Evening star., 1921-11-13
BY BEN McKELWAY.

r. FINANCIALLY and economically
~ sound. with her native indus
tries and natural resources de-
veloping under the guidance of
a sympathetic administration, Panama
| offers great opportunity for the desir-
able immigrant, according to- DR.. Don
Eusebio A. Morales. minister of
finance of Panama, who is here to
take up with government and bank
ing officials questions relating to our
fiscal relations with the isthmian re-
public. - 49,
panama is very sound economically
\ and financially" DR.. Morales states.
| The country is gradually increasing
| her wealth as a result of the success
| full operation of the canal. and her
/ native resources receive new impulse
every day. During the last three
1 yedrs the treasury has accumulated
a surplus Of nearly $4,00O,0OO, which
now is being used in the construction
OF a modern system Of good roads:
We have fund Of $6.000,000 invested
| in New York, bearing interest at )
per cent, to which may be added the
| $250,00O annuity paid by the United
| States under the terms OF. the canai
| treaty.
"Taxati6n. in Panama is very low.
Estimating the yearly average ex.
$4,50Q. 900 and. deducting receipts from
| investment and the annuity paid, by
this country, the balance to be OBJ
| tained from taxation is only $3.I0o.-
900. or $6.40 per capita. This low per
capita tax is one of the big Slduce-
ments to foreign immigration.
"Panama's prospects are wight.
I h Ell f,ll1
are not to be involved In war or revo-
luton, the country is growing stead
| lily. property is becoming more secure.
credit is used more and more and
| values are increasing. We have land
| Of. every description. from sea Level,
| where the climate is hot and damp,
| to 5000 and 5000 feet above sea Level,
! where the climate is like perpetual
spring. We need immigration. We
need agriculturists, cattle growers,
fruit growers; and we are willing to
| furnish the land. We hope the con-
! struction of good roads will do much
| to open the way for good, hard-"orh-
| ing white immigrants.
1--WE have had in Panama in opera
| ton since 1904 a monetary agreement
with the United States which mas
! been very beneficial to our commerce
| and to our industries. When in al
most every. country today the dollar
I
money from Panama to the United
States at. the nominal rate OF one
| fourth of / per cent But our silver
| currency disappeared during the war
on account of the high price of the
metal, and we have been using your
! silver currency and notes. which, ac-
| cording to our agreement with the
United States, are not legal tender in
Panama The situation requires some
! modification in our agreement, and
this is one of the questions l hope to
| settle while in the United States"
! DR.. Morales came to Washington dl-
rect from Mexico. where he repre-
sented his government at Mexico's
! centennial celebration. He states the
! government there has every indica-
| ton Of being firmly established. He
has only praise for President Obregon
tand his cabinet and believes our
recognition of the new government is
very desirable. -
| **&
The Ecuadorean minister visited the
State Department last week and pre-.
lserted to Cndersecretary Fletcher
and Sumner welles, chief of the Latin
American division. L. A. Dillon OF
Guayaquil. manager of the Com
mercial Bank Of Spanish America
i Ltd. Mr.. Dillon states that excellent
opportunity exists for investment OF
American capital in Ecuador and calls
lattention to the present rate Of ex-
tchange, which, he says. is advanta-
geous to such Investment. Labor in
Ecuador is very cheap, he says. and
Ecuadorean money is sound Public
works offer the best inducements. he
states, to investment by American
capitalists. Mr.. Dillon will confer