Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-07
MEXICO TO REPAIR
CREDIT STRUCTURE
New President Pledges Effort
to Pay Foreign Debts
of Nation.
BY JOHN F. SINCLAIR.

Special Dispatch to The star.
NEW YORK, February 7.-Pascual
Ortiz Rubio. world traveller, author, en-
gineer, revolutionist, inaugurated Presi-
dent of Mexico, has pledged his govern
ment to the payment of foreign debts
and to the policy of no seizure of land
for poems without just compensation.
His administration will war against
the infant mortality rate, now almost
equal to the birth rate, and against
igno.a nce by cutting down the percent
age of illiterates.
The new President begins by restoring
PorteS Gil to his old post of minister of
the interior, which Senior Gil hello un-
der former President Gales. and by re-
appointing the present cabinet minis
tiers controlling foreign affairs, war
and finance.
Mexico, with her $4,000, 900 people
living in land overlooking with riches
and natural resources. is capable of sup
porting a population equal to that of
the United States.
The sympathy of the people of the
United States with her problems-for a
vast majority Of her people can neither
read nor write-is what Mexico needs
during her present reconstruction
period. The difficulties surrounding the
task Of the new President were forcibly
demonstrated by the attempt upon his
life within an hour after his Inaugural
ton, Notwithstanding the liberality Of
the policy to which he pledged himself.
InstaIIment Buying.
When the National Retail Drygoods
Association met in New York this week,
DR.. H. Parker Willis of the Journal OF
Commerce, sounded a word of warning
against the use of the installment pur-
chasing system in their business.
No installment purchasing, Mr.. Willis
said, should be allowed in industries
where consumption is prompt and
1nal." He insisted that inStallment buy
ing is not suited to the apparel or dry
goods business, and lit ought not to be
tolerated there for a moment"
OF course, the whole problem of in
stallment buying dovetails very closely
into that of banking credit. Making a
plea for a closer relationship between
the home banker and the merchant. Mr..
Willis said: IF the merchant does not
support the local bank he cannot ex-
pect the local bank to support him, and
will from time to time suffer from
credit famine"
Many merchants have developed a
system of installment buying, even in
the field of perishableS and other fast
depreciating lines.
But it is now pretty we'll agreed that
no installment payments should con-
tinue beyond the life of the goods pur-
chased. In fact, safe rule is to have
payments arranged in such a way that
the seller maintains an equity of 80 to
40 per cent in the goods at all times
until finally payments are made.
Steel Exports.
American steel exports made the best
record last year in nine years It was
to be expected that 1919 and 1920 would
be record years. because of the tremen-
dous demand for steel products needed
in European rehabilitation.
But last years gross steel export
over three million tons-is an increase
OF So per cent over 1928 Still, the 1929
total was 62.5 per cent less than the
record for 1920.
In the field of finished steel, exports
increased Z per cent over 1928, but i'm
ports declined The imports we're but
$4,000 tons-21 per cent less than in
1928.
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