THE UNITED STATES, III. AFTER 1914 309 
If ever a country could be made rich by a “favorable >’ balance of 
trade, the United States had its golden opportunity during these 
five years.! 
And gold the United States did get. Altho during the brief 
period of acute depression — the last six months of 1914 — much 
gold had gone out, the return movement during the second half of 
the fiscal year (January 1 to June 30, 1915) was so great that there 
still remained a net excess of imports for that fiscal year as a whole. 
In the year 1916 the net imports exceeded 400 millions, and in 
1917 rose to nearly 700 millions. Thru causes which will pres- 
ently be noted, the inflow then was stopped, and in the years 
immediately following was even replaced by a moderate outflow. 
For two years, however, cash flowed into the United States in 
extraordinary volume. 
Great as was this inflow, obviously it was not large enough to 
pay for the much greater exports of merchandise. The absolute 
amount of gold that came in was enormous; yet it was still small, 
when compared with the payments due for goods exported. Only 
in part was the excess of exports paid for by the transmission of 
hard cash. Other means of payment had to be provided, and 
'T give the figures (in millions of dollars) of merchandise (including silver) 
imports and exports for the fiscal years (ending June 30) 1915-19. 
TISCAL 
‘UBAR 
Nyt 
6 
if 
8 
1919 
T'otal for perioc 
EX POR 
RG: 
£793 
5368 
5059 
7534 
27.174 
APO 
3 
2594 
2016 
S174 
2.819 
Excess or 
Exports 
1116 
2161 
3674 
2043 
‘259 
aI 
The net gold movements (excess of imports or exports of gold) during the same 
five years were : 
FISCAL 
YEAR 
1915. : 
1916. . 
1917 . 9 
1918 . | 
1919. .°."=™ 54.2 
[otal for the period 993.8 
23.3 excess imports 
“28 imports 
185.2 imports 
a2 exports 
exports 
imports