The county record. [volume] (Kingstree, S.C.) 1885-1975, 1915-01-28
NINE


expansion by the British-American
Company are pra ctically unlimited.
1t is only question of time to de-
velop trade. We expect to take our
losses in the new territory for the
first few years, but in countries in
which we are now we'll established
it will take a new competitor any
where up to twenty-five years to
give US trouble. The statement
made by the American Consul at
Hankow to the effect that the Brit
ish-American Company has secured
majority of the cigarette business
of China is correct.
The British-American Company
is in very strong financial position.
In fact, its position is such that /
am of the belief that no further
financing will be necessary in the
near future. 1t is hard to tell as
yet just what effect the war will
have on the company, inasmuch as
it takes two or three months to Sc
cure full returns of our operations
throughout the world. However, l
have every reason for believing that
our sales since the close of the last
fiscal year have been up to those of
a year ago for the same period.
ADMINISTRATION POLICY AND Ex-
PORT BUSINESS.
1T is difficult to see how you can
expect American interests to go af-
ter export business on large scale.
First, the Republicans came along
and broke up big business and now
the Democrats seem determined to
break up little business. To go af-
ter export business requires ample
capital and the combinations were
the only ones that could afford to
take their loss for a number of
years in an effort to build up a big
foreign business. Does it seem
reasonable to suppose that if you
divide one of the large companies
into many parts, TIA: these parts
will be in a financial position strong
enough to warrant their going af-
ter foreign business? l talked with
cotton mill owner recently and
asked him why he did not go after
foreign trade. He said he could not
afford it.
No one can build up an export
business unless he centers his actiy-
tiles there. Export business can
not be run as a side line to domestic
business. . The American Tobacco
Company and the Standard Oil Com
pany were successful when they
went abroad, but it was only be-
cause they had the financial backing.
The British American Tobacco Com
pany, with its globe-circling busi-
pess, was possibility only because
it had the American Tobacco Com.
pany back of it.
Everywhere we hear the demand
that the United States build up it's
export trade, but as long as the
country's Administration sees fit to
restrict big business, just so long
will export expansion be ona proper
tionately restricted basis. However,
| have great confidence in the Amer
lean people and believe they will
continue to kick out the directors of
business policies here until a condi-
ton is created conducive to favor
able American business expansion.
VICE CHAIRMAN OWENS VIEWS.
Hugo Cunliffe Owen, vice chair
nan Of the British American To-
bacco Company, arrived in this coun-
try few days ago and expressed
views on the outlook for the British
American Company very similar to
those Of Mr. Duke. He said that
England cannot understand why
this country is not wonderfully pros
porous just now, as all Europe must
continue to buy mere throughout the
next year at least Mr. Owen said
that the cash position of the British
American is very strong one and
that the dividends in the year just
closed would have been as large as