Boycott Hits Volume of American Imports from Germany, Declares Noted Statistician

Statistics relative to American imports from the Reich for the past several months are clearly indicative of the effects of the anti-Nazi boycott activities which commenced on a somewhat large scale in September of last year as the only effective weapon available against the ruthless persecution by the Hitler government of helpless minorities with in the Reich, on the grounds of their political views, religious or racial affiliations.

AMERICAN IMPORTS FROM GERMANY

From the above table, we note that while, prior to September, our monthly purchases from Germany registered appreciable gains, the reverse is true of statistics for September and subsequent months. Although Hitler’s anti-liberal and anti-Jewish policy became effective in April, the American Jewish Congress would undertake nothing to impair the economic status of the Reich, hoping against hope that a change would be effected, and order restored. In this, the Congress erred. Things did change, not for the better, but for the worse.

September figures show a decline of 21/3 percent compared with the figures for August. In October, this decline compared with the August statistics reached 12 percent, while in November the shrinkage was 24¼ percent compared with August. It would be difficult to compare statistics for the period under review with figures for the same period in 1932, owing to the fact that the German currency is officially quoted at a very material premium in relation to the dollar, whereas in 1932 the dollar was selling in the German market either at par or at a premium in relation to the German mark.

24¼ PERCENT DECREASE

If we were to reduce the trade statisties for the period September-November, 1933, to a basis where comparison with 1932 is possible, September shipments to the United States would show a shrinkage of more than 24¼ percent compared with September 1932. The decline in October, compared with October of the preceding year, would amount to 36½ percent, while the November figures would show a shrinkage of 511/3 percent compared with November, 1932.

Analyzing American purchases from the leading foreign countries for the month of November, the latest for which figures have been made available by the Bureau of Foreign and Domestic Commerce, we find that American imports from Germany gained 3.12 percent, compared with German shipments to the United States for November, 1932.

It is of interest to compare this showing with similar figures for other important countries. The increase in American purchases from France for the same period showed a gain of 23.93 percent, from Russia 25.30 percent, from Eweden 62.15 percent, from Switzerland 50.62 percent, from the United Kingdom 46.08 percent, from Canada 31.55 percent, and from Argentina an increase of almost 200 percent. These figures strongly suggest that American purchases ordinarily taken care of in Germany are being taken care of in other parts of the world.

No attempt has been made to analyze German trade on the basis of sales that are effected in the various blocked currencies which resulted from a multiplicity of regulations and exchange restrictions put into force by the new Hitler regime. It will be recalled that by a special law enacted in June of last year, payments of interest and amortization on German foreign bonds were holders were promised 50 percent cash and 50 percent in scrip, which in turn would be repurchased by the German Government at half the face value, with the understanding that scrip so repurchased may be utilized for supplemental purchases in Germany.

In other words, the German government, by special legislation, makes it possible for foreign merchants to acquire goods in Germany by means of currency which they can obtain at half the officially quoted price. Thus, the German merchant is placed at a decided advantage over the shippers in other countries.

If we were to allow for the discount at which the German currency is purchased for the purpose of acquiring German merchandise, the actual figures would be substantially below those official reported.