New Britain herald., 1919-05-10
Henry Czeu, s Weekly Lefter
Especial to Herald). Germany'S Future.

There ic doubt about it's being signed, in snite of protest Germany's power for, harm has been absolutely destroved and her future rulers will h,vo tn devote themselves to rebuildina Cor many upon very different ideals iron, those which wrecked the recent en,- pire. Unfortunately for Germany she shows no evidence of renen+anco no recognition of the enormous crimes which she has committed and only faint realization of the os- tracsm she has incurred from inc civilized world. Let us hope that the German conscience will be awakened. for in that direction alone can her future salvation be found. X very i heavy economic burden will be inn posed upon Germany, but probably not more than she can bear. The in dennity will be paid; and by indus try, thrift and efficiency Germany, with her great genius for organiza ton, will recover her industrial and commercial position more quickly than expected.
 Effects of Peace Pact.
 The effect of assured peace upon the world will be to hasten the re- turn of normal conditions. Many re- strictions upon foreign trade will soon disappear. Great international en- terprises which have long been sus- pended will soon be put into opera ton, and as a result of the war we may look for a widespread expansion or commerce and industry. The worlds shipping will be more free TOT commercial purposes. Gradually put surely traffic will grow and in dustry revive. Peace will be the first step towards reducing the cost of living; because millions of men will turn from idleness to productive industry, while the scarcity of food minerals, textiles, etc, which is at bottom of high prices will eventually disappear Before the war Germany imported S2,S90,000,000 of merchan- disc and exported S2,22O, O,00O,OOO. A considerable portion of this trade will be soon recovered. Our exports of copper, oil, cotton, leather, and etc, must soon be resumed to Germany on a large scale, in fact considerable quantities of these products have ai- ready been shipped to foreign coun- tries in anticipation of this demand. Germany's foreign trade was chiefly with the British empire and the United States, and unfortunately the hatred she has incurred with these nations will be an impediment to her recovery.
 An Era of Imitation.
 There is no disguising the fact that this country Is running full speed under the stimulus of war in f1ation such as has followed all great conflicts. How long it will continue, I,,t 1 tyr-n one can tell. Such movements are too often ended only by exhaustion, which is not yet in sight, or by some unexpected catastrophe. Fortunate ly the situation is still sound, and over expansion of credit has not yet reached the danger point, thanks to the strength and elasticity of the new Federal reserve system. Of course any human organization may be over loaded, but our bankers guided by past experience can be depended upon to put on the brakes when necessary, while the Federal reserve managers themselves can and will ex- ercise powerful restraint. The lead ing merchants of the interior display great confidence in a season of ac- tive trade during the latter half of
 
 tural profits Steel producers expect a big demand for their products later on from the railroads, from building contractors and automobile makers. Oil producers see big business ahead owing to the tremendous expansion :n the use of oil for power and fuel Agricultural and animal products are sure to be exported in large quanti- tn po Europe. Cotton will go forward freely when the cotton mills of Europe fairly resume. Textile manufa ctur- CTS here are calculating upon a large home and foreign demand. For cop- per there is a better inquiry, and we are exporting coal in very consider able quantities in place of Great Britain, which before the war was the worlds greatest coal exporter Our foreign trade is already reviving, exports having risen from $522,20O.- 900 in November to $605, 5,0OO,OOO in March. Imports are gaining some what but not in sufficient volume to pay for exports; and it is one of rhe problems of the future as to how far Europe will be able to pay for the immense quantities of raw materials that she requires. There may be limit to our accepting payment in securities. investments or loans: a contingency that would quickly check our exports. Fortunately. however, Europe is recuDerating and becoming better able to send merchandise here The outlook for shipping continues excellent and the supply of freight is still far greater than available ton- mage. Ship owners expect great pros pcrity for months to come.
 Victory Loan to Success
 Attention in the financial district has been very largely devoted to pushing the Victory loan. At periods suhsctiratin1as laoecad disannnirt ,11