IT

GERMANY'S HEAVY LOSSES

T is estimated that the war has cost Germany five billions of trade in relation with enemy allies alone. Her loss in exports to the British Empire was nearly a billion dollars, to France and colonies nearly half as much, and to Russia more than half as much. She has cost in imports from the British Empire, raw materials, produce, and manufactures, near $600,000,000; over $700,000,000 from Russia, and from France about $350,000,000. For the calendar year 1916 the United States Department of Commerce reports total exports of $2,220,634, imports $5,819,472. In the last normal year, 1913, our exports to Germany were $407,266.000, or 15 per cent. of Germany's total imports. Our imports from Germany were $169,742,000, or 7 per

cent.

OUR FOREIGN TRADE

EUROPEAN countries took 66 per

cent. of American exports in 1916. Products shipped to Europe increased 48 per cent. over 1915, and reached a total of $3,813,621,000. Exports to South American countries almost doubled, increasing from $144,128,000 in 1915, to $220,228,000.

Shipments to Asiatic ports more than doubled, leaping from $149,706,000 to $363,201,000. Much of the Asiatic shipments, however, went through to Russia, whose European ports were congested with freight much of the year.

All the Northern European neutrals except Norway, took less goods last year than in 1915.

Exports to Japan increased from $45,000,000 to $159,000,000, and imports from the same country from $108,000,000 to $182,000,000. There was a heavy increase in imports from Europe, and an increase in goods bought from South America from $322,000,000 to $427,000,000.

Total values of merchandise exported to each of the principal countries during the twelve months ended December, 1916, compared with corresponding periods of

the preceding year, as reported by the Bureau of Foreign and Domestic Commerce of the Department of Commerce, follow:

Exports to.

Grand divisions-Europe

North America...
South America.
Asia
Oceania
Africa

Total

THE

ENORMOUS STEEL EARNINGS

HE United States S'eel Corporation earned $105,968,347 in the final quarter of 1916. The full year's income before accounting for sinking fund and depreciation requirements was $333,625,086, an increase of $203,273,790 over the preceding twelve months. The gross business in the year 1916 is estimated at $1,250,000,000.

The year's net revenue was more than twice as large as the next in size, which was 1907, with $160,964,673, and almost three times as great as 1915. The last quarter by itself exceeded the complete returns of 1914, 1911, 1908, and 1904. The daily earnings of the corporation in the last quarter were $1,152,000, in the third quarter $932,000, in the second $891,000, and in the first three months $667,000. The size of the daily revenue can be emphasized by drawing comparison with other years, as in 1916 the inflow of money clear of expenses was $911,000 a day; in 1915, $357,000; in 1914, $193,000, and in 1907, the biggest year before 1916, $441,000. Taking the year through, 1916 brought in each day $911,000 to the Steel Coporation's coffers.

while the increase over 1913 was $2,997,000,000. The import trade of $2,392,000,000 was particularly emphasized by the fact that it exceeded the previous high record, set in 1912, by $574,000,000, and surpassed the returns of 1915 by $613,000,000.

The balance of trade was $3,089,000,000 in favor of the United States, compared with $1,776,000,000 in 1915.

SIR

GERMAN BANKS IN LONDON

IR WILLIAM PLENDER, Controller of the London agencies of the five German banks represented in that city, issued a report in January showing:

That on the outbreak of war the assets of the five banks, the Deutsche Bank, the Dresdner Bank, the Direction der DiscontoGesellschaft, the Oesterreichische Laenderbank, and the Anglo-Austrian Bank, were returned at £23,373,494 and the liabilities at £28,481,007, leaving an apparent deficiency of £5.107,513:

That by Sept. 30 last this deficiency had been reduced by £$7.091, to £5 020 422:

That liabilities to British, allied, and neutral subjects to the extent of £27,600,000 had been discharged by Sept. 30;

That the accommodation granted by the Bank of England to these banks in order to enable them to pay off their acceptances had been reduced by the end of September from £11,835,037 to £4,810,823;

That securities valued at £26,000,000 remained in the custody of the banks on Sept. 30;

That detailed particulars of £3,000,000 of these have been furnished to the Custodian, and that the remainder should be lodged by the end of March next.

With reference to the form of the licenses under which the scope of the operations of the banks has been restricted, the Controller says:

The licenses do not indicate whether the banks would or would not be permitted to resume business after the war. No business has been done other than what was necessary to complete transactions of a banking character entered into before August, 1914, The practical effect has been to dissever and break the relations between the banks and their connections.

Treasury certificates. It authorizes the sale of $331,000,000 Panama bonds, and provides for an increase in the inheritance tax. The new impost and inheritance taxes are expected to yield $222,000,000. The new inheritance tax begins at 11⁄2 per cent. on the first $50,000, and increases to 131⁄2 per cent., so that on a $5,000,000 estate the tax will be $511,500.

AT

PROPERTY DESTROYED BY WAR

the annual convention of the National Foreign Trade Council in Pittsburgh a committee submitted a report, the result of careful inquiry, showing the value of the property destroyed in Europe by the war. The total is $5,985,000,000. In France, estimates of the loss have been made by the Government. These, with the reports of our Industrial Commission and other trustworthy statements, were used by the committee. The ships destroyed are not included, and $3,735,000,000 of the total is assigned to the western war zone. For machinery alone in France and Belgium, to be used in ten specified industries, $800,000,000 must be expended.

NEW BRITISH LOAN SUBSCRIPTIONS

THE

British Insurance Company subscribed for $215,000,000 of the new loan, the Prudential taking $100,000,000. The London County Council took $35,000,000, Imperial Tobacco Company, $12,500,000; City of London, $10,000,000; Lady Werkner, widow of the South African diamond king, took $10,000,000; Harry Lauder subscribed for $250,000. The amount of the loan is unlimited. There are two issues, one at 5 per cent.-subject to income tax-issued at $475, payable $500 in thirty years, and one at 4 per cent. not subject to income tax, repayable in twenty-five years.