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

one OF the HlRntS 6IlitS III Tx 4
vet the Brazilian national. State. and
municipal bonds quoted by The
Economist. which advanced from 1904
to 1910, have all of them fallen of
in 1914. Serious business depression
has existed in that country, and still
exists. Shall We argue from ii that
the presence of a high tariff is there
fore the cause Of their troubles and
that if they had the English system of
free trade they would be far better
off? Indeed, we might urge this with
certain apparent force, for the depres-
sion is by no means as severe IN
Great Britain as in Brazil. Neverthe-
less, it would be fallaciouS to take
such a position, for such power as
the argument might have if Brazil
were alone in her roubles falls COM
pletely to the ground when it is OBJ
served that similar troubles exist else
where under dissimilar conditions.
Government and Big Business.
In k manner any argument to the
effect that the alleged attitude of our
government toward big business is
the cause Of such depression as exists
here is met by the fact that in Ger
ma ny, where trusts and cartels are
legaliZed and the government assists
both, the depression is even more Sc
we're than it has been here.
1t cannot, therefore,, be argued that
"a "a OSdlAS III
when the absence of that cause is CO.
incident with the same results there.
1t is difficult also to argue to any ex-
tent as to the effect of the presence
or absence Of tariffs upon the whole
depression because in France with its
protective tariff and in England with
out one conditions have been fairly
similar for some time past, being of
late rather better in England than in
her Continental neighbor.
Worlds Business Depressed.
Any worldwide view, therefore,, Of
the great intricate mass Of interlock-
ed transactions which we all the
worlds business finds it in a state Of
depression almost everywhere, with
ocean freightS SO low because Of the
shortage of international traffic on the
f sea that shipowners are beginning to
consider whether it is not cheaper to
I lay their vessels up than to run them
S at a material loss.
S We may now turn from this brief
glance at the larger world to our own
immediate affairs. In SO doing, how
ever, we must first consider how our
f customers are affected If l sell tic
. you 1t makes a great difference
S whether you are anxious for orders
: or not. In the first case il things are
f bad with you you can not buy of me
: for lack of the power to buy. In the
q second case you, If your business is
Z dull, limit my capacity to sell by your
Il competition for the business which
r we both seek.
Effect of Bad Business Abroad.
s Under such conditions as nave pre-.
e vailed throughout the commercial
world for over a year it would be al
e abnormal thing if we were continu
e ousfy able to enlarge our sales to Gus
toners whose business condition wa,
t. such that they could not buy as much
q nc formerly IFndor tho oVo ooD1;
a lions it would be almost equally alb
S, normal for US to be able to sell a
much as formerly against the compe
j. tition Of all other peoples togethe
1t under conditions which made then
" anxious for orders that their shop
Of might be kept moving.
at 1t is an extraordinary tribute to GU
competing power in the markets O
Or the world that we did. against thes
ID peculiarly difficult conditions long ex
listing among our customers. for man
Ell months steadily increase our sales t
them. and that the falling off in on
is sales should be at the lowest ratio i
the lines where the competition fro,
u them is greatest. Power is not show
merely by the reaching of a certai
I'D mark. Weakness may, when cond
tons are easy, reach the mark {
which enormous power might unde
to adverse conditions fall somewhs
my YIN 80 ""o
cially crazy would expect the Unite
Estates to steadily increase the actu;
volume of its export trade Witho,
Is, monthly recessions in the face of fal
n ing prices and universal depression
1.-THE thoughtful business man know
that he who under such condition
maintains his due proportion Of ma,
mt ket control shows a high quality
ak competing power.
er A good deal has been made Of tt
fact hal our foreign business durir
the month of April shows a decrea.
to in the exports Of about thirty-seve
ng millions of dollars and an increa.
he in the imports of about twenty-Seve
ms and one-half millions of dollars. ar
,u. that the merchandise transactions T,
IA that month show an apparent baIan,
er- against us somewhat in excess
he eleven millions of dollars. and gleef
he conclusions as to the effects of II
cts tariff law are drawn by high-spe,