The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1914-12-24
ABOVE S125,OOO,OOO OUR
MONTHS TRADE
BALANCE.

With every Government report on
our war exports and imports the
foreign balance of trade in our favor
shoots skyward.
At the end of DEFENDERS first
fortnight our own reading of the Of
fetal records encouraged US to de-
clare that the balance might score
for this month as high a record as
s127, 900, 900. Making conservative
allowance for possible let down in
the marvellous rush of our products
across the seas, we predicted that, in
any event, the figures would be in
excess of s1OO,OoO,0OO.
We were too cautious. Unless
there is an utter collapse of our
shipments abroad between now and
New Year the balance in our favor
for this month will far surpass five
times, is likely to run on beyond six
times, may even approximate seven
times twenty millions.
In twelve business days a dozen
customs districts handling 81 per
cent of the total imports and 80 per
cent of the total exports Of the
country gave US a balance of more
than 52,S40,000. This was an aver
age for the twelve districts of more
than s4,400,000 a day. For all dis
tricts it indicated a twelve-day bal
ance of more than s5S, 500, 900, or an
average of more than S4,800,000 a
day to the credit of the whole
country.
Now six days more-for the past
week-show in those test districts a
daily average balance in our favor
of $4,000, 900. This indicates for all
districts in the third week an aver
age balance of nearly 100000 a
day.
This ratio gain, therefore, not only
adds to the balance for the first two
weeks more than s35, Oo0, 900, making
more than s93, O00,O0 for the three
weeks, but runs up the average for
that whole period to about S5,200,000
a day.
For twenty-six business days in
the month a foreign trade balance in
our favor at an average of S5,000,-
900 a day would round out Decem-
Der complete with more than $780,
000, 900 in our favor.
1t would be idle to assume as a
hard, cold fact that every day from
now on to the end of the month we
shall export as much more than we
import to the penny as we did in
the days of the first three weeks.
But, in the face of a gain such as
our balance of trade has been max
ing persistently, it would be just as
idle to say that we cannot or shall
not do that very thing.
Whether it be S5,O0O,00O a DE-
from this on or $4,O00,OO0 or
100000, we shall sweep beyond,
far beyond, s12O,00O,0O0.
1t is now expected that the London
stock exchange will reopen on the
first Monday of the new year. 1t
has been feared by some faint hearts
over here that when England has
her own stock market again British
holders of American securities will
begin to sell them; and of course,
we must be the ultimate market to
receive such sales.
This paper does not know whether
they will or will not sell them. But
suppose they do. When we don't owe
in Europe a farthing of current
obligations, and now we don't; when
we are running up a trade credit
abroad of more than S125,0O0,000 a
month; when there are smaller de-
auctions of interest, dividend, ocean
freight and like charges to be made
from it than in years before-when
we are selling Europe to so pro-
digious a balance in our favor, why,
let Europe pay us some of it in our
own securities if Europe wants TO or
must pay in that way.
The American farmer, the Ameri-
can manufacturer, the American
merchant, are selling Europe our
surplus products at prices bringing
| fabulous opulence TO them and their
country. What better chance could
they want than to exchange those
wares at high prices into choice
American securities at low prices ?
What better could they ever do for
themselves, and where on earth
could they do it?