The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1914-12-14


home. The best authorities in Great
Britain are inclined to think the war
expenses will require about one-half
of the yearly annual savings of the
English people, both the rich and those
who possess moderate means, sfrom in
Vestments. This is possible factor
which must be reckoned with, for If il
be true that in the past considera BILE
part of England's income from Ameri-
can investments has been reinvested in
the United States, but while the war
lasts 1t will be required at home, then
we must contemplate the sending of a
large amount of the funds to Great
Britain, or, what amounts to the same
thing, meeting these payments by
means of some part of our exports to
Great Britain.
Our World Trade
One of the highest authorities of the
United States Steel corporation in speak
ing this morning of the changes. tempo
rary or permanent, which the European
war has caused and will cause, said that
the complete cessation of the foreign COM
merce of Germany opens an opportunity
for American trade in Australia and In
dia, and 1t is an opportunity which none
has so swiftly appreciated as the foreign
selling department of the United States
pecially in Australia and India, where ii
was seeking large trade found that the
Germans were maintaining and increas-
ing their trade by very aggressive and
what at times seemed almost autocratc
methods. Even England was unable to
match Germany with respect to the iron
and steel trade in parts of Australia and
parts of India. England and the United
States, through the representatives OF
manufacturing interests in each of these
nations, were in keen competition for this
trade, but it was a competition which
was reasonable, aboveboard and carried
on in accordance with sound business prin-
ciples.
Now that Germanys commerce has
ceased the Steel corporation Is in expec-
tation of gaining a large trade in Aus
tralia and in India, which heretofore Ger
many has possessed. The presumption Is
that while England's commerce with these
countries will necessarily be somewhat inn
paired nevertheless she will maintain a
fair degree of he rtrade. In any case,
England and the United States will cap
ture the heavy trade heretofore gained
by Germany in Australia and India.
The Schwab Contracts
While there is no doubt felt in the finan-
cial district that Mr. Schwab spoke with
sincerity when he agreed to heed the
counsels of the administration at WASH
ngton and not undertake to fulfill con-
tracts obtained from England, presumably
for the building of equipment designed foi
naval use. but it is also the impression
that way will be found by means OF
which the interests Mr. Schwab repre-
sents will nevertheless enter into obliga-
ton with other countries, and without OBJ
lection on the part of the administration
which will enable them to execute heavy
contracts. That certainly is the impress
sion in the financial district.
The council composed of bankers which
has only advisory authority and which
may bring to the attention of the fedora
reserve board matters deemed eXpedien'
by bankers for that board to know Is ap-
parently not to be a mere perfunctory Oh
honorary body. The Unanimous and really
enthusiastic choice of J. p. Morgan as the
N7's. York representative in that council
indicates that it is the firm belief o.
D..l..-ols that the council is to be exactly
" hat its name suggests. Had Mr.. Morgan
presumed that he was having no more
than a titular honor he probably would
not have accepted the appointment. hi.
1rienuu are inclined to think that he re-
CARDS his selection as quite as much of a
responsibility and an opportunity as al
honor. Certainly the emphatic and unani
nous selection of him is as good proof
as could be obtained that he is regarded
by the. great authorities of our financia
district as the true successor of his father
in all the term implies.