Elko independent. [volume] (Elko, Nev.) 1915-current, 1917-12-17

WASHINGTON. Dec. 17.z-America's
ascendancy to financial supremacy in
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.
eign and domestic commerce.
at is probable that the demand by
European countries" the report says,
especially Russia, France and Bel
guim. for building material. machin.
cry, railway equipment and other con-
struction and reconstruction material
will be larger than during the war.
Much of our new business in South
the Far East, as well as in Africa, Is
expected to be permanent, especially
in view of our increased purchases of
raw materials and foodstufrs 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
s1,115,000,0OO and in addition millions
of dollars worth of American securi.
ties 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 s2,25O,OOO,OOO 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 turn.
ing on our future rank among creditor
nations"
The fiscal year 1917 was the ma
tiion's greatest year in foreign trade.
due almost 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
articles" says the report.
Exports in 1917 were valued at the
unprecedented sum of s6.294, 900, 900
and imports were $2,66O,OOO, 900. The
exports showed an interesting feature
in the growth in sales of completed
manufactures, 1924 100000. The ten
dency to increase imports of raw ma
terials and decrease purchases of I'm.
ished manufactures made n striking
contrast on the other side of the ldger.
There has been a pronounced ten
dency." says the report, ito buy direct
from the original source of supply in,
| stead of through middlemen as here
Most of the exports went to Europe
tofore."
consisting In the main of army sup
plies and foodstuffs. but tremendous
increases were made in commerc,
with Latin.America, the Far East an,
remote parts of the world which for
merly were customers of European
countries. II is this new trade whicl
the bureau is organizing to aid Am
erican manufacturers to retain afte
the war; and which Burwell s. Cutler
chief OF the bureau. says can be don
despite the United States becoming
belligerent, adding:
ut is confidently expected that on
trade with South America. the Fa
East, South Africa and with Australi
Will not be too seriously interfere
with and that we may reap in the Il
ture the benefits of having cultivate
those markets so assiduously and II
diligently during the past few years
Exports to North American couI
tries increased from 1929. 100000
1914. to Sl,1GiOOO,OO0 in 1917. n gal
OF 100 per cent. Shipments TO Sout
America more than doubled. risir
from 1925 100000 to 100000 900. E
ports to Asia increased rrore thf
three-fold. from s119.OOO,OO to $685.
100000. Sales to Oceania rose fro
SS,OOO,OOO 10 $t11.OOO,OOO and to A
RIGA from S2S,OOO.OOO 20 $4,000, 90
An interesting fnct recorded IN Il
report is that war has nj =. mulat,
exports OF raw materials. which n
needed at home and which II IS dit
cult to ship owing to the war. althoul
exports OF cotton showed a recove
to S5i3,OOO,OO0 after the depression
the market during the first two yea
OF the war.
, For the first time in the history
the United States, Europe took sccor
place in selling goods to the Unit
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