FINANCE AND TRADE

New Zealand Times, Volume LXXVI, Issue 5163, 2 January 1904, Page 16

FINANCE AND TRADE

.According to tho "American Grocer.” United States traders, notwithstanding the alleged "cut-throat competition” in every department of trade, seem to* have at hast, one commodity left which oocs its fair share toward "carrying tho baby.” Referring to the retail coffee trade of

the United States, our contemporary makes the following pertinent remarks: —“The finest grocery in Chicago lists Hi sorts of roasted coffee, from 1(3 cents per pound for Golden Rio to 40 cents per pound for Mandh.ding Java. A prominent New York retailer sneers at a 23 per cent, profit on roasted cofiee. “Why,” «iid lie, "it takes that to cover expenses, and we want a profit." A coasted colfee costing I—A cents retails at 20 to 25 ecu’s. And yet there are tens of thousands of grocers who. instead of selling coffee at a good round profit, satisfy themselves by distributing coffee at a nominal profit.

Tho United States, according to the official records, imported in 1902 precious stones to the- value of £5. 181.200. Probably the greatcr'part wore diamonds received through the United Kingdom, but rhe British returns take no note of such imports and exports.

It is stated in the United States that their reciprocity treaty with Cuba will make that island one of the most prosperous countries in the world. This year the Cuban sugar crop is tho. largest on record, reaching 1,250.000 tons, while mining operations havo been started at various points. The bill intrnrluc into the United .States Congress authorises the President, upon receiving satisfactory’ evidence tier Cub

made provision to give full effect to the treaty, to issue a proclamation declaring that dutiable articles of merchandise tho product of the soil, or merchandise cf Cuba imported into tho United States, shall be admitted ar, a reduction of 20 per cent, of the rates of duty fixed hy tho Tariff Act ,cf 1897. One-fifth off tiie American tariff is a fairly substantial conoes-siou.

Tho United States apple crop this year ia estimated by the Apple Shippers’ Association at 40,614,000 barrels, against 47.625.000 barrels last year. The Ontario crop is placed at 12,800.000 barrels against 16,000,000.

Sir Richard Cartwright the Canadian Minister for Trade and Commerce, says ho believes that tho United States ,is willing to enter into reciprocal trade relations, giving the Anglo-Saxon' raco control over three and a half continents. The “threo and a half continents” sounds a little wild. But has America shown tho least indication that way? Were sho to do so, the effect in England would he considerable. But in trade slio lias never yet shown anything but hostility, and it would need a far stronger and more authoritative pronouncement than Sir R. Cartwright could give to ma’,ko the British people think differently. Ho says that Gre'at Britain could force reciprocity upon the United States.

Tho cabled statement that Brazil authorises a reduction of CO per cent, in fho duties levied upon tho products of countries admitting coffee duty free is curious. It would work so unevenly. Tho export of Brazilian coffee averages somewhere about 13 million bags of 1" b each annually, and the price varies considerably. The United Kingdom imports about £1,600,000 worth of coffee for consumption, but not £400,000 worth comes from Brazil, and thev; duty collected upon all tho consumption, which is lip porewt., only amounts to about £180.00” a year. The Brazilian proposition apparently is that if that duty were remitted sho would remit 60 per cent, of her duties upon the £5,0(10,000 or £6,000,000 of imports from tho United Kingdom, which would certainly amount to a very much- lamer sum. Probably, therefor©, there , must bo considerable reservations which the cable does not refer to. The United States are very much larger consumers of Brazilian coffee. hut if Brazil made a rebate ' f 9 per cent, on its imports from that country and not from England, the position as far as the Brazilian trade of the United Kingdom is concerned would he much affected. However, it is to ho doubted altogether whether Brazil could afford such sweeping reductions in her import duties.

According to “Poor’s Railway Manual.’’ tho.miles of railroad open in the United States in 1902 numbered 197,887. The gross railroad traffic amounted to £331,f/46,240, while miscellaneous revenues and balances brought in £15.843.331. making a total of £366.889.591. Out n F this, the working expenditure absorbed £236.800,879. leaving tho net available income at £130,088,712. This net income was disposed of .as follows:—lnterest on funded dehin £45.413.449 other interest, £1.985.646: rentals £17.900.382: and dividends. £30,813.493' Then £11.710,000 was expended on “betterments,” and £22.266 000 remained as surplus. Tho £30.813,000 paid in dividends was the highest total on record, though it is far from being a high rate upon the total stocks issued. In the previous year the stockholders received £26.948.800; in 1900 £23,276,000and in 18S9 onlv £17,952.000.'