Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1922-12-27
EXPORTS AND
IMPORTS GREAT
Cabinet Meeting Brings Out indlca'
tj0ns That There Were Poor
Prophets"-Will Export
(By Isaac Gregg

Washington, Dec. 27.-The fact
that the exports from and the I'M
ports into the United States have in
creased materially since the tariff
law went into effect was brought out
at the meeting of the Presidents
cabinet yesterday, it was revealed at
the White House.
Details Of the increase of Ameri-
can exports and imports were pre-
scented to the cabinet by Secretary CT
Commerce Hoover, who will make
them public later. According to the
White House spokesman, those who
predicted dire onsequences TO Amer
ica's foreign trade as a result OF the
tariff law are unfOunded and are
shown TO have been poor prophets.
That the United States will shortly
start exporting gold is a very good
Indication that q movement toward
the worlds recovery from the effects
of the war has been noted. Since
the start Of the European war, the
United States has been importing
gold in large quantities until so large
an amount of this precious metal has
been accumulated that it has been
the problem of economists to prevent
the further importation of 1t and 10
facilitate its export.
This gold will be shipped to Europe
rs result of what is known as IN
visible exchange" being credits held
bv foreign countries against the Unl-
ted States not as a result of goods
actually shipped to this country but
raher is a result of the spending OF
money abroad by American tourists.
Just how much gold will be export
ed 10 Europe and the country and
countries 10 which it is going in is
not l:nown here but the assumption
is that the gold will go to Great Bri-
tain from which much Of it came
during The war. While there have
been small shipments OF gold from
Inc United States to Japan
since the war st9rted there has, so
far as l;ncwn. been no shipment what
ever to Europe since 1914.
President Harding is expected to
announce strong opposition to Sena-
tor Borah's proposal fer the calling
Of a world economic conference III
Washington in a statement to be
made sometime today: 1t is expect
ed that the Chief Executives opposl-
tion will be iii the form of letter to
Majority Leader Lodge Of the Senate
which will be read on the floor OF the
Senate.
This will be the first public an
nouncement Of the administration on
the foreign economc situation since
the reent crisis on the German repa-
ration question and as such is expect
cd to be of the graetset Importance
Further than the fact that the
President will make the statement
and that he is opposed to the Borah
proposal in any form nothing IS
known of the probable contents of
the Presidents letter except insofar
as he has revealed his attitud on the
economic conference proposal TO var
ious callers of the Senate.
To these callers the President has
expressed the wish that the United
States might aid the nations of Eu-
rope to best of her ability in bring
| ing about an economic rehabilitation
but he has pointed out that this is
primarily a problem for the nations
involved and until they take steps to
set their own houses in order there
| is nothing this country can do.
Because he regards the Borah pro
noeal &c ironortura end as likely TO
accomplish little good while at the
same time having great potentialities
for harm, the President is understood
to believe that the proposal, which
now is in the form of an amendment
to the naval bill, ought not be adopt
ed. Whether he will suggest way
in which the Borah plan could be
amended to make it satisfactory. or
whether he will announce opposition
to the plan in any form is not re-
vealed by those who are in the Pres
ident's confidence.