Evening star., 1919-12-21

Still more imperative and insiStent
than the demands for a credit system
from well es-
The Newer Nations tablished mar
Require Credit. n ~ .,, me o,u
countries Of Europe is that from the
newer nations that look to the United
States as friend and patron extraordi-
nary. A Jugoslav commission. for ex-
ample. is coming to the United States
to study American commercial, indus
trial and agricultural methods. One
OF the chief and avowed purposes of
this commission is to arrange credits
finance, NJ. Veljkovitch. told American
Minister Dodge in Belgrade that the
commission proper desires to enter
into relations with American CONNER
cfa1 and financial men and to inspect
representative commercial. industrial
and trade esta blishments and see
SOM nething Of American agricultural
methods. Their purpose is not only
to acQufre Information that might be
applied to similar Iugoslav enter
prises but to gain familiarity with
American business methods and meth
DDS Of production and American life
generally which might facilitate fu-
ture intercourse between the United
States and Jugoslavia.
But the most important and imme-
date object OF the commission will be
to gotiate with
To Negotiate American financiers for
sr two loans. One loan
would be to secure the
new dinar currency to be issued to
redeem the Austrian crowns. The
minister of finance explained that the
dinar currency now in circulat ton was
we'll covered; on the other hand. the
Austrian crowns. an Inheritance, are
practically uncovered. Their amount
is not exactly known. The details of
the plan for exchanging crowns for
dinars has not yet been worked out.
The minister thought that the cover
ing might consist in credits and that
credit for 800. 900 900 could be neeo-
tiated with American eyndicates for
the express purpose Of guaranteeing
the new currency. Thus no actual
money would be withdrawn from fhe
United States.
The second loan would be for the re-
construction of the Jugoslav country:
that is. for building and repairing the
railways. roads. bridges. public build
ings and generally setting the coun-
try on its feet again and providing
the necessary economic equipment for
it's development
Tho amount Of this loan would de-
pend upon what could be obtained.
The greater part of
Little Currency this loan would be
~ rr1 spent in the United
States for purchase
OF materials. A part would also be
reserved for providing credits for
qualified Jugoslav merchants desiring
to purchase goods in the United
States. Thus this loan also would take
very little actual currency from the
United States.
II specific guarantees are required
by the American financiers, the minis
ter OF finance would be prepared to
grant such as appeared proper. The
Jugoslav government had a great deal
to offer In the way of property be-
longing to the state. There were very
extensive forests. mines and other
concessions. There were also the state
railways.
The important bearing of this COM
mission on the future commercial re-
lations between the United States and
Jugosiavia is undoubtedly very great
and American Minister Dodge has ad-
vised the government officials. who
will meet the mission, that all possible
facilities should be afforded to it. AL
though financially embarrassed at
present Jugos1avia has great and al
would seem would amply secure such
loans as are being sought.
Once the country is put on it's feet
by American loans Minister Dodge
feels that not only
Credit Means a. will large markets
Rich Future. be opened there
for A m ic a
goods. but that a great field for
American enterprise will be created
in the country itself. At pres
ent unfavorable exchange and lack
of credit facilities stand seriously
in the way of American commercial
interests and are favoring British
and French enterprise.
The great depreciation of the Aus
opportunity in Vienna for the invest
ment OF American capital, both finan-
cially and fndustrially The situation
is being taken advantage of by other
countries. The Italians have bought
four OF the largest steel plants and
bought control of three of the largest
steamship lines. The French are buy-
ing the state and southern railways
and several banks. The petroleum in
dustry will be in control Of the Brit
ish.
There is an imperative need for
American banks in foreign countries
not only for business but as an out
post for preparedness.