The Bridgeport times and evening farmer., 1918-12-30
HENRY CLEWS' WEEKLY LETTER n.

WEAEAG hhn Egs The was quickly changed this coun- try from a debtor nation to next the chief crei1tor nation of the world; stimulating our foreign trade to such a degree that in less than five years our exports increased 15o per cent. and our imports go per cent. In even less time than that we absorbed, net, S, 900 600, eco securities, and Aave also loaned to our Allies about SIC, 0,OO0, o0O,- GOO net. Our national wealth is estl- mated to have increased about 40 per c--t: our bank deposits about 300 per cent. ana our bank clear1n5s nearly 90 per cent. AS a, maritime power we lave leaped almost from the bottom to a. good second, having 3,GG0, 600 tons already completed and 13,000,000 tons projected. Tn spite of the diversion of our economic energies and the con sequent dislocation of labor, we pro- duced more than half the worlds sup ply of copper and oil. Of steel and Icotton we already produce vastly more than any other nation. We raised larger quantities of grain and cattle than ever in our history, and IafT. Hoover has told us that we must eend not less than 20,O00,C0 tons of food this year to starving Europe, which can safely be done without causing any scarcity at home. In truth, the United States has found it. self internationally.
 In foreign trade we are sure of great developments. Immense quan- titles of commodities, crude products and building materials will be wanted in Europe for reconstruction. France and Germany can supply but little. Britain is already well prepared, and Iis making a prompt start; but much of her greatly revitaliZed energy will be consumed in the new development iof her own empire. The United States Twill, therefore, come in for a liberal share of it's new demand. We, too, Iare making ambitious plans for trade Edeyelopn1ents in South America and Ithe Far East, and many new oppor- tunitics will be opened by this great war. Several of our great banking in stitutions are alive to the future, and tAmerican branch banks are opening Iau over the world. Under the Webb law, designed to permit combinations of exporters, very extensive prepa- rarations are being made, and many large industrial corporations have teined these organizations. Small concerns have equal opportunity with the larger under the Webb law, which was also intended to avoid possible conflict with the Sherman Antitrust Iuaw. During 1919 we may look for a large expansion of exports and very considerable growth of imports, al though the latter, under present con- lditions, cannot be expected to keeT pace with the former, and we sha1 ,still continue to be a. leading creditor nation. The only means by whicE these debts can be settled and by which foreign countries can buy oul products is for a liberal granting o1 credit on our part, also 8 much wider Investment of American capital 1T foreign enterprises. This is a new but necessary departure, and one tha' will ultimately lead to an increase o1 national prosperity and influence When war borrowing is ended we vii Ibe in a position to grant these credits freely, having more free capital thar any other country; also having large gold supplies and 8 growing income from our foreign holdings, the pro cecds of which to very considerabl' extent can be profttalbly employed af1r-ad.
 Though we have suffered less an' spent less than some of our Allies ol the war, its effects have in some re Epects been almost as marked here a |. there. Great social and politica changes are inevitable. Some of then have already occurred, and others wi follow. Even now we are uncon scicusly in a quiet and orderly revo 1ution. Extra raordinary incursions hay been made by the government int business. Many new functions weT projected, and official activities we tremendously expanded into,, entirel new fields Not a few of these activ 4ties are sure to remain, despite de mobilization and whether goverr anent ownership of public utilities ez pands or not, 1t is certain that gov ernment regulation of industry some form or other is destined grow to much wider proportions. Al parently this is the only means { present of satisfying public dissati
 faction with the management of b
 business; and if intelligently and e fiQiently applied---not in the prejl - diced spirit of the Interstate Con .merce Commission---the country ms be saved from the illusions and d
 fleets of government ownership.
 Industrial demob4hzation is pr ,ceeding even more rapidly than u
 military; and the government W
 have taken itself very largely out
 Business by January 1st. For mont
 past practically all finance, commt