Word: trades
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Dates: during 1920-1929
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Last week the Italian correspondent of the London Daily Herald, official trade union and British Labor Party organ, was expelled from Italy on a charge of "carrying on calumnious propaganda against the Government and against the dignity and prestige of Italy...
Lenin's successors paid adulation to their defunct leader by renaming the city Leningrad. Western editors didn't take much notice. The Soviets, by transferring the capital to Moscow and by their economic policies towards foreign trade, have depressed Leningrad, nee St. Petersburg, from a population of 1,250,000 to 400,000. Leningrad, ruined, shrunken, wizened, is an appropriate memorial to the man whose political and economic philosophies plunged Russia into the greatest social experiment of modern times...
Secretary of Commerce Hoover reported on the balance of trade for 1923 and found that we had an "unfavorable balance" of only $152 million as compared to $725 million in the previous year. The terms "favorable" and "unfavorable" balance of trade originated with the conception that all real profit lies in getting money. That idea has been modified in recent times...
...means that the value of goods exported is greater than the value of goods imported. It means in general that money, or gold, must be paid to the "favored" nation to make up the difference. This kind of a balance is favorable inasmuch as it means a healthy export trade...
...surprising thing about Secretary Hoover's report is that we, a creditor nation, should have reduced our "unfavorable balance" of trade last year. As far as the actual exchange of merchandise is concerned we actually had a "favorable" balance of $389 million. This is explained simply by the fact that Europe in her disorganized state has not the goods to supply her own needs and is still compelled to buy from us. But it means that we, at some future time, will have a larger "unfavorable balance," more imports than exports-that is, provided our debtors...