Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
On millions OF dollarsD


!iEht months.
GIVING to the complications incident
10 me administration OF the ncw
tariff law, complete figures of foreign
trade by months are available only
through August OF the current wear
and for this eight months pcrlod II,
appears that the averaE. monthly cX.
cess OF merchandise exports is very
nearly the same as tina, for the ye,r
l'IG. owing TO tho seasonal Spurt
IN exports IN the last three months q;
IN" year. this average balance viii
pl"phhF hc somewhat larger at the
END o! 1922 than it was for the FIRST
cight months Of the year. Even So.
II II is reduced TO dollars of IoI3
purchasing power II Is safe TO as
sumo that 1t VIII bc substantially
lower ihan that of the pro-war .cars
Effects of Gold Movements.
IN order TO measure the countrv.s
race balance. more accurately. CON
sideration should bs given :, mn
movement. Of sold and silver as VII
as OF meHcha ndise. The onormo,s
inflow of gold into the United States
curing the past three wears b.s
served partly as an offset to our shin
mcntS of goods By adding TN, yoi,...
OF sosd and silver shipments to those
OF merchandise the net excess Of .>
no'.S IN significant years is found
Net Export Balls, MONTH";
-" ''..'....... Gl.luO.OOO
80 '''''....... 37l,5OO.0OO
.'.u '''......... 23S.00O.0OO
~ ............ l07.3GU.OOO
'...,..,... 3d.SOO.OOO
Eight months.
pu'cc In inns way tho average
mummy export balance for the mrs,
eight months of the currcu, yoar
a 4.
i'iS' II represents decline OF mo
i'sa IMAM 81 per cent between Ian0
ana 1872. but Il is Just such , 40
N"'"pment as should be exDcctrd in
view OF the new status OF this conn.
'fE as the foremost creditor nation,
Of tho world
i"eSe net export balances. with tho
""FeHhehts OF sold and silver in
'!uGcG, represent shiHucnis TO-
which This country must reeve in.
visible payments" in the form Of ser
wees, or for which II mus, extend
credits. The large balances Of lara
We're FAR In excess OF tho yaluo
o' services rendered by other cam
tries and therefore came to rerrc
sent, IN part. debts du" to IN, l'u.,nt
Hla'es on open account Payments
on sGch accounts should have the
erect hereafter OF diminishing n,,r
ho'e mat such payments have played
part ia the recent reduction.
Encct at Foreign Credits.
IN INC other hand. during tie pas,
year additional credits have b.e. ~.
tended on large scale from tho
h'e' states 20 other countries
'nrough the Notation OF foreign soru-
iNI's IN inc United states This las
meant the eNportation o: capital. and
temporarily II has tended 10 increase
Inc net export balance. Indications
point 70 further extensions OF crcdI,
In TINS manner IN the coming wear
dhH inns - on" reason why tho bal
once OF trade maybe expected 10
continue "favorat ~ during thu i'm.
mediate 'nture nevertheless inter
ts' payments oT/th"s" new borrow
ihss, VIII nave ne ehcrt q: !ncr.as.
ING imports 20 he United states, and
inns VIII necoWc sui more pro
hoHn''d ]: ~" other allied govern
m'hta should H. Great Britain In
h'Eihh!ur sow & on their debts to
IA" American Hcrnmenr. There is
no immediate pr &cct OF such Inter
.At payments a our continental
nent"Fs' h"w"y'I Ind this item for
-tne u'nc o".ns ~ be eliminated
sous!dcratio4
! : ' :
~ .hereCHe. OF the recent
- export surplus, !