han in either previous year.

Re-exports of foreign coffee were considerably below the 1920 mark, in
both quantity and value, and indeed were less than in several years. The
amount of tea re-exported to foreign countries was only about half that
shipped out in 1920, showing a continuation of the tendency of the
United States to discontinue its services as a middleman, which raised
the through traffic in tea several million pounds during the dislocation
of shipping.

Actual figures of amounts and values of gross coffee imports for the
three calendar years, 1919-1921, have been as follows:

_Pounds_ _Value_
1921 1,340,979,776 $142,808,719
1920 1,297,439,310 252,450,651
1919 1,337,564,067 261,270,106

This represents a gain of three and three-tenths percent over 1920 in
quantity and of only about one-fifth of one percent over 1919. The
decrease in value in 1921 was forty-three percent from the figures for
1920 and forty-five percent from those of 1919.

Domestic exports of coffee, mostly from Hawaii and Porto Rico, amounted
to 34,572,967 pounds valued at $5,895,606, as compared with 36,757,443
pounds valued at $9,803,574 in the calendar year 1920, or a decrease of
six percent in quantity and forty percent in value. In 1919 domestic
exports were 34,351,554 pounds, having a value of $8,816,581,
practically the same in quantity, but showing a falling off of
thirty-three percent in value.

Re-exports of foreign coffee amounted to 36,804,684 pounds in 1921,
having a value of $3,911,847, a decline of twenty-five percent from the
49,144,691 pounds of 1920 and of fifty-four percent from the 81,129,691
pounds of 1919; whereas in point of value there was a decrease of
fifty-six percent from 1920, which was $9,037,882, and of eighty-eight
percent from that of 1919, which was $16,815,468.

The average value per pound of the imported coffee, according to these
figures, works out at little more than half that of either 1920 or 1919,
illustrating the precipitate drop of prices when the depression came on.
The pound value in 1921 was 10.6c.; for 1920, 19.4c.; and for 1919,
19.5c. These values are derived from the valuations placed on shipments
at the point of export, the "foreign valuation" for which the much
discussed "American valuation" is proposed as a substitute. They
accordingly do not take into account costs of freight, insurance, etc.

It is interesting to note th