The Birmingham age-herald., 1923-01-07
EUROPE IS RECOVERING

EOhOEE 10 hEOO V Ghl1Nd
 Ever since the war the public has been waiting for affairs to get back to the nor nal in the eastern hemisphere, expecting and prophesying that the thing was about to happen; but always the fact stared the world in the face that the gold supply was still. gravitating to the United States. The great pile of the precious metal stored in this country meant and could mean only that the peoples on the other side of the water were not yet producing in customary way, and that they were buying more of us than they were selling to us, and the balance therefore was paid in gold. The long-con- tinued drift of gold to the west eventually drained Europe of gold forcing a resort to paper promises to pay on the part of the weaker countries; and even the richer coun- tries tax themselves heavily to keep on any thing like a gold basis. Now, however, and for the greater part of the year that has just closed there is visible not only slack ing of the gold current such as might be expected to take place when the supply is about exhausted, but flow in the opposite direction, indicating very strongly that the countries that have been sending us gold are now producing again, and that they are sellers in excess of their operations as buy CTS.
 The statistics for eleven months show that imports of gold to America decreased sixty two per cent, or $411, ,O0o,o00, as compared with the same period the preceding year; while exports of gold, so long negligible, increased fifty-seven per cent, or S34,000,- GOO. True, the trend generally is still in our direction, but the current moved the other way also, and in a manner that shows there is a noticeable change in productive conditions abroad. The receipts of gold this past year were the smallest in five years, which is proof of the arrival of a part at least of what has been looked for; meaning, as it does, that there have taken place enor- nous strides in industry and commerce in some of the foreign countries. It may mean at the same time that the United States is the loser, which may be fact, seeing that we have put up the bar against foreign trade for the protection of American-made goods
 Reports show that most marked inn provement has taken place in the agricul- tural condition of India, and in the industry of that country. Canada also has done re- markedly well and gold has been flowing into that country since the dollar of Canada reached premium value. All the European countries except Russia and Germany have been hard at work for several years and are beginning to find themselves in condition to go forward, in something like the style before the war. There has been an immen- sity of damage to be repaired, and this has taken material. Not until now have the people been able to turn their attention to outside dealing-hence 1922 Is the first year that shows incontestible signs of the return to the normal.
 That this situation will not in the long run be to our disadvantage is recognized. The world cannot get richer without our participating in the profit. The piling up of gold here has been of no particular gain; and all it showed was that America had the bag to hold for the time being she was the only seller. It is better for the world, and for America, of course, that all countries should be buyers and sellers; and this is what the world is coming to again, even if we do say, in our protective tariff bills, that. we do notswant it that way.
 After every war there is a period of re- construction, and confusion of trade and commerce caused by interruption of the regular course of affairs. Then comes sta bilization, and better times for all. We may expect with considerable certainty that the end is now at hand for the world; and that this year will see the beginning of the hap pier era. It is recognized that so far the political situation is unsettled and this Is a factor that gives uncertainty to prediction; but debate cannot very much longer be in- dulged in. A few weeks at most will see some decision, and end the political trouble one way or another.