Exporter

“ The returns of quantities are compiled from the officially controlled declarations of importers and exporters. These declarations state the countries from which the articles are directly imported and to which they are directly exported. An article coming, for example, from the East Indies via London is recorded as coming from England. The recorded imports include all articles imported, whether for consumption inland or for re-exportation. ”

“ In the decade ending with 1905 exports of manufactures from the United States increased 198 per cent, while those from Germany increased 75 per cent, those from the United Kingdom 40 per cent, and those from France 25 per cent. This rapid increase in the exports of manufactures from the United States has brought her to the third rank in the list of the world’s exporters of manufactures. ”

“ There is no doubt that our prohibiting the importation of a particular article, which, but for the prohibition, would have been imported, enables us to obtain our other imports at smaller cost. The article for which we have the greatest demand, and for which our demand is most increased by cheapness, is that which we should naturally import preferably to any other; now of this article we should import the quantity necessary to pay for our exports, on terms of interchange less advantageous to us than in the case of any other commodity. ”

“ The vulgar theory disregards this benefit, and deems the advantage of commerce to reside in the exports: as if not what a country obtains, but what it parts with, by its foreign trade, was supposed to constitute the gain to it. An extended market for its produce—an abundant consumption for its goods—a vent for its surplus—are the phrases by which it has been customary to designate the uses and recommendations of commerce with foreign countries. ”

“ We have inland navigation. Our last exports did not exceed £1,000,000. Our export trade is entirely in the hands of foreigners. We have no manufactures—depend for supplies on other nations—and so far are we from having any carrying trade, that, as I have already said, our exports are in the hands of foreigners. Besides the profit that might be made by our natural materials, much greater gains would accrue from their being first wrought before they were exported. ”

“ We export, also, some of our manufactured products which compete successfully in the foreign market. A majority of them consists of those articles whose principal value is contributed by labor—our intelligent, energetic, efficient American labor, aided by superior machinery and inventive ingenuity; articles representing that striking, important and natural combination: the best labor, commanding the highest rate of wages, and producing at the lowest cost. A large exporting merchant tells me that when he finds a manufactured article 65, or in some cases even 60 per cent. ”

“ The government, of course, will have no pecuniary responsibility or interest in the enterprise, and the essays upon the various branches of American production will be general, and not in the interest of any firm or business organization. The enterprise is designed to collect material for the improvement of our export trade, to show what American producers can furnish for the markets of the world, to encourage American competition with foreign markets, and to call the attention of foreign capital to the opportunities of sound and profitable business with this country. ”

“ The other modes of payment for the excess of imports are, of course, well known to you all. In the first place, the difference is much greater in appearance than in reality, because of the difference in values, the imports being charged at their value on arrival here, while the exports represent their value in this country, not the price at which the goods are eventually sold—the stated values are nett—and the profits of our merchants should be deducted from the value of the imports, and added to that of our exports respectively. ”

“ Exports and imports were no longer a tiny margin in an economy just above the subsistence level. Exports were primarily raw wool and cloth, but also grain, butter, eggs, herring, hides, leather goods such as bottles and boots, embroideries, metalware, horseshoes, daggers, tin, coal, and lead. Imported were wine, silk, timber, furs, rubies, emeralds, fruits, raisins, currents, pepper, ginger, cloves, rice, cordovan leather, pitch, hemp, spars, fine iron, short rods of steel, bow-staves of yew, tar, oil, salt, cotton (for candle-wicks) , and alum (makes dyes hold) . ”

“ The first branch of foreign trade, which is the export and import of goods, depends on the money. if one half of the people are imployed, and the whole product and manufacture consumed; more money, by imploying more people, will make an overplus to export: if then the goods [Pg 24] imported ballance the goods exported, a greater addition to the money will imploy yet more people, or the same people before employed to more advantage; which by making a greater, or more valuable export, will make a ballance due. ”

“ The manufacturer or the merchant must take the pains to accommodate a direct import trade to the exigencies of the local market. As an example, smaller bales and shorter lengths are requisite in the piece goods. The establishment of sample warehouses at the treaty ports, and in the more important trade-centres of the interior, where bales of shirting, cotton and woollen goods, cases of farming implements, &c., could be opened and sold for cash, would appeal to the natives. ”

“ Countries which export food, have the former advantage, but not the latter. But our own colonies, and the countries which supply us with the materials of our manufactures, maintain a hard struggle with us for an equal share of the advantages of their trade; for their exports are also of a kind for which there exists a most extensive demand here, and a demand capable of almost indefinite extension by a fall of price. ”

“ The case which we have just examined, is an example in how remarkable a manner every cause which materially influences exports, operates upon the prices of imports. According to the ancient theory of the balance of trade, and to the associations of the generality of what are termed practical men to this day, the sole benefit derived from commerce consists in the exports, and imports are rather an evil than otherwise. ”

“ It is, indeed, a general law of prosperous commerce that the real value of exports should by a small, and only a small, balance exceed that of imports, that balance being a permanent addition to the wealth of the nation.
The extent of the prosperous commerce of the nation must be regulated by the amount of its exports, and an important addition to the value of these will draw after it a corresponding increase of importations. It has happened in the vicissitudes of the seasons that the harvests of all Europe have in the late summer and autumn fallen short of their usual average. ”

