The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-06-09

IS thus the trifling difference g -
hundred millions in favor Il N.
ent year
No Flooding Of Our Markets
If. however. We look at TIA. fun
riod Of seven months since the
went into effect we find the ~st..
even less comforting 10 our Sen.
critic. The imports have indie
creased. 1t was mean they 81
They have grown. compared Ne ~.
same seven months last year ft
quite twenty-five millions. tn.
est item Of this, IN fact an incre.-. .
over thirty millions in itself a{,..
crude foodsfufs. The furth.-
crease of twelve millions - 5r r--
manufactured foods. The only
item of increase is in f4lly rr4>E.r
manufactures of eighteen and r
half millions. which is offset ny d.
crease in partly finished mar I'D
lures for the period OF over tf.-...
millions, and by q further decree,
materials for manufactures = H..
| millions. So for the entire I.r..#
taking all manufactures toeether tt.
record under the new tariff shows
total importationS for seven m,rtts
of five hundred and sixtv-Sexer ~..-
lions, IN round numbers, as comp4r,t
with & total for the same ~t,.
months last year, before the r,u
tariff went into effect, of five hundred
and siXty-eight millions, the Iucrs. -.
in. fully finished manufacture AND .l
manufactured foodstuffs being of~,.
by a decrease in partly finished n1ar.-
features imported. There is her, ID,
sign of any excessive flooding - or
markets through the period named
Looking now at the exports over tie
entire period since the tariff came
into effect, there is a decrease Of one
hundred and thirteen millions ct
this over sixty-seven millions is lu
crude foods and twenty-four and ,n,-
half millions more in partly manufac-
tured foodstuffs. Thus these w.,
items Of foodstuffs ccou for nln,il-
one and one-half millions out Of the
one undred and thirteen millions II
decrease. We could not well have
foodstuffs to sell when there W. 4
shortage in our own supplies Of grain
and God last year. Next fall. i We
may judge from current crop CotdE-
tons. there will be a different >turt.
The remainder Of the decrease is ae-
counted for by a shrinkage of twenty
four millions in partly finished rnaI4-
features and thirty and one-half uUl-
lions in finished manufactures offset
in part by ar increase of thirty-scN.n
mlll1OnS In CTuOe mateTldlS-
1t will be noted again that the de-
crease exists in it's lowest ratio II the
item Of fully finished manufactures
thus showing in this sphere a %cont14-
ed power Of competition which i 70
markable, considering the adverse
conditions which we have had to meet
abroad.
ust as this was written there carue
to my hands in press reports the lates,
q va lila hlo GO11yoS nf tho French t'f1-
toms Department. In France protec-
ton prevails in undiminished Niprr.
Her fiscal returns show during the
z first fourt months of This year com
pared with the same period in 1918
. an increase of nearly forty millions At
E dollars in imports and a decrease e
I over ten million dollars in XPCrts
: The exports of manufactures fell -
enough to account for the entIr.
: shrinkage in this division of her CON.
merce.
. Years Needed to Determine.
e We have quite as good a right Il
assume from these facts that th'
S French tariff is a failure as have ouI
W critics to say that ours is unsuc
cessful. One argument would falrl,
r offset the other. Neither is wort'
s much. Months are useless: Quart'r
are insufficient; more years thar On
are essential to determine the act1a
n CILcClS Oh SuCn large causes. III
French returns show. as ours do. tina
worldwide business is dull. Neitht
their figures nor ours warrant ar
other conclusion.
There is in the facts which NAV
thus been submitted no basis what
ever Tor even a psychological delTos
: sion in our own affairs. The busiuc>
tide has been long running low ii
over the world and we have felt il
recession. We have felt it least. :
Tar as our foreign trade is concerutf
= along the lines Of the fully finIshe
products OF our industries. Her. ~
no facts that should cause any -
y alarm.
A great commercial paper quote
on May 25th a speaker as statir
- that
depression is based in the ratio :
. per cent on real causes and - f
- cent on falsely based sentiment"
1t should be that the