Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1920-03-18
NO EXCUSE TO CANCEL
BRITISH LOAN

WASHINGTON, March 15.--The
Republican Publicity Association,
through its President, Hon. Jonathon
Bourne, rJ., today gave out the fol-
lowing statement from its Washing
ton Headquarters:
Those people who have manifested
deep concern lest the United States
collect interest on its loan to the
allies, will finl food for thought in a
recent review of the financial sit
uation in Great Britain as published
in the British Board of Trade Jour-
nal. This is government publication
and presumably states the situation
in Great Britain with accuracy.
According to the Board Of Trade
Journal, the British indebtedness to
other nations is s5,S13,100, 900, against
which Great Britain has loaned to the
Dominions and the Allies, SIS, 462, 843,-
500, showing Great Britain net
world creditor and not net world
debtor, although it must be admitted
that many of her credits will not be
productive of an annual return at
was the carrying nation of the world,
owning practically ,one-half of the
merchant tonnage on the high seas.
Great Britain was, the banking nation
Of the world and collected toll from
practically all international tran
ssactions. Great Britain. was the in
surfing, nation of the world and collect
ed premiums on practically all of the
marine insurance as well as on other
classes of property Great Britain
furnished much capital for loans or
investments in other countries and
collected annually, huge sums in in
terest and dividends. Travellers who
went from the Western Hemisphere
to the Eastern passed through Great
Britain. Tourists, although going to
Continental Europe, made prolonged
stays in the British Isles. All of
these travellers added literally to the
income of the British nation. From
all these services, designated as in
visible eports', Great Britain realized
an income far in excess of her adj
verse merchandise balance, leaving
present.
Great Britain has been the heav-
lest borrower from the United States
and it is in the interest of Great
Britain that some people have sug-
gested that the United States defer
or abandon collection of interest on
our credits. Some have even gone so
far as to suggest that we cancel the
debt entirely A review of few
pertinent facts is therefore timely.
"The balance in merchandise trade
has been against Great Britain for
many years. The balance in mer-
chandise trade has also been in favor
of the United States, with very slight
exceptions. But merchandise trade is
not all of the business of a nation and
It's people. There are what the Brit
ish Board Of Trade Journal calls in
visible exports, that is, services rem
'dered for which other countries pay
and which counterbalance any adj
verse excess Of imports of merchan-
disc.
''For instance, according to the
Board of Trade Journal, prior to the
war the annual balance Of fnerchan-
disc trade against Great Britain was
about $650,0o0 600, but Great Britain
her at the end of the year a large
net income added to her financial re-
sources.
Passing over various items in. The
British analysis of the financial stu
alton which confronts the United
Kingdom, and looking at the estimates
for 1920, we find the prediction that
Great Britain. will buy abroad goods
to the amount Of slightly more than
So ,OO0, 100000 in excess of the goods
she sells, ebut that, against this large
import excess, the nation viii have
invisible exports to the amount of
more than $4,000, 100000 leaving a
balance of practically 100000, 900
on the right side of the ledger,
There is apparently no occasion
for Americans to lie awake nights
worrying over the ability Eof Great
Britain to take care of herself
Yes, yes, she'll get the lions share
alright and maybe the balance of
"our" ships, toe. Up u