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10 
BULLETIN No 7 Th SI AUGUST 15, 1925 
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Reference Service on International Affairs 
10, Rue de I’Elysée — PARIS (VlIile) 
Caan 
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BUDGETS UH 13 
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VISIBLE COMMERCIAL BALANCES 
EUROPEAN COUNTRIES. 
1922.1925 
Economic reconstruction and readjustment have proved to be the most 
serious problems faced by post-war Europe. Seven years have now elapsed 
since the conclusion of the treaties of peace. Only during the last three years, 
however, has the economic and financial situation of most European countries 
been sufficiently normal to indicate the general trend. In this brochure, as a 
result, the status of the budget and foreign commerce of each country is given 
for the period since, and including, the year 1922. No comparison is made 
with conditions existing in 1913 or the period before the World War, for 
present-day Europe has few problems or general conditions similar to those of 
that period. Further, there appears to be no reason to assume, as Is usually 
done, that 1913 was a “normal” year. 
A full analysis of the foreign trade balance sheet of most European 
countries would show many items not indicated in the global sums as given in 
this brochure. The real commercial balance of a country would take into 
account “invisible exchange” items which do not appear in the customs returns. 
For the year 1924, for example, Great Britain had an unfavorable visible 
commercial balance of $1,507,000,000. In overseas Investments, national 
shipping income, and other items, however, the same country had invisible 
exports for 1924 estimated by the British Board of Trade at $1,636,000,000. 
Thus instead of a deficit in British foreign commerce during 1924 there was 
really on this basis a surplus of $129,000,000. For most countries, however, 
the visible commercial balance affords an excellent indication of economic con- 
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