New-York tribune., 1921-12-25

the partial control of wheat in China,
due TO the recent famine.
The failure of the fall cocoon crop
undoubtedly is not as vital, for, al
though silk is now selling above the
minimum prices established by the
silk control, the previous inability TO
bring about reduction in this years
crop when stocks of raw silk on hand
were still mbarrassingly large had
caused consi derable concern to those
interests which were backing the silk
pool.
Demand for American Lumber.
General building and construction
has returned to normal, and there has
been exceptional activity in the coa-
struction of houses and of municipal
nGertakIugs. This activity is due
partly to delayed construction on ac-
count OF psvvious high costs and the
financial crisis of last year. partly to
reconstruction of areas recently devas-
tated by tires, and partly to rebuilding
in connection with the program Of
widening various streets in the larger
cities necessary as traffic arteries,
which were too narrow for automobile
traffic The building of homes has re-
suited IN heavy importatlons OF Ameri-
can lumber, particularly of the best
qualities of Douglas fir, Port Oxford
cedar and other West Coast species.
Ia japanese houses the woodwork is
practically all exposed, not even being
covered with paint or varnisk, and the
Japanese, therefore, prize the clear,
straigh grained woods for the stud
ding, ceiling, panels and wainscoting,
aud such wood is absolutely essential
for the delicate latticework of the
=t, Il ~,
on one side with paper. The demand
for American lumber has been in
creased by the fact that the Increased
wage scale III Japan, the more primi-
tive methods of numbering, and the eX
aaustion Of more accessible stands in
the Hokkaido, combined with the cheap
trains Pacific freight rates. have made
American lumber cheaper than tho na~
tive product. The construction of mod
ern types OF building has also created
II demand for the poorer grades Ut
lumber for concealed work and for
forms for concrete construction, and
has been largely responsible for the
activity in the steel market during the
on hand have beer materially reduced,
while the demand seems to be increas-
ing,
Warehouse Stocks Decline
There has been 4 gradual reduction in
the value OF warehouse stocks, but, OF
course. the quantities have not dimin-
iahed in the same ratio, Stocks Of
cotton yarn have been increasing Of
late but in spite uf this 1t has been
decided to discontinue the voluntary
curtaiiinent of the production Of Gotten
yarn, which has been IN effect these
many mouths, and to resume normal
production on December Is.
The proposed annual budget OF Japan
shows :, reduction from the budget
proposed for last year. but the only re-
duction so far announced is in conncc-
tion with the navy nppropria tions. The
government has approved q bond issue
amounting to 55,G00.000 yen for the
purpose Of refunding the previous
issues.
Naturally the tragic death of Pre-
mier Hara came as an unexpected blow
to the Japanese, but us Premier Taxa
hashi promptly announced that there
would be no change in the policies Of
she government with a change in Pre-
miership it is not felt that this sad
event will have IN apprccisblc effect
I upon foreign trade.