The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-05-05
U. S. NEEDS NO
MERCHANT MARINE
British Financier Gives
Reasons Why America
Will Lose Out

W AA4 AOoS <0l
(Note-Sir Edward Mackay Ed
gar, baronet, is one of the greatest
and most Influential financ,ers in
Great Britain. He controls ship
ping, steel and Oil enterprises worth
$1,000,006,000, and is currently re-
ferred to in well informed British
circles as the next chancellor of the
exchequer. The subjoined article
was written by Sir Edward spe-
cially for Universal Service).
BY SIR EDWARD MACKAY EDGAR
Noted British Financier)
Especial Gable Dispatch to Univer-
sal Service)
LONDON. - America did a great
deal for the war. The war did even
more for America. 1t changed her
from debtor to a creditor nation.
1t poured prosperity upon her and
through large merchant marine
enabled her to play a part in for
eign commerce such as she hardly
dreamed of playing before. 1t made
her a power in international finance.
And Americans seem to have no
doubt that these war-born activities
are not only going to last, but will
increase.
am more skeptical I do not be-
lieve America few years hence will
be anything like so prominent in
international trade or finance, or on
on the ocean routes as she imagines.
Her activities in these directions
may easily fizzle out, just as her de-
sire to be leader in world poll
tics fizzled out.
In one case as in the other, ex-
perience may show that she is bet
ter off by staying at home.
Nations only excel in enterprises
for which nature or necessity has
fitted them. A small island like
England can only maintain it's rela-
lively large population by bringing
raw materials from the ends of the
earth, working them into finished
goods and selling them wherever
buyers can be found all over the
world.
England lives by her foreign trade
and to the development of that for
eign trade two things are necessary
mercantile marine to car
ry the goods she manufactures and
to bring back the foodstuffs and raw
and secondly, constant
outflow of capital to stimulate the
markets abroad.
One Of the most wonderful things
the world has ever seen, is England's
recovery from the economic drain
of the war. Since the armistice she
has been re-entering and re-captur-
ing one by one the markets which
in wartime she was forced to yield
to her American and Japanese COM
petitOrs
England is rebuilding her mer-
chant marine fleet with the indom-
table resolution to remain as much
as ever the center and clearing
house of international commerce and
finance.
The impulse behind these achieve
one thing that made |
them possible-had been her con-
ception that otherwise she would be
put out Of business altogether.
But America is in very differ |
emit position. America is continent |
hat is still amazingly under-popu-
ated and under-developed.
She has got domestice market |
If more than 100,0O0,000 of the
greatest consumers and spenders in
he world.
America has not at present-she
will later-to bring either food or
from abroad. She raises
learly everything she wants on her
,wn bountiful soil. America is self
sufficient to degree that no other
and except Russia even approaches.
'he is under no compulsion to de-
'elop a great foreign trade to ex-
'ort her capital or to create great
mercantile marine.
These things may be desirable, but
n Americas case they are not vi
al. They are as not ase with Eng
and, the foundation stone of her en-
ire industrial fabric.
What is crutch and a necessity
0 Britain is to America a walking
tick, convenience, almost a lux
ry.
This is the bedrock reason why
do not fear American competition
ither on the seas or in finance, or
I foreign trade.
Take for instance shipping. There
as been during the past few months
magnificent outburst Of shipbuild-
lg activity in the United States, but
he higher costs of production, ham,
eriig laws, superior attractiveness
{ the land industries and pursuits,
nd the lack of genuine maritime
absence of anything
, compare with our own worldwide
tipping agencies-these are all rea-
,ns why the new American mer-
liant marine will find It hard to 4
o1J Ooincf tho prifich L