The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-10-29
HOOVER ISSUES
1928 TRADE
REVIEW
Full Labor Employment Among
Other Features, Department
Year Book Shows

Year Book Shows
Activities Of the United States in
world commerce, which have trans
formed the country from debtor
to q creditor nation, were discussed
BY Secretary Hoover today In {
statement attached to the second an
nuA1 year book Of world trade is
sued by the Commerce Department
The year book contains q general
survey Of world trade for 1928, pre-
Isenting for the first time complete
statistics and q summary Of funda
mental economic data in all the for
eign countries where American
products find their market. It was
issued In response to q Demand
from American business interests
Tor q consolidation Of all such data
to aid them in laying out lone
range programs for the stabilization
Of business and industry 90 as Ia
minimize the economic losses result
ing from the recurrent extremes Of
the business cycle.
Three Major Features.
Secretary Hoover's statement de
Iclared that the year 1929, from the
economic point OF view, was charac
terized by three major features, al
follows:
/. Full employment Of labor, and
the continuance, especially durinR
the early part of the year, OF the up
ward swing of the business cycle in
nearly all branches Of industry and
domestic trade under the lead Of the
CONSTRUCTION industries.
2. The continuance, as was ex
pected, Of the narrowing of the bal
ance of trade, or excess Of exports
over imports. wy
| 3. The continuance Of consider
able degree OF depression In certain
branches Of agriculture, although In
other branches the situation i'm
proved.
Throughout the year" the secre
tary declared, there was practically
no unemployment, and wages con
tinued at remunerative levels. Pro
duction Of manufacturing mining
and forest industries during 1925
surpassed that of any previous year,
and on the average was at least
one-fifth greater than in 1922. AL
though there was some recession
during the later months of the year
| the output OF these industries in the
last quarter was greater than dur
ing the corresponding quarter OF
1922. CONSTRUCTION. especially Of
residential buildings, the expansion
Of which had given the first Inn
petus to general Industrial recovery
from the depression of 1921, showed
great activity throughout the year
the volume SURPRISING any pre-
viously recorded.
No Speculative Boom.
"The business activity Of the pas
year, however, did not take on the
speculative boom. There was nj
credit, or any undue accumulation
Of stocks. A spirit OF caution
born of the general European sit
uation and our domestic agri
| cultural situation, dominated thu
business world. The general leve
Of wholesale prices continued unit
April the gradual but small rist
manifested during 1922; thereafter
it fell off slightly. While the aver
age for the year, as a whole, wa
q little higher than for the pre-
ceding year, the price level at ths
close OF 1923 was q trifle lowei
than in the previous December
| The year was one Of advancing
standards OF living throughout al
sections, except some branches Of
agriculture.
"During the early months Of 1872;
the shift in the relation of export;
to imports, which had been going OF
for some time, continued until fol
the three months, March to May
| the imports of commodities actuSll!
exceeded exports materially. There
after was noted "a decline In imports
and increase in exports, but for thu
year as q. whole the excess of com
modify exports over imports ($316,
900, 00O), was only i1alf as great al
in 1922. There was also a large ne
Importation ($296, O0o, 000) Of gold anC
silver, and the excess of combined
exports of merchandise and precious
metals over imports was the small
est since 1890.
Now . Creditor Nation.
Although the large imports Of thu
first half of 1928 were abnormal
some dirninution, as compared will
war years and pre-war years, in the
excess of exports Il quite what wal
to be expected. It is the result Of
the changed position Of this country
In the world. From a debtor W.
have become a creditor nation. W.
no longer have to pay. a large bal
atice to foreignerr for ocean trans
portation.
Our population has increased ma
terially, and our standard of living
likewise has advanced, so that we
demand more raw materials and
tropical foodstuffs from abroad and
50 that we consume more of our
own materials and foodstuffs. Finally
during the past two years the Unit
ed States has been sought extensive
ly as field for investment of CAPT
tai from countries with deprecated
currency. All of these causes have
tended to bring about a closer bal
ance between exports and imports
than formerly existed"
The net balance Of trade and in
visible items against the United
States in 1923 was but a third OF
that for 1922, the Secretary de