Evening star., 1929-06-24

NCOltAuuCQ TTQku E1ISt E6&G.J
but sold back in this country during
the stock market boom last year. These
with . host Of other minor accounts,
worked out in comparison with previous
years, made up the totals.
Secretary Lamont. In q foreword to
the compilation, said the study demon
strated that "aS a creditor nation we
are not the giant that is often sup
posed"
"War debts aside, we are a net cred
itor nation In the amount of prob
ably less than $4,000, 100000. The
growth OF New York as o world hnan-
cial center has put US In q net debt, on
short-term account, to the extent of
some $1.638. .000, 900. and foreign long
term capital invested In the United
States is now over $4,000, ,OOO, 900.
I'm recent years there has been a
worldwide discussion of the foreign ex.
change problems Of transferring Ger
man reparations or of the war-debt
payments. From the comparative bal
ances OF payments Of the United States,
it appears that our country has had far
larger transfer problems than these
and has solved them, usually without
being aware that they existed. In the
second half OF 1928 our favorable bal
ance Of trade increased over the first
half by $452, ,000. 900 and our underwrit-
ing OF foreign securities by some $780,
00O, O,OOO.
Thus, in a period Of six months these
two items thrust 2 $1,000, ,0oo. 600 trans
Ter problem upon the outside world The
forces which create equilibrium in In
ternational payments, We must con-
cluoe, are more powerful and more vari-
ouS than Is usually supposed"
The report states that the volume Of
net new long-term Investments in the
United States by foreigners, S4al ,OO0.-
GOO, mas not been eQualed since pre-war
years, while American excess Of mer-
cnandise exports over merchandise I'M
ports, $l,03s. .0o0, 900, was the largest
since 1921. The totals of merchan-
disc exports and imports for the ealen.
oar year were, respectively, $5,12S. .8O9.-
600 and $4,091 100000.
Record Breaking Movements.
These record-breaking movements
could hardly fail to upset exchange
rates." the report says. "The wear
opened with dollar exchange at a dis
count In terms of many currencies and
closed with dollar exchange at q pre-
mium. In the second half year we thrust
. billion-dollar transfer problems upon
the outside world by increasing our. ia
vorable trade balance by $452, GOO, 900 and
reducing our underwritings of foreign
securities by some $610, 1000 900. That
but Few people even observed the phe-
nomenon indicates that problems of
this type are very likely to be axagser-
ated."
About $4,000, 600 900 of our foreign
investments are In bonds. The estimate
for the yield during 1928 or long-term
american investments abroad Is $Sl7,-
100000.
Receipts Of war debt payments by the
Treasury in 1913 totaled S2O9. .7S7 900,
The total collected during the calendar
years 1929, inclusive, was 81, ,397, ,O0O.-
600, all Of which was applied to reduce
ing the public debt, as provided by law.
The maximum annual receipts from
this source nearly go years hence will
be about $415, ,000, 900, the report states.
The annuitieS gradually increase. and
last years receipts equaled about half
the maximum annuity.
$391,S72,o0O Gold Exports.
The year saw q net export of gold
Of $39l, ,872, 900. This was almost ex-
actly $100,000,000 more than the pre-
vious record, established IN 1919.
Interesting figures are given In the
report on tourist trafflc over the Cana
dian border. In 1923, Americans in
Canada spent about $2S7, ,0OO, 900 and
Canadians here spent about SS6 0OO. 900.
The total merchandise trade between
these two nations Is now greater than
that between any other two countries
In the world.
During the calendar year 1928. $685.
ass American automobiles crossed the
Canadian frontier for touring pur.
poses"