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Show i BALANCE OF TRADE. i . : , Victory over the Uuus undoubtedly sived the British empire from dissolution, dissolu-tion, if not destruction, but the victory has been achieved at a frightful cost both in mcu and money. Great Britain's financial situation is very unfavorable at the present time, and she no longer controls in the realm of foreign trade. She will undoubtedly better her position as time goes on, for chaos reigns in Ger-a u-ianv, and her other continental rivals in time of peace are practically, if not actually, bankrupt. The United States now occupies the foremost position in the fiuaucial world, and American man-. man-. ;:jfsc;;;rer and export associations are invading all the 'distant, markets. In tie 'days gone by the foreign nations, es: ecia'.lv Great Britain and Germany, !:!id what mis.hr properly be termed a iS-st'. mcrtgage upon the industries of this 'country on account of their enor-' nous investments. The balance .of trade wYs he-ax iiy :u cv.r favor before the war, tut the j.r. t'-ts went back to Europe in 4.; iorm iivi. lends and interest. This j lu'aucc v-.-s due to the enormous j ahiouins- or foodstuffs and raw ma- j ; rials we scat over the ocean. We are j ttiil expor.in;: these' products, ;.nd. in j addi::.,u, we iia'.'e increased our 'tradei - -ia man-aiactured articles. In the meantime.- we have H-ecro a 'creditor ia- j stead of a debtor nation, and interest j uioncv is now flov.in in our direction. London's s-r: "r rem a cy Yis the financial j i-Catt.i-"of the w-orld has been -challenged : hi- Xf.v York., and the American dollar ! is fast bc-.-on.in' the standard of value. J At any rate, it is no longer tied to the : jktnd sterling, which it is said will cer- j tainlv ht-l: :ue farmer in the markets j -.-.-here it Las been depressed. L'r.for- j T9uatv!y for oar trade prospects, the 2c- j cfl-ae in 'the value. .of foreig'n currency I uiay resuit in checking oar overseas , trade, especially with the 'European . ijuntrie-. t'i-ou this subject in its April j recie-.v. t:.e .National t.itv canti 01 -ew Vorksay. - " j irc accii.s-.oed to say that, tho fs'hai.'j.s are in our lavur wht-n our (-M'lji-is e.V'jcd our imports, and so thc-y I n- ihii ei.se that the biiiance is e.):r, f) u.-. but th-r.v are not favor-ii favor-ii f t 1 iiiLTriismt; O'jr expurtd. On the e mn-ary,' as -j:.r as the balance run-ij run-ij a. l--'A reaches the point wl.-.-r.: (::': on that country soes to u ';T--:n.U!;;. jh ; .iieiic-.s eurne into i-lay to i:h".'k ns ex;i". is a'nd stimulate its im- j por-.. In oiiir .voras, the law.? of trade : t id noi'iii :i.'iy to 001 rout a state of un-V un-V Li I n -d . t fui-i " and t'j maintain an o.ui-Liir o.ui-Liir iuni. ' -ft is yt.t id in teacnm? physics tii'at nature an'n-rs a vacuum, which is one vvTiy of describing the tendency to maintain- an - -equilibrium which runs t:t n. l,i a!I natural lavv-. Vh-. "tlie balanced running- to a couri-t:-- rc:--;h the point where exchange toes t a pi vniium, purchiih'-js in that coun- i T !'r b'-eorre more costiy to the extent of I i: poi.muin. .New York exchange is n j w co r- n c, '. n'.l i : g a p re n t i u tr, of about 2't pr ceT:t in Canada. nb"Ui-5 fier ctnt j in l-hiK-.'ajid, 1 ') per cent m France. 40 j I i:- fi.-jit m Italy. Buyers tt American ) k:.-- in tli'.s-; coun-.i-.es must pay the j An.'ricai. ::ri'.-e.- pius the exi-hang- vfr- -n-iuin. plus trans no rtat. on ciiarK'-s. As 1 t'tv f x- v. :ii'e eh a i gbs rise, the effect is j to. il:s';-jr.ib'.: tiie purchase of American gos. j tu the 'ther hand, tlie decline in vaUie nf ;t :.,r;ign currency in terms of the1 d'liiar v i ; 1 rnrJiv goo(i.-5 priced in that cur- f u y cheaper to A:n-T.i an buy.;rn, and i tliiis tf-i:d to entourage i rn or ' a t ions into j t;us i oun'ry. Thus w.iu French ex- j CiL-'tM'-r- at a d .'i.'ount of 10 p..-i- cent, a I C'.j.rpar;-d w.th the dollar, an Am ft: can ' bu. :'-' by converting fhlar.-t into francs 1 (.ci irre. ';.'i:-e tin; p'Ji eha--:!tg nv r r-t his j ney o rfcr c-rit. Or, to put it rh- oth'-r v. ;iv, a i-'r-"-och r-xpwrtcr veiling K'i'h in the l'ti.td S'at --s and rece; v- ( i . t f.riy in a .W-w York crcd it can s--U I lint ciedit in i'ari in some i-o'iow coun- j livmaa a a prcni.um of 1 ') :--r c.-i;t, If i ) :,: a t"-r ? n:-r.- i: c ), ?.., --: in the j la p-t - and rvo;'p by the preniiuni f-'T!-' b 'oav .-; : ijri.aLinct-wi that f ,v -r hn r k " a j rem :'ir n, i:a t.ura ! law ((,'.- :o i'ed i' ' 1 1 : p'j r i h and lncre:!-e of- rmnof'- ''f cr'-l:t.r coiwi'ry until the .; .:'.'i''ii !:. b;i a: info liaiaii'-e. Th" ; -r-.-erit in liationH are that tlie tv - Vor!; -y.-h a n jre will coit i nun to t'.v: in foreign ma r'.: et.s' nu t i our oxportV -f. Tc 'I'-'-l or t ';( rn a h i rt l' of Ion n -j ii t'.i-. co'intiy i.H j'roinoe-l. Ho it wnuH f-'-Mn tant the a nil i .i n' of rx'-liariL''"' j; .i';-1 rt inifortint to the hnine jn-t.-f' -'i of 1h'4 ro,:r.iy ;n it i to t J i ' 1 1 ' - ira-n at o 1 1 1 e i' con 1 1 ! ri' (,' s: n-e , V ) Up: t h::'."(! ;in 0'lti't for onr J-rodil'd ''i'iie I-:. ; i :i u t a ri t j r. n i -j vr-r e . I i n i;l y rof:, :,-; , t lli-.Tf nni t ,c a uriv out. Y;r ( i- a i f f'Ti-nco of o;iinion fnnl-i:.;: fnnl-i:.;: -lwtu rhf fe proiilcm, hut it ii I it My j.r o! .ah!.: that tlie New York 1 rn:'..,--i hnve better i'li'Ill UjiOn 1 he itiili- t an ar'y oti.er rl;i-.- of .eoJf' in ; ' ' om 'i ' r v, ; ti ' 1 D'li n t ntntr'-moil .'ril 1 1 ' : :'' t' ;n'n at V.'a h i n ton. We (!' I ; r II v l.'cU, i'-n-l o-.er fhe rnontlilv v::a,rt. :tr. I'i port fiari--(, bcrin iliev oar '':. . ; n- rvt a i n ly j.o ' se?5ed of great advantages over all the tit her nations of the world. But if the j foreigners cannot afford to buy in our , market the figures may not look so cn-: cn-: ticing in the course of a few months. Foreign trade is not a jug-handled arrangement ar-rangement by any means, and we cannot can-not make it st. |