How very far from equilibrium France's international exchange now is can be seen from the following table:

Monthly Average Imports $1,000 Exports $1,000 Excess of Imports $1,000

1913 140,355 114,670 25,685

1914 106,705 81,145 25,560

1918 331,915 69,055 262,860

Jan.-Mar. 1919 387,140 66,670 320,470

Apr.-June 1919 421,410 83,895 337,515

July 1919 467,565 123,675 343,890

These figures have been converted, at approximately par rates, but this is roughly compensated by the fact that the trade of 1918 and 1919 has been valued at 1917 official rates. French imports cannot possibly continue at anything approaching these figures, and the semblance of prosperity based on such a state of affairs is spurious.