Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-30
DEBT AGREEMENTS
URGED BY KEYNES
Economist Declares Nations
of World Should Reach
an Understanding.
BY JOHN f. SINCLAIR.
ial DISPATCH to The Star.

Keynes yesterday said that the present
world economic crisis is largely due to
the og-in-the-manager attitude of the
creditor countries, and that world con-
ditions will get worse, not better, I'M
less some sort of concerted movement
is worked out before long between
debtor and creditor countries.
This famous British economist con-
tended that world prosperity is only
possible when there exists a steady
flow Of lending, equal to the amount
of their surplus resources, from creditor
countries as a whole to debtor coun-
tries as a whole"
Anything which interferes with this
movement causes trouble according to
Mr.. Keynes. Overlooking the scales,
either on one side or the other, is bad.
Today the scales are overloaded on the
debtor side with debts, obligations and
gold. So the business machine slows
down and the price level falls.
The fall Of prices destroys the credit
of the debtor countries and it becomes
increasingly unsafe. from the view of
the individual investor, to lend to them.
Some one must lend to those countries
If catastrophe is to be avoided" Mr.
Keynes added.
This statement-the most peSSimistic
ever uttered by this British economist
contains advice that every creditor
country may well heed.
Oil Tariff Move.
A tariff on oil That's the latest cry
from the hard-presss d oil industry But
the movement, so confident of success
short time ago. has struck a snag in
the refusal of Chairman HaWley of the
House Ways and Means Committee to
call any meeting of his committee to
investigate the proposed duty on crude
or refined oil products until the Tariff
Commission itself has made its own
investigation.
So there will be nothing doing"
about this for another year Oil mcn,
in the meantime. are studying more
carefully than ever the effect of the
immense import of Gil from South
America, brought in largely by the
Dutch Shell, the Sun Oil Co, Sinclair
and several other large companies.
Colombia and Venezuela are the
countries from which the big oil import
into the United Stats comeS-not
crude, but refined oil. Venezuela
shipped to the United States 25,000,000
barrels of crude petroleum in 1880, as
lombia shipped 10000 900 barrels last
year.
But look at the refined oil figures!
43, $3.50 900 barrels of refined oil we're
imported in 1880. as against 29,632, 900
barrels in 1929. Even in the last month
Of the December-importS of re-
fined were 6,298,00O barrels. as COM
pared with 2,835,00 in l929-an i'm
pTesSive expansion.
What's going on is this-the large
-
in Venezuela and Colombia have been
erecting large refining plants in the
West Indies. The South American
crude is sent there, refined, and then
sent to the United States, ready for
retail sale. No tariff stands in the
way.
Oil leaders say this is one reason for
the chaotic condition in the American
producing and refining centers.
Maltbie's Career.
DR.. Milo r. Maltbie, whose name has
been submitted by Gov. Roosevelt for
chairman of the Public Service Com
mission of New York for a 10-year
term, beginning February l, is rec
ognized authority in the public utility
field.
He was born in Illinois, graduated
from Upper Iowa University and then
specialized in economics and municipal
government at both Northwestern and
Columbia Universities
Few men in America have had as
wide an experience in public utility
matters Excepting the years 1916 to
1913, when he was city chamberlain OF
New York DR.. Maltbie has been active
in the public utility field, both as an
expert and a member of commissions
since 1907. Thirty years ago. at 20, he
was prize lecturer on municipal gov
eminent at Columbia University, and
for some years afterward he conducted
investigations in Great Britain regard
ing the relative merits of municipal and
private management Of public utilities.
DR.. Maltbie is the author of several
books on municipal government and a
contributor TO many economic journals.
Gov. Rcosevelt's well known stand on
public utilities is indicated by the Sc
lection of DR. Maltbie as chairman of
this most important New York COM
mission.
Amusement Enterprise.
S. L. Rothafel roxy, Snowman,
Minnesota born, still under so, is re-
firing in March, after his spectacular
success as director of the largest mo-
ton picture house in the world. What
is he going TO do?
The announcement by George Engles,
vice president Of the National Broad
casting Co, that huge booking bu-
reau has been organized TO handle the
los major concert and opera stars and
$50 radio artists used by this company
at the present time lends color to the
report that Roxy" is likely to have
charge of the activities of this vast en-
SerpriSe and bring to the air what he
has so successfully worked out for the
screen and stage.
Among the artists VINO are tied up
in this huge enterprise are John Nc
Cormick, padereWSki, Rachmaninoff
Harry Lauder, Gigi, Bori. Chaliapin,
Cali Curci, Lawrence Tibbett, MiScha
Elman, Marion Talley, Walter Dam
roseh. Anna Case of the Metropolitan
Opera Co. and a score of other equally
well known artists.
A few weeks ago William Paley,
president Of the Columbia Brcadcasting
Co, announced a similar arrangement
for artists of Columbia
So with both competing for high
grade artists, radio fans are in for a
real treat
r. 3. Bennett. premier of Canada,
who arrives in Washington Saturday
to talk ever several matters of mutual
interest with American officials, prob
ably will be disturbed TO read that
Alexander Legge, chairman OF the
Federal Farm Board has given warn
ing, in certain quarters, that the Fed
eral Farm Board will not support the
wheat market unless wheat acreage
is cut.
Faced with loss of $50. 900 900
already IN its wheat operations, the
Farm Board. during the past few
months. by buying wheat offered on
the market, has kept wheat 90 TO rs
cents above the world price Naturally
Canada is satisfied 1t gives her a
better chance to sell her surplus mil
lions to much better advantage, with
the United States out of it, as a world
competitor
But should the Farm Board with
draw its support wheat prices not only
in the United States would drop, but