New-York tribune., 1920-02-02

1s1s is1s 7s4o io ss54 sas4 154os 5a5s 2s5o 2s5o
"The above comparison gives an idea
of the striking fact that until July of
ports remained 100000 tons behind
that in the corresponding period of the
preceding year. Still, their value was
greater by more than 100000, 900
marks. The same aspect is shown by
the exports. Whereas, in comparison
with the previous year, the quantity
was smaller by 11,10OO0O tons, the DIFF
terence IN value amounted to only 1885,
100000 marks to the disadvantage of
the current year. This striking differ
ence in the quantity of imports and ex-
changes that have taken place
within year. The exchange os
goods during the last year still
very lively between Germany and the
countries then allied to her, probably
played very important part in this
connection. The fact that notwith-
standing the extraordinary diminution
OF the quantity in the current wear the
value OF the imports still was by over
l,ooo,Oo0,000 more while the value of
the exports was only 1873, 200, 900 marks
the depreciation which the German mon
etary standard has experienced in the
course OF the last year.
apart from this one conclusion NAV
De drawn from the figures-namely
tnat, as already observed above. the i'm
ports exceed the exports very consid
erably, both in value snd in QUANTITY.
the more so as the enormous illegiti-
mate import Of goods across the Rhine
border, naturally not comprised by sta
tistlcs, has not been included in tbes.
figures. - WY Dc
IN this connection it has to be borne
IN mind that the development of the
DaIance or trade in the near future will
De unfavorably influenced by the fact
that Germany's possession Of foreign
securlties IS more and more getting ex-
hausted. The unfavorable condition
created by the great surplus of inn
poI1S against exports will, therefore,
make itself all the more severely felt.
Ss tne credits arising from the sale of
1orelgn securities are decreasing more
and more.
Inc assumption widely prevalent in
America that Germany will in short
time recover from the blows OF the
var ana VIII soon enter anew upon -
hourlshing period takes no account Of
the actual acts. The losses Germany
Nas suffered IN consequence of the war
are 100 enormous and the burdens She
''tIN0 ~ oear IN future are too
heavy Tor her to regain her old posi-
ZION IN the international market within
a measurable distance of time. Even
uhder the most favorable conditions
me process OF recovery and recupera-
ton VIII take number of decades.
Her financial weakening alone will pre-
vent germany, especially in regard to
America. from being able to come for
ward ware; as competitor of Importance.
he start which the United States has
won is too considerable and its ma
uonal resources are too rich fer Ger
man competition ever to become again
an important factor as far as Amerjca
Is concerned. Moreover, as the United
states takes part in the restoration of
european economic life by securing
arm footing in Germany and there
takes part In the solution of the indus
lrlal problems presenting themselves
TINS proceeding will offer the surest
guarantee that the restoration of inc
economic and financial position of Ger
many VIII be principally to the benefit
ol america. rms footing would nat
ura!ly be attained by the investment
OF american capital in Germany. Con-
sequently restoration of Germanv's
economic life would in two WAYS be
advantageous to the United States
iIrst as regards the profits on the in
Vestment OF capital, and second
owing to the Improvement of the Cor
man rate OF exchange. On account of
such a partlclpatlon it would at the
same time be possible to bring the eco
nomic development of germany into
harmony with the American economic
rO1icv' 'o' ~