New Britain herald., 1917-06-23

ket during the period just named, and had it not been for skilful financing, coupled with the aid of the reserve banks. some old-time stringency in money rates would certainly have been experienced. Certain of these pay ments have already been made, and such funds will shortly rturn to or dinary channels; the heaviest strain, undoubtedly coming at the end of the month when the Is per cent install ment of the Liberty Loan payment and July disbursementsco come close to- gethef. Partial relief has been ob- tained by gold imports. nearly &bO,- 900, 900 having arrived from Canada this week. Considerable gold has heen shipped to Japan and Spain, but these movements attracted relatively little attention because further arrivals from Canada are anticipated. In this con- nection the decline of exchange in Spain. Russia and Germany excited more or less comment. The mark de- clined to Il, fall of about 50 per cent. due presumably to imitation of German paper currency.
 Industries Under Government
 There is ono factor in business, the importance of which has not yet been thoroughly appreciated; that is, the great extent to which industry has come under government control since our entry into the war. Nearly all of our great industries are now under government control. This does not mean that the government has as- stunned complete control, except in . very few instances, but it does mean that the nations requirements gre paramount to all others, and that the leading industries must conform to conditions deemed necessary, not only for public good, but also for the assistance of our Allies, in their con- duct of the war. The steel industry with it's innumerable subdivisions is the most conspicuous example. as would be expected. Our textile in- dustries are also largely under gov ernment regulation. So, too, are our shipping and railroad systems. The food supplies of the United States are to be brought under practically sim gle control with a view of conserv ing their use and a liberal portion for the Allies, who will be much more dependent upon this country for food than ever before in their history. The export trade is soon to be brought under control. not merely for the conservation and and better utilizA- ton of supplies. but also to assist the Allies in their effort to prevent Amer, ican food reaching enemy destina- tions. Our mineral resources. tn- cluding coal. copper, oil etc.. are likely to come under similar hmita- tions; the present high prices and the difficulty of securing supplies mate rially stimulating the movement In this direction. The efforts to check speculation fin food products and oth- CT necessities of life are sure to be expanded. Where these movements will end, no one can predict. Prob ably they will go on until all impor- tant industries have been nationalized or mobilized for common defense dur ing the war. Back of this remark able movement is the patriotic rec ognition of the imperative necessity of cooperation on nationwide scale by both capital and labor alike, while the government recognizes the need of regulating prices and supplies in order to keep down waste and prevent injurious speculation. The economic consequences of such de- partures will doubtless prove highly AIs SAAS~s>t If not entirely stop, inordinate profits, which have been the basis of public disapproval and excessive imitation. But such regulation must be accepted as purely war measures, and when the struggle is over, return to more normal conditions can be anticipated. Nevertheless, some highly valuable lessons will have been learned in the R~9n af HYNif3n0 waste, of close cooperation and of hetter relations between capital and labor.
 Outlook for Fleet.
 Business conditions are somewhat confusing. In many directions, par ticuarly those stimulated by war. there Is intense activity-the steel industry, as already stated. leading in this respect The rush in shipbuild- ing is remarkable New keels are laid daily. both of wood and steel. Owing to the great scarcity Of ton- mage and the certainty that there will be an active demand for freight room for several years to come. period of exceptional prosperity for builders and owners alike Is conf1- dently expected. At last there is q prospect Of the Unlte0 states SecuF- ing and maintaining mercantile fleet commensurate with it's fmpor- tance as 8 great commercial nation. Interior trade continues satisfactory and there is an immense traffic going on, as proved by activity in land and water transportation. Railroads are still overtaxed; so is shipping. While railroads are not allowed to compen- ate themselves for increased costs, ships are free to charge. what they