VALUE OF EXPORTS 5 



However, any organization of farmers, along economic lines, with 

 a policy of " savings, not profits," or " stabilizing of profits," would 

 not collide with the self interests of the majority. 



Capital Invested. Mention has already been made of the 

 capital invested in agriculture and manufacturing, but not of the 

 difficulty of interpreting the word capital as applied to agriculture. 

 The census figures for 1910 show total farm property, for instance, 

 of forty billion dollars. But of this forty, twenty-eight is land 

 value. And of this twenty-eight billions, fifteen billions is increase 

 in land values since 1900, and represents no additional investment 

 of capital. In 1910 some twelve billions of dollars represented 

 the value of farm buildings, implements and machinery, and 

 domestic animals, poultry, and bees. While land value increased 

 in ten years 118 per cent, these buildings, implements, animals, 

 etc., increased in value but 71 per cent (Fig. 2). 



In manufacturing, however, in 1910, there was a capital 

 investment of eighteen billion dollars an increase over 1900 of 

 105 per cent. In banking in 1910 (in commercial banks only), 

 there was invested capital to the amount of three billion dollars 

 a gain in ten years of 114 per cent. In transportation in 1910 

 (counting steam railroads alone) the capitalization was seventeen 

 billion dollars, an increase in ten years of 42 per cent. 



Value of Product. We cannot of course compare the value of 

 the products of all the great industries since these values are not 

 a matter of record except in the cases of agriculture and manu- 

 facturing. Here, however, since 1870, the value of the product of 

 manufacturing has been more than twice the value of the product 

 of agriculture. According to the classification of the 1910 census, 

 the values stood as follows: agriculture, eight billion dollars; 

 manufacturing, twenty billions (Fig. 3). A study of the census 

 figures shows that America, like some European countries, is 

 now primarily a manufacturing country. 



Value of Exports. In time past our chief exports were 

 foodstuffs. This has now changed. Thus in 1880 exports of food- 

 stuffs were four times the amount of manufactures exported. 

 In 1912, however, exports of manufactures were two and a half 

 times as large as exports of foodstuffs. In other words, exports 

 of foodstuffs remained at about four hundred million of dollars, 

 while exports of manufactures grew from a hundred and twenty 

 millions to over a billion dollars. 



However, agriculture has many exportable products which 

 are not foodstuffs, chiefly cotton (Fig. 4). Yet even counting 



