The Cairo bulletin., 1908-02-24

foreign trade returns We're unusua
and, all things considered, encouras
ing. Our total exports in Januar
were $206, 100000 being much the la
gest total on record for January, an
1$T 100000 in excess Of the sam
month last year. This gain was chic
~ due to increased shipments o
Ibreadstuffs; wheat alone contributin
nearly $S,000,000 increase, or one-hal
OF the amount. There was also a cor
siderable gain in exports OF minera
Tolls. The import side Of the accoun
twas not quite SO satisfactory, the tota
iimpoftatons in January amounting t
IonB $4,000 goo, decrease OF $I2
ElU0, 600 compared with the same month
last year. The total last January wa
the smallest OF any January sine
1904. the falling off being chiefly ii
| Injuries and expensive products, w
Ialso bought less Of raw materials To-
manufacturing purposes. but the de
crease in this respect was smaller
| lIilh ia TIC Oiiicl. oul tACG55 VI "a
ports over imports for the montl
amounted to 1920, 800 900, compared
with SG2,T90, 600 a year ago inasmucl
as the excess OF exports leaves a bal
ance In our favor abroad and assists
| In the retention Of gold, these results
should be regarded as satisfactory, al
though the decline In imports must
be recognized as the effect of busl,
mess reaction.
Monetary conditions have become
more settled, and the outlook Is now
come. Bank reserves have been well
restored, and may rise to still high
er figures as the inflow of cash from
the interior continues. The surplus
reserve, however, Is net excessive, and
Ia further strengthening will not b .
harmful. There is a good demand for
loans for commercial purposes. bnI
money goes much further now than
it did year ago because of the de
cline in commodities, as well as Sc.
curities. Demands upon the money
market will be considerable for sew
cral months to come. Fully 5000 000,-
600 of corporate obligations in the
stock market will have to be met, ok.
tended or refunded before midsum
mer. 1t must also be recognized that
the treasury is now running on a de-
fcit of between $4,000 ,600 and $4,000
900 a month. owing chiefly to the
shrinkage of revenue from imports
it will be an unsatisfactory element
in the monetary situation. At the
same time there are no unusual con
ditions to be faced in the money mar
ket. and the late extremes of string
ency and ease will not soon be re-
peated. In general business there IL
a somewhat more hopeful spirit. Mills
which have been shut down for a con.
siderable period are again starting,
and production is being resumed on
a growing scale, even though output
cannot be expected to equal the eX-
results of last year. It is
now becoming generally recognized
that while the panic is over in the
financial district there must inevita.
bly, be a somewhat corresponding re
in commercial circles. The
mere recognition of this fact is an
inasmuch as blind opposi-
tlOn to natural forces is always harm
full Prices of commodities have al
ready yielded considerably and con.
cessions in wages are occurring here
and there. Gradually We are comins
down to the lower level which will
permit healthy resumption of bust.
ness and Industrial activity. The pro
cess IS Of course unpleasant but il is
curative and is accompanied by more
hopeful symptoms The patient was
by the blow of the October
panic and has not yet recovered its
nerve. 1t is still very irritable and
needs a period of rest and quiet en-
II this be permitted. IT,
will not be very long before recuperl-
ton will become more marked II
would not be surprising If there was
a decided revival as son as the presi
Dental nominations are settled. and
if these prove satisfactory and a cool
harvest follows, it Is reasonable to ex-
peet a universal recovery before the
close Of the year. The country Is
not burdened with over
such as so seriously az
gravated some of our preceding
panics.
On the stock exchange prices COLI
inue to fluctuate within moderate
limits. In many cases values have
now receded to almost the late panic
level. Some stocks are much lower
Since weak spots have been prettyl
eliminated and much of the
infavOrable news now coming out has
been known To insiders for weeks past.
here seems little chance of any i'm
portant decline in the general mar
zet Individual securities may. Of
course. fall. owing to unfavOrable de-
but the technical situation !
IF the general market. 1t should not
be forgotten. is really much sounder
han for a long time. Apparently the
he or.arafo~c have osffafr~- Gfes r5a,rs.-.1