Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-11-20

ter into tho, international settlements
and there Is no knowing how they will
be used. AS none Of these credits were
transferred in the form Of money~it is
certain that they were used for pay
ments within the country, and counted
in settlement Of our favorable trade
balance. ~ *
In addition to the credits created
by loans publicly floated in this coun-
try, and.erdits granted for. the pur-
chase Of merchandise, ar important
amount of credits has been created
since the war by the sale Of property
Interests in this country Of various
Minds by foreign owners.
/ Fiaally, we have imported on bal
rnce largo amounts Of gold in the last
two years, which have counted in set
Element of u favorable merchandise
hnlance. Our net imports of gold in
the calendar yea 1871 were $685.
900 1000 Il rsy n @ .:g.
The credits, created in various
ways. although OF uncertain ahounts,
are sufficiently definite to indicate how
our exports have been maintained.
! The history of the years since the war
{, does o disprove the contention that
Europe did not have within herself
the resources with which to maintain
her normal purchases in this country,
and that credits would have to be
granted. =
Our interests in EuroEN.
And SO, looking TO the future at this
time, It vim not g to simply say that
ties of our products. Undoubtedly
they are needed, but they will not be
taken unless settlement can be made
in some way : 1t cannot he ssumed
that they can be made indefinitely in
the same way as heretofore.
Although gold will continue to come
to us. it Is to}be considered that much
Of the gold that we have been receiv.
ing has come originally from the re.
great amount remains. We will gel
a large part of the new production
and, Of course, If all other resource:
are exhausted, the reserves of Europe
may be drawn upon for necessary fooC
supplies, but the exhaustion of Eu.
, ropoan gold reserves will not be some,
thing for us to view with equanimity
We. do not offer this discussion 70,
} the purpose Of suggesting that Eu
ronean,; purchases are about to de,
II cline. We do not think they are
, we expect to see Europe buy large
! ly of our grain, meats and other pro
: ducts throughout this crop year. al
> though restricting purchases as mucl
rs possible. 1t is Important, however
5 for US to realize hat the situation il
> not normalrin the same that our for
4 eign trade is In balance and can &,
y on Ia fine present way Indefinitely
The fact is that|our exports have beol
: financed by extraordinary means. TIL
l save OF marks in this country ha
! been as much q makeshift for us fl
y financing our exports rs for German,
i. in financing her.imports.
: We are not Independent Of Europe
1t would be a very serious matter t.
:, us to have its purchases from US de
cline in a considerable degree. w
arc interested that political and in
dustrlal conditions over there shall b
:, upon a settled and permanent basis.
There is a reason to believe tina
= in many respects industrial condition
= have made substantial Improvement
q in the last three wears, but the repair
. atoms question is still. in the way q
. the reorganization Of European tinan
{ COS on i sound basis. That the recer
postpcnement OF the payments to BE
# gium is not accepted as assuring
# final settlement Is evident from tn
n further decline Of the mark. no,
- valued at about $500 to the dollar.