Business: Imports Down, Exports Up

It is usual for the U. S. to have a favorable balance of trade—i.e., to export more goods than it imports. In the first quarter of 1937. however, because of the 1936 drought there were unusually large imports of agricultural goods which gave the U. S. an unfavorable trade balance of $113,959,000. Last year there was no drought and therefore U. S. trade figures for the first quarter of 1938, released last week by the Department of Commerce, again recorded a favorable balance. What was more, the balance was a sizable $320,662,000. Reasons for...