TO-MORROW IN AMERICA

Dominion, Volume 11, Issue 92, 11 January 1918, Page 7

TO-MORROW IN AMERICA

.GREAT AFTER-WAR. BOOM

A well-known- banker, Mr. Henry Clews, , of New York, has recently contributed some interesting remarks upon the position of the United States after peace is declared. ' The truth is that tho war is impoverishing the whole world, and the waste , of life and wealth is inconceivable. Everything grown or--made by tho hand of 'man is in short- supply, and years will bo required to fill the enormous vacuum. The scarcity of men or labour at a time when . most needed means high wages, high prices, and a loniz period of industrial activity. Of course, there will bo , times' of depression, as well as grave impoverishment of. some sections,, whilo upon all will be a crushing burden of debt. Difficulties at. present nnperceived arc likely to develop, and recovery from war does not mean escape from all its losses. But. he adds, peace, when it does come, will find the United States elevated to a pre-eminenco, industrially, commercially., and financially, that would have required a generation to attain, had it not been for this cataclysm in Europe. The war profits earned in the first three years enriched the United States enormously, and of all great nations it has beon least affected 'detrimentally. . Her foreign trade shows phenomonal growth,, the balance for tho first eleven months of tliia year being officially estimated at fiGOOjOOO.OOO in her favour. "Tho future of American export trade," eoneludes 1 Mr. Clews, "is exceptionally brilliant. By far tho most significant result of tho war to Americans will be the restoration of the United , States to a fitting position na a. maritime Power. Our weakness in _ this respect has long beejn a thorn in our national prido. Before the war wo ranked close to the foot of the world's sea'going tonnage; but within a couple of years, thanks to prompt seizure of a favourable opportunity, this country may easily become a good second _ to Great Britain as a maritime nation. Tlio establishment of a big mercantile marine speaks volumes for the future of American foreign commerce."