The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-20
CONDITIONS ABROAD.

y -etter from q foreign correspondent
to well known citizen Of Richmond on
financial and trade conditions abroad has
fallen into our hands, and we are per-
mitted to make some extracts there
from. The correspondent says at the
outset that there seems to. be no doubt
that easy money is with us to stay for
the present, and that being the case it is
the more remarkable that, as far as the
stock exchanges are concerned, there is
only liquidation in sight. General bust
ness is not Improving. iron and coal are
falling in price, cne-fifth Of the furnaces
in England have gone out of blast since
December LIST, and one-third Of English
furnaces are now idle. You must go
back thirty years to find such a state
of things he declares, and adds:
"A little over six months ago all Eu-
rope was in full swing. Steadily now the
tide GIBBS. When all is considered, it is
gratifying that the steady liquidation
and steady fall of prices has SO far
brought out so little wreckage. How
much further is the present movement
going and now long can the exchange
stand breaking prices without serious
disaster? What is the cause of the great
change which has come over the mind
Of Europe in the last few months? SO
many questions, with no one bold enough
to make reply. There are any number
of loans and projects waiting to be taken
up and handled. Not a great house will
touch anything less certain than Gov
ernment and big municipal obligations.
and even of this class of security there
are plenty waiting to be served.
There are two things pressing on the
attention OF thinking men here. The
situation in China, and American com
petition. Last spring the war in Africa
was drifting along The conclusion of
that sad business has never been in
doubt. It was early known that there
was no chance of Intervention. Business
doomed. EEgland's effort is great. but
little i'll comparison with the effort by
the North t" subdue the South when the
financial resources of the two are COM
pared. And yet business in the North
improved during the war. All the world
is still debtor to England. If this is not
true, look out for trouble, for I note
that while our credit balance FOR three
years is over sixteen hundred million
dollars, Englands debtor balance for the
same time is greatly more than double
this amount. (six hundred and
ninety-nine and one-half million
pounds sterling) 1t takes many ships
and many investments abroad and much
foreign profitable trade 20 offset such q
fearful debit balance Why does the
Bank of France stand still and do Moth
ing, when it is as strong rs i; has never
beeno
Il don't feel like q calamity bowler, but
it is we'll to see clearly that economic
conditions in Europe are out of joint.
Our great country fixes the price in in
ternational markets for SO many articles
of prime necessity that Europe is aghast.
We have got the whip hand. Every mar
ket we capture destroys the equilibrium
OF old established interests here. The
home trade these people will keep in
part.
Can such radical reimbursement of bust
ness be accomplished without serious dis
turbance and more or less smashing?
The great caution which characterizes
the action of continental moneyed men
would seem to indicate that they see dan
ger ahead
In conclusion. he refers to the Chinese
question, and says that things are in a
pretty mess in the Celestial Empire. with
a great lack of confidence among buyers
China recognizes he proceeds, that
Europe will never consent to make the
effort superhuman to coerce her It is
doubtful in my mind If all Europe could
in any reasonable time coerce 100000. 900