Since February, 1923, when America's exports exceeded her imports by $4,000,000, every month until July reported an excess of imports over exports, or an " adverse balance of trade." Such an occurrence has not been witnessed for a generation, and never before in the history of the country for the reasons behind its recent trade returns. In June, however, the excess imports amounted to only about $1,000,000, and new July's trade figures show that once more a " favorable trade balance " has been established.
Exports last month totalled $310,000,000 while imports amounted to...
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