Panama. and elsewhere. Between 1911 and 1915 we apparently began to reduce our foreign indebtedness. or to rapidly build up our own foreign investments. since our balance of trade during that 5year period averaged $658.220.000 annually. During that period. or at least up to the middle of 1914it is quite possible that socalled "invisible items "-foreign travel. immigrant remittances. foreign contributions for reduction. medical research. missionaries. and so forth. added to interest. insurance. freight. and other service charges may have taken most of our favorable balance so that the World War may have been the real beginning of the change in our status from a debtor nation to a creditor nation. Our own indebtedness to foreigners was probably near its peak in 1914. During the 5year period. 191620. our favorable balance of trade averaged $3.162.836.000 a year. or a total favorable balance of $15.814.180.000.
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immigrant