The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-16
EXPORTS REVEAL
NEED OF CREDIT
Sales Of Manufactures Shown
Rapidly to Be Overtaking
Those of FOOdstuffs.
BANK GIVES OUT FIGURES

ctdtistlcs COfnp1leu from OTHCldi souINcS
and analysed by o. p. Austin. statis-
tician Of the foreign trade department Of
the National City Bank. show h a the
increase in manufactures exported Is
rapidly o%vertaking the increase in the
expectations OF foodstuffs. The figures
bear out the assertions OF the Anglo
French mission to American financiers
that the allied nations at wal will con-
tinue to pay gold for munitions Of war.
but they will trade for foodstuffs with
the nations that give them credit.
The excess Of exports over imports In
the fiscal year ended July 81. 1915. was
Sl0e4.4ie.e0o. against s470,s53.4el in
1914. s652.S75,9l5 in 1918 and $66S,s3l,-
$50 In 1905, the former high record year
In excess OF exports or favorable trade
balance as frequently designated, ac-
cording to the analysis.
In the first twelve months OF the war.
August /. 1914. to August /. 1915. the
excess OF exports over imports was a.
2l3. $50, 656, and In the first thirteen
months Of the war. August /, 1914. to
August 81, 1918, the excess was approx
mately $780, 600, 900. the August, 1915,
figures being an estimate based upon the
weekly statements OF the Department Of
Commerce covering the trade OF thirteen
principal ports OF the country.
Excess by Months.
The excess OF exports over imports In
the fiscal year ended July 81. 1915. ex-
ceeded by $4,000, 900 the excess Of the
Immediately preceding year and by
et2s,o00, 900 the excess OF 1908. Every
month OF the fiscal year except July and
August showed an excess OF exports over
imports. In July, 1914. the imports ex-
ceeded exports by $500. 600. In August
by sls.5o0. 900 then the tide turned and
exports exceeded imports In September
by $4,000. 900, In October by $4,000, 900.
3i31 900. 900. January sl4S, 600. 900. Feb
ruary $4,000. 900, March SlS9. 900. 900.
April $4,000, 900. May slS2. 900, 900 and
June slll.0 0o, 900. these figures being In
round terms.
In July. 1918. the first month OF the
present fiscal year. the excess Of exports
over imports was Sl25, 900. 900 and In
August approximately $4,000. 00O-this
estimate OF $4,000 200 being again
based on the Department of Commerce
weekly reports from thirteen principal
ports of the country.
IL Will ne seen from the above state
ments OF the excess OF exports month by
ihoh'n since the war began that the hish
tue III excess OF exports occurred IN
the month OF February. but II still run
ming at the rate Of over 500. oo0. 900 a
month. suggesting that the favorable
balance" for the current year may prob
ably exceed hat Of the fiscal year just
ended In case Of a continuation Of the
uIope WAT WIN 's demaha TOT iood-
SUITS OF when we seem i'heis 10 nave
an uhusuaily iarKe supply IN 'ne cur
EN-, year. anu ior CERTAIN hhes OF manu-
iae'u''s'
roouste" ESporh.
The large Increase In exports in the
nscal year Of 1918 occurred chiefly in
foodstuYs, though I'm the latter part OF
the year there was a sharp Increase in
manufactures exported. Wheat exports
to $4,000 900, against sss.-
900. OOo In the preceding year flour. $685.
600, 600, against $4,000, 600 ; corn. S3s,-
900. o. against $4,000, 900 oats. s57.-
900. goo, against less than 81. 900, 900, and
barley. $4,000, 900. against $4,000, 900
the total of breadstufs being s~j5i, 0OO.-
600. against Sl65. OO0, 900 in the proceed.
ing year.
In manufactures the chief growth oc-
ours In materials sent TO Europe, and
pr esumabiy for use largely upon the
battlehelds or in preparing and handling
material for war purposes. The stated
value Of explosives exported In 1915 was
Sal, 900, 900, against $4,000 900 In 1914;
OF firearms, $4,000, 900. against $500
600, and there Is reason to believe that
OF the material Of this character
was exported under the truthful but
rsth.r misleading tItl. Of 'uanufacture.