Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1917-12-21
u. S. FINANCIAL
SUPREMACY TO .
BE PERMANENT
Americas Ascendancy to a
Proud Place in the Money
World Should Continue

Washington, Dec. 21.-America' $
ascendancy to financial supremacy in
the world in the brief space of three
years gives every promise of con-
tinuing after peace comes, according
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 Bel
gium, for building material, machin-
cry, railway equipment and other
construction and reconstruction ma
terial will be larger than during the
war. Much of our new business in
South and Central America, Australia
and the Far East, as well as in At
rica, is expected to be permanent,
especially in view of our increased
purchases 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. until one-third of the worlds
visible supply of gold is held here
Net imports of gold have amounted
in three years to S1,115, 100000, and
in addition millions of dollars worth
of American securities held abroad
have been returned here in exchange
been invested in foreign securities
and government loans and the United
States has made loans to the allied
governments amounting to $2,250,000,-
600 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
respect either here or abroad" the
report says. Now speculation is
turning on our future rank among
creditor nations"
Nations Greatest Year
The fiscal year 1917 was the ma
tion's 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 general increases in
the prices of imported articles" says
the report.
Exports in 1917 were valued at the
unprecedented sum OF $6,294.00O, 900
and imports were s2,660, 100000. The
exports showed an interesting feature
in the growth of sales Of completed
manufactures. s2,944, 100000. The
tendency to increase imports OF raw
materials and decrease purchases Of
finished manufactures made q strik-
ing contrast on the other side of the
ledger.
There has been a pronounced ten
dency," says the report, Ito buy di-
rect from the original source of sup
ply instead of through middlemen as
heretofore"
Most Exports to Europe
Most OF the exports went to Eu-
0f
supplies and foodstuffs, but tremen-
dous 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 organizing
to aid American manufacturers to
retain after the war. and which Bur
well S. Cutler, chief of the ureau
says can be done despite the United
states becoming a belligerent, add
ing:
"It is certainly expected that our
trade with South America, the Far
East, South Africa and with Aus
tralia will not be too seriously inter-
fered with and that we may reap in
the future the benefits of having
cultivated these markets so assidu-
ously and intelligently during the
past few years"
Exports to North American coun-
tries increased from S529, 100000 in
1914 to SILICA. 600 600 in 1917, a gain
of 12O per cent. Shipments to South
America more than doubled, rising
from s125, 1000 600 to 26O,OOO.OO. EX-
ports to Asia increased more than
threefold, from s113,OOO,O0O to 3SO,-
100000. Sales to Oceania rose from
SS4,OOO,OOO to s111. 900, 600, and to Af-
rica from $2S,00O,OOO to $50, 1000, 900.
An interesting fact recorded in the