ll the lines of commerce.

COUNTRIES HAVING EXCESS OF IMPORTS OF MERCHANDISE

|Excess %|Imports.|Exports.|
United Kingdom ..| 57 | 2886 | 1835 |
Germany ..........| 20 | 1824 | 1523 |
Netherlands ......| 30 | 1130 | 873 |
France ...... | 12 | 1089 | 975 |
Belgium ..........| 33 | 642 | 484 |

Italy ............| 68 | 562 | 334 |
Aust.-Hung .......| 7 | 487 | 457 |
Switzerland ......| 44 | 287 | 200 |
Spain ............| 10 | 168 | 153 |
Sweden ...........| 26 | 163 | 129 |
Denmark ..........| 16 | 191 | 165 |
Norway ...........| 58 | 101 | 64 |

Canada ...........| 34 | 298 | 222 |
China ............| 43 | 254 | 178 |
Turkey ...........| 59 | 135 | 85 |

COUNTRIES HAVING EXCESS OF EXPORTS OF MERCHANDISE

|Imports.|Exports.|Excess %|
United States ....| 1312 | 1638 | 25 |
Russia ...........| 436 | 542 | 24 |

British Colonies .| 558 | 615 | 5 |
British India ....| 418 | 486 | 16 |
Australasia ......| 242 | 302 | 25 |
Japan ............| 196 | 206 | 5 |
Cuba .............| 84 | 116 | 40 |
Mexico ...........| 78 | 115 | 42 |
San Domingo ......| 5 | 10 | 100 |

Argentina ........| 263 | 353 | 34 |
Brazil ...........| 172 | 214 | 24 |
Chile ............| 98 | 116 | 18 |
Uruguay ..........| 35 | 37 | 6 |
Bolivia ..........| 21 | 24 | 14 |
Venezuela .... | 10 | 15 | 50 |

#Sec. 7. Balance of merchandise movements.# The first group evidently
consists of the older, creditor countries which are drawing some of
the income of their investments from abroad each year in the form of
food and of raw materials of many kinds. The second group includes
countries of very diverse conditions, possibly all having some
investments abroad; Italy receives large imports in return for the
services of many Italians working in foreign countries, and the three
Scandinavian countries (especially Norway) carry on a large commerce
for other nations which is paid for in these ways. The excess of
imports in the third group probably is the result of new investments
that were being made in Canada by English and American capital