The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-27
COLOMBLA,S PROSPERITY
BEGINNING OF NEW ERA
Unprecedented Development Predicted for Coffee
Sugar and Hdes-Exports Already
Greatly Stimulated

to in the next few years, Tangible prog
ress Is being made on the Antioquia,
Tolima and Caldas railroads; the capital
on AntioQuia, Medellin, and OF Tolima'
Ibague. can now be reached from the
Magdalena River by rail- and auto. The
Caldas Railway, to connect the Cauca
River at Carriage, with the departmental
capital, Manizales, Is also making head
way.
Many other railroad projects are on
foot. Some good auto roads are also be-
ing built, the one In the Cauca Valley
connecting with the Pacific Railway to
Buenaventura, open already for eighty
miles, Is being rapidly pushed In both
directions. What used to take two or
three days on muleback Is now travereed
in few hours. The result of these rail
and road improvements has been to cut
down the journey from Bogota, the capi-
tai, to Buenaventura. the chief port on
the Pacific, from ten or twelve days TO
five or six. At Buenaventura, which, by
the way, is one of the best harbors on
the Pacific coast. a concrete dock. mod
elled on those at Colon. and other port
improvements, to cost about $1,000,OO0.
are well under way.
Ranking Legislation Needed.
Banking has kept pace with the COM
mercial developments of the country.
The Banco Mercantil Americana de Co
lombia, organized under the auspices of
the Mercantile Bank Of the, Americas,
has within the past year or so estab-
lished ten branches at important points
Bogota, Armenia, Barranquilla, Bucara-
manga, Cali, Cartagena, Girardot,
Honda, Manizales and Medellin. The
rapid growth of this institution and Its
introduction of more modern banking
methods have notably stimulated the
growth of the old and the foundation of
new local banks. The American Foreign
Banking Corporation and the Interna-
tional Banking Corporation have each
also an office in Colombia: the, former
at Cali. the latter at Medellin, and 1t is
generally expected that other foreign
banks will also soon be established.
Banking legislation, however. is
needed especially in the line Of currency
reform. There is but one cloud on the
horizon-the possibility that the coun.
try. coincident with the boom" now on,
may be swamped by issues of unsound
paper money that are being put out
under the guise of mortgage certificates
by some OF the native banks, in the abb
sence Of legislation permitting the Issue
of properly secured bank notes. The
Government is aware of the danger and
has recommended legislative action to
the Congress, 1t seems doubtful. how
ever. whether comprehensive plan OF
currency reform can be speedily enacted
Currency reform is usually slow
process in any country-witness our
own history.
The whole country is now forward
looking and optimistic and appears to
be shaking off the lethargy, depression
and pessimism that used to prevail.
Many new undertakings are being
started both by natives and foreigners.
Interesting developments are looked for
ward to and although her natural re-
sources are usually exaggerated. never
theless, l believe the growth Of the
country within the next decade will
surprise even the Colomblans them
selves.