COMMERCE OF THE UNITED STATES.

Ashburton Guardian, Volume V, Issue 1483, 15 February 1887, Page 3

COMMERCE OF THE UNITED STATES.

The annual tabulated statements of trade and commerce published by the Bureau of Statistics of the United States Treasury Department for the fiscal year ended m June last have just been issued, and contain a mass of exceedingly interesting information. From this it appears that while, m common with European countries, America has been suffering from commercial depression, the worst is m her case over, and the past year has witnessed a marked recovery. The decline m the total of her foreign trade for 1886 did not reach five million dollars, whereas that oi 1885 was eighty-eight millions, and of 1884 one hundred and thirty-eight millions. "The slight decline of last year (says the Austra lasian and South Amman) is regarded as an" indication that the trade depression has reached its lowest point, and that we are on the eve of a period of increased commercial activity and national prosperity. This is further indicated by the trade returns of the first three months of the present fiscal year, which exhibit a gratifying increase of 39*625,075 dollars over the total value of exports and imports of the corresponding period of last year. An analysis of the returns for the fiscal year 1885.86 shows that the decrease m the total value of our foreign commerce was caused more by falling prices than by any decline m the volume of business." The article from which the above is quoted then proceeds to show the relative bulk of the foreign trade of America to that of other countries, and also that while it has experienced the effects of the universal depression, these effects have been much more severely felt m Great Britain and France. The writer says : — "A comparison of the value of foreign commerce of the leading commercial nations of the world, shows that Great Britain stands first, Germany second, France third, and the United States fourth, and that the value of the commerce of the United States increased since iB6O to a much larger extent than that of Great Britain or France. An analysis of the returns of shrinkages of foreign commerce shows that the commerce of Great Britain shrank by 437,000-000 dollars between 2883 and 1885, and that of France by 378,000,000 dollars between 1882 and 1885." The falling off m the American exports of the past twelve months is shown to have occurred chiefly m breadstuff's and provisions, which exhibit a decline both m value and quantity, while there is also a falling off m the export of petroleum. The first is accounted for by the bountiful harvests m Europe and the increasing competition m the European markets ol other foreign producers — as for example India m the case of wheat supplies — and the prohibitory laws of several European countries as against the importation of American pork, is given as explaining the second, while the competition of the oil-fields of Eastern Europe is adduced as accounting for the decline of the petroleum export. It is admitted that there is no remedy as against competition m the wheat and oil markets, but the prohibitory tariff of other countries upon American pork is bitterly complained of/ and a retaliatory policy is advocated m the following terms :— " As far as the second item is concerned, we have strenuously advocated the imposition of a prohibitory tariff on the adulterated wines, the bogus silks, and other stuff sent here by Germany and France, that would bring the unjust action of both countries home to their own j doors, but it does not seem as though we could muster up sufficient national courage to return these countries a Roland for their Oliver." We are, however, pleased to observe that the i writer urges the admission of raw materials for manufacture into the United States, either free or at a low rate of duty, as if only this policy were adopted by that country the benefit to the woolgrowers of Australia and New Zealand would be enormous. This is what he says upon thfs point :-—" In the imports of mer chandise for 1886. the articles showing the largest increase are sugar and molasses, unmanufactured wool, hides and skins, manufactures of wool and raw silk. We are pleased to note that they are of such a character as serves to indicate industrial improvement, but still maintain that they could be vastly increased m quantity if the practically prohibitory tariff on some raw material we cannot ourselves produce were either abolished altogether or very greatly decreased." Altogether the statistics of the past year are regarded as satisfactory, and as promising the continued prosperity of American foreign trade; add that satisfaction may well be joined m by the New Zealand reader, inasmuch as the improvement which has begun m the state of trade m the United States is an indication that the tide has turned, and that the period of depression which has been experienced by the whole civilised world is passing away, and affords room for the hope that m 'its stead we shall soon experience a recurrence of times of prosperity and progress.