Prospering At Our Expense

The greafc prosperity of the -vool trades has, iortuhately, more than offset the retrogression in notton, ihrough that refiection brings small consolation to Lancashirè. Tlie total gain ior the nino months nnder yarns 'and textiles is $16,48S,375, and as the value of woolen tissues taken by the United .States lias been atout $4,750 and of worsted tieue.i nearly1 $15,000,000 greater than In 1S94, no further search for the oiigin oí the improvement in the trade returns need be made. The lowering o; the American tariff lias been our saJvation, and it cannot be said that we have shown much reciproeity ; lor, instead of taking the increased value of our shipments across the Atlantic In l;ind, T,ve seem to haye bought American produce. It is need,lesH to go beyond our own board of trade returns to find au explanaticn of a good deal ol the monetary troutlv in the United States. Practically every penny that was subseribed here toward the recent imericán loan has been got back through the expansión in the exporte oí "woolens and Avorsteds ; but the United States has not coníiued her increased purchases to those ai-tipies. Last month she bought lc.-s ra "vool tlian in September, 1S94, tiuí, liad to pay more ior it. Hhe took ir ore cotton pieces, more iron, moie alkali, and more of sundry articles hich need not be specified. In ioir.e instancos the rapid growth of the pi ectding- months resulte} in a wlislit check in September, but in all these (se., the figures of the nine inonths sLow a big advance in 1S94. On 1hc other hand, -,ve have paid a good dta' less for American tvlicat, ;!our, l'ucon.hams, eheese, tallow and c.otIcn, to mention only those artidcs in ivhicli the contraetion is most apparent. The fact that the Argentine EepubU'i hoads the United States in respect of maize is not without signliicance. Tlius the trade balance tefween the states and this country is moving rapidly against the former, and il would require a large and reg':iar transference of securities from JSevs York to London to redress this tondency and restore the lormer poKiUon. And with India, Argentina out! Australia keeping up and even Uuproving their position as purveyors of -wheat to tliia country, -vith Argentina sending more as the United States, sends Iess tallo w, it will not lio easy for tlie American to regain tlieir old footing in our market. Last Oiontt India and Argentina sent us ïuore -n-heat than the United States, anü Russia and Roumania together topped the American figures. These all are factors that must be borne In m hui in judging the outlook in the tuited States, and it is unfortunate itat they are so consistent'.y over.'ooked in that country itself. The iucroase in the purchases oí British ntanufacturers may not be maintainert ; but on the other hand, the United ?iates must count on the .onipett tioii in vrheat and niaize becoming il oro and more intense as time aoes