case of the alleged refusal to accept commodities. When we refer to the official Balance of payments of the United States already quoted, we shall find that American tourists spent all over the world. in 1927 $ 584.384.000 in 1929 $ 650.915.000 and in 1931 $ 502.757.000. The figures for 1930 are not given, but we may assume the 1930 total to have been about $ 550.000.000. As may be seen from the above table. the amounts spent by Americans in the War Debt countries during the years 1927. 1929 and 1931 totalled. respectively, $ 277.988.000. $ 217.934.000 and $ 168.975.000 and if we apply the average to the two years 1929 an 1930, arriving at an average for these two years of $221.000.000. we shall be fairly correct. The authority already quoted estimates the expenditure of all foreign visitors in the United States for 1931 at $ 112.000.000 or about one fifth of what Americans spent abroad, and we may therefore reduce the $221.000.000 by roughly $44.000.000. thus arriving at a balance of $ 177.000.000 which the United States paid to the War Debt countries for services on an average in 1929 and 1930.
In view of these figures again, we ask how any man in his senses can say that the United States have refused to take payment in services? Moreover, in the case of tourist expenditure the profit of the country which is visited by tourists, is very large, and if we assess it at 50% we shall probably not be far from the truth. We thus arrivé at another $88.000.000 to be added to the profits on the commodities which the War Debt countries must have booked on their exports to the United States and to the wages they paid to their workpeople who produced those exports.
The American trade balance nearly always shows a surplus in favour of the U .S. as already mentioned, and to arrivé at that surplus by statistics is easy enough. But to obtain a true account of the U. S. Balance of payments is a much more complicated affair. Since the last ten years the Government at Washington has published the annual treatise already mentioned above, several tables of which we have reproduced. We now reproduce Table 25 (page 76)