308

INTERNATIONAL TRADE

somewhat different in its earlier stage — that preceding the entrance
 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 mechanism
 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