The Cairo bulletin., 1914-12-21

will facilitate the carrying OF good
stocks which are already selling at
low prices and Welding much rloreI
profitable rates than short term OBJ
legations. Our own bank reserves
have been greatly siren ethCntd by
the operation OF the new banking
system. not to speak OF ne return Of
funds from 'he interior and the
lessened demands for commercial
purposes. Fands are also compare
lively abundant in London and there
is no longer anY talk Of gold ex-
rorts from here. especially as the
balance Of trade is working IN orr
favor. At present gold Imports aie
more probable than exports.
Much encouragement can be found
in the course of our foreign trade.
In November the merchandise ex-
ports Amounted TO S05,1n0, zoe
against $194.70l.000 in October In
November our imports totaled Sle6,-
TOE 900 compared with $l&&,0l0,-
coo in October, The excess of ex-
ports over imports in November
amounted 10 nearly $50 100000,
compared with S56.o0o.0G0. IN De-
toher. This striking expansion in
exports was mainly the result OF
heavy shipments OF foodstutls Now
that tho cotton embargo 'hss been
removed that staple viii 60 forward
much more freely to all PARTS OF
Europe. Our export trade j. also
receiving a stimulus through the
supplying OF merchandise formerly
a,Dpliad hy some Of the countries
now at war. II was recognized tina;
the European struggle would create
such an opportunity for American
enterprise. ana to some extent those
eNrectations are already being real
Yea o0t VI tit GiitA bbHtaN4SH "
further expansion Of foreign trade
is the temporary scarcity OF ocean
tonnage. An enormous amount q,
German tonnage has been entirely
from the freight market,
and very considerable British ton
mage Is enga eed in transport work
fol the british government. thus
causing very important though
temporary curtailmeut in The sup
ply of shipping facilities.
The situation at horne shows signs
of Improvement. There is Z decil-
eddy better sentiment in beth fnar-
2ial and commercial circles which
must precede any material improve
ment. Confidence has improved per-
teptibly and a partial resumption Of.
industrial activity is occasionally
noted fer the first time. In the
steel industry the turn is apparently
close at hand. If it has NOT already
taken place. Prices are exceedingly
low, so low that profits have almost
vanished, and either higher prices
must follow or q reduction In the
cost Of production There has been
a better inquiry for pig iron. which
is welcome proof OF better things TO
come in this 5osic industry. Low
prices and cheap money Ought Ger.
family to stimulate new eOnstruc,
ton work. A somewhat similar 2on-
aitior of affairs exists in the great
axtiIe industries. Prices have de-
lined Ia a point that saemS likely
o materially encourage the demand
for staple fabrics. For some time
mast the dry goods trade has been
exceedingly quiet, mainly owing 10
.essared public consumption. adj
iustment To new tariff conditions
and the extreme fluctuations in cot
tor have also tended to materially
confuse this great industry. cheap
cotton. though unwelconle to the
south. has come az boou 10 the
manufacturer and materially aided
inc solution of ais many pcrplexi-
ties, caused BY being caught oe-
tween high costs of production and
low selling prices.
AS already stated. none? prem
lsea to he cheap for some tIne 70
come. but capital will command