The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1923-01-19
SAYS AMERICA THE
WASTFFUL NATION
British Economist Makes
This Broad Claim
IN RAW MATERIALS
Reason For World Shortage In
Oh, Metals, Cotton
and Like.

London, December 27.-[Corres
pondence Of The Associated Press
Americas demand for her own
natural resources-oil, metals. cot
ton and the hke-is so great that a
world wide shortage of these com,
modi6eS, is foreseen; while an eco
nomic crisis, even a collapse, is pre-
dicted for the United States as q re-
suit OF the unsuitable and voracious
consumption Of the raw materials OF
the country, according 70 Sir L.
Mackay Edgar, well known British
industriaiist and financier who has
returned to London from his annual
visit to America.
All countries will be affected, but
the United States most of all, and
the best policy Of Green Britain, &C
cording to the observer, is to develop
and keep under British control as
many physical assets as possible all
over the world. IL that is done,
America viii have to come to Great
Britain for some OF the indispen-
sibles of life and industry.
In all the years l have known
America" said Sir Edward, II have
never been so struck as during the
last two months by her prodigality.
Americans have long been the
champion spenders of the world, bui
now they are making all previous
records in that line look silly. 1t is
mot merely money they are throwing
ton. zinc, Old, lead, tmber-you can
hardly name any OF the staples of
industry that they are not literally
devouring. IL is an amazing spec
tacle.
Situation In America
In America you have l30, 900 900
people feverishly tearing from the
earth its irreplacable wealth and US
ing it to maintain a rate Of growth
utterly without precedent in human
history. This terrible consuming
power is the biggest economic fact
In the world today. II is terrible be-
cause 1t 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 a smash"
Sir Edward recalled that in 1914
America produced about IS percent
of the worlds supply of cotton, oil,
copper lead and zinc. Then Amcri-
ca consumed roughly about So per
cent Of the total supplies. Today,
while she is producing relatively the
same, her consumption Of these
COltHOOlIISS dulOuulS u over udl VI
the worlds output. Ten years from
nUa7 America win be producing rela-
lively less and consuming relatively
more. She will be producing about
half the worlds output; she will be
consuming. something like 70 per
cent Of IL In other words, she will
have TO import.
II is difficult for an Engiishman to
imagine the United States import
ing cotton. Yet this is going to
happen according to this British in
australasia
DO you realize that America is
this year using in her own mills
about seventy percent of her cotton
CROP" Sir Edward asked an inter
viewer. Before the war she used 20
percent. II 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, Engiand's tex
tile district, is going to do to obtain
raw material for her huge mills l
honestly do not know
America Importing Oil
America already has reached the
importing stage in Oil, and in five
yeas che will be taking in from
abroad, il she can get it, not far
short Of a million barr S, accord
ing to Sir Edwards calculations.
That is what she will require if
her present rate of consumption
continues" he said. ut is with oil
as with cotton, copper, lead and zinc
the world is nearing a shortage
not farIremoved from a famine be-
cause Of the voracity of American
demand.
Our business as Britons," con-
eluded Sir Edward, lis to sit tight on
what we have and to exploit all the
oil, cotton and metal possibilities OF
the non American world. In that
way we shall do more than safe
guard our own positions. We shall
be able to supply America with the
commodities she must have to keep
going. She will have to come to us
for some of the essential means OF
livelihood. 1t will ca costly exper-
fence for her, but. so far as can