The herald., 1897-01-21
calculated to better the conditions Of
existence Of all the people
THE BUSINESS SITUATION

valuable to business men when he di-
vests his mind of partisan politics and
discusses the business situation from
purely business point of view. Mr.
Clew's latest circular letter, received
last night, is not burdened with filings at
financial cranks," as he is won't to call
those who do not believe the gold stand
ard to be the savior of the commercial
servations in the channels Of trade and
traffic, and what he says may be accept
ed as the conclusions of one who knows
whereof he speaks Referring to the
outlook for general revival of business,
Mr.. Clews says
"The year 1897 opens with a marked
Improvement of tone. Among the banks,
in the investment market. in speculat-
i've operations and in the various branch
es of credit, the recovery of confidence
Is very conspicuous The change is no
artificial proauot; it has come about
through a gradual natural process, and
is the result of a growing conviction that
a reaction has set in from the various
adverse conditions and moods which, for
the last three years. have so completely
shaken the founde tions ,of public conf
dence Not that the future is regarded
as entirely exempt from some import
ant uncertainties for IL is conceded that
adjustments remain to be accomplished
which are needful to esta bishlng a com
plete SENSE of public security.
lone Of the main things tending to this
current recovery is the evidence on ev-
cry side of a more conservative. intel
lisent and rational public sentiment.
Our three years OF severe trial
have served as an invaluable
education. They have exposed GER
tain radical but unsuspected changes
in our currency system and in
our financial machinery. The first effect
of those revelations was to produce
paralyzing alarm under which capital
and industry became utterly stagnated.
The exposure of our perils. however,
stimulated investiga tion; and nvesti-
gationl has enabled us TO understand
our complication Of diseases, to meas
ure their dangers, and 10 put reasona-
bic estimate upon the remedies proposed
for their removal We have thus come
to understand our case and are a bile 10
see the way out of II; which first carries
us out of the paralyzing stage of fright,
and then establishes more than hope
that the national Judgment Will provide
a way of escape from our Industrial and
financial arrangements. Having thus
passed beyond the stage of con-
fused nisconception into that of
an intelligent comprehension of
the situation, the battle with
Among active men Of affairs there is
now a general consensus Of opinion as
to what is needfu to put our varied in
terests upon a sound and safe basis;
and it is this matured under
standing of the situation and It's
wants. together with the public
urgency for applying prompt remedies,
that largely accounts for the great i'm
provement of tone which is now appear
ing.
Merchants and manufacturers per-
ceive that new spirit has come over the
markets and that the tendencies on all
sides are more hopeful. They have not
entirely got over the disappointment of
the late unreasonable expectation that
the election would raise a great squirt of
commercial activity at the very time OF
the year when business is always at its
lowest ebb; but It is generally conceded
al
already in sight and that we are now in
the beginnings of an era of great pros
Derity. 1t may be that, owing to the ex-
creme spirit Of conservatism into which
men of business have been schooled by
recent experience, we shall witness no
very striking boom during the first hale
Of the year; there can be no reasonable
doubt, however, that the fall trade viii
leave little to be desired in the way of
prosperity II is not 10 be overlooked
that the export business especially in
connection with manufactured goods. is
rapidly assuming very large dimensions,
and yet this important factor attracts
little attention from those who are ac
cusomed TO consult the commercial ba
rerletAT. At the Same time. we are in
the midst of a remarkable revival in the
shipments of the ordinary staple aIti-
cles of export. During the last twelve
months Gs95) the exports of cotton,
breadstuffs, mineral oils and animals
and animal products reached the eX-
traordinary value Of 6S4 400 coo, against
30, Geo. 900 in 1895 This not only means
q cop1i+fo1 oF tba fOrafs-1 evcbaDseS ex-
traordfnarly in our favor, it equally
means a valuable relief TO our farming
and planting populations, which must
have its effect upon the country trade Of
the season now opening"
cTTCGE TJnN