New-York tribune., 1922-04-02

TORONTO. April l. After the
usual seasonal excess of exports over
imports during the closing quarter
Of 1921 Canadian trade again is
showing adverse balances monthly
on merchandise account. The United
States market, however. is absorb
ing large amounts of Canadian pro-
Vlncial and municipal securities, and
such purchases undoubtedly are the
principal factor in keeping down the
premium on United States funds in
Canada. For better on for worse
the mortgage which United States
Investors hold on this dominion is
being substantially increay yed,
TIE Canadian trade returns for jan
:IorY and February Of this year are
somewhat less satisfactory than were
tEose for the corresponding months Of
1927 in respect Of the relation between
the values Of imports and exports In
February this year merchandise enter
cd for consumption exceeded in value
exports of Canadian products by al
mos. sS250. 600. For the eleven months
ended February. 1929, a favorable
balance Of sl2.275,761 on merchandise
corresp spending oeriod of 1020-21 there
was an unfavorablc balance Of $26,-
4SC.95d. The probability is that the
returns for March, 1922. viii wipe out
The surplus Of exports for the current
fiscal year to date. and that for the
period April. 1921. to March, 1922. in
elusive. Cansda's foreign trade mer-
chandiso account viii not show better
than balance, as against almost SOL
100000 on the wrong side Of the ma
tlonaf ledger for the preceding twelve
moaths period. 1t should be recognize
I'd. however, that this indicates con-
sidcra bic Improvement in the Canadian
trade situation, especially as imports
from the United States since June 8,
1921, have been included i'll the trade
returns at the invoice values in United
States funds, plus exchange, whereas
before that time the invoice values
We're reported without addition of ex-
change.
The governments report on the trade
OF Canada during February is of inter
est from several angles. Imports for
February exceeded those in January
VI WHO HSEi. lOL VIC AZ llHlc SillCc
1916 This is reflection mainly OF
more optimistic preparations for
spring trade, although the reduced ex-
change rate oubtedly has been a
contributing factor. Particularly sig
niticant vas the increase in the value
OF imports of textile products. as COM
pared with imports in February, 1921.
An improved business outlook also
seems to be indicated by the fact that,
whereas lie value OF imports in Feb
ruary. 1921, was only about II per cent
of the value Of imports in the preced-
! ing month, the corresponding percent
age this year for February imports in
relation to January imports was
over 10.
Comparative inactivity in large CON
etructonal undertakings and absence
Of any considerable expansion in man
ufacturing operations, as we'll as price
declines, account for the drastic re-
duction in the Value of imported iron
and steel products For the eleven
months ended February, 1922, such i'm
/ ports represented a value of only $97,.
o40,170 as against S230.115,316 for the
! twelvemonth period Immediately be
tore. The proportionate reduction has
, been greater for the iron and stcel
group than for any other major classi.
fcaton Of imports into the Dominion
and as yet the trade returns give nc
indication Of Improvement.
Exports OF Canadian products show q