THE UNITED STATES, III. AFTER 1914 325 
carried on chiefly by foreign vessels, was to a considerable 
extent in American hands. The United States Government had 
entered on a great shipping venture; and while the venture was 
far from profitable for its Treasury, and still less a source of eco- 
nomic gain to its people, the gross receipts figure in the balance of 
international payments on the credit side. As it happened, the 
amounts payable for freight carried in American vessels served to 
offset almost exactly the corresponding payments to foreign 
shipping, so that on this score no net charge arose against the 
United States. 
We turn now to the items connected with international borrow- 
ings. 
Interest payments from the United States on loans of the past 
were still large, even tho unmistakably less than they were before 
the war. Notwithstanding the return and repurchase of securities 
during and after the war, considerable capital holdings were still 
in the hands of European investors, and interest on these (or divi- 
dends or profits) had still to be remitted. 
But interest, like the shipping earnings, now figured on both sides. 
While there was still interest payable from the United States — a 
diminished amount, but still substantial — interest was also paya- 
ble to the country from foreign debtors. And the credit item on 
this score, new as it was, had become larger than the debit item. 
Before the war, some 250 millions had been payable annually 
from the United States for interest and profits; by 1923 the annual 
sum had shrunk to 150 millions or thereabouts. On the other 
hand, the amount receivable, a sum negligible before the war, 
was now nearly 500 millions a year and more. 
Equally large in volume, nay larger, was the capital movement ; 
but almost entirely the other way. The United States had 
become a lender — an exporter of capital. This movement did 
not fairly set in until 1922. It was different in character from the 
enormous loans of the war, and different also from the short-time 
extensions of credit that played so large a part in the speculative 
period of 1919-20. After the collapse of 1920, and as part of 
the gradual revival, foreign loans of the ordinary kind began