New Britain herald., 1927-08-15
AMERICAN IMPORTS
 EXCEED EXPORTS
More Than Five Million Over.
 balanced

Wasnlneton, Aug. 15 Pl-A ball. ance sheet of Americas foreign business for 1926. issued today by the commerce department, indicated that the nation took from abroad values greater by s5os.ooo,ooo than those exported.
 Not only was the visible" trade of the country taken into considera- tion in compiling the statistics. but also sums involved in invisible" trade arising from such sources as expenditures of American tourists abroad. prices paid for smuggled liquor, and freight and insurance payments collected by foreign ves- sells in American ports.
 Summing up the figures the con- clusion was reached that the United States exported "visibly" and 'in- visibly" in 1926 values to a total of $s.O33, 900, 900, while imports, in the same fashion, were valued at $S,- 542,000,000. The net result of all transactions was to leave foreign balances in American banks in creased by 100000. notwith- standing. as Secretary Hoover ex- plained in a foreword, that during the year the world abroad increased materially its debt to the United States.
 "The year 1926 seems to have set new high records in all three of our largest invisible items of trade" :" he said, 'in private investments abroad, tourists expenditures. and the yield of our foreign investments. During the year nearly 37o.ooO Americans made journeys in non- contiguous lands. and American tourist expeditions in Canada also broke all records. The nation seems to have done more travelling and lending than ever before.
 "On December 31. 1926, foreign CTS had on deposit in American banks about s1,443.0Oo,oo ample proof that we. are now a great short time debtor nation along with our position as a great creditor in long time investments. Moreover, for eigners had on deposit with Amer ican agents and trustees American stocks and bonds amounting to about s1,s7S,Oo0.o Our net growth as a creditor nation for the year was only s557. 100000. This sum. it may be noted. would be much smaller If one should consider the increase in deposits of foreign CTS in American banks as a de- duction."
 The 1926 Merchandise Exchange, gave the United States a favorable balance of sS37.OO0,oo0, it was re- ported. the years exports having been s4,SoS, S,000,000 and imports s4,- S1,0o0,0o0. Offsetting this, the statement gave the world 0,o0o,- 900 credit as having "invisibly' eX- ported to the United States that much in bootleg liquors. This figure is the same as that found in pre- vious years, and was based upon confidential reports furnished by the customs services and the Coast guard.
 The account reckoned 1926 tour ist expenditures abroad at s761,- oo,000 while it said that foreign CTS travelling here spent but s115,- 100000, so that the United States incurred a net debt of s646.000, 900. On this item private foreign invest ments of American citizens. earned ;,-;J Jc rrir, 10oE totalling s67S,o00,000 which repre- sented a national credit. the report said, while the war debts of the government itself earned s195,0OO,.- 900 in interest and principal pay ments for the same period.
 Another item going into calcula- ton was 100000. remitted by immigrants residing here to their home countries. which sum was treated as a charge against the United States in international ac- counting. Foreign vessels earned s175,oOO,oOO in carrying America freight.
 New American investments abroad for the year were calculated at sl,- 332,000.oo0 while in the ebb and flow of exchanges fluctuations, it was figured that American securities had been sold abroad with a total value of s636,o0o,o0o, and American stocks and bonds had been bought back from abroad to total of S50o,0O0,0oo Touching the compli- nf y,ito1 resented by the stock and bond transactions, coupled with debt maturities and redemptions. the statement concluded that the na- tion had i'm nnrted fntal values of