The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1917-08-09
BEATING THE SUBMARINE.

Again tho submarine campaign mas
met it's answer in our foreign trade re-
turns. During the fiscal year ending
June 80, our overseas trade aggregat-
ed $S.953, 600 900, which was the larg-
est total on record, and exceeded the
previous record of 1916 by over 81
400 100000. The relative impotence OF
the submarine was further illustrated
by the fact that our exports, which are
naturally objects of keener attack
than imports, amounting to $6,294,O
600 or 1866, 100000 more tnan year
ago, which was the previous banner
year The excess of exports over im-
ports for the year was $685., OO0,OOo,
against $2,l35,000,000 year ago. So
much for the submarine, which was TO
destroy the commerce of Germany's
enemies and freighten them into sub
mission, but has done neither. On the
contrary, our commerce has grown
enormously and that of Great Britain
has been practically sustained at near
" normal figures. in spite of the Brit
ish loss of tonnage The submarine
policy instead of frightening Ger
many's enemies has simply made them
more determined than ever to win this
war says Henry Clews, commenting
on the situation and exact retribution
for inhuman methods. Another atimu-
ilus arising from the German submar-
line policy, which is acting for our ben
eft and German detriment is the
wonderful development of American
shipping. In July new shipping and
ship-bulding concerns with an author
| lied capital aggregating nearly S20,'
600 600 were incorporated. making
1890. OOO, 900 since the war began. The
bulk of this total or $226,OOO,OOO has
been announced since January /. Such
| extraordinary development of Amell'
can shipping would not have been pos
sible within so brief a period but for
the German submarine. Great Britain,
United States, Japan, Holland, Nor
WAY and Canada are building ships to-
dav at the rate of probably more than
s 600 900 tons per annum, compared
with losses of about 100000 tons OF
less. As the worlds tonnage is about
| 40. 900. 900, the chances of submarine
success are growing less and lass II
view of the rapid increase Ill ship
building and the more efficient meth
DDS of dealing with the submarines
Incidentally, it is worth noting that
new shipbuilding is being accelerated
much more effectively by the high
freight rates than by any Government
toward regulating freightG or keeping
down rates promptly discourage PR
vate enterprise. One other lesson IN
our foreign trade returns must also be
noted and that is the wisdom of this
country having so literally aided IN
| financing the war. The enormous IN
crease in our exports noted above Is
almost entirely due to the liberal pur
chase of our Allies, which would not
have been posrible without the exten
siye credits and loans that have al
ready been granted them. This policy
of aid not only greatly stimulated our
foreign and domestic trade, but also
immensely strengthened our credit re
sources through gold importauons. civ
ing us a status as a great commercial
and banking nation which would not
have otherwise been possible, even
by years Of strenuous competition.
Aside from midsummer quiet, the
general business situation continues
satisfactory. The greatest feature OF
encouragement in the crop outlook
which steadily improves. Latest re-
turns indicate that we shall produce
something like billion more bushels
of grain than year ago, which at
present high prices means great pros
perity of the agricultural districts.