The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-10-06
BANKER PREDICTS
GERMAN Isolation
A. Barton Hepburn, OF New York, Says
There Will Be Voluntary
Trade Boycott.
CRIMES STIR WORLD
Prussian Crucltics Will Bar Other
Nations from Business Dealings.

In discussing what Is going to hap
pen after the war A. Barton Hepburn.
chairman OF the advisory board Of the
Chase National bank. of New York in
a paper prepared for The Chase.
monthly publication of that institu-
ton concludes that there will be no
economic league formed against Ger
many for the reason that there will
be no necessity for such action by the
various governments.
He predicts that instead of this
there will be voluntary boycott
against German products throughout
- the civilized world that will be the
outcome OF the feeling OF adherence
which German barbarism has aroused
in the four corners OF the earth. After
reviewing Germany's trade position
before the war and the cumulative
hatred that her vandalism has engen-
dcred, Mr. Hepburn says that the re-
covery of German foreign commerce
will be a matter of very slow growth.
He says, further. that Germany will
get no indemnities. She will have to
struggle along under her mountainous
debt with her own resources. At the
outbreak OF the war her debt was
f,165, 100000. Today II Ia approx
n,ateiy sal. 900, 900, 400
This figure does not take into con-
s!deration her increased debt by rea-
tor Of the imitation of her currency
nor the debts of the various states
composing the German empire, nor
the Indebtedness OF her variour mum
cipalities. which is very great indeed.
Deprecated Currency.
Her currency la very much depre
cfated and would be still more so II
subjected to the test OF world barom-
e<er. 1t liz sustained somewhat by
being limited to her own country
Germany has a very large amount OF
gold at present which. however may
be reduced by i.demniCies. 1t is none
too large--indetS'. not large enough
TO stabilize her greatly inflated cur
rency. She can Of course. use gold
In purchases abroad. and would to the
extent she is able to DO SO without
urhinE her credit and currency at
home. II looks as though her rela-
tons with the outside world would be
practically on cash basis for some
time after the war
Is her credit good. End that of her
citizens and corporate inaustrtcsa She
cannot make move in foreign trade
as we have shown. without credit in
countries where she gets raw mate
rial. In the last year in witch stats
Tee are available, it appears that rs
Ter cent of Germans imports were
Industrial raw material ard partly
ta"hu' aefafsd goods. IN other words,
4e9 eee 200 worth II goods were
fhPort"a yer use IN her manufacturing
a'ffs''f'1"htN' ''''N per cTni OF
her IMPORTS were from Middle Eu-ore.
Ire baAahce came from countries who
cannot aiiera 10 eN'ena credit. or
W"oS" anlfflus VIII prehahiF prevent
AZ If sN' AIDING cfecls after the war.
'oui9 sach cfe7lt fs sl@sly eNtent"c
@ LID Hl'tN'Raa3s 2fd hrh's X
Nos'a nave 10 DC removed IN one form
Or thotner for long period.
FFihahs went mo mis- war for ma
"a! gun ana Nheh her people real
re inat s" mas resulted IN enormous
wa n"tu some ONO resPoh-
80" '.eS VII realize that thNy nave
zen " ''S' ut's uf'"'Fea ana th"n~~woe
~ Ns'a "etrfF"fNs i'"uobftSS, peace
~ ~ H1aoe VAN inc hohenFoti9fn
800 Htit,fi' "hl'h f'3S nan unanimous