New Britain herald., 1915-12-18
GENERAL TRADE
 CONDITIONS GOOD
Farming Glasses of U. s. Enjoying
 Greater Prosperity Than Ever
Especial to the Herald)

l New York, Dec. 1S.-The most inn l portant event in financial circles since
 the issue of the Anglo French loan l was the British mobilization of Am 1 erican securities held in Great Brit ain. The plan though simple is in- genious in application. The British ] government is evidently not anxious
 to raise any further funds in this 1 country on credit, although some fur- l ther eXpedlents Were necessary for tb Q 1 safe maintenance of sterling exchanee l Great brlta1n will thus be able to borro" or sell when necessary such portion or the $3,0OO,OOO,OOO. more or 1 less. American investments still held
 in the Ohlted Kingdom. In all prob
 ability considerable further sales of | sucn sec'IIt1es will be made in this | hlalhe'. Ihls would have happened u'loel any circumstances while the war lasted. and the British Govern l Iieh' iS hhely to handle these sales
 III " ii'aliller that Will avert declines,
 q"i'e "e liuch TOT its own interest as
 rom any readiness to protect the New
 York market. In fact the rick of
 weakness from this movement is even
 less than under the old form of free
 individual foreign sales which were
 less easy to regulate
 The Allies are still buvinp on 7.
 tremendous scale things which we are
 equally anxious to sell According to
 the latest trade returns our merchan-
 disc exports this calendar wear will
 exceed imports by nearly s2, .OOO.-
 900: This amount has been almost completely offset in various ways: bv gold imports of about $4OO. .OOO. 900:
 bN securing imports of not less than
 $500, ,O00, or probably more: by foreign loans and credits of s70O,OOO.- OOO or more, to which must be added various remltances for dividends and interest, freights, commissions, etc.
 While these last named items are un- doubtedly less than usual it is evident that the exchange situation has been much improved, and the anxiety which existed before arrangements for the Anglo-French loan were made no longer prevails. In all probab bility ex- ports are at or near their high level Tor this season, and within few weeks there will be a slackening in the outward movement of both food products and munitions, while of late there has been partial recovery in imports that tends to relieve the ex- change situation. In this connection it is well not to forget that his phe- nOmenal bulge in exports is entirely due to the war. The increases are made up chiefly of foodstuffs and mu- nitions shipped directly and indirect 1y to the belligerents. Meanwhile our exports to South America, China and other neutrals actually show a de- crease, suggesting that sharp reactions will follow in our foreign trade when peace comes and natural tendencies once more resume their sway.
 Profit and Safety.
 As a factor in our international financial relations, the decline in Anglo French bonds attracted consid- erable attention more in fact than de- 1 served. Sixty per cent. of the bonds | Or s300,000,OOO had been taken by ! investors in two months This is a ! huge amount, considering that Amer ] jeans are unaccustomed to foreign l loans, and that in subscribing they 1 were impelled by no other motives than profit and safety. Moreover, the l loan was the largest on record and 1 about half the usual annual 1 1otations of domestic securities in this The reverses of the Allies also exerted an unfavorable effect; 50 that the placlng or such a huge l oan was in reality fairly successful. Had the loan been cut in two and offered in more distant instalments, his congestion of the investment mar Sets would have been avoided. Both nations are good for their promise, l md while the market value of these ponds may fiuctuate with the war;
 hey must still be ranked as a profit 'ble and safe investment.
 The governments final report shows he harvest to be the largest and most profitable on record. Our agricultural output for the year is valued at