Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-25
CHANCES FOR CAPITAL
New Policy Adopted by the
State Department.
FOREIGN FIELDS SCANNED
Steps Taken to Encourage American
Enterprises.
OPPORTUNITIES IN CHINA
Openings for Investment in Turkey
Where the Government Will
Grant Concessions.
BY WILLIAM +. CURTIS.


! If the recent painful experience of Mr..
| c. r. Crane of Chicago serves no other
| good purpose, it ought to call attention to
what the Department of States is doing
| to enable American capitalists to take ad-
vantage of the opportunities that are Of
| fered for commercial and industrial en-
terprises in foreign countries, and par
| ticularly in China and other parts of the
| east. Their record in foreign lands is ir
| striking contrast to that at home We
! have the reputation. and it is justly earn
| ed, of being the most enterprising and
progressive nation in the world; our ma
tional development has been more rapid
| thorough and profitable than that of any
| other country. and perhaps 1t is because
our business men have been SO closely
employed at home that they have not
ventured to compete with European capt.
| talists in other parts Of the world
Foreign governments, as a rule, particu-
larly China, Turkey, Siam and others
Whlch are the objects of rivalry among
the European powers, prefer to give con-
cesslons for public works and other large
Undertakings to CT tizens of the United
states, because no politics is ever in
VOWED in our business affairs. Japan,
Russia, England, Germany, France and in
measure Italy and Austria are striving
for political as well as commercial as
tendency in the far east They are anx-
ious to extend their spheres of influence
by securing control of railway lines
banking privileges and industrial and
mercantile connections. but the United
States is recognized as entirely disinter-
ested. Hence larger inducements are of
fered to Americans, and our people can
obtain better terms than those Of any
other nation. railing. however to inter-
est them, China, Turkey and other gov
ernmentS have sought to place conces-
sions in Belgium, Holland, Switzerland
and the smaller nations which are with
out political ambitions or policies of con-
quest.
Almost every offer that has been made
to Americans has been rejected or ig-
nored and in the few Isolated cases in
which our capitalists have undertaken
foreign countries. they have fiunked in
a humiliating manner and turned over
their contracts to foreign syndicates be-
fore completing them
Ignored by America.
William Wheelrieht. founder of steam
navigation between South America and
Europe. was an American, and, by the
way, his granddaughter is the wife of
James Bryce, British ambassador at
Washington. Mr.. Wheelright conceived
tiiC iuUh VI luIiiius d me Oh StcdIHoIS De-
tween New York and South American
ports. but he was unable to induce any
American capitalist to invest his money
in such venture. He finally went to
London. where he founded the Pacific
Steam Navigation Company, which now
has Va hundred or more vessels plying
regularly between Panama and Liverpool
via the Straits of Magellan. The people
of the Argentine Republic and the people
of Chile have erected monuments in hon.
ar nf 40 J.;
is scarcely known in his native country.
Another American. Samuel B. Hale was
the foremost pioneer in commercial and
industrial development In the Argentine
Republic, and endeavored to interest his
fellow-countrymen in the opportunities
that were offered there, but they turned
their backs upon them. and he was com
PEELED to go to Europe for capital. Hence
the exporting and importing business, the
railways and the banking interests of the
Argentine Republic are now controlled
very largely by Englishmen, when Amer
leans could have had them by lifting their
hands.
The government CT the Argentine Repub-
lie and the government of Brazil for years
had standing offers of subsidies to citi
zens of the United States who would start
lines of steamers between the principal
ports Of the two countries. The late John
Roach accepted the offer from Brazil. but
his own government not only refused to
assist him. hut treated him in such an
unjust and mercless manner that he
was compelled to abandon the business.
Several American contractors are now
engaged in important public works in
Brazil, and SO far as known they are
making satisfactory progress.
The first railroads In Peru were built
by Americans, but they were unable to
maintain themselves, and the property
was finally turned over to a British syn
dictate organized by an American-Mr.
Michael +. Grace.
Half a dozen American firms have tried
to build railroads in Colombia and have
failed. and the history of American con-
cessions in Venezuela should be forgot
ten as promptly possible.
A Virginia gentleman. with the assist
ance of New York capital. started to
build railroad from Guayaquil to Quito.
Ecuador. but before it was half finished
he had to go to London for financial as
sstance that he could not obtain in this
country and the road was completed with
English money.
A similar transaction has been going on
in Bolivia, where an American syndicate
obtained concessions for several thousand
miles of railroad, but took an English
syndicate into partnership almost before
mile of steel was laid. Similar instances
might be cited to show that American
capitalists and contractors have invaria-
bly, failed to take advantage of the oppor-
tunites that have been offered them in
foreign countries, whatever the reasons
may have been.
Opportunities in China.
China will be the largest field for COM
mercial and industrial enterprise in the
world for the next twenty-five years. and
Americans might have had the preference
in every line of undertaking if they had
shown honest and consistent DISPOSE
ton to take advantage of it. But l do
not believe there is today single Amer
lean enterprise in the entire Chinese en-
pire beyond a few commission houses
that buy tea and silk and sell machinery
! and implements at the treaty ports. There
is very valuable gold mine in Korea
which has been developed with genuine
American enterprise by James r. Morse,
Leigh Hunt, j. Sloat Fassett and their as
sociates, but we have nothing else of i'm
portance in the way of developing the re-
sources of that great and promising sec
ton of the world.
An American syndicate was given the
best railway concession in China upon
the most liberal terms that were ever Of
fered to foreigners by that country. 1t
was accepted and the work of construc-
ton was begun. but after building tif-
teen or sixteen miles OF road the con-
cessionaries laid down and finally com
PEELED China to buy them, out at a price
that was several times greater than the
property was worth. Upon that precedent
the Chinese government would be fully
| justified in refusing to deal with any
is not exhausted, and notwithstanding
| that unfortunate experience our credit is
still good, American capitalists can get
better terms in China than those Of any