New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-13
HONEY AND BUSINESS.

The money situation as a whole may
be considered favorable. There Is a con-
tnued expectation Of gold from Europe
10 India which seems 10 be disturbing
English bankers, and the Under Secre-
t1ry for India was asked in the British
Parliament for official figures. The to-
tai amounts given were: For 1909, 49,
O77.472; for 1910, f1S,02s, OOS. and for
1911, 1866, Sl4. The amount imported
in January. 1912, the latest month for
which returns can be secured, was 49,
Coz .GNS. The official statement also made
ii known that Indian imports Of gold
from Australia and New Zealand We're
fi5,Oo0 600 from 1900 10 1911. The fact
that so much Of this gold which India IS
importing is apparently being boarded
does not seem 10 have any significance
which can be applied 10 the general cir
culation media as modifying economies.
Money conditions throughout the worl!
are favorable. and there are no presen.
signs Of hardening money rates which
might be expected materially to affect
commercial development. The Bank Of
Encland's revenue is now greater than
It has been at this period for several
years past, and the reduction of the dis
count rate 70 per cent the last week
has had a stimulating effect on British
finances and business. In fact. the Eu-
ropcan business outlook seems excep-
tionally bright French bankers are able
1t
the English supply that part 81 the for
eirn financial situation which has been
lccloUdod for more than a year will he
much clearer and German money and
business will return TO activity.
Tho settling Of the coal strike in Eng
land was hailed as an important factor
in the resumption Of business not only
in England, but throughout Europe, and
there would he deep disappointment II
reports Of new trouble should he veri-
fed. st home our national bank clear
ings last week showed handsome gain
over 1911. The financing on Tuesday Of
the New York City municipal "a per
cent bonds presents n favorable sign Of
brighter prospects I'm the business world
Tho steel Corporation. which has been
regarded as supplying an index OF bust
ness. has turned the corner of its re-
duction period, and It's last statement
shows a remarkable volume of untitled
tonnage. Tho Iron Age" has estimated
that twelve months OF steel production
AT the April rate would make up larger
total by 100000 tons than the highest
record Of any other calendar year
There has been a gradual increase IN
steel prices. and with any revival of
business. such as s. now indicated by
the reports Of orders placed by railroads
and industries and the numerous in
auiries representing large orders In eX-
pcctation. it would seem that prosperity
is well started and that Il Will not be
long before business generally will re-
spond.
The systems of utilizing money
for restoring business TO its normal
state. which in tho past have been ef-
fcctual. have undergone some changes,
and the adjustment OF money and bust
ness during the expected coming period
of commercial prosperity will offer new
questions 10 he solved by the bankers
and the leading interests of the bust
ness world, questions which heretofore
have not been considered essential.
These questions will embrace the in
creasing cost Of living and a higher
earning power Of money TO meet the
growing demands of the period. Tho
bank exchanges of the United States
present u very satisfactory comparison
with tho last two preceding years. the
total Of all leading cities, according to
Duns report, aggregating S3,0SoO25,o50,
an Increase as compared with the CORE
spondlng week Of 1911 of 1853 per cent
and OF SO per cent compared with the
year 1910 New York City reports an
increase Of 1S.S per cent over 1911 and
OF 7.S per cent over 1910. Outside cities
also show considerable gain, which is
doubtless attributable to "A larger volume