Speech #740071763

I am now discussing foreign credits other than those created by triangular trade. Referring to the international balance sheet which I have just analyzed for the RECORD. I point out that in the first period of the balance sheet. which is from 1896 to 1914and this is the only normal period on the balance sheetthe United States had a credit against the remainder of the world totaling $727.000.000 for shipping and freight charges paid on imports carried in foreign vessels. a credit of $3.800.000.000 for interest and dividends paid on foreign private capital invested in the United States. a credit of $3.230.000.000 for American tourists expenditures in foreign countries. a credit of $2.850.000.000 for immigrant remittances and charity paid to foreigners. and other incidental items. bringing the total. shall I say. byproduct credit available to us abroad to $11.351.000.000. All this is available to pay for trade with us by foreign nations. One thing more: Foreign trade is highly advantageous and much to be desired when it can be obtained at a profit to the sum total of our national economy.