imperial extravagance, and possibly in particular to her guaranteed credits granted to Russia on behalf of German manufacturers. These are known to amount to a total of about £75.000.000 (R. M. 1.500.000.000 at par) and were made to a country which is notoriously dissipating it resources and those of others, not only on insane social experiments, but also on openly avowed endeavours to upset social order in the whole civilised world. A country which acts as the custodian of wealth in the shape of gold, is right in refusing to apply that wealth to such purposes.
As the above table *) shows, only 4 War Debt countries exported gold to and imported gold from the United States.
During the years 1929 and 1930 their exports to and imports from the United States of gold were as follows:
Exports to the United States Imports from the United States Belgium . $ Nihil Belgium . * $ 1.000 France . . „ 139.189.000 France . . . „ 335.000 England . „ 21.375.000 England . . „ 62.410.0C0 Italy . . „ 3.000.000 Italy . . . „ 9.000 Therefore there is a balance of their exports over their imports (to and from the U. S.) of nearly $ 100.000.000 during the years 1929 and 1930. Whereas France was on balance by far the largest exporter of gold to the United States, she is at the same time one of the countries which are accused of having deprived the rest of the world of that metal before the crisis began to be quite seriously feit in 1930. As France. during the two years, paid some $ 100.000.000 on her War Debts and imported commodities into the U. S. totalling $ 287.277.00 (of which $ 92.227.000 worth came in free) her exports of gold to the United States cannot possibly have been due to any refusal of that country to accept goods in payment, or services. This applies even more emphaticaUy to 1931 when her
') Borrowed from The International Balance of Payments of the United States 1931, as are the other tables in this Chapter.