France then is nothing like as favorably situated as she was before the war. But. even so. there seems to be no reason to anticipate any real difficulty in transmitting payments. provided the French Government can obtain the money to transmit. From - 1920 onward the excess of imports over exports steadily diminished. until in the years 1924 and 1925due. it is true. to a large extent to the depreciation of the currencythere was an excess of exports over imports aggregating. in 1924. 1.322.000.000 francs and. in 1925. 1.433.000.000 francs. to which must be added such important invisible Items as marine freight. tourist expenditures. which this year may run as high as 5.000.000.000 paper francs. and reparation receipts. which are more or less uncertain. less. of course. immigrant remittances. which are becoming increasingly large. Interest on foreign loans to national governments. and interest for municipal and commercial debts and on investments of foreigners. There are no strictly accurate figures as to International Income. and estimates are. therefore. to a large extent. theoretical. even the theoretical estimates being necessarily subject to wide fluctuations due to future events impossible to foretell.
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