The Birmingham age-herald., 1916-04-21

order from Great Britain then the British authorities were first informed of that fact, so that if they felt that dealing with this corporation might be objection able they would be able to say so. If they did say so that ended any ne- gotiation with this corporation. It may be that while MT. Stettinius was in Eng land he learned something about the na- ture of future orders which Great Brit ain might find it expedient to place with American industries. But that he went to England seeking orders is said by those who should know to be absurd. INDUSTRY AT THE TOP NOTCH
 MT. Stettinius was reported to have said that he had observed that both England and France are now industrially in po- sition to manufacture much the greater part, if not all, of the munitions of war of the kind used in battle. Apparently he regards this industrial growth as one of the most impressive of the many striIl- ing phenomena occasioned by the war. From almost nothing these two nations have in less than two years stimulated their industries so greatly that they are now believed fully to match Germany with respect to muniton output.
 The inference is that hereafter the par ticular kind of munitions, such as explo- sives, shells, great guns and rifles will
 
 therefore there should be falling off in our exports of that kind
 Nevertheless, Sir George Pash, who has been since the war began an unofficial adviser for Great Britain, has in a re- cent communication stated that it would not be surprising to find that the trade balance established in the year 1916 by transactions between the United States and Great Britain would be as much as $2, 900 GOO, 900 and possibly as much as g. = 0O0000. Sir George speaks on these mat ters with high authority. He is possibly more familiar with the American trade and financial. conditions than any other citizen of Great Britain, certainly fully as familiar as any other one. If, therefore, trade balance which is sure to be $2, = 100000, according to his estimate, and may be $2,500, ,0O0,000, be established in favor of the United States there must be con- tinued throughout 1916 undiminished trade with Great Britain, although it may not be so largely made up of war orders as bas been the case for the past 15 months
 A few days ago, announcement was made that Great Britain had put an em- bargo against shipments of all kinds of pig iron and of rolled steel products. There are two considerations which have occurred to the financial district conse- quent upon this action of the British gov ernment. One is that if exports of this kind are prohibited by Great Britain there must be considerable increase of demands from other nations for like prod ucts of American steel industries In the second place, these. commodities consti- tuted considerable part of England's ex- port trade. The embargo therefore will tend to increase her unfavorable trade balance.
 The intimation contained in MT. Stet tlnlus statement that there may be a falling off in exports of munitions of war from the United States is therefore not inconsistent with the estimate of Sir George Paish that the trade balance in favor of the United States in 1916 will he s2, 600, 900 O000 or more.