The Hawaiian gazette., 1915-05-07
Cle,os Is Optimistic

U
HENRY CLEWS in his weekly market letter
Il Of April "a sounds note Of extreme OPP
timism. In part he says, "Reconstructive forces
are steadily at work This is noticeable in many
directions; and Wall Streets leaders with sure in
stinct and even siIrer knowledge have been dis
counting Industrial recovery. VI. q. .atH
For the very decided change from despair to
courage which has taken place since January,
many reasons have been advanced chief of these
being as repeatedly stated in these advices, lessen
ed hostility to big business, the successful estab-
lishment OF the Federal reserve system, the adj
justment OF ON. finances to IA war basis and a
growing belief that the end Of the war Is not lar
distant. VA Fewlst%. ss8s ". 2a,aAfI
"rosaeh favorable conditions as these must now
beadded lhe itroved souldHess Of business in the
United States and Tie wide preparedness to re-
>pond TO any new and encouraging influences
General business already shows positive inn
prnvement; slight ii may be, but real ncVerthe-
less and there are excellent reasons for antcipat-
ing its continuance. The country has been through
L prolonged period Of sever economy, This econ
"my was greatly intensified by fear OF serious con-
>equences following the war; E+E ~
Many people, particularly the well-to-do, have
rcnnomized more than was necessary; the result
icing Increased savings which must now come out
either IN the investments or larger purchases OF
,ome sort. When thstpurse strings are loosened
and the number Of unemployed is decreased, all
kinds Of merchandise, must pass more freely into
consumption; hence one. must look for better
,IiStribittion in the Jfetan Trade. Era, y
1T is too early tofform any opinion of agricul-
tural prospects, but, the situation is such as to
simulate farmers into the largest product pos
,ble; the liberal demand aud good prices for all
food products leaving the American farmer in a
decidedly enyiable position. For another season
he is reasonably certain of good home and foreign
demands at satisfactory prices. ~. e.. ~ -.
The war continues to be a vital factor in our
ioreign trade 1t caused heavy losses during the
;irst eight months, such as $245.OOoOOO in cotton,
$50OO0,000 in iron and steel, $38000000 in cop
per, $36,O00,000 in finber products and $l6000,4
100 in agricultural implements. These losses were
partially offset by gains of $24600O.0O0 in bread
tufts, $3000O000 in horses and mules, $l8000-
100 in sugar and $l6OOO00O in leather, 'tf
shipments OF var materials on orders. pl 'ced
months ago are homecoming forward more freely,
md for the next few months will prove highly
important factor in our international trade bal
The Russian government alone arranged
or an order for 1888 100000 worth of war material
this week .hrouahsa Canadian concern, "a large
;fss5to'tof whiehEi be executed lst in1heI United
. The British and Frendh governments are also
ordering materials upon a very extensive scale;
md italy, which has been heavy buyer, is likely
largely increase her purchases shou!! she event
ually come into the war, as seems not Improbable
The returns ior March showed decrease OF $24-
100000 in imports asi AN increase Of Sill 10000
n exports; the latter amounting to $299,OOo,OOo,
new high record for March. The net result was
IN OF exports for the month of Sal 100000,
which explains the SIS 100000 gold imports on the
way from France