Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1875-10-23
ENGLISH CAPITAL FOR THE UNITED
STATES.

association known as the International
Chamber of Commerce and Mississippi
Valley Society. This is comparatively q
new organization, or at least very little
known in this country outside OF some
Of the larger cities where branches have
been formed. The object of the associa-
ton is to promote the application of
British capital to the development of the
resources of this country. To this end
the society proposes to make thorough
inspection of the country during the
coming Centennial summer and autumn.
The scheme of inspection is something
extraordinary in its scope, and in respect
to the agency by which it is to be car
ried out. The proposal is to send out no
less than five Populations, each COM
posed of about one hundred representa-
tives of English capitalists, each of which
has particular field assigned to it for
inspection. 1t is proposed that the first
deputation shall leave New York or
Philadelphia about the middle of July,
1875, the second abouta month later, and
so on to the last, which will set out on its
tour about the middle of November.
The first deputation will visit Canada
and the northern portion of the United
States; the second will inspect belt of
country further south, and so OH to the
last, which will visit the extreme south
ern states.
These delegations do not propose to be
put off with transformation or half in
formation. Each deputation will be di-
vided into six committees, each repre-
senting special interest, and composed
of men peculiarly qualified to make the
investigations with which they are
charged. The subjects of inquiry as
signed to these committees respectively
are as follows: /. The character and
value of real estate, and its safety as an
investment or security. 2. The mineral
resources of the country, and their value
as investments. 3. The character of
American securities usually marketed in
England, such as bonds of cities, towns,
counties, school districts, gas and water
companies, etc.; also the character of
bank stock, and stock in various indus
trial undertakings. 4. The agricultural
interests of those states, as bearing upon
the questions of emigration and cheap
food. 5. The commercial interests and
facilities of the west and south, and the
subject of direct trade. 6. The laws of
the various states bearing upon these diff
ferent subjects, the manner in which |
they are administered, and the degree of
security they afford.
If these committees do their work |
thoroughly they will doubtless find many
things which will not rebound to our
credit as nation. They will find many
private as we'll as public securities far
from being secure, owing principally to
an unhealthy tendency on the part of in |
dividuals, corporations and municipali- |
ties to to run into debt. They cannot, |
however, fail to be favorably impressed |
with the variety and extent of our un-
developed resources, and the ultimate
profitableness of investing capital in
their development. The probable result
of their investigations will probably be
the establishment of numerous agencies,
whereby their capitals may be safely and
judiciously invested. This in few years
would result in an influx of an amount
of foreign capital such as has heretofore
never been known.
Should the movement assume the pro-
portions anticipated, it would be hard to
exagerate the importance which such a
state of affairs would be to this country
at large, no matter what particular por-
ton of the country may be most favored
with investments. All substantial en-
terprises could secure capital for their
prosecution at a moderate rate of
interest. Mr.. Crossley, president of the
parent society, in a circular letter to the
American branches, states that existing
are peculiarly favorable
for the success of the project. Unem-
ployed capital is abundant i'm England.
beyound precedent. 1t does not at pres
ent find profitable employment in the
leading markets Of Europe. The lend
ing rate of the Bank of England, at the
date of the letter, August 25th, was two
per cent, the lowest point ever touched,
while money was freely offered in open
,orIxof nj ono opH a ho1 70 ono o-I
per cent. Should this
state of things exist next year, English
capitalists will be ready to entertain any
rational project witch promises to give ,
even at moderate rates of ,
interest, to their surplus means.
Some of the facilities which are de-
by the present society as a con-
ilition to sending out these investigating
delegations, are ample opportunities for
thorough investigations. These should 8
be accorded in every shape, and hearty ,
given at every hand. This ,
country wants money to develop its i'm
mense resources. This will give en- i,
ployment to our working men. Money :
invested in legitimate and honest enter f
prises is what this country needs to open II
up an era of prosperity such as has not =
been known here for years. !,
If the Centennial celebration results in +
he visit of these delegations and the .
success of the project, it will O
xo-o than rorov ovorx oant <I,ot L.