The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-02
BRITAIN A RELIEF.
Revision of Customs Duties Eek
pected to Aid situation.


The National City Bank. in it's Sep
TENDER circular. in discussing the uupre-
cedented depreciation in sterling ex-
change and how 1t involves us, points
out that steps are already under way in
Great Britain for the revising OF the
customs duties in order to cut down the
purchases OF the British people abroad
and also that the Allies are holding back
their customary purchases of our wheat
In the hope that the DardanelIes will be
that II Is vital for the United states to
keep the Allied trade and that in so far
as possible we should extend the credit
to Great Britain which she is likely to
see here shortly.
The circular says:
at is true tina there are some things
which the Allies must have from us. but
there are other things that they would
like to nave but can get along without.
II they nus curtail somewhere. We
a the largest crop of wheat ever
raised in this country. and can spare
from 10000 900 to 400. 900. 900 bushels
for export, but foreign buyers are hold
ing back. They expect that the Oar
danelles will be opened before winter
and that wheat can be obtained in Rus
STA. Canada. Australia. India and Argen-
tina by credit arrangements that will not
involve such a discount upon the pound
sterling.
AT the session OF Parliament. which
Will open next month. a bill will be pre-
scented by the Government revising the
ntlGtntNa Il ntfAg Vn, nlAnn xNfth Tho ,Y,r
pose OF increasing the revenues hut of
reducing the purchases of the British
people abroad, and perhaps of diverting
them to the colonies. While II is not
probable that duties will be imposed
upo raw materials which the colonies
do not produce, the new list is likely TO
, Increase the disarrangement OF world
trade, with both direct and indirect ef-
fects upon this country.
"A joint commission from London and
Paris, consisting of Government officials
| n leading bankers. is coming to this
country for a conference upon the sub
ject. and will h. here in a few days.
These gentlemen will expect To meet, and
II is highly desirable that they shall
meet, representative men from all sec
tons of the country. and It il TO be hoped
that the deliberations will result I'm some
effective plan OF relief"
That further gold imports are not
looked Upon with favor is evident from
the following statements on thai score
at is as certain as anything can be
that IL ugh by experience that the
continued importation OF gold Is a men
ace to the orderly progress OF business
In this country. II il perfectly true tina
80 long as the fabric OF credits is not
enlarged, additions 10 the gold reserves
will do no harm. n serve to broaden
the base under the situation but bank
credit Is so readily available for a thou
sand inviting purposes that II Is too
much TO expect OF the people OF the
United States that they will abstain
from using II for long at a time.
1T IL impossible TO use the additional
credit made available by a further in
crease in the gold reserves without ais
ing the level OF costs and prices in this
ountry for IL can only be used by ex-
tensive borrowing and buying, with the
inauguration OF enterprises which would
create a competitive demand for labor
at n time when the supply of labor is
limited: and however desirable IL may be
to have wages rise by natural progress
nothing will be gained from a spasmodiC
movement which ends in the loss of mar.
kets, widespread unemployment and pro-
longed stagnation, Wages can only be
sustained and advanced in this country
by n steady demand for the products OF
the Industries. and this cannot be a II
our economic relations with the rest OF
the world are ignored and heedlessly
thrown out OF gear. The war is not
going TO last long enough for us to gel
far on a career planned only for wal
conditions.
"The present bank reserves are more
than sufficient to handle any safe de.
gree of expansion the country can have
and 1t will be better that the country
does not receive additional capital in the
form of gold. Whatever liz coming to us
under these extraordinary trade condi.
tons had better be taken in interest
bearing securities or dividend paying
shares of ownership In going properties
either at home or abroad"