140

* INTERNATIONAL TRADE

Ak

to be made from the recorded imports. Where still other invisible
items than freight enter in the international account, such as
loans, interest, tourist expenses, and the like, this continuing
deceptive circumstance must still be allowed for. The imports
always appear too large, and some discount must be made. When,
on the other hand, the usual practice is departed from, as in the
United States, a qualification must be made as regards the allowance:
 the discount is to be applied to foreign nations as regards
their recorded trade, but not to the United States as regards
her recorded trade.