The Cairo bulletin., 1914-08-17
Says The Initial Shock to Business
Has Been Safely Passed w TIL
out Grave Disaster
WILL SOON SHIP OUR
WHEAT AND COTTON
Our Surplus Food Supplies Will Be
Sod to Eiropc at a Handsome
Profit

Now York hu.;. lG. -rlls country
is rapidly settling down to a wal
basis. The initial shock to busi-
hess has been sa,c,y passed without
grave disaster on this side, and as a
people we are now gradually resum.
ing such activities as can and must
be carried on in spite of the war
The stron4 efforts to steady the gen
eral situation emanating from lead
ers N the business world are hav!pg Q
their beneticient effect. Courage
consideration and rC.Optratj3n arc
working wonders in restoring or re
adjusting trade movements. Th
most important relief thus far OBJ
tanned is the announcement thai
Great Britain has been able to re
open transatlantic communication
with the prospect that other aven.
ues of sea transport may soon b.
reasonably safe for commerce. WI
will shortly be able to ship our sur
plus wheat and cotton, for which We
need the proceeds quite as much a
Europe will need the products
There has also been considerable re
lief in the foreign exchange situa
tion, although that branch of com
merce is still badly demoralized
The establishment -ef-the morator
ium abroad leaves internationa'
transactions in a state of deplorable
confusion; but these are the eXigen
Cies of war and must be faced as
best they can for some time to comn.
Financial London has partially re
covered its equilibrium and the re
duction of the Bank of England
rate is a decidedly reassuring symp
tom. Its action also in opening a
credit agency at ottawa will be ma
terially helpful both here and
abroad. The resumption of the
London Stock Exchange for business
however. is remote: the impossi bill
ity of closing up transactions with
many of the principal centers
Europe being a problem of the most
serious character. There is no i'm
mediate prospect of opening the New
York Stock Exchange, but much re
lief will result from the appoint
ment of the Committee of Five to
pass on the buying of securities for
cash at not less than the closing
prices of July 30th. This will allow
the completion of many legitimate
contracts, and will prevent any de-
moralization in security values
through excessive trading. Practi.
tally it means that this market will
he sustained at about the last prices
cf the 30th of July when the New
'ork Stock Exchange closed, Ex-
'ensive efforts have been made tc
safeguard the money situation. and
our bankers are of course all exer-
cising unusual precautions in credit
operations. Happily this country Is
n splendid position to stand lie
strain imposed by vast European
var, 1t is but reasonable that we
Thould now place a fair estimate
upon the offsets,
This country possesses an meal
culable advantage since it is the
greatest civilized power entirely re
moved from the responsibility of be-
ing drawn into the maelstrom.
Europe and the rest of the CONNER
cial world are locking to the
United States as never before.
While Europe cannot expect the
United States to fnarca the war. We
are quite likely to give important
aid in the matter of extending credit
and relieving foreign bankers of
their usual seasonal financing of
American products. We may even
find it to our advantage 10 aid and
finance the war If such funds are
used to pay for our wheat, cotton.
etc. Our surplus food supplies will
be sold TO Europe at handsome
profit. The world may consume
less cotton next year, but Lancashire
4 l. L=I n. 4