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To the Editor, Jewish Daily Bulletin:
Mr. Untermyer was, I believe, nearer the truth when in his letter to Secretary of State Hull he challenged the latter’s statement that for every dollar’s worth of goods kept out of the United States by the boycott five dollars in exports to Germany are lost.
On whatever grounds Secretary Hull may have based his pronouncement, the facts are that there has never been in the history of our commercial relations with Germany (before and during the boycott) a five to one ratio between our imports from and exports to Germany. Nor is there any evidence that any such penalty has been imposed by Germany for decreases in our imports. Indeed, since 1932, our exports to Germany have declined proportionately less than our imports from Germany.
For the first five months of 1934, for every dollar’s worth of goods imported from Germany we shipped them $1.98 in exports. This is considerably higher than the corresponding figures of $1.78 in 1933 and $1.80 in 1932. American exports to Germany have in value increased from an average of $11,000,000 per month in 1932 by 8.8 per cent to $12,500,000 as an average for the first months of 1934. In addition, during this period the value of the dollar in relation to the mark fell approximately forty per cent; therefore, there would seem to be actually an increase of considerable amount in our exports to Germany in total quantity. This should dispose of Secretary Hull’s assumption that for every dollar’s decline in American imports from Germany five dollars would be lost in export trade to that country. Had he merely said that on the basis of the ratio between our exports and imports Germany would have a resultant monetary loss greater than that she would suffer from our refusal to buy, he would have been correct.
On the other hand, there is little actual foundation for Mr. Untermyer’s extravagant claim as to the effectiveness of the boycott on American imports from Germany. The great decline in our imports from Germany came in the years 1929-32, when there was over a sixty per cent decrease within the space of three years. This was not due to Hitlerism, Samuel Untermyer, or the boycott. In fact, the figures show that during the first five months of 1934, despite the boycott, the monthly average of our purchases has increased slightly as compared with 1932. For example, in 1929, our imports from Germany averaged $21,200,000 per month; in 1932, before the Hitler regime, the monthly figure had dropped to $6,100,000; and, for the first five months of 1934, while the boycott was at its heights, the monthly average of our imports from Germany remained practically the same as in 1932—$6,200,000. Furthermore, this actually represented an increase in the quantity of goods imported, since the dollar had meanwhile fallen in value.
“Veritas.”
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
