New Britain herald., 1916-06-10
CLEWS ANTICIPATES
 A TAME CAMP PAIGN
Lack Of Live Issues Cause for
 Peculiar Situation
Especial to the Herald

years has the presidential campaign been so tame and free of excitement. No great political, economic or social issues are at stake-at least no radi- cal differences of opinion exist-and the whole campaign thus far has been
 one of men rather than of issues. Patriotism and preparedness seem to be the only live subjects; and regard
 ing these, the differences are mainly
 i'll degree. That the whole country
 believes in patriotism as well as in
 preparedness goes without saying;
 and, since there can be no great con-
 flict of opinion about the degree of
 either, 1t follows that no very heated
 campaign can be based upon such
 issues. The tariff will probably be-
 come more prominent later on, be-
 cause the country will need a much
 larger revenue to meet the inevitable
 cost or preparedness, and the tariff
 can readily be made a larger source
 Of revenue if not pushed too high.
 When the nominations are agreed
 upon and the issues more clearly de-
 fined in party platforms, a more in
 telIgent opinion can be formed as
 tc the outcome. During the next six
 months more or less heated discus
 sion must be anticipated, although
 the present campaign promises to be
 much less disturbing than usual.
 Our foreign trade in April showed
 splendid results. Imports were
 valued at $217,7OO,OoO, or $57, ,OO0,00O
 in excess of the same month last year. Exports were 9,S0OOOO, or
 Sl05,OO0,OOO more than a year ago. The excess of exports was s182, ,0OO,-
 nnv11yo
 1915. This is usually the season of declining exports when crop move ments have passed the maximum, and the increase must be largely attri- Euted to intuition shipments, espec- tally as the British blockade has ma terially interfered with exports to neutral countries contiguous to Ger many. In April the exports of food stuffs dropped to sS7,OOO,OOO, com pared with $105, 100000 a year ago, while the shipments of manufa ctures rose to $257, 7,OoO,OOO, against s12S,- O00,00G in 1915. For ten months of
 the fiscal year imports have been $1,722, 100000, or $348, 900, ,OOO more than last year; while exports were S3,395, 100000, an increase of $1,17O,- 000,O00 The excess of exports in these ten months was $1,673, 900, ,OOO. compared with $S51, 100000 year ago. It should not be forgotten that our foreign returns have been much inflated by the rise in values In a few instances the rise in values has been double the rise in volume Tn the majority of cases the advance in values has been much greater than in quantities, and in only a few cases has the value gained less than quan- tity. These fluctuations are almost entirely due to the war, which l revolutionized foreign trade. Little prospect exists for a return to former conditions. New openings are being made for American products in foreign markets owing to withdrawal cf some of the belligerents Some of these markets we will hold perma- nently, others may return to former channels after the war. Foreign purchasing power, aside from sheer necessities, will undoubtedly be cur tailed for a. period, and foreign coun- tries will have a smaller surplus of products to sell the United States. On the other hand the various belli- serents may recuperate more rapidly than generally expected, and if so the depression after the war will be less prolonged than sometimes antici- pated. Doubtless there will be sharp com petition for the worlds markets during the next decade, and the end 1 of the war will find the United States l in better condition for the struggle than any other nation so far as un- impaired strength as a factor is l concerned Our chief handicaps will l be high costs of production, made 1 uuate banking and transportation fa- ! cilities and unfamiliarity with foreign requirements, as we'll as unprepared , ness to meet foreign competition. In l skill and experience necessary to ex- port trade, foreign manufacturers are often our superiors, but in all these respects we are ready learners and not likely to let opportunities go by default Our foreign trade has brilliant future; and, notwithstanding the irregularities which war may bring, war has opened the door to trade expansion wider than ever dreamed of before the present up- heaval began.
 There is nothing in the financial situation to warrant either pro- nounced optimism or undue caution. Favorable conditions appear to have been we'll discounted, and unfavor- able conditions are difficult to dis cover in view of general financial strength and wide industrial activity. War news, except the Russian victory. exerted little effect, and this market has abandoned expectation of early peace. Cessation of hosti1ities would affect a few stocks unfaVorably, while a larger number would undoubtedly be favorably influenced. Aside from the purely sentimental sense of relief