The Department of Commerce has been conducting a careful investigation of this country's total trade balances with the rest of the world. Last week it revealed an unexpectedly large balance in 1924 "against" the U.S.
Merchandise exports last year were $4,621,000,000 and imports $3,641,000,000-or $970,000,000 in the U.S.'s "favor." But while earnings by ocean freights, and interest and dividends received on foreign investments amounted to $790,000,000, similar remittances abroad, plus tourist expenditures and emigrant remittances totaled $1,178,000,000, or a "loss" of $388,000,000. This reduced U. S. merchandise balance to $582,000,000. Meanwhile, imports of gold and silver exceeded exports by $222,000,000-bringing down the...
