28 THE PRESIDENT OF THE SOCIETY 



During the fiscal year 1896-'97, the sum of her exports and 

 imports had a value of 1,816 million dollars. Large as this sum 

 is. it is small compared with the foreign trade of the United King- 

 dom, France, or Germany. Of this great sum, 765 millions, or 

 about two-fifths, were imports. The difference between them, 

 the " balance of trade," was in our favor to the extent of not less 

 than 286 million dollars. In other words, we sold 286 million 

 dollars' worth more than we bought. The principal articles 

 which were sold were cotton, wheat, meat, petroleum, tobacco, 

 and manufactured goods. Those purchased were mainly sugar, 

 coffee, and manufactured goods. 



In carrying on this enormous traffic the port of New York 

 plays by far the most important part. Just about one-half of 

 our foreign traffic passes under the shadow of the Goddess of 

 Liberty on Bedloes island. Two-thirds of our imports and more' 

 than one-third of our exports pass through New York. That 

 city is probably the most important seaport in the world, for to 

 this foreign trade is to be added a much larger amount of do- 

 mestic trade by sea. 



Next to New York in foreign trade is Boston, which receives 

 one-eighth of the imports and sends out one-tenth of the exports 

 of the country. New Orleans holds the next place. Although 

 she receives but two per cent of the imports, she sends out ten 

 per cent of the exports, which consist mainly of cotton.-' Phila- 

 delphia is fourth in rank, with six per cent of the imports and 

 four per cent of the exports. Then comes Baltimore, which, 

 though she receives but one per cent of the country's imports, 

 sends out eight per cent of her exports. On the Pacific coast 

 San Francisco is the only port which as yet has any prominence 

 in foreign trade, and her share in it is but four per cent of the 

 exports and imports. The Atlantic and Gulf coasts take about 

 seven-eighths of the entire trade, and the Pacific coast only about 

 one-sixteenth, an amount equal to that of the Great Lakes. 



H. G. 



THE PRESIDENCY OF THE NATIONAL GEOGRAPHIC 



SOCIETY 



At a meeting of the Council of the National Geographic So- 

 ciety, held December 31, Prof. Alexander Graham Bell, LL. D., 

 etc., was elected President of the Society. 



