Evening star., 1928-11-10


greatest service to business during the
next few yearS?"
"In the first place, it can make sure
that Developments proceed along sound
lines as In recent years. Good states
manship consists of much in knowing
what not to do as it does in taking
affirmative action. / have already
spoken of what can be done in main
tanning sound tariff and immigration
policies. Something can and will be
done about agriculture and there are
many other things besides"
''Will Americas position. as a creditor
nation mean that for many years to
come she will be required to loan money
in large amounts to her debtors in
order to continue to trade with them
and to collect the debts owed to us by
foreign debtor goyernments?"
I'VE shall, of course, continue to lend
large amounts abroad. The savings OF
the American people must find outlet
and our people viii continue to invest
wherever there Is q prospect Of securing
the best returns on their money. But
there is a good deal of nonsense talked
about the Importance Of the debt pay
mentS in world trade.
~ D. \ aAu pSVO1VVVpVVVs
"In the last fiscal year the total
amount paid to us by foreign govern
ments on account of principal and in
terest amounted to $209, 100000 During
this same period our imports amounted
to over $4 ,000, coo, 900 and of this amount
more than 65 per cent came in en-
tirely free of duty In addition to this,
it is estimated that Americans travelling
4.N Akx.fn InC
than $700, 100000"
"You think, then, that American pros
perity has direct relation to Europe
and the war debts?"
Certainly American buying power Is
| one of the most important factors in
Europe's recovery and future progress
| In one of my speeches in the campaign
| I cited some very Illuminating figures
on this point. Although we have In
this country less than per cent Of the
worlds. population, we consumed last
year 48 per cent of the worlds total
production of coffee, So per cent of the
tin, Sc per cent of the crude rubber, 81
per cent of the sugar, 72 per cent OF
the raw silk, 36 per cent of the coal
AZ per cent of the pig iron, At per cent
of the copper and SO per cent Of the
crude petroleum. Furthermore, we had
100000 out of 30000,000 automobiles
in the whole world. That is some meas
ure of what American buying power
means, not only to ourselves but to Eu-
ropean debtor nations and to the entire
| world"
How will this buying power be af-
| fected by the rise in commodity prices
which people like Brookmire expect tt
take place during the next IL months?'
That Is Something Else.
ct make 1t a rule to make no pre-.
dictions about such matters. Given the
| facts as to production and consumption
one mans guess is as good as another'S
AS see the present situation, money Il
plentiful and is available for all legiti'
mate undertakings. Prices Of copper
and steel are not excessive and have
renamed fairly stable. We are in NJ
immediate danger of excessive demans
sending prices to such high levels al
to make slump In activity and conse
ouently in prices inevitable. In the in
dustrial world things seem to be on {
fairly even keel and 1t is much better
of course, to have them so, with a Sigh
upward tendency as at present"
"You think Mr. Hoover will be abl
to iron out some Of the ups and down
which business and industry have alWay
tlI4lC w
"I don't expect him to do the in1pos
sible, but I think he brings to the coun
try special talents for analysis and or
ganization, of which We seem particu
larly in need just now. That is what
meant when I said that Mr.. Hoove
understood the economic forces will
which he must deal. He has alread.
given evidence Of this and has showl
something of what can be done by hi
administration of the Department o
Commerce. His opportunities TO
achievement have been very greatly en-
larged now that he has been called Il
the most powerful office in the world
And your own future, Mr.. Secre
tary?" began.
THAT is something else," said TIL
white-haired Secretary, with a smile.
iCopyright, 1928, by North American New S
paper Anlance.)