Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-04-18
After the War.

The first few months following the outbreak of
the European marked a period of stress and
danger for the whole world of business. neutral
countries as well as begerents The United States,
Notwithstanding its remoteness from the conflict
and its wealth of unthreatened resources felt the
shock with painful intensity And it was not until
certain important readjustments had been effected
that we breathed freely again and regained hold
solid ground Thanks TO improved banking
and currency system, our financial interests
able to endure strain which otherwise might have
proved disastrous.s That measure of preparedness
saved us from panic.
- The months and years following the restoration
OF peace in Europe will mark another period of
stress and danger and will require other farreach
ing readjustments in the United States less than
in Old World lands. If we are pass safely
through that season of test and momentous change
We must be prepared. The question of economic
defense is imperative that of military and
naval defense While we are preparing for prob
lens of war, which may not arise we should pre-
pare no less adequately for the problems of peace,
which bound 10 come.
Writing in a recent number of the Times mag
szine. Mr.. James J. Hill. one of the ablest fnan-
ciers and industrial builders in America declares:
THE world to be born from this mighty
struggle will be a world different from any
that man has seen. We ought to study its
probable characteristics and adapt ourselves to
them No one is able to foresee their size.
shape and exact direction. But it is not only
prudent il is necessary, if we wish TO escape
consequences disastrous in their severity that
should endeavor to look ahead to the new
industrial adjustment of the nations and set
house in order"
One important aspect of that new adjustment
becomes apparent when we consider the tremend-
Gus debts which the belligerent Powers are incur
ring and the rigorous sef-discipline together with
unprecedented exertion, they must adopt in order
to meet those debts At the outbreak OF the war
the combined Indebtedness of Great Britain Ger
many and France amounted to nearly eleven billion
dollars. Up to the beginning of the present year.
this huge sum was increased by war loans aggre-
eating more than seventeen billion dollars; so that
the total Indebtedness of these three Powers at the
end of 1915 upwards of twenty-eight billion dol
lars. This does not include certain local debts
which amounted to eight billions in 1914, and
which have been steadily piling. On these vast
debts interest charges alone will be almost one and
half billions annually If the rate is only five per
cent Furthermore, Mr.. Hill points out, for
every month that the continues beyond jan
nary 1. 1916, past expenditures indicate that
billion dollars must be added the principal and
corresponding amount TO the interest"
Evidently. the countries that face these tower
ing obligations must live more frugaIIy and toll
arduously and plan more shrewdly than ever
In their past They must produce all they possibly
can at home and sell all they possibly can abroad
The rank and file OF their taxpayers must limit
themselves to the necessaries of. life. Their ex-
port manufacturers must reduce profits and wages
10 minimum in order to regain and uphold their
foreign trade. They must compete in foreign mar
kets with all the sggSessiveness and resourcefuness
Of which they capable.
This means the ITnited States con
cerned, that exports to Europe will decline and
that competition in world commerce will be unus-
ually severe We cannot expect our foreign trade
to hold its present high tide after the war Last
year our exports were nearly fifty per cent greater
than in 1913. normal period This record cannot
be maintained when the millions of men now under
arms return to productive Iaborsand the season of
rigid economy sets in. The demand for munitions
will cease Immediately and the demand for food
supplies will diminish. True. the European coun-
tries will be dependent on America for many of
the things needed in repairing their broken indus
tries but their straitened credits general i'm
poverishment will compel them to buy as sparingly
possible Mr.. Hill thinks that in these circum-
stances European exports will be doing remark
ably well if they do fall below the average OF
the fve-year period from 1900 to 19O5-and that
average. including sales TO all countries was more
than two billion less than the record for 1916.
Obviously then, must Offset in other fields
losses in Europe if are to maintain our COM
mereial supremacy. And in those other fields we
must cope with the keenest rivalry ever known.
We cannot do so unless prepared as regards
both efficiency of production and efficiency in hand
ling foreign trade. We must have adequate meth
DDS and adequate equipment. We must have ample
banking facilities in foreign trade centers and an
ample merchant marine; Thus prepared we shall
be able to withstand the industrial shock post
bellum conditions and to hold own in a world of
tense struggle and sweeping change. The problems
20 be faced are indeed difficult but BY no means
discOuTaging il they dispeI self-complacency
and arouse US to more thoughtful and virle use of
the great resources with which we are blest