New-York tribune., 1918-05-05
Stock and Bond Averages

the freight expenses, but also on psy-
chologlcal circumstances, which, ac-
cordlng to Bismarck, are everywhere of
deciding influence. The manganese ore
OF Caucasia will be within easy reach
as soon as the present excitement will
have subsided and German property
there will have been restored. it is diff
ferent with the manganese ore of India,
without fundamental change of Eng
lands position. Our relations to Sweden
were always easy and friendly. Sweden
VIII not increase her iron industry to a
larger extent than to satisfy her do
mestlc needs, on account of her lack of
coal. Also Spain will deem it profit
able to export iron ore to all foreign
countries, without special favor to any
OF them. She does not oppose the in
vestment of German capital in her iron
ore mines, and our industry made lib
eral use Of the Spanish opportunities
England, of course, will enjoy cheaper
rates OF transportation.
French Mines Coveted
Very different are the conditions in
France. And France is of the greatest
Importance to our supply of iron ore.
France is short of coal, but has an
abundance of iron ore, in the mother
country as we'll as in her colonies She
permitted German firms and workmen
to open her treasures of iron ore; she
was, to all outward appearance, only
too willing to grant franchises for
the operation of the mines was prac-
tlc~lly impossible, and the use of the
franchises until the most important
preliminary work had been done. But
then chicanery began. One difficulty af-
ter another was created with une-
qualled shrewdness and tenacity.
Whenever the letter of the law failed
them, the Frenchmen resorted to ad
ministrativc arbitrariness, and even to
openly illegal measures The English
were extremely brutal, during the war,
men employed, at times of peace, many
tricks, each one of them showing i'll
will. 1t was the same regarding the
Interpretation of the most favored ma
tions clause incorporated in the Ger
man-French Peace Treaty of Frank
fort, 1871. And it must be concluded
that a most favored nations agree
ment inserted in the next peace treaty
is not sufficient. Added must be long
term commercial treaties. But even
then German enterprises will be prac
tically barred from France.
German capitalists were the first to
recognize the Importance of the iron
ore deposits IN Normandy (France)
The transportation of Norman iron ore
to the blast furnaces Of Rhineland
takes only half as much time as that
from Spain. Therefore, tonnage can
be more profitably employed in carry
ing Norman iron ore to Germany.
When Germans began mining in Nor
mandy they were promised every pos
sible help by the French Minister of
Public Works. The condition imposed
on them. that part of the shares of
the mining companies must be owned
by French, was then regarded to be
fair. But subsequently German capi-
tai was subjected to chicanery: the
smaller the extent to which the stock
was owned by Germans the. more Of
fetal favors were shown to the firm,
contrary to the law. The arbitrary
French mining act, which allows the
public authorities to grant or refuse,
at will, franch .ses, carries with 1t the
opportunity of discrimination.
Mining companies which were re-
garded as German were not able to OBJ