The Birmingham age-herald., 1921-03-28

February sales as measured in mony were more than 50 per cent under last year, but when allowance is made flor the decline in prices and the present im- pecuniosity of the agricultural classes this is not so bad. Other distributors report an active trade There are more out-of-town buyers in New York than for years at Easter, and please rush shipment is the request made with every purchase. Bank clearings still show a smaller percentage of decline than prices. Last week they were 25.6 per cent less than a year ago.
 Secretary Mellon, while admitting a fall ing off in the income and excess profits taxes, estimates. that the March 15 in- stallment will yield $675. 900, 900, as conn pared with s918 000, 600 last year. This is rather in excess of what had been ex- pected, although it will be far below what the government requires, and the need of promptly providing some other source of revenue is becoming plain. Congress will reconvene April Il, and will then decide whether a revision of the taxes or the revision. of the tariff shall be first considered. The tax question is in my opinion by far the most important, and venture to suggest that every one who agrees in this view should write his congressman and senators accordingly.
 
 heard at Washington as the labor unions do they would have less to complain of.
 MONEY MARKET EASIER
 The money market is easier for irre- proachable commercial paper and call money in New York is lending at per cent outside the exchange, where the rate Tor renewals is still held at $ and 6s per cent. In one of it's advertisements the Hartman National bank of New York says: ITO assist economic read- justment and start the wheels of trade we seek to reduce transportation costs and wages Why could we not go fur ther, directly helping trade by reducing the cost of borrowed money?,' The whole country is asking the same question. and awaits the answer of the federal re- serve board and the bankers The inflow of gold is partially explained by the in- creased production in Rhodesia. which was valued at f2s3, ,794 in January, 1921. as compared with e211 ,s61 in January, 1920 Measured in pounds sterling the produc- tion for 1920 was worth .549, against f2, 499 49S in 1919. The comparisons are however. somewhat misleading because of the fluctuations in the gold value of sterling. and it is evident that an dA- crease of G600,0O0 pr less than B, ,O00. .OU0 in the gold production of South Africa could not have provided the $256. 1000 900 of gold that we imported during the eight months ending February 2s. 1921.
 , The fact seems to be that Europe has resigned itself to letting us have it's gold, and the forward-looking economist finds himself wondering what would happen if we got most of the gold in the world. It lis an interesting question to contemplate though 1t may be somewhat remote.
 The news from Europe is difficult of interpretation. To thes practical business man it seems without financial signifi- canoe. because the market for foreign ex- change is but little affected by it. and it is inferred that the scare heads in the newspapers do not reflect similar per- turtation in the minds of foreign bank CTS. There seems to be no doubt that Leuine has change of mind if not of heart in regard to the immediate prac- ticability ct communism and a world rev olution- He now appears to be anxious