New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1917-12-29
in Europe, but will not be permitted

in Europe, but will not be permitted
to keep.
Perhaps the greatest surprise Of the
war was our suddenly developed pow
err as an International banker. Since
the war began we have loaned Eu-
rope over $8,000,OOO,o00, most OF
which was expended for munitions
produced within our own boundaries.
We have practically repurchased all
American securities held abroad. We
have extended huge loans to all of
the Allies, and changed from being a
debtor to a creditor nation. For the
last twelve months we have been the
leading banking power of the world
In the process we have accumulated
a vast store Of gold. amounting tu
considerably over $4,000, 100000. We
are the only country that has benefited
largely by the war; and this through
no selfish effort Of our own. Some Of
the belligerents are already on the
edge Of bankruptcy. Great Britain
suffered relatively less than any other
nation, excepting ourselves. and will
undoubtedly recuperate rapidly. But
no nation will be so well prepared for
great forward strides as the United
States with ita increased prestige, its
and highly organized Industries. What
the future holds in store for various
belligerents is not divulged; but it is
encouraging to know that history
proves that all nations have usually
shown recuperative powers after the
war.
Rebfrth Of Shipping and Chemical
Industries. j.
Another remarkable effect of the
war upon the United States has been
our almost instantaneous leap from
the bottom as a maritime power to
next the top. Thanks to the subma-
rine, we were forced to offset its ruth
less work by building ships to the
extent of over 1000, 900 tons in 1917,
while in 1918 it is expected we shall
add another 100000 tons. Our
present building program calls for
nearly $1,000 900 tons. Thanks to the
submarine again, we shall quickly oc-
cupy the place which Germany for
merly1 held as second maritime power
OF the world, Great Britain still
easily holds first place, which she
has retained for many years as the
largest carrier, the largest banker and
the largest merchant in the world.
Her great mercantile fleet is the out
growth of her vast empire and the
enormous commence built up by her
worldwide liberal policies. Our own
newborn shipping industry, which
came Ato us so unexpectedly, has
CRITICAL period to face. It was created
in time OF fabulous freight rates
and has yet to meet the stress Of in
tense foreign competition. Europe
h h44 Ia -
ate ships much more cheaply than we,
through possession of supply of
skilled labor and management not yet
available in the United States. Our
success in meeting foreign competi-
ton will depend entirely upon giving
our shipowners a fair chance to con-
duct their business with as much free
dom as their rivals. Until some of
the restrictions now imposed by law
are removed, the chances of the Amer
lean merchant marine securing a per-
manent footing will be seriously
handicapped. An added benefit of
the war ALSO at Germany's expense,
is the opening of new opportunities
for export trade. This is especially
true of South America, where Ameri-
can enterprise is already entrenchlng
itself and preparing to aid in theN de-
Of that continent. In Russia also,
there are large opportunities for new
enterprise which will be available
after the war. Our banking interests
and our leading captains of industry
have initiated movements for de-
veloping the resources Of these great
territories with American capital and
American enterprise.
The miraculous birth of great
chemical industry should not be over
looked. Since the WAR began, over
$320,GOO,O00 have been invested in
new chemical ventures in this coun-
try, Considerable OF this sum was
for the manufacture of explosives,
but much of it has been applied to
chemical and dye plants that will be-
come a permanent factor in American
industry. This industry means an
other big loss to Germany; and it
has still to face a critical period when
normal conditions return. German
competition in dyes and chemicals at
ter the war will unquestionably be Sc
we're: and in all probability congress
will be asked to grant some measure
of protection, at least until the indus
try has been sufficiently esta blished
to hold its own.
The Rush of Foreign Trade.
Our foreign trade is expanding at
a tremendous pace. During the ten
months ending October 3. American
exports reached $3.50, 100000 an in
crease of $707,0O0,O 900 over the same.
time last year. Presumably these
figures include shipments of NUM-
tons to the Allies, but not those in
tended for our own use. Imports of
merchandise during the same period
amounting to s2,646, 600, 900, or $213,-
crease of $494, 100000. This left an
excess of exports for the ten months
amounting to 264S6. O0O. 900. or $213,-