Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-13
America Wasting
Raw Materials
Saws British

London. Dec. 27-Amcrica's de-
mand for her own natural resources
oil, metals. cotton and the like--is
so great that world shortage
of these commodities is foreseen;
while an economic crisis, even a COL
lapse, is predicted for the United
States as a result Of the unsatia BILE
and voraciOus consumption of the
raw materials of the country, accord
ing to Sir E. Mackay Edgar. we'll
known British industrialist and
financier who has returned to Lon
don from his annual visit to America.
All countries will be affected, but
the United States most of all, and
the best policy for Great Britain, ac-
cording to the observer, is to develop
and keep under British control as
many physical assets as possible all
over the world. If that is done.
America will have to come to Great
Britain for some of the indispensiblcs
of life and industry.
I'm all the years l have known
America" said Sir Edward, IL have
never been so struck as during the
last two months by her prodigality.
Americans have long been the cham
pion spenders of the world, but now
they are making all previous records
in that line look silly. 1t is not
merely money they are throwing
about, but everything-copper, cot
ton, zinc, Oil, lead, timbcr--you can
hardly name any of the staples of
industry that they are not literally
dcvouring. 1t is an amazing spccta-
Gle.
IN America YOU have 100, 600, 900
ynn .;el,J, h.
earth its irreplacablc wealth and US
utterly without precedent in human
history. This terrible consuming
power is the biggest economic fact in
the world TODAY. 1t is terrible be-
cause it is already outrunning pro-
duction. Before long, while the de-
mand will be as voracious as ever,
the supply will have run short. Then
there will be d smash"
Sir Edward recalled that in 1914
America produced about IS percent
of the worlds supply of cotton oil.
copper, lead and zinc. Then America
, consumed roughly about 80 percent
| of the total supplies. Today, while
| she is producing relatively the same,
her consumption of these commodi-
! ties amounts to over half of the
>
America will be producing relatively
| less and consuming relatively, more
| She will be producing about half the
worlds output; she will be consum-
| ing something like 20 percent of it
/ In other words, she will have to I'M
port.
J 1t is difficult for an Englishman to
| imagine the United States importing
cotton. Yet this is going to happen
according to this British industrial
/ iSt.
do you realize that America Is
this year using in her own mills
| about 70 percent of her cotton CROP
Sir Edward asked an interviewer
Before the war she Used 20 percent
1t seems that the time is coming
when there will be precious little
American cotton for the rest of the
world to buy. The Southerners
seem to think that they do better
with small crops fetching high price
What Lancashire, Fnglands textile
district. is going to do to Obtain raw
material for her huge mills | honest
| ly do not know.
America already has reached the
importing stage in oil. and IN fve
wears size will be taking in IRON
abroad. if she can get it, not 1al
short of a billion barrels, accoluils
to Sir Edwards calculations. :,
| That is what she VIII require II
hcr nrcsent rate Of consumption con
tinucs." he said. at is with OIL as
with cotton, copper, lead and zinc
the world is nearing shortage no.
far removed from a famine because
of the voracitv of American demand
| "Our business as Britons. con
,,uded Sir Edward. sis to sit tight or
what wc have and to exploit ali the
oil. cotton and metal possibilities OF
I thc non American world. In ina,
way we shall do more than sa1esraIc
our own positions. We shall be an!'
TO supply America with the com
moditics she must have to Keep 60
ing. She will have to come to rs loi
some of the essential means OF llNeii-
hood II will he a costly experience
for her. but, so far as ] can sec
America cannot escape It..