Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-06-30
FISCAL YEAR BALANCE
SHOWS s3,000,000,000
Value of Exports for Past Twelve
Months Will Total S6,OOO,.
100000.
IMPORTS GREATLY INCREASED
Efforts Will BE Made To Employ
Smaller Ships Not Needed for
Ocean Trade to Visit Latin-Ameri-
can Countries.

WASHINGTON. June 2e.-The United
States closes its first fiscal year as a
participant In the great war with a
trade balance OF approximately $1,000
100000.
Exports for the fiscal year will total
$4,000, 900. 0oo compared with So
2so,o4S,S94 in the twelve months ended
June 80, 1917. Imports increased from
S2.e5s.S55.lSo last year to about S3.-
p00,o0o,oO0 this year
Such showing was regarded as very
gratifying by government experts and
no uneasiness is felt because the trade
balance declined s63o.6s3.2o9 as COM
pared with 1917. steps are being taken,
however. to retrieve the loss as far as
possible the coming year, by full util-
cation of available tonnage in foreign
trade, especially small boats not needed
Tor transatlantic service, which can be
used TO carry surplus manufactures
to- Latin American countries and reduce
the shipments of gold. made necessary
by the United states becoming a debtor
nation of the other Pan-American re-
publics.
The increasing flow OF gold to South
America was one OF the most striking
features of world trade in the last
twelve months. Products of the Latin
Der, hardwood. nitrates. tin, platinum
have been sought IN large quantities
by the allies. which have had less goods
to ship in return as the war progressed.
The result has been that the Latin
American countries have been paid in
gold. which they hardly have been able
TO spend.
EXPORTS TO SOUTH AMERICA
LESS THAN THE IMPORTS
Imports of South American goods by
the United States alone in the last
twelve months have totaied nearly
S6OO.0Oo.00o. while exports to the same
continent have been only about half
as much. The United States also is n
debtor to Asia. Occania and Africa. de-
spite the growth In sales to countries
of those continents. Europe and North
America. including Canada, through
which Is shipped much of the exports
going to Great Britain, continue to look
to this country their great source of
supply.
The European ncutrals were strictly
rationed by the United States during
the fiscal year. exports TO Denmark,
Norway. Sweden. the Netherlands and
Spain being cut in some instances as
much rs 30 ner cent. Denmark re
q
goods from, this country, as compared
with approximately $4,000. ooc in 1917.
Restrictions OH shipments OF many
commodities had less effect on the
total value Of trade than on tie volume
because of steadily increasing prices
for almost everything. Wheat -four.
which was worth Sl0.57 a barrel at
the beginning of the fiscal year, had
risen to sig OF before its close. accord
Ing to export prices compiled by The
Bureau OF Foreign and Domestic Com
merce. Cotton advanced from 25.4 cents
pound to 500 cents. lard from 2l.9
cents 10 25.7 cents. and leaf tobacco
from III to 3S5 cents. The loss in
the trade balance was due largely 10
decreased exports of manufactured
goods. Shipments Of foods,utts IN
creased by s25o.0o0,0Oa. ,otaling 81.
55e.00o, 600 Exports OF crude materials
also were greater than last year. hut
the foreign sales OF manufactures
showed loss CT about s7po. oOO,ao0.
VAST INCREASE SHOWN
IN FOOD EXPORTING
Increases in exports Of foodstufts
We're comprised chiefly in the doubling
of mes, shinniepts 50 the allies amount
ing to more than S70oo0o.o00 for the
year. Brehdstuffs exports were worth
approximately 500, 100000 more than
last year
Although the Unired States is at
war with Germany and Austria Hun
gary, both enemy nations appear in
the trade statistics as sending goods
to the United States. imports from Ger
many amounting to 554.Toc. and from
Austria Hungary, sl2,766. Officials say
these doubtless were shipments started
many months before America entered
the war. and were held w by tbs
blockade Neither Germany nor Aus
tris Hungary received any direct ship
inents from the United States