New Britain herald., 1921-06-15
HlMLHIUHlVU MUOI
 INVEST ABROAD
So Declares Los Angeles Banker
 in Speech

San Francisco, Cal, June 15.- Americans must make permanent in vestments abroad to help foreign na- tions pay their debts to the United States. Henry M. Robinson, Los An geles banker and recognized as one of the foremost authorities in inter national finances. declared in an ad- dress here today at the convention of the National Association of Credit Men.
 "If we invest our money abroad and. with the investments, aid in building mp the productivity of the debtor nations, there will be no need for foreign debt cancellations MT. Robinson said. Investments should be made in actual physical property or in the securities of the other ma tions. he added.
 If we are the partners of other na- tions in their enterprises, through the investment of our surplus gold abroad, the suspicious of information al bitterness will disap and in carrying out this duty of enlightened se1fishness, we will create organiza- tions and establish a personnel that will act in accordance with the atti- tude, practices, traditions and preju- dices of the nations with which we deal" he continued.
 'T do not have to point out to credit men there is a psychological feeling on the part of a debtor to a creditor which tends toward the de- velopment of animosities and one of the results of the transfer to us of the power that lies in the hand of creditor nation has created an ami mostly and a bitterness toward us on the part of other nations which is in excess of our just desserts, even though we admit that, because of our rigidity adn inexperfence we are somewhat lacking in an ability to un- derstand the problems of other na- tionals.
 "It is therefore most desirable that we so conduct ourselves that we may greatly modify this feeling of dislike and animosity. This is particularly necessary if we are to continue in commercial relations with the rest of the world.'
 Mr. Robinson pointed out that the difficulties faced by the nations result not from the want of production but from lack of proper International dis tribution of goods and the disorgani- zation of exchange. He then told how movements of war goods had made America, for the first time, the out standing creditor nation of the world.
 Economic conditions have forced us into economic entanglements, and since political movements follow eco- homie moveents, our cherished aloof- ness from foreign entanglement is gone" he said. This shift in the po- sition of nations has placed us in a position which at first appeared ex- traordinarily advantageous but we are most inconsistent in our attitude to- ward the problems with which our new position has brought us face to face.
 We are acquiring additional gold from our less fortunate neighbors, we are establishing, or endeavoring 10 es- tabIish, protective tariffs and even em bargoes against an influx of goods from the nations in our debts; we are endeavoring to maintain and even in crease our exports and carry them in our own ships. Is it not obvious that all these things cannot be success fully contiued by one nation at one and the same time?
 "To maintain reasonable prosperity we are most anxious to give employ ment to oI: peopie an. tn Use all off facilities for production. Neither can be done unless we can dispose of our excess products for the n ItionS with