closed easily distances 1906. A year ago we had beaten our previous maximum by s171,oo0.0o0 in exports, and s141,000,0o0 in imports. In 1907 our total foreign trade surpassed 1906 by $22S,050, ,108, rising to our record, figure worth mbering-$3,346825, IA. Exports increased $125, ,265 ,O00, and imports increased 102,825,1O8. For the year imports were s1, .S26 6S0 and exports $1.923. .49s,434, making an ex- cess of exports of $500, 171,754. This is pleasing enough to read here, but fancy what its significance is to those who buy these things, and have to pay for them, although our laws forbid them to pay in goods except under penalty of losing a percentage at the customs house. Not since 1896 have we had a smaller credit balance upon merchan- disc movement than the excess of ex- ports for that year, $324,2576S5. And only In 1898, 1900 and 1901 have we had balances larger than this years half billion.
 It seems odd that with all this in- crease of merchandise movement and with the extraordinary imports of gold in the years closing months, our ex- cess Of imports of gold is only $8S,1S2,- 1885, most exactly $2o,00O.0 900 smaller than in 1908. This is due to the events following our little crisis in March, when Mr. Morgan had failed in ar ranging railway conference at the White House, Europe lost confidence m our affairs, and we lost confidence in ourselves, and little blame to either of us. But we both made mistake, so far as the events record themselves on this trade record. Abroad called on it's American credits, taking $24.000,00O of gold in June alone and served notice that hereafter relations were to be upon a cash basis. We made shift to do as well as we could under those conditions and in november took from abroad S63, 1000, ,000 in gold, following 1t by $44,500 900 in December.
 This excess of imports of gold in panic year Is not less significant than ous excess of exports of merchandise. In 1887, 1857, 1873, 1893, we were the worlds debtors and had an excess of goods to be paid for, which could only be done by sacrificing OUT assets. In this year or our greatest financial collapse our for eign friends. after stopping our credit. find themselves with $5o0,00o,OoO of debits 10 pay, and send us something less than
 
 lowing year in which they sent us larger sum.
 Just now we are in the slough of de- spond. cured of enterprise, and thinking nothing worth purchase except nrst mort gages. Speculation is dead, and mourn CTS there are none The traces Of this in foreign trade are plain. In April when our credits abroad were stopped our imports were s129, 900. In Decem- Der they were ss2, ,2SS, I'll. following se- ries of steady monthly decreases. On the other hand, our exports leaped as under lash It Is reasonable for our exports to grow after the harvest, but it Is not usual for them to leap from $127 100000 In August to $2o7,17s,43e in December. The result was a balance of exports In De- cember of $114 4,S90665. besides an excess of imports of gold of $43, 444,o6s. To us these figures seem heavy artillery-and we are at the right end of the gun. at that. Never has depression followed . year of successful husbandry.