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Show FOREIGN TRADE COMMENTS FROM1 BOSTONJANK The maintenance of our foreign trade Is largely n question of financing. financ-ing. While Europe cannot restore Its former productlvo capacity ror some time to come, and meanwhile would be a substantial customer for our products, It cannot pirchasc unless un-less wo nto prepared to extend still greater credits. Already our credits to Europe are enormous. The government gov-ernment 1ms advanced $9,D80,823,-677 $9,D80,823,-677 to date, and Inteest aggregating nearly $700,000,000 has accumulates making well over $10,000,000,000 due the United States from other countries, chiefly European. This sum docs not include tho Immense amount that has been loaned through other government channels. It Is evident evi-dent that this process cannot continue contin-ue Indefinitely, although as yet it has brought no serious results to tho people of the United States. Several American countries nro in the mar- ket for funds. Chile has consummated consummat-ed u loan for $24,000,000, and Mexico Mex-ico desires a considerable sum. Our foreign trade for 1026 resulted In n credit balance or $2,940, 3G1.000 as compared j with $4,010,001,000 In 1910 As against an Increase ot $"08, 1)34,000 lu our exports' for tho ear, there . was an Increase ot $1,.17C,034,000 in our Imports, of which $477,314,000 was from. European Euro-pean countries. Germany is Increasing Increas-ing its competition steadily, and our business with that country InceraseG Immensely last year. We Imported from Germany about $75,000,000 more and exported about $1CG,000,-000 $1CG,000,-000 more than In 1919. Great Britain Bri-tain is making Mead recovery, and It wll not be long before the United States will have to meet actlvo competition com-petition In the world's markets from the eouutres Hint recently wero demoralized de-moralized by the war. Forolgu exchange ex-change rates have boon stronger, sterling having made special recovery. recov-ery. Our buslnwiffwlth South America Amer-ica has been redureil by the adverse exchange condition In those countries and by the severe trado reaction that (Continued on Pago Eight) FOREIGN TRADE COMMENTS COM-MENTS FROM BOS-TQN BOS-TQN BANG (Continued From I'acc One) has followed the activity during iho war. Japan also has Buffered frpm serious ser-ious reaction which has been brought forclbl) to our nttentlon because f ' Its cfieol upon the silk market. The New York record quotation for Jap-aneso Jap-aneso double ejttra A silk wns tS In January, 1920. from which level the price declined to $6.20 In December. Decem-ber. Kansal 1 silk declined from I17.G0 to 55.75. Our Importations of raw silk from Japan in eleven months of 1920 amounted to $214,-329.000. $214,-329.000. while we Imported $53,141.-000 $53,141.-000 silk from China during the same verlod. Of the silk exports from Japan Ja-pan during ten months of 1920 about 90 per c,ent was shipped to tho United Unit-ed States. Iluatnasa declined' sharply sharp-ly toward the end of tho )oar tho movement being accentuated by the efforts of the Imperial Silk company J to maintain price by the syndicate method. While conditions are still 'uncertain, there aro Indications that they aro j$raduajy clearing. Haw silks In domestic warehouses February Febru-ary 1st aggergated 31,859 bales, as against 44,536 bales January 1st and 8,021 bales February 1. 1910. Trado representatives here aro asking ask-ing Congress to return to tho tarlft schedules of 1909 as a protection against Increasing competition by Japanese woren silk goods. Imports of dutiable piece goods from Japan Increased about 170 per cent between be-tween 1918 and 1920 but our imports of these goods during eleven months of 1920 were only 12.7 per cent of the volume of Imports of raw silk from Japan. o |