The Cairo bulletin., 1909-03-15

|, duce. Our IdTnleIS should ne SHOWN
that it is for their interest to strive
to the utmost for large production.
At present they are the most, if not
the only. prosperous class in the
country today.
Money Easy.
Our monetary outlook is in every
way satisfactory Cheap rates for
both call and time funds are proba-
be for the next six months to come.
Loanable funds are, If anything, over
abundant, and reflect only too plain
| ~ the prevailing inaction of business.
Gold exports are increasing, and
further effluX of the precious metal
is anticipated so lcrg as interest
rates continue so low and imports
continue to grow as at present. The
arrivals of foreign merchandise dur.
ing the last few months have been
steadily increasing, and it is cheer,
ing 20 note that the increases have
been largest in raw materials for do
nestle manufacture. Our exports of
agricultural products, have however,
been seriously restrained by high
prices, thus materially facilitating
gold exports. Fortunately, the sup
ply of gold in this country is so large
as to cause no uneasiness at the con
ciderable effIuX but this constant loss
of gold on such large scale, when
cur excessive supply of paper cur,
rency remains at Il comparative stand
Istill, is not a tendency that is entire
ly satisfactory.
Why Buyers Hesitate.
No great fluctuations in the stock
market need be expected until a great
change takes place in outside condi-
lions Investment demands for bonds
has shown a sudden cessation, appar-
emily for the reason that the inquiry
has been temporarily shtlsRed. II
may also be due to the growing i'm
preston that after several vars of
rising prices we must prepare to face
a period, more or less prolonged, of
falling prices. This will account for
the hesitation of some buyers, Ger
tainly the BELIEF in advancing prices
which prevailed during the boom. is
not a strong a habit as two or three
years ago. Moreover the rapid in
crease in the output of new securi
ties-with the certainty of cheap
money to stimplate their continuance
is also an element which shrewd in
vestors take into consideration. 1t
is quite evident that the pros and
cons of the market are now very even
ly balanced, and only moderate fuc-
tuations in either direction are to be
anticipated.
Labor Dark Cloud.
The financial situation in general is
eminently sound. Remedial forces are
actively AT work, and apparently all
the depressing influences which can
be foreseen have been about discount
ed. Recent declines in steel and cop
per are suggestive, irasmuch as they
show that industrial REIMBURSEMENT to
new conditions is inevitable, and viii
in the ned be beneficial Possibly
the only dark cloud upon the horizon
at present is the labor situation. A
number of reductions in wages have
already taken place in the steel trade
and more are Xepected. In the copper
industry lower wages are also in
force The coal trade dispute with
labor will begin on April J., the out
come of which will be awaited with
intense interest. Since both sides
are ready and even anxious for a
struggle it is quite likely that a month
or six weeks will elapse before a
settlement is reached. How far
reaching the lower wage movement
will become it is impossible to deter
mine. but all rational beings are CON
WINGED that labor cannot expect to en-
tirely escape its share in the general
depression in the inevitable readiust-
mcnt.
HENRY CLEWS.