America’s Diminishing Export Trade.

Hokitika Guardian, 31 October 1922, Page 1

America’s Diminishing Export Trade.

The exports of the United States to Europe during the fiscal year ended Juno 30th were more than 1,000,000.000 dollars below the previous year, and shipments to America showed a decline of moro than 300,000.000 dollars, the United States Commerce Department announced recently. BRITISH IRON AND COAL FOR AMERICA, Considerable i|iiantitc.s of pig iron and coke are coining to tho l idled States ns a result of heavy pur- | chases in the last few weeks, says the j Boston “Christian Science Monitor” of recent dn'to. It is estimated that, savings of Idol, and more a ton are being effect’d over the delivered price at which domestic product is’ ([noted. The American agent of one British concern has cabled orders to his principals in the last fortnight for 20.000 tons of pig iron and coke. New England furnaces are among those seeking the foreign iron and some sales have taken place at prices satisfactory in comparison with the Buffalo schedule. Tho orders for British coal coupled with the business now Ircing taken for pig iron and coke are not only stiffening the profits of English shareholders, but are also providing demand for idle American shipping. COMMENT ON ABOVE. Tho foregoing hears testimony to the fact that the United States of America have been so convulsed with social disorders of all descriptions that they have had to buy their own iron and coal from Britain. Their foreign trade is diminishing at the rate of a billion dollars a year. It may he said that these things have nothing to do wit prohibition. Perhaps not. But one of the principal arguments lor prohibition is -the economic argument-, and economic theories can only he proved by statistics. Theoretically prohibition should have improved American production to such ail extent that its foreign markets would have been indefinitely extended. But instead ol an expansion there is a contraction ’Null Sod.*