“ The other, and this is even a more pressing solicitude to him, is that it is of vital importance to us to look after our external markets, to make sure that we shall always have customers, and good customers, to buy our goods, and so to enable us to pay for our indispensable imports. The Free Trader does not share this solicitude. He has got a comfortable theory that if you only look after your imports your exports will look after themselves. ”

“ England might possibly import more goods from, than she would export to, France, but she would in consequence export more to some other country, and France would import more from that country; so that the exports and imports of all countries would balance each other ”

“ It is a fact to be pondered that we are exchanging the products of unskilled for skilled labor with the nations of Europe. In the course of a year, for example, England exports of raw material and food only about $150,000,000 in value, while her exports of manufactures aggregate about $850,000,000 in value. On the other hand, our exports consist almost entirely of raw material and food, their annual value being about $800,000,000, while of manufactures we export only a beggarly $75,000,000 worth, and our imports of manufactures are of the annual value of about $250,000,000. ”

“ And along with this vast aggrandizement of manufacturing industry and commerce, there has been a steady increase of both imports and exports, as well as of revenue from customs. The increase in imports has consisted of articles of luxury and raw materials for manufacture. And, as if to leave nothing wanting in the demonstration, the increase of exports has constantly included more and more of the products of agriculture. ”

“ American producers send more than 90 per cent. of their entire foreign shipments, or more than $2,000,000,000 worth of goods, to nineteen countries, and the remaining ten per cent. covers the trade with all the rest of the world. England buys about 26 per cent. of the total American export; Canada 15 per cent.; Germany 13 per cent.; France 7 per cent.; the Netherlands 4 per cent.; Italy, Cuba, and Belgium, each 3 per cent.; Mexico, Japan, Argentina, Australia, Russia, and Brazil, each 2 per cent.; and Spain, Austria-Hungary, Panama, China, and the Philippines, each about 1 per cent. ”

“ The excess of the value of imports over that of exports, which is regarded by some as an adverse and alarming symptom in British trade, is in large part readily accounted for on the ground of shipping receipts, insurance returns, interest on capital employed in foreign trade, merchants' profits, and the income derived from foreign investments. ”

“ In the fifth place, if the general state of our exports, and of the importation of the raw material, from which they are prepared, is considered, it will not appear surprising that the principal marts of manufacturing industry should be in so deplorable a situation. ”

“ Our exports especially are increasing beyond all anticipation. All we sell and all we buy abroad is paid and settled for on the gold basis. The prices of our principal articles of export, of our agricultural staples, are virtually determined in the foreign market. ”

“ And be it further enacted, That all articles exported shall be valued at their actual cost, or the values which they may truly hear at the time of exportation, in the ports of the United States from which they are exported: and that all articles imported shall be valued at their actual cost, or the values which they may truly bear in the foreign ports from which they are exported for importation into the United States, at the time of such exportation. ”

“ A large export trade with such a country would be a profitable and mutually beneficial business activity for an enterprising commercial and manufacturing nation, with broader business and politico-economic policies than are found in some of the European countries. ”

“ In speaking about the future trade relations, it is natural that the question should arise as to what goods can be exported, and what goods can be imported. I think that it would be perhaps a little hazardous on my part to give a detailed list of such goods. This question can be settled only by a most elaborate and careful study of all conditions of the markets in each department of trade. These conditions change continually: goods that cannot be sold to-day may be sold very readily to-morrow. ”

“ The exports must very nearly amount to the value of foreign imports, which consist principally of sugar, wine, brandy, salt, wearing apparel, and household furniture. The import duty on European and North American produce is twenty-seven per cent. ”

“ The effect on the exchange of an import or export of gold is, of course, just the same as that of the import or export of any other commodity—an import turns the exchange against us and an export turns it in our favour. If we send gold, for example, to Germany we thereby meet a German claim on us or create a claim for ourselves on Germany ”

“ Today, with our total trade expanded from P1.8 billion in 1954 to P1.9 billion, we have channelled 42 per cent of it to Europe, Asia, and Central and South Amer­ica. This geographical broadening of our trade is an en­couraging feign of growing stability and lessened dependence on a single country us the source of our imports and the market for our exports. ”

“ Exports continue on a certain scale all through the year, but, like imports, are heavier at some times than others. In the Fall, for instance, when the year's crops are being exported, shipments out of the country invariably reach their zenith, the export nadir being approached in midsummer, when the crop has been mostly exported and shipments of manufactured goods are running light. ”

“ If they were entirely separate, without political or commercial connection, it is manifest, that the consumption of the manufacturing states of foreign articles could not exceed twenty millions, the sum at which the value of their exports, of domestic products, and the profit of their foreign trade is estimated. ”

“ On the other hand, there are imports so entirely of foreign origin, and so free from considerations of competition with domestic industry, that a large revenue may be raised upon them in the custom-house, without disturbing the freedom or equity of international trade. ”

“ Manufactures have come to figure respectably in our exports. They exceed in that list, by three or four to one, the entire exports of all kinds in 1790; and they equal the average aggregate of the years from 1815 to 1824. But the multiplication of the wants of a people rapidly growing in numbers and refinement will, with the comparatively high price of labor, scarcity of capital and distance of most of our ports from the markets supplied by European manufactures, for a long time to come make the home-supply the chief care of our artisans. ”

“ But if free raw material be necessary to secure an export trade and the foreign markets, then I answer that our manufacturers to-day have substantial free trade in foreign raw materials which they make into the finished product in the United States, provided they export it. ”