HC54 U58 New York State College of Agriculture At Cornell University Ithaca, N. Y. Library I |lj!i!liiiliil! H COKOBESS \ Pt y' %' 'St Session { SENATE ( Document j No. 477 IBUSINESS ACTIVITY IN THE UNITED STATES AND IN LEADING FOREIGN COUNTRIES i" Mh LETTER FROM THE CHIEF OF THE BUREAU OF FOREIGN AND DOMESTIC COMMERCE, DEPART- MENT "OF COMMERCE TRANSMITTING TO THE CHAIRMAN OF THE SENATE COMMITTEE ON FINANCE. PURSUANT TO REQUEST, A REPORT ON BUSINESS ACTIVITY IN THE UNITED STATES AND IN LEADING FOREIGN COUNTRIES .L^l PRESENTED BY MR. SIMMONS June 29, 1916.— Ordered to be printed June 30, 1916. — Illustrations ordered printed '! WASHINGTON GOVERNMENT PRINTING OFFICE 1916 C^/^^/S'S' CONTENTS. Page. Letter of submittal 4 Introduction 5 Imports of merchandise -• 6 Exports of merchandise '. 18 Imports and exports of merchandise of the United States, 1871 to 1915 30 Imports of gold - 32 Exports of gold 41 Receipts of railways 50 Bank clearings 55 Business failures 61 Postal, telegraph, and telephone receipts ...\.' 65 Production of pig iron 68 Index numbers of wholesale prices in various countries , 70 Other indices for the United States: Building operations 75 Unfilled tonnage of the United States Steel Corporation 76 Relative retail prices of food 77 3 LETTER OF SUBMITTAL. Depaetment of Commerce, BxjEEAU OF Foreign and Domestic Commerce, Washington, June 26, 1916. Hon. F. M. Simmons, United States Senate, Washington, D. C. My Dear Senator: In compliance with your letter to me of Jmie 19, I take pleasure in sending you herewith a report on "Business Activity in the United States and in Leading Foreign Countries," recently prepared in this ofhce. Very truly, yours, ^ E. E. Pratt, Chief of Bureau. BUSINESS ACTIVITY IN THE UNITED STATES AND IN LEADING FOREIGN COUNTRIES. INTRODUCTION. The following may be regarded as some of the best indices to the course of business activity: Imports and exports of merchandise. Imports and exports of gold. / Receipts of railways. Bank clearings. Business failures. Postal, telegraph, and telephone receipts. Building operations. Production of pig iron. Prices of commodities. It has been possible to obtain statistics of these movements from month to month for the United States and for a number of foreign countries. Wherever possible, figures were obtained for the period from January, 1912, to April, 1916. As in nearly all cases there are seasonal changes in the movements each year from month to month, a comparison of any one month with the months immediately preceding or following does not show the real chai^ges in business activity as effectively as when each month is compared with the same month of the preceding or following year. The latter method of comparison has therefore been adopted in the text discussion and in the tabular statements. A general study of these indices of the various countries dis- closes the following: 1. Periods of general business activity or depression are world- wide, and are not as a rule confined to any one country. ' 2. Business activities were fairly normal in the various countries of the world during the two years preceding the outbreak of the war. 3. In every country, including the United States, there was a decided decline in business activity after July, 1914. 4. The period of business depression following the outbreak of the war lasted from four to six months in most of the neutral countries. In the belligerent countries the upward trend did not begin until the last few months of 1915. 5. There was a slight depression in business activity in the United States in the latter part of 1913 and early in 1914, but in the spring and summer of 1914 there were signs of recovery. The outbreak of the war, however, caused a decided decline in the United States as in all other countries for several months after July, 1914. 6. The United States at the close of the period, April, 1916, had entered upon a period of business activity which has had no parallel in the history of the country. 5 IMPORTS OF MERCHANDISE.- Monthly statistics of impbrts of merchandise have been obtained for the United States, Canada, the United Kingdom, France, Ger- many, Austria-Himgary, Italy, Russia, Spain, Sweden, Argentina, Brazil, Australia, British India, Britisb South Africa, Egypt, and Japan. (jfeneral im'ports into the United Statefi. — ^The general imports of merchandise into the United States when traced from month to month during the past four years show that from October, 1913, when the new tariff act went into effect, until July, 19^14, there was an increase in imports during six months and a decrease during four months, when each month is compared with the same month of the preceding year. In 1914 a falling off in imports followed the outbreak^ of the European war, which continued each month, with two exceptions, until August, 1915, after which the imports increased rapidly each month until the end of the period. While the imports into the United States in December, 1913, and in March and AprU, 1914, were high, they were not unusual in any of the other months following the enjforcement of the new tariff act. A comparison of the imports during the four calendar years shows a decHne in imports in each year when compared with the year pre- ceding. Thus, the imports in 1913 were smaller than in 1912, in 1914 smaller than in 1913, and in 1915 smaller than in 1914. A comparison of the imports into the United States with the imports into other leading countries does not disclose any exceptional condi- tion here which did not also exist abroad. The effects of the war are shown in every case by the falling off of imports for a number of months, followed by very material monthly increases. Imports into Canada. — The imports into Canada each month, when compared with the same month of the preceding year, increased during the first seven months of 1912, then dechned each month until August, 1915, after which there was an increase each month. The decline was greatest a few months after the outbreak of the European war. The imports during the calendar years 1914 and 1915 were much smaller than in the two preceding years. Imports into the United Zmgrc^om.— Until October, 1913, there was an increase in imports each month, except one, when compared with the same month of 1912, after which there was a decUne each month, but one, until January, 1915. From February to December, 1915, each month showed a decided increase. The decreases were greatest during the four months following the outbreak of the war, and the increases were greatest in August and September, i915. The im- ports in 1915 were much greater than during any of the three preced- mg years. BUSINESS ACTIVITY IN U. S. AND LEADING FOEEIGN COUNTRIES. 7 Imports into France. — ^The imports into France showed an increase each month, except two, when compared with the same month of the preceding year, from January, 1913, to April, 1914. After that each month showed a decided decline, until May, 1915. This was followed by a decided increase each month until the end of the period. The imports in the calendar year 1914 were much smaller than in the two preceding years. In 1915 the imports were about normal. Imports into other countries. — The imports into Germany can only be shown for the period up to the beginning of the European war. During this period there was nothing abnormal in the movement of imports. Austria-Hungary shows a very material decline following the out- break of the war, which continued until July, 1915, after wMch the imports increased, but not to normal. Italy, Kussia, Spain, Sweden, Argentina, BrazU^ Australia, British India, Egypt, and Japan, like the United States, the United King- dom, Canada, and France, all show a decline in imports for a con- siderable period after the outbreak of the war, followed in nearly all cases by a decided increase in the latter part of 1915. These facts are brought out in the following tabular statements and chart: General imports of merchandise into the United States. Month. 1912 1913 1914 1915 1916 Tannery $143,686,408 134,188,438 157,577,038 162,571,169 165,697,886 131,030,797 148,666,738 154,756,770 144,819,493 177,987,986 153,094,898 154,096,444 $163,063,438 149,913,918 155,445,498 146,194,461 133,723,713 131,245,877 139,061,770 137,661,553 171,084,843 132, 949, 302 148,236,536 184,025,571 $164,742,923 148,044,776 182,555,304 173,762,114 164,281,515 157,529,450 159,677,291 129,767,890 139,710,611 138,080,520 126,167.062 114, 666, .545 $122,148,317 125,123,391 157,982,016 160,676,106 142,284,851 157,696,140 143,244,737 141,804,202 151,235,028 149, 172, 729 1.35,496,675 171,832,506 $184,350,942 193,935,117 213,689,785 217,705,397 April jiay July August November Decomber Total 1,818,073,055 1,792,596,480 1,789,276,001 1,778,596,695 [Increase (+) or decrease (— ).] Month. 1912 to 1913 1913 to 1914 1914 to 1915 1915 to 1916 January z +$19, 477, 030 + 16,725,480 - 2,131,640 - 16,376,698 - 21,974,173 + 215,080 - 9,604,968 - 17,105,217 + 26,265,350 - 46,038,684 - 4,868,362 + 29,930,127 - $8,320,515 - 1,869,142 + 27,109,806 + 27,667,663 + 30,667,802 + 26,283,673 + 20,616,521 - 7,883,663 - 31,374,232 + 5,131,218 - 21,769,474 - 69,369,026 ' -$32,594,606 - 22,921,385 - 24,573,288 - 13,186,008 - 21,996,664 + 165,690 - 16,432,554 + 12,036,312 + 11,525,416 + 11,092,209 + 29,029,613 ,+ 57,175,960 +$62, 202, 625 + 68,811,726 March + 55,607,769 April + 57,129,291 May July October Total - 25,476,675 - 3,320,479 - 10,679,306 8 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN OOUNTEIES. Imports of merchandise into Canada. [From Unrevised MontWy Statements of Imports Entered for CJonsumption and Exports of the Dominion of Canada.] 1913 1913 1915 January February. . March April May June July August September. October November. December. . ' Total. 138,662,000 42,181,000 58, 053, 000 45,607,000 63,781,000 63, 687, 000 66,369,000 68,000,000 57, 856, 000 61,045,000 69,319,000 51, 143, 000 852,752,000 52,952.000 67,604,000 48,488,000 60,614,000 57,957,000 58,926,000 57,943,000 54,341,000 52,3X1,000 60,202,000 45,005,000 540,921,000 38, .540, 000 53,111,000 36,938,000 45,077,000 45,751,000 42,964,000 44,391,000 36, .568, 000 35,114,000 31,662,000 30, 393, 000 636,593,000 659,065,000 481,320,000 530,300,000 35, 913, OCO 40,411,000 28,392,000 34,391,000 35,325,000 36,558,000 40,806,000 38,028,000 39,616,000 45,218,000 45,691,000 460,548,000 [Increase (+) or decrease (— ).) Wonth. 1912 to 1913. 1913 to 1914. 1914 to 1915. +514,091,000 + 10,771,000 + 9,551,000 + 2,881,000 + 6, 733, 000 + 4,370,000 + 2,569,000 .- 67,000 ■ — 3,615,000 — 8,664.000 — 9,117,000 — 6,138.000 —511,831,000 — 14,412,000 — 14,493,000 — 11,650,000 — 15,437,000 — 12,206,000 — 15,962,000 — 13,562,000 — 17, 773, OCO — 17, 267, 000 — 18,660,000 — 14, 612, 000 —$10,621,000 — 2,.627,000 March — 12,700.000 — 8,546,000 May — 10,686,000 — 10,426,000 July — 6.406,000 — 3,585,000 Septem'ber -^ + 1,460,000 + 4,401.000 + 13,666.000 + 15,29.S,000 Total ' .. + 23,47.5,000 —177,745,000 — 30,772,000 Note. — Merchandise includes gold-bearing quartz, dust, nusgets, etc., and silv^ contained in ores, concentrates, etc. Imports of merchandise into the United Ki7\gdom. [From Trade and Navigation, December, 1914, and December, 1916. £1=S4.8665] Month. 1912 1913 January February March April May June ■July August September October November December Corrected total ^ $325,884,919 290,602,186 297,667,327 293,962,271 267,980,996 246,574,099 283,714,512 290,507,236 278,259,662 345,631,050 345,460,075 360,425,195 3,623,793,631 $346,700,512 310,420,165 298,523,004 306,364,361 298,216,093. 283,763,274 300,670,293 272,405,764 298,587,636 349,074,902 333,195,020 346,080,634 $330,946,376 301,984,093 325, 799, 108 299,906,968 287, 606, 695 283,627,664 288,955,669 206,060,784 219,024,653 250,038,020 270,178,980 327,697,684 3,741,047,607 3,390,174,777 $328,006,996 317,630,683 367,863,202 358,555,389 348,660,227 370,427,259 367,665,057 338,206,666 342,080,491 329,912,479 348,670,904 346,221,694 4,154,804,932 1 The monthly figures are uncorrected and therefore do not add to the corrected total of year. BUSINESS ACTIVITY IN U. S. AND LEADING FOEEIGN COUNTEIES. Imvorts of merchandise into the United Kingdom — Continued. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February March April ; May June July August ■- September October November December • Corrected total ' +$20, + 19, + + 12, + 30, + 37, + 16, - 18, + 20, + 3, - 12, - 14, 815,593 817,979 855,677 402,090 235,097 189, 175 956, 781 101,472 327,974 443, 852 265,055 344, 661 -316, - 8, + 27 - 6, - 10; - 11, - 66 - 79; - 99: - 63: - 18, 754, 136 436,072 276, 104 457,393 609,398 135, 610 714, 634 344, 980 662,983 036,882 016,040 482,850 - $2, + 15, + 42, + 58, + 61, + 86, , + 78, +132, +'123, + 79, + 78, + 17, 939,380 646,690 064,094 648,421 053,632 799, 695 699,398 144,882 066,838 874,459 491,924 624,010 + 117,263,976 -360,872,8.30 +764,630,155 1 The monthly figures are uncorrected and therefore do not add to the corrected total of year. Imports of merchandise into France. [From Documents Statistiques sur le Commerce de la France. 1 franc = S0.193.] Month. January February.. March April May June July August September . October November . December. - Total 1912 $122,691,670 148,591,279 ■134,709,176 132,089,779 132, 687, 693 132, 672, 060 124,136,249 123,912,948 115,885,306 129,246,117 141,183,746 150, 847, 256 1,588,563,278 1913 $137,078,067 133,951,457 137,211,999 137, 183, 821 135, 851, 735 137, 198, 876 129,327,766 112, 892, 466 120,995,660 136,967,239 147,095,722 169,672,400 1,625,317,076 $142, 533, 781 149, 284, 536 160,645,983 140,999,624 131,456,546 136,317,068 110,802,661 148,006,662 49,432,611 46, 227, 939 61,488,733 78, 523, 694 1.236,618,617 1915 $66, 339, 890 98, 679, 189 121,154,978 134,691,069 116, 107, 449 148,523,636 137,731,362 '163,529,865 140, 808, 361 143, 2M, 263 119.283,843 168. 523. 161 1.558,376,956 1 The method of valuation was changed at this date, therefore the following figures are not entirely comparable with the foregoing ones. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. +$14, 486, 387 - 14,639,822 + 2,502,824 + 5,094,042 + 3, 164, 042 + 4,526,815 + 6,191,507 - 11,020,493 + 5,110,264 + 7, 711, 122 + 6,911,976 + 8, 725, 144 + $5,455,724 + 15,333,078 + 13,333,984 + 3,815,803 - 4,395,189 881,817 - 18,526,106 - 64,886,793 - 71,563,049 - 90, 729, 300 - 95,606.989 - 81,048,806 -$76, 193, 891 - 50,706,346 . - 29,391,005 - 6,408,665 - 16,349,097 + 12,206,478 July - + 26,928,711 + 115,624,203 + 91,375,850 + 96,976,324 + 67,796,110 + 89.999,567 Total + 36,763,798 -389,698,469 +322,758.339 10 BUSINESS ACTIVITT IN U. S. AND LEADING FOREIGN COTJNTEIES. Imports of merchandise into Oermxmy. [From Monatliohe Naohweise iiber den Auswartigen Handel Deutscblands. 1 mark=$0.238.J Month. 1912 1913 1914 Increase (+) or decrease (— ). 1912 to 1913. 1913 to 1914 January... February.. March April May June July. August;... September. October . . . November. December. Total 8197,172,290 196,739,130 233,422,546 224,586,368 212,718,926 196,783,160 219,026,926 206,753,618 194,344,136 227,729,110 226,779,014 217,210,462 S225, 220, 200, 232, 207, 204, 215: 194, 197, 221, 227; 223; 891,760 291,134 793,460 849,442 9.37,268 991,304 363,348 247,032 583,316 623,736 475, 878 789,496 $216,732,320 215,079,648 217,463,456 226,512,216 214,904,242 1210,516,236 +S28, + 23, - 32, + 8, - 4, il - Hi + 3, - 6, + + 6, 719, 460 652,004 629,086 264,074 781,658 208,144 672,678 506,586 239,180 205,374 696,864 679,034 -59,159,430 - 6,211,486 +16,669,996 — 6,337,226 + 6,966,974 +15,524,932 2,662,263,686 2,572,727,164 + 20,463,478 1 No figures available after this date. ' Imports of merchandise into Austria-Hungary. [From Statistische Uebersicbten bettreffend den Answartigen Handel. 1 krone— C0.203. (Data for the war period are from the Das Handelsmuseum.)] 1915 January... February.. March April May.. June July August September. October November . December., Total S54,159,588 59,482,451 65,842,644 62,313,692 61,720,120 59,662,918 60,032,175 55,194,685 54,473,223 60,838,897 60,300,947 62,667,239 $61,810,878 63,658,990 59,484,075 58,745,561 57,981,063 57,666,819 55,609,335 83,980,136 52,705,093 69,864,700 60,544,647 64,262,139 $54,030,277 56,091,742 67,899,643 65,921,002 69,201,279 63,703,836 60,169,200 18,148,200 23,324,700 180,409,721 $28,257,600 30,693,600 39,463,200 -41,026,300 35,991,900 37,717,400 41,127,800 38,265,500 37,737,700 716,688,579 686,203,336 658,899,600 1 Total for 3 months only given. 2 No figures available. [Increase (+) or decrease C—)] Month. January... February.. March April May June July , August September. October... November. December. Total 1912 to 1913. -$2,348,710 - 5,823,461 - 6,368,669 - 3,568,131 - 3,739,057 - 1,996,099 - 4,522,840 - 1,214,549 - 1,768,130 - 974,197 + 243,600 + 1,684,900 -3q, 385, 243 1913 to 1914. $2,219,399 2,432,752 - 8,415,568 7,175,441 11,220,216 6,037,017 4,659,865 35,831,936 29,380,393 1104,251,665 127,303,736 1914 to 1915. -$25,772,677 - 25,398,142 - 28,436,443 - 24,894,702 ^ 33,209,379 - 25,986,436 - 19,041,400 + 20,117,300 + 14,413,000 -148,208,879 ' Total for 3 months gnly given. 2 No figures available. BXJSIKESS ACTIVITT IN U. S. AND LEADING FOREIGN COUNTRIES; 11 Imports of merchandise into Italy. [From Statistioa del Commercio Speciale. 1 lira=S0,193.] Month. 1913 1914 1915 January . . . February . . March April May June July August September - October November . December.. Total $48,454,866 53,734,079 64, 825, 008 58, 814, 876 56,714,194 72,972,347 49,994,002 63, 461, 126 54, 520, 343 63, 826, 886 62, 733, 789 74,419,452 $52,074,212 58, 156, 834 62,962,771 64,130,275 59,506,451, 70, 569, 206 45, 599, 605 45. 806, 263 51,030,794 67. 807, 669 '64,049,343- 71,914,909 $50, 890, 546 57, 063, 329 62,245,462 61,260,375 58,418,325 65, 775, 842 49, 108, 633 32,280,133 19, 742, 098 27, 605, 149 32, 159, 640 39, 786, 147 714, 470, 968 703,608,322 556, 235, 679 $32,681,767 47,452,559 62,050,016 62, 806, 850 60,923,188 66,546,253 ,38,357,905 44,756,167 42, 752, 680 53,368,746 60,532,323 80,743,446 642,971,900 [Increase (+) or decrease (— )]. Month. ffll2 to 1913. 1914 to 1915. January . . . February.. liiaxch April MTay June July August September. October . . . November. December . Total +$3,619,346 + 4,422,766 - 1.862.237 + 6', 315, 399 + 2, 792, 257 - 2,403,141 - 4, 394, 397 - 7,654,873 - 3, 489, 649 - 6,019,217 + 1,316,664 - 2,504,643 $1, 183, 666 1,093,606 717, 309 2,869,900 1, 088, 126 4, 793, 364 3,609,028 13, 626, 120 - 31,288,696 - 30, 302, 520 - 31,889,703 - 32,128,762 + -10,862,646 -147,372,643 - $18, 208, 779 - 9, 610, 770 - 10,195,446 + 1, 546, 475 + 2, 504, 863 + 770, 411 - 10,750,728 + 12,476,034 + 23,010,682 + 25,863,597 + 28,372,683 + 40,967,299 + 86,736,221 Imports of merchandise into Russia. [From Vneshnaya Torgovlia Eossii po Europeiskoi Granltsie. ' 1 ruble=S0.515.] Month. 1912 1913 1914 1915 January February. . March April May June July August September . October November. December. . Total $38, 914, 000 37,327,000 40,920,000 43,165,000 40,192,000 52, 576, 000 41, 666, 000 44,489,000 53,016,000 45,433,000 46,246,000 50,949,000 $50,217,000 39,186,000 47,104,000 42, 243, 000 62,565,000 59,115,000 57, 578, 000 64, 828, 000 53,566,000 64,453,000 69,462,000 48,217,000 $60, 108, 000 68,971,000 56, 638, 000 62, 514, 000 65,063,000 62,525,000 37, 457, 000 15,996,000 15,441,000 13,416,000 13,834,000 21,782,000 533,892,000 628,534,000 483,635,000 $10,641,000 11,007,000 8,605,000 15,836,000 19,056,000 28,296,000 32,409,000 35,608,000 39,270,000 49,291,000 46,437,000 60,826,000 347,181,000 [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January. . . February. . March April May.» June July August September. October... November. December. , Total +$11, + 1, + 6, + 12, + 6, + 15, + 10, + + 19, + 1*, - 2, 303,,000 859,000 184,000 922,000 373,000 539,000 912,000 339,000 550,000 020,000 217,000 "32,000 + $9,891,000 + 19,785,000 + 9,434,000 + 20,271,000 + 12,488,000 + 3,410,000 - 20,121,000 - 38,832,000 - 38,126,000 - 51,037,000 - 45,628,000 - 26,436,000 -$49 - 47: - 48: - 46: - 45: - 34; - 5, + 19, + 23, + 35, + 32, + 29, 467, 000 964,000 033,000 679,000 997,000 229,000 048,000 612,000 829,000 875,000 603,000 044,000 + 94,642,000 -144,899,000 -136,464,000 12 BUSINESS ACTIVITY IN U. S. AND LEADING POEEIGN COUNTEIES. Imports of merchandise into Spain. [From Kesumencs Mensuales de la Estadistica-del Comeroio Exterior de Espafia. 