The Devils Lake world and inter-ocean. (Devils Lake, N.D.) 1915-1920, 1919-12-24
(By The Associated Press.)

New York, Dec. 24.-American i'm.
porters now purchasing goods in Eng
land, France and Italy for shipment to
the United States, are waxing fat as
result of the depreciation of the
pound sterling, the franc and Ira, ac-
cordlng to stories now. going the
rounds of the New York wholesale
district.
The only "Ay in the ointn,ent'' for
the American buyers abroads is the
fact that, by Presidential order sew
eral weeks ago, United STATES consuls
are required to keep tab on big pur-
chases, as certain the selling price ana
cable these facts to the United States
customs authorities. Then, by figur-
ing the rate of exchange on the date
of purchase, the government is enabl-
ed to set a proper value upon the
goods for the collection of irnport du-
ties. A Court of Claims passes upon
what are alleged to be unfair apprai-
sails.
The situation is said to be somewhat
like this: An American buying pound
sterling say, on December y, needed
to pay in American money only 1886
for British currency normally worth
about $4.S7. Now he goes to. a fac
tory in Nottingham, England, to buy
laces and there, although prices of
course are higher than before the war,
he pays for them in this deprecated
British money and makes "hand-
some" profit. Then he ships the laces
to the United States where, by reason
OF the imitation of the American dol
lar, they are retailcd for fnom 100 to
| $50 percent, above pre-war fi;ces.
Yankee ncsllar Bays 1852 Francs
The Sane importer, ,on The same
7 date, we viii say, 8oes to France. Iii
Paris he Las exchanged his American
dollars for francs. Normally there
are 5.1S Is francs to the collar but
now he finds one yankee "simoleon"
will buy 1882 francs, over 100 per-
cent more than before the var. The
price Of silks has gone up but he goes
to Lyons and there, with his depre-
ciated French money, he buys mora
han he has ever bought before at
Slos;rgain' prices. The silks reacl:
New YORK where they are sold to the
consumer at double their tclmer re-
tail price.
Next this importer visits ITALY where
he finds Tie Ira. SIS Is Of which the
franc before the war could be bought
for cne American dollar, now at i
vast discount. In fact, he receives
l3.4T Ira for ,lle American dollar
and, Well financed, goes to Naples
where he negotiates the purchase. OF
tapestries costing, Of course, more
than in 1914 but in reality cheaper
when purchased with the present
Italian currency.
Same Conditions All Over Europe.
The same financial conditions exist
all over Europe and in the former
Central Empires, Of course, they are
reported much worse. In the Allied
countries, however, where there is ma
tional stability and greater ability to
pay, the deEreciated money is effect
ing some strange changes. A dinner
which, before the war, in Paris could
,be had for nominal sum, now costs
from 20 to so FRANCS.
American manufacturers, meanwhile,
who desire to sell thei1 products
abroad are demanding payment in
American dollars at par. Recently
the Belgian government, it is said,
bought twenty American locomotives
for which payment instead of being in
Belgian money was demanded in
American dollars, thus adding from
Is to 20 per cent. to the manufacture
er's normal profit. Naturally this dis
courages foreign buying.
On the other hand, big American
locomotive concern, apprehensive ct
the turn Of political affairs abroad due
to delay over the Peace Treaty, is re-
ported to have cancelled all foreign
advance orders. Such orders. calling
for delivery in three, six, or nine
months, are said to be practically non
existent in the locomotive trade. ST.
milar conditions exist in other indus
tries. That is why American manu-
facturers have been saying: "If the
Peace Treaty is not soon signed it will
mean the complete loss of our foreign:
trade"
Treaty Will Change Situation.
There are committees of tie most
prominent United States bankers and
business men, representing the Ame1i-
can Bankers Association, the United
States Chamber Of Commerce and the
International Trade Conference who
have been at work on thi, problem Of
foreign exchange fer me,shs and who
will he ready TO- remedy the present
situation as soon as the Peace Treaty
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