The balance of trade in our favour was not so large for the first nine months of this year as it was for the corresponding period last year, but it in still big enough to keep the economists wondering. Exports exceed imports by the enormous sum of $39,270,540, and it is a mystery how the rest of the world maneyes to make the difference good.
The puzzle is, in fact, more complicated than ever, becatise the figures given increase a difference that was already enormous. Imports have been less than exports every ear since 1893, the' excess of the latter 544,541,808 In the meantime, also, there has been a large return of American securities from abroad, and every means for equalizing the account seems to have been exhausted. How can Europe. which is our principal debtor, continue to be x customer on stich terms Whatever the exp ation may be. the changes of this year do not throw any light upon the subject. It is true that we increased our foreign purchases by $22,490,295 during the nine months, but our sales increased by $14,264,036, 80 that the slight decrease in the balance has very little significance. One would expect a sharp decline in exports anil a decline that Would be progressive through a.considerable period, whereas the dependence pon jthe American market is more noticeable than ever.
But it is not to be supposed that such }an exchange can be continued far into the future, and it would be a. grey! mistake lo assume that it i3 essential to American prosperity. President McKinley. covered
[address when he said: "We aust not the whole question succinctly in his Buffalo repose in fancied security that we can for fever sell everything and buy little or
Text read from the printed page and cleaned; old type leaves the occasional error.