Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-07
Turkey Runs Her Wars
With Great Economy

IdTlS, jan. - NAldlI)-l turkey Is
the least bankrupt of any nation that
has taken an active part in the world
war, according to information reach
ing here, not excepting England or
France. The chief reason is that APP
parently she has conducted her wars
since 1914 with the strictest economy.
The present AnEora or Nationalist
government, which has been fighting
the Greeks and holding off the Allied
Powers since 1919 has resisted the
temptation to print up any new mon
ey.
The total pre-War and war debt of
Turkey, including the charges that
may be set against her at Lausanne
or in any treaty of peace to pay dam
ages to foreign nationals. is estimat-
ed to run barely above $1,000 600, 900.
This sum is regarded as ridiculously
low when it is remembered that, by
way Of comparison, France owes the
United States a war debt OF SO, 100
900, 600. and Germany owes the Allies
approximately $4,000, 100000.
From a European point of view the
interest in Turkey is partly political
especially in war times, and largely
financial in peace times. American in
terest also has been directed toward
Turkey in the past few years with
her tobacco crops, if nothing else, be-
ing brought up by American firms.
An analysis of Turkeys finances
shows she became bankrupt in 1874,
after foolish SultanS and their COR
rupt ministers had contracted un-
productive foreign loans. In 1881
Abdul Hamid, in order to satisfy
these loans. turned over the salt and
other mOnOpolieS to an institution
known as the Public Debt, to be di-
rected by foreigners until their debts
should be paid.
In one way or another Turkey owed
abroad in 1914. 165.0O0,009 Turkish
pounds. This unit had a pre-war
value of SAG. Also she had funded
debt of 152,000,000 Turkish pounds.
OF the foreign debt. roughly the
equivalent of $500, O0O 900. France held
60 per cent, Germany Il per cent, and
Great Britain. Holland and Belgium,
about 10 per cent.
Turkeys war debt expenses have
been described as the most amazing
thing in the history of world war
finance" She ran her war on a
shoestrinS. When the army needed
anything, it seems to have been eth
er requisitioned from the civil popu-
lation. or else the army simply went
without it. And this army often mum
bared 100000 mCn. In 1915. there
was one internal loan of $4,000, 600
Turkish pounds (about 1000, 600 at
the exchange of that time.) Then
there was 4 paper money issue of
154,5Sl, 400 Turkish pounds, secured
by German government treasury
bonds M lla rtap bo
Certain supplies in limited quantities
were bought in Germany.
THESE figures have a distinct bear
ing on the future for those Ameri-
cans, or others who wish to live or do
business in Turkey.
According TO one American finan-
clal expert who has travelled all
through Turkey, as rarely do the ma
jority of foreign visitors, il Turkey
secures Il stable political government
and if she frees herself from foreign
control. there is no reason why she
cannot intensity her agriculture and
prosper.
Strange as it may seem to the cas-
ual observer of the course of post =
war nations. this expert asserted that
Turkey needs but little foreign money
Y A''''''' N - IL Il IN oiiItill IdlIlpT OIL
a sound domestic policy; encouraging
the creation of domestic capital
through better banks; the opportuni-
ty for proper land mortgages, and
progressive agriculture.
Many Americans in Europe are
watching keenly the trend of politics
leading to a peace with Turkey. Ii
new Turkey gets the peace she de-
mands, and if the Angora men of the
steady sort. such as Mustapha Renal
Fasha and General Ismet pasha. keep
control. it is believed Americans will
DO better in Turkey than any other
nationality. These Turks take the
point of view that those who are not
for them are against them. and they
have been made to feel. during the
four years that Admiral Mark l..
Bristol has been L. S. High Commits
sloner III Constantinople, that they
were not friendless when dealing
with Americans.
The Turks of Angora have repeat-
edly declared they understood clear
~ their future prosperity depended
on agriculture, on the surface of the
land, and the application of modern
farming methods. There are mines
and forests in Asia Minor of consid-
cradle prospective value, but these
thew feel can wait