Arizona republican., 1909-09-13

'A@ Nfa~ oNo Oi lSVos was HUI lized. Depression almost reigned un- iversally from the beginning of the year to its close. The continuous fall in the value of silver was discourag- ing to the import trade; : the high price of rice was still prominent in spite of the good harvests of the preceding year and the continued inn
 portations from Indo- China. Great improvement, however, has been seen in this respect since the middle of 1908. Another and more serious obstacle to free interchange was the deprecation of copper coins, due in certain districts to scarcity of silver, but in general to the excessive out turt from the mints But while according full value to these and other reasons for commercial de- pression it will probably be right to recognize in the reduced surplus of imports over exports a natural and healthy effort to readjust expenditure to income. The vigorous con-
 dition of the export trade and the pro- gress being made in the creation of manufacturing industries are the best augury for the future. There is no doubt that in the next few years China will make strides toward the position as an industrial nation, for which she is destined by virtue of her natural re- sources and the character of her peo- pie. Railways have been to the front among public questions, but the actual progress made in construc- tion has not been remarkable. So well is it now recognized that railways are necessary to the natural growth that the desire to possess them outruns for the present the means of acquiring them. ~
 All the leading countries of origin shared in the decline of imports, with the exception of the United States and Russia. In the case of the former. the revival in piece goods and the advance of kerosene oil importations more than made up for the reduced trade in flour. timber, and other articles. The figures of Russian trade were materially in creased by the opening of the frontier stations of Suifenho and Manehouli, and show total gain of 7,6e0, 900 haikwan taels (s4,s7S.000). No doubt a considerable portion of this gain rep resents Russian goods not hitherto re- pdSSlfiS Outtcl.
 Cotton goods imported show d decline in Value of million taels ts5.240. .000), which would have been IS million sQ1,790,000) on the valuation of 1907. It can hardly be said that American piece goods have received from the collapse of 1907, although they show toh of 1,5S6, ,0e0 pieces as against 57S,- coo in that year. In 1906 these goods totaled SIs million pieces, and the GUS toms returns might be searched in vain for another instance in which re- verse so sudden and complete has be- fallen a leading branch of trade. There seems to be no evidence that the Amer ican goods have been supplanted by others. and no reason why they should not. in better times. regain the ground they have lost
 The improving condition of the ex- port trade of the United States to China in cotton goods is further illus trated by figures for June. 1909, which shows the exports down to the middle of the current year. For the month of June, 1909, exports of cotton cloths from the Unted States to China aggre- gated 25l5 million yards. against Sk million yards in June of the preceding year. For the fiscal year ending with June. 1909, our exports of cotton cloths to China aggregated 14O million yards. valued at s million dollars, in com parison with 50 million yards. valued at million dollars in 1908: S6lk million yards, valued at 5% million dollars in 1907; and 49sh million yards, valued at 30 million dollars-in 1906, the re- cord year in the exportation of cotton cloths from the United States to China.