National Affairs: Mellon Report

As has been his wont, Secretary Mellon, reporting to Congress on Federal finances for another fiscal year (1928, ended June 30), reviewed the progress of private business and finance in the U. S. during the same period.

Mr. Mellon noted a decline of 3% in the physical volume of all business transacted but an increase of 7.7% in dollar-volume. The Hoover report had showed that just the opposite was true of the country's foreign trade, taken separately. U. S. exports & imports increased in physical volume, decreased in dollar-volume.

In the financial world, the outstanding 1928 developments reviewed by Mr. Mellon were 1)...

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