NEW YORK (Feb. 19)
The significance of figures released in Berlin purporting to show that the boycott has been penetrated “will dwindle in value in the light of the Reich’s rigidly controlled financial and trade policies,” declared the Anti-Nazi League in a statement today. “The twin factors of import control and export subsidy will prove that Germany’s favorable balance of trade is apparent rather than real. American exports are benefited by sending them to other countries which can and do import more, and whose payment for their imports is not made in the state managed ‘blocked marks’ of Germany.
“Again, while German exports to the United States rose by 7.4 percent in 1935, American imports from the rest of the world rose by 25 per cent. The rise in German exports to the world is due in large part to the reciprocal trade agreements with other countries, which do not help the acquisition of foreign exchange at all. This foreign exchange is very much needed, as Dr. Schacht has said, but it is not forthcoming.
“An export surplus of 124,200,000 marks has been reached, say the figures. Considering that the export surplus in Germany in normal years was around 1,000,000,000 marks, it will be seen how far from any true advance these figures are.”