The Birmingham age-herald., 1914-06-29

all klnas- Ifls has resulted in heavy eS- ports to Peru.
 l With warehouses all over the world con- stantly supplied with commodities of all
 kinds, it is practicable for those who are leaders in the industries of other lands
 to go to the warehouses. select their com modltles and secure immediate delivery of them. It was early discovered by those 1 who have made the Steel corporation what lt Is as factor in our International trade | that two things were necessary if trade were to be secured kept and increased.
 One of these is prompt delivery of articles and the other the thorough maintenance
 of the high quality of the article. In or
 der that there might be prompt delivery
 the various plants of the corporation. as well as the plants of the Harvester com pany, and of one or two other large in-
 dustries, have since 1902 been partially oc- cupied with the manufacture of commodi-
 ties ready for immediate delivery to those who want to buy. For this reason, the | markets which we have already gained in many parts of the world are independent, so far as our own manufactures are con cerned, of purchases which the United States may make in other parts of the | world. Therefore our expectations of these manufactured commodities are not influenced, excepting possibly indirectly. by the effects of the low tariff.
 A Great ExpOrtatI0n It is the understanding in commercial and manufacturing circles that about to
 per cent of the commodities manufactured and marketed by the International Har- vester company or it's subsidiary Is export ed. These exports are steadily increa sing They appear to be dependent in no manner upon the effect of our tariff law. Not so | large a proportion of the commodities l manufactured by the Steel corporation is exported, and still the proportion is large | and is constantly increasing
 If there has been any failing off or lack of increase in the exportation of man. ufactured commodities in the fiscal year which is about to end that is probably due to the general slackening of trade and industry in all parts of the world This
 Is in part accounted for by the great ex-
 parsion of credit in Europe several years ago. with lack of. sufficient gold re- serves to support the credit. That does not fully explain the orld-wide depres- sion. but it is of the reasons why this depression ha sexisted. That in the opin- ion of those who are in touch with the
 management of the Steel corporation, rather than the effect of the low tariff will go far toward explaining why it was that in the present fiscal year we have not increased our exportation of manufac- tured commodities, always taking into consideration the possibility that the de- tailed statistics which have come from Washington will show that our exporta- tions, at least of manufactured commodi- ties in which steel and iron enter largely, have been fairly well maintained.
 The Promised Expectations The indications are plentiful now that there are to be in the latter part of the present calendar year very heavy expor- tations of agricultural products and that
 ,4 ..rl.z T 4l. ....
 more in other parts of the world than we
 have been able to for a number of years. If this promise is fulfilled by the event, and if the exportation of manufactured commodities is maintained, and especially Is increased as compared with the ex-
 portation of like commodities last year,
 there seems to be no reason why the yis- ible apparent trade balance in favor of the United States may not be found to have been excellent.
 The Tariff and the Trade Balance Many persons assume that the official figures which have reported very great
 increase of importation and falling off
 in exportation since October last explain both the outward movement of gold and the expected falling off in our visible in- ternational trade balance. But the best authorities are not willing at the pres ent time to give their support to this statement There are good reasons for presuming that when France is no longer willing to pay a certain premium so as to secure American gold the export&tion of gold will cease. If this assumption be correct, then no small part of the move nent of gold from this country to France is not to be ascribed to normal trade
 movement, but to such anxiety on the part of France to secure gold as to lead her bankers to offer sufficient premium for obtaining it.
 If there be any immediate effect of depression character occasioned by the new tariff law 1t is thought here that it Certainly the effect of heavy importa- tions has not been disclosed by any re- auctions in the ordinary commodities
 which are classed among the necessaries of life such as food and clothing. But it may be that the importations are cur tailing domestic markets somewhat, thereby occasioning a letting down of &C., tivities in some of the smaller manufac- tories and in certain larger lines of manu- featuring interests.
 Yet the opinion seems to be that 1t is yet too soon to obtain accurate informa- ton respecting the immediate and cer- tainly respecting the future effect of the new low tariff law. It is observer, however by those who have met the man. agers of our greatest corporations that they are not particularly disturbed least the effects of the new tariff law seriously curtain their markets in other lands.