New Britain herald., 1916-09-30

1 delivery abroad during the first six
 months of 1917 does not tend to en- l courage the view that an early peace 1 IS belng expected in official circles l abroad. 1t, too, seems fair to aS- l sume that other purchases of war l material will continue upon an equal 1 ly liberal scale. They will serve to 1 preserve the same unexampled in- l dustrial and export activity that has l heretofore resulted primarily from | this source. We are now experience ing not alone a demand from foreign | countries for both war and peace | supplies but we have added to that 1 an almost equal volume of domestic 1 purchasing power which has closely l followed the free spending of the profits that have accrued so generally following the wars opportunities. Labor, never so fully and profitably employed, is buying luxuries and ne- l cessities at high prices. Spectators who have made large profits are even more prolific as spending class, While manufacturers and traders are
 participating quite fully in this &C., tive circulation of funds. This is an economic feature that is usually quite as backward in ending as it is in de- Velop1ng. Hence it may be considered as likely to occupy a position in mar
 Iet considerations for some time to come. There should, for some time,
 be ample funds for buying securities as well as commodities. Bank credit too, promises to occupy a similarly ample position.
 Not unnatural1y, such considerations as these divert attention from consid-
 eratiOns that present themselves so
 clearly in a more distant view of financial prospects. Everybody knows that sooner or later a severe check
 must come, and that the war which so completely upset conditions in this
 country when it began, will have an important influence when 1t ends
 Countries that are now so freely send ing gold will use their best efforts to secure a return of the precious metal in payment for their products that will then be delivered in competition, not alone in our country but in the ex- port markets that we have been able to secure when belligerent countries were forced by war to abandon them. There has in the last two years nec- eSsar1ly been a tremendous curta1l- ment of European labor; but this is a feature that is not unlikely to be exaggerated, since recOveries from modern gun firms are so much more general than was the case years ago. Meanwhile we should not forget that manufacturing plants of England and Germany have not been as yet disabled by the war. As has been the case at home here, many of them have for the time been turned into arsenals. Nevertheless, they are available for prompt production as soon as the tre- mendous energy that is now so fierce ly conducting warfare is turned to the When that period arrives American manufacturers will be called upon to face competition of an exceedingly strenuous character. At that time the demand for American made munitions will necessarily have ended. With the completion of this demand will be a corresponding curtailment of the export business.
 ary movement is something that may not be decided on in advance in defin- ite measure. It will, however, be inn pOrtant.
 Still, these are considerations for the future. The present market is one of enthusiasm, and is affording favorable opportunities for alert traders to take advantage of intelli- gent interpretations of day to day de- velopments.
 HENRY CLEWS.