The rate of growth in Europe ars to have lagged somewhat that achieved in North va_and in the world as a whole. The tendency which manifested itself in 1927, when European trade developed by not less than 13. per cent, seems to have been reversed.
Within Europe, the headway made was almost entirely due to the Central and Eastern countries and, to a less extent, to the larger imports of the fringe of Northern countries, In Western and Southern Europe (representing about 60 per cent. of the trade of the Continent), no marked chango.in the value of trade is registered.
America, Canada, indeed, enjoyed year of unprecedented economic prosperity and her total trade rose by AI per cent. The United States not only maintained her position as the world's leading commercial country but increased the excess exports over imports by some million dollars. The gross (not net) of capital from the United States, including all forms of invest: ment abroad, are reported to have risen in 1928 by some 102 million compared with 1927.
the information available, it would appear that, in all the leading commercial countries of South i tinued to develop. Particularly striking are the very substantial increase in the exports of Chile and the continued prosperity in the Argentine, whose: trade advanced even beyond the exceptional levels reached in 102
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