Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
RElGN TRADE VEERING
NOW TO PRE-WAR STATIJS
Nations in the Dollar Exaggera,c Postwar Boom
and Recent Observation-Disclosures Trade
Balances of l916-l02O Disappear

W 'ho world combined. and since
Europe is short of goods and has a
relatively small cNportablc surplus.
the trade balance for the time being
is likely TO con;inu" in our favor.
Even thoS" countries which enjoy.
/ theoretically, the exporting adyan-
! taScs conferred by doprcciatinr cur
rency at present have an excess Of
! imports. Our trade with Germany
! furnishes a good Illustration of the
tact tina; currency depreciation is not
an aU-deicr'niuinE factor. In spite
OF the pr"-tarin and pre-tarin
propaganda about tho Hood of Ger
man imports. our exports TO Ger
many sine" trade relations have been
resumed have been from three 10 NV.
times as great in value as our inn
ports from that country. I'm the
calendar years 1920 and 1927. our fa-
N"rhoie monthly trade balances with
H"rnany areraccd Respectively SIS.
10000 and S2i300.QOO. For the first
mohtHs of 1922. the monthly
average IN our favor was si75OO OOO.
European Imports IncrcnsIng
lnasmuch as the balance OF trade
with South American and Asia is al
ready against tho United states. and
as imports from Europe during the
second half of 1922 showed atcndcncy
10 Increase. II seems logical To con-
clude that as the rehabilitation OF
EUROPE progresses. our export sur
Plus VIII tend to diminish and that
II is not beyond the range of prob
abilities that II may eventually give
way to a surplus OF imports Whether
the new tariff will play any con-
siderable part in preventing this
transition is at present unknown
FOR reasons already stated. no data
OF imports under the new act are
yet available. The now law. how
eyer did prove a stimulus to imports
during the past summer. owing To-
the desire Of imports to anticipate.
the higher duties and the value OF
imports during the four months from
May to August was - per cent
greater than that for tho four
months from anuary To April.
Another sign OF the recovery of
foreign trad. from the effects of the
war is The marked shifting OF our cx-
ports from Europe to Asst Latin
America and Canada. The war great
I ~ increased our exports to Europe.
both absolutely and relatively. In
( the calendar year 1918 exports 10
( Europe constituted SO per cent or
| the total; In 1918 they amounted to
- per cent. and in 1921, to only }.
per cent This change reflects not
| only the movement back To pre-
! war conditions. but also in part the
present inability ~ Europ" TO buy a
/ condition that mas had serious rf
! fccts for the farming population OF
! this country. While exports to Eu-
rope have been declining thise to
! Asia have shown relatively the
I greatest increase, with those to
Mexico. and Cauada-coming next,
and with those to South America
showing only a slight gain,
Nr>uminE Prr-Nnr status.
imports likewise show q tendency
To resume tho pre- war trend In 1918
! IS per cent OF OF imports came from
Europe. Tho war caused a his SLUMP.
| ana In 1918 this proportion dropped
10 10 per cent. In 1921 IL increased To
! 30 per cent. and for September Of this
year 1t was 81 per cont Naturally. as
the percentage OF imports from Eu-
rome increases, that from other parts
Of the world must decline. This
/ shrlnkaEc has been most pronounced
in tho case OF South America. al
though average monthly Imports
from that region during the current
year have been g. per cent above tho
! 1913 figures. This compares. however.
with an Increase OF PSI per cent
above 1918 in 1920.
While no satisfactory summary OF.
our import trade during the current
year can he made until data OF inn
ports since the enactment OF the new
tariff law are available. general
verdict can be rendered on our cX-
port trade during the year. ON the
whole II has shown steady improve
inent. The slump in exports that be
gan in February. 1921 continued
steadily for twelve months. In 1921
even the normal seasonal improve
mont OF the autumn months failed to
material!zc. \ distinct turn for the
better came In March OF this year.
when exports amounted to $330.o0o.
no0, compared with $25l.O0O, 600 in the
preceding month.
From March TO September tho fS-
ur"s held fairly even. and in DctSOcr
came the seasonal improvement that
was so cons picuOusIy absent the year
before. The valua Of exports in that
month rosn to S372. 600. 600 figure
which was not only larger than for
any previous month in the year. or
ior that matter than any month since
March. l?@i hut for the first time
since December. 1920. it was larger
than the lruTe for the corresponding
month Of the preceding year. Novcm-
Der brought SIM further encourage
mcnt. when the figure for exports
stood at s3S3.oOO,o00, representing a
gain OF Sll2.UUD 600 over the pre-
ceding month and Of $>g.OO0.00O over
the same month OF 1921. Il is OF
some significance that the value OF
exports in November Of this year is
50 per cent greater than that for
November. 1918. This gain CORES
ponds very closely with the defer
cuce in Wholesale price levels in 1913
ana 1912 ana onords further evidence
OF the trend OF trade toward tho
prc-war status.
C., lt22. hy y Y Evening Post. Incl
MILLER WILL ADDRESS
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