Business & Finance: Less Unfavorable

Secretary of Commerce Hoover reported on the balance of trade for 1923 and found that we had an "unfavorable balance" of only $152 million as compared to $725 million in the previous year. The terms "favorable" and "unfavorable" balance of trade originated with the conception that all real profit lies in getting money. That idea has been modified in recent times.

A "favorable balance" means that the value of goods exported is greater than the value of goods imported. It means in general that money, or gold, must be paid to the "favored" nation...

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