, 1922-05-03

he principal foreign loans nosAed In the United
states since January I. 1922, are.
The gosornnaHt Of the Dominion Of Canada,
Sios,ooo.0o0.
Greater Winnipeg Water District "a corporation
constituted by a special act of legislation Of the prov
NEE OF Aanitoba- which owns and operates the water
supply system OF the city OF Wiunipeg). 100000.
City OF Edmonton, capital Of the province Of Al
berta (Canada). $50 900, 900.
Paulista tBrazil) Railway company, $4,000. 600.
Observation-Disclosures Railways. 100000.
Government Of Dutch East Indies, $40, 900 900.
H~olland-Ameriean Line (HoIland-ovned steamship
corporation, which in turn controls the United Neither
lands NavigatiOn company plying between continental
Europe and the Dutch East Indies, British India, Aus
traha and Africa, S30,ooo.0 900.
Grand Trunk Western Railways canadian corpora
toni, SL79o, 900.
Canadian Paper Board company, $500. 600.
Kingdom Of Netherlands. SIS, 900. 900.
City Of San Paulo (BraziD. $4,000 900.
81, 100000.
Government Of the Argentine, sz7, 900, 900.
5lidi RAILWAYS company Fanee), s25, 900. 900.
Province of Manitoba (Canada). s2.25o. 900.
Canadian National Railways. si1 ,ooo, 900.
Dutch East Indies government (sinking fund
bonds), 10000 900.
Province of New Brunswick Ccanada). 1900, 900.
Paris-Lyons- Mediterranean Railroads (sinking fund
bonds), $780, 00.O 900.
Government of Newfoundland. IS. ooo,o 900.
City of Toronto Canada, $500. 900.
City of Scissors CFrance), sc, 100000.
City Of Rio Janeiro (BraziD, s13,0oo.o00.
Province of Ontario (canada), s15,o0o,o0.
dominican Republic, Sc, 100000
Province of Alberta (Cnnada). So. DOC, 900.
Czecho-Slovall Republic, SIS. 900, 900.
Canadian General Electric company. IS, 100000.
State of Queensland (Australia), SIC, 100000.
City of Brisbane (Ausi aiSl, 5000, o0c.
Melbourne (Australia) Electrical Supply company,
$500 900.
ra-America Industrial company Ia subsidiary Of
the Schneider Ordinance and Steel Plant, Franee)
10000 900.
The above is a list of the largest loans which have
been made to foreign countries and foreign corpora
tons by American financial interests, the bonds being
marketed in this country and absorbed by the Amer
lean people. In addition to the above it is said in
reliable financial circles that plans are about perfected
for floating loans in this country for the Polish gov
eminent, the German government, and one or two
other European governments
Those who have steadfastly opposed the government
Of the United States participating officially in any
European conference, whether It was styled political
or economic. have never objected to the private finan-
cial interests of the United States financing any of
Europe's legitimate needs. In fact, il is the viewpoint
of those who are opposed to this governments official
PARTICIPATION in European affairs that the financial
rehabilitation and economic reconstruction Of Europe
must be brought about not through governmental
agencies but through private financial interests. This
is the way it should be brought about. for it is certain
that before European countries and their respective
domestic interests are financed by private capital
Europe must set her house in order, balance her bud
gets, reduce the output of paper currency and other
wise so conduct her financial and economic affair
that her bonds and other securities will have n real
value. Private funds are not going to be invested in
any other sort of securities.
On the other hand, if the United States SHOULD
undertake directly or indirectly as a government Il
underwrite Europe, her fresh extensions OF credit
would be treated as a gift rather than as {, bushes.
transaction and would encourage European countrie,
in their reckless expenditures. Moreover, if the
United States were to attempt as a government IL
underwrite European nations it would inevitably be-
corae involved in all sorts of European politics and BIZ
compelled to align itself with one or the other of the
alliances and groups of nations which are striving fol
political dominance in the European continent.
/ The data above cited is sufficient and conclusive
proof that it is not necessary or the United States gov.
eminent as a government to "sit i'm at any European
conference in order that the legitimate needs OF
European governments or European corporations may
receive financial recognition and support in the
United States. All that is needed upon their par,
to secure necessary funds in this country is to show
they are worthy of such support.
The big fact rs that even now the United States r.
financing other nations at a rate of about 500. 900.
600 month. In view of this the talk about our
observing Europe" and refusing to play our part in
rebuilding the world" is sheer nonsense.