Evening star., 1937-08-30
j. s. TIE STRONG,
NICARAGUA SAYS
Minister Denies Nation Will
Take Action |mperi|ing
Americas Interest.
BY T. r. KITCHENS,


Nicaragua not only has not granted
any concession. but it will not grant
any concessions or rights to any for
eign power that would lmperil any
important interest of the United
States, and its industrial and COM
mercial policies are designed to ef-
1ectuate that purpose"
This statement was made by the
writer by DR.. Carlos Brenes Jarquin.
Nicaraguan Minister to the United
States, in reply to question about
the aims of the Nicaraguan mission
now in this country. It was intended
to set at rest charges Nicaragua has
granted to Japan fishing and other
concessions that would menace the
canal concession Of the United States
IN Nicaragua.
Until recent months, political and
economic conditions in Nicaragua
have been in a state of disorder. 1t
was primarily to assist in correcting
these conditions that the Nicaraguan
mission was sent to this country.
Speaking frankly about conditions
IN Nicaragua, DR.. Jarquin said:
In the eight months that have
elapsed since Gen. Somoza became
President, he has devoted all his ef-
forts to the correction of the mistakes
and the disorderly conditions caused
by the administration of DR.. Sacasa.
Budget Is Readjusted.
Gen. Somoza has readjusted the
budget, and under his administration
the fiscal revenue has increased
notably. The Exchange Control Com
mission has been reformed so as to
operate on a basis of strict impair
tlality, treating all those who wish to
obtain exchange in the same manner
and without irritating preferences
The post of controller, directly re-
sponsible for all decisions of this i'm
portant administrative department,
was created James H. Edwards, an
American financial expert, was en-
gagged as financial adviser to the gov
eminent. Mr.. Edwards has been made
director of the National Bank of Mica
ragua, and board of directors of the
bank has been organized and has its
Offices in New York Mr.. Edwards has
recommended series of technical and
practical rules and regulations which
recently received the APPROVAL of the
Congress Of Nicaragua.
The government has taken over
the frozen debt and intends to pay
1t in period of four to five years,
assigning special revenues to cover
these payments. 1t has achieved the
stabilization of our currency, estab-
dollar, in the firm belief that, with
sound management of these transac-
tions, the exchange will reach its
primitive state with respect to the
dollar.
The government has just con-
cluded, through diplomatic channels,
the settlement of its pending debt
with the Government of the United
States in the most satisfactory manner
The external debt is very small If the
economic resources of the country are
taken into considera ton, as it is only
$2,50O 900. The payments on this
debt have been met promptly"
Condition Promising.
The general economic condition of
the country is very promising. We
expect to have good coffee crop On
the Atlantic Coast, the banana planta-
tions are being enlarged, and on the
Pacific Coast other similar plantations
are being established. The cultivation
of cotton has been increased, and the
many gold and other mineral mines
existing in several parts of the coun-
try are yielding very satisfactory re-
suits
With an honest administration and
strong government, headed by resident
Somoza and backed by the majority
OF public opinion and by well organ
lied army, We may look forward to
period Of progress and prosperity in
Nicaragua"
DR.. Jarquin said his country was in
need of public highways and that,
when its financial situation improved,
1t expected to take steps to obtain an
external loan to be applied to the
construction of hard-surfaced roads.
The governments first undertaking in
road building will be to construct the
Nicaraguan section Of the Inter-
American Highway. The government
is now building bridges along the pro-
posed highway out of funds supplied
by the United States.
(Copyright, 1887. by the North American