The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1922-05-19

Stated Value Shows Decrease OF
approximately "a Per Cent
Over Preceding Year.
FIGURES FROM Is COUNTRIES
Expert Satistioian Gives Interesting
Analysis Of World international Trade
Fall in Manufacturer Greater
Than In Natural Products.

New YOrk.-Ine QlScuSSlOuS at IhS
European economic conference In ses-
sion at Genoa have aroused an inter-
est in /, the subject of international
trade as it compares with pre-war ana
Immediately after the war periods.
Mr.. O. P. Austins statisticfan OF the
National City bank Of New York, pre-
pared the following interesting state
ment of world trade conditions and the
table Of imports and exports of 70 OF
the principal nations of the world
which accompanies this article. Mr..
Austin says:
World international trade In 1871
was only about two-thirds as much in
stated value as in the Immediately pre-
ceding year. Official reports OF the
1921 imports and exports Of % prin-
cipal countries Of the world aggre-
gate, when transformed to U. S. dol
lars at the par value Of their respec-
tive currencies, approximately $52,-
OOO,OOOOOO against $4,000, 100000 in
1920, a reduction Of approximately "a
per cent in stated value.
The principal countries for which
1921 figures are now available include
all Of Europe except Russia, Poland,
Germany, Portugal. Greece and the
states formed from the Austro-Hun-
garian empire; the United States,
Canada, Cuba, Argentina, Brazil and
Uruguay in America; India, Japan,
Australia, New Zealand and the Phil
ippines in the Trans-Pacific area
Egypt and the South African Union in
Africa. They are representative coun-
tries, typifying the great industries OF
the world; the European countries
the United States and Japan, the
worlds great manufacturers; Canada,
Cuba, Argentina, Brazil, Uruguay,
Egypt, South Africa, Australia and
New Zealand great producers OF food
and manufacturing material, while the
United States also belongs In part to
this second group. Their combined
imports and exports formed two-thirds
of the international trade Of the world
| I'm the year before the war, aggregat'
ing in 1913 $4,000, 100000 out Of a
world total Of $4,000, 100000. Assam
ing that these Is countries still repre-
sent approximately two-thirds Of the
worlds trade, the total world com
merce Of 1921 would stand at about
5000 100000 in stated value, agains,
approximately $4,000. 900, 1000 in 1920
and $4OOOO,O0O, 900 in 1913.
Currency More Stable.
While comparisons Of world trade
in 1921 with that Of earlier years art
rendered difficult by reason OF tht
fluctuations, in the value Of the cur
rencies in which the commerce OF Ger
tain countries is measured, it happen!
that the currencies Of the Is countries
for. which 1921 figures are now avail
able show less violent changes during
the past IL months than those of Ger
tain other commercial countries who's
trade figures are not yet available II
sufficiently complete form to justin!
their inclusion in the tabulatton her'
presented or to render possible com
harrison of their 1921 totals with thos'
of 1920. In most of the European coun
tries for which 1921 figures are avail
able, the change in the past year II
the value of currencies has been les
marked than in earlier years ana Il
many cases the year has shown dis
tinct improvements and this is ais
true of the currencies of the non-Eure
pean countries which it has been pos
sible to include in the accOmpanyln
tabulation. In the mere matter Oh
comparison of trade values in I9Z
with those of the Immediately precee
ing year the record presented by tnes
% countries may therefore be locke
upon as fairly correct picture OF th
actual changes in the total valuatlo
of the trade of the countries inciude
in the table.
What Fall in Trade Indicates.
A more detailed study OF the fail ]
trade figures, country by country, SUI
eests that the 1921 reduction occur
in a larger degree in manufactu.e
! than in the natural products, wnic
had begun to show declines IN pric'