1 peseta=$0.181 in 1912, $0.18 in 1913, $0,186 in 1914, and $0.20 in- 1915.) Month. 1913 1916 January... February.. March..'... April May June July August September, October November. December.. Total $13,867,496 15,160,922 14,437,284 13,393,457 15,854,514 13,539,524 15,734,873 16,886,214 16,473,715 16,291,267 18,352,676 19,864,976 $18,168,660 20,323,980 19,670,500 22,216,500 17,362,360 18,895,600 19,364,940 20,206,260 19,758,960 18,947,620 18,867,600 19,283,220 $17,854,326 I 17,304,610 18,088,600 20,580,342 17,350,824 18,369,732 18,728,712 16,003,440 11,825,880 10,739,826 11,097,690 11,763,942 $13,747,800 14,496.200 20,475,200 19,381,400 16,631,400 18,266,200 17,413,400 14,688,000 12,099,400 13,500,000 15,860,000 17,612,000 189,846,918 1236,089,180 1190,194,114 2 194,060,000 1 The monthly figures are uncorrected and therefore do not add to the corrected total. 2 Preliminary figures. [Increase (+) or decrease (— )•] Month. January... February. . March April May June July August September. October... November. December. Total 1912 to 1913. + + 301,164 163,058 133,216 823,043 497,846 366,976 630,067 320,046 286,245 656, 253 614,924 571, 766 + 146,242,262 1913 to 1914. $314,334 3,019,470 1,482,000 1,636,168 1,536 525,768 636, 228 4,202,820 7,933,080 8,207,694 7,769,910 7,519,278 -144,895,066 1914 to 1915. $4,106,526 2,808,310 2,386,700 1,198,9«2 819,424 114, 532 1,316,312 1,315,440 273,620 2,760,174 4,762,310 6,848,058 + 1^,865,886 1 The monthly figures are uncorrected and therefore do not add to the corrected total. ' Preliminary figures. Imports of merchandise into Sweden, . [From Kommersiella Meddelanden. 1 krona=S0.268.] Month. 1912 1913 1914 1915 January — February.. March April May June July August September. October November. December. . Total $13,239,000 11,604,000 15,678,000 16,268,000 19,269,000 15,624,000 16,723,000 19,323,000 19,805,000 22,485,000 21,333,000 IS, 466, 000 209,816,000 $16,214,000 16,214,000 16,830,000 19,618,000 20,629,000 16,643,000 19,484,000 19,510,000 ■ 20,288,000 23,664,000 20,743,000 17,162,000 1226,872,000 14. 18, 20, 21, 17, 20, 11, 12, 17, 17, 18, 268, 499! 036; 261. 620, 9S3, 566, 283, 221, 581, 286, 144 1194,811,000 $17,634,000 25,353,000 33,768,000 34,465,000 27,766,000 219,403,000 1 The monthly figures are uncorrected and therefore do not add to the corrected total 2 No figures available after this date. BUSINESS ACTIVITY IN U. S. AND LEADING POEEIGN COUNTRIES. 13 Imports of merchandise into Sweden — Continued. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February. . . March April , May June July August September.. October November. . December. . Total. 975,000 610,000 152,000 360,000 260,000 019,000 761,000 187,000 483, 000 179, 000 690, 000 313, 000 + + +$1,366,000 +10,854,000 +15,732,000, +14,204,000 + 6,246,000 2+ 1,420,000 ■ > 17,056,000 ■ '32,061,000 1 The monthly fleiures are uncorrected and therefore do not add to the corrected total. 2 No figures available alter this date. • Imports of merchandise into Argentina. [From EI Comercla Exterior Argentino. 1 pesos goId=S0.965.] 1912 1913 1914 1915 January February. . March April May June July August September. October November. December.. Total. 189,614,390 87,332,754 96,646,605 97,789,849 $104,849,189 97,005,062 104,227,464 100,523,488 $91,821,853 73,209,228 54,272,173 43,001,020 147,672,208 49,053,155 67,633,090 64,693,035 371,383,698 408,605,203 262,304,274 218,951,488 [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1916. • +$16,234,799 + 9,672,308 • + 7,680,869 « + 2,733,639 -813,027,336 - 23,795,834 - 49,955,291 - 57,622,468 February. . -844,249,645 April ; May . - 24,156,073 July + 3 360 917 October .• November + 21,692,015 Total 35,221,605 -144,300,929 - 43,362,786 14 BUSINESS ACTIVITY IN U. S, AND LEADING FOREIGN COXTNTEIES. Imports of merchaTiMse into Brazil. [From Commercio exterior do Brazil. £1=$4.8665] Month. 1914 1915 January... February.. Marcli April May June July August September . October November . December. . Total $25,325,266 21,432,066 25,909,246 22, 877, 416 24,682,888 23, 461, 396 27, 252, 400 25, 724, 319 25,291,201 28, 113, 771 26,556,491 32,031,303 $30, 347, 494 26, 055, 241 3D, 109, 035 28,469,025 26,960,410 28,250,033 29, 744, 048 25,836,249 26, 103, 908 25,485,860 25,038,143 24, 463, 895 $23,266,737 18, 706, 826 18, 161, 778 19, 110, 746 18,916,086 16,575,299 15,670,130 11, 231, 882 7, 903, 196 7, 163, 488- 7,202,420 8, 720, 768 $8,200,052 8,818,098 12,132,184 12,730,764 13,387,742 12,482,572 13,227,147 12,701,565 13,003.288 14,886,624 11,197,817 13,655,399 308, 657, 763 326,863,339 172,629,355 146,423,252 [Increase (+) or decrease (— ).] Montb. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February March April MTay June July August September . ^ October November December Total... +$5, 022. 228 + 4,623,175 + 4, 199, 789 + 6,591,609 + 2, 277, 522 + 4, 788, 637 + 2, 491, 648 + 111, 930 + 812, 705 - 2,627,911 - 1,518,348 - 7,567,408 -$7,080,757 - 7,348,415 -11,947,257 - 9,358,279 - 8,044,325 -11,674,734 -14,073,918 -14,604,367 -18,200,710 -18,322,372 -17, 835, 723 -15, 743, 127 -$15,066,685 - 9,888,728 - 6,029,594 - 6,379,982 - 5,628,343 - 4,092,727 - 2,442,983 + 1,469,683 + 5,100,092 + 7,723,136 + 3,995,397 + 4,934,631 +18,205,576 -154, 233, 984 — 26,206,103 Imports of merchandise into Australia. [From monthly summary o( Australian statistics. £1=$4.8666.] Month. January February,. . March April May June July August September. October November. December. . Total, 1912 $35, 549, 237 30, 887, 319 30; 313, 161 28,019,331 28, 766, 344 26,150,357 31,397,787 30,221,890 32, 106, 004 36,918,403 29,385,416 32, 490, 993 372,206,272 1913 $30,160,275 31,248.867 29, 314; 813 29, 570, 465 26,895,311 29,173,957 32, 132, 181 32,945,772, 31,901,518 41, 543, 500 27, 194, 255 38,285,534 1 380, 423, 089 1914 $34, 169, 894 29,055,248 35, 526, 876 29, 690, 602 31,096,694 30,035,761 35,911,607 31,145,464 22,879,976 23,960,622 26,056,256 24.962,152 1 353, 46S, 178 1915 $27, 785, 170 23,229,352 25,730,704 23,434,402 20,725,202 23,860,681 30,977,404 38,666,386 29,231,435 34,987,488 27,014,920 27,798,718 333,441,762 1 The monthly figures are uncorrected and therefore do not add to the corrected total. [Increase (-f-Tor decrease (— ).] Month. January February. . March April May June July August September. Octooer November. December.. Total 1912 to 1913. -$5, + + 1, - 1, + 3, + + -, + 4, - 2, + 6, 388, 962 361,518 998, 348 651, 124 871,033 023, 600 734, 394 723,882 204, 4S6 825, 097 191.161 091,279 ' + 8, 216, 817 1913 to 1914. +83,979,619 - 2,193,619 + 6,212,063 + 120,047 + 4,201,283 + 861,804 + 3,779,426 - 1,800,308 - 9,021,542 -17, 582, 878 - 2,137,999 -13,323,382 -26,9.56,911 1914 to WIS. -S6,364.72'4 — 5,825,896 — 9.796,172 — 6,266,100 —10,371,392 — 6,175,180 — 4,934,203 + 7,520,922 + 6,351,459 +11,026,866 + 1,968,664 + 2,836,566 1-20,024,416 1 The monthly figures are Uncorrected and therefore do not add to the corrected total BUSINESS ACTIVITY IN V. S. AND LEADING FOREIGN COUNTKIES. 15 Imports of merchandise into British India. [From Monthly Accounts Relating to the Sea-borne Trade and Navigation of British India. $0.3244J.] 1 rupee= Month. 1912 1913 1914 1915 January February.. March April May. Jun^ July August September . October November. December. . Total $46,682,882 34,768,190 35,761,919 45,297,890 37,728,938 33,951,923 37,947,604 39,086,677 47,486,170 48,728,088 50,394,361 39,376,394 $54,504,889 42,205,099 45,620,373 48,799,463 46,411,009 39,659,621 46,964,811, 52,331,857 54,023,759 63,714,677 53,401,827 46,822,711 $58,526,199 43,690,988 50,164,989 47,030,671 44,089,064 41,W4,212 45,429,932 41,936,795 24,003,278 40,106,361 38,728,507 33,095,753 497,211,036 584,459,996 507,-946, 749 $32,635,711 28,904,766 30,378,327 30,074,986 30,675,257 33,734,880 36,218,068 40,082,353 41,652,270 37,372,065 39,151,239 26,849,732 407,629,654 [Increase (+) or decrease (— ).] Month. 1913 to 1914. 1914 to 1915. Jamlary... February..-, March April...... May June , July , August September. October November- December.. Total +$7,822,007 + 7,436,909 + 9,858,464 + 3,501,573 + 8,682,071 + 5,707,698 + 9,017,207 +13,245,180 + 6,637,689 + 4,986,489 + 3,007,466 + 7,446,317 +87,248,960 +$4,021,310 + 1,485,889 + 4,544,616 - 1,768,792 - 2,321,945 + 1,484,591 - 1,634,879 -10,395,062 -30,020,481 -13,608,216 ^14,673,320 -13,726,958 -76,513,247 -$25,890,488 - 14,786,222 - 19,786,662 - 16,965,685 - 13,613,807 - 7,409,332 - 9,211,864 - 1,854,442 + 17,618,992 - 2,734,296 + 422,732 - 6,246,021 -100,317,095 Imports of Tnerchandise into British South Africa: [From Trade of the Union of South Africa, etc. £1=- 84.8665.] , Mouth. .1912 1914 1915 January — February.. March April May June July August September . October November . December.. Total $14,463,522 14,741,188 15,778,794 15,360,304 13,27S,«63 13,083,245 14,216,648 16,500,131 15,809,424 16,821,023 16,545,394 16,037,900 $15,721,910 14,159,953 16,575,230 16,798,808 16,194,067 14,949,197 17,216,047 17,170,438 17, to, 652 17,371,429 15,721,209 16,849,370 $14,810,176 14,406,766 16,252,631 15,439,205 13,269,602 14,030,t26 15,360,231 12,193,230 9,151,278 11,968,276 11,029,820 11,363,565 182,636,442 196,382,200 159,335,006 $8,488,840 8,398,387 10,432,224 10,203,474 12,822,794 12,664,909 15,447,108 13,331,310 14,585,665 14,886,443 12,616,862 13,811,443 147,689,609 [Increase (+) decrease (- Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. +$1,258,388 - 581, 235 + 796,436 + 1,438,504 + 2,915,194 + 1,865,952 + 2,999,399 + 670,307 + 1,845,128 + 550,406 - 824, 185 + 811,464 - $911,734 + 306,813 - 322,599 - 1,359,603 - 2,924,455 - 918,971 - 1,855,816 - 4,977,208 - 8,503,274 - 6,403,153 - 4,691,389 - 5,485,805 -$6,321,336 - 6,068,379 - 5,820,407 April - 5,235,731 M^v , - 446,808 - 1,366,257 July + 86,877 + 1,138,080 + 6,434,377 October -^ - + 2,918,167 + 1,487,042 + 2,447,878 Total ■ +13,745,758 -37,047,194 -11,746,497 Note.— Imports of merchandise do not include articles imported for the South African Governments. 16 BUSINESS ACTIVITY IN XJ. S. AND LEADING FOREIGN COCJNTBIkS. Imports of merchandise into Egypt. [From Bulletin Mensual du Commerce Ext&ieur de I'Egypte. £1 Egyptian= $4,943.] Month. 1912 1913 1914 1915 January $10,435,266 9,658,S78. 10,188,942 9, 105, 743 9,532,695 8,964,511 9,603,715 10,589,641 12,329,290 11,954,720 12,769,094 12,929,668 $12,468,169 10,086,938 10,783,229 10,362,253 10,463,234 9,438,486 11,197,546 11, 170, 977' 11,643,294 13,658,496 12,781,812 13,893,226 $12, 233, 614 10,226,751 11,935,501 11,218,618 12,139,795 11,291,745 11, 802, 653 7,364,877 4,628,007 4,601,360 4,637,023 5,304,783 $4,894,391 5,759,455 6,586,004 April 7,299y659 Mav 7,803,855 June •- 7,563,546 July 7,717,476 , 8,969,929 8,813,112 October - 8,268,487 8,834,194 13,033,104 128,062,063 137, 737, 659 107,384.727 95,543.212 [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. +$2,032,903 + 427, 960 + 694,287 + 1,246,610 + 930, 639 + 473,974 + 1,593,831 + 681, 336 - 786,996 + 1,603,776 + 12,718 + 963, 668 - $234; 655 + 139, 813 + 1,152,272 + 866,365 + 1,676,561 + 1,853,260 + 606, 107 - 3, 806, 100 - 6,915,287 - 8,957,136 - 8,144,789 - 8,588,443 — $7, 339, 223 — 4,467,296 March — 5,349,497 — 3,918,959 Mav - 4,335,940 - 3, 728, 199 - 4,085,177 July + 1,605,052 + 4,185,105 + 3,667,127 + 4,197,171 + 7,728,321 November December Total + 9,675.606 -30,352.932 —11.841,615 Note.— Merchandise includes bullion. Trade with the Sudan not included. Imports of Tnerchandise into Japan. [From the Foreign Trade of the Empire of Japan. 1 yen=$0.498.] Month. 1912 1913 . 1914 1915 January February March April _ May r. June July.: August September October November December Total 123,000,259 28,628,518 30,888,054 34,175,660 31, 529, 195 26,101,617 23,936,740 22,286,689 17,937,282 24,395,412 22, 167, 161 23,209,667 $26,908,568 3.3,619,319 34,328,487 35,-640,145 38,735,934 32,448,488 28,037,000 26,014,277 25,098,260 24,808,731 27,981,973 29,636,777 $29,994,132 31,604,943 37,589,836 28,522,370 30,659,184 32,330,926 22,709,250 19,293,801 15,547,396 12,996,110 14,638,167 20,890,276 308,258,164 363,266,959 296,676,391 $20,393,281 20,218,473 22,752,751 29,847,779 28,694,816 21,986,681 20,776,588 19,684,184 20,317,681 19,667,139 19,033,169 21,887,627 265,160,069 [Increase (+) or decrease (— ).] Month. January February. . March April May.. June July August September. October November. . December.. Total. 1912 to 1913. +$3, + *, + 3, + 1. + 7, + 6, + 4, + 3, + 7, + + 5, + 6, 905, 309 990,801 440,433 464,485 206, 739 346,871 101,260 727,688 160, 978 413, 319 814, 812 426,110 +54,998,805 1913 to 1914. +$3,085,664 - 2,114,376 + 3,261,349 - 7,117,775 - 8,076,760 - 117, 562 - 5,327,750 - 6,720,476 - 9,550,864 -11,812,621 -13,343,806 - 8,745,501 -06,580,568 1914 to 1915. -$9,600,851 -11,286,470 -14,837,085 + 1,325,409 - 2,064,368 -10,344,245 - 1,932,662 + 390,383 + 4,770.285 + 6,671,029 + 4,395,002 + 997, 251 -31, 616, 322 BUSINESS ACTIVITY IN U.'S. AND LEADING FOREIGN COUNTKIES. 17 Imports of merchandise into the United States, the United Kingdom, Germany, Canada, France, and Spain. im 1913 IBU 19U ISIS "^ iii Ji|-|f IllilllliUtlllllJ;! ilSisiisiiiiiliiMMsSii iiH _.--_- 3 ; J : : :i i, . _ 1\ - _ - : :\t X - --- ' i ' y ^ i v/rftf fff^ " ": :::: .; _::c:'::": :y ^: - . ._r: _ sz :. „.. _ . i T . - -- :S-- _ _ " c __:: -i_- --- 2f ^ \ .1.. s^^ - '^ \ J - -- . . - .-. . ^, ._[.._ u _ I ^l ^'\1 ., : : 5 : : - - - '^ 1- _;: : :_ " ' "i: ;; ^7 t. /.. .. a" mils'" : _ - I. r__ _ - - _, ' I-H -- ._ - - . ■ i 2 _ . ._ _ _ ,^ t ■■'' '-^ .1 _ -' : . _z. r " - -^*-- ,\ '" " ~z ' " - 11- ^ _ _ .- - '--- " " " j S . 4 i\- . ---,^ „^t^-"i^Z — Z h .-» I ^^^_ ^lij^j-^^^y 1 „ "V ij^ ■■ ■• ^t — 5/' • ■•. t,. ] Vii?:. ; -;^. ..?f -.1 "■■••- 'Vig=;j? ■•^ ^I's - U-- __!,: - __i _ \,--- :.■_■- •-- - ' ' J. f ' 2 t -v ---•''■'*'^ ^-^^Z"'"'^^ Es;^--i.i,i:-._, ,....!:=»».. 3 = = ..^_5i^ = (4-- _ LL. 48600°— S. Doc. 477; 64-1 2 EXPORTS OF MERCHANDISE. Monthly statistics of exports of merchandise have been obtained for the United States, Canada, the United Kingdom, France, Ger- many, Austria-Hungary, Italy, Russia, Spain, Sweden, Argentina, Brazil, Australia, British India, British South Africa, Egypt, and Japan. Domestic exports from the United States. — ^The domestic exports from the United States during the calendar years 1913 to 1915 show an increase in 22 months and a decline in 14 months, when each month is compared with the same month of the preceding year. From November, 1913, to November, 1914, each month but one shows a decline, but after November, 1914, and until March, 1916, the last month for which figures are available, eacb month has shown an increase in exports. For several months following the outbreak of the war the decline in exports was v6ry great. On the other hand, the exports during recent months have been much greater than at any time in the country's history. * A comparison of the exports during the four calendar years shows an increase in 1913 when compared with 1912, a decrease in 1914 when compared with 1913, and a very decided increase in 1915 when compared with any preceding year. A comparison of the exports from the United States with those from other leading countries shows that in the matter of exports of merchandise the United States has had a far greater increase than any other country since the beginning of the war. The value of exports from the United States during each of the last four calendar years has been greater than that of any other country, except in 1913, when it was slightly exceeded by the value of exports from the United Kingdom. Jn. the calendar year 1915 the value of exports from the United States was nearly twice that of the United Kjiigdom, which then ranked second in value oi exports. The rapid rise in exports from the United States since Au^st, 1914, as compared with other countries, is strikingly brought out in the chart. 18 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COXJNTKIES. 19 Exports from Canada. — The exports of merchandise from Canada in 1914 were smaller than in 1913, but in 1915 they were very much greater than in any preceding year. They began to decline with the outbreak of the war and continued low until December, 1914. They increased each month in 1915, the increases being greatest in October and November, 1915. Exports from the United Kingdom. — The exports of merchandise from the United Kingdom increased materially in 1913 when com- pared with 1912. After March, 1914, however, exports began to decline and continued until July, 1915, the greatest decline being in the six months immediately following the outbreak of the war. The exports in 1914 were much lower than those of 1913 and the exports in 1915 were lower than those of 1914. Exports from France. — The exports of merchandise from France increased, as a whole, in 1913 when compared with 1912. In 1914 they were much smaller, and in 1915 less than one-half the exports in either 1912 or 1913. The outbreak of the war was followed by a very decided drop in exports, the decline continuing until August, 1915, after which there was a slight recovery each month when com- pared with the same month of the preceding year. Exports from other countries. — The exports from Germany were about normal each month untU the outbreak of the war, since which tim.e no statistics of exports are available. As in the case of imports, Italy, Russia, Spain, Sweden, Argentina, Brazil, Austraha, British India, Egypt, and Japan, like the above- mentioned cotmtries, show a decline in unports after the outbreak of the war, followed by a recovery later on. The recovery was much earliisr in the neutral countries and in Canada than in the countries engaged in the war. Tables showing exports from each of these countries and a chart showing exports in graphic form for the leading countries f oUow : Domestic and foreign exports of merchandise from the United States. Month. 1915 1916 January... February. . March April May June July August September . October . . . November. December . Total $202,446,273 198, 844, 326 ' 205,411,462 179, 300, 342 175,380,058 138, 233, 742 148,885,355 167, 844, 871 199,678,062 254, 633, 604 278, 244, 191 250, 315, 807 3227, 032, 930 193, 996, 942 187,426,711 199,813,438 194, 607, 422 163,404,916 160, 990, 778 187, 909, 020 218, 240, 001 271,861.464 245, 539, 042 238, 196, 628 $204,066,603 173,920,145 187,499.234 162, 562, 670 161, 732, 619 157, 072, 044 154, 138, 947 110,367,494 156, 052, 333 194, 711, 170 205, 878, 333 245, 632, 568 $267, 299, 296, 294, 274, 268, 21:8 . 260, 300, 336, 327, S79-, 313 805, 869 611, 852 745, 913 218, 142 647, 416 468. 702 606', 750 652, 552 157,746 670, 413 306, 492 $330,038,650 401,847,136 410,772,503 399,861,157 2,399,217,993 2,484,018,292 2, 113, 624, 050 3,554,671,160 20 BUSINESS ACTrVTTY IN U. S. AND LEADING FOREIGN OOUNTBIES. Domestic and foreign exports of merchandise from the United States — Continued. (Increase (+) or decrease (— ).] ^ Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. 1915 to 1916. January... February . . ' March April May June July August September. October November. Decembffl. Total +$24 - 4 - IV, + 20, + 19, ■+ 25, + 12, + 20, + 18, + IV, - 32, - IV, 586,657 S4V,384 984,751 513,096 227, 364 IVl, 174 105,423 064,149 661,939 227,960 705, 149 120, 179 -$22, - 20, + - 3V, - 32, - 6, - 6, - TV, - 62, - V7, -39, + 12, 966,327 076, 797 72,523 260,868 874, 803 332,872 851,831 541,526 187,668 150,294 660,709 436,930 $63, 125, 109, + 132, 112, 111, 114, 150, 144. 141 812,710 885,724 112,618 193,343 485,523 475,372 329.755 +$62,159,337 +102,041,267 +114,160,651 +105,115,244 600,219 446,576 + 121,792,080 + 113,673,934 + 84,800,299 -370,394,242 +1,441,047,110 Exports of merchandise from Canada. (From Unrevised Monthly Statements of Imports Entered for Consumption and Exports of the Dominion of Canada.] Month. 1914 1915 January February. . March April May June July August September. October November.. December.. Total. $19,527,000 18,821,000 24,981,000 13,677,000 33,343,000 29,247,000 31,042,000 29,304,000 25,814,000 33,785,000 43,781,000 38,659,000 341,981,000 $19,371,000 22,857,000 34,875,000 22,017,000 27,884,000 33,619,000 33,661,000 34,176,000 37,049,000 57,144,000 57,762,000 55,804,000 $25,219,000 20,553,000 26,701,000 17,753,000 30,006,000 ■ 28.000,000 41,808,000 31,511,000 31,797,000 45,883,000 42,872,000 37,194,000 436,219,000 379, 297, 000 $28,596,000 28,881,000 45,119,000 28,692,000 42,080,000 42,806,000 45,590,000 41,094,000 46,130,000 80,039,000 92,932,000 92,171,000 614, 130, 000 [Increase (+) or decrease ( — ).] Month. 