Bisbee daily review., 1915-01-23
CREDITORS OF THe WORLD


 For h efrs time since the outbreak of the war England has just sent a small shipment of gold to New York, For the first time in history it appears gold being imported into the United States from China in stead of going through London the traditional money capital of the world Pound exchange" gives way to dollar exchange"
 At the time learn that Japan during the last few months have about s1OOOoOOO in gold shipped to San Francisco And simultaneously comes word that heavy shipments metal expected soon from Ottawa making an early return of the ESQ., OoOOOo or so that We were obliged send to Canada last summer to guarantee credit in London.
 The golden tide has turned And the reason is to be found of course in tremendous stimulation export trade Our excess of exports over imports the trade balance" that economists call favorable" has quickly reestablished our wobbly credit abroad and placed us in strongest position enjoyed by any nation.
 Starting from a deficit in midsummer that balance has leaped upward month by month until all records broken The December figures made obvious that there was further gain in the ratio of exports to imports should have favorable balance in the en year of more than $1OOO0OOOOO nearly twice the largest history But the reports for the five weeks from Dec Jan indicate export surplus of $17or 100000 And it appears that thus far in January favorable balance png at the rate of more than S6OOOOOo day assuring total for the month of perhaps S15OOOOOOO perhaps more. Multiply that by twelve and you have nearly two billions of dol lars that the world will owe us at the end of the year if there is no further increase the of gain. With that we could an foreign obligations and have about Sl50OOOOOOO stu due us
 And every thing points to a further Increase The heavy foreign purchases of made chiefly by beligerents and armed ueutrals And these purchases are in no sense permanent investments They food suffs and war materials all perishable They must be renewed over again and the nations that are buying must as the struggle continues and the waste uultiples be dependent more and more mar. Eets at least long as the war ass-hich be for years.
 They will buy in increasing measure while their money credit holds out
 Their buying depends chiefly the quantity of cred it we can give them Russia has just established cred iloan of S25OOOOOO in New York it is said to cover anticipated purchases Nearly an foreign buying will be conducted in this way. And much credit give the world?
 It is uncertain; but but this know: The United States has the greatest supply of gold in the world Since gold is the credit should therefore be able to gye vast credt The matter facilitated by the existence of banking system, which pro yides far greater volume and nexbniy of credit thar We have ever had before We could easily lend abroad few hundred millions of hard bullion if chose to but certainly there should be difficulty in lending money to be immediately returned making theoretica loans in credit for commodities th lending bankers merely keeping books on the transactions the goods going abroad and the money flowing bac into our own channels of business.
 That is he way to win the markets of Latn-Amer ioa and Che Far East and strengthen hold acces sble European markets Thus become the credit nation of the world commanding whatever of the world wealth is purchasabe and eventually absorbing tn worlds gold if want it
 It is inevitable that we shall least take lon forward step in that direction Perhaps shall eve see the worlds financial capital shift to New York an dollar exchange" become the international rule
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