Washington telegraph., 1921-05-27
PROMOTE TRADE
IN NEAR EAST
Aims Of the American Chamber
of Commerce for the Leyant
Are Set Forth.
TO OPEN UP IMMENSE field
constantinope Destined to Become
the Chicago Of Europe" Says New
President Of organization-oppor-
tunity for American Capital.

tined TO become the Chicago of
Europe" according to an interview
authorized by Mr.. Iucien Irving
Thomas, a director of the Standard
OIL company of New York, which com
pany has extensive interests through
, out Asia and the Balkan states.
Mr.. Thomas lately returned from
a visit to Europe. Il learned. while
in London, that l had been elected
J president Of the American chamber Of
. commerce for the Levant," said Mr..
Thomas. 81 refer to the newly-Organ-
, lied American section of the chamber,
. now maintaining headquarters in New
York. 1t will cooperate with the long
. established chamber of the same name
(which has its seat in COnstantnople.
"The organization of this chamber
Sis a timely movement 10 promote re-
d cipEocal trade relations between Amer
lea and that great area-extending
from Egypt to Russia, and from Per-
,sia 10 Italy-Of which Constantinople
is the center.
gateway TO Vast Empires.
Very few people appreciate that
Europe and Asia meet at the feet Of
.Constantinople, continued Mr. Thom-
as. "Tbe chain of waters, the Dar-
danelles, the Sea of Marmora and the
BosphoruS, made available for free
commerce, open the gateway to vast
empires of p0pulous and fertile terri
tories beyond. When we realize that
Russia, a country considerably more
than twice as large as the United
States, has few seaports that are not
lice-bound for the greater part of the
year, except those situated on the
Black sea, we may imagine what
enormous traffic will flow through Con-
,stantinople when Russia with n hun
,dred million OF her people nearby,
gets into her commercial stride"
"Then consider Roumania, now with
twice her former area--a country Of
great natural resources, with a pres
ent population of 100000. Bulgaria
too, noted for a sturdy and industri-
Gus population, has her commercial
outlet on the Black sea. And even
on the farther side of the Black sea
is a group of states which eventually
must oecupy an important place in
overseas trade
"Jugo-Slayia, now vast in area by
comparison with Old Serbia. with
substantial natural resources and n
population OF over 100000 has, Of
course, one trade outlet via the Adri-
attic, and another via the Danube to
the Black sea Without any doubt the
Danube is soon to play a much more
important part In the trade Of the
Balkan states than IL has ever done
in the past.
Has Natural Wealth.
Both Jugo-slayia and Greater
Greece will hold a more important
position than now I'm the Levantine
trade of the future. Egypt is growing
into land of commercial significance
While certain territories have been
detached from Turkey since the war
there remains much fertile and valu-
able land. Turkey is rich in minerals
of all kinds.
THE war and its aftermath upset
exchange throughout the Near East,
and this has made commercial trans
actions difficult for the present. But
the natural wealth is there; and
population for the most part induStri-
Gus. Trade must surely grow.
"a high official of an international
bank, one who is recognized as having
unusually broad and accurate knOwl-
edge of Ottoman financial matters,
stated to me at Constantinople that
in Turkey fully 65,OOOOOO in gold is
boarded by the people in 'stocking-leg
5anks,' and not deposited at all with
the public bankers. In this connec-
tion 1t should be remembered that the
oriental mind is accustomed to think.
financially, in terms of hard money
and that prior TO the European war
only gold and silver were In circula-
tion, TO any extent, in Turkey. There
is evidence that great private wealth
exists there today, in gold, silver and
Jewels, not to mention Nther valuables.
and this wealth will come into the
current market as trade returns TO
normal.
THE Levant offers splendid OPP
portunity for the investI hnt Of Amer
lean capital, in wide range Of en-
terprises One Of the great openings
of the present is for the construction
OF dwellings, warehouses, harbor i'm
provements, and so forth. CONSTANT
nople alone has lost 25,OO0 to 10000
houses by fire since the war began,
and affords magnificent opportunity
for housebuIlding activity. I know
for fact that the Turkish authorities
would welcome anyone coming there
for the purpose and that they would
even be glad TO offer concessions. The
prevailing spirit is progressive. Mod
ern industrial equipment, too, is now
sought where formerly 1t was
shunned. recall that a long time
ago, prior TO the coming into power
Of the Young Turk party, a business
cablegram was intercepted by the
Tttrlyfe,h outborItfag booo,rea 10 rnn-