Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-17
ARGENTINA TRADE
SOUGHT BY BRITAIN
Merchants Hope Recent
Treaty With South Ameri-
can Nation viii Stand.
BY JOHN F. SINCLAIR.
Special Dispatch to The Star.

NEW YORK, January 1.-THE
Prince of Wales is leaving England fol
South America in the interest of Brit.
Ish trade in that section of the world
He win be the. main attraction at the
great British Trade Exposition ir
Buenos Aires.
Lord D'Abernon Shrewd diplomat and
business man that he is, negotiated q
trade treaty with Argentina a little
over a year ago which was destined to
be of inestimable value to the British
manufacturer. But when President Iri-
though this treaty would go into the
discard.
- But Great Britain apparently thinks
otherwise. Argentina is rich prize.
It's 100000 people have the largest
per capita foreign trade of any coun-
try in the world. not excepting Canada
It is from 81 ,5O0,O00,000 to $4,000, 000,-
400 a year.
Comparison Of Trade.
How does this trade stand between
Great Britain and the United States.
The neutrality-suspicious. trade has gone
up beyond 100000 900 annually. Great
Britain does more than one-fourth OF
the business. Argentina, next to the
OnlUeQ states CdudQd, Is SIcdl
Britain's best customer.
British business men have invested
plenty of money in Argentina-almost
$4,000, 100000 worth, as against $780,
100000 by Americans. The railroads
are largely owned by the British.
No wonder the Prince of Wales is
making for Argentina. It's a battle
ground which the British believe they
can win and hold.
.a - ind
Great Britain is concentrating on Ar
Wentina as q test to see whether they
can revamp their foreign trade and
bring back the glories that were theirs
in this field before the Great War.
The struggle for trade in Argentina
between Great Britain and the United
states is going to be interesting.
Bankers Disagree.
A second reading of the annual stock
holders address of Albert H. Wiggin,
chief officer Of the Chase National Bank
ref New York, shows that he does not
favor the Hoover policy inaugurated In
Washington early in 1880 for the pur-
pose of keeping up prices, wages ana
new construction.
THAT policy has failed" said Mr..
Wiggin.
Here is an Old-tashioned, orthodox,
conservative banker VINO doesn't have
mucn paClence Win banking LneOIleS
unless they work"
- Every business man should read the
annual address this year of G. E. Neill,
general manager of the Royal Bank OF
Canada; Paul Warburg, chairman OF
the Manhattan Co., and Albert II. Wig
gin Of the Chase National to realize
how far apart in banking theory many
Of the leading bankers really are. No
wonder the man on the street wonders
what banking theory is correct, so con-
fused is he with the various points Of
view.
IT'S the human equation in banking
that counts, just like it does in other
business enterprises. know a score Of
very successful bankers who do not pro-
fess to know anything about the new
theories of banking. And I need only
TO take their word for it.
Silk Market.
The United States is the big silk
market of the world. But Japan is
not satisfied. She has determined to
educate America to the needs of nat
4ural silk. The Raw Silk Association
of Japan expects to tnaugurate an
educational campaign of advertising to
convince the American public the SUI
periority Of the natural silk over other
textile fabrics. Japan has suffered
recently in competition with rayon
and she has decided that the only
way to make good in the markets of
the United states-plenty Of ton
advertising to show America just how
effective and wonderful the natural
.Eflk is.
So the American branch of the Raw
silk Association of Japan expects to
spend several million dollars over the
next five years in this educational
work.
the American people TO know that
guch a move is not intended as a
counter measure to the rayon activity
At the present time, but rather TO
emphasize and suggest the place OF
natural silk In the present age. Tne
rsyon forces have demonstrated their
capacity to look after themselves.
OIL Proration Attacked.
E. w. Marland, well known Okla
81onna, oil rnagnate, thinks proration as
.practiced in the Oklahoma City held
Ia trayeSty JIpon conservation. Inc
overproduction difficulty is being han
sled in the wrong way, he says:
What is his suggestion? Enack legs
htion TO provide severe penaltleS IoL
the wastes Of natural gas and pronlplt
the drilling of new wells without licenses
from the State itself. That's the MAI
land answer, and here Is how he pre-
Rents It:
: IF the LEGISLATURE viii act promptly
and pass a simple law TO prevent tne
waste of natural gas, the immeolaOe
result win be leSsening OF overproduc-
don, small wells will be preserved, OKIa-
IN get their investment back and the
gross production tax Of the State VIII
be stabilized"
It looks now as if oil proration has
8roken down In Oklahoma, although It's
going strong in California.
High Wages and Prosperity.
The comment of William Green, pres
iden1 of the American Federation Of
labor. on Albert H Virgins suggestion
of bringing down wages shows plenty o.
fight. When Mr. Wiggin remarked thai
prosperity made high wages" and mol
high wages prosperity, he started dis
c,lSsion which will last the rest OF ths
Winter.
So far. it's difficult to see how, either
one can prove his point. Mr.. Green, OF
the other hand. believes that high wages
make prosperity-just the reverse of th'
Wiggin contention.
Mr.. Green's personal opinion is tina
the solution for the problem OF unem
ployment lies very largely IN aooptlni
the ive-day week and the seyen-hou
working day in all branches Of uniol
labor. except those engaged in publ
service. This plan is receiving NOR
careful study throughout the country b,
business leaders than ever before.
This-and the further suggestion tina
preparation for depression periods sue
as we are experiencing-should be mad
q long time in advance, so that at tn
first indication Of such a condition, tn
machinery for taking care Of it viii b
put into effect.
The fight between those who feel tina
: social forces should be balanced an
fg4oco Whn hpliPyp fne