The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1914-08-28
UNITED STATES OF AMERICA
THE RICHEST NATION


in an article on the progress of bank
by Sir George Paish to his paper. The
Statist of London's extracts from Sir
Georges review Of the banking situa-
ton have been made by the Depart
ment of Commerce at Washington and
sent broadcast throughout the country
in the Daily Consular and Trade Re-
ports.
At no time in history, Sir George
says, has the economic condition of
the world improved as rapidly or as
much as in the last hundred years.
Progress has not been confined to one
or two nations, the writer points out,
but has extended around the world.
While all countries have not advanced
at an equal rate, all have progressed,
Sir George finds that the United States
has easily made greater advancement
in wealth and population in the last
century than any other nation, and is
now nearly twice as rich as any other
country in the world. The United
Kingdoms wealth is estimated at $685.
900, 900, 900, that of Germany at $780,
900, 100000, while the accumulated
riches Of the American people reach the
inconceivable figure Of $15o,000, 00O. 900.
Expansion in Europe.
1.-THE wealth on the United Kingdom
in 1914" writes Sir George, was COM
puted at about $12,50O,OO0,000, while a
conservative estimate would place 1t
now at about $4,000, 100000 an in
crease of $50 per cent, while population
has grown 1870 per cent. The income
Of the British people in this period has
increased 700 per cent-from $780,
OOO, 900 to $12,OOO,0OO,OOO.
1.-THE wealth of France has expanded
400 per cent-from under $4,000, 000,-
900 to nearly $50, 900, 000, 000--while the
country's income has risen from ST.
250,0OO,OO0 to about S6,O00,000,00o or
$50 per cent with only 33 per cent
increase in population.
1.-THE progress of Germany has been
equally remarkable A century ago
there was no German Empire-only a
number of German States whose ag-
gregate wealth and income were prob
ably less than those of France. Now
United Germany is estimated to pos
sess an income of nearly $4,000, 000,-
900 and accumulated wealth of about
$50, 000, 100000 During the century
Germanys population has grown from
24,00O,0O0 to over 67,0O0,000, or $50 per
cent.
But if the economic welfare Of the
older countries has improved in this
remarkable manner, the progress of
the new countries is still more note
worthy. For the most part, the per-
sons who migrated to them were in
conceivably poor and destitute, and
these have attained incomes and
wealth much greater on the average
than persons who elected to remain in
the older countries. During the last
100 years the wealth of the United
States has increased from about ST.
75O, 900, 900 to something like $150,OOO,-
600, 900, or nearly $500 per cent; and
the income has risen from less than
$50 900, 900 to about s35,00000
year $500 per cent?, while popula-
ton has grown from 10000 to 49,
100000, an expansion of LIPS per cent.
The progress of the other young coun-
tries has been small in comparison
with the growth of wealth in the Unit
ed States; nevertheless, when one re-
members the meagerness of the popu-
Cape of Good Hope and of South
America, and the smallness of their
incomes in the early part of last CEN
fury, the really wonderful advance In
their economic well-being becomes ap-
parent"
Writing of the comparative invest
ments of nations and the extensions OF
the international credit system, par
ticularly the credit systems put in
operation by Great Britain. France and
Germany, Sir George says:
mo group of countries has derived
greater advantage from the credit sys-
tenn than the various agricultural
states of the New World, which have
obtained vast supplies of capital from
1t is evident that the young
countries would have developed very
slowly If they had been unable to Dor
row the capital needed by immigrants
to place them on the land and In the
mines, and thus to gain access to the
supplies of natural
wealth which these countries contain.
The amount of capital obtained by the
United States from abroad is calcu-
lated to reach $4,000, 100000, while the
amount of foreign capital invested in
Canada is about $4,000, 100000. In Ar
gentina foreign investments of capital
now exceed $500, COCOON. and in Brazil
about $1,500,000,000. In the whole OF
North and South America the invest
ments of foreign countries are not far
short of $4,000, 100000, including in
vestments of the United States in
Mexico, Canada and other countries.
"Of this total Great Britain has fur
nished about $11 5OO.0O0,0O0 Australia
and New Zealand have been supplied
with nearly $2,500,000,00O Of foreign
capital, almost entirely British and
South Africa with about $2,250,O0O,00O
The capital intrusted to Russia, largely
by France, but also by Germany, the
Belgium and Great Brit
ain, is about $4,000, 100000.
'1n the early part of last century the |
United States depended on Europe. and
especially on Great Britain, for most |
If the new capital needed for its de-
Today the accumulations |
If the American people are greater |
han those OF any other nation. 1t Is
rue that additional amounts Of for
,ign capital are still invested in the
United States, but the amount is in
significant in comparison with the
own savings. The wealth of
he United States is growing at the
ate of about $1,000. 100000 per annum.
whereas the investments Of Europe in
he country rarely exceed 100000
n single year, and in some years are
iothing at all on balance.