Omaha daily bee., 1921-08-23
Resources OF
Country Would
Make Capital
New York Financier Believes
True Balance Between Our
Production and Consump-
ton Will Solve Problems.
By HOLLAND.

George Z. Roberts. at one time di-
rector of the mint and now vice
president of the National City bank,
said to the members of the Inter-
national Chamber of Commerce at
its recent meeting in London that
The United States possesses poten-
tial resources which, if avail could
De made OF them, would furnish the
world with large part of the fresh
capital which is now needed. Mr..
Roberts did not mean that this coun-
try can provide money in large
amounts with which to enable the
world to recover its balance. The
capital to which he referred is raw
material, foodstuffs, copper and mass
production in many lines including
steel, industrial and railroad equip
ment.
But the very fact that we do possess
these resources which. II there can be
aossensanElement ,,asent from present day In
furnish the world with real capital. oc-
casions. Mr. Roberts said, by reason OF
the variety and the great capacity of our
industries, much perplexity in world
We are willing to take In exchange for
the things we are anxious to sell.
Foreign Trade Decrease.
A few days after Mr.. Roberts thus
spoke there came official report telling
of the astounding decrease in our for
months OF the fiscal year which ended
on June S0th. This trade fell off al
mose one-half. But as 1t is measured
In dollars and not in quantity 1t Is rea-
soma bla 10 that this has
been accustomed by the falling off in
prices, in some cases as much as SO per
cent.
What Is now necessary In the view OF
Mr.. Roberts and of many others Is the
bringing about of true balance between
production and consumption and be-
tween the International trade in which
tho various trading nations are now en-
saged. :. ,,na
the fact that Notwithstanding the de-
crease in our international trade In the
L. months ending June 30th. neverthe-
less that trade created a favorable pal
ance for the United States OF about two
billion dollars. Before ths the war va, ha,t IL we
billion we were satisfied ana gratified.
One Remarkable Change.
One Of the changes in our relation
with world affairs to which Mr.. Roberts
referred Is our almost wonderful apsorp-
tion Of foreign securities. Up TO the
year lSla, naTuly any ocoutitiSS 6'SeSN 50
other lands than our own had been mar
keted in the United States. On the con-
trary 1t was our custom TO go 70 Lon
don or to Paris or to Holland ana 10
less extent to Germany for loans or Tor
market places for our own securities.
Now that IL changed. During the war
only a few issues for the allied and neu-
trail governments were sold in the united
states but Immediately after the armistiee
was signed there came many offerings OF
securities from other lands, almost all OF
which were accepted. Mr.. Roberts estl-
mate Is that since November, 1919. some
resented by foreign government securities
have been sold In the United States.
Where the Capital Went.
For one imperative reason much OF the
DEVELOPMENT work in the United states
was stopped after 1914 The reason why
great development In the. United states
was checked Is attributed by Mr.. Rooerts
to the fact that government loans tne
aggregate OF which was approximately
s25 900, 900 900, absorbed almost all OF
the available funds of the people Ihe
result is that while we have potential re-
,nuchsources which IL they could pc mace
available would supply the world WIN
much OF the capital which is now heeueu;
we on the other hand are unable 70 aVail
ourselves OF these resources
Gradually are extricaths ourselves
from the involvesd situation which was
occa stoned by the war The government ;
at Washington Is about TO AID IN sns
needed readjustments and 1t Is regaraeo
by Mr., Roberts as especially gratliyIns
that on the whole labor throughout tne
United States Is taking reasonable vie"
of situation.