About onehalf of this balance of trade was adjusted by the amount of the loans from the United States to foreign Governments during and since the war. Mucli the greater portion of American securities which were held abroad prior to the war have been resold in the United States. The American Red Cross and other philanthropic organizations contributed large sums in aid of foreign nationals. Immigrants In the United States remitted very substantial sums to their relatives In foreign countries. Since the waIr there has been a large Investment of private American capital in foreign securities. Our manufacturers and others engaged in exporting American products have been and are carrying large unfunded accounts.
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Immigrants