The Wilmington morning star., 1945-07-01
SOuth's Credits And Debts

-V-
Ordinarily the South is extolled to the skies
|or condemned as the nations No. economic
problem. Too seldom are its opportunities and
advantages weighed with its shortcomings
and a balance struck between them.
An exception is to be found in an address
Robert M. Hanes, North Carolina banker,
president Of Wachovia Bank and Trust Com.
attention
On the one hand, Mr. Hanes cited facts
to short-sighted policies which have retarded
the South's development in proportion to its
resources and opportunities. If we add the
debts and the credits, subtract one from the
other, am confident that the South will show
declares.
How does he arrive at this conclusion? On
the credit side he notes the Souths produc-
ton. OF the countrys total production, he told
his audience, the South accounts for IS per
cent of the crude petroleum. SO per cent of
co, rs per cent of the natural gas, go per
cent of the crude petroleum. so per cent of
the bituminous coal, 40 per cent of the lumber
ana IL per cent of the iron ore
A. fha f,1ry, st. ho f0fa nrOH1Jcf1nn
in the South had a monetary value of ST..
564 900, OOO In 1889, the last year for which
census figures are available, it had increased
to $11, 100, OOO, 900.
The South's two principal crops in the same
period showed as remarkable an advance.
Cotton in 1900 brought $370,O00,O00, in 1913.
81, 1922, 600, 00O tobacco in 1900 yielded $40.-
O0C, 900, in 49, $4,000 OOO This areas finance
progress has been no less phenomenal. In 1910
the Souths banking resources were $3,275,-
600, 600, today they are more than 1923, 600, 000,
600. In the same period of time savings de-
POSTS advanced from $575 ,OoO, 900 to $780,
coo, OO0
This, for the South's assets. For its debts,
MIR. Hanes said: I'VE have relied too much
on one crop-cotton-in our agriculture and
have not had sufficient diversification in in
dustry'' We have not been prepared to meet
sudden market changes And we have been
handicapped by adverse freight schedules,
which, fortunately have been ordered revised
and placed on an equitable basis with other
sections by the recent ruling OF the Inter-
state Commerce Commission. 1.-The South has
not produced enough food stuffs and clothing
necessitating the more expensive procedure OF
bringing in these basic supplies from distant
sources. To provide a broader market for
its products, he declared, the South must
raise the average per capita income of its
people.
But it is not only industry and crops,
but skilled and highly trained manpower, upon
which theSouth must rely mn meeting the
challenge of the future. Mr.. Hanes believes.
ership-lal. laborad ETAO ETAOIN N MN
1--WE shall need more bushes and industrial
leadership, constantly improving manage
ment.
I'VE also need many more technically
trained men. We have produced our share
of leaders and technicians, but many of them
were so good that they were lured away to
responsible positions in other sections OF the
country We must provide full opportunity for
our own young men and also import leader
ship from other sections to broaden our bust
ness viewpoint and add new types of expert
ence
Perhaps the most hopeful sign for Southern
advancement in the postwar world is the fact
that such men as Mr.. Hanes are not only
doing missionary work in other regions but
are also barring the Souths faults to it's own
people. May his tribe increase.
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