Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-18
BRITISH BANKERS
HAVE WIDE FIELD
Their Loans Cover Larger
Area of World Than Do
U. S. Credits.
BY JOHN F. SINCLAIR.
ecial Dispatch to The Star.

BY JOHN F. SINCLAIR.
Special Dispatch to The Star.
NEW YORK, March 18.--Reading the
hard luck stories of business conditions
IN England, one might draw the con-
clusion that British bankers are not
loaning money TO foreign nations. But
they are-plenty of it.
Total foreign loans for the United
States, allowing for refunding opera
tions, we're S67l 00000 in 1929, and
s541 200, 900 for Great Britain, accord
ing to Government figures.
But the loans to European nations in
that year from both countries showed
a decrease over the previous year. The
United States bankers advanced only
S142 100000 in 1929, representing a
precipitous drop of $650,900,000 from
1928, while the British underworld
ST., SOC, 900, or $190,000,o00 less than
they did in the preceding year.
One financial observer makes this
statement: THE fact that the British
have cut down our lead as a foreign
lender in year when conditions have
been exceedingly unfaVorable Tor both
countries is fact that deserves serious
consideration. 1t shows relatively
greater stability in British foreign
capital, under the stress of dittcultles
SUCH Us JIlOSC VI 4doJ yEaA-
The world sweep of the British
banker is much wider than that of the
American. 1t reaches into Australia,
New Zealand and India. In far-away
Africa the United States lent nothing,
while Great Britain in 1929 underworld
sos 100000. largely for mining COM
panies.
Most Americans believe that the
world leadership in finance has perma-
nnHnf1 IN NnU
York Millions of Britishers challenge
this claim and show such figures as
these to back up British prestige.
The United States is not the only
country that is suffering from unem-
ployment While England is the worst
sufferer cher number of unemployed is
1856 more now than year ago. the
number of her unemployed is probably
not larger than the total in the United
States today. Russia, too, is having
her unemployment troubles.
Germany is suffering severely from
unemployment, more so now than IN
the last two years. Italy, too, finds her
idle list growing. France seems to be
the only country that has no unem-
ployment problems to speak OF at the
present time.
When we turn to other parts of the
world, we find the situation in South
America and the Orient is much more
serious. The coffee producing coun-
tries of South America have much
idle labor. So have the rubber-growing
regions of the Far East and the silver
using countries like China and India.
We lust happen to be in one OF those
eras where many different elements
have to be correlated before we can
say definitely that the turn Tor the oet-
ter has come. Unemployment Is
,,,orIS-u ride condition tndaV
In the meantime, the prospects Tor
increased business during the spring
months seem to be as encouraging an
element as anything else.
The leather industry has been suffer-
ing for some time from excessive ca
pacity. Last year, a good one in that
industry. saw it operating at so to 70
per cent of its effective capacity.
For the first time in American his
tory, the year 1929 showed an excess
of leather imports over exports. me
S45, 100000, and the imports slightly IN
excess.
Today liquidation of leather has pro-
ceeded to a point where the industry
began the new year with about 3,5OO,-
600 units of sole leather on hano,
against 11.300,000 units at the begin
What kind of hides are imported?
Roughly, rs per cent of cattle skins, 45
per cent of calf skins, 65 per cent
Of sheep skins and 100 per cent OF
goat skins.
II IS well known that in the meat
packing industry the cattle skin Is
byAproduct, for it represents only 6
per cent Of the packers value OF the
whole animal. So, to large extent,
the leather industry plays second fiddle
IN the cattle fond industry.
Shoe manufacturers and retailers had
a fairly prosperous year IN 1929, ad-
vancing sales about per cent over
the year preceding.
If the record of 1929 is equaled In
1880, shoe men will 'call 1t IS" and
so fishing to celebrate.
Will the railroads of the future con-
troll all means of communication?
Elisha Lee, vice president OF the
Pennsylvania Railroad. whose company
already is actively engaged in bus and
air routes in addition to its regular
Transportation lines, says that it is
also looking into water transport sys-
TENS on rivers and canals, with ocean
going traffic as a future possibility.
This Pennsylvania official believes
that this is a logical development and
1t is to the best interests of all con-
cerned that the various railroads I'M
deftaKe the cO-OrQlnaLlOn OF JIle VdTl"
Gus means of transportation which
have grown up in the United States,
land in connection with the others,
provide the public with the most COM
plete, efficient and economical service"
American railroads total freight load
last year was equivalent to hauling
400, 600 900 900 miles with the average
load per train greater and more eco
nomical than ever before.
The Pennsylvania Railroad today is
handling 90 per cent of all its freight
on regular schedule, as compared to 10
per cent a few years ago.
Railroad efficiency is one Of the inn
portant contributing factors in the
present industrial expansion.
we'll known railroad president has
written me as follows:
20 the extent that a better con-
Il, on exists, it represents less uncer-
tslnty on the part of people generally.
The force holding back the forward
movement in almost every line is ex-
cess productions, compared with re-
munerative demand"
That's the story-too much produc-
ton and too little demand-the effec-
tive kind that requires money to make
the demand more than wish.
downright, 1880. by North American News
nsoer AlliareeD
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