1912 to 1913. January February. . . March April May June July August September. October November, . December.. Total, — $156,000 + 4,036,000 + 9,894,000 + 8,340,000 — 5,459,000 + 4,372,000 + 2,619,000 + 4,872,000 +11,235,000 +23,359,000 +13,981,000 +17,145,000 +94,238,000 +$5, 848, 000 — 2,304,000 — 8,174,000 — ,4,264,000 + '2,122,000 — 5,619,000 + 8,147,000 — 2,665,000 — 5,252,000 —11,261,000 —14,890,000 -18, 010, 000 -58,922,000 + $3,377,000 + 8,328.000 + 18,418,000 + 10,939,000 + 12,074,000 + 14,806,000 + 3,782,000 + 9,583,000 + 14,333,000 + 34,156,000 + 50,060,000 + 54,977,000 +234,833,000 BUSINESS ACTIVITY IN V. S. AND LEADING FOREIGN COUNTBIES. 21 Exports of merchandise from the United Kingdom. [From Trade and Navigation, December, 1914 and 1915. £1~$4.8665.) Month. 1912 1914 1915 January February March April May June July August September October November December Corrected total ' $196,688,416 182,446,686 198,134,540 160,046,204 188,978,240 170,192,849 204,326,621 213,049,146 210,254,648 235.217,323 211,003,690 201,760,408 1221,161,494 195,500,664 202,884,127 209,515,424 213,436,232 208,464,168 229,524,618 214,664,863 206,460,601 226,889,365 217,805,989 210,850,466 «232,648,702 200,800,536 216,650,064 194,401,209 204,642,116 194,041,838 216,098,782 117,824,150 129,809,612 139,190,733 119,723,779 127,886,403 2,371,072,866 2.566,106,199 2,096,105,484 $137,466,906 127,390,064 146,851,825 156,554,000 163,606,825 161,731,169 168,972,233 167,863,688 157,228,984 165,576,968 173,438,001 165,205,601 1,871,888,260 ^ The monthly figures are uncorrected and therefore do not add to the corrected total of the year. [Increa.se (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February. . . March April May June July August September - October November. . December.. Corrected total . +$24, + 13, + 4. + 49, + 24, + 38, + -28, + 1, - 3, - 8. + 8, + 9, 473,078 053,968 749,687 470,220 457,992 271,309 197,997 615,717 793,947 327,958 802,399 090,048 +185,033,333 +$11 + s; + 13, - 15 - ft - 14! - 13! - 98: - 'fii - 87, - 98, - 82 487,208 299,881- 765,937 114,216 794,116 422,320 425,836 840,713 651,089 698,632 082, 210 964,063 -460,000,715 -$95,181,796 - 73,410,471 - 69,798,239 - 37,847,203 - 41,036,291 - 32,310,679 - 47,126,549 + 40,039,638 + 27, 419, 472 + 16,386,235 + 53,714,222 + 37,319,198 -224,219,224 Exports of merchandise from, France. [From Documents Statistiques sur le Commerce de la France. 1 franc= $0,193.] Month. January February.. March April May June July August September. October November. December. . Total 1912 $74,614,572 98,296,058 115,432,142 119,661,361 111,768,616 102,490,141 96,817,871 105,385,913 107,921,740 117,139,999 122,648,219 123,351,318 1,295,527,940 1913 $80,688,475 110,664,041 124,888,766 120,250,001 107,488,262 106,860,240 103,961,344 101,461,644 112,476,347 119,629,313 114,393,416 125,140,042 1,327,881,881 1914 $77,633,478 113,778,132 121,264,023 113,851,279 119, 720, 796 106,243,286 91,742,936 146,979,481 29,971,163 35,396,779 32,834,511 61,269,099 939,684,962 1915 $29,637,852 44,636,689 60,852,412 51,666,704 50,684,888 52,463,733 47,562,727 144,178,472 49,910,765 60,611,162 65,093,780 66, 127, 102 583,304,286 1 The method of valuation was changed at this date; therefore the figures that follow are not entirely comparable with the foregoing ones. 22 BUSINESS ACTIVITY IN U. S. AND LEADING FOKEIGJN DO U JN XJiiJia. Exports of merchandise from France — Continued. [Increase (+) or decrease (— ).] Month. 1912 to~ 1913. 1913 to 1914. 1914 to 1915. +$6,073,903 +12,357,983 + 9,456,614 + 588,650 - 4,280,354 + 4,370,099 + 7,133,473 - 3,924,269 + 4,554,607 + 2,489,314 - 8,254,803 + 1,788,724 - $3,054,997 + 3,124,-091 - 3j 624, 733 - 6,398,722 + 12,232,533 - 1,616,954 - 12,208,408 -154,482,163 - 82,505,184 - 84,232,534 - 81,558,905 - 73,870,943 -$47,995,626 - 69,142,443 - 70,411,611 ^pril - 62,295,575 M^y - 69,035,907 - 62,789,553 July - 44,180,209 -12,801,009 + 19,939,602 + 15,214,383 + 22,259,269 + 4,858,003 Total +32,353,941 -388,196,919 -356,380,676 1 The method of valuation was changed at this date; therefore the figures that follow are not entirely comparable with the foregoing ones. Exports of merchandise from, Germany. [From Monatliche Nachweise ttber den Auswartigen Handel Deutschlands. 1 mark= 10.238] Month. January — February.- . March April May June July August September. October November.. Boeember . . Total 1912 1146, 178, 172 166,275,844 179,123,560 170,823,310 169,118,040 162,621,870 168,071,316 177,817,416 182,605,976 196,297,878 189,559,384 223, 144, 764 2,131,537,520 1913 $178, 199, 203; 207, 196, 192, 20i; 183, 207, 213, 191, 227, 999,800 243,842 386,232 525,290 316,366 064,100 691, 196 694,390 037,390 067,596 548, S26 892,378 2,401,357,406 1914 $190,667,750 194,081-, 860 216,362,230 200,319,126 209,610,408 1 195,667,222 Increase (+) or decrease (— >. 1912 to 1913. 1913 to 1914 +$32, + 32, + 24, + 36, + 26! + 29! + 33, + 5, + 24, + 16', + 1, + 4, 821,628 967,998 262,672 701,980 198,326 532,230 619,880 776,974 431,414 769,718 989,442 747,624 +269,819,886 +$11,667,950 - 6,161,982 + 12,976,998 - 7,206,164 + 14,294,042 + 13,503,122 1 No figares available after this date. Exports of merchandise from Austria-Hungary. [From Statistische Uebersichten betreffend den Auswartigen Handel. (Data (or the war period are taken from Das Handelsmuseum.) 1 krone= $0,203.] Month. 1913 1915 January — February.. March April May June July August September . October November . December.. Total 37,703,393 48,359,269 43,839,068 41,454,021 44,390,010 46,446,197 44,356,109 49,149,954 51,904,807 53,656,960 62, 726, 190 »42,809,656 40,158,069 47,673,535 46,126,066 45,893,428 46,940,299 43,659,943 43,614,956 49,185,885 53,828,698 62,367,098 49,573,616 $39,758,159 41, 137, 747 60,044, 169 46,782,568 48,385,862 44,627,723 49,004,200 5,907,300 12,687,500 170,892,.472 $21,416,500 18,168,500 19,954,900 19,061,700 15,448,300 12,626,600 14,656,600 14,088,200 13, 783, 700 552,974,436 661,731,247 409, 227, 700 m 1 Only total of 3 months' period given. a No figures available. BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTEIES. 23, Exports of merchandise from AustriaSungary — Continued. fEncrease (+) or decrease(— ).] Month. 1912 to 1913. 1913 to 1914. January February... March April May June July August ■September. •October November. . December. . Total +$3,820, + 2,454, - 685, + 2,286, + 4,439, + 2,650, - 2,886, - 741, + 35 + 1,923; - 1,289 - 3,151, + + 2, + + 2, - 2, + 5, - 37, - 36, 051,496 979, 678 370, 634 656, 602 492,434 312, 576 444, 257 707, 656 498,385 -184,876,939 -318,341,659 - 22,969,247 - 30,089,269 - 27,720,868 - 32,937,562 - 32,001,123 - 34,347,600 8,180,900 1,096,200 + 8,756,811 -152,503,547 (?) 1 Only total of 3 months' period given. 2 No figures available. Exports of Tnerchandise from Italy. [From Statistica del Commercio Speoiale. 1 lira=S0.193.] Month. 1912 1915 January Februai-y.. March April May June July August September. October November, December.. Total 332,477,229 36,484,810 40,822,191 37,006,319 37,127,265 36,311,280 35,275,858 37,930,579 33,627,660 43,338,200 46,616,220 46,589,455 $34,903,204 38,213,938 37,219,226 42,739,155 38,022,283 42,321,404 35, 292, 546 38,201,242 37,970,093 45,767,323 45,036,994 49,059,828 $34,909,199 38,192,097 44, 104, 766 43,615,844 41,104,696 43,916,687 36,828,436 16,776,060 23,782,867 33,676,488 35,284,767 35,963,961 462,606,966 484,746,236 428,054,838 $34,765,594 37,134,978 48,714,007 47,902,490 40,944,614 34,471,374 27,453,114 30,846,297 29,337,726 29,263,059 32,302,804 34,631,344 427,767,301 [Increase (+) decrease (— )•] Konth. 1912 to 1913. 1913 to 1914. 1914 to 1915. January... February. . March April Mrw June July August September. October... November. December . Total +32, + h - 3, + S, + + & + + + i. + 2, 425,975 729, 128 602,965 732,836 896,018 010, 124 16,688 270,663 342, 533 429,123 580,226 470,373 +22,139,270 + $5,995 - 21,841 + 6,885,530 + 876,689 + 3,082,413 + 1,595,283 + 1,535,890 -21,426,192 -14,187,226 -12,190,835 - 9,751,237 -13,095,867 -66,691,398 - $143,605. - 1,057,119 + 4,609,251 + 4,286,646 - 160, 182 - 9,446,313 - 9,375,322 +14,071,247 + 5,554,869 - 4,313,429 - 2,981,953 - 1,332,617 287, 537 24 BUSINESS ACTIVirY IN U. S. AND LEADING FOREIGN COUNTEIES. Exports of merchandise from Russia. [From Vneshnaya Torgovlia Eossiipo Buropeiskoi Granitsie. 1 ruWe=$0.615.1 Month. 1912 1913 1914 1915 $47, 045, 000 63,236,000 42,969,000 46,992,000 54,084,000 63,693,000 54,257,000 75,752,000 80,154,000 76,466,000 66,091,000 74,701,000 $46,452,000 40,845,000 46, 289, 000 48,178,000 55,928,000 52,763,000 63,773,000 81,783,000 82,166,000 74,316,000 69,706,000 69,536,000 $51,860,000 47,514,000 54,587,000 53,845,000 71,973,000 69,176,000 63,515,000 6,266,000 5,457,000 '7,989,000 8,170,000 5,692,000 $4,951,000 • 5,675,000 Maroli 5,388,000 April 6,933,000 May 12,026,000 14,519,000 July 15,876,000 August 23,929,000 21,966,000 27,151,000 November 12,874,000 11,115,000 Total 735,440,000 731,735,000 446,044,000 161,652,000 [Increase (+) or decrease (— )-! Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February. . March April May June July August September. October . . . November. December . Total - $593,000 -12,391,000 •+ 3,320,000 + l,186y>000 + 1,844,000 -10,930,000 + 9, 516, 000 + 6,031,000 +.2,012,000 - 2,150,000 + 3,615,000 - 6, 165, 000 3,705,000 + $5,408,000 + 6,669,000 + 8,298,000 + 5,667,000 + 16,045,000 + 16,413,000 - 258,000 - 75,517,000 - 76,709,000 - 66,327,000 - 61,536,000 - 63,844,000 -285,691,000 -$46,909,000 - 41, 839, 000 - 49,199,000 - 47,912,000 - 59,947,000 - 54,657,000 - 47,639,000 + 17,663,000 + 16,509,000 + 19,162,000 + 4,704,000 + 5,423,000' -284,392,000 Exports of merchandise from Spain. [From Resumenes Mensuales de la Estadlstica del Comercio Exterior de Espafia. lpcsette= $0,181 in 1912, $0.18 in 1913, $0,186 in 1914, and $0.20 in 1915.] Month. 1914 January Tebruary.. March April May Time -. July August September . October — November . December.. Total. $15,118,206 15,556,769 16,640,416 15,278,753 15,009,244 14,229,496 14,336,829 13,734,099 14, 833, 131 17, 196, 991 16,893,635 17, 877, 913 186,705,482 $16, 042, 500 14, 106, 240 16,262,280 17, 536, 140 15, 126, 040 14, 596, 740 14,581,680 15,128,460 16,303,680 18,444,960 17,185,680 15,057,720 $15,251,070 14,402,910 15,675,522' 14,374,824 12, 951, 552 14,215,422 14,512,650 8, 157, 030 7,990,560 12, 468, 324 13,483,884 19,296,756 190,374,120 1 161, 404, 662 $20,781,200 21, 518. 800 24,209,000 20,747,800 17,601,800 20,105,800 19,213,600 17,525,600 19,851,200 22,960,000 24, 300, OOO 20,825,200 2 249,640,000 ' The monthly figures are uncorrected and therefore do not add to the corrected total a Preliminary figures. BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COXJNTBIES. 25 Exports of merchandise from Spain — Continued. [Increase (+) or decrease (— ).] Month. January . . . February. . March April May June July August September. October . . . November. December. Total + $924,294 -1,460,629 - 378,136 +2,267,387 + 115,798 + 367,244 + 247,851 +1,394,361 +1,470,649 +1,247,969 + 292, 045 -2, 820, 193 +3, 668, 638 1913 to 1914. $791, 430 296, 670 586, 758 3,161,316 2, 173, 488 381, 318 72,030 6,971,430 8, 313, 120 5,976,636 3,701,796 4,239,036 -128,969,468 1914 to 1916. +$5, 630, 130 + 7,115,890 + 8, 633, 478 + 6, 372, 976 + 4,650,248 + 5,890,378 + i, 700, 960 + 9,368,570 +11,860,640 +10,491,676 +10,816,116 + 1,628,444 +88,235,338 1 The monthly figures are uncorrected and therefore do not add to the corrected total. Exports of merchandise from Sweden. [From Kommerslella Meddelanden. 1 krone =$0,268.) Month. 1915 Janyiary — February.. March April May June July August September. October November . December. . Total, $13,239,000 9,970,,000 12,060,000 11,551,000 21,413,000 20,073,000 20,207,000 20,636,000 19,832,000 20,770,000 19,082,000 17,072,000 $12,489,000 11,980,000 12,167,000 17,046,000 23,423,000 19,671,000 21,413,000 21,279,000 20,502,000 22,807,000 19,403,000 17,470,000 $12, 11, 12, 15, 22, 19, 20, 7, 16, 23, 19, 15, 060, 926, 918, 142, 432, 510, 968, 290, 696, 289, 725, 571 $12,891,000 13,480,000 15,356,000 13,963,000 18,787,000 '21,038,000 2 203,806,000 ! 219,049,000 2 206,991,000 1 No figures available alter this date. 2 The monthly figures are uncorrected and therefore do hot add to the corrected totals. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. - $750,000 + 2,010,000 + 107,000 + 5,494,000 + 2,010,000 - 402,000 + 1,206,000 + 643,000 + 670,000 + 2,037,000 + 321,000 + 348,000 - $429,000 - 54,000 + 751,000 - 1,903,000 - 991,000 - 161,000 - 466,000 -13,989,000 - 3,806,000 + 482,000 + 322,000 - 1,849,000 + $831,000 + 1,554,000 + 2,438,000 - 1,179,000 - 3,646,000 +U, 528, 000 +15,243,000 -12,068,000 January . . . February.. March April May June July August September. October... November. December. , Total 1 No figures available after this date. 26 BUSINESS ACTIVITY IN U. S. AND LEADING FOEEIGN COUNTEIES. Exports of merchandise from Argentina. ]rroin El Oomercio Exterior Argentino. 1 peso gold =80.965.] Montli. 1912 1913 1914 1915 893,044,810 143,098,895 115, 896, 634 111,537,323 $149,473,059 133,346,975 99,922,324 83,839,520 8117,680,897 88,572,369 53; 762, 539 77,014,441 8160,912,751 March...' May 139,115,754 June July..i. 130,002,020 November 108,710,296 December Total 463, 577, 562 466,581,878 337,030,246 538,740,821 [Increase (+) or decrease (— ).] Month, 1912 to 1913. i913 to 1914. 19Htol915. January ... . +8S6,428,249 -. 9,751,920 ■ - 15,974,210 • - 27,697,803 -831,792,162 - 44,774,606 - 46,159,785 - 6,825,079 +843,231,854 April May + 50,543,385 July ... ' + 76,239,481 October .' November + 31,695,865 December Total + 3,004,316 -129,551,632 +201,710,575 Exports of merchandise from Brazil. [From Commercio exterior do Brazil. £1=84.8665.] Montli. 1912 1913 1914 1915 January February.. March .. April May Jtme July August September. October November.. December.. Total.. $28,215,967 26,863,080 28,065,373 21,427,200 19,967,249 23,913,981 27,072,339 24, 186, 506 36,128,896 60,329,343 34,873,339 42,246,086 838,099,828 27,062,607 21,427,200 17, 106, 747 15,942,654 14,609,233 16,945,163 26,495,694 30,074,970 41,616,111 34,834,407 32,474,164 829,753,781 25,086,808 22,419,966 20,079,179 18,371,038 18,244,508 16,893,989 6,715,770 12,161,383 17, 061, 949 18,667,894 21,972,247 363,279,358 316,587,658 226,428,512 , I Unrevised. [Increase {+) or decrease (— ).] Month. January February. . . March April May June My August September.. October November. . December.. Total. 1912 to 1913. +89,883,861 + 199, 527 - 6,628,173 - 4,321,453 - 4,024,595 - 9,304,748 -10,127,186 + 1,309,089 - 6,053,926 - 8,813,232 - 38,932 - 9,771,932 -47,691,700 1913 to 1914. -88,346,047 - 1,975,799 + 992,766 + 2,973,432 + 2,428,384 + 3,635,275 - 1,061,164 -18,779,824 -17,913,587 -24, 454, 162 -16,166,513 -10,601,907 -89, 159, 146 823,368,933 19,665,527 26,181,770 21,383,401: 14,857,425 11,864,527 15,490,069 20,093,779 20,541,498 30,186,899 27j610,324 126,629,488 257,773,638 1914 to 1915. -86,384,848 - 5,421j281 + 3,761,804 + 1,304,222 - 3,613,613 - 6,379,981 - 403,920 +13,378,009 '+ 8,380,113 +13,124,960 + 8,842,430 + 4,667,241 +31,346,126 BUSINESS ACTTVITr IN U. S. AND LEADJNG FOREIGN COUNTEIES. 27 Exports of Tnerchandise from Australia. [From Monthly Summary ot Australian Statistics. £1=84. 8065.] Montb. 1912 1913 1915 January. . . February.. March April May June July August September. October November. December.. Total $28,373,408 30,667,262 20,088,712 17,100,685 16,984,825 18,003,203 16,907,669 18,577,285 19,116,646 35,859,934 45,349,361 44,789,723 . $29,369,206 31,114,357 20,420,218 21,574,416 19,543,129 18,611,063 23,898,690 20,006,332 30,471,823 41,378,920 46,295,511 47,342,636 $39,330,909 37,109,004 28,962,186 21,574,747 22,827,009 21,792,620 21,965,288 12,419,900 14,159,685 22,756,966 20,679,491 36,250,486 $20,704,875 24,470,626 25,737,123 21,274,679 19,119,311 26,008,542 19,071,507 16,396,119 20,680,576 21,108,307 28,732,896 37,052,874 310,813,603 > 350, 828, 822 1 305, 826, 155 280,367,453 'The monthly figures are uncorrected and therefore do not add to the corrected total. [Increase (+) or decrease (— ).] ■ Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. \ + $996,798 ^ + 467, 106 +$9,961,703 -$18,626,124 + 5,994,647 - 12,638,378 + 331,506 + 8,541,968 - 3,225,063 + 4,467,831 + 331 300,068 +.2,558,304 + 3,283,880 - 3,707,698 + 607,850 + 3,181,567 + 4,215,922 + 7,991,021 - 1,9.33,402 - 2,893,781 + 1,429,047 - 7,586,372 + 3,976,159 +11,356,177 -16,312,138 + 6,620,891 + 5,518,986 -18,C21,954 - 1,648,659 + 946,160 -19,616,020 + 2,053,405 + 2,552,913 -11,092,150 + 802,388 140,015,219 -145,002,667 - 25,468,720 January... February. . March April May Jxme July August September. October... November. December . Total 1 The monthly figures are uncorrected, and therefore do not add to the corrected total. s Exports of merchandise from British India. [From Monthly Accounts Eelating to the Sea-borne Trade and Navigation of British India. 1 rupee= $0.32443. Month. 1912 1913 1914 1915 January February.. March April May June July August September. October November . December. . Total $60, 676, 521 72, 851, 081 76, 438, 952 67, 814, 954 67, 037, 944 65, 583, 200 66, 432, 658 65, 968, 393 68, 634, 234 66, 270, 343 63, 809, 541 55, 176, 783 $71, 765, 156 75, 488, 372 69, 037, 406 68, 233, 469 62, 698, 120 56,902,751 65; 721, 407 55, 934, 652 63, 191, 827 70, 349, 077 61, 774, 392 61, 269, 621 $71,284,408 80, 607, 629 74,505,674 66, 220, 066 68,273,698 69, 520, 483 ■ 62, 052, 428 30, 987, 607 24, 544, 103 32, 432, 294 50, 958, 220 41,»1,602 $36, 610, 303 47, 908, 254 44, 714, 565 39, 809, 183 49,964,109 57, 537, 336 47, 500, 770 48, 024, 400 55, 040, 622 57,946,118 44, 913, 440 48,536,987 776,694,604 782, 246, 150 672,878,202 578,495,987 [Increase (+ or decrease (— ).) Month. 1912 to 1913. 1913 to 1914. 1914 to 1195. +$11,078,636 + 2,637,291 - 7,401,646 + 418, 616 - 4,439,824 - 8, 680, 449 711,151 - 33, 741 + 4,557,593 + 4, 078, 734 - 2,035,149 + 6,082,738 - $470, 748 ■ + 5, 019, 257 + 5,468,268 - 2,013,413 + 6,675,678 + 12,617,732 - 3,668,979 - 24,947.046 - 38,647,724 - 37,916,783 - 10,816,172 - 19,667,919 -$34,674,105 - 32,599,375 March - 29,791,109 April - 26,410,873 May - 18,319,689 - 11,983,147 July .- - 14,551,658 + 17,036,793 September . + 30,496,419 + 25,513,824 November - 6,044,780 + 6,945,385 Total ■+ 5,551,646 ' -109,367,948 - 94,382,215 28 BUSINESS ACTlVlTi! IN TJ. S. AND LEADING FOREIGN COUNTRIES. Exports of nnerchandise from British South Africa. [Trom Trade of the TJuion o{ South Africa. £1=4.8665.] January February. . March April....... May June July August September . October.... November . December. . Total, 1912 S9, 833, 084 8,874,973 8,343,244 8,875,571 8,780,767 6,937,945- 10,487,372 7,511,161 9,236,053 9,262,307 11,116,244 12,215,942 111,474,653 1913 $12,508,666 12,707,658 11,939,963 10,574,928 10,968,390 10,678,055 12,192,339 8,642,812 9,660,217 9,746, 144 10,905,968 12, 793, 464 133,318,604 1914 $12,502,866 11,031,611 10, 110, 772 9,044,531 8,796,909 8,716,101 8,961,401 2,009,684 2,429,094 2, 831, 228 4,854,436 5, 837, 172 87,116,805 1915 $4,103,404 4,279,931 5,596,563 7,069,068 6,750,132 .',008,947 5,683,478 5,829,473 4,406,433 9,632,862 6,670,502 (0 iNo figures available. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January... February. . March April May June July August September. October . . . November. December.. Total +$2, + 3 + 3 + 1, + + + 675,582 832,685 596,719 699, 357 187, 633 740, 110 704, 967 131, 661 324,164 483, 837 210, 276 577, 522 $5,800 ■ 1,676,047 ■ 1,829,191 ■ 1,530,397 . 2,171,481 ■ 1,961,964 . 3,240,938 ■ 6,633,128 . 7,231,123 ■ 6,914,916 6,051,632 6,956,292 -$8,399,462 - 6,751,680 - 4,514,209 - 1,976,463 - 2,0*6,777 - 3, 707, 154 - 3,267,923 + 3, 819, 789 + 1,9'6,339 + 6,801,634 + 1,816,066 I') . +21, 843, 961 -46,202,799 (') 1 No figur^ available. Exports of merchandise from Egypt. [From Bulletin Mensuel du Commerce ExtSrieur de I'Egypte. Egyptian=$4.943.] Month. January February.. March April May June July August September. October November. December. . Total 1912 $18, "; 7, 6, 6: 5: 17. 