Great Falls daily tribune., 1919-05-02
EXPORTS AND IMPORTS.

EXPORTS AND IMPORTS.
The figures given out in Washington recently
stating the total of exports and imports into
this country for the month Of March have an
encouraging effect The totals show that both
exports and imports are increasing, but that
our export trade is growing by leaps and bounds
and passing all former records. The exports for
March were valued at O5O0O,0OO as against
$4,000, 900 in round numbers for March, 1918.
For the last nine months they amounted to near
" five billion dollars, an increase of about six
hundred millions as compared with nine months
a year ago
That helps the business prosperity Of the
country some. Yet there are other items about
our foreign trade which would be interesting
If we knew the facts, but no information is given
out on these points At least we have seen none.
We are especially curious to know how much Of
our foreign imports are paid for with credits we
furnished the buyers, and how good their credit
is. To lend purchasers the money to buy your
goods with may be profitable If you have the
money and are sure of your pay with interest at
later period, but not otherwise. And there are
just two ways to collect what is due on foreign
trade. One is for the debtor to ship gold to US
and the other is to ship goods or our securities to
us, or other securities such as their bonds or
other peoples bonds or promises to pay in the
future. AS matter of fact we might almost
have said there is only one way to pay for these
export goods, for We already have large part
of the free gold Of the world in our possession
and what we don't have is mostly unavailable for
paying debts. We also have received back a
large part of our securities held abroad for war
credits, and other promises to pay in the future
have come our way in large quantities Of late
years. The main reliance of foreign debtors for
paying the United States for goods sent abroad
must therefore rest in their ability and willing
ness to ship us goods which we want IN return,
either now or in the future. That means Of
course an increase IN our imports. But as our
exports are increasing much faster than our i'm
ports at present we are accommodating large
open account with the world to be paid later in
some way. That is to say the balance Of trade is
largely in our favor and we are becoming a cred
itor nation. That sounds good. It is good up to
the extent Of the ability and willingness of our
debtors to pay. But if we have to take that pay
in goods it opens up other considerations. What
kind Of goods for instance are we going to take
in payment, raw materials or manufactured
goods? In SO far as we take manufactured goods
we compete to some extent with ourselves If
they are such goods as We can manufacture
here. # we take only raw materials to manu-
facture ourselves can we get enough to settle
the bill from some of the countries to which we
send exports. If we receive more than we need
Of some things like coffee, rubber and other pro-
ducts we do not produce at home we must sell
the surplus either in the shape get it, or with
American labor added to its value
The great increase Of our foreign trade seems
to be regarded as very desirable thing. It is.
All the nations Of the world are keen to increase
their foreign trade, especially their exports. But
it brings new problems and re-adjustments in its
train, and nothing is clearer than this fact that
if we sell more abroad we must buy more abroad
sooner or later. Otherwise our foreign trade
must inevitably decline and wither up. Many
countries now good customers Of ours--on credit
must eventually sell Us great deal more If we
are to collect our debts against them.