Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
by Julius Klein,
Director bureau Foreign and Do

With all due allowance for that cx-
ubcrant enthusiasm for supcrlatives
which Is usually associated with
things Latin American. II Is safe to
say that tho year 1872 brought Il
notable Improvement In inter-Ameri-
can trade relations. This is especially
SO If we view the situation In It's
proper perspective. not as contrast
70 the hectic variations OF I9l5-'2O,
but rather In comparison with tho
normal progress before the war.
Even more Significant than this
more or less obvious feature OF COM
merc!al interchange is the increas-
Ing stability OF the basic economic
situation in the Southern republics.
Their recent progress out OF the con-
fusing weller OF postwar imitation
and collapse hss been truly remark
able, even II certain unfavorcd
aspects. such az the IRA s!lian iinan-
cial position. the Mexican political
situation. and tho delayed progress in
Cuba. be taken into account. These
basic IMPROVEMENTS are an rnCourag-
ing Indication of the latent economic
strength Of these new lanLs-new
from the point OF view OF world com
merce and diversified industry.
Trend Towards L. 8. Permanent.
The recovcrics which became evil
dent during the year. particularly
within the last few. months, arc like
II to affect profoundly and perman-
entity the currents OF commerce
among tho American republics. They
are not phenomena OF passing mo-
mcnt. but are, on the contrary, the
elements out of which the lasting
edihccs of trade and industry have
been constructed in other. more de
vclopcd lands. Among these new
inter American bonds may be men
toned such factors as large ale
rtproducttvc Investments, measures
for the assurance OF international
peace and order tho establishment NJ
more effective means OF communion
ton. such as increased mileage Of
railways. new cable lines. and more
efficient steamer service.
The renewal Of large scale iiumi-
grafton from Europe is also very
encouraging sign. since population Is
one OF the Ereatcr needs of the
sparsc!y inhabited areas OF tho South
Then. too. the revival OF the compcti-
tive efforts OF European nations has
considerably stimulated the trade sit
uation and is likely to he especially
encouraging TO the merchant porula-
lions OF these republics The spread
OF bankruptcies. which reached It's
height In 1921. continued into the
carly part of this year. and although
drastic trial TO the commercial cle-
ment. II has. nevertheless, been n con-
;inuancc of that healthy disinfeCt ION
process which was SO badly needed
after the imitation OF isl9-'oo.
Prosress In 1922.
In general our export position Ia
the leading Latin american markets
has been considerably strengthened
during 1929. especially within the
last four or five months. our total
SalcS to the whole OF Latin America
for 1929 Will probably amour, TO
f5bo.ooo.0oo as against s3o2.s2 900 In
1913. an increase OF about So per cent
during the war period. Even with
proper allowance for variations in
values these figures bring out clearly
the considerable advance OF our
trade position in that area since
1914. our leading Latin Amerlcan
customers for the year have been, in
the order o. their Importance. Cuba.
which took about sl20.O00.Oo0 worth
OF American goods or about ~ Fer
cent of oar total sales to Latin
America, and Mexico. which in spite
Of its considerable Oppression. pur-
chased about 3il0.uo0,000 worth, or
20 per cent OF our total Southern
ing in order. were Argentina. about
Ss5.ooo.ooo worth or II per cent. Bra
I'll. about si2.000.o00 worth. or per
cent. and Chile, about $4,000. 900
worth. or Ter cent.
These estimates are based upoD tho
hgures up 10 November and. o:
course. are mere approximations; but
they serve to illustrate the relative
Importance of our leading mark cts.
1t is apparent that Cuba and Mexico
are still far in the lead: In fact. taken
together these two neighbors buy
considerably more from us than the
whole Of South America. This Is a
further evidence OF the necessity for
highly competitive markets o. those
countries in Southern South America
whose purchasing power Is most at
tractive. our trade with Cuba and
Mexico still shows certain openings
In various lines. but in the main the
point OF saturation is not far dis
tant. That is to say. our increases in
those countries arc likely to he at
much less rapid rate In the future
than viii be the case with our trade
in the River Plato countries, Erazil
and Chile.
Our Investments Vital Aid.
As indicated above. the first hair
OF 1922 saw continuation OF tn" 1921
depression in our south bound ship
ments. except for a few lines. hut
since the list OF July or thereaboutl
there has been n notable improve
ment. especially In the sales to the
South American contcrs For exam
pie. during the three months from
July ! to October /, 1872. our ex-
ports to South America of cotton
cloth (b'eachsd. unhlcached. printed.
and dyed) Increased 80 per cent over
that OF the same three months OF
1921. Our paper exports 10 the same
area increased during this period by
1875 pcr cent. cement % per cont. iron
ana steel sheets tgalvaniZed) 3i3 per
cent. galvanized wire Ti2 per cent.
barbcd wire 500 per cent. and type
writers 1874 per cent. These figures
on wide range OF rather varied
products form an interesting ind!-
cation OF the general Improvement
which has been in progress since the
middle OF the year and give every
indication that tho situation viii CON
tinue To improve.
one OF the most vital o. the basic
considerations mentioned above il
mat OF American investments In the
course Of the year Latin-American
loans total!nE about 100000 900 were
noated in this country and there are
pending and likely to come to :hc
United States almost 5000. 90 &, 900
more. II liz true that In many in