26, 30, 658,223 684,696 920,768 678, 134 — <, 781 344,967 369,535 143,018 190,338 922, 117 627, 981 474,411 170,900,1 1913 $19,648,591 13,501,874 11,029,573 9,775,776 8,435,462 6,270,339 6,357,980 6,528,068 7,854,333 21,743,970 22,274,700 25,184,931 166,505,587 1914 $18,622,070 13,925,662 14,226,478 10, 755, 706 10,033.672 8,323,968 6,829,748 1,547,703 1,846,774 4,479,416 '14,918,918 13,576,633 119,085,748 1915 $13,268,292 15,016,245 13,364,428 11,308,216 6,812,472 6,983,022 5,033,749 6,326,096 6,293,349 11,934,785 16,197,381 22,164,654 133,692,688 [Increase (+ or decrease (— ).l Month. 1912 to 1913. 1913 to 1914. 1914 to 1916. January + $890, 368 - 4, 182, 722 - 2,891,195 - 1,902,358 - 1,461,329 - 1,074,628 - 1,001,555 + 385,050 + 2,663,995 + 3,821,863 - 4,353,281 - 5, 289, 480 - $926,521 + 423,788 + 3,196,905 + 979,930 + 1,598,220 + 2,053,629 + 1,471,768 - 3,980,365 - 6,007,569 -17,264,664 - 7,356,782 -11,609,298 February -$5,363,778 March + 1,090,683 April my ■ ■ + 552,609 June — 3,221,200 July - 2,340,946 August — 1,795,999 September + 4,778,393 October + 4,446,575 November + 7,445,369 December , + 1,278,463 + 8,589,021 Total ^ -14,395,282 -37,419,839 +14,606,940 Note.— Merchandise includes bullion. Trade with the Soudan not included. BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTRIES. 29 Exports of merchandise from Japan . [From the Foreign Trade ot the Empire ot Japan. 1 yen=$0.498.J Month. 1912 1913 1914 1915 Jaauary February. . March April May June July August September . October November. December. . Total $15, 674, 478 18,270,804 18,8S0,016 19,909,174 21,612,054 19,932,296 21,707,567 25,024,975 22,994,675 27,335,208 24,849,891 26,245,819 122,945,025 22, 188, 857 23,806,605 26,478,488 24,761,856 21,527,860 26,332,407 27,655,832 28,833,794 31,363,424 28,599,692 30,472,346 $25,701,476 25,533,680 25,584,937 27,779,255 26, 850, 688 23,960,662 28,070,104 21,405,399 21,490,043 21,767,940 20,464,356 25,759,987 262,436,957 314,965,186 294, 368, 527 $20,411,311 24,405,692 25,248,154 26,709,227 25,470,729 27,615,067 29, 868, 860 32,628,784 34,274,633 36,252,169 34,288,464 35,568,795 352, 736, 885 • [Increase (+) or decrease (— ).] Month. Jsmuary... February. . March April May June July August September. October November. December . Total +$7, 270, 547 + 3,918,053 + 4,925,589 + 6,569,314 + 3,149,802 + 1,595,564 + 4,624,840 + 2,630,857 + 5,839,119 + 4,'028,216 + 3,749,801 + 4,226,527 +52, 528, 229 1913 to 1914. +$2,756,451 + 3,344,823 + 1,779,332 + 1,300,767 + 2,088,832 + 2,432,802 + 1,737,697 - 6,250,433 - 7,343,751 - 9,595,484 - 8,135,336 - 4,712,359 -20,596,659 1914 to 1915. -$5,290,165 - 1,127,988 - 341, 783 - 1,070,028 - 1,379,959 + 3,664,405 + 1,798,756 +11,223,385 +12,784,590 +14,484,229 +13,824,108 +58,368,353 Exports of Merchandise from the United States, the United Kingdom, Germany, France, and Spain. IMPORTS AND EXPORTS OF MERCHANDISE OF THE UNITED STATES, 1871 TO 1916. A study of the imports and exports of the United States during recent tariff periods shows that the general trend in the value of imports and exports is not affected either by tariff changes or by changes in administration. During the period from 1871 to 1915 this feneral trend of both imports and exports was upward, the tendency eing much greater since 1895 in the case'of exports and since 1898 in the case of imports than during the period preceding these years. During the period from 1871 to 1915 the general upward tendency in our foreign trade was interrupted by decreases in imports in the period from 1874 to 1878, in 1881, from 1883 to 1885, in 1892, 1894, 1897, 1898, 1901, 1904, 1908, 1911, and 1915, and by decreases in exports in 1875, 1882, 1884, 1886, 1888, 1893, 1895, 1902, 1908, and 1914. The mbst important decreases in imports and exports occurred at about the same periods when there were general world-wide busi- ness depressions, as in 1873, 1883, 1893, and 1907. This information is shown in the table and chart which follow: Merchandise imported into and exported from the United States during the fiscal years 1871 to 1915. Year ending June 30— 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 J881 1882......... 1883 1884 1885 1886-.. 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 30 Domestic and foreign ex- ports. $442,820,178 444, 177, 686 522,479,922 686,283,040 513, 442, 711 540,384,671 602,476,220 694, 865, 766 710,439,441 835, 638, 658 902,377,346 750,542,257 823,839,402 740, 613, 609 742, 189, 755 679,624,830 716/183,211 695, 954, 607 742, 401, 375 867,828,684 884,480,810 1. 030. 278. 148 847, 665, 194 892, 140, 672 807, 538, 165 882,606,938 1, 050, 993, 566 1, 231, ';82, 330 1, 227, 023, 302 1,394,483,082 1, 487, 764, 991 1,381,719,401 1, 420, 141, 679 1, 460, 827, 271 1, 518, 661, 666 1, 743, 864, 500 1, 880, 851, 078 1, 860, 773, S46 1,663,011,104 1, 744, 984, 720 2, 049, 320, 199 2,204,322,409 2. 465. 884. 149 2,364,579,148 2,768,589,340 Increase (+) over or decrease (— ) under preced- ing year. 4-150,048,410 -1- 1,357,408 -I- 78,302,336 + 63,803,118 - 72,840,329 + 26,941,960 + 62,090,549 + a2, 390, 546 -1- 15,573,676 -1-125,199,217 -f- 66,738,688 -161, 836, 089 -1- 73,297,145 - 83,325,793 -f 1,676,146 - 62,664,925 -f 36,658,381 - 20,228,704 + 46,446,868 -1-115,427,309 + 26,652,126 -1-145, 797, 338 -182,612,954 -I- 44,485,378 - 84,602,407' -1- 75,068,773 -1-168,386,618 -1-180,488,774 - 4, 459, 028 -1-167, 459, 780 + 93,281,909 -105, 045, 690 -I- 38,422,278 + 40,685,592 + 67, 734, 395 -t-225,302,834 -1-136,986,578 - 20,077,732 -197,762,242 -1- 81,973,616 -t-304,335,479 -1-155, 002, 210 -1-261, 661, 740 -101,306,001 -1-404,010,192 General imports. S520, 626, 642, 567, 533, 460, • 451, 437, 445, 667, 642, 724, 723, 667, 577, 635, 692, 723, 745, 789, 844, 827, 866, 654, 731, 779, 764, 616, 697, 849, 823, 903, 1, 025, 991, 1,117, 1, 226, 1,434, 1, 194, 1,311, 1, 656, 1,527, 1, 653, 1, 813, 1, 893, 1, 674, 223, 684 596, 077 136,210 406, 342 005, 436 741,190 323, 126 051, 5?2 777,775 954,746 664, 628 639,574 180, 914 697,693 527, 329 436, 136 319, 768 957,114 131, 652 •310, 409 916,196 402, 462 400, 922 994,622 HARHlSOflJ Cl£y£lAflio\ Afc/f//Vi£r ^aC5£l/SiA TArr 1 wiLioiA §■5 \ g "k ^ 5 tQ t ? a \ % 1 1 Q ^ S 5 ? ^ 5 1 1 \i 5 1 1 1 1 \ 1 1 f so I s f 1 1 N * ^ Oi % \ _ _ _ _ _ _ _ _ _ _ _ _ _ \- _ _ _ _ _ 27 - \ " ~ ~ " ~ ~ ~ ~ — ~ ■— — — ;■* - i 2.\ ' r ?4 1 1 ' 1 / / / IB / y / ^ \ n / \ 1 \ / \ /r / / A ^ / / / / / /" ' ifl i / / \ / / ~ / \ f -^ n f N / ^ / / S - I- \ - / ^ y ^ N f y / > s r" / ■? - / - -> .0 Excess of exports over imports [+] and excess of imports over exports [—] during fiscal years ending June 30, 1811 to 1915. t//6 n - r- ■~ " ~ + e.c t 7.0 "■ i fiO / / ^ t-rr 1 \ / \ 1 \ \ 1 N / \ / \| \ - _ t3C| / 1 \ \, [ / \ / \ / / \ / ^ \ ^ / \ 1 /' — \ / L. - ^ .. _ IMPOETS OF GOLD. The statistics of the imports and exports of gold for the different countries are not entirely uniform in character, those for the United States comprising "gold m ore, bulhon, and coin," those for Italy are designated "precious metals," those for Argentina, British South Africa, and Japan "gold bullion and specie," those for Egypt "coin," and those for Canada, United Kingdom, France, Germany, Austria, Spain, Australia, and British India being designated as "gold coin and bullion." Gold imports into the United States. — ^The imports of gold in ore, bullion, and coin into the United States varied from month to month in 1913 and 1914, some months showing an increase and some a de- crease when compared with the same months of the preceding year. The aimual imports, however, decreased in 1913 when compared with 1912, and m 1914 when compared with 1913. After January, 1915, and until January, 1916, each month showed a decided increase, and the total imports of gold in the calendar year 1915 were nearly eight times as great as those in 1914. From February to April 1916, the gold imports dropped to nearly normal. Gold coin and bullion imports into Canada. — In Canada these im- ports varied considerably from month to month, but in 1914 they jumped from $234,000 in July to $11,453,000 in August, reaching a maximum of $52,579,000 m October, 1914. After November, 1915, they dechned as suddenly as they had risen in August. The total imports of gold in 1914 were nearly ten times as great as in 1913, but in 1915 they were less than one-sixth those of 1914. Gold imports into the United Kingdom. — In the United Kingdom the imports of gold bulhon and coin varied from month to month with a tendency to increase, until the outbreak of the war, the- total imports in the calendar year 1913 being higher than those in 1912. In 1914 the gold imports dropped from over $59,000,000 in August to less than $4,000,000 m September, and they have remained abnormally low ever since. The imports of gold in the calendar year 1915 were less than one-fifth those in 1914. Gold bullion and coin imports into France. — ^The course of the gold imports in France was very much hke that in the United Kingdom, the imports being considerably greater in 1913 than in 1912. They were exceptionally large in June, 1914, over $56,000,000, having risen from $18,000,000 in May, 1913. Then they dropped to $37,000,000 in July, to $15,000,000 in August, and to less than $76,000 in October. There was a sHght recovery after tliis, but the gold imports remained abnormally low throughout the rest of the penod. The total imports of bulhon and coin in the calendar year 1915 were less than one-eighth those in 1914. Imparts of coin cind bullion into other countries. — ^The imports of gold bulhon and coin into Germany were very much greater in 1913 than in 1912, but no figures are available since the outbreak of the war. Th'e same is true of Austria-Hungary. Italy does not show any very great variations in imports of precious metals xmtil July, 32 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTRIES. 33 1914, -when they increased nearly fourfold over the preceding month. After that there were violent fluctuations Jrom month to month and in August, September, and October, 1915, the importations had practically ceased. Spain, Japan, and British South Africa, like the United States, show very great increases in coin and bullion imports since the outbreak of the war. In Argentina, British India, and Egypt imports of bullion and coin have greatly decreased since the outbreak of the war. Monthly statistics of gold imports in tabidar form for each of the leading countries, and in graphic form for the United States, the United Kingdom, France, and Germany follow. Imports of gold in ore, bullion, arid coin into the United States. Month. 1912 1913 1914 1915 1916 January $6,141,243 2,937,274 4,335,678 3,892,599 3,346,491 5,811,057 3,747,869 5,576,900 4,200,682 11,887,492 4,474,480 11,397,007 $6,210,360 5,356,471 4,380,993 4,013,537 4,561,260 3,386,974 7,869,512 6,803,753 4,626,748 5,391,086 7,040,782 5,073,367 $10,442,373 3,208,853 7,842,249 3,460,424 1,972,411 3,817,112 3,391,715 3,046,219 2,761,590 6,945,003 7,391,729 4,109,083 $6,896,398 12,726,492 26,620,467 16,203,028 31,136,311 52,341,740 17,282,938 61,641,191 42,082,449 79,669,359 60,981,640 46,412,677 $15,008,232 6,016,006 9,776,839 April 6, 121, 788 May June July September, December Total 66,648,772 63,704,832 57,387,741 451,954,590 [Inc "ease (+) or deer eaa6(— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. 1915 to 1918. +$1,069,117 + 2,419,197 + 46,315 + 120,938 + 1,214,769 - 2,224,083 + 4, 111, 643 + 226,863 + 428,066 - 6,496,407 + 2,566,302 - 6,323,650 +84,232,013 - 2,147,618 + 3,461,256 - 653,113 - 2,588,849 + 430,138 - 4,487,797 - 2,758,534 - 1,866,158 + 553,918 + 350,947 - 964,294 - $3,545,976 + 9,517,639 . + 17,778,218 + 12,742,604 + 29,163,900 + 48,524,628 + 13,871,223 + 58,595,972 + 39,300,859 + 73,724,356 + 63,689,811 + 41,303,614 +$8,111,834 February — 6,710,486 Maxch -16,843,628 April ■ 10,081,240 May . . . . July. October December Total - 2,843,940 - 6,317,091 +394,666,849 Imports of coin and bullion into Canada. [From Unrevised Monthly Statements of Imports Entered for Consumption and Exports of the Dominion of Canada.] Month. 1912 1914 January February. . March April May June July August September. October November. December.. Total $3,427,000 412,000 1,876,000 246,000 349, 000 482, 000 356, 000 460,000 784, 000 544,000 412, 000 608,000 $566,000 319,000 300,000 625,000 204, 000 942, 000 119,000 672, 000 205,000 1,042,000 1, 814, 000 7, 567, 000 $430,000 407,000 1,409,000 334,000 538, 000 207, 000 234, 000 11,463,000 16, 885, 000 52, 579, 000 48,329,000 1,062,000 9,966,000 14,175,000 132,867,000 $638,000 289,000 447,000 572,000 656,000 460,000 744,000 813,000 597,000 1,925,000 4,708,000 9,429,000 21,276,000 43600— S. Doc. 477, 64-1- 34 BUSINESS ACTIVITT IN U. S. AND LEADING FOREIGN COTJNTIMES. Imports of coin and bullion into Canada — Continued. [Increase (+) or decrease (— ).] Month, 1912 to 1913. 1913 to 1914. 1914 to 1915. January... FebniMT-. March April May June July August September. October- . . November. December.. Total -82,861,000 - 93,000 - 1,576,000 + 279,000 - 145,000 + 460,000 - 237,000 + 112,000 - 579,000 + 498,000 + 1,402,000 + 6,959,000 $136,000 88,000 109,000 191,000 334,000 735,000 115,000 + 10,881,000 + 15,680,000 + 62,637,000 + 46,515,000 - 6,505,000 + $208,000 118,000 962,000 238,000 118,000 253,000 610,000 — 10,640,000 — 15,288,000 — 60,654,000 — 43,623,000 + 8,367,000 + + + + + 4,219,000 +118,692,000 -111,591,000 Imports of gold hullionand coin mto United Kingdom,. [From Trade and Navigation. £1=14.8665.] Month. 1913 1914 1915 January February.. March April May June July August September. October November. December. . Total 824,358,283 20,115,512 17,971,843 15,924,716 24,422,973 17,947,204 23,853,296 17,601,761 17,467,494 24,169,117 27,028,852 25,549,388 $18,144,813 17,619,188 20,673,778 27,595,629 20,733,154 19,213,078 32,980,927 36,969,195 23,266,445 25,381,149, 23,077,054 24,065,606 $23,813,254 21,124,347 17,633,622 23,960,198 24,962,566 29,313,869 31,898,156 59,091,880 3,846,564 4,580,471 3,426,654 2,819,816 $6,612,483 5,669,278 6,158,385 2,392,269 4,471,822 3,944,451 3,027,372 1,469,435 1,880,236 1,293,462 2,008,361 13,768,686 256,410,439 289,720,016 '285,382,320 52,696,243 1 The monthly figures are uncorrected, therefore do not add to the corrected total for the year. [Increase (+) or decrease {— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February. . March April May June July August September. October... November. December.. Total -S6, -2, + 2, +11, - 3, + 1, + 9, +19. + 5, + 1. - 3, - 1, 213,470 496,324 701,935 670,913 689,819 265,874 127,631 367,434 798,951 212,032 951,798 483, 782 +$5,668,441 + 3,505,159 - 3,040,156 - 3,635,431 + 4,229,412 +10,100,791 - 1,082,771 +22,122,685 -19,419,881 -20,800,678 -19,650,400 -21,246,790 -$17,200,771 - 15,466,069 - 11,476,237 - 21,567,929 - 20,490,744 - 25,369,415 - 28,870,784 - 57,622,445 - 1,966,328 - 3,287,009 - 1,418,293 + 10,948,870 +33,309,577 1- 4,_337,696 1-232,686,077 1 The monthly figures are uncorrected, therefore do not add to the corrected total for the year. Imports of bullion and coin into Prance. [From Documents Statistiques sur le Commerce de la France. 1 franc— $0,193.] Month. January February.. March April May June July August September. October November. December. . Total. 57,622,342 7,918,018 16,868,200 6,333,681 5,882,833 6,241,427 13,082,119 6,901,168 6,692,342 9,706,549 5,926,872 11,163,892 102,338,443 1913 $11,156,751 12,753,247 14,879,142 11,451,269 15,197,013 13,022,868 17,785,143' 15,631,263 25,359,428 16,462,884 18,880,997 15,601,348 188,171,333 $13,296,928 19,241,328 10,807,421 9,971,731 18,007,672 56,469,098 37,204,031 15,001,697 2,353,635 75,666 692,896 1,467,672 184,489,665 1915 $851,516 1,914,367 1,827,710 1,606,400 1,356,983 1,825,201 1,430,516 2,374,479 2,422,536 2,294.577 2,263,890 2,068,767 22,135,942 BUSINESS ACTIVITY IN U. S. AND LEADING FOEEIGN COUNTEIES. 35 Imports of bullion and coin into Prance — Continued. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February. . Marcli..... April May June July August September, October November- , December . . Total +$3,534,409 + 4,835,229 — 1,989,058 + 6,117,588 + 9,314,180 + 6,781,441 + 4,703,024 + 9,730,095 +19,667,086 + 6,746,316 +12,965,125 + 4,437,466 +85, 832, 8 +S2, 140, 177 + 6,488,081 - 4,071,721 - 1,479,538 + 2,810,659 +43,446,230 +19,418,888 - 629,566 -23,005,793 -16,377,208 -18,288,101 -14,133,776 - 3,681,668 -812,445,412 - 17,326,961 - 8,979,711 - 8,466,331 - 16,650,689 - 54,643,897 - 36,773,615 - 12,627,218 + 68,901 + 2,218,921 + 1,670,994 + 601, 195 -162,353,723 Imparts of gold bullion and coin into Germany. [From Monatliche Nachweise (iber den Auswartigen Handel Deutschlands.) Montb. 1912 1913 1914 Increase (+) or decrease ( — ). 1912 to 1913. 1913 to 1914. January... February. . March April May June July August September. Ootobei- November. December.. Total S3, 005, 000 3,176,000 3,128,000 5, 145, 000 2,306,000 9,789,000 1,926,000 6, 786, 000 6, 778, 000 2, 702. 000 2, 463; 000 12, 134, 000 $4,226,000 2, 023, 000 9, 302, 000 5, 362, 000 6,113,000 19,254,000 4, 758, 000 4,182,000 18,081,000 7,410,000 5, 885, 000 3,676,000 $3,218,000 2,281,000 6, 664, 000 6, 275, 000 2, 568. 000 13,712,000 +S1, — 1, + 6, + + 3 + 9, + 2, — 2 +11: + 4, + " 221,000 153,000 174,000 217,000 807,000 465, 000 832, COO 604,000 303,000 708,000 422,000 458, 000 — $1,008,000 + 258. 000 — 3,638,000 — 87, 000 — 3,545,000 — 1 15, 542, 000 59,333,000 90,272,000 1-30,934,000 1 No figures available after this date. Imports of bullion and coin into Austria-Hungary. [From Statistische Uebersichten betrellend den Auswartigen Handel. 1 krone=S0.203.] Month. 1913 Increase (+) or decrease (—). 1912 to 1913. 1913 to 1914. January- . . February. - March April May June July August September. October... November. December. Total $516,838 400, 722 311, 152, 217, 203, 304. 109; 248, 247, 779, 336, $172,144 182,903 253,- 760 312, 620 296,989 618-056 858; 284 735, 875 903, 756 287, 651 1,315,643 1,341,018 $1, 074, 479 1, 170, 092 763,280 1,039,167 1.024,338 I 525, 973 $344, 694 217, 819 67,855 160,370 79, 373 315, 056 553, 784 626, 458 655,081 40, 318 635, 920 +1,004,444 3, 828, 253 7, 178, ( +3,350,436 +$902,335 + 987,189 + 609,630 + 726,337 + 727,349 + 17,917 I No figures available after this date. SS BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTRIES. Imports of precious metals into Italy. [From Statistioa del Commercio Speciale. 1 lira=S0.193.] Month. 1913 1914 1915 January February. . March: ^ril May June July August September. . October November. Dficember. . Total $559,487 739,054 238,239 228,473 257,211 260,530 47,580 801,548 217, 298 316,037 318,745 $301,447 251,286 .162,255 419,254 321,403 264,642 350,373 230,963 338,097 359,269 435,852 620,938 4,233,808 4,055,779 $292,028 609,977 460,305 358,517 789,602 403,196 1,480,754 310,576 7,720 414,024 61,164 25,070 5,202,933 $2,119,603 159, 727 80,095 44,487 158,164 771,942 15,054 115 'r,ai)h 3,360,692 [Increase (+), decrease (— ).] Month, 1912 to 1913. 1913 to 1914. 1914 to 1915. January... February.. Miarch April M^y June July August September . October... November. December. Total -$258,040 - 487,768 - 75,984 + 190,781 + 64,192 + 4,112 + 302,793 - 570,585 + 120,799 + 43,232 + 117,107 + 371,332 - $9,419 + 358,691 + 298,060 - 60,737 + 468,199 + 138,554 +1,130,381 + 79,613 - 330,377 + 54,755 - 384,688 - 695,868 +$1,827,575 - 450,250 - 380,210 - 314,030 - 631,438 + 368,746 - 1,466,700 - 310,576 - 7,720 - 413,909 - 61,164 - 23,665 — 178,029 +1,147,164 1,852,241 Imports of gold bullion and coin into Spain. f^om Resumenes Mensuales de la Estadistica del Comercio Exterior de Espaiio. 1 peseta= $0,181 in 1912 $0.18 in 1913, $0,186 in 1914, and $0.20 in 1916.] Month. 1912 1913 1914 1915 January...,. February.. - M^ch April May June laly August September . . October November . . December. . . Total. $1,955 4,661 . 7,168 169,416 4,561 2,606 1,955 2,606 2,606 5,213 1,956 204,602 $2,592 4,636 2,592 2,592 2,692 2,692 4,636 2,692 2,592 4,536 1,944 3,240 36,936 $16, 628 967,572 1,934 4,687 2,009 97,092 857,088 96,720 34,998 1,758,890 886,464 M, 733, 373 $1,440,000 10,648 87,672 1,136 7,495,808 1,001,168 99,240 2,915,616 15,418,620 1 Figures not available after this date. 2 The monthly figures are uncorrected and therelore do not add to corrected total. BUSINESS ACTIVITY IN V. S. AND LEADING FOREIGN COUNTRIES. 