The Washington herald., 1920-08-28
REACTION IN
TRADEBALANCE.
Latest Figures Show Huge
Reduction Over Last
Years S Report.

Figures just made public By the
Department of Commerce Indicate
That the reaction predicted in
American export trade is now I'm
full swing. Whereas our favorable
balance Of trade for May amounted
to approximately sSI5,ooo. geo. this
balance for the month Of June fen
TO !7S,O0O. .0eO. while a fsvorsbls
balance for the twelve months end-
ing June, 1919. of about y1lss
100000, was reduced for the twsIy,
months ending June, 1920, 10 So
s72 ,0O0. 600.
In considering the latter figures
II should be borne in mind thai tbe
twelve months ending June lsao
Include a part of the time durfnr
which the effects Of government a.
vances to foreign countries were
still being felt. The substance OF
the figures may be presented in
compact form in the following brief
table:
June
l02O 1919
Imports:
Free Of duty.S sTTooo. 900 s 1876 s.s1s. ass
Dutiable 276ccO.ccO 81, SIS .Oss
Total .......s 5ss.coO.OOO 5 2s2ysIs.s4;
Domestic IS 617.ooO.ooo so7 sss oss
Foreign ..... 100000 eo.HI11I
Total .......s GsI.Ooo.coo a.s. .z7s. 50,
Lieess ehPorts.s 100000 GS5y ysSs .ees
l. months ended JuBe-
Imports:
Free Of duty 81. .4O5. -. .scs s. 70. %. Sos
Dutiabie ...- l,SSS, ,5lo,s So sS5. sci. so
Total s5.=ss.74S.Sso SsUs5. 20. .oSs
Domestic ...s7.asO. 80. .s72 E7.asr. ssr .ass
Foreign -.... lGo.s4o, ,459 $50. $50 .74s
Total ss,IIIr7s.IsI s7.cs2. :s2. sss
EIcess exports 81. So 80 .55I s. 1856 5sa siS
Exports decreased in practically
all lines OF foreign commerce. De
partment Of Commerce reports show
the seven months ending with July.
bread stun shipments were down
s44.OoS.72s: meat and dairy prod
ucts, S46o.S5S,0SO. In July Of this
year we exported S45.S22.7Ol less
cotton than in July. 1919
The foreign markets have not de-
sisted in their efforts 10 depIete our
stock Of gasoline as is shown by
the fact that in the nrst seven
months OF this year they purchased
fl65.51G2l3 worth more than in the
similar period in 1913
Further CurtaiIment Favorable.
Numerous factors. according to
the Federal Reserve Board. confirm
the belief that our excessive export
balance is now in process OF being
still further Curtailec
Tho N.r,-
prevailed in the United states for
many months and which until re-
Gently have shown indication OF ad-
vancinE 10 still higher levels have
undOubtedly tended to discourage q
good many foreign buyers who
would otherwise have sought q
supply themselves in this market
but who have found it Impossible
to contend against tho combined
handicap furnished by the high do
mestIc prices resulting from un-
favorable exchange conditions
Shipping concerns testify. il il
stated. that shortage OF freight for
exports is more pronounced than it
has been for some time past, and
while this is in part due TO en-
barEoes or what amounts 10 such
upon coal and other heavy freight.
as the result OF the transportation
"tie-up." there is every reason TO
aScribe it. in part at least. TO the
general competitive conditions al
ready referred TO. In this same
connection mention should be made
Of the fact that. as money Strin-
gency has become more pronounced
and rates higher. there has been
an increasing indiSPosiIion on the
part OF commercial banks TO furnish
financial facilities designed TO take
care OF the movement OF goods
abroad.