Evening journal., 1921-06-29
ELEVEN MONTHS OF FoREIGN TRADE.

ENIE foreign trade OF the United states for the eleven
A months Of the fiscal year 1921, ended May 81 gives
indication OF speedy to that normally which Is
to be exyeAed under changed conditions. Compared with
the sirsr months prior TO the war, which began
IN August ie4 our foreign trade shows an Increase OF
about 100 per cent in Imports and isO per cent IN eA
ports, in point Of value.
II was prediced BY the Republican Publicity Associa
on over year ago that IN an probability postwar
normal Of imports years 70 come would be from
S3OOOOO0OOO to s35OOOOOOOO in value, which could no
doubt be absorbed by this country without undue dis
ruption OF domestic industries assuming that export
trade maintained that ratio with imports which it did
under the protective policy up TO 1913
But our export trade gives promise Of doing even better
than that During the months period Of i93 un-
der protection our trade 49, 100000 Of which
2 per cent consisted Of imports and per cent was ex
ports During the eleyen-monhs period ended May 3i
1921 foreign trade toaled S96s 10000 OF which 36
per cent consisted imports and 6 per cent OF exports
There still remains TO be recorded slight decrease in
exports the preSNar ratio is to be maintained, such
gains as may be made in our export trade with the Latin
Americas they emerge from their financial difficulties,
being counierbaanced by increased imports from Ger
many now making great strides the recaptl-o OF her
lost markets. and from Great Britain where labor aou-
bles have seriously nterfered with her sales abroad
HoweN~r, the Republican tariff law, which is approa n
ing completion, Will act balance wheel after 1921
Our greatest competition for the 1921 period appears
have been foodstuns OF which 81 i25 10000 i'm
ported 0, 30 per cent Of the total imports The
gency tariff did not become effective until May 27 or
days before the close Of the period under consdera
tion.
OF manufactures for further in manufacturing
imported S5i7OOOO0 worth. on these American
labor must be expended to convert them into the finished
product OF manufactures ready for consumption i'm
ported s69iOOOOoO worth.
Our exports OF foodsturs for he 1921 period were
valued 81 si,63OOOOOO compared with s0SiOOOOOO for
the saut period OF 1890 decrease OF $3h 10000 IN
value; while exports OF manufactures ready consum
tion decreased from s566O00OOO for the 1920 to $780,
100000 for the 1921 period, drop OF but s36OOOOOO
Manufactures for further in manufacturing do
creased from s99OOOOOO to S66OOO0OOO
Exports OF crude materials dropped from ss6 10000
10 s2i 100000 while imports Of crude stuns fell from
81 g5 10000 to s9s3OOOOOO OF nearly billion dollars
in value, the two periods considered fair indication Of
the i9202i slump in manufacturing industries
or the crude exports 1t is interesting TO note tat raw
cotton accounted for about s5500OOOOO in value so That
commodity to have enjoyed the lions share Of our
export trade.
The coal troubles in England and elsewhere resulted in
exporting about SsOOOOOOO worth Of American coal
as part OF the crude export list.
Altogether the period in question gives no cause for
alarm, and considering the horrendous tales pedded by
the free traders and ntenatonass we have cause for
congratulation because Of the showing