The Birmingham age-herald., 1914-09-07

sugar, which before the war stood at 2Ad per pound, as against the present price of 4d per pound. In this connection things are likely still further to improve as the country just now is being glutted with foodstuffs from abroad. The foreign ex- port trade, which for the first three weeks of war seemed to be quite paralyzed Is now rapidly reviving, and during the past few days the increase in shipments abroad has been particularly noticeable.
 There is no doubt that the people of this country are more than grateful for American sympathy and friendship It is a delight for anyone here to have the chance of helping an American. think we are all aware, really, that in times of a common peace Americans and English are full of that mutual antipathy, envy and sneering rancour which is often rife amongst relatives Say. two brothers who get on each others nerves. But when either is as- sailed by an outsider such feelings prove themselves to be superficial by vanishing away. It is fine thing for Great Britain to feel that (sentmental- ly) the United States is on her side thought of this just lately as I wit messed a large party of Americans, who were waiting to go aboard at Liver pool. being enthusiastically cheered by a regiment of English regulars on their way to enDafk TOT France.
 The Cotton Trade
 Since the outbreak of war there has been a total cessation of speculative business on the Liverpool cotton ex- change, members having been occupied for the past three weeks In tidying things up. Thanks to the admirable measures of the committee however, the work of closing out accounts in the future market is now practically completed and without the loss by bankruptcy of a single broker only the Liverpool New York straddle &C., count-a most complicated affair--re- mains unsettled.
 With regard to spot transactions. the daily. total of sales to Manchester spin ners has gradually dwindied until, for the last week. it has become too in- significant to be officially recorded. Many mills are running on short time, while few have closed down altogeth- CT and spinners are merely buying for their immediate requirements. In some quarters the opinion is held that the prices are too high in view of the prospect of a bumper yield. The real difficulties of the situation, however, lare financial and there are some un- precedented problems (arisng, for in- stance, out of the operation of the moratorium.s and in connection with tHe nypOtnecatlOn or cotton cargOeS) which have yet to be solved. But these. after all are merely questions of ma chinery. and there is little doubt that measures to relieve the monetary strin- gency will be speedily devised by the government, which has already inter- vened on several occasion with such admirable effect. Already the credit fa- cilities at the banks in consequence of | government support are rapidly inn proving and the beneficial results in connection with the exports of manu- I factured cotton goods. due to the fall
 in the insurance rates and the safety of the main sea routes. renders the out look distinctly encouraging. There is a determination among mill owners to keep going as long as possible, if only for the sake of their employees. German
 and Austrian markets must shortly open automatically to English (and American) exports by operation of the laws of supply and demand, apart from , the general eagerness in Manchester
 10 capture the trade of the enemy.