3.7 Imports of gold bullion and coin into Spoiw— Continued. [Increase (+) or decrease (— ).] January February. . . March April May June July August September., October November. . December. . Total. Month. 1912 to 1913. 1- $637 26 - 4,576 -166,824 1,969 1,930 637 14 1,930 3,269 1,285 -167,666 1913 to 1914. S2, 592 12, 092 964,980 658 2,095 583 92,556 864, 496 94,128 30, 462 1, 756, 946 882, 224 4-24,696,437 1914 to 1915. +$1,440,000 - 6,980 - 879,900 - 798 + 7,491,121 + 999, 159 + , 2,148 + 2,068,528 +16,321,909 ' Figures not available after this date. 2 The monthly figures are uncorrected and therefore do not^dd to corrected total. Imports of specie and bullion into Japan. [From Monthly Return of the Foreign Trade of the Empire of Japan. 1 yen=S0.498.] Month. 1912 1913 1915 January February . . March April May June July August September. October — November . December. . Total. $229,968 62,747 67,625 1,531,866 2,561,781 1,024,513 104, 100 48,620 49,800 78,067 5,749,087 $1,261 83 7,470 1,316 747 32,370 64,740 44, 621 177,812 178,313 608,633 $311,351 5,786 16,591 40,968 361, 415 338, 285 67,886 1,118,172 427,835 336, 171 1,510,866 4,535,326 $734, 164 662,613 168,516 128, 127 40,386 49,529 133,866 213, 60S 287, 733 3,282,767 1,653,894 4,844,487 12,099,666 [Increase (+) or decrease (— ).] Month. January... February. . March..*.. April May June July August September. October . . . November. December . Total 1912 to 1913. -6,240,454 - $228,707 + $310,090 + 83 + 5,703 - 65,277 - 7,470 - 57,626 + 16,591 -1,530,560 + 39,652 -2,661,781 + 361,416 -1,023,766 + 337,538 + 32,370 + 35,616 - 39,360 +1,053,432 - 4,099 + 383,314 + 128,012 + 168,359 + 100,246 +1,332,663 +4,026,693 1914 to 1915. + $422, i 656,827 168,518 111,636 583 311,886 204,429 145,719 830, 439 +2,854,922 +1,317,723 +3,333,621 + +7,664,340 38 BUSINESS ACTIVITY IN U. S. AND LEADING FOEEIGN COUNTEIES. Imports of gold bullion and specie into Argentina. [From El Comercio Exterior Argentino. 1 peso gold=S0.965.] Month. 1912 1913 1914 1915 827,828,670 4,818,245 2,168,162 $34,035,560 9,892,216 1,758,230 677,480 313,654,750 1,^6,525 612,775 1,727,350 February 1980, 440 March April May 628,215 June „ July I 24, 125 September Octob*. . Total 34,815,077 46,263,475 17,331,400 1 No figures available after this date. -[Increase (+) or decrease (— ).} Month. 1912 to 1913. W13 to 1914. 1914 to 1915. +?16,099,095 - 3,060,015 - 1,590,682 -$20,380,800 - 8,555,690 - 1,145,455 + 1,149,870 February. -■$12,674,310 March , . AprU May — 708 310 Jime July - 1588,650 October Total + 11,448,398 - 2?;932,075 1 No figures available after this date. Imports of gold bullion and coin into Australia. [From Monthly Summary of Australian Statistics. £1=S4.8665.] Month. 1913 1914 January February... March April May June July August September. October November. December. . Total. $394, 907 703, 778 367, 352 586, 798 654,618 768,888 252, 143 509,883 399, 535 356, 763 39Q, 532 1, 462, 666 S.S32, 196 1,020,851 464, 741 216, 350 777, 209 358, 033 407,2,58 105, 603 1,124,176 231,660 89, 6.S5 979, 359 $121,273 707,025 1,471,620 214,340 557, 127 643, 720 426,712 346, 485 83,091 35,024 79, 694 111,073 6, 753, 763 6,607,121 4, 796, 1S4 [Increase f+) or decrease (— ).J Month. January February. . . March April May June July August September. October November.. December.. Total. 1912 to 1913. +$437,289 -+ 317,073 + 97, 3S9 — 370, 448 + 222,691 — 410, 855 + 155,115 — 404, 280 + 724,641 — 125,093 — 306, 847 — 483, 307 — 146, 632 1913 to 1914. — $710, 923 — 313,826 +1,006,879 — 2,010 — 220,082 + 286,687 + 18, 454 + 240,882 —1,041,085 — 196,636 — 9,991 — 868,286 —1,810,937 $16, 821 69; 804 391,203 278, 773 317,106 97,486 176,707 356,639 60,693 131,627 351,050 268,018 2,504,627 1914 to 1916. — »105,452 — 647,221 —1,080,417 + 64. 433 — 240,021 — 646,234 — 249,005 + 10,064 — 22, 49S + 96,503 + 271,356 + 166,945 —2,291,557 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTBIES. 39 Imports of bullion and coin into British India. (From Monthly Accounts Relating to tlie Sea-borne Trade and Navigation of British India. 1 rapee= S0.324J3.J Month. January... Februaiy. . March April May June July AugUvSt September. October November. December . Total $20,266,429 29,944,435 20, 233, 717 12,796,539 16, 320, 632 16,431,217 10,697,653 18, 229, 284 10,5(2,694 10, 080, 714 9,342,754 15,371,970 1S8,25R,038 1913 525,187,475 17,338,827 12,672,782 10,018,849 11, 162, 788 11,327,114 7,136,386 6,568,199 7,464,080 10,007,241 9,834,413 12,945,872 140,664,006 $7,687,037 12,411,800 13,259,963 10,82.5,627 12,420,624 7,997,055 6,218,856 6,848,656 1,651,816 1,532,696 3, 347, 329 4, 636, 409 87,837,668 «4, 669, 094 6,452,606 6,098,694 3,859,359 6,422,154 4,369,642 3, 189, 302 3,508,969 4,021,431 2, 070, 794 1, 753, 728 2,918,751 47,3.34,422 [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January . . . February.. March April May June July August September. October... November. December. Total +34,921,046 -12,605,608 - 7,560,956 - 2,777,690 - 6,157,844 - 6, 104, 103 - 3,661,267 -10,661,085 - 3.078,614 - 73,473 + 491, 669 - 2,428,098 $17,600,438 4, 927, 027 587,201 806, 778 1,267,836 3,330,059 917, 730 280,457 5,812,264 8,474,645 6, 487, 084 8,309,463 -47,594,032 ■ 62,826,338 -83,017,943 - 6,959,194 - 7,161,369 - 6,966,268 - 6,998,470 - 3,627,413 - 3,029,364 - 2,339,687 + 2,369,616 + 638,098 - 1,693,603 - 1,717,658 -40,503,246 Imports of bullion and specie in British South Africa. [From Trade of the Union of South Africa. £1=$4.8665.] Month. 1912 1913 January... February., March April May June July August September . October November. December. . Total $358,087 413,833 331, 185 274,714 415,613 466, 400 322, 070 471, 243 483,224 597, 173 243, 110 764, 736 $381, 938 436, 223 486,061 223,893 372,611 372, 356 375,991 378,546 675, 376 244,031 319, 096 426, 077 S327, 243 301,533 242, 152 461,573 276,018 244,279 470, 109 118,986 437,985 1, 167, 960 156, 701 1,076,421 6,131,388 4,592,098 6,280,960 3692,603 351,814 267, 658 1,404,156 1,477,642 2, 148, 073 1,158,349 220, 939 1,621,786 173,909 124, 096 (.'■) 1 No figures available. [Increase (+) or decrease (— ).) Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January... February. . March April May June July August September. October . . . November. December. Total +$23,861 + 22,390 +154,876 - 50,821 - 43,102 - 94,045 + 53,921 - 92,697 + 92,152 -353, 142 + 75,986 -328,669 -364,696 + $365,260 -134,690 + 60,081 -243,909 + 25,606 +237,680 + 942,583 - 96,493 +1,201,524 -128,076 +1,903,794 + 94,118 + 688,240 -259,560 + 101,963 -137,391 +1,183,800 +923,929 - 994,061 -162,396 - 32,606 +660,344 (») -539, 290 +688,862 W 1 No figures available. 40 BUSINESS ACTIVirY IN U. S. AND LEADING FOREIGN COUNTRIES. Imports of coin into Egypt. [From Bulletin Mensuel du Commerce Extdrieur de I'Egypte. £1 Egyptian= $4,943.] Month. 1912 1913 1914 1915 January February.. March April May June July August September. October November. December. . Total.. $6,584,976 3,792:912 3,439,766 344,908 246,438 118, 182 149,471 253,343 6,977,356 19,586,529 7,613,268 7,966,920 57,074,048 $1,258,003 410,254 286,783 435,^58 403,932 208.708 84:674 1,108,324 17,590,422 21,827,828 4,157,014 626,942 48,397,842 $939,185 3,546,518 345,827 280,184 96,186 124,959 103,996 2,731,586 19,223 569,681 23,529 18, 872 8,799,746 $5,78J 614,10! 351 382, 87i 537, 39f 22,03] 64 403, 34t 629,365 421, 85£ 418,88. 231, 53C 3,667,38? [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1916. January February. . March April May..- June July August September. October November. December.. Total. -15,326,973 -$3,382,668 - 3,152,972 + 91,060 + 157,494 + 90,628 - 64,797 + 854,981 +10,613,066 + 2,241,299 - 3,456,244 - 7,340,978 8,876,206 - 8318,818 + 3,136,264 + 69,044 - 155,774 - 307, 746 - 83, 749 + 19,322 + 1,623,262 -17,671,199 -21,258,147 - 4,133,485 - 607,070 -39,598,096 - $933,402 -3,032,411 - 345,476 + 102,691 + 441,212 - 102,928 - 103,942 —2,328,237 + 610,144 - 147,826 + 396. 16S + 212,668 -5,232,369 Imports of gold and coin into the United States, United Kingdom, Germany, and France. VwT£l)HlftG00n . FRMICS VWTEDSrM£S -Gemwff Note.— Imports into the United States were of gold in ore, bullion, and coin. EXPORTS OF GOID. Exports of gold ore, bullion, and coin from the United States. — ^These exports fluctuated irregularly from montli to montli until April, 1914, after which they iacreased enormously, remainiag very high each month imtU November, 1914, when they suddenly dropped from $14,526,000 to $131,000 in December. They recovered sHghtly after December, 1914, but remained low until December, 1915, when there was a sudden rise. The exports in 1913 were nearly double those of' 1912, and in 1914 more than double those of 1913. In 1915 the exports of gold were less than one-seventh the exports in 1914. Exports of coin and bullion for Canada. — These exports fluctuated irregularly until the outbreak of the war, when for several months they were low. During the greater part of 1915, however, these exports Were abnormally high, the total for the calendar year being about six and one-half times as great as in 1914. Exports of gold bullion and com from the United Kingdom. — These fluctuated irregularly from month to month until August, 1914, when there was a sudden drop from about $20,000,000 in August to $200,000 in September. There was a recovery in October, 1914, but the exports continued abnormally low imtil October, 1915, when they rose to $44,000,000 from $8,000,000 in September. They remained high in November and December. The total exports of gold in 1914 were very much smaller than in either the preceding or the following years. Exports of bullion and coin from France. — These fluctuated irregu- larly imtil June, 1914, when they dropped from over $4,000,000 to $650,000 in July, the gold exports remaining abnormally low until May, 1915, when they increased more than tenfold over those of April. After this they fluctuated violently from month to month, but aver- aged below the normal. The exports of buflion and coin in 1914 were less than one-half those of 1913, and were very much lower in 1915 than in 1914, Exports of coin and bullion Jrom other countries. — The exports of gold bidlion and coin from Germany fluctuated violently from month to month, with a general tendency to decrease previous to the out- break of the war. In 1913 the gold exports were nearly one-half those of 1912. No data are available for any subsequent period. The course of exports of bullion and coin from Austria-Hungary greatly resembles that of Germany. Italy exported nearly twice as much precious metal in 1913 as in 1912, the exports being unusually high from April to September, 1913. During the greater part of 1914 these exports were low, falling rapidly below the normal upon the outbreak of the war. In September there were practically no gold exports, and they continued very low for the next three months. No figures are available for 1915. 41 42 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COXJNTEIES. In Spain there was a decided increase in gold exports in 1913 over the preceding year. They fluctuated violently in 1914 and prac- tically ceasea in October, November, and December, 1914, and Janu- ary, February, and June, 1915. During the other months of 1915 these exports varied greatly. The exports of gold bullion and coin from Australia were very much smaller in 1913 than in 1912, and somewhat smaller in 1914 than in 1913. They decline'd for about six months following the outbreak of the war, but were abnormally high during the latter part of 1915, the total for the year being five times as great as in 1914. The exports from British India dropped very decidedly from August to September, 1914, and remained very low the rest of the period. In Egypt there was a similar drop in exports of coin from July to August, 1914, after which they remained abnormally low. The exports of specie and bulhon from Japan rose suddenly from August to September, 1914, and remained fairly high until November, 1915, when there was a considerable drop in gold exports. The total Japanese gold exports were much higher in 1915 than in any of the three preceding years. Tables of exports of coin and bulhon for each of the leading countries from month to month from 1912 to 1915, and charts show- ing some of the data graphically, follow: Exports of gold in ore, bullion, and coin from the United States. Month. 1912 1913 1914 1915 1916 81,915,202 10,689,296 7,463,689 1,816,816 4,460,899 '7,171,035 7,264,664 2,498,472 668,302 330,270 2,709,694 666,704 $17,237,648 12,373,409 18,076,584 3,010,168 12,467,492 569,315 8,663,969 1,194,657 496, 037 483,780 6,662,958 10,572,593 $6,914,066 9,078,778 2,632,049 407,386 16,835,202 48,107,064 33,669,424 18,125,617 21,887,202 60,301,972 14,626,482 130,924 5691,509 1,053,879 923,891 813,706 1,277; 554 2,821,988 2,191,733 M28,428 2,033,990 2,938,800 3,661,163 11,889,285 $10,213,517 13,684,667 10,774,354 11,602,999 April May July SeptemlDer. . .. November December Total 47,424,842 91,798,610 222, 616, 166 31,425;918 [Increase (+).or decrease (— ).] Month. January — l^etaruary. . March April May June July August September. October November., December. . Total, 1912 to 1913. +$15,322,446 + 1,784,114 + 10,622,995 1,193,352 8,016,693 6,601,720 1,389,306 1,303,815 72, 265 153,510 3,963,364 9,915,889 + 44,373,768 1913 to 1914. --$10, - 3, - 15, - 2, + i, + 47, + 26, + 16, + 21, + 49, + 7, — 10, 323,592 294,631 444,635 602,782 367, 710 537, 749 015,456 930,960 391, 165 818, 192 863,524 441,669 +130,817,546 1914 to 1915. - 1, + - 15, - «; - 31, - 16! - 19; - 47, - 10, + 11, 222,547 024, 899 708, 168 406,320 657, 648 285,076 477,689 997, 189 853,212 363, 172 865,329 768,361 -191,190,238 +$9,522,008 +12,630,788 + 9,850,463 . +10,689,293 BUSINESS ACTIVITY IN U. S. AND LEADING FOEEICxN COUNTEIES. 43 Exports of coin and bullion from Canada. {From Unrevised Monthly Statements of Imports Entered for Consumption and Exports of tlie Dominion of Canada.] Month. January February.. March April May June July August September. October November. December. . Total $1,304,000 2,299,000 1,134,000 1,241,000 831,000 970,000 1,649,000 460, 000 790,000 600, 000 551,000 3,439,000 16,128,000 1913 $2,342,000 1, 139, 000 2,292,000 672, 000 822, 000 186, 000 2,900,000 1, 980, 000 248, 000 658,000 363,000 292,000 13,894,000 83,975,000 860, 000 10,604,000 1,2(3,000 433, 000 671, 000 287, 000 12,550,000 354,000 308, 000 332,000 80,000 31,697,000 1915 5.863,000 2,530,000 21,793,000 4,981,000 1,455,000 44,260,000 13, 127, 000 4,754,000 144, 000 24,482,000 9,866,000 101, 000 128,336,000 [Increase (+) or decrease ( — ).] Month. . 1912 to 1913. 1913 to 1914. 1914 to 1915. January +51,038,000 - 1,160,000 + 1,158,000 - 569,000 9,000 - 784,000 + 1,351,000 + 1,520,000 - 642,000 + 98,000 - 188,000 - 3,147,000 +$1,633,000 - 279,000 + 8,312,000 + 571,000' - 389,000 + 485; 000 - 2,613,000 +10,570,000 + 106, 000 - 3.50,000 - 31,000 - 212,000 — $3,112,000 + 1,670,000 March + 11,189,000 + 3, 738, 000 Miy + 1, 022, 000 + 43,589.000 July + 12,840;000 August - 7, 796, OOO - 210, 000 October + 24, 154, 000 + 9,534,000 + 21,000 Total - 1,234,000 +17,803,000 + 96,639,000 Exports of gold bullion and coin from United Kingdom. [From Trade and Navigation of United Kingdom. £1=$4.8665.] Month. 1912 1913 1914 1915 $24,794,467 16,162,451 19,008,890 7,518,743 12,279,338 16,304,605 9, 200, 406 12,811,480 26,104,222 37,971,109 17,908,798 27,424,951 $25,736,364 14,842,587 13,480,633 7, 499, 257 10,566,188 19, 579, 302 8,035,896 18,446,237 38,506,580 39,139,661 18,618,668 9,943,870 $5,699,874 27,724,523 20, 711, 771 18,566,335 26,870,399 9,265,602 13, 477, 884 20,394,971 237,334 1,649,673 1,743,969 2,668,042 $3,536,646 4,019,179 March 3,830,967 3,871,929 May 6,968,775 4,686,897 July 2,723,391 August . 2,870,393 8,131,608 44,052,531 66.352,830 December 36,889,841 Total 226,479,459 224,284,133 148,910,277 187,935,047 44 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTEIES. Exports of gold bullion and coin from United Kingdom — Continued, flncrease (+) or decrease (— ).] 1912 to 1913. 1916 to 1914. 1914 to 1915. January . . . February.. March April May June July August September. October November. December . . Total + $941, 897 - 309,864 - 5,528,257 - 19, 486 - 1, 723, 150 + 3, 274, 697 - 1, 164, 509 + 5,633,757 +12,402,358 + 1,168,442 + 609, 870 -17,481,081 -$20 + 12, + 7, + 11, + 16, - 10, + 5, + 1, - 38, - 37, - 16, - 7, 036, 490 881,936 231,138 067, 078 314,211 313, 700 441, 988 949,734 269,246 489,978 774, 699 376, 828 - 2,195,326 75,373,856 -$2,163,228 -23,705,344 -16,880,804 -14,694,406 -19,901,624 - 4,578,705 -10,754,493 -17,624,578 + 7,894,334 +42,402,958 +64,608,861 +34,321,799 +39,024,770 Exports of bullion and coin from France. [From Documents Statistiques sur le Commerce de la France. 1 franc=$0.) Mouth. 1913 1915 January February.. Marcb April May •June July August September. October November. December. . Total $3, 874, 282 5,280,480 4,870,548 5, 474, 638 3,842,051 3,893,196 8,033,625 5,224,510 5,924,907 3,242,014 4,506,743 8,613,616 $4, 152, 974 8,542,180 7,875,558 9,532,270 3,880,651 7, 442, 466 8, 784, 781 5,521,151 4, 696, 462 5, 461, 707 8, 976, 430 8,385,850 $6,191,247 9,400,258 6,875,113 4,646,282 4,833,492 4,260,861 665,814 1,800,111 36, 477 420,933 744,015 1,028,304 62, 680, 610 83, 252, 480 39,892,907 [Increase (+) or decrease (— ).] $406,651 663,727 806,354 693,449 7, 562, 126 8,665,507 2,744,074 860,687 4,846,230 434,057 664,718 2,455,866 28,703,346 Month. 1912 to 1913. 1913 to 1914. 1914 tx) 1915. January + $278,692 + 3,261,700 + 3,005,010 + 4,057,632 + 38,600 + 3,549,270 + 751,158 + 296,641 - 1,228,445 + 2,219,693 + 4,469,687 - 127,766 +$2,038,273 + 858,078 - 2,000,445 - 4,885,988 + 952,841 - 3,181,605 - 8-, 128, 967 - 3,721,040 - 4,659,985 - 5,040,774 - 8,232,415 - 7,357,546 February March April :... "■ my — 3,952,833 June July : September '.." October November + 13, 124 December Total +20,671,870 -43,359,573 -11,189,661 BUSINESS ACTTViry IN U. S. AND LEADING FOREIGN COUNTRIES. 45 Exports of gold bullion and coin from Germany. [From Monatliclie Naohweise iiber den Auswartigen Handel Deutschlands. 1 marfc=S0.238] Month. 1912 1913 Increase (+) or decrease (—). 1914 1912 to 1913. 1913 to 1914. January February... March April May June July August September.. October November.. December.. $2,3 2,r 296, 157, 101, 41?; 102, S56, 184, U, 064, 000 1,662,000 464,000 564,000 758,000 574,000 1,995,000 2,355,000 563,000 484,000 615, 000 536, 000 S473, 000 1,019,000 1,020,000 384,000 1,064,000 1347,000 +$1, - 1, - 2, - 1, + + + 1; = !; 698,000 197,000 842,000 693,000 343,000 157, 000 893,000 958,000 65,000 072,000 669,000 546,000 -83,591,000 - 643,000 )- 572,000 - 180,000 f 306,000 - 227, 000 Total 26,017,000 14,524,000 -11,493,000 1 No figures available alter this date. Exports of bullion and coin from Austria-Hungary. [From Statistische Uebersichten betrefEend den Auswartigen Handel. 1 krone=S0.203.) Month. 1912 1913 Increase (+) or decrease (— ). 1914 1912 to 1913. 1913 to 1914. January February.. March April May June July , August ■September. OctobeJ- November., December., Total S2, 184, 686 3,018,407 6,077,414 1,829,030 660, 968 5,833,205 1,315,237 891, 779 1,545,033 3,166,582 3,859,030 5,517,946 $524, 349 569, 821 3,541,944 2,087,043 796, 572 2,148,552 2,565,920 3, 379, 644 1,058,645 1,399,685 1, 454, 698 889, 343 $818,090 790,888 781,560 631,736 1, 712, 305 3,064,541 -SI, - 2, -2, + + + 2, -1, 660, 337 448,686 535,470 258,013 136,604 684, 663 250, 683 487,766 486,388 765, 897 404, 332 628,603 + $293,741 + 221,067 -2,760,394 -1,455,307 + 915,733 + > 905, 989 35,898,317 20,416,116 -16,482,201 1 No figures available after this date. Exports of precious metals from Italy. [From Statistica del Comercio Speciale. 1 lira=$0.193.] Month. 1912 Increase(+)ordecrease(— ). 1912 to 1913. 1913 to 1914 January... February.. March April May June July August .September. October... ^November. :December. , Total $650,642 579, 791 671,241 670, 849 530,364 400,562 628,080 491,455 638,463 805,563 1,137,233 900,480 $469,492 660,356 928,986 1,611,762 1,263,339 2,733,826 3,081,631 1,799,107 1,012,266 485, 858 77V, 520 771,286 $567,326 443,398 468,894 452, 199 487,422 471,171 593, 745 113,020 14,899 49,408 193,714 - $181,150 - 19,436 + 357,745 + 040,913 + 732,975 +2,333,274 +2,453,651 +1,307,662 + 373,803 - 319,705 - 359,713 - 129,194 $87,834 116,958 460, 092 1,159,563 ■ 775,917 ■ 2,262,655 ■ 2,487,886 ■ 1,686,087 1,012,265 ■ 470,969 728,112 577,572 8,004,713 15,496,429 3,845,196 +7,490,716 -11,660,233 46 BUSINESS ACTIVirY IN TJ. S. AND LEADING FOREIGN COUNTEIES. Exports of gold bullion and coin from Spain. [From Resumenes Measuales de la Estadlstica del Comercio Exterior de Espana. 