Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-04-25

III ICludl NdlNtSt liltItlOICt as we'll
as in nominal values, there Is remark.
able balance in favor OF the country.
Except in the year 1911 the balance has
been favorable every year since 1894,
but it is only since about the beginning
OF the century that the margin has been
of considerable size.
Balance Keeps Climbing
The balance. moreover, has continued
70 climb during 1917, figures for the first
nine months of which are now aval.
able They show imports of $l33, ,s0s,siO,
as compared with SlG3,574,lSl for the
corresponding nine months Of 1916, and
exports of sil4.02S,3SG, as compared
with $367,776,146 In 1916, nominal
values. the real value being imports,
$266.7SI767 and $275,lGS,905. and sr-
ports, s414,02s,3S6 and $685. O0S,s34, Tor
1917 and 1916, respectively. Imports
thus decreased and exports increased, as
compared with the previous year, when
the difference had already passed all.
records. There is reason to expect o.
continuance OF both these tendencies, as
crops are reported good providing the
usual surplus for export and the fac
tors causing a decrease In imports are
more than ever in evidence.
TO compensate this heavy outgo Of
values it Is naturally to be expected that
i'm addition to the usual items Of pay
ment by which the trade balance IS
rcctifled Argentina will begin to liquldau
some of the obligations held against the
country in Europe, as well as import
increased amounts of gold, AS a matter
OF fact both Of these movements are
taking place. In 1916 the following items
are given as entering into the recuhca.
tion of the trade balance: Purchase OF
foreign securities, S1O,000,000; interest
on national, provincial, and municipal
loans, $5l,1l7,22s; interest and dividend
payments of railways, $46,195,9OS; IN
terest on mortgages, $37,947,O24; pay
ments on other foreign capital, S22see'
$50; transfer of savings, $3S,OOO'VVVi
expenditures of Argentinians abroad, So'
0OO,0 This leaves unaccounted ior
balance of S57,Sl2,402, which amount y
made up by two items, diminutlon oi
credits. commercial capital, cancellsuoh
OF mortgages, etc. to the extent OF NH-
19O,51S. and an increase in the exisuhs
stock of gold amounting to Sl762l'SSA
II is reasonable to expect that these
last two items, which represent c'ea
gain on the part of Argentina WIN
steadily increase during the rest OF tne
war, although the reluctance OF foreign
countries to export gold will prooaop
throw the emphasis more and more w
the settling of accommodating deots ~
Argentina through the cancellation u
Argentine debts to foreign countries
Movement of gold, however, as yet Con,
tinues to increase. Argentina III dt tne .ss u'' :
nine months of 1917 importing $:o'!sS
926 in bullion as compared win az
OSl,555 in the corresponding months y.
the year previous, S25,S5S,2t0 ln ~ ~.
whole year 1916, and S4,2OO,5l' III u'
whole year 1915.
II should be noted that this Is ~
under the importation recorded in sevsI.' sever
prc-war years. but the actual acquislus,s,
of gold by Argentina has been W.. iuus-
greater than the import figures lnolo..s. mar y,
provision having been made In lsIt ~ =,
the deposit OF gold in Argentine lesayys-
abroad which would ordinarily be smg
ped. 1t Is because of the diflcuiV a
shipping gold and the objection 70 ~,
shipment that the recently anhounssas
agreement between the United states aas .ns
Argentina was made by which peiso~,
here owing accounts in Argentina .~s, "a,
settle them by depositing the ai''OS.,, ~
with the Argentine ambassador, W. W..
deposits It in turn in the Federal he9''
Bank of New York.