Note 5 — Chapter LV · THE UNITED KINGDOM, 1914-1920

In July, 1917, and thereafter the accounts included merchandise imported and exported in public as well as private ownership, except exports for the use of British troops in the field. Before July, 1917, the figures of exports included property of the allied governments, but omitted a large part of that of the British government; figures of imports omitted property both of the British and of allied governments, except that they included all articles of food. Some idea of the divergence of the figures from the facts may be got by comparing the American statistics of exports from the United States to the United Kingdom with British statistics for the same calendar year of imports from the United States.

American figures $ millions British figures £ millions

1913 591 142

1914 600 139

1915 1,198 238

1916 1,887 292

1917 2,009 376

1918 2,061 515

1919 2,279 542

Normally the British figures of imports, c.i.f., would exceed the American figures of exports, f.o.b., as they did in 1913. The divergence in the opposite direction of the two sets of figures in following years is sufficiently striking even if the pound sterling is rated at $5.