308 
INTERNATIONAL TRADE 
somewhat different in its earlier stage — that preceding the en- 
trance of the United States in the war in March, 1917 — from what 
they were in the later stage, after that epoch-making date. We 
may begin by considering the way in which international trade 
was affected during the earlier stage, from about the middle of 
1915 until the spring of 1917. 
By 1915 a great demand for American products set in, almost 
entirely from the countries at war. Largely it was for commodities 
to be used directly in the war; but foodstuffs for civilians as well 
as for soldiers were also called for. Of the former sort were 
explosives; iron and steel; copper, brass, and zinc; automobiles, 
horses, leather. Breadstuffs, meat products, sugar, were of the 
latter.! The total of the exports suddenly increased, and continued 
to increase year by year, reaching sums never before dreamed of. 
The imports also rose, but by no means at the same rate; and an 
amazing excess of exports over imports developed. If that excess 
had already been unexampled for the fifteen years preceding the 
war, it was not only beyond example during the war, but almost 
beyond imagination. The exports were greater than the imports 
by two, three, four billions of dollars a year. These are of course 
money values only. In terms of physical quantity neither exports 
nor imports increased at the rate shown by the price figures. But 
as regards the problems of international payments — the mecha- 
nism of international trade —it is the money values that signify. 
1 For the calendar years 1914 and 1915 (I do not take fiscal years for this purpose) 
an of significant classes of articles show the following figures, in millions 
Explosives ni 
Chemicals, drugs, dyes, ete. . 
Brass and manufactures . 
Copper and manufactures 
Zine, except ore and dross 
fron and steel and mfs. 
Automobiles and parts 
Horses Tria] 
Gther'animalg. LF Lo Sela Se 
Leather and tanned skins and mfs. 
Wheat and wheat flour . . . . 
Other breadstuffs . 
Meat products  . 
Dairy products 
Sugar, refined 
1914 
a) 
1 
8 
7.2 
LR. 8 
. 1199.9 
24.2 
137.5 
3.0 
67.9 
249.6 
60.7 
227.7 
2.7 
IR92 
1915 
181.8 
80.4 
54.8 
125.1 
33.5 
388.7 
111.2 
94.8 
26.8 
156.1 
378.7 
149.2 
259.0 
20.6 
49.7