The Birmingham age-herald., 1915-09-21
EXCHANGED GETTING
 ENORMOUS CARGOES
Our Expert Now Estimates That Ex. ports of Munitions Will Soon Equal the Total of Food Products
By HOLLAND

'NOaio' etthOiiNy ppiitSu Out lHc fact. somewhat obscured as it had been in the reports from Washington, that the exports of munitions of war could by June hardly have begun. For while in the past fiscal year a trade balance in favor of the United States, somewhat in excess of s1,0O0, ,0O0 600 was created, that is to say visible or apparent trade bal ance much the greater part of it was due to the purchase by foreign nations or citizens of those nations, of foodstuffs
 The difference between the export Of foodstuffs and of war munitions and other manufactured commodities was explained by this authority by the statement that foodstuffs of all kinds were ready for immediate export. Furthermore, there was scramble, so to speak, into which foreign nations entered for the purpose of securing as large a supply of food commodities and other agricultural prod ucts as was possible to obtain. This led to very high prices. With respect to wheat, for instance, record prices pre- vailed for while, although James J. Hill cautioned the wheat growing farmers of the west lest they be disposed to regard the new high prices as standards which would be maintained at least during the war. MT. Hill was reported as being con- vinced that the farmers would do well in 1915 if they obtained s1 a bushel or even a little less for their wheat. These high prices for food products and the very great movement of them across the sea explain in part the unparalled figures which tell of the money value of the ex- ports of food products.
 The expert authority was of the on,n- lon that sometime in September, cer- tainly not later than mid- October. re- ports would be made showing that the great movement of manufactured com modlties, and especially of munitions of war, across the sea had begun The wheat that was harvested in the summer or last year was almost instantly avail able for export. Substantially all of our surplus wheat was exported at high prices. But time.is required for the man. ufacture Of arms and munitions of war. In addition. orders for supplies of that Kind have been received to much great CT extent the expert authority said, than the public has any idea of. For instance, no one can now report event With approximate accuracy, the amount or the orders for war material which 1sesSi" HHo pccll pldclnS m the United states Her representatives are now con- sidering the proposition for Nhe equipment or her great arsenals so that the Russians themselves may be able to manufacture, and in great amounts, certain kinds of arms. Russia Is not buying all her SUD- plies apparently through the agency which Great Britain has established in the United States. Her representatives are approaching and have approa ched di- rectly many of the large manufacturing establishments. Before her great port at Archangel is closed for the winter sea : son, there will be received there vast quantities of munitions of war exported from the United States.
 Matching Food Exports
 Another remark made by this expert authority, which was in the nature of a prediction, Is now proved to have been an accurate prophecy. He said that dur ing the autumn, and certainly during the early winter months the exports of American manufactured commodities and especially those of war material of all kinds, would be so heavy that in all prob ability the money value of them, as that Will be reported at the end of the pres ent fiscal year, will be found to be in excess of the money value of our exports Of food commodities.
 If the present difference between ex- I II out the rest of the fiscal year. then the chances are that it will be possible for the Washington authorities to report on July ], next an excess in money values of exports over imports of approximately Sl ,5O0, ,O00. .O00
 It was undoubtedly accurate informa- ton respecting our foreign trade, as it will be in the present fiscal year, that the English and French commissioners pos sessed even before they began their con- ferences with the American bankers For the same expert authority to whom ref erence was made a few lines above has constantly been in association or in touch with the great authorities of England and of France. If there were to be no great excess in the money value of exports over that of imports then there would be no need for these commissioners to visit the United States. They know and the world knows that other nations not ex- clusively those now engaged in war, must come to the United States for many com modities. That is shown by the increa SC in our exports to South America.
 Nations of the world that are now at peace are to a considerable extent de- prived of the European markets from which, before the war began, they ob- tained much the greater part of these supplies. Those nations which continue to buy of Germany nevertheless can buy
 
 ing. Therefore. they must turn to the United States, which is now not only the greatest money market in the world but also the chief market wherein supplies of all kinds can be obtained. This is the view of this expert authority.
 Almost all kinds of manufactured com moQities will continue to be sougn. Yn this market by other nations but there are few exceptions to this demand un- fortunately. None of the foreign nations is buying agricultural implements to any extent. Only two or three years ago the manufacturers of these implements were rejoicing in the figures which told of heavy, constantly increasing exports of them. Today they find no consolation in the story of their exports. The manufac- turers of lumber, who even before the war began were in some despair, find that their vocation is one of the few ex- captions, in all American industries, for the demoralization in their business has