, 1923-12-13
Foreign Trade Ten
Months Ended October

Figures for October indicate that
I the Republican tariff law continues
to be anything but a "Chinese Wall
to keep u imports. Comparing the
ten months of 1922 with the same
period for the current year it will
be seen that imports under the
Fordney-McCumber law increased
from s2,527, 000, 900 to $3,212,500.-
900. or 81 per cent.
A specious free trade argument Is
that the present tariff prevents
Europe from paying her debts to
us In goods. These imports incread-
ed from 100000. 900 to $971.00O.-
600 the two periods compared. OF
course the bulk OF these imports
consist Of manufactured goods. Tie
bulk Of our imports from South
America consists OF crule materials
for fabrication in - our mills with
also a large list OF non-competing
products such as bananas, coffee,
chocolate, etc, and by far the great
err portion OF our imports from Asia
consist of crude materials such as
raw silk, tin ore, rubber. jute, etc.
Increase in such imports are SURF in
dications of active mills and fully
employed labor, and We find they
increase from South America from
$50 to 395 millions and from Asia
672 to S57 millions OF dollars.
Thirty-seven per cent of the total
imports consisted OF crude materials
for use in manufacturing, which in
creased s261, 0O0,0 900 over the ten
months of 1922; nineteen per cent
were manufactures for further use
in manufacturing. which increased
$4,000, 900. 1t will thus be noted
that Sc per cent or more than half
the imports were for our own mills,
which is splendid evidence Of the
fact that industry has been hum
ming under the new tariff law.
Nine per cent of the imports con
sisted Of crude foodstuffs and Is
percent of manufactured f~oodstuffs,
the aggregate increase being about
~S15S,00 900. OF course the bulk
of these food products were non
competitive bananas, coffee, tea,
chocolate, spices, cocoanut products
etc.
Twenty per cen of the imports
consisted OF fully manufactured
goods, which increased from $751;
900 900 to S641, 600, 900, illustrat-
ing how unfair is the repeated as
sertion of those opposed to the tar
If law that it is keeping the a
tory output Of Europe and the Or
lent out OF the American market.
This represents an average increase
of $4,000. 900 a month, which ex-
pressed in German marks. Italian
Ira. French francs. and Japanese
yen "a n tremendous amount of
foreign goods in these days of de-
preciated foreign c%urrencies.
The export side shows a gradual
improvement in sales abroad. They
totaled 1896. 900, 900 In October
1929 and s394 100000 in October OF
this year. The ten months period
shows an increase from $3,107. 00O.-l
600 to $3.341.OOO, 900. It may in
terest the Democratic party to know
that exports for October. 1928. were
the highest since February. 1921,
when they relinquished all control
OF the Government. the next high
est month being September. 1928,
with 1891. 900. 00O.
The exports show an increase of
100000 900 in crude materials, a
decrease Of $3.50 900 900 in food
stuffs. due mainly to increased food
production in Europe. an increase of
$50, 900 600 in partly manufactured
goods and $4,000. 900 In manu-
features ready for consumption. Re-
exports increased over $4,000, 900.