Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-07-01

Henry Clews & Co.'S weekly review says
n part:
The handling of our foreign trade is rap
idly becoming an acute financial problem
of rational Importance. In May our exports
amounted to S606 900, 900 and imports $780,
900, 900, an excess in the former of $277,-
100000 During the eleven months ending
May our exports We're S5,30S, 000, 600, or hale
billion above the record while our i'm
ports were $2,S02, 000, 900, also the highest
recorded. But the excess Of exports for
these eleven months amounted to So, $685.
600, 900, or 1914, 000, 900 more than a year
ago. The question is, how will this grow
ing excess of exports be offset? Europe is
poor, having neither goods nor gold to offer
in exchange, being also heavily in debt tC
other nations For Il year at least she will
not be able to pay for simple necessities;
and she can only buy credit. Already VIC
have loaned many billions abroad; and fol
the preservation of Europe as we'll as fol
our own best interests we must furnish
;he needed financial help as far as we can
without self injury. Estimates as to the
future needs of the depleted nations vary
fror. $1,000 900, 900 to $4,000, 900, 600; the
lower figure covering the necessities for q
year or so. the larger sum being fol
longer periods. Our bankers have already
heen in conference with the authorities al
Washington as to the best form of help
and in due season some definite plans will
re announced. Of course, the best aid that
the resumption of work, trade and traffic
in all of the worn-nut countries, Allis and
enemies alike. None of them can buy in
definitely without selling, and for this rea
son alone it will be ill-advised for us t.
impose restrictions upon imports whicl
would tend to lessen our own exports II
this connection the resumption of gold eX
ports upon a more extensive scale is Of
more than passing interest. Since the EN-
barge was removed about $4,000, 0Go has
been actually shipped abroad, the bulk Of
it going to South American points. In ad
dition to this $50, 900, 900 has been engaged
for shipment to Japan; while this weel
licenses for the expectation of gold to the
amount of 5000, 600, 600 have been Issued
by the Federal Reserve Board, chiefly ir
favor of South America and Great Britain
although Japan is said to have received 6
substantial credit The licenses for ship
ment do not necessarily mean that gold vii
be shipped, the willingness of this govern
ment to deliver the precious metal being
usually considered sufficient for all pur
poses. There is no doubt that release o.
a moderate portion Of our ample stock o.
conservative move, relieving the tension o
foreign markets which would otherwise bc
transferred here.
Money Market Limitations
The home money market Is facing an IN
usual series of demands. There is q huge
harvest which has just begun that will have
to be financed at inflated values. Genera
business promises to be active as result
of unprecedented farm profits. Peace vii
stimulate many lines of industry. Our gov
nrnment will continue to be the largest sin
gle factor in the money market for some
time to come, and while its necessities are
on the wanc they will nevertheless tend Il
stiffen rates. There are also urgent de
mands for long deferred private enterprises
for new developments, for real estate opera