The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-06-30
FINANCING EXPORT
TRADE HAS BECOME
AN ACUTE PROBLEM

NEW YORK June 2s.-In his imam
etal review Henry Clews says:
The handling OF our foreign TRACE 10
rapidly becoming an acute financial
problem OF national Importance. In
MAY our exports amounted 10 SSoS'o""'-
600 and imports 329.000.0 900. an excess
IN the former Of $:77.0oo.O0o. during
the eleven months ending May our eH-
ports were $S.30S. 100000. or hair oIt-
lion above the record. while our ltn-
ports were $2.S02. 900! also the h'sn-
est recorded. But the excess or exports
for these eleven months amounted 10
S3505. 900, 900, or 1854. 900 more tnan
a year ago. The question is. how win
this growing excess Of exports DC OH
set? Europe Is poor. having nei'hE'
goods nor gold 10 offer IN eNSha",~'
being also heavily in debt 10 othcr ma
tons For a year at least she Will ho'
be able 10 pay for simple necessities
and she can only buy on creoit: ~
ready we have loaned many o'ti',,h'
abroad and FOR the preservation Oh E"-
rope as we'll as for our own oeS' IA,
forests we must furnish the needeo
Snsncia1 help as far as We can without
self injury. Estimates as 10 the future
needs Of the depleted nations vary from
81 $40 100000 10 $4,000. OOOOOV: Cne
lower figure covering the necessities TOT
a year or so, the larger sum oelns ZOE
longer periods. Our bankers nave al
ready been in conference with the ao-
thorities at Washington as 10 the oesl
form Of help, and il due season so'ISe
DEFINITE plans will be announced w
course the best aid that we can oIier -
that which will facilitate tho reSump.
ton Of work. trade and rattic In al Oh
the Torn-out countries. allies and en-
emies alike. None OF them can buy in
Se6nitely without selling. and for his
reason alone IL Will be ill-advised Tor
us 70 impose restrictions upon imports
which would tend to lessen our own ex-
ports. In this connection, the resump-
ton OF gold exports upon q moro extern
Sive scale Is Of more than passing IN
}arest Since the embargo was removed
about $4o.o0o,ooo has been actually
shipped abroad the bulk OF Il going 70
South American points. In ADDITION 70
this $so.0eo.oQo has been engaged TOT
shipment TO Japan; while TINS week ~
censes for the expectation OF gold 10
The amount Of $200. 100000 have been
i.sued by the federal reserve board,
chiefly in favor Of South America ana
Great Britain, although Japan IS 7Sto
70 have received a substantial credi-
The licenses for shipment do not neces-
sarily mean that gold Will De sn'ppeu
Tho willingness of this government 10
deliver the precious metal oeing usually
considered sufficient FOR all purposes
There is no doubt that release OF moo
crate portion Of our ample stock or Ho'd
for foreign use will be wise and ton-
servatiyc move relieving the tension IN
foreign markets which would otherwise
be transferred here.
money Market Limitations.
Tbc home money market Is facing an
unusual series Of demands. There s.
huge harvest which has just begun that
will have 10 be financed AT lntia'"o
values. General business promises 10
be active as a result OF unprecedsnteo
farm profits. Peace Will stimulate many
lines Of industry. Our government W'H
continue to be the largest single factor
in the money market for some time ~
come. and while its necessities are on
the wane they will nevertheless tend to
stiffen rates There are also urgent
demands for long deferred private on
terprises, for new Developments. for real
estate operations. etc. July dtsourSe-
ments agEregating over S3l4.oOOo0V are
already provided for Unless all signs
fail tho commercial world Is entering
new period OF great activity. patty
owing 70 tho necessity of repairing war
losses and partly because Of the ineV-
table development cf national resources
on n large scale There is also the de-
rand for money from abroad just re-
rerred to- In many respects New YORK
occupies the position OF world leader
ship in finance. which il Is quite Tire
to maintain until London regains IT'S
former position. Even then VIC sag
he able 70 retain the bulk OF gains mad"
in the war and probably will fur'h''
!, enhance them. ~ IN" moment We are
much favored by the fact that NV
York is practically the only free sold
market in the world"