Omaha daily bee., 1921-07-03
Imports Of Raw
Material Show
Big Falling Off
Buying on Manufactured Ar.
ticles on Increase, However,
in Anticipation of New
Tariff Law.
By HOLLAND.

Hidden away in the details of TIL,
story of Our trade with the world io
the II months which ended on Jun,
80, is = strange. almost inexplicablt
report. 4'qr some years the Unitet
States has chiefly imported from
other countries raw material which
has made up the larger part OF our
imports. This material has been con-
verted by American industry into
manufactured goods, no small part
of which was sold to other nations.
But in the II months which began on
July |, 1920, our imports of raw ma
terial fell off, and this falling ex-
plains much Of the decrease in inn
ports. On the other hand, we have
been buying so large an amount of
manufactured articles and imported
them that these imports constitute no
small part of the total value OF our
imports.
But why in year of depression
when American industry was very
sluggish, should we have bought the
finished manufactured products OF
other nations? The raw material
which we bought and brought
into this country in the past
II months was in money value less
than one-half of that which the i'm
port of these raw materials in the
previous year represented in dollars.
Included in this raw material may
appropriately be placed crude food
products. These also showed a
falling off in the fiscal year which
has just ended.
Heavy Falling OF.
How great this falling off was,
few figures will illustrate. The money
value OF the raw material which we
imported in the fiscal year now
passed was approximately $l,000,-
100000, but in the preo"di~T, ~"
money value OF like imports was con-
siderably over $l,0JU,uvv,uJo. ... .
food stuffS in crude condition which
we imported were i'll money value
less by ST. 100000 than the value of
like products which we bought from
other nations in the previous year.
On the other hand, there seems to have
prevailed in this country new disposi-
tion to buy heavily Of completely manu-
factured products. These manufactured
articles which we imported were of the
money value Of $1,000. 900, but as the
prices for manufactured products have de-
creased then 1t must be assumed that the
quantity of these imported commodities
must have been greatly increased.
What Was Reason?
There appears to be no other explana-
tion for this remarkable change in our
world trade than that which Is due to the
belief that importers have been purchas-
Ing heavily of finished manufactured
products so that they may increase their
stocks. But IL they are anxious to in
crease their stocks in these goods they
must reason that within few months
they will be able to market them. In
other words they look for a decided i'm
provement in the domestic markets.
Presumably importers are taking this |
action so that they may be well pro-
tected when the new tariff law is passed.
they are apparently of the opinion that |
he revised tariff will impose higher rates
han those which are now contained in |
,he existing tariff law. Manufactured ar |
Gcies, including manufactured foodstuffs, |
were the only commodities the imports of |
which were greater in money value and !
n quantity than in the preceding year. |
It may be Of some interest to know what |
some of these manufacturing commodities |
were because almost every one of them |
was commodity which the United States |
8 already producing. There were cotton |
knit goods. glass and glassware, cutlery. |
needles, steel sheets and plates. While |
The American steel and iron industry was
working at about only 20 per cent of