, 1922-11-02
TREASURY LOOKS
FOR MORE TRADE

The following is printed on tn
front page of the New York Journa
of Commerce, a rabidly anti-protec
zionist paper which, during the re
bate on the Fordney-McCumber tariff
law made daily attacks on he meas
ure as II which would commercial.
ly Isolate us, cut imports to the van
ishing point and prevent European
countries from paying their debts to
us because of their utter inability to
export their products to this
try:
Customs receipts at the various
ports Of the United States totaled
$140, 100000 during the first 100
days of the currant fiscal year. Treas
ury Department officials are well
pleased with this showing because
the receipts for the same period of
time during the last fiscal year to-
tailed only 77,000,0 600. They de-
clare that customs receipts are keep
ing up beyond expectations and n
no indications anywhere that they
will drop in the immediate future or
that importation of foreign merchan-
disc will decrease. 1t is pointed out
thai customs receipts have never
heretofore averaged $1,0O0,0 900 a
udy. mus lar, SluCc July l, Tue
receipts are 100000 900 above such
estimated that by the end of the
fiscal year an even greater increase
will be shown. |
1.-THE Treasury men state they
have not heard of orders for foreign
merchandise being cancelled, while
on the contrary, information that
they have received is to the effect
that our trade with Europe will in
crease"
The new tariff law took effect
late in September. But for some
weeks prior to this there was a
grand rusk of importers to beat the
duties and stock up under the low
rates Of the Democratic law. This
had some effect in raising the rev.
enues derived from customs, while
the emergency tariff act which was
in force up to the time that it was
superseded by the new law, also con- !
tributed considerable to the customs
The point which has surprised the
Journal of Commerce and its anti
protection colleagues is that protec-
tive duties do not appear to be cut
ting off imports as they had foretold. |
oue TedSOu uuOuDltuly Is ludL tue
importers have decided not to bite
their noses off to spite their faces,
but to take a small reduction in the
inordinate profits they had been
making under the Democratic tariff
law and pay the increased duties
Herewith. |
It will be recalled that some weeks |
before the tariff law was enacted a
large list was published by the Re-
publicans of the Senate showing the
huge spread in price Of imported
articles between their landed prices
and the prices at which they were
sold to the American u over
the counters. In the published list
Of some hundreds OF imported art
icles these spreads ranged from $50
to $500 per cen The lists were Of
ficially authenticated. and there was
no chance Of their having been pre-
pared for political effect and lamp
cred with.
It was Republican contention at
the time that the importers could
we'll afford to pay the duties carried
in the present law and still have an
extremely large margin Of profit on
their goods. But the importers were
loath to give up even the profits
which the duties wiped out. Evil
IDENTIFY they have changed their
minds. and certainly there seems to
be no evidence OF a curtailment of
imports which will close out Euro
pean exporters. As was constantly
maintained by proponents OF the
present tariff law. II was a restric-
tive. not a prohibitive measure.