New Britain herald., 1918-02-16
Henry Clews Weekly Letter
Especial to the Herald)

sion of peace is more active than at
 any time since the war began, the de- 1 termination to push the struggle to the end was never more resolute than now. The greatest obstacle to peace is probably the attitude of military
 Germany. This is som ething to which
 civilization cannot and will not con 1 sent; so the War-Weary Titans must continue their wrctched struggle until ] victory definitely decides which side is the strongest. Happily endurance, as well as reason. justice and liberty
 are on the side of the Allies whose
 unlimited resources and stouthearted ness will eventually bring the war to l successful conclusion. As for peace ! proposals 1t is plain that at the mo- ! ment both sides are yet too wide apart 1 in their views to admit of a settle ! nlent. The desire for peace IS un- question: bly still running strong in 1 Germany, but for the time being it's
 voice is silenced by the mailed fist : Possibly later events may give oppOr- 1 tunity for a renewed oGtbuTSt of de-
 mands for peace from Germn citizens;
 but at the moment this is not feasible 1 Meanwhile spring is considerably fur l ther advanced on the Western front l than here; and the expected German
 
 1 ish drive last spring having started 1 considerably before this date. The
 Ukraine peace contract was an un- 1 pleasant development; and the threat 1 ened disintegration of Russia presents some alarming possi Utilities; but, while l it may encourage and help feed the enemy, 1t will not prove decisive 1 factor.
 Our foreign trade, though showing 1 less sensational gains than of late, still maintains big strides The total exports for the year ending Decem- Der 51, 1917 were S16,231, n,00O, Or s749,OO0,000 more than in the pre- vious year. Of this increase. $225,- 0O0,O00 went to Canada $114, O0O,- 900 to Great Britain s116,00o, ,00c to Italy, $sO,o00.O00 to France, $SS,- 1 O00,O to Japan, $57.0O0,0OO to Mexico and s2S,0o0,00O to Spain. Of the declines, the most significant were S23,0OO,000 to the Netherlands, s27, 100000 to Sweden and 1.oO9,- 900 to Russia in Asia The losses to ! the Netherlands and to Sweden are l of course attributable to our embar- ] go. and cannot but increase the dis ] content arising from the war in those l countries. In December there was a heavy loss of S16 100000 in ship ments to Russia, resulting from the recent collapse; and still further dc clines must be expected in the Jan- uary figures. As to imports, the total 1 for the twelve months of 1917 aggre- gated $2,952, 100000, an encouraging increase of 100000. The pre- ponderance. of exports over imports was $3,279, ,OO0,O0 compared with s3,0a1, 1,00O,O0O a year ago. This is big excess of exports; yet the ten dency for swollen balances on the export side IS less pronounced than in the early stages of the war De- cause of partial recovery in imports The increase of the latter was almost entirely due to arrivals from Canada and South American countries. Our imports from Great Britain fell $25,- 900, 0,00C, which is ay matter of reGret; because the larger our imports from Britain. the more easily her obliga- ! tions here would be adjusted. lm- ports from Italy fell $24, 100000, from the Netherlands 21,oo0, ,oo0,
 from Franco $1o,000.O00. but in creased $176,00O,0OO to Canada and s62,000000 to Argentina. Thus, while the war has seriously deranged our foreign trade, it's volume has been well maintained, and the abnOr mal excess of exports has immensely strengthened Us as a creditor nation. Preparations will soon be in order for the next Liberty loan: in fact they have already commenced in one form, through regular weekly issue of Treasury certificates which may later be exchanged for bonds. In this connection the most significant development was the fall in End Lib te, q, record. The decline was evidently due to liquidation, and selling by financial institutions and others in order to facilitate subscriptions for the next issue: also in part to tho fear of a possible prolonSation Of the
 war. The declines in these bonds
 will not cause the slightest uneasiness
 There is not the smallest doubt about
 American credit, and these bonds are
 beyond question the best the world
 affords. But even the strongest se- |
 curties available must in time obey
 the ineXorable dictates of economic
 law. Demand is not keeping pace {!
 with supply, interest rates are stead
 fly advancing: consequently even
 Liberty bonds must adjust them ,
 selves to market conditions. Nobody
 doubts for a moment the safety of
 the Anglo-French 5s, or the paNment
 If their interest yet these are selling
 about 89, and have been still lower.
 The most vital problem before the
 United States today is the mainten
 ance of national credit, without which
 he war cannot he won. Our re- .
 sources are ample; and wise f1nan-
 ~iering will utilize them unerringly
 D victory. The first step in this
 direction is to keep business as active
 nd as profIta ble, within reason, as
 possible If through il-advised leg
 station, excessive taxation or govern
 7ont interference, prosperity is 1B1-
 7rlv checked the principal sources