The Birmingham age-herald., 1919-06-29
FISCAL YEAR TO
 END ON MONDAY
By HOLLAND.

New York, June 29.-On Monday of
 next week the fiscal year terminates.
 It is to be wonderful fiscal year record
 which those who are in charge of sta
 tistlcal information at Washington will
 be able to furnish during July and per-
 haps little later which will tell of un-
 paralleled activities, unexpected changes
 and the amassing of foreign trade un-
 precedented in the history of any coun-
 try
 When the present fiscal year began
 on July 1st, 1918. it was the common
 belief that the European war would be
 continued throughout the fiscal year.
 Some of the leading bankers who re-
 cefved private informa tion from Europe,
 were inclined to think in July and Au-
 gust of last year that the war would be
 terminated by the first of January. 1919.
 That however was not in view held at
 Washington. There the opinion prevailed
 that the war would last another twelve
 months at least. The government was in
 great need of money and preparations
 were made for floating new national
 loans to be offered directly to the public.
 The Red Cnoss organization, under Henry
 F. Davisons leadership felt confident
 that there would be necessity for calling
 within a few weeks certainly not later
 than the autumn of that year for a large
 popular subscription much in excess of $1O0, GOO 900.
 Various other organizations occupied with benevolent and philanthropic war work, seven in all. were to cooperate in an attempt to secure from the public at least s10o0oo,Ooo more is possible the aggregate amount to be ali viGed proportionately among the seven orga nizat tionS.
 Here then at the beginning of the fis- cal year on July 1st, 1918 were propo- sitions involving the securing of billions ir the form of popular loans whereby the government would be brought in possession of funds with which to carry on the war; also hundreds of millions | secured from the people as outright gifts and in addition it was kr.own that our friends across the sea would be enter 1 ing the American market for the purpose of securing loans from banks. from men of capital and investors. There were also South America would approach the Am erican market for funds.
 Therefore, we entered the new fiscal year fully realizing that enormous amounts of money would be needed, but confident that no matter how great the
 amount would be it would be secured. IT WAS SECURED
 During the fiscal year which is just ending, all of these hundreds of mil ] liens were obtained. and apparently with such ease as of itself to cause wonder not only here but in London and in Paris. During the fiscal year an extraordinary and unprecedented change in our international trade oc- cured History will record 1t as per haps the chief phenomenon of the last year of the war, at least of trade financial and commercial character. Many times within the first four or | five months of the fiscal year the opin- 1 ion was expressed that our foreign trade had become phenomenal chiefly because we were exporting enormous quantities of munitions of war, food and other commodities which were needed in Europe. but that the export Of these commodities would cease and l our foreign trade lapse back into the condition in which it was before the war. aftR' peace came.
 But wonderful thing happened when the armistice was signed in No vember. It was said even in the finan- cial district that Europe would cancel orders for munitions of war and would cancel other orders So greatly that our exports would fall off appreciably ir November and December and greatly after the first of the year.
 Instead of that, an unexpected phenom- ! enon was developed. Other nations began
 buying commodities in the United States which were not war material. They con- sisted of material and food as we'll as cotton, which were to serve peaceful pur- poses. The record made in January ot our export astonished even the ablest leaders. February told a like story and so did the months of the spring. There fore, it is possible now to estimate thas the trade balance in favor of the United States for the fiscal year will be con
 siderable in excess of $s,00o.000 and more than half of this represents commodities purchased in the United States by our friends across the seas for the purpose
 of providing food and also material with which to aid in the rebuilding of the countries that were devastated by the ' war
 | Now that evidences are plentiful that lthis export trade will continue for sew IeraI years. provided only the United States aids. both in financial and in lother ways, the countries which arc anx-
 ious A> enter ouF markets So also ths