1 peseta=S0.181 in 1912, $0.18iii 1913, S0.186ia 1914, and $0.20 in 1915.] Month. 1912 1913 1914 1916 January $922 1,958 1,094 4,781 130 4,666 65,915 12,096 24,350 20,264 3,931 11,736 $4,896 1,190 2,961 23,808 1,190 4,018 3,036 952 1,488 February $1,390 579 7,240 1,853 869 7,414 7,414 1,853 4,112 4,634 1,158 March , ' $7 808 3,840 3,200 June Juh- 12, 800 12,644 2,944 September November December Total 139,444 1141,890 143,598 1 The monthly figures are uncorrected and therefore do not add to the corrected total. [Increase (+) or decrease (—).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. _ January + $3,974 - 768 + 1,867 + 19,027 + 1,060 - 648 - 52,879 - 11,144 - 22,862 Pebniary + $568 + 515 - 2,459 - 1,723 + 3,797 + 48,501 + 4,682 + 22,497 + 16,142 703 + ,10,578 March + $4,847 - 19,968 + 2,010 April May June July + 9,764 + 11,592 + 1,456 August October November December 1 Total + 1102,446 - 198,292 1 The monthly figures are uncorrected and therefore do not add to the corrected total. Exports of gold bullion and specie from Argentina. [From El Comercio Exterior Argentine. 1 peso gold=$0.966.] Month. 1912 1913 1914 1915 $135,100 424,600 5,404 $13,510 24,483,980 18,327,829 $18,416,060 11,783,615 February March April $4,825 May... July August ' (') December (') Total.. 565, 104 42,826,319 30,199,675 1 No figures available. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. Januarv - 5121,690 .+24,059,380 + 18,322,425 +■12,260,215 SIS, ■102,550 -12,700,366 0) February March April -518,411,235 May.: June July September (') October .. November December (') Total 1 No flgur es available. BUSINESS ACTIVITT IN U. S. AND LEADING FOEEIGN COUNTKIES. 47 Exports of gold bullion and coin from Australia. [From Monthly Summary of Australian Statistics. £1=34.8065.] Month. January February . . . March April May June July August September . . October November- . December... Total.. 1912 1913 1914 1915 §3,727,058 Sl-,610,509 $1, 744, 334 S418,723 2, 039, 323 1,244,111 1,247,240 387,085 5,187,144 1,255,572 1,445,891 1,4,87,348 798, 768 1,263,485 1, 572, 429 7,960,231 837,792 983,442 1,233,648 7,328,liOS 1,294,893 462, 648 4,359,357 8, 098, 436 1,328,963 1,439,903 8,406,996 6,086,673 613,713 600,311 8,433,192 6, 675, 592 2,897,908 345,424 12,429,868 2, 848, 961 2,185,467 235,636 7, 681, 532 1,696,835 1,325,440 396,727 2,972,448 2,462,040 1,467,298 478,250 1,060,688 60, 862, 561 16,750,424 10,633,351 50,423,314 [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January February. - March April May June July August September. October November.. December. . Total -$4 116,549 825,212 931,672 422, 902 ,122,439 033,715 369,473 672,960 777, 684 663,494 271,395 ,004,742 8133,825 3,129 190,319 464, 727 145, 650 - 832,245 + 111,000 + 76,598 -2,562,484 -1,949,831 - 928, 713 - 979,048 + + + -$1,325,611 - 880, 165 + 41,467 + 308, 944 + 250, 206 + 3,890,709 + 6,967,033 + 7,842,881 +12,081,444 + 7,445,896 + 2,676,721 + 582, 438 -44, 112, 137 -6,117,073 +39,789,963 Exports of bullion and coin from British India. [From Monthly Accounts Relating to the Sea-borne Trade and Navigation of British India. S0.32443.J 1 rupee = January February . . March April May June -■.. July August September. October November. December. . Total 1912 $2,950,908 1,913,766 2, 107, 857 1,906,581 1, 895, 042 1,323,113 3,103,790 1, 447, 851 3,387,345 2, 865, 296 1,883,769 1, 333, 099 26,118,417 1913 $1, 464, 894 1,081,889 1,187,641 1, 126, 299 1,538,488 3,415,724 4, 864, 169 3,028,585 1,741,403 1, 672, 770 1, 127, 402 1,062,258 23,311,522 1914 $1, 106, 861 762, 526 1, 432, 615 1,084,764 1,903,149 1,717,884 1,925,366 2,103,429 142, 798 94, 246 369,310 175, 252 12, 808, 190 1915 S602, 620 931, 749 203, 268 160, 649- 161, 368 228, 238 216, 801 490, 771 1,024,434 335, 707 448, 696 352, 481 5, 146, 782 [Increase (+ or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January . —$1,486,-014 — 831, 877 — 920,216 — 780, 282 — 356,564 + 2,092,611 ' + 1,760,379 + 1,580,734 — 1,645,942 — 1,192,526 — 756,367 — 270, 841 — $358,033 — 319, 363 + 244,974 — 41, 535 + 364,661 — 1, 697, 840 — 2,938,813 — 925, 156 — 1, 598, 605 — 1, .578, 524 — 768,092 — 887,006 — r504, 241 + 169,223 March —1, 229, 347 — 934,115 Mav —1, 741, 781 June .- July . . -1,489,648 —1, 708, 555 -1,612,658 + 881, 636 + 241,461 + 8'.), 386 + 177,229 Total — 2, 806, 895 —10, 503, 332 —7,661,408, 48 BUSINESS ACTIVITT IN U. S. AN0 LEADING FOREIGN COUNTRIES. Exports of bullion and specie from British South Africa. [From Trade of the Union of South Africa. £1=$4.8666.1 Month. 1912 1914 1915 IncreE^o (+) or de- 1912 to 1913. 1913 to 1914. Quinary February . . . ^arch April... May . . .' June........ July August September .'. .October.... November.. Pecember... Total. 816,645,775 15,860,651 15,723,267 15, 410, 269 18,863,026 15, 910, 593 16, 008, 960 18,866,378 14, 963, 295 19,168,915 15,536,798 17,561,422 $17,688, 16,559, 14, 777, 20,520, 16,397, 16, 006. 17, 77i; 14,909, 16,399, 17,323, 14,610; 14, 465, 952,900 569, 856 130,262 583,338 248, 207 563,120 148,928 378,096 112,395 •31,647 1 54, 461 1 85, 212 I $34, 139, 142, 1152, 125, 1134, 12. 1121; 1205, 150, 130, +$1, + + 5, -2, + + 1. - 3 + 1: ■ 1, 3, 042,794 698, 732 946, 194 110,516 465, 865 95, 968 762, 763 947, 096 436,061 845, 859 926, 017 095,916 - $735,669 - 2,989,427 - 646,811 - 5,937,447 + 1,851,046 - 453, 441 - 2,622,795 -11,531,186 200,509,259 197,429,126 111,748,422 ..: -3,080,133 1 Beginning ,with September, 1914, exports of bullion and specie are exclusive of raw gold; such figures ;ff ill not be available until after the war. Exports of coin from Egypt. [Froin Bulletin Mensuel du Commerce Bxtft-ieur I'Egypte. £1 Egyptian=$4.943.] Month. 1912 1913 191i 1915 January February.. March April May June ;july August September. .October November . December.. Total $4, 766, 141 3, 160, 278 6,830,500 5,762,970 2,120,621 5, 676, 277 2, 481, 796 20,795 31, 205 630,386 44, 749 5, 660, 644 $11,924,226 5,695,011 3,390,957 5,547,667 3,115,474 4, 721, 658 5,867,218 937, 761 74, 378 97,690 5,463,231 8,339,627 $7, 087, 585 4,801,091 4,082,869 2,586,356 4,048,678 4,871,475 2,201,731 178, 106 854, 491 380, 789 40,078 346, 232 $80,195 75,664 63,636 95,835. 34,997 78,223 134,825 23,810 3,213 53,597 9,950 1,888 36,956,262 66, 054, 798 31,479,481 655, 733 [Increase (+) or decrease (— ).] Month. January February. . March April May June July August September. October November. December., Total 1912 to 1913. +$7, 169, 086 + 2,444,733 - 3,439,643 - 215,303 + 994, 853 - 854, 619 + 3,375,422 + 916, 966 + 43, 173 - 632, 796 + 5,408,482 + 2,789,083 +18,099,636 1913 to 1914. -54,836,641 - 793,920 + 691, 912 - 2,961,311 + 933,204 + 149,817 - 3,665,487 - 759,655 + 780, 113 + 283, 199 - 5, 413; 153 - 7,993,395 -23,676,317 1914 to 1915. -$7,007,390 - 4,725,527 - 4,019,233 - 2,490,521 - 4,013,681 - 4,793,252 - 2,066,906 - 154, 296 - 851,278 - 327,192 30,128 - 344,344 -30,823,748 BUSINESS ACTIVITY IN U. S. AND LEADING FOEEIGN COUNTEIES. 49 Exports of specie and bullion from, Japan. [From Foreign Trade of the Empire of Japan. 1 yen= S0.498.] ' Month. 1914 January February.. March April May June July August September. October November. December.. Total $927,048 1,644,351 853,900 603,787 1,255,935 1,189,775 761,240 1,161,876 1,535,140 1,153,688 637,450 2,381,736 $900,402 771,494 2,033,803 852,237 1,584,031 2,296,374 579,221 1,028,071 1,273,451 627, 186 548,049 998, 167 81,164,170 1,337,126 498,000 1,089,597 840,504 370,607 691,185 389,696 2,202,011 3,974,040 1,692,060 616, 772 14, 105, 926 13,492,486 14,765,668 $1,024,959 1,279,525 2,839,833 3,447,672 2,903,637 1,361,156 2,963,385 3,424,600 1,850,055 928,788 94, 636 75, 634 22, 193, 880 [Increase (+) or decrease (— ). Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January... February. . March Apra May June July August September. October... November. December., Total +1 + + +1 $26,646 872,867 ,179,903 248,460 328,096 ,106; 599 182,019 133,805 261,689 526,602 89,401 ,383,569 + $263,768 + 663,632 -1,635,803 + 237,360 - 743,527 -1,925,767 + 11,964 - 638,476 + 928,660 +3,346,854 +1,144,011 - 381,396 613,440 +1,273,182 - $139,211 - 57, 601 +2,341,833 +2,358,075 +2,063,133 + 990,549 +2,372,200 +3,035,004 - 351,956 -3,045,252 -1,597,424 - 541,136 +7,428,212 Exports of gold and coin from, the United States, United Kingdom, Germany, and France. UNiT£p HimaoM United 5rAT£S """" lilSl-Jtllsis li JSJlSl'lsil isi'iiiStisii iii'iHiHsii iiil u _ ^ -- _ _ ____ ___..._( --.. \ J, .— \\ \S\ L_ 1 J--U- . im j\ ' I -^----4 IK itsri 74 1..---J.,.. ^f^::dm^M,\lv^&jM. Note.— Exports from the United States were of gold in ore, bullion, and coin. 48600°— S. Doc. 477, 64-1 4 EECEIPTS OF RAILWAYS. The statistics of railway receipts for the different countries are not uniform in character, and attention is therefore called to the differ- ence in their designation in the following text and in the tables. Railway receipts in the United States. — ^The data obtainable for the United States are the gross operating receipts of aU steam railway companies in the United States whose total operating revenues exceeded $1,000,000. A comparison of each month with the same month of the preceding year shows steady increases xmtil Septem- ber, 1913, after which there was a decline each month (except March, 1914, and February, 1915) until April, 1915, when each month showed an increase. The receipts were greater in 1913 than in 1912, less in 1914 than in 1913, and greater in 1915 than in any of the three pre- ceding years. They were unusually high from January to April, 1916. Railway receipts in Canada. — The only monthly figures available for Canada are the traffic receipts of the Canadian Pacific Railway. These, Uke the gross railway receipts in the United States, show an increase in 1913 over 1912 and a decrease in 1914. In 1915, how- ever, they show a continued decrease. A monthly comparison with the previous year shows a decline each month from December, 1913, to September, 1915, after which there was a material recovery in monthly receipts. Railway receipts in the United Kingdom. — ^The monthly figure for the United Kingdom show the traffic receipts of 17 railroad compa- nies in periods of four weeks each. They show an increase in 1913 over 1912, but a tendency to decline in 1914, until the outbreak of the war, after which no data were available. Railway receipts in Sweden. — The railway statistics of Sweden show the freight revenues of aU railways in Sweden except one. There was a steady increase in these revenues from year to year, those for 1915 being far in excess of any previous year. They fluctuated con- siderably from month to month until the outbreak of the war. In August and September, 1914, they declined, but after that they increased enormously each month and continued abnormally high diu-ing the entire year 1915. Railway receipts in Argentina. — The traffic receipts of the Buenos Aires Western Railway were greater in 1913 than in 1912. They began to decline considerably m December, 1913, and continued to decline each month until the outbreak of the war, after which no fig- ures are available. Tabular statements and graphic charts showing these railway receipts for each month for the years 1912 to 1915 and for January, February, and March, 1916, in the United States follow. 50 BUSINESS ACTIVITY IN U. S. AND LEADING POBEIGN COUN'IKIES. 51 Gross operating receipts of all steam railway companies m the United States whose total operating revenue exceed §: 1,000, 000. [From reports of the Interstate Comiiierce Commission.] Month. January February. . . March April May June July August September . October November. . December.. Total, 1912 $204,593,770 211,812,779 231,261,933 214,468,459 227,072,605 237,364,296 247,311,017 269,636,988 268,423,793 292, 122, 141 270,470,699 258, 975, 689 2,933,514,169 1913 $241, 991, 969 225,376,929 241,048,818 237,362,425 266,426,057 253, 356, 490 260,675,397 273,602,766 277, 558, 806 290,605,915 261, 598, 215 247,398,764 3,067,002,551 1914 S226, 203, 242, 230, 232, 244, 256, 267, 269, 266, 233, 618, 022, 832, 534, 567, 123, 036, 084, 581, 793, 812, 318, 1915 S214, 196, 786 205,112,212 231,499,126 230,997,430 237,976,843 249,489,452 258, 526, 363 272,306,183 286,403,834 302, 888, 696 298,274,613 287,367,343 2,899,325,826 3,075,038,881 8260,054,308 261,904,120 289, 176, 150 280,987,306 [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. 1915 to 1916. jEtnuary February. . . March April May June July _- August September. October November. December. . Total +337,398,199 + 13,564,150 + 9,786,885 + 22, 893, 966 + 29,363,452 + 15,992,194 + 13,364,380 + 3,965,778 + 9,135,013 - 1,516,226 - 8,872,484 - 11,576,925 -S15, - 22, t- 1, - 6, -23, - 9> - 4, - 6, - ?; -23, ^ 27, - 21, 373, 848 354, 707 783, 863 828, 253 868, 119 233,062 ,979 518, 544 977, 214 812,051 785,786 080,025 -S12, + 2, -n. + s> + 6, + 2^ + 5; + 16, + 36, + 61, 421, 335 089, 990 333,665 463, 258 408, 905 366, 024 489, 945 221, 961 822, 242 094, 832 462, 184 048, 604 +845,857,522 + 56,791,908 + 57,677,024 + 49,989,876 +133,488,382 -167,676,725 +175,713,055 Gross receipts of all steam railway companies in the United States whose total o-perating revenue exceeds §1,000,000. \ 1912 1913 1314 1315 1 1916 1 OF Ckmats Jan. Feb. Mar. April May June Aug. Sept. Oct. Nov. isiilll'llgll llilill'llsil 1 Feb. Mar. April May June July Aug. Sept. Oct. Nov. Feb. Mar.. April 2-S-O 200 ISO too ■so / / \ s /> / ^ / / \ / / / \ s / ■** / - \r ^^ y ■ L \\\\\\\\\\\\\\ 52 BUSINESS AOHVITT IN U. S. AND LEADING FOREIGN COUNTBIES. Traffic receipts of the CarwMan PcuAfic Railway. [From The Statist.] Month. 1913 1914 1915 January Felbruary. . March April M^y June July August September - October November. December.. Total, $7,329,000 8,932,000 10,519,000 11,301,000 11,306,000 11,313,000 12,052,000 12,252,000 11,322,000 13,218,000 12,245,000 12,326,000 134,115,000 89,630,000 9,687,000 11,186,000 11,623,000 11,925,000 11,342,000 11,555,000 11,873,000 11,887,000 14,627,000 13,180,000 12,045,000 $7,838,000 7,562,000 9,528,000 9,580,000 10,085,000 9,561,000 10,482,000 9,918,000 10,754,000 9,283,000 8,369,000 7,444,000 140,560,000 110,404,000 $6,031,000 6,704,000 7,933,000 7,317,000 7,288,000 7,255,000 7,447,000 .8,862,000 10,383,000 13,589,000 13,246,000 12,817,000 108,872,000 [Increase (+) or decrease — ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January... i'ebruary.. March. , April May June. July August September. October November. December. . Total +$2, + + + + + + + 1 + 301,000 755,000 667,000 322,000 619,000 29,000 497,000 379,000 565,000 409, 000 935, 000 281,000 -$1,792,000 - 2,125,000 - 1,658,000 - 2,043,000 -•1,840,000 - 1,781,000 - 1,073,000 - 1,955,000 - 1,133,000 - 5,344,000 - 4,811,000 -4,601,000 -$1,807,000 - 858,000 - 1,595,000 - 2,263,000 - 2,797,000 - 2,306,000 - 3,035:000 - 1,056,000 - 371,000 + 4,306,000 + 4,877,000 + 5,373,000 + 6,445,000 -30,156,000 - I,532,0p0 Railway receipts of the United Kingdom. ITraffio receipts of 17 railway companies in periods of four weeks. From The Statist. £1= $4.8665.3 Mouth. January February March April May June June-July . . . July.^ugust August September... October November... December... Total. . 1912 $34,011,969 35,467,052 27,850,979 27,841,246 37,535,3H 40,284,887 42,450,480 46,518,873 30,658,950 57,624,226 39,725,240 37,642,378 36,518,216 494,129,810 835,700, 36,771, 38,377, 39,058, 40,649: 39,895; 43,073, 45,356, 32, 123, 57,960, 40,231, 38,469; 37,905; 525,572,267 Increase (+) or decrease (—). 1914 $35,827,173 36,902,670 37,097,330 38,800,605 39, 146, 126 40,922,399 '42,941,996 1912 to 1913. 1913 to 1914. +$1,688,675 + 1,304,222 +10,526,240 +11,217,283 + 3,114,661 — 389,320 + 622,912 - 1,163,093 1,464,817 335,789 806,115 827,304 1,386,952 +31,442,457 + $126,529 + 131,396 -1,279,889 - 267,924 -1,503,749 +1,026,832 - '131,396 'No figures available after this date. BUSINESS ACTIVITY IN V. S. AND LEADING FOREIGN COUNTRIES. Sweden— Freight revenues of all railways {except revenues from ore freight). [From Kommersiella Meddelanden. 1 crown=S0.268.] 53 Month. January February. . March April May June July August September. October November. December.. Total 1912 $1,748,360 2,044,036 2, 286, 308 2,005,176 1,939,616 1,869,568 1,935,228 2,042,160 2,069,496 2,263,200 2,221,988 1,850,004 1913 $1,852,962 2, 118, 004 2, 169, 460 2,366,708 2,070,836 1,926,920 2,119,344 2, 146, 948 2,216,288 2,431,664 2,213,412 1,903,872 24,275,100 26,635,308 1914 $2,003,032 2,038,192 2,433,172 2, 260, 044 2,179,644 2,004,908 2,171,336 1,930,672 2,061,188 2, 608, 212 2, 347, 948 2, 246, 376 26,181,724 [Increase (+) or decrease (— ).] 1915 $2,216,360 2, 789, 612 3,326,952 3,096,204 2,710,820 2,784,620 2,986,860 3,048,600 3,347,052 3,614,248 3,559,844 3,053,592 36,534,564 Month. January February. . ilarch April litoy June July August September. October Kovember., December.. Jotal, 1912 to 1913. + $104,592 + 73,968 - 116, 848 + 361, + 131 + 57; + 184, + 104 + 145: + 168; + 53,1 +1,260,; +$150,080 -■ 82,812 + 263,712 - 106,664 + 108,808 + 77,988 + 51,992 - 216,276 - 154,100 + 76, 648 + 134,536 + 342,604 + 646,416 1914'to 1915. $213,328 764,420 893, 780 836,160 531,176 779,612 815, 624 1,117,828 1,285,864 1,106,036 1,211,896 807,216 +10,352,840 Argentina — Traffic receipts of the Buenos Aires Western Railway. [From The Statist. £1=84.8665.] Month. Increase (+) or decrease (— ). 1912 to 1913. 1913 to 1914. January... February. . March April; l&y June July August September. October November. December.. Total. i$S36, 910. 1,372; 1, 119. 1,076; 1,168, 886, 910, 1,260, 973, 1,021. 1,469; 133,894 270, 167 644,877 309,088 060,897 202,025 861,371 051, 164 686, 177 900,302 187, 426 026,832 $997,633 1, 177, 693 1,348,021 876,970 992,766 963,667 +$598,679 + 360,122 + 272,524 + 189,793 - 14,600 + 43, 798 - 24,332 + 141,129 - 574,247 - 72, 998 + 165,461 - 442,851 -$136,261 - 92,464 - 296,856 - 433,118 - 68,131 - 238,458 12,691,832 13,334,210 + 642,378 ' Strike period. 