The Birmingham age-herald., 1917-06-21

fore have been controlled by France l Germany and England. One of the req sons why capital is thus interested is to be found in the fact, which has come to the official attention of the govern ment at Washington, that the European war has very greatly diminished the com mercial relations of Great Britain and Europe with the South American coun- tries.
 If we take, for instance, Bolivia, and the European countries with which Bo- lIvia before the war had her other com mercial relations, few figures will show how directly the effect of the war has been felt in the commercial prosperity of South America, and what the oppor- tunity for the United States is in mak- ing good this falling off.
 Before the war began, much the greater part of the imports into Bolivia were the products of the industries of Great Britain, Germany, France and Belgium, and to some extent Italy Bel gium in proportion to her size and pop ulation did as much business with Be- livia as did any of the other nations Germany was the master of the inn port trade with Bolivia up to the be- ginning of the war. Her leaders must have known that unless the war could be speedily ended she would lose for a long time and very likely permanently,
 
 1914 Germany sent to Bolivia commodi- ties of the money value of not quite one-half of the entire imports. Great Britain stood next, Belgium third, France fourth and Italy fifth. In 1915, a year later, Germany lost nine-tenths of her trade, while Great Britain lost more than one-half of her trade and the other countries lost proportiontely. In 1914, the five countries sent to Bolivia commodities of the value of 22500,0 000 bolivars, whereas a year later they sent only about 6,674000 Bs., Bs. being the abbreviation for the Bolivian, standard coin. Of course, there was an enormous falling off in customs duties, thereby en- tailing severe fiscal disturbances.
 Had it not been for the swiftness and wisdom with which business men of the United States acted in that crisis, Be- livia's financial distres would have been greater. The United States in 1913 sent goods to the value of 100000 bolivars. whereas within a year it sent goods of the value of 5,0O0,00o bolivars. The United States and Peru together exported to Bolivia much the greater part of the commodities upon which customs duties were received. American capital is likely to be heavily invested in the exploitation of the rubber properties of Bolivia, but perhaps the chief opportunity for the United States at this time. so far as in- vestment is concerned. lies in the up- building of the Bolivian railroad sys- tenn.
 The banking firm of Chandler & Co. has already aided Bolivia financially, so that it has been possible to construct the Yungas railrod. which extends from the capital of Bolivia into the department of Yungas. Today Bolivia has less than 1000 miles of railroad. It ought to have within a few years ten times that amount of railway construction, and the people of Bolivia are confident that with the aid of the United States, sufficient capital will be secured with which to construct railroad systems that will make available for transportations the very rich mineral agricultural and other resources of that interior republic.