The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-01-02
Neutral Countries Rapidly Regain
Positions in World Trade and Finance

That the neuIrei countries OF Ed
forc. effected in varying degree by
the war. will rapidly REGAIN thcirfor-
fner positions i'll wCrld trade and n
nance. and attain rrpsperity without
undergoing IL preliminary period of
economic depression, is forecast in
I the booklet, The Effect OF the War
on European, Neurais" just issued
by the Guaranty Trust Company OF
/ New York. The booklet treats in
dtviduaily the outstanding conditions
as brought about by the WAT. in Hol-
land. Norway. sweden, Denmark.
Switzerland, and Spain.
Z The effects Of the WAY upon the
kuropeon contries that took no direct
! part in the war wore diverse, de-
pending upon circnrnsts noes sfpecuiiar
! to each nation. Neutrais suffered
; variously because of their loca ton
with reference 10 The beIiigercnts. he
cause OF una oidable trade restrictions
I inability 10 become in any degree self
supporting during the emergency and
! because OF military expenditures
necessary IN the preservation of neu
traiity, SO that 1t WAS quite possible
] for nation not engaged in the war
to be subjected to heavier sconomic
iusses than those borne by belliger-
enta comparable in population and
ir dustrial strength.
t
Holland
Thee fruits Of the cartier pros
psrity for Dutch industry and trade
have left Holland in a strong position.
The BANK or the Netherlands at tire
opening of the war. held approx
rnatcly 100000 in gold at present
II holds four times this amount Fur
therniore. it was the only central bank
in1ncag the European neutrals. save
that OF Spain. whose ratio Of holdings
OF gold and silver to note and deposit
[ lianiliaies Increased during the war:
the increase was from - per cent 10
more than 60 per cent. The other
banks have similarly improved their
position.
T. THE exieencies or war caused Ger
tain new industries to come into ex-
Sstencc in Holland. notably the making
of chernicals; aud others such is the
'ltanufacture Of clothing and foods
and other articles nj consumption.
grew considerably
The virtual doubling Of th g n.4taonal
debt since 1914 and consequent higher
taxation could hardly he u1duly
lurdrnsnme to people with The
wealth, thrift and industry OF the
Dutch The 1ictory of this iittn
ration is the history OF a people reg dy
TO utilize every opportunity 10 streng-
then then position in The world ot
commerce and industry
NORWAY.
..Denendt,,o ,s,gnI,. .,,f,,c Inc 81.
..r;.s fora,ts 80 ,'ra.,,, ,,,r.,.t,''.
<l,~,,..,,. r.,s ~, ,,.,,s,,a,.,,.,4 .,,5i
,.tn,, ~ VAC r',,t,,a,,. nf ~, -'.a,.
"0p J,,no W ,s,e ~ tnnana a.i,t
nj tha 80 nf .vcha,,.-a ~ t+sS oon
non -,r,r..s,',,tin,r 90, ,,,.....'.., r.F "a
r,.., n..,,. ,;,,oa fs,4 rrl,,, ,,,.a,.t;,,r
nt ;r+.,,.,i ,,,a .st,.,,,, AK ~, 20. .
c.sr. n,,lt ,fier.,.,,,, So, 81, ~
.a;rir, q, AZ ~ ,are ,.r,,,. 80 ~
tcnt as tru1tlarttl with "A IreY can't
in 1874, was classed as external debt.
The per capita funded debt IN 1913
was So
In ADDITION +" the fund"d dect
there was "0 Tune go. ietS an un-
funded debt amounting +" SEA, 400 600.
Altogether th"n tho debt. funded and
untunfcd, was equivalent :" ste7-dso.-
600.
THE PRINCIPAL asset ~ She state
which may he r"n1rdsd .s an offsst
to the funded ath consists OF the
st9re owned railways which. in 1915.
represented rtnital Investment If
s8".31S.h7S. This ra,Ee combined
with nor 2latrria, assets OF The state.
represent total Investment u approx
lulatfiE- Sl6l 900 600. which iA so2 j.