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Show spsps oo a) IIH EXPORT TRADE IS CRUMBLING. H The advance In foreign exchange H means that our export trade is cram- H An export. In reviewing our foreign H irade and the recovery in sterling ex- H hange, H Whereas England's surplus of im- H ports over exports was barely one third of what it was in January. 1921. H .ii v own surplus of exports did not H reach one-seventh of last year's fig H ures for the month Expressed in the H customary way, last month's trade bal- H ince was more favorable to England H than that of any month since 1913. but H was less favorable to the I'niled States B . ban any month since 1915. Europe's H' purchases of our materials of raanu- H tcture can hardly be kept at their H treeent low level in case of any Euro- H yean trade revival, but the purchases are likely to be conducted cautiously, with B view to the foreign exchanges, and lo reach normal magnitude only when Europe's exports are increased equlralehtlr. It is with South America and Asia that revival in our export irade ought lo begin Our senators and representatives must give thought to our foreign trade and avoid any legislation which ,Wlll place America on an inflated level of prices above the rest of the world If this course Is not pursued this coun try' Wjll be isolated ami eenlually fall to have a foreign Irade in proportion to our resources and natural ability to serve in the commerce of nations |