The Washington times., 1924-11-19
TRADE RISE
ABROAD
Great
increases Of Billions Above
1914 Figures Shown by
Federal Statistics
BY WILLIAM HARD.

4
: The United States, through its
exporters, its investors, and its
Shipping Board fleetsof merchant
ships is opening new era for
itself in the world.
The policy of our State Depart
ment is sometimes attacked as q
policy, Of Isolation Certainly,
however, we are not "isolating''
ourselves from the rest Of the
world in business.
Since July 1 Of this year our
investors have loaned some 265
million dollars to nationa; govern
ments and to municipal govern
nents and to governmentally
guaranteed railroads in Europe.
The lowest rate Of interest that
the Europeans will pay on any
Of this money is 81 per cent.
On much Of it they win pay 61a
Per cent. On more than half Of
it they win pay z per cent.
Investors Return Good.
The return, therefore, to the
American. investor is good enough
In comparison with the return he
can usually get In this country
from national or local government.
81 securities. &
In the belief Of many bankers ii
New York. we are just now merely
beginning oIIr destined role in help.
ing to finance the worlds activities
These bankers look forward to a
world active and improved and de-
veloped and prosperous as never
before. and they look forward to
seeing American dollars AS well as
American goods flowing; as never
before into all foreign regions in
both hemispheres.
These articles will deal first with
the goods and then with the dol
lars.
Taken together, the facts show
that there is little or no foundation
for any dependency about iIltarna-.
tional besiness relations are essen
tally sound and may presently give
as the greatest worldwide business
boom and the greatest advance In
human living. conditions In MI
history.
Walls Of Pessimlists
It is true that Europe today takes
from us q smaller proportion than
formerly Of our total exports.
That fact has been much picked
upon by our weepers and walters
regarding Europe's present and
future.
See" they say, 'the poor dear
European continent, war-racked.
war-ruined and unrescued, cannot
tional business relations and that on
the contrary there is solid founda.
tion for the belief that interna-
buy from US what it used to buy
IN its pre-war happy days. =
This view Of the matter Is abs0-
Iutely characteristic of our con-
temporary pesEimists They simply
must cry about war-ruined Europe
even when Europe is not ruined
ton which Europe now takes of
our total exports can be absolutely
proved to have had nothing to do
quences OF the war.
Europe's relative decline among
our customers began thirty years
before the war and is part Of a dra-
matte and most impressive growth
made by our American foregn trade
both in its size and In its variety.
We used to look almost entirely
toward Europe In 1880 we sent
more than so per cent OF our, total
exports to Europe.
Well, we now have been getting
other customers, too.
Declines In Sympathy.
BY 1910 Europe's percentage Of
cur total exports had fallen from
30 to SIS.
All before the war!
The decline since the war has
been simply in harmony with the
decline before the war. That's all.
Europe now takes only about So
per cent oftour exports.
In other words, we have been
pushing our goods into new mar
kets so successfully that whereas
in 1880 we sent less than 90 per
cent OF our total exports to nom
Europeans, we now send to non.
A1uA POO@tS NhbuoAAJ udlA VA Jul
total exports.
It Is not depressing fact. It
10 a cheering fact.
Now; further, for the benefit of
people who still need to be- cured
Of their obsesslon about war
ruined world, let US just look at
what the various grand divisions
Of the world bought Nfrorn as last
year in comparison with what they
bought from US in 1914.
An 1914, for goods bought from
us. Africa paid US $4,000 900. In
1923, Africa paid us S60,000.0OO.
In 1914, South America, for goods
bought from US, paid us $4,000 900.
In 1923 South America paid us $500,
100000.
Asia and Oceanic, in 1914, paid us
$4,000, GOO Cor American goods.
In 1923 they paid us $657 200, 900. Z
Not much war ruin there!
Europe Isn't Tottering.
In 1914 countries to the north Of
us bought goods from US to the
value Of $48i, 100000. In 1928 they