Over the greater part of the world the rate of exchange on London is an indication simply of the trade balance.
There is no great excess of trade balance at any season in favour of Germany or France and against England.
The trade balance inclined to the disadvantage of Norway whose sole article of export at that time was dried fish.
It is on cotton that the United States has depended for the payment of its trade balance to Europe.
A breakdown of the trade balance by all four trading areas was available only for the 1965-70 period.