, 1921-09-08
1921 TRADE

official analysis Of our foreign trade
for h fiscal year ended June both.
1921. shows clearly the effect OF the
worldwide trade depression that
came as an aftermath Of the war"
says the Republican Publicity Asso-
citation, through its President. Hon.
Jonathan Bourne, Jr. Lower prices
rather than diminished quantities
are to a great extent responsible for
the decrease In exports from eight
billion in 1921 to six and a half bill
lion dollars in 1920. For example, a
compilation Of exported commodities
reduced. SO far as possible. to a
weight basis shows weight increases
Of "a per cent for the groups OF raw
materials and OF 81 per cent for food
stuffs in 1921 compared with 1920,
with a decrease OF 4 per cen for such
partly or wholly manufactured
articles as can be shown by weight.
The final totals. including articles
forming 50 per cent OF the value of
domestic exports in 1921. shows a
decrease in value of 10 per cent, but
an increase in weight of 23 per cent
compared with the preceding year.
Department Of Commerce figures are
used.
Take cotton, for example: Nearly
seven million bales exported in 1920
brought a little under $1,40O, OOO.-
900. while 5.400, 900 bales exported
this last year brought but 5000 ,OOO.-
900. OF to express 1t in percentages.
there was a decrease OF 20 per cent
In weight and Of 81 per cent in
value: We exported 1000 900
pounds of dried fruits In 1920.
valued at $4,000, 900. compared
with 10000. 900 in 1921. worth
$4,000, 900. Here again we have a
decrease of but SIS per cent, while
the value fell off 1870 per cent. Ex-
ports OF glucose, glassware, hides,
tinplate. leather goods, meat and
dairy products, naval stores, lumber
and many other products show de-
creases in value out OF all propor-
ton to the decreases in volume:
while there are certain articles
which show an actual increase in
volume and a decrease in value, com
pairing the two years . For xampl
we exported 5000 900 pounds OF
oilcake and meal In 1920 worth
$2S.OOO.O00. and $4,000, 900 lbs.
in 1921, worth s19. 10000; and O.
cottonseed oil We exported the pre-
ceding year $4,000, 900 pounds
worth $4,000, 900, compared with
pounds worth $31. OOO.-
900 in 1921.
The Republicans ~forecaster a
drop in exports long before they
took place, and the Department OF
Commerce finds that the drop did
not begin to make itself felt appre-
Gladly until the last half of the fiscal
year: Aside from lower prices A
number or other causes contributed
to slowing up our trade:
Il. We no longer had a practical
monopoly on supplying many kinds
OF merchandise demanded by for
eign countries.
q. The devastated regions of
Europe are again raising crops and
are not so dependent on us for food
supply. (This will doubtless be Offset
considerably this coming year by the
demands from Russia.)
3. Europe's pressing needs for
raw materials have been considerably
assuaged.
a. With exchange rates of for
eien currenctes deprecated to a
point which made prices in dollars
prohibitice with declining imports,
the impossibility Of settling the bal
lances already. due the United States
in gold. the difficulty Of arranging
further credit facilities, with can
collation. Of orders, rejection of goods
already shipped, and collection drafts
~dishonored, it was impossible for ex-
ports to continue at the rate of
500.0O0,OO0 to 5000, 900, 900 a
month. to which they had grown dur
Ing the war, and for which the
Democratic Administration had the
sublime effrontery to claim credit.
"Yet. the trade for 1921 was not
SO unsatisfactory. all things con-
sidered. II exports declined 1876 per
cent, imports also fell 30.2 per cent.
thus giving some relief to our own
industries. That we are getting
lack to normally in trade seems
assured, and the passage OF the pro-
tective tariff will do much as a shock
absorber in further bringing this
about" gstt1 aEf. ~