The Washington times., 1915-07-15
WHAT THE EXPORTS MEAN

Since the close Of the last fiscal
year, on June 80, this nation has
been expressing its wonder over and
over again at the Governments an
nouncement Of foreign trade bal
ance in our favor for that twelve
month period of more than $1,000,-
100000. But that net trade balance
for the whole fiscal year does not
begin to tell the story Of what we
are doing now with our sales to the
world, what we have been doing for
months, and what, by all signs, we
are going to do for many months to
come.
If you want to know what that
81 ,000, 100000 balance for the last
fiscal year really means stop to think
that in the first month Of that year
before the war broke out-we had
a balance against US; that again in
the second month of the year--the
first month of the war--we had a
balance against US.
Think that In those two months
we not only were not piling up any
part Of the huge international credit
the year finally Hcored, hut we're
actually going inso trade debt abroad
by some $25,oo0,0O0.
Think that in September--the
third month Of the fiscal year and
the second month Of the war-oeean
shipping was still utterly demoral-
lied, international finances were still
in chaos and foreign trade to any
considerable extent, for lack of
ships, for lack Of exchange, for lack
Of all the instrumentalities of for
eign intercourse, was impossible.
Think that it was not until Octo-
berthe fourth month of the fiscal
year and the third month of the war
that the foreign trade balance in
our favor entirely wiped out with
something to spare, the foreign
trade balance thus far standing
AGAINST US; and you begin to real
ize what this country really has been
doing during the last six or seven
months of the war in piling up inter-
national trade credits for the Amer
lean people.
Forget the recently ended fiscal
year and think Of the present CAL
endar year. 1t began with foreign
trade balance in our favor of
$145, 73O,996 in January. With cot
ton and wheat at last flowing out of
the country in vast bulk-and our
grain at very high prices-our for
eign trade balance touched in the
short month of February the high
point of $174,6s2,47S. In May, with
last years surplus wheat nearing the
point Of exhaustion and with the
urgent demand for cotton satisfied
in countries where 1t could be de-
livered, the trade balance was
S131, 1,483,242.
The first five months of this calen-
dar year are the only ones for which
returns have yet been made by the
Government. The actual balance IN
our favor for those five months was
$726, ,760,156. This was an average
of more than $145,350.000 month.
If the balance for June-always d
low month for agricultural exports
whatever we may be sending abroad
in other lines-sl. .ould be 100000.
900, which would be far the lowest
Of any month since last December
the balance for the first half of thi.
calendar year, at more than $685..
100000, would be an average for the
whole half year upward of $685..
100000 month.
But if the June balance should be
no more than $75,000,000, why even
then we should have for this half OF
the calendar year within $200,000,.
900 of the whole $1,0OO,OOO,0 900 VIC
made in the fiscal year!
And if the latter half Of this cal-
endar year should do only as well as
the first half-and with our exports
Of arms and ammunitions now flood
ing out of our ports to the belliger'
ents in Europe who can doubt that
it will?-why, then, from Januar,
to December we shall have put the
outside world in our trade debt BY
one hundred million more than 6
billion and a half of dollars!
h. To fha MsaAA