The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1917-12-19
Gains Made Since the War
Started Are Expected to
Continue for Years
ONE-THIRD OF GOLD
SUPPLY is NOW HERE
Fiscal Year 1917 Was the Nation S
Greatest in Foreign Trade, Due Al
most Entirely to Higher Prices and
Not to Large Quantities.

Not to Large Quantities.
WASHINGTON, Dec. l9.-America 5
ascendancy to financial supremacy III
the world in the brief space of three
years gives every promise of continu-
ing after peace comes, according to
the annual report Of the bureau of for
cigu and domestic commerce.
lit is probable that the demand by
European countries the report says,
especial Russia, France and Belgium,
for building material, machinery. rail
way equipment and other construction
and reconstruction material will be
larger than during the war. Much OF
our new business in South and Central
America, Australia and the Far East
well as in Africa, is cNpe ted TO be
permanent, especially in view OF our
increased purchase of raw materia
and foodstulTs from these countries
Since 1914 the flow OF z Id has been
steadily toward the United States III
.vmcnt for this country = goods unit
un"-fhird o. the world 5 visible supply
of gold is held here. Net imports c,
M have amounted in three years to
-l.1lj.0O0. 900 and in addition millions
# dollars worth Of American securi
,icS held abroad have been returned
/ here in exchange for merchandise.
/ Millions also have been invested in for
( aieu securities and government loans
and the United States has made loans
/ TO the allied governments amounting
/ to - ,225. 0O0 900 to the close of the
fiscal year 1917.
| Three years ago the suggestion that
/ the United States would soon be a cred
itor nation received scaut respect either
here or abroad the report SAYS.
&c Now speculation is turning on our
/ future rank among creditor nations.
The fiscal year 1917 was the nation 5
greatest year in foreign trade, due al
most entirely to higher prices and not
to larger quantities.
"That higher prices are not confined
TO the United States but are general
throughout the world is proved by the
increases in the prices of imported ar
ticles. - says the report.
! Exports in 1917 were valued at the
1 unprecedented sum OF S6.29i 100000,
and imports were $500, 100000. The
exports showed am interesting feature
IN the growth in sales of completed
manufactures. $294i,000,000. The ten
dcncv to increase imports OF raw ma
tcrialS and decrease purchases of finished
manufactures made n striking contrast
on the other side OF the ledger.
"Thcrc has been a pronounced ten
dency, says the report, Ito buy direct
from the original source OF supply in
stead OF through middlem"n As hereto
fore.
Most of the exports went to Europe.
consisting in the main of army supplies
and foodStuffs, but tremendous in.
creasss were made in commerce 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 manufac-
turers to retain after the war, and
which Burwell ;. Cutler, chief of the
bureau. says can be done despite the
United States becoming a belligerent
adding:
lit is confidently expected that our
trade with South America, the Far
East, South Africa and with Australia
will not be too seriously interfered with
and that we may reap in the future
the benefits of having cultivated those
markets so assiduously and intelligent
~ during the last few years.
B. Exports to North American countries
+. increased from $500, 0o0, 900 in 1914, tC
; $l,l6l,00o.O00 in 1917. a gain of ~
per cent. Shipments to South America
more than doubled, rising from 1925.
hn0o1O to 100000. 900. Exports I,
. Asin increased more than threefold
$ from Sll3o0o,000 to $3S0,0oo 900 Sale.
. to Oceanic rose from Ssi,0o0,OOo t.
81 I,oho.ooo aud to Africa from SOS.
. ooo.U0o to $53, 100000.