Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-07
By GEORGE E. ROBERTS

prOuuCtS, tHat nave Deen moving
out in the past year. European
conditions have been the cloud
upon the horizon ever since the
wap, and two opinions have been
held about the probable influence
OF Europe upon Our prosperity.
One has been that European pur-
chases probably would decline be-
cause of Europe's inability to make
payments, and that we could not
hope for normal conditions in this
country without recovery in
Europe; the other has been that
Europe must of necessity take our
principal agricultural products III
at least as large quantities as be-
fore the war, because of Russia's
disappearance as an exporter, and
that beyond this the United States
was sufficiently self-contained to
get along very we'll without
Europe.
1t was inevitable that our ex-
ports of agricultural products
would decline from the war figures
as agriculture in Europe recovered,
although in the case Of wheat they
have been we'll maintained to the
present time. On the whole they
have been maintained in quantity
above the pre-war level.
Down to this time events appear
to have fairly we'll sustained the
view that Europe would need 10
take at least as much of foodstuffs
from us as in the pre-war years,
and the recovery of business ac-
tivity this year, despite our serious
strikes. has given support to the
view that this country can have
a good degree Of prosperity even
though Europe does not overcome
its troubles.
How Our Exports Have Been
Paid For
Without disput;ng the conclu-
sion, it may be we'll to point out
that there are some uncertain fac
tors in the situation. The doubts
that have been expressed about the
maintenance Of our exports to Eu-
rope have been related to the in
ability of Europe to find the means
OF payment. 1t was evident that the
heavy trade balance would have to
be settled in some manner. prob
ably to great extent by loans or
grants OF credit CT some kind. and
it was considered doubtful whether
they would be provided in this
country. 1t is known now that
these have been provided in large
amounts. The total OF loans and
credits is not definitely known. but
the Hon. D. R. Crissinger. Comp
trollcr OF the Currency, after get
ting the best information he could
on the subject, has estimated the
net amount of foreign loans in
terms of dollars hoated in this
country in the four years of 1919
to 1922, in round figures of ST.
500.000000 and the total, including
securities payable in foreign cur
rencies, at more than $4,000, 000. eco.
He estimates the foreign curren-
cics purchased in the United States
as representing a cost of S500,000.-
600. and it may be mentioned in
this connection that the New York
World has recently conducted an
inquiry upon this subject which
resulted in an estimate above $780,
CD0,000 for our purchases of mark
currency and mark. securities.
Mr.. Cr;ssinger's figures above
aggregate s3,sC0,0O0OC0, without
commercial credits. These he esti-
mates at S3,000,000,000 since Aug
ust, 1914, and he estimates our
purchases of American securities
from foreign holders since that
date at S3,G00,000,0O0. Conhning
the present discussion to, the post
war period. without attempting to
say what share Of the commercial
credits or purchases Of American
securities belong u this period, j,
il evident fist altogether the off
SETS AGAINST ctr experts. as class
fed above, h2.c amounted to con
sldcrabiy mere ,',2r 4 billion dol
lars year s'acc the war.
Il is TIC tha. vet all of these