The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-01-03

not believe that they should be ac-
corded indirectly.
Exports of domestic products have
not declined since the armistice. On
the contrary theys have greatly in
creased. From an aggregate value
before the war of less than 2 Il billions
of dollars and of about six billions the
last year of hostilities they rose in the
calendar year 1919 to more than ST.
100000 and this figure will prob
ably be exceeded for the last calendar
year. For the first eleven months OF
last calendar year. we exported more
than Y million dollars dollars worth
of domestic merchandise.
Plenty Private Funds .
These have been largely privately
financed. The difficulty in the way of
still larger exports does not seem to
lie so much in the lack of financial
ability here as in Europes lack of
means to make payment. Her pro-
ductive energies and the services
which she rendered have not yet
reached a point where they balance
the value of commodities taken from
this nation, and her ability to furnish
for additional exports securities which
business men would feel justified in
taking is restricted. The exports
committee of the Brussels conference
reported that one of the chief OBJ
stacles to the granting of credits is
the absence in borrowing countries OF
securities for ultimate repayment
Until this distance is removed, 1t
is difficult to see how materially
larger exports to Europe are to be
made, even if exporters, aided or IN
aided by government finance, stand
ready to do their part. 1t Is remark
able that Europe is able to make an
effective demand, for as large a vol
i ume of our goods as she Is making
| 1t is gratifying evidence of her recov-
| cry and progress toward full produc-
ton and sounder financial conditions
Could Not Help Producers.
'Under the law, if the activities OF
| the corporation were resumed, no df-
rect advances could be made to pro-
ducerS and if they could be, they
would not accomplish the objects in
view. They would not create demand
! for our products. They could be made
| only to exporters or to banks engaged
| in financing exports and if they did in
| some measure stimulate exports they
would probably have not the effect ap-
| parently most desired of substantially
increasing those of agricultural COM
modities. Already, with the larger
volume of exports which Europe is
! taking from us; she is exercising hei
option such as meats, presumably be-
cause she herself has become more
! largely self-sufficient, or is again pro-
| viding herself with supplies from dis
| tant countries which with the open.
| ing up of shipping since the armistice
have once more found their place il
the markets of the world
ut is highly probable that the mos
| immediate and conspicuous effect o,
| the resumption Of the corporation:
activities would be an effort on the
part of the exporters to shift tn.
financing of their operations from DR.
| binary commercial channels to thu
i government. This would be unfor
tunate. 1t will continue the govern
ment as an active factor in ordinar,
business operation. If activities O.
| any considerable magnitude resulted
they would necessitate the imposition
of additional taxes or further borrow
ing, either thru the war finance cor
| poration or by the treasury. In either
1 case new burdens would be laid upoI
. the people. Further borrowing would
in all likelihood tap the very sources
| which might otherwise be available fol
private operations of which til