Trade Statement

During November, the U. S. exported goods valued at $404,000,000, while imports for the same period amounted to $292,000,000. The November exports were the largest for any month since February, 1921; imports ports proved more stationary, since they proved only slightly less than for October or for November, 1922. The large recent exports are mainly due to high prevailing prices for cotton, which figures so prominently in exported commodities every autumn.

During November, 1923, the U. S. exported $746,000 of gold, and imported $39,757,000, leaving the heavy import balance of $39,011,000. Thus far this year this country has received $290,137,000 of gold, while American exports of the precious metal here amounted to only $27,931,000.

Undoubtedly the collapse of Germany's financial structure has played a considerable part in our trade balances, including our recent heavy receipts of gold. German capitalists have been heavy purchasers of standard American bonds and shares, for which payment has been made via Amsterdam and Geneva. The fear of a Labor ministry in Britain has also produced a shifting of British capital to this country for investment.