, 1923-02-27
THE souARssT CITY
For the First Year

WITH estimated revenues from the new tariff
w reaching $235,OO0 900 for the first five months
operation of the law, the repeated assertion of
those who opposed the measure that it would wall
out imports and consequently wall in exports arc.
completely confuted. At the present rate the ports
would yield nearly 5000, 900, 900 of revenue, and the
treasury department looks forward TO not less than
100000 for the first full year of the policy of
protection.
Imports for October are Just being classified by
the department of commerce. The law necessitates
a complete Reconsideration of these articles, and
the customs authorities at the various ports have
experienced considerable trouble and delay in plac-
ing imports in their propert c~atgories.
The October imports include nine days Of Sep
tember since the law became effective September
%. We imported during the first forty days of the
law $S45, $685. 900 worth of goods, of which about
~sixtyfive per cent came in free The customs re-
ceipts for this ~forty-day period were $54,934,000
or at the rate of $1,374,000 a day. Dividing the
customs revenues by the total imports gives us
an average ad valorem duty on all goods imported
for the period of slightly under sixteen per cent,
which is considerably lower than the Payne law
Of 1909. Notwithstanding the fact that there is n
far greater disparity in labor cost of production
abroad and at home than there was when the
Payne law was enacted, and not to mention the
deprecated exchange in Europe.
By dividing the average ad valoreum into the
customs receipts since the law was passed, we
may arrive at an approximation of imports up to
March. On the basis of such a computation the
table below will give some idea of our foreign trade
for the first five months under the new law:
Month Custom Receipts Imports Exports
Sept. %
Oct. 80 1913 ~54,9s4,464 $685. s3, 900 Ssn, 100000
November e.. 4~1,647O32 26O,OOO,OOO 3sO,OOO,OOO
December -. 37,4A6,OOO 234,OOO,OOO A,O00,O 900
January 49,. 46,S45,99l 2s9, 100000 339,OOO,OO
February =. $4,000 ,0O0+ 343, 100000 &360.0 900, 900
Total 800. $235,423,4s S., A 100000 81, 704,O 900
ESTIMATED.
On this basis We would find a favorable balance
Of trade over five months of S323, 000, 900. Should
the trade maintain this rate throughout the first
twelve months we would score $780, 100000 in ex-
ports and $3,5OO,0OO,000 in imports or a favorable
balance for the first year of sS00,00O,O 900. The view
Of department Of commerce officials is that I'M
ports will more nearly total S., 100000, 900 while ex.
ports will reach $4,5OO,O0O,O 600, which would mean
a favorable balance of 81, $50, O00,0 900, an amount
which will certainly be needed to take care Of
adverse invisible balances due to freights carried
by foreign vessels, the money spent by tourists
abroad, that sent abroad by foreign lsborers in our
factories and mines, TO equip Coue with hospitals,
TO enrich Russian ballets and German opera sing
ers and Polish p~iansts, and the futuriStic painters
OF the old world. Those who argue that the ideal
situation for a country is one where outgo and in.
come are about evenly balanced can have no COM
plant to make, and the prophets of evil concern.
ing the new tariff law are completely routed.