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This was the actual position Of the trade be4wsen the
two countrat up to the lst Of July ss and certainly
ths result Is most favorable to the country Il will be
observed by the foregoing tables that the exports from the
United states OF goods, and merchandise, the
growth and production Of thi.country alone, have fo
the past two years raised balance Of trade in favor
OF S45'74, while the actual balance in favor tor
the same time on ell exports both foreign and do
mesc. amounts to S22 500 s5a of which $i552 7s
cumuatei in nine months under the present tariff So
far as these statements go, very fine state Of thrgs pre-
vale but since the time included in these tables the
face Of commercial relations with nearly all foreign
countries has become greatly changed The balance
been reversed and Indebtedness has already becsme
quite large Our exports have not only diminished but
our imports have increased to very great extent