54 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTEIKS. Traffic receipts of certain railways in Canada, Sweden, Argentina', and the UniUd Kingdom. k , , 191S 1913 1914 1915 Jl II jii-ii-lliji isiiiif. rktu 'ktmiiMUs '%ti%ritiim . ._.:__ J Jl -'--- - -- -L_,-'l[J - ,j '^ / UmTED ^ \ ^^ y ^f-sij'-r 'Jl\ ..,, Z^"' / Sweden _i ^ CMfAOft BANK CIEAEIUGS. The statistics of bank clearings, like those of railway receipts, are not- uniform in character, and while they show the movement from month to month in each country, they^are not comparable one coimtry with another. Bank' clearings in the United States. — The data concerning bank clearings in the United States include the transactions of nearly all the clearing-house associations. These, when each month is compared with the same month of the preceding year, show a decline during five consecutive months beginning October, 1913. This is followed by an inprease in March, April, June, and July, 1914. After July and during the first eight months of the European war there was a decline each month, followed by a steady increase beginning in April, 1915, and continuing throughout the year. In the last three months of 1915 and the first four months of 1916 the monthly bank clearings were unprecedented. The clearings for the year 1915 were the largest on record. Bank clearings in Canada. — The bank clearings in Canada are those of all the clearing-house associations. When similarly compared from month to month, they show a decline each month for nine months beginning October, 1913. Then there was an increase in July, 1914, followed by a very decided decrease in August, 1914. These very low clearings continued until October, 1915, when a recovery began, followed in November and December by a very great increase. Bank clearings in the United Kingdom. — The data for the United Kingdom include only the transactions of the London Bankers' Clearing House for periods of four weeks each. Each of these four- weekly clearings, when compared with the_ clearings of the preceding year, show considerable variations, with a general tendency to increase until May, 1914. After that they began to fall off, the decline being very great each month until June, 1915. In July, 1915, there was a decided increase, but no figures are available since that time. Bank clearings in France. — The data for France include the transac- tions of the "Chambre de Compensation" of the bankers of Paris. The bank clearings in France show a decline from July to November, 1913, when each month is compared with the same month of the J receding year. After that there was an increase each month until une, 1914. No data are available since the outbreak of the war. Bank clearings in Germany. — The data for Germany include the clearings of the "Deutsche Bank" and its branches. This institution has a system which permits the transfer of accounts (a simple matter of bookkeeping) which materially reduces the amount of actual clearings. The clearings fluctuated from month to month until Novenaber, 1913, after which each month showed an increase in bank clearings until the outbreak of the war. After that there was a decrease each month until August, 1915, when there was a material increase. No data are available for the period since that time. Bank clearings in Svjeden. — The data for Sweden show the clearings of the Eiksbank. These show almost a steady increase during the 55 66 BUSINESS ACTIVITY IN V. S. AND LEADING FOEEIGN COUNTRIES. entire period, except that in August, 1914, there was a sharp decline. The clearings in 1915 were nearly double those in 1912. Bank clearings in Russia. — The data for. Russia are the clearings of the Imperial Bank and its branches. These clearings show con- siderable variation from mouth to month, with a general tendency to increase, until June, 1914, after which they fell very decidedly,, continuing low for the rest of the year. No reports of clearings are available for January, February, March, and November, 1915. After June, 1915, they increased materially. Tabular statements and graphic cnarts of bank clearings in leading countries foUow: Bank clearings in the United States, in millions of dollars. [From the Commercial and Financial Chronicle.] Month. 1912 1913 1914 1915 1916 15,064 12,975, 14,457 14,975 14,822 13,629 13,946 13,208 13,077 17,146 16,366 15,455 16,233 13,639 14,166 14,313 14,143 13,731 13,554 12,391 13,447 16,720 13,895 14,701 16,198 12,865 14,253 14,897 13, 165 13,948 14,493 9,932 10,028 11,736 11,081 12,644 13,478 11,907 13,843 15,008 14,620 14,117 14,925 14,269 15,760 20,144 19,383 20,303. 20,070 February , March 18,236 20,680 April 19,314 May July August September December Total 174,120 169,933 156,240 187,767 [Increase (+) or decrease (— ).] Month. 1912 to 1913.- 1913 to 1914. 1914 to 1915. 1915 to 1916. iTannftry , ■ + 1,169 + 664 - 291 - 662 - 679 + 102 - 392 - 817 + 370 - 1,426 - 1,471 - 754 - 35 - 774 + 87 + 584 - 978 + 217 + 939 - 2,459 -3,419 -3,984 - 2,814 - 2,057 - 2,720 - 968 - 410 + 111 + 1,455 + 169 + 432 + 4,337 + 5,732 + 8,408 + 8,302 + 7,659 + 6,592 + 6,329 + 6,837 + 4,306 FflbrnaVy .... March.: j April....: ffiy...:::: June July September October December • Total - 4,187 -14,693 +32,617 Month. Bank clearings in Canada. [From Bradstreet's.] January February.. March April May June July August September. October November. December. . Total $674,184,000 606,371,000 642,429,000 706,894,000 805,739,000 756,781,000 796,582,000 737,872,000 697,982,000 866,191,000 876,183,000 836,237,000 9,003,446,000 1913 1789,824,000 662,766,000 662,635,000 742,985,000 783,018,000 729,633,000 744,790,000 678,249,000 726,335,000 863,664,000 846,846,000 830,792,000 9,060,437,000 1914 $697,728,000 696,837,000 632,000,000 671,705,000 701,353,000 699,179,000 752,046,000 571,055,000 620,851,000 712,723,000 643,476,000 610,434,000 7,909,387,000 1915 $566,706,000 487,296,000 567,575,000 575,941,000 570,769,000 559,941,000 578,090,000 556,008,000 675,382,000 785,814,000 891,284,000 934,907,000 7,649,713,000 BUSINESS ACTIVITY IK U. S. AND LEADING FOREIGN COUNTEIES. 57, Bank clearings in Canada — Continued. [Increase (+) or decrease (-).] Month. January... February. . March April my June July August September. October... November. December. Total 1912 to 1913. +$115,640,000 + 66,395,000 + 20,206,000 + 36,091,000 - 22,721,000 - 27,248,000 - 51,792,000 - 59,623,000 + 27,353,000 - 2,627,000 - 29,337,000 - 6.445,000 + 56,992,000 1913 to 1914. 892,096,000 65,929,000 30,635,000 71,280,000 81,665,000 30,364,000 7,256,000 107,194,000 104,484,000 150,941,000 203,370,000 220,368,000 -1,151,050,000 1914 to 1915., $131, 109, 64, 95, 130, 139, 173, 15, 46, 73, 247, + 324; 022,000 641,000 425,000 764,000 584,000 238,000 956,000 047,000 469,000 091,000 808,000 473,000 259,674,000 Bank clearings in the United Kingdom. [In periods oftour weeks. From The Statist. C1=$4.S665.J Month. 1912 1913 1915 January February... March. April May.: June June-Jxily... July-August August September.. October November.. December. . . Total., 86,908, 5,8i8, 5,697, 5, 731, 6,284, 6, 701, 6,163, 5,802, 6, 270, 6,011, 6,481, 6,222, 6,584, 016,216 620,992 109,354 695,569 529,969 460,272 733,706 352,283 030, 180 850,240 117, 103 973, 610 488, 811 86,507, 6, 337, 5,912 6, 4 14; 6,200, 6,253, 6,602, 5, 721, 5,673, 6,019, 6, 260, 6,"163, 5, 890, 800, 123 827, 877 317,689 666,046 154.592 982; 949 341,618 252,060 161,574 451, 714 766,849 485,614 662,461 $6, 297, 7, 156, 6,840, 6,534 6,666: 5, 798; 6,936, 4,780, 3, 176, 3, — 4, 4,237, 4, 162, 816,514 185, 751 478, 929 979,525 311, 103 157,360 730,934 864,200 637,074 581,659 556,030 957,459 200,654 77,677,968,305 79,987,760,066 71,367,456,092 84,666,423,686 4,676,455,810 4,712,144,353 4,816,803,302 4,772,002,303 4,818,725,570- 5,318,262,062 16,140,068,183 [Increase (+) or decrease (— ).J ■ Month. 1912 to 1913. 1914 to 1915. January....'. February March April May June June-July. . . July-August August September.. October November. . . December... Total.. 8400,2 519,; 246,2 682, r 216,093 206,886 208,335 969,477 375,377 + 552; 532, 677 ■"■ 607,912 100,223 121,394 601,474 350, 254 488,096 073,650 - $209, + 817, 438,1 81, 403, 7,6 220, r 59,4 306,0 + 120, + 466: - 456; + 333 - 940, -2,496, -2,095, -1,393 -1,925: -1,728; 984,609 357,874 161, 240 314,479 156,511 826,589 389,316 387,860 514,500 870, 155 210,819 528,055 361,807 -81,631,391,928 - 2,479,729,941 - 2,128,334,576 - 1,718,176,223 - 1,884,308,800 - 979,431,790 - 1', 617, 468, 872 1+ 1,359,193,983 +2,309,791,761 -8,620,303,974 I No figures available after this date. 58 BUSINESS ACTIVITY IN U. S. AND LEADING POBEIGN OOTJNTBIES. Bank clearings in France, in millions of dollars. [From Chambre de Compensation des Banquiers de Paris. 1 franc=S0.193.} , 1912 1913 1914 Increase (+) or decrease(— ). Months. 1912 to 1913 1913 to 1914 617 SOS S95 680 608 626 671 564 679 634 597 638 611 S87 696 610 676 ' 629 666 468 679 633 S46 693 626 608 681 644 666 1693 - 6 + 82 + 1 + 30 - 32 + 4 -105 - 96 +15 +21 March '..' +85 April +34 May +80 June - »+64 July - i - 52 + 55 Total 7,213 7,093 -120 1 No figures available after this date. Bank clearings in Germany. IFrom Economic Life in Germany during tlie "War. Berlin, Discontogesellschaft, 1915. 1 mark=30.238.] Months. 1913 1915 January Pebrnary. . March April May June July August September - October November. December., Total SI, 506, 1,315, 1 - i;533; 1,404, 1,346, 1,570, 1,296, 1,327, 1,656, 1,429, 778, 000 188,000 436,000 672,000- 200,000 128,000 228, 800- 338,400 421,200 860,800 999, 200 102, 600 $1,592, 1,255, 1,392; 1,674, 1,410, 1,446, 1,652, 1,242, 1,405, 1,648, 1,328, 1,676, 624,600" 592,800 538,000 734,600 721,200 687,800 045,600 098,200 080,600 126,200 587,400 226,400 $1,737, 1,553, 1,653, 1,692, 1,457, 1,468, 1,662, 699, 764; 1,0641 1,053, 1,064, 328,600 092,800 743,000 513,200 559,600 483,800 219,800 363,000 384,600 574,000 626,000 869,600 17,266,353,000 17,524,963,400 16,861,748,000 81,153,562,200 1,026,494,400 1,377,639,200 1,336,632,200 990,341,800 1,120,646,800 1,199,686,600 1999,967,000 1 No figures available after tliis date. [Increase (+) or decrease (— ).] Month. 1912 to 1913 1913 to 1914 January February. . . March'. April May , June July August September. October. . . November. , December.. Total +$85,846,600 - 69,595,200 - 16,898,000 +141,062,600 + 6,521,200 +100,469,800 - 18,183,200 - 54,240,200 + 77,659,400 - 8,734,600 -101,411,800 +107,123,800 + $144,704,000 ■ 297,500,000 261,205,000 17, 778, 600 46,838,400 21,896,000 100, 174, 200 542, 735, 200 640, 696, 000 683,552,200 274,961,400 511,366,800 +259,610,400 -1,663,216,400 -$683,766,400 - 627,698,400 - 276,163,800 - 356,881,000 - 467,217,800 - 347,837,000 - 452,633,200 '+ 300,594,000 1 No figures available after this date. BUSINESS ACTIVITY IN XJ. S. AND LEADING FOEEIGN COUNTEIES. 59 Bank clearings of the Bank of Sioeden. [From Kommersiella Meddelanden. 1 krona= J0.268.] Month. January.... February.. March April ■May June.'. July August September. October November. December. . Total, S118, 241, 600 102, 295, -600 118,064,000 113, 060, 200 120,626,800 113, 042, 400 125, 048, 800 116, 392, 400 115, 079, 200 140,324,800 140, 780, 400 134,375,200 1,457,330,400 1913 8130,596,400 108,432,800 116,982,000 131, 775, 600 136,385,200 121,869,600 136, 715, 200 125,048,800 128,774,000 146, 765, 200 140,834,000 156,699,600 1,578,868,400 1914 $150, 750, 000 116,821,200 130,006,800 135, 420, 400 147,078,400 138, 476, 600 145,872,400 87,716,400 132, 820, 800 161, 443, 200 166, 463, 200 191,057,200 1,702,925,600 [Increase (+) or decrease (-).] Month. January... February. . March April May June July August September. October November.. December.. Total. 1912 to 1913. 1913 to 1914. +S12,364,800 + 6, 137, 200 - 1,072,000 + 18,706,400 + 15,758,400 + 8,817,200 + 10,666,400 + 8,656,400 + 13,694,800 + 6,440,400 + 53, 600 + 22,324,400 +121,538,000 +820, + K + 13, +- 3, + 10, + 16, + 10, - 37, + i, + 15, + 24, + 34, 153, 600 388, 400 024, 800 644, 800 693, 200 616,000 157, 200 332, 400 046,800 678, 000 629, 200 357, 600 +124,057,200 $163,962,400 172,752,800 220,858,800 206, 440, 400 204,323,200 210, 086, 200 230, 266, 600 206, 172, 400 229,461,600 266, 204, 400 285, 607, 600 296, W3, 600 2,692,998,000 1914 to 1915. +$13, + 56, + 90, + 71, + 57, + 71, + 84, +118, + 96, +104, +120, +106, 212,400 931, 600 852,000 020, 000 244,800 609, 600 393, 200 456, 000 640, 800 761, 200 144, 400 806, 400 +990, 072, 400 Bank clearings of the Imperial Bank of Russia. [From Vyestnik Finansov. 1 ruble=$0.515.] Month. January February . . March , April May June July August September. October IsTovember. December. . Total $779,710,000 726,150,000 662,805,000 748,810,000 817,305,000 882,710,000 861,596,000 1,024,335,000 1,067,080,000 975,925,000 898,675,000 780,740,000 10,225,840,000 $840,995,000 726,150,000 900,735,000 790, 626, 000 969,960,000 926,485,000 907,430,000 1,003,735,000 1,064,606,000 1,050,085,000 1,027,425,000 , 839,450,000 11,037,480,000 1914 $1,012,490,000 1,017,125,000 1,015,580,000 849,750,000 997,665,000 1,095,920,000 823,485,000 441,356,000 569, 690, 000 656, 110, 000 687,525,000 639,115,000 9,805,600,000 1915 (1) $861,080,000 928,030,000 834, 300, 000 870, 350, 000 972,320,000 997,555,000 1,051,630,000 1,091,285,000 « 1 No data available. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 19H to 1915. +$61,286,000 + $171,496,000 + 290,976,000 + 114,845,000 + 59,225,000 + 37,595,000 + 169,436,000 - 83,946,000 - 662,380,000 - 494, 915, 000 ■ - 393,975,000 - 339,900,000 - 200,336,000 (1) March +237,930,000 + 41,715,000 +142,655,000 + 43,775,000 + 46,835,000 - 20,600,000 - 2,675,000 + 74,160,000 +128,760,000 + 68,710,000 (1) +$11,330,000 Mav - 69,626,000 -261,620,000 July + 46,865,000 +530,965,000 +427,965,000 +396,520,000 W December +462,170,000 Total +811,640,000 -1,231,880,000 1 No data available. 60 BUSINESS ACTIVITT IN U. S. AND LEADING FOREIGN COUNTRIES. Banh cleanngs in the United States and the United Kingdom, ■Canada f^ftANce Bank cleanngs in Germany, Russia, Canadaj France, and Sweden. «—• IM! ms 1B14 1919 "HiiiiikiMiiiiiiilimu 5S Jiff if «S J J lllillfll jJi . «---. .-,, 1. .- iV'-: + — „ .....a. .^'-Z .. ./^j ' ' /I „ a.lLJ. J::. .LVLl.L^ jp._ _ — 1 1^' |- - - T r - --- 1 ■ 1 \ 1 - T-r-7 / . ^ - -^ ... ?:T ■" V-V"r;-'^ , /.^._-.,,^.Z...\ L-^/.n:/:::"""::':'"" . .--.I:_.j:^,.y:$;. _._/:: ;..: '^ ; '\y--r , .^.uP-\l--\'-A^-'J- ^ «I'' ] r..«=. ^l^ ..'■■: . '■ ' Ai^^ :;?^i r-""^ s '' ' '• ■' ]/ ^- -.;; = — o«« V- 1 ---J — 5 i ] " A ^ • ^ ^ -rp"-. ,-.-^-.--. — -y, ^-'■'V^ BUSINESS FAIIUEES. _ While statistics of business failures are not, strictly speaking, in- dices of business activity, such failures are more frequent and severe duriug periods of depression than in times of prosperity. With that idea in view, the following figures are presented: Statistics of business failures that are available show the number of failures each month in the United States and Germany, and the total liabilities of busiaess failures in the United States and Argentina. Business failures in the United States. — The number of busiaess failures each month, when compared with the same month of the 'preceding year, show an increase each month from April, 1913, to August, 1916, except in July, 1913, and May, 1914, when decreases are shown. The increase became very marked immediately upon the outbreak of the war, and continued so for about a year. After August, 1915, each month showed a considerable decrease when compared with the preceding year. The total liabilities of business failures, when similarly compared, show an increase each month of 1913 and in January, 1914. In February and March, 1914, there was a decrease. After that the liabUities increased each month imtil April, 1915, except December, 1914, when there was a decline. From May to December, 1915, and from January to April, 1916, each month showed a material decline in liabilities. Commercial failures in Germany. — ^During the period from August, 1913, to August, 1915, inclusive, the only period for which com- parable figures are available, each month but one, September, 1913, showed a decline in the number of commercial failures when com- pared with the same month of the year before. Commercial failures in Argentina. — The total liabUities of busmess failures in Argentina show an increase in 1914 and a decrease in 1915 when each month is compared with the same months of the preceding year. The total liabilities in 1914 were-^more than double those of either 1913 or 1915. Number of business failures in the United States. [From Dun's Eevlew.] { Month. 1912 1913 1914 1915 1916 January 1,897 1,539 1,392 1,279 1,204 1,006 1,230 1,102 1,167 1,150 1,175 1,311 1,814 1,464 1,190 1,314 1,240 1,145 1,169 1,145 1,235 1,434 1,377 1,514 1,857 1,505 1,464 1,336 1,221 1,160 1,411 1,272 1,615 1,686 1,815 1,938 2,848 2,278 2,090 2,063 1,707 1,754 1,739 1,395 1,414 1,599 1,565 1,704 2,009 1,688 March . . .' .. 1,690 April 1,399 May July Total 15,452 16, 037 18,280 22, 1S6 CI 62 BUSINESS ACTIVITT IN U. S. AND LEADING FOKEIGN COUNTEIES. Number of business failures in the United States — Continued. [Increase (+)'or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. 1915 to 1916. January February.. March April May June ;. July: August September. October November - December.. Total, - 83 - 85 -202 + 35 + 42 +139 - 61 + 43 + 68 +284 +202 +203 + 43 + 61 + 274 + 22 2,5 + 15 + 242 + 127 + ■M) + 252 + 438 + 424 +585 +2,243 991 773 626 + 727 486 694 328 + 123 - 201 - 87 - 250 - 234 +3,876 -£90 -400 -664 Total of business failures in the United States. [From Dun's Review.] * 'Month. 1913 1916 January... February. . March April May June July August September. October . . . November. December. Total $19, 770, 530 21,477,923 21, 763, 870 16, 874, 727 16,277,462 12,847,711 16, 098, 460 16, 153, 168 13,280,511 15, 762, 837 15,646,105 18, 164, 689 $22, 972, 769 28, 141, 258 25, 718, 250 18,445,655 16, 863, 804 20. 767, 625 20,325,705 20,848,916 22, 662, 694 20,245,466 24, 199, 485 31, 480, 961 $39,374,347 22,354,193 21,493,286 20,549,144 23,447,496 57,881,264 20,377,148 43,468,116 23, 018, 027 29, 702, 178 25, 489, 498 30, 899, 162 $49,640,575 32,404,630 23, 668, 130 43,517, 870 21,053,212 18,313,118 18, 934, 903 17,733,552 16, 208, 070 26,522,380 15,694,434 19, 605, 274 203, 117, 391 272, 672, 488 358,053,859 302, 286, 148 $25, 863, 286 Is, 744, 165 16, 885, 295 18,382,637 [Increase (+) or decrease (— ).] 1912 to 1913. 1913 to 1914. 1914 to 1915. 1915 to 1916. January . . . February . . March April May .'. June July August September . October November . December. . Total +$3,202,239 + 6,663,335 -+ 3,964,380 + 1,570,828 + 1,586,342 + 7,919,914 + 4,227,246 + 4,695,-750 + 9,382,183 + 4,483,129 + 8,553,380- +13,316,372 +$16,401,578 - 6, 787, 065 - 4,224,964 + 2,103,589 + 6,683,692 + 37,113,639 -+■ 51,443 + 22,619,200 + 355, 333 + 9,456,712 + 1, 290, 013 - 681,799 +$10,266,228 + 10,050.437 + 2,164,844 + 22,988,726 - 2,394,284 - 39, 568, 146 - 1,442,245 - 25, 734, 664 - 6, 809, 957 - 4,179,798 - 9,796,084 - 11,293,888 -$23,777,289 - 13,660,465 - 6,772,8.35 - 25,135,233 +69,555,097 + 85,381,371 - 65,767,711 BUSINESS ACTIVITT IN XJ. S. AND LEADING FOREIGN COTJNTEIES. 63 Number of commercial failures in 'Germany. [rrom Economic Lite in Germany During the War, Berlin, Disconto-GeseUschaft, 191.5.] Month. January Fehruary. . . March April May. . . i — June July August -. September. October November. . December.. Total. 1912 659 630 840 763 1913 971 884 854 962 845 750 879 651 671 763 724 735 R54 751 822 706 682 672 720 1415 473 595 611 537 7,738 1915 588 510 494 460 372 399 410 !294 Increase (+) or decrease (— ). 1912 to 1913. 1913 to 1914. 1914 to 1915. + 41 - 46 -116 - 28 117 133 32 256 163 78 159 236 198 168 213 198 -1,951 -266 -241 -328 -246 -310 -273 -310 "-121 1 War legislation placed business concerns temporarily Insolvent under the control of the courts and rendered declarations of bankruptcies more difhcult. ' No figures available after this date. Commercial failures in Argentina. [From Review of the River Plate. 1 paper peso=S0.4246.] Month. IncreaseC-(^)or decrc3se(— ). 1913 to 1914. 1914 to 1915 January... February. . March April May Jime July August September. October. . . November. December. Total $1,874,609 2,657,366 3,795,075 7,906,627 4,230,240 10, 158, 655 7,607,983 6,833,512 4, 012, 470 6,614,638 10,155,583 7,760,839 $7,165, 13,123, 12,400; 10,483, 15,279, 10,629, 12,426, 36,826, 17, 219, 21,284, 12,826, 13, 227, 513, 384 575, 646 528, 940 370, 833 041,142 400,353 802,941 Oil, 129 007,464 837,043 106,307 607,402 + ?6 + 10, + 8 + 2 + 11, + + 4 + 29, 13, + 14, + 2, + 6, 290,516 566, 171 605,368 577, 747 029,410 470,457 818, 785 992,895 207, 183 770, 135 670, 734 467, 149 ■ f 651, 761 ■ 4,547,891 • 3,.':71,503 ■ 6,112,541 ■ 8,238,514 ■ 3,228,659 ■ 6,623,827 • 31,815,278 ■ 8^212, 189 ■ 16,447,730 ■ 8,720,010 9,620,585 73,426,503 182,893,053 75,802,564 +109,466,550 -107,090,489 '64 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTEIES. , Nwrhber of husiness failures in the United States and Germany. VumtiA 1812 1013 i&u i&is igi8 .L. tiililtrkUiiUlilttlin ii ili-Ji-lllii jil" Ji-Jf llsJj Jili a/ _ _ _ - i ao _ _ _ [V r i^mtsSTATes . \ \\ } . ::::Jy-^ ■\;f " - ■s a 1 1 1 1 1 1 M 1 1 M 1 M 1 M 1 1 1 1 1 1 1 1 '■ ■- Liabilities of husiness failures in the United States and Argentina. A/?6£fJ7/',l4 POSTAL, TELEGRAPH, AND TELEPHONE RECEIPTS. The character of these statistics varies with the different countries, some including only postal receipts and others also telegraph and telephone receipts. Post(d receipts of the United States.— l:h.& gross postal receipts at the 50 largest post offices in the United States show an increase each year over the year preceding. Comparing each month with the satae month of the precedmg year, these figures show a constant increase until the outbreak of the European war. After that there was a de- crease each month until May, 1915. During the last seven months of 1915 there was a considerable increase, making the total for 1915 the largest on record. Postal receipts of Russia. — In Russia each month shows an increase in the post-office receipts over the same month of the preceding year until the outbreak of the war, after which there was a montldy de- crease during four months. From December, 1914, until April, 1915, each month showed an increase. No figures are available for any subsequent period. Postal, tetegrapTv, and telephone receipts of Australia. — During the period from 1912 to 1915 each year showed an increase in the postal, telegraph, and telephone receipts of Austraha over the prece4ing year. V^ith a few exceptions, each month showed an increase over the same month of the preceding year. Tabular statements giving this information for each month from 1912 to 1915 for each of the countries mentioned foUow: Gross postal receipts at the 50 largest post offices in the United States. [Data furnished by the Third Assistant Postmaster General.] Month. 