The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-09-07

production of raw materials and food
stuffs, and viii create new markets fos
the industries of established countr,A
Investment of capital in foreign
countries, leading to the development of
their resources, to expansion of Grid
trade, results in better distribution
Of world trade, results in q better dis
tribution of all kinds of products 10 the
principal markets of the world. 1ae
use OF capital for the development ci
the tropical and sub-tropical areas has
enabled people in temperate regions 10
obtain the products characteristic of
.ropical regions. The opening up of the
great wheat belts of the United States
and Argentina have made available a
greater quantity of wheat for the popu-
lation of Europe and at cheaper prices.
The ultimate effect of foreign invest
ments and the expansion of foreign in
yestments and the expansion Of world
trade is to raise the standard OF living
by making it possible for larger num-
Der Of people to obtain those things
which add to the comforts of life
As has been pointed out, Europe has
need of foodstuffs, raw materials, and
machinery to place its Industrial life
upon a normal basis and to give en-
ployment to its people, which is the sur
est way of checking the spirit of social
unrest. But Europe's buying power as
measured in pre-war terms is weak, be-
cause she does not have that surplus of
products for sale abroad which normally
would be used to pay for imports. For
the time-being Europe must have credit
extended to her in order that she may
be able to buy, otherwise the period Of
readiustment will be prolonged and the
stabilizing of her industrial life, will be
delayed
America should play an increasing
part in world trade. American investors
must be willing to buy foreign secu,i-
ties, to lend their funds for the develop
ment OF other countries, particularly Of
new and undeveloped areas. This will
create growing and expanding market
for American products. In addition,
the return on such capital is higher be-
cause" new countries have relatively high
rates of interest.
But If we are to play the part of q
great lending nation we must be willing,
not only to lend our capital, but to lend
what might rightly be termed enterprise
capital; In other words, to send into
these countries American men to man
age Industries established by American
capital. These men viii be able to carry
American methods into the manage
ment Of their enterprises.
It is imperative that America con.
serve her resources; that she follow a
policy Of the strictest economy, indi.
vidual and~puhlic, IN order that the alb.
sorbing power for investments may be
materially increased. The necessity Of
Financing our export trade through the
extension Of short and long-term credit
must be brought to the attention of the
investing public Of this country. In the
first place, the appeal must be made to
those people who are directly benefited
by the maintenance and development of
our export trade. They must be made
to see that If they expect to find mar
ket for their products, means of financ-
ing must be available. But the appeal
must be made to a wider circle of indi-
viduals-the general investing public.
The beneficial efforts of period Of pros
perity, of period of expansion of trade
and industry, are widespread. They
affect all elements of our population. II
is, therefore, the business Of every In
vestor to do everything in his power to
finance our export trade and to expand
the growing foreign market for Ameri.
; can products, through the purchase OF
sound foreign securities