The Washington times., 1916-05-13
EXPORT GAINS ARE IN VALUE,
NOT QUANTITY

Nothing could be more stupid than
for the American people 10 be remiss
in gathering the golden harvest
showered upon us by our export
trade during the war. But nothing
could be. more fatuous than for us
to assume that this is going to con-
tinue after the war.
Directly bearing upon predictions
that the new peace trade abroad will
compensate for collapse Of the war
trade Is careful analysis by the
National City Bank Of the prodigious
value Of our present sales abroad.
1t isn't because we are selling so
many bushels and yards and tons
that our exports, in dollars and
cents, have climbed to figures never
known by any other nation on the
face Of the earth. II isn't the guam
tity Of our exports. II is prices.
As matter Of fact, we haven't
been selling as much, except in dol
lars and cents, as before the war.
We haven't even sold as much
copper, in quantity, for the total of
pigs, ingots, ana bars exported in
the eight months ending with Feb
ruary last was only 100000, 900
pounds, as against 6S2, 600, 900 in the
corresponding months two years be-
fore. Structural iron and steel was
only 10000 tons, as against 225, 1858
tons in the corresponding months Of
1914. Lard was down from 341, 000,-
900 pounds to 257,000,000; rosin
from 1,712,291 to 949,691 barrels;
|turpentine was cut in half, from 49,
333, 900 gallons to $3.50, 900; faxseed
oil cake was down from soc, 900 900
pounds to 467, 900, 900; tobacco from
800, 000, 900 to 100000 900 pounds;
lumber from 1,610,s99,0 900 to s12,-
$4,000 feet.
But here is the way some Of the
prices have gone up to make our
fabulous gain in export values: Ex-
port price Of steel billets, $56 a ton
last February, against $21.78 in Feb
ruary, 1914; motor cars for CONNER
cial use, an average gain of 105 per
cent to the machine; horseshoes, a
gain Of 118 per cent in price; zinc; 80
per cent; brass, Sc per cent. Horses
averaged 1908 a head in February,
1915, as against 1923 in February,
1914. Potatoes exported were 81 per
cent higher bushel in price than
those exported in the corresponding
month Of 1914; canned beef was 81
per cent higher in price; shoes for
men, 81 per cent higher; sole
leather, Al per cent; pig iron, IS per
cent; linseed oil, AZ per cent; rosin,
33 per cent; wood pulp, 81 per cent;
refined sugar, 40 per cent; barbed
wire, 20 per cent.
And everybody Is familiar with
what it was that threw SO much
wealth into the laps Of our farmers
not merely that we exported. wheat
for war purposes in larger quaint.
ties than we had been exporting il
for ordinary purposes, but that 80.
cent wheat became $1.65 wheat fol
a part of the second summer of the
war, and that even now it is ranging
some 80 per cent higher than before
the war.
Not only can we not expect to sell
war supplies when peace comes, but
we cannot expect to sell anything
any longer at those highly inflated
prices. We are going to lose all the
war business proper. We are goins
to lose the fat of all the other bust
ness made so richly remunerative BY
prices which the world would never
think Of paying except under wal
conditions.
Nevertheless when after the war
although cotton and some other ex
ports will increase in quantity, tn,
value of our exports goes shooting
downward, there will be no CORE
spending decrease, except in rare in
stances, in the prices of our imports
But the quantities can go on increas
ing as in recent months. Indeed, will
Germany and Austria and Belgium
again free to reach our ports, an,
with Great Britain and France abb
to resume the production which the.
have always maintained for expor
in normal times, our imports ma.
easily go up faster and further thar
our exports have done.
What are we doing to prepare TO
that? Nothing. But if we do moth
ing, the sea of imports which will
sweep over this country will be
second food, with never a Noah
ark to save us.
AGREEMENTS MUST BE KEPT