New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1921-07-08
ELEVEN MONTHS
FOREIGN TRADE

The foreign trade OF the United
States for the II months of the fiscal
year 1921, ended May 81, gives indie
alton of a speedy return to that norm
llcy which is to be expected under
changed conditions. Compared with
the similar II months prior to the war,
which began in August, 1914, our for
eign trade shows an increase Of about
100 per cent in imports, and lS0 per
cent in exports, in point OF value
1t was predicted by the Republican
| Publicity Association over a year ago
that in all probability our postwar
normal Of imports for some years
to come would be from $3.OOO.000000
to $3,500,000,0O0 in value, which could
no doubt be absorbed by this coun-
try without undue disruption of do
nestle industries, assuming that our
export trade maintained that ratio
with imports which it did under IT,
protective policy up to 1913. But our
trade gives promise Of doing even
better than that, During 'hc II
months period OF l9lS. under proter
ton, our total trade was S5,9S+O00Wu,
OF which ~ per cent consisted Of i'm
ports, and So per cent was exports.
During the ll-months period ended
May 81, 1921, our foreign trade totaled
$9,64S 100000, of which 80 per cent
consisted of imports and ~ per cent
exports. There still remains TO be
recorded a slight decrease in exports,
if the pre-war ratio is To he main
tanned, such gains as may be made
in our export trade with the Latin
Americans, as they emerge from their
financial difficulties, being counterbal-
anced by increased imports from Ger
many, not making great strides in
the re-capture of her lost markets,
and from Great Britain, where labor
troubles have seriously interfered with
her sales abroad. However. the Re
publican tariff law, which is approach
ing completion, will act as a balance
wheel after 1921.
Our greatest competition for the
1921 period appears TO have been in
food %stuffs, of which $l,254,000,O00
were imported, or 80 per cent Of the
total imports. The emergency tariff
law did not become effective until
May 9th, or three days before the
close of the period under considera-
ton. OF manufacturers for further
use in manufacturing we imported
$5l7,0O0,00 worth. On these some
American labor must be expended to
convert them into the finished pro-
duct. OF manufactures ready for con
sumption we imported S69+,000,00O
worth.
Our exports Of food stuifs for the
1921 period were valued at 81 ,643 ,000.-
600, compared with 81 ,9S4,000.O00 for
the same period of 1920, or a decrease
of $34l 100000 in value; while ex-
ports of manufactures ready for con-
sumption decreased from s.. 100000
for the 1920 to S2,530,OO0,OO for the
1921 period, a drop OF but $36,0O0,000.
Manufactures for further use in man.
ufacturing decreased from sos, 100000.
Exports of crude materials dropped
from Sl,Sol, 100000 to S1.2l4.0O0,0O0.
while imports of crude stuffs fell from
Sl,977,O00,O00 to $9S3,O00lO00, or nearly
one billion dollars in value, the two
periods considered, a fair indication
of the l920-21 slump in manufacturing
industries. Of the crude exports it
is interesting to note that raw cotton
accounted for about S550O00,O00 in
value, so that commodity seems to
have enjoyed the lions share of our
export trade. The coal troubles in
England and elsewhere resulted in
our exporting about S~320,0O0,O00 worth
of American coal, as part of the crude
export list.
Altogether, the period in question
gives no cause for alarm, and con
sidering the horrendous tales pedel-
led by the free traders and interna-
tionalists, we have cause for mgr
tulafion because OF the showing.