In January 1914 US exports by value totalled $204 million. In July the economy was in depression and exports had fallen to $154 million. By December they had climbed back to $245 million. A year later, in December 1915, they reached $359 million, and in December 1916 $523 million. American shares soared: the Dow Jones index showed an 80 per cent gain between December 1914 and December 1915.13
