It is indisputable, of course, that the war is exerting a strong supporting influence upon U.S. business. Purchases of munitions and supplies are increasiíg, with another $200,- 000,000 aircraft order from the Allies during April and more to come, Export trade figures have continued fa-yourable, at least up to the Scandinavian setback, states the National City Bank "May Bulletin."
US. March exports totaled $352,- 000,000. This was a little below the $368,000,000 peak reached in December and January, but the difference is more than accounted for by raw cotton alone, which has shown the expected drop following the concentration of subsidized exports some time back. Some other agricultural exports also declined. Shipments of industrial goods have continued to expand. Sentiment will be prepared for a less favourable showing in April, in view of the tie-up of Scandinavian shipping and the interrupt tion of exports to the Scandinavian countries.
The support given to the steel industry by export orders has been a major factor in slowing down the decline in operations. Exports of steel products, exclusive of scrap, in March were nearly three times the tonnage of a year earlier, and represented the highest percentage of steel making capacity that has been engaged in export trade since the last war. Some other industries, directly affected by war demands, are also contributing increasing support to the general situation, subject only to the limits of their capacity.
Text read from the printed page and cleaned; old type leaves the occasional error.