Evening star., 1919-09-20
Latest News and Comment Relating the Financial World
SOLVENCY OF THE ALLIES
IS PRACTICALLY ASSURED
Larger Portion of Their Obligations Is
Internal, and Therefore Purely Fiscal
Problem-External Debts Vital

I fourths was internal The external
debt, amounting to s3.33o.l4L1st
consisted entirely of credits extended
| during the war by the United States
government and allies. The prewar
debt was approximately So. .631, 74S, ,0o0.
| The annual interest on the entire
debt of March 81. 1919, is approx
mately s577, 7,234,2S0"
| Following a detailed discussion OF
! industrial changes brought about in
! Italy by the war, the booklet says:
! Italy is well situated to serve as
| the principal entre-pot between the
far east and central and southern
| Europe. Italians, with their historic
legacy Of maritime supremacy and
| their proved initiative, will not fail
! to avail themselves of the opportun-
ity TO develop Italian industry and
! comm
Americas Obligation to Europe
In closing. the booklet sets forth
Americas obligations in the recon
struction of Europe. saying:
America stands in position of pecu-
| liar responsibility respecting the work OF
reconstruction in Europe The situation
there. without reference to our ma
tIonal interests as involved in the re-
cent war, calls for Americas help
! We have great fund of loanable
wealth, and Europe has need of the
1 ii II
supply. Our productive equipment is
much greater than before the war
and its proper utilization will involve
distinct recognition of the present
needs Of the peoples who sacrificed
more than we in winning the common
| victory.
. Stupendous as are Europes finan-
| clal burdens. titanic are it's eco
| nomic tasks. one of its paramount
problems is essentially psychological.
n dor to II
! the effects of the war Europe needs
! quite as urgently as il requires ma
| Chlnery and raw materials. a revival
Of industrial will power. We should
! remember that. in the final analysis.
| the products of the mines. fields and
| factories won the war and that they
| alone can win the greater victory of
peace IT is for the purpose of en-
| abling Europe to obtain sufficient
| quantities of these vital products and
! that we must do our full duty in the
| present world crisis.
Able to Do It's Part.
The United States is abundantiy
| equipped to perform its proper func-
| ton in the peace era. This country
| produces 20 per cent of the worlds
/ OF the worlds iron and steel, 40 per
of the worlds iron and stel. 40 per
! cent of the worlds silver. 50 per
cent of the worlds zinc. 81 per cent
of the worlds aluminium, so per cent
of the worlds cotton. 66 per cent OF
the worlds supply of oil and IS per
cent of the worlds corn. This coun-
| try reflnes 80 per cent of the world 5
copper and operates 40 per cent of
the worlds railroads
| But most valuable of all the stimu-
lus which the dire necessities of war
| supplied to American inventiveness
resourcefulness, productiveness cour-
age and spirit of adventure consti-
tutes national asset which not only
transcends the bounds of material
| computa ton, but challenges the bold
est imagination. In brief America n
genius. efficiency and common sense
| must aid our gallant allies in achiev-
| ing the still greater victory of peace -