The Birmingham age-herald., 1923-01-02
By Associated Press

WASHINGTON, Jan. 1.-Possi- bility of shift in the international movement of gold resulting some time this year in the gold exports from the United States exceeding imports, is being discussed here on the basis of statistics on gold trans feps for the Il months ending Mo-
 smber 30 last. These figures, made public today, show that gold imports by the United States for kthe II months aggregated only $249, 100000, decrease of $411,- 100000, or 62 per cent from the figures for the corresponding pe-
 Pd of 1921.
 While the imports were decreas-
 at rate unprecedented since
 herica's entry into the war, ex-
 6rts were going up at the rate of Iy7 per cent. The exports, so long negligible, were only $34,000, 1000 for the II months, against $22,- 0l00,000 for the same period in lR21, but some officials declare thAe trend is unmistakable and if ,oNntinued, warrant the assumption ';hat the country before many months will be sending Jut more gold than it receives.
 4 Receipts Smaller
 l The gold receipts are said to have len the smallest in five years and
 Nicate to some officials enormous |. frward strides in industry and com- Eferce in some foreign countries Pather than depressed or decreased Youtgoing business or trade for the United States. Conditions, however, are regarded as pointing to a contin- uation of the export flow, even in the face of payments on account of the allied debts.
 Detailed figures show a decline in the imports from Great Britain, but department of commerce statisticians traced that to the strike in the Rand and declare there will be a different picture shown by the figures on British exports to the United States since the miners have returned to work.
 Industrial Revival
 Another factor which is said to have held down the British exports to America is the industrial revival in India. Restored business and in- dustrial activity in that part of the British empire has enabled India to bid for gold in the London market. India and Canada took most of the 1 gold exported by the United States in the period covered by the figures, fihd it was shown again that the prosperity of both countries was re- sponsible for the purchases of gold hlere In the case of Canada, most of the gold sent there was transferred in October when the Canadian dollar Twas at a premium. ! The decline of imports frea Can lada, it is said, was due largely to the jsame trade conditions responsible for I export of gold by the, nited States while. with good harvests. India nor mally is an importer Of gold, and she has been impordng virtually tnTOuED0ut4 the IdSI year.
 The third factor affecting Ameri- ean gold imports is said to be the ex- hArstion of the Russian gold reserves and the consequent reduction in ship <nents to the United States by France and Sweden. In 1921. Russian gold was exported to France and Sweden in large quantities and re-exported @to America. but the movement natu- rally declined with the exhaustion oi thS&source of supply. it is explained
 Tourists Carry Gold
 The future action of the gold flow however, will be affected by seversl otller factors. in the opinion of some officials, who mention the invisible exbortr of gold such as the vast sums cakried abroad by the ever-increas- nE number of tourists the payment o.k Interest to foreign holders of pre- wkr securities and insurance by for eikn companies still operative. and aA anticipated increase in mer- clbandise exports to the United Sttates from many corners of the M}nbe.
 There is also. it is said, the period. fl lcal remittance by foreigners now Resident here which must be taken isato consideration in estimating the outward. flow of gold.
 This sum, officials say. cannot bt figured with any definiteness except as 1t may represent a share in the difference In the ret balance of gold stocks tat the end of any given pc riod.
 secretary Hoover said in his an ni,al report recently that this fin visib.e" exchange will figure promi- nenriy in the final balance of trade and the statement Is emphasized by officials in analysing the trend indi- eatsd by the gold statistics