The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1922-03-28
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WASHINGTON LETTER. C
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angle the subject is considered, the
delay in tariff legislation is democrat
izing to industry" says the Repub-
lican Publicity Association. THE fis-
cal year 1920 was the record year in
our import trade. That year we i'm
ported $5.23S, 100000 worth OF foreign
goods, a volume which spurred the
Ways and Means Committee to pass
the Fordney tariff bill last July. The
following fiscal year, 1921, there was
some letup in the volume of imports,
but not so great as was indicated by
the decrease in total value because
there was decided slump in prices
dut in part to falling exchange and in
part to lower production costs in Eu-
rope. That year we imported $685.
100000 worth Of goods, or nearly twice
the pre-war average. The decrease
was somewhat rapid from month to
month and the fiscal year opening
July. 1921. recorded something oof
momentum Of this decrease, that
month s17S,OOOU0O worth of imports
coming in.
And then the needle began to wa
YER and to indicate a movement the
other way. In November we imported
s2l1 100000 worth, and in December,
s237 5000 worth of goods. The cur
rent year opened with a slight down.
ward trend, but the value of imports
for January and February was great
or than for the same months last year.
Both months Of THE current year we
imported s217,0oO,OOO worth Of goods,
which for January of 1921 We i'm
ported s2O9,000.000. and for February,
S2l4 100000 worth of goods. For the
eight months o fthe fiscal year 1922,
ended February, we imported $l,623,-
100000 of foreign products, an in
crease of about $3.50 over the pre-
war figures. II measured by volume
the increase would be more marked
And 1t is the volume of goods which is
to be considered In estimating the eff
feet Of foreign imports in displacing
womestic products and lessening the
opportunity for American labor.
Rarely does graph remain con-
slant. It's movement at a certain level
for short time is generally followed
by a decided trend up or down. The
moving finger of our imports writes,
and having writ for two months in a
horizontal line we may depend upon it
that II is due for flirt in some other
direction. With the Underwood tariff
law still operating, and the European
and Asiatlc drive for markets rapidly
organizing, that direction is logically
upward. In short, we may expect to
witness q steady increase of imports
from month to month until the aver
age of 1920-21 is reached, and possibly
overshot-unles sthe guard is speedily
mounted and statione dat the proper
posts - our customs houses. Tha.
guard is made up of protective tariff
schedules. They must be enlisted and
assigned to duty before the enemy has
invaded GU industrial lines and put
American production to rout.
1.-THE situation is further reflected
In our export trade. During the eight
months period 1922 we exported
something less than $2,5OO,OOO, 900
worth of goods or less than one-half
the exports for the same period of
1920-21, but 46 per cent greater than
for the 1894 period. Here again the
values do not tell the real story, since
export values have likewise fallen and
the disparity in volume Of exports,
1922 and 1920-21 is nothing like as
great as the value disparity. A great
many export commodities show as
high as hundred per cent. increase
in volume, while the values show
decrease the two periods considered.
Nevertheless, there aer decreases in
certain lines, particularly in manu.
featured goods. One Of the reasons for
this is that manufacturers are mark
ing time. They want to know what
Congress is going to do about the tar
if and they mus know before they can
take steps to meet the situation. An
other reason is that Europe is not