The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1920-05-31
MAKES
RAPIDSTRIDES
Remarkable Progress Noted
In General Underlying
Conditions.
ENGLAND'S FORESIGHT
Takes Advantage of Our
/. Lack Of Interest in For
eign Markets.
ENGLAND'S FORESIGHT

A prominent banker. who is a
very keen observer and judge Of
conditions, has recently returned
from an extended trip to Europe.
He says the United States has
heard so much pessimistic talk
about Conditions in Europe that
few people realize the wonderful
progress which has been made to-
ward reconstruction.
Belgium's progress has been re-
markable. 1t must be remembered
in connection with Belgium that
the Belgians had substantial for
eign Investments in every part OF
the world. and that these invest
ments paid them handsomely dur
ing the war. The returns from
these investments accumulated
during the war period. and since
the armistice Belgium has been
able to draw on them with the re-
suit that the banks have plenty of
money, deposits are high, and Bel
gian credit should. therefore. be
unquestioned.
France. too, has made great
progress. The fields are cultivated
right up to the battle areas. The
ground which was fought over is.
OF course. useless for agricultural
purposes. out such areas are COM
paratively small when compared
with the entire area of the So
/ called devastated regions. French
banking. commercial and industrial
interests are prospecting. The gov
eminent of France. IT is true. has
I not taken intelligent action toward
balancing its budget. and the regu-
lar industry taxes have, to a large
extent. been uncollected for a num-
Der of years. But there is a cheer
full feeling in France. and this con-
dition is nothing like the picture
drawn by many of the observers
who have returned from Europe to
I give vent to pessimistiC utterances
Italy in a governmental way has
4 probably accomplished more than
any of the contipental countries in
working out a comprehensive fnan-
Icial plan. The new system of taxa
ton which bears heavily on incomes
and capital itself will enable Italy
to balance its budget in 1921.
EngIand's Foresight.
In contrast 10 the United States
where we have been doing a great
deal of talking and little acting
England is meeting the situation
with its powerful far sightedness
and superior banking intelligence
| There is no talk of panic in Eng
land. There is no timidity on the
part of bankers in extending for
! eign credits to substantial inter
ests. Money is not tight as we
know it in this country. On the
other side the sentiment is that
America has its resources. the
wealth and the money. and the US.
ual expression of opinion is one OF
wonder at the slowness and appa-
rent inability of American interest.
to grasp what is universally con.
coded to be the greatest opportuni.
ty ever presented to a nation Il
establish itself in foreign mark cts
England is taking advantage OF
the present opportunity to tho
fullest extent. Commercial travel.
ers and bank representative are
on every boat. and no part of the
world that has possibilities for for.
eign trade is being neglected
England sees the golden opportunit!
to obtain the lions share of Ger.
many's foreign trade, and is not
neglecting any chance 10 get il
In a year or two the United States
will awaken to the fact that its
industrial capacity far exceeds tho
ability of its people to consume II:
products. and will want these for.
eign markets. Then 1t will be too
late because England will be too
firmly entrenChe6