Favorable Trade Balance

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 only $284,000,000, leaving excess exports of $26,000,000. For the seven months of 1923, however, the trade balance is still against the United States by the total sum of $116,000,000.

Gold still continues to pour into the United States from her debtor nations abroad. In July the balance of gold imported amounted to $27,477,000; for the seven months of 1923 net receipts of foreign gold here totalled $137,000,000. Thus, even though Europe is paying her debts to us with lessening amounts of merchandise, she is still employing gold for this purpose.