The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-23
SEEK U. S. MONEY
CONTINUED from Page One.)

many was In the aggregate amount not
very large. The Bank of England has
sometimes carried on transactions
with the Bank of France or with
French fnanciers involving larger
amounts. It was the fact, rather than
the amount, that Mr.. Gardin regard &c
as of consequence.
They All Want to Borrow.
Mr. Gardin upon his return made
rather cautious statement respecting
financial conditions OF a national char
acter which may be expected to de-
Velop in the course of the year 1912.
His view is that Germany as a whole
and nearly every one OF the states
empire viii be in the market during
1912 seeking funds. Italy he also re-
ports as likely to approach world
hnanc1ers during the year with offer
! ingS of bonds MIR. Gardin spoke in
more detail of the plans which are
now maturing in Paris, with which he
| undoubtedly became personally famil-
| lar while recently in that city. Paris
| Will make an Offering of bonds aggre-
eating perhaps as much as eighty mill
| lion dollars, Am erican money, posi-
| bly, no more than sixty millions. In
this loan, which will be offered in the
spring, Mr.. Gardih expects the United
| States to participate and he seemed
to have no doubt that if money con-
| tinues as plentiful in this country in
! the year 1912 as was the case in the
year 1911, the United States will prob
ably participate in number of these
( European offerings. In fact, Mr.. Gar
din would not be surprised if our loans
exports of gold from the United States
/ in the year 1912.
Our Debt to Europe.
1t would be a rash inference were
the prediction of Mr.. Gardin to be
fulfilled that the United States owes
very little to Europe outside of the
money which Europe has invested in
American securities, not speculattvely
or in the form of loans, but by down
right purchase for the sake of secur-
! ing income. Enormous amounts OF
British capital, it has been known,
have now for two or three years been
placed in the securities of other ma
tions. Without giving any figures, Mr..
| Gardin states that a very large amount
of British money has recently been in
vested in Canada. 1t has sometimes
been reported in this city that should
these investm ents of English capital in
Canadian properties and projects be
continued for a few years in proper
tionately as large amounts as they
have been made recently, then Canada
will by and by have absorbed g larger
amount of English capital than any
other nation.
English Capital Is Timid.
Mr.. Garden attributes this DISPOSE
ton of British capital to seek invest
ment in other lands to social and polit-
zeal conditions in Great Britain. APP
/
| United Kingdom are becoming tirnid.
Mr. Gardin states the reason when he
says that socialism already rules in
Great Britain. And as he is a man
of very great caution when expressing
views it must be that he was well in
form ed-or thought he was-when he
stated that in Great Britain there is
absolutely no demand for securities
which carry the highest credit. Such
investment as English capital appears
to be making at home is in securities
which carry somewhat tempting in
terest rate because they are not es-
teemed of the highest character.
A Great Year for Finance.
Our own bankers have had their
views confirmed by this staten ent of
Mr.. Gardin, for they have been now
for some weeks persuaded that the
year 1912 is to be distinguished for
vast operations of international finance
in which American capital will play an
important part.
II has not escaped observation that,
coincident with the increase of that
part of our foreign commerce which is
made up of manufactured commodi-
ties, the United States has been taking
assured rank with the great interna-
tional financial powers of the world.
That is regarded as in perfect accord
with economic law. And the details
of the export of iron and steel products
in 1911 and the comparison of these
come from Great Britain and Germany
of the exports of similar products are
read by our own bankers and business
men as conveying the lesson which
shows why, or in part why, the United
States has been able to enter into COM
partnership with the leading interna-
tional money powers of the world.
Great Britain still leads as an ex-
porter of iron and steel products, her
exports having been, in the year 1911,
a little over one hundred million dol
lars greater than those of the United
States for that period.
Germany. a nation that has already
become a world wonder for the very
great scientific skill and economy
which are there utilized in the manu-
facture of iron and steel products, ex-
ported of these products about ninety
millions more than the United States.
But what is especially significant about
our own export of iron and steel prod
ucts is its swift and great increase. The
money value of our exports of iron and
steel products was a hundred and fifty
million dollars greater in 1911 than in
1901, a greater increase than the one
which Great Britain is able to report,
although not quite as great as the in
crease made by Germany. These fig
ures include Americas exports of agrf-
cultural implements. In this commo Cd
ity the United States leads the world,
so greatly beating both Great Britain
and Germany that, while we are first,
there seems to be almost no second.
Great Britain exported only sixteen
million dollars worth of agricultural
implements and Germany nine mil
lions.
The Real Explanation.
These exports and the marketing of
American cotton in Europe in the year
1911, combined with the greatly linn
tied utilization of American capital for
large investments in the United States,