The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-12-25
AMERICAS POWER
OF SUPREMACY in
FINANCIAL WORLD
NOT TOB ROUTED
Ascendancy to Throne In
Brief Period of But
Three Years
TENDENCY TO BUY
FROM PRODUCERS
1917 Greatest Year in For
eign Trade for United
States

Washington, Dec. 22.-America's
ascendancy to financial supremacy
in the world in the brief space Of
three years, gives every promise OF
continuing after peace comes, ac-
cording to the annual report Of the
Bureau Of Foreign and Domestic
Commerce.
1T is probable that the demand by
European countries" the report
says, especially Russia, France and
Belgium, for building material, ma
chinery, railway equipment and 9TH
er construction and reconstruction
material will be larger than during
the war. Much Of our new business
in South and Central America, Aus
tralia, and the far east, as well as in
Africa, is expected to be permanent,
especially in view Of our increased
purchase of raw materials and food
stuffs from these countries"
Since 1914 the flow of gold has
been steadily toward the United
States in payment for this country's
goods, untiRn0ne- third Of the worlds
visible suppit OF gold is held here.
Net imports OF gold have amounted
in three years to $1,115, 000,0 900 and
in addition millions Of dollars worth
Of American securities held abroad
have been returned here in exchange
for merchandise. Millions also have
been invested in foreign securities
and government loans and the United
States has made loans to the allied
governments amounting to $780,
100000 to the close Of the fiscal year
1917.
Three years ago the suggestion
that the United States would soon be
a creditor nation received scant re-
spect either here or abroad" the re-
port says. Now speculation is turn
ing on our future rank among credi-
tor nations"
The fiscal year 1917 was the ma
TONS greatest year in foreign trade,
due almost entirely to higher prices
and not to larger quantities.
THAT higher prices are not con-
fined to the United States, but are
general throughout the world is
proved by the Increase in the prices
Of imported articles" says the re-
port
Exports in 1917 were valued at the
unprecedented sum OF $6,2s4, 600, 900
and imports were 2,660, 000, 900. The
exports showed an interesting feat
ure in the growth in sales OF COM
pleted manufactures, 1894, 100000.
The tendency to increase imports Of
raw materials and decrease pur-
chases Of finished manufactures
made a striking contrast on the 9TH
er side Of the ledger.
There has been a pronounced
tendency" says the report, to buy
direct from the original source of
supply instead of through middle
men as heretofore"
Most OF the exports went to Eur
ope. consisting in the main Of army
supplies and foodstuffs, but trem-
endous increases were made in COM
merce with Latin-America, the Far
East and remote parts OF the world
which formerly were customers Of
European countries. 1t is this new
trade which the bureau is organic
ing to aid American manufacturers
to retain after the war; and which
Burwell s. Cutler, chief Of the bur-
| eau, says can be done despite the
United States becoming a belligerent
adding:
1T is confidently expected that our
trade with South America, the Far
East, South Africa and with Aus
tralia will not be too seriously in
| terfered with and that we may reap
! in the future the benefits Of having
cultivated those markets so assidu-
| ously and intelligently during the
past few years"
Exports to North American coun-
tries increased from S529, 100000 in
1914, to S1,164.000, 600 in 1917, a gain
of 100 per cent. Shipments to South
America more than doubled, rising
from $125, 900, 900 to $260.O00, 900. Ex-
ports to Asia increased more than
three-fold, from S113,000,000 to $780,
900, 900.