1913 1915 January... February . . March April.. May June July; August September. October November. December.. Total $10,374,610 10,127,770 11,361,516 10,612,765 9,988,187 9,341,832 8,769,176 9,803,386 10,233,005 11,785,753 10,757,251 12,387,422 $12,386,358 11,242,081 12,833,338 11,565,747 11,484,107 10,668,013 10,053,372 10,374,218 12,077,730 13,278,776 12,001,540 14,973,479 $12,629,226 11,607,403 13,257,926 12,456,541 11,520,324 11,319,851 10,526,394 10,250,204 11,775,703 12,751,041 11,316,311 14,243,922 $11,586,330 11,074,330 13,223,871 12,183,885 11,485,139 11,558,467 10,529,002 10,663,913 12,341,479 13,207,259 13,349,460 15. 905, 241' 125, 542, 673 142,838,758 143,664,846 147,108,366 [Increase (+) or decrease (— ).] Month January February March April May June July August SepteniBer October November December , Total 1912 to 1913. 1913 to 1914. 1914 to 1915. +$2,011,748 + 1,114,311 + 1,471,822 + 952,982 + 1,495,920 + 2,6 1, 226, 181 1,284,196 570,832 1, 844, 725 1,493,022 1,244,289 i,067 +$242,868 + 365,322 + 424,588 + 890,794 + 36,217 + 751,838 + 473,022 - 124,014 - 302,027 - 527,734 - 685,229 - 729,557 -$1,042,896 - 633,073 - 34,065 - 272,666 - 35, 185 + 238,616 + 2, 808 + 413,709 + 565,776 + 456, 218 + 2,033,139 + 1,661,319 + 17,296,085 + 816,088 + 3,453,520 48600— S. Doc. 477, 64-1- 65 66 BUSINESS ACTIVITY IN IT. S. AND LEADING FOREIGN COUNTRIES. Post-office receipts of Russia. [From Vyestnik Finansov. Converted at the rate of 1 ruble=$0.515.] 1912 1915 January February.. March April Ifey June July August September , October November. December. . Total $3,134,290 2,909,235 3,530,325 3,201,240 2.676,970 2,801,085 2,797,995 2,791,300 3, 116, 780 3,263,040 3,296,000 3, 865, 075 $3,625,085 3, 135, 320 3,716,240 3, 473, 160 3,086,910 3,082,790 3,364,495 3,034,895 3, 403, 120 3,362.950 3, 515, 390 3,918,120 $3, 730, 660 3, 306, 300 4,141,115 3,729,630 3,338,745 3, 176, 520 3, 539, 696 2,764,006 3,062,705 3,320,205 3, 402, 090 4, 370, 805 37,383,335 40, 718, 475 41,882,375 S3, 991, 260 3,717,785 4,230,210 '3,885,675 1 No figures available after this date, [increase (+) or decrease (— ).} Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. January... February. . March April May June July August September. October . . . November. December. Total ?490, 795 226,085 186,915 271,920 409,940 281, 705 666, 600 213, 595 236,340 99,910 219, 390 63, 045 + $105,576 + 170,980 + 424, 875 + 256, 470 + 251, 835 + 93, 730 + 175, 100 - 270, 890 - 340,415 - 42, 745 - 113,300 + 452,686 +33,35,140 +1,163,900 1 No figures available afi^r this date. Postal, telegraph, and telephone receipts of Australia. [Monthly Summary ol Australian Statistics. £1=84.8665.] Month. January February . . March April May June July August September . October November . December. . Total $1,620,520 1,617,785 1, 724, 050 1,861,635 1,638,502 1,585,340 1,548,238 1,596,888 1, 694, 189 1, 782, 847 1,540,062 1, 822, 860 20,022,916 1913 708,005 678, 670 897, 702 8i0, 831 668, 080 788,979 745, 292 710,307 807,530 828, 203 699, 494 929,903 21,302,996 1914 $1,941,115 1, 672, 052 2, 145, 732 1,817,926 1,750,261 1,904,563 2,014,604 1,743,477 1,896,042 1,780,667 1,662,494 1,986,211 22,314,143 + $260,690 + 411,485 + 89,096 + 1166,045 $1,921,134 1,678,962 2,008,624 1,789,616 1,794,050 2, 072, 779 1,987,644 1,856,453 1,970,445 1, 899, 711 1,894,553 2,111,433 22, 985, 404 BUSINESS ACTIYITY IN U. S. AND LEADING FOREIGN COUNTRIES. 67 Postal, telegraph, and telephone receipts of Australia — Continued. [Increase (+) or decrease (— ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1916. TaTiiiary . . . ., + »7,485 + 60, 885 + 173,652 - 10,804 + 29,678 + 203, 639 + 197,054 + 113,419 + 113,341 + 45,366 + 159,432 + 107,043 + S233,110 6,618 + 248,030 - 22,906 + 82,181 + 115,684 + 269,312 + 33, 170 + 88,612 - 47,636 - 37,000 + 65,308 -$19,981 ■FQ)ir^in-T"y + 6,910 -137, 108 April — 28,309 May > + 43,789 +168,216 July - 26,960 +112,978 + 74,403 +119,044 +232,069 +126,222 Total +1, 280, 080 +1,011,147 +671,261 Gross postal receipts at the fifty largest post offices in the United States^ also postal receipts of Russia and Australia. fil/SSM IBia 1913 IBM IBIS »^lllMiilllJllilMJflSSllJ:?«J#'lwSsilJJlJj-lflllJl -- _--- --1 ,j ------ - „ Jl-^- ^A\ -t - -Ji- ,--- i'- : ~-:a" tv \t\ — A L]^,-_-,^- "::""~T\t''''\J \ /- sL!:\_/_._ „ ..j^ fv-s-f— \J N. .--s ^'" ^ ,..-» "■-' »-...^---- ■.? ■=' ■-■ •' , PRODUCTIOir OF PIG IRON. Monthly statistics of the production of pig iron were obtained for the United States and for Germany. United States. — ^The production of pig iron in the United States each month when compared with the same month of the preceding year shows an increase from January to September, 1913. After this each month shows a decline until April, 1915. From May, 1915, to. April, 1916, the pig-iron production increased very rapidly and was greater during the last seven months than at any time in the history of the country. Germany. — ^A similar comparison of the pig-iron production in Germany shows an increase each month in 1913 as conipared with 1912. After' that there was a decrease until July, 1915, followed by an increase each month from August to December, 1915. There was a decided drop in the pig-iron production when the war began, from which there has been but a partial recovery. The- attached tables and graphic chart show the pig-iron produc- tion of the United States and Germany each month from January, 1912, to December, 1915, and for the United States for January to April, 1916. Production of coke and anthracite pig iron in tiie United States. [From The Iron Age, Jan. 6, 1916.] Month. 1912 1913 1914 1915 1916 Gross torn. 2,057,911 2, 100, 815 2,405,318 2,375,436 2,612,582 2,440,745 2,410,889 2,512,431 2,463,839 2,689,933 2,630,854 2,782,737 Gross tons. 2,796,331 2,586,337 2,763,563 2,752,761 2,822,217 2,628,565 2,560,646 2,545,763 2,505,927 2,546,261 2,233,123 1,983,607 Gross tons. 1,885,064 1,888,670 2,347,867 2,269,655 2,092,686 1,917,783 1,957,645 1,995,261 1,882,577 1,778,186 1,518,316 1,515,762 Gross tons. 1,601,421 1,674,771 2,063,834 2,116,494 2,263,470 2,380,827 2,563,420 2,779,647 2,852,561 3,125,491 3,037,308 3,203,322 Gross ton^. 3,185,121 3,0S7,212 ^arch 3,337,691 X-qtH 3,227,768 Ju]y Total 29,383,490 30,724,101 23,048,452 29,662,666 [Increaae {+) or decrease (7-).] Montli. 1912 to 1913. 19J3 to 1914, 1914 to 1915. 1915 to 1916. January.... February... ' March April May June July August September. October — November., December. . Total 68 Gross tons. 737,420 485,522 358,243 377,325 309,635 187,820 149,757 33,332 42,088 143,672 397, 731 799, 130 Gross ions. - 910,277 - 697,667 - 415,696 - 483,106 - 729,531 - 710, 782 - 603,001 - 550,502 - 623,350 - 768,075 - 714,807 - 467,856 +1,340,611 -7, 674, 649 Gross toTis. - 283,633 - 213,899 - 284,033 - 153,161 170,784 463,044 605, 775 784,386 969,984 +1,347,305 +1,618,992 +1,687,570 + + + + + Gross tonSm +1,583,700 +1,412,441 +1,273,857 +1,111,274 +6,613,114 BUSINESS ACTIVITY IN XJ. S. AND LEADING FOKEIGN COUNTEIES. 69 Production of pig iron in Qermany. [From Stahl und Eisen.] Month. 1912 1915 January February . . March April May June July August September . October November . December. . Total Metric tons. 1,385,493 1,337,134 1,446,143 1,452,404 1,492,157 1,452,657 1,505,360 1,526,831 1,518,623 1,633,539 1,537,205 1,566,025 Metric 1, 1 1 1 i: 1, 1, 1, 1, 1 1 tons. 611,345 493,877 629,463 1,701 643,069 609,748 648,818 640,016 590,849 653,051 588,985 611,250 Metric tons. 1,566,695 1,445,670 1,602,896 1,534,429 1,607,211 1,531,313 1,561,944 586,661 680,087, 729, 822 788,956 854, 186 17,853,571 19,309,172 I 14,389,870 [Increase (+) or decrease (— ).] tons. 874, 133 803,623 938, 4fe 938,679 985,968 989,877 ,047,503 050,610 034, 124 ; 076, 343 ,019,184 ,029,144 11,787,626 Month. 1913 to 1914. 1914 to 1916. January . . . February. . March April May June July August September- October November- December.. Total 225,852 156,743 183,320 136,297 150,912 157,091 143,458 113,185 72,226 19,512 61, 780 45,225 Metric tons. - 44,650 - 48,207 - 26, 567 - 54,272 - 35,858 - 78,435 - 86,874 -1,053,355 -1,010,762 - 923,229 - 800,029 - 757,064 +1,455,601 -4,919,302 Metric tons. - 692,562 - 642,047 - 664,468 - 596,750 - 621,243 - 541,436 - 514,441 + 463,949 + 464,037 + 346,521 + 230,228 + 174,958 -2,602,244 Production of pig iron in United States and Germany. , '1912 ISIS «» 1916 1918 Tens iiililfmi isiiJ-j sSiiii Jan. Feb. Mar. April May m Hi iu%n%%uu 30 IS JS fO •r "■ ~ " 1 { i \ 1 u. N . dT / s - \ / - / S s ■4 1 / T UNmoSTATEZ ^ / - / "s ■ / \ \ / s s s -i • / / QSnuiToNs) / ' . _ S 's s \ / ^ / \ ■.<3E/tMAAfY ' /' s es JUi Sfi 7 1 ■' "■ / ISBEX U^UMBERS OF WHOLESALE PRICES IN VARIOUS COUNTRIES. The index numbers of wholesale prices of commodities shown in the accompanying tables and charts do not have a uniform base period. Thus for the United States, Canada, and Eussia the base period is 1890-1899; for the United Kingdom it is 1867-1877; for Germany it is 1879-1889; and for France and Denmark it is 1891- 1900. The index numbers therefore . are not aU comparable, one country with another, but the general trend in each country can fairly be compared with that of all the other countries. In each case a sufficient number of commodities has been taken to be fairly representative. No weighted averages have been taken in any case. For a detailed discussion of these index numbers, their origin and character, attention is called to Bulletin of the United States Bureau of Labor Statistics, Whole Number 173, "Index Numbers of Whole- sale Prices in the United States and Foreign Countries." A, comparison of these charts shows a remarkable coincidence in the rise and fall of wholesale prices in aU of the countries. Thus each country shows a fall in prices from 1890 or 1891 to 1896 or 1897; this is followed by a steady rise in prices until 1900 or 1901, after which there was a slight decline in most countries, followed in a year or two by a recovery which reached its highest point in 1907 when there was another decline continuing one or two years, followed by another rise which reached its highest point in 1912, 1913, or 1914. These changes correspond ia general with changes in business activity. The accompanying tables and charts show the trend in wholesale prices from 1890 to 1914: Index numbers of wholesale prices in the United States, Germany, Canada, France, United Kingdom, Denmark, and Russia. [From Bulletin ol tlie United States Bureau of Labor Statistics, Whole Number 173.] Years. 1890 1891 1892 1893 1894 1895 1898 1897 1898 1899 1900 1901. 1902, 1903. 1904. 1905. 1906, 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914. United States.! 112.9 111.7 106.1 105.6 96.1 93.6 90.4 89.7 93.4 101.7 110.5 108.5 112. 9 113.6 113.0 115.9 122.5 129.5 122.8 126.5 131.6 129.2 133.6 135.2 134.0 Canada.i 110.3 108. 5 102.8 102.5 97.2 95.6 92.5 92.2 96.1 100.1 108.2 107.0 109.0 110.5 111.4 113.8 120.0 126.2 120.8 121.2 124.2 127.4 134.4 135.5 136.1 Urfited King- dom.2 72.0 72.0 68.0 68.0 63.0 62.0 61.0 62.0 64.0 68.0 75.0 70.0 69.0 69.0 70.0 72.0 77.0 80.0 73.0 74.0 78.0 80.0 85.0 85.0 86.0 Ger- many. 3 105.7 98.1 95.3 91.5 82.5 81.8 81.8 82.7 84.0 99.6 99.2 93.1 93.8 94.0 98.5 108.0 113.6 104.9 102.1 104.2 112.2 120.3 115.8 Prance.^ 111.0 109.0 106.0 104.0 96.0 94.0 91.0 92.0 95.0 103.0 110.0 105.0 103.0 104.0 103.0 109.0 115.0 121.0 112.0 112.0 120.0 126.0 131.0 128.0 C) Den- marlc.* 109.0 112.0 101.0 100.0 94.0 92.0 93.0 95.0 99.0 105.0 110.0 106.0 108.0 105.0 107.0 110.0 114.0 118.0 113.0 115.0 120.0 123.0 130.0 129.0 Kussia.i 105.4 104.2 101.6 104.6 97.0 92.0 91.2 94.9 102.2 106.2 112.4 114.8 110.2 107.1 111.0 115.2 124.9 131.5 125.6 127.8 128.9 130.9 139.1 $? 70 1 Base period, 1890-1899=100. 2 Base period, 1867-1877=100. a Base period, 1879-1889= lOa < Base period, 1891-1900= 6 No average computed. ' No figures available. 100. BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTRIES. 71 SItl ~"^ ■^^ -hltl \ cm V Ilk: V 1 Ikl 01 bl toil iobi 106 1 lobi s. S'bl \ ftObI 1 eobi k ZObf \ , lOtI [ CObI s bb&l \ &bhf \ Lkil ) fbil / Sbil / itbi 1 / Cbil i Tbil y ' Ikil r OiS 1 ll Slit ■hibl / eibi V Zlil \ iiki > Olbl * s bobi s iOkl z: LObI K^ 90 kl ■-x, s SOkl \ HObl 1 roil \ ZObI A lOtI » 00 hi 'v. -Ir ibil s. itil > nil liil J Sbil J iib3l ^ X £btl J Zbil y lb il /' Otil il ?32|5S25§J?;^S"| 72 BUSINESS ACTIVITY IN XJ. S. AND LEADING EOKEIGN COUNTRIES. O Sth t ' " ■HItl tlhl / Tlbi s. J Ihl s oihi \ tmi / iOil y L9bl <, "S 10 hi ^ y s-on '\ ^ iroti * \ i cot' « zoti ' 1 1 lObf / OOhl k itJH Ni^ f Stil \ a LhH \ Ikti S-ktl J -hktl ^ Cttr 4 / ■zte. 1 / nil > Ol,£l , ii o a o o l-H P yiii - */*! \ Clbl \ Zlhl \ l/tl i OIkl V toil A ton ^ LOU \^ p fCtI \y soil ' ^- ■tion JT eon g zoti tT let 1 y 001,1 s p. kbti \ s Sin \ a Uil 1 ItSI / stil J ■hH 1 / €ISI ( It SI i f itii 1 OHI s i BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COITNTEIES. 73 .s O Pi ■< w R 91 bl """^" mm^tmm mm^ — - m n !»/«/ tUI 1/4 / \ > Olbl totl 8 lebl sabi V ■/•Obl \ i ttbl / zobi \ .1 lObl / ooti \ a ibSI \ 1 Sbil \ ■^ ibil \ Ibil \ SHI J *bil / CISI J 7^ titi ^ k, ^ ibi 1 \ n Lbil J . tb&l / Sb& t J ■bbil / ^ Cbi 1 / « Zb& 1 / Ibil j r obl, 1 11 o '0 s o 2 o ol 74 BUSINESS ACTIVITY IK U. S. AND LEADING FOREIGN COUNTRIES. Index numbers of wholesale prices — Continued. RUSSIA. (Base period , 1890-1899= = 100.] IUKMH to Pi 40 to * 6» OS 9* H 9* a 5 »• n to o a- H 0- ft. 5 130 120 no 100 9« so 70 to So V-0 30 20 to o / / / < y ** i ^ s / f "s y V i /^ / \ / > V y / _ OTHER nrDICES FOR THE TJITITED STATES. " Iq addition to the above indices to business activity for each of which monthly statistics were available for the United States and one or more foreign countries, there are others of which data could be obtamed for the United States only. BXHLDING OPERATIONS. Comparing the building operations of the 20 leading cities of the United States each month with the same month of the preceding year, it is found that durmg the greater part of the year 1913 there was a decline. This continued until February, 1914, after which each month except March showed an mcrease, until the outbreak of the . European war, when there was an immediate decline, which continued until March, 1915. After that, each month, except June and July, showed a material increase in building operations. A- comparison by years shows that the volume of building operations decUned in 1913 and in 1914, but that there was a decided recovery ia 1915. The following tabular statement and graphic chart show the monthly movement of building operations from January, 1912, to March, 1916: Building operations of 20 leading cities of the United States. [Prom Babson's Desk Sheet, Jan. 27, 1916.] Month. 1914 1915 January Februarj!. . . March April May..' June July August September.. October November. . December.. Total, $27,623,326 31,303,094 49,666,896 65, 012, 418 69,434,953 67,545,437 48, 261, 154 52,038,639 36,827,818 41, 131, 514 38, 542, 414 46,822,122 $31,403,534 33, 488, 802 46,702,029 54,746,603 60,641,821 48,978,095 44, 408, 338 39,259,602 39,073,309 36,556,917 29,509,945 43,803,314 $29,819,106 31,339,484 54,678,980 48,934,834 50,648,007 51,929,870 50,617,332 34,168,381 33,932,356 31, 103, 174 21, 749, 227 23,693,771 $26, 29, 43, 49, 54, 40, 39, 44, 42, 44, 693,647 326,909 512,532 380,923 665,537 353,022 958,350 269,911 971,076 472,626 031,947 874,679 $34,688,631 33,495,089 54,938,059 56,271,635 554,209,785 498,572,309 462,614,622 602, 611, 159 [Increase (+) or decrease ( — ).] Month. 1912 to 1913. 1913 to 1914. 1914 to 1915. 1915 to 1916, January... February. . March April May , June , July August September! October November . December. . Total +$3,780,208 + 2,185,708 - 2,964,867 -10, 265, 815 - 8,793,132 - 8,567,342 - 3,862,816 -12,779,037 + 2, 245, 491 - 4,574,597 - 9,032,469 - 3,108,808 -$1, 584, 428 - 2, 149, 318 + 7,976,951 - 5,811,769 + 6, 186 + 2,951,775 + 6,208,994 - 5,091,221 - 6, 140, 953 - 6,463,743 - 7,760,718 -20,109,643 -$3 =1?; + + 4, -n, -10, +10, + 9, +12, +21, +21, 125,459 012, 575 166,448 446, 089 017, 530 676, 848 658,982 101, 530 038, 720 369, 462 282, 720 180, 908 -55,637,476 -35, 967, 787 +39,896,637 +$7,994,984 + 4, 168, 180 +11, 426, 627 + 6,890,712 75 76 BTJSIKESS ACTIVITT IN TJ. S. AND LEADING FOREIGN COTJNTEIES. Building operatioTis of SO leading cities of the United States. UNFILLED TONNAGE OF THE UNITED STATES STEEL CORPORATION. A comparison of these figures each month with those of the same month 01 the preceding year shows increases each month from' January to May, 1913. Alter that there was a decline each month until April, 1915. During the remaining eight months of the year 1915 and the three months of 1916 there was a rapid increase in the unfilled tonnage. The years 1913 and 1914 show a dechne when each year is compared with the preceding year, but the year 1915 shows an increase. These figures are shown in tabular and graphic fgrm as follows: Unfilled tonnageof the United States Steel Corporation. , [From Babson's Desk Sheet, Jan. 27, 1916.] Month. 1912 1913 1914 19M 1916 5,379,721 , 6,454,200 5,304,841 8,664,885 5,750,983 5,807,346 5,957,079 6,163,375 6,551,507 7,594,381 7,852,883 7,932,164 7,827,368 7,656,714 7,468,966 6,978,762 6,324,322 5,807,317 6,399,356 8,223,468 6,003,785 4,513,767 4,396,347 4,282,108 4,613,680 5,026,440 4,653,825 4,277,068 3,998,160 4,032,857 4,158,589 4,213,331 3,787,667 3,461,097 3,324,592 3,836,643 4,428,671 4,345,371 4,256,749 4,162,244 4,264,598 - 4,678,196 4,928,840 4,908,465 5,317,618 6,168t452 7,189,489 7,806,220 7,922,767 8,568,966 9,331,001 9,829,551 April ... - '. May June July August September October November December Average, 12 months. 6,284,447 5,906,856 4,115,b29 5,189,209 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COTJNTEIES. 77 VvJiUcd tonnage of the United States Steel Corporation — Continued. [Xncrease (+) or decrease ( — ).] Month. lajiuary FelJiruary March April May June July August September — October November December Average 1912 to 191?. +2, +2, +1 + — 1, —3, —3; —3: ■H7, 202, KM, 313. 573, 657, 93S, 547, OSO, 456, 650; 377,591 1913 to 1914. -3,213, -2, C30; -2, 815, -2,701, -2,326, -1,774, -1, 240; -1,010, -1,210 -1,052 -1,071, - 445, -1,791,627 1914 to 191.5. + + + + +1, +2, +3, +3, l,S3, uiy r„'inw the course of retail prices througli a series of years, th ^V'^^'^A StSesBureS^f Labor Statistics has combined the prices th.^e United States ^^ure^^^o ^^.^^^^ ^^ ^^^^ representing apprpxi- m - aU parts ot the country o ^^ average working- m. |tely two-thirds of tbeexpe^^^ form^'of relative prices, the TvfceTnJe of'^^aSf tS:e\oniinodities in 1914 being used as the batf e or 100. 78 BUSINESS ACTIVITY IN U. S. AND LEADING FOREIGN COUNTBIES, By this method it is found that the monthly retail prices of food fluctuated irregularly during the period, the general level of 1913 being higher than that of 1912, and that of 1914 being higher than of 1913. During the first sis: months of 1915 the retail food prices were about the same as during the first six months of 1914. Relative retail prices of food in the United States. [From Bulletin of the United States Bureau of Lator Statistics. Whole Number 184, Eetail Prices, pp. 10 and 11.] ' , Month. 1912 1913 1914 1915 Increase (+) or decrease (— ). 1912 to 1913 1913 to 1914 1914 to 1915 97 95 92 95 96 96 94 94 96 97 98 97 96 95 95 96 95 96 98 99 100 102 103 102 101 98 96 95 95 97 100 104 105 103 103 102 101 98 95 96 97 197 -1 +3 +1 -1 +4 +5 +4 +5 +5 +5 +5 +3 +1 -1 +1 +2 +5 +5 +1 March 1 April 41 +2 May July September October November December 1 No figures available after this date. Relative retail prices of food in the United States. (Base period January to December, 1914=100.] Jnbsx 1913 1913 1914 191S 1 <= j: '!= s. i ^ - o z 1 i 1 S ^ n E 01 J 1 » Aug. Sept, Oct,' Urn. Dec, -5 i2s .«:E-5^.i ^' ' 1 tai L . i t-- 1- - .. o