The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-10-04

Of the people Of New York ~ they read
that he has returned 10 his desk.
An CnsOund Theory OF Trade bat
ance-.
| In the October North American Re-
rier Mr. THOMAS 4. TEACHER presents
a consideration Of the changing posi-
ton Of Amer, an trade He SAYS:
| u The United state. I, TO maintain her pre.sn
inierhs uoasl position. slthOugh her present crops
can M longer be depended upos 10 build favor
sbs trade balances her exports must be Increased
10 smother direction The shipping % mAhufac
turei goods alone l. . neld suficienI To sustain
our future progre.. as . trading nation. Ihcress
ing exports Of msnufsctures must take the place
VI d.chnins shipments Of grain
While Mr.. THACHER's arguments and
figures are not inaccurate. they are
broadly open To false differences and
mist aiken conclusions The assumption
that a present decrease IN our trade
! balance and a d--'line in shipments 81
grain Indicate an actual or an lmpend-
ing lu>S of The present International
position" ~ the I nltsd State- - not
we'll SUPPORTED. N is true hat the trad.
balan'- 81 the fiscal wear 1910 was only
tlS7 .0D GO a. compared with an aver
age balance ~ SI7S,sS Osu for the fiv.
vesrs pre-, eding. and that exports 81
br-AdstpTs for 1910 show a value Of
only fi.2 GOVsI. In comparison with an
average ~ SIgp ISL tUI for the v,-ar- iSS
10 lsD inclusive: but the situation j.
far from desperate and Is not Of ne
c.,4-itv seriously alarming Our export
sales a. a hole. " bile they are far from
" hat they might aud should be- show "A
fairly gratifying increase, thus
- so s. ~ oo oD
ieoI e..
Iss 1910 ~ Go
After six wears 81 fuctuation with
no wide swing above or below 81 ~. =
$50 wear. exports ro--- tn 81 10
DD OJ ia IS5 Tn" neIt two years
were time 81 large sales Shipments
Amounted 10 81. SsI 1O1O ia 1901 and
10 81 sai 0O',s1 IA 1905 The world
lo. trade depression followed. but the
sales ~ 1910 equal those ~ lSsi aud
sales for the first eight months II the
current calendar wear are up To the
average ~ the corresponding term of
the pre- edIng five wears. In fact our
international position appear To be
fairly maintained. outstanding the
drrllnr N shipments of toodstuffs A.
far a. exports are concerned. The
zhrinkBge in exports 81 those com
mOdrti-- il offset by increase in other
lines A. MIR THACHER nrs-~. the
diminished balance ~ trade il du.
chang. IA IA" export account
Moreover. Il appears that what tins
writer SAWS must b. done IN already
being dons n. states that increasing
exports ~ manufactures must take the
place ~ declining exports ~ gram Il
N" present International p"srtion ~ Ia
b" maintained The shipments ~ food
-uIff- ~ all kinds aud IN all conditions
~ 1871 w.r. valued AZ $50 80 0.D. ~.
laTge-' "a the record excepting iSqS
when they wsr. t5s0 yo1O Shipments
for the fiscal wear 1910 we're valued y,
S3SS tspI 'sD n decline Of S2ij .tsDUp from
the sales "f 1901 Taking the same
wears. manufactured products ~ all
kinds show increase from s46s ISL OD
Ia Sos ssiiss'. n gain ~ SBI. ss ypI
winch offsets The decline in food -hip.
ments. With So DOtuD tO spare H. the
same tune exports ~ ,T1Ids materials
show AN increase II tIs7 .OOD1 Nd
mItiIng the de-Irab,Iitv IL an expansion
~ oar export trade ~ manufactured
gO,,ds. II does not seem necessary Vet
tO resort to Mr.. THACBERs schem" He
asserts that to maintain our InteTna-
tlonal position ~ must Increase nIr
exports 81 manufactured products to-
increase exports II manufactures w.
must reduce prices. and To r.drlc.
prices We must reduce wages our
present price level. . he declares. block-
our progress The present system Of
high wages and high cost ~ living must
he followed by lower wages and lower
cost ~ living. The ~hole scale of
prices IN America. carried A. u ~ to "A
very artificial height in many directions.
must work downward toward a Euro
pean basls To this an emphatic OBJ
lection NAV be made II the scale II Inv
ing As yell IA the scale 81 prices ~ to-
he brought To the European level
Export trade isa means TO an end. and
not n necessarily desirable end in itself
The fact that our exports have doubled
IN the last fifteen wears refutes the
statement that our present price level
blocks orr progress Doubtless more
goods would be sold from lower price