Evening star., 1938-05-16
TWO NATIONS BID
FOREIGN CAPITAL
Panama and Ell Salvador
Hail New Deal Policy in
Latin America.

Augusta S. Boyd, Panamanian Min
lister. and Carlos Adalberto Afaro,
Charge d'Affaires Of the Ell Salvador
Legation. yesterday publicly extended
invitations to foreign capitalists to
invest in their countries, lying in Gen.
tral America, just to the south OF
Mexico, whose vigorous policy against
foreign investors has involved her in
diplomatic difficulties with Great
Britain.
While both diplomats hailed the
New Deals foreign policy as it affects
Latin America. DR.. Boyd suggested
Panama would be richer if ships using
the Panama Canal replenished their
stocks in Panamanian markets. and
Dr. Alfaro bewailed American shipping
lines neglect of Salvadorean ports.
The two men spoke in a Nationwide
broadcast in the Columbia Broadcast
ing Systems second weekly program
on Economic Cooperation in the
Americas" Three more Of these broad
casts are to follow, on successive SUM-
days.
Panama" DR.. Boyd said, could
attain greater development not only
for her commerce but also for her
agricultural and industrial interests,
if she could find more propitious op-
portunities within her own logical
market, which is the Canal Zone.
Called Inexplicable.
Hundreds of ships cross the Canal
every month, and it is inexplicable
why, with only few exceptions, they
do not replenish in Panamanian ports
their supplies of meats. fish and fruits,
which without any doubt could be
obtained at prices capable of 'compet-
ing with the lowest elsewhere.
AN important factor to promote
the economic development of the peo-
pies who are beginning to live. as it
were, is foreign capital. Not, however,
the kind of capital which is merely
used with extortionist purposes, but
that kind which is invested with the
idea of sharing the returns proportion
ately between the country who lends
her soil and her men, on the one hand,
and the corporations or individuals
who help to develop her wealth and
her resources.
Il do not want to close without ex-
pressing to the Secretary of State of
the United States, Cordell Hull.
my sincere admiration of his intense
and fruitful efforts towards the ad-
vancement of universal peace, for the
maintainance of which he recon-
mends as one of the most effective
means of increase of the commercial
interchange among the sister repub-
lies of the American Continent"
In Prosperous Era.
El Salvador, DR.. Alfaro said, Is In
a prosperous era. Her credit is sound,
the national budget is balanced, her
currency is firm and agriculture and
industry are in good health.
New industries" he said. "have
been established in Ell Salvador with
national and foreign capital. For in
view Of the bettering possibilities of
good business, outsiders have not hesi-
tated to invest great sums of money in
the construction of factories and in
the exploitation of natural products.
The working men of Ell Salvador have
thus found new sources of life, and
am able to affirm that in my country
unemployment does not exist in spite
of the immense relative population .
DR.. Alfaro declared his country firm
ly believes in the economic policy Of
inter-Americanism and the tariff
lowering program Of the Roosevelt ad-
ministration, but he asked for further
American cooperation in increasing
Salvador's wealth.
"El Salvador" he asserted, "is eager
to increase maritime communications,
Offering great facilities to the shipping