Evening star., 1923-09-17
HOOVER ANALyzES
u. S. TRADE STATUS
Finds Balance Against This
Country in 1922 and Sees
Big Changes in 1923.

For the first time in history an
analysis of American and world
trade. in which Invisible" exports
considered. was issued yesterday by
the Department of Commerce.
The survey was for the year 1922
and showed a trade balance against
the United States. Although the ap-
parent 1922 balance in favor of the
United States. in the excess OF ex-
ports over imports, was S754,o00. 900.
Secretary Hoover's conclusions. with
the Invisible factors considered, es-
timated the amount on the red ink
side OF the American trade books at
$586,0oo,0o0 for commerce of all
kinds.
High Lights I'm Report.
Invisible" factors. all estimated in
the absence OF exact information and
statistics, include American invest
ments and interest payments abroad,
expenditures abroad of American
tourists. payments on ocean freights
and similar commitments. In en-
phasizing that the invisible" items
must be estimated. but only after ex-
hausive examination and with full
banks, mercantile houses, shipping
companies, the Treasury and other
federal agencies, Secretary Hoover
requested constructive criticism of
the departmental report to aid it in
making a similar analysis OF 1923
trade.
ITO visualize the full balance
sheet" he said, 'It might be stated
that IL we had entered the year (1922)
with no obligations either way and
If we had settled our balances in
foreign trade and international
finance every month. in the year in
gold, we should have exported gold
to the amount of nearly S340, 100000
during the year instead of having
imported gold and silver to the
amount Of s24s. 100000"
Hoover Notes wide Changes.
In the departments conclusions
economists saw the results of Euro
pean restoration since the war, the
rehabilitation of foreign trade. in
creased American investments and
commitments abroad, increased flow
and expenditures Of American tour
lists abroad and other substantial
American investment in foreign fields.
TT is obvious" said Secretary
Hoover. that there are wide changes
In progress in our International bal
ance sheet for 1923 as compared with
1929. Up to date there has been a
merchandising
account Imports and exports) instead
OF large balances in our favor. There
has been a continued movement
against us in current items of in
visible exchange.
There also has been q much less
movement in the export of capital
Yet there has been a continued inn
port of gold despite this situation.
The explanation of the latter possi-
bly, lies in the fact that there has
been large export of our currency
which is being held and used abroad
and there are some evidences that
many countries in Europe have been
increasing their open balances in the
United states and their investments
in American securities"
Tourists Spend $500, 600 ,0OO.
Interesting features of the report
were estimates that immigrants re-
mittances and European relief eS-
penditures sent abroad in 1922 totaled
S400, ,00o, 900. American tourists ex-
penditureS were estimated at $780,
000, 900. An estimated balance in
favor of American ships from ocean
freight payments amounted to S71,-
10000 on American exports and $64,-
000, 600 on imports.
In making up the 1922 trade bal
ance sheet with invisible" exports
and imports included the department
estimated that the total American
commitments abroad were S6,349,-
600, 900, as compared with foreign
commitments here of 4.763.000.000.