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AMERICAN MANAGEMENT IN NICARAGUA Another channel of American trade is created by the presence of American engineers who operate public utilities in foreign lands as this railroad from Corinto to Granada is operated by J. G. White & Co., of New York

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BRITISH CAPITAL IN THE ARGENTINE The hydraulic station of the Light & Power Company of Córdoba, Argentine Republic. It is estimated

that more than 13 billion dollars of British capital are invested in foreign lands

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THE ROSARIO MINES IN HONDURAS In 1914, these gold and silver mines earned about 12 per cent. on an investment of about 2 million dollars of American capital; and in the thirty-four years they

have been worked they have used many hundreds of thousands of dollars' worth of American tiwods and machinery

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AN AMERICAN POWER PLANT AT TOCOPILLA, CHILE It uses California oil as fuel to develop power which is transmitted to the copper mines and reduction works of the American-owned Chile Exploration Company at Chuquicamata, eighty-six miles away-buildings, boilers, turbines, poles, and wire all being purchased in the United States

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AMERICAN CONSTRUCTION AT AN AMERICAN MINE IN CHILE Part of the leaching plant of the Chile Exploration Company at Chuquicamata. American materials are being used in the construction and equipment of the railroads, bridges, electrolytic tanks, warehouses, machine shop, carpenter shop, living quarters, and other buildings of this big property

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A BRITISH INVESTMENT IN MEXICAN OIL One of the properties of the Pearson Syndicate, which is one of the models from which Americans have learned that the financing of undeveloped resources in foreign lands helps to build a mutually profitable trade between the debtor and the creditor nation

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A PERUVIAN RAILROAD FINANCED WITH BRITISH MONEY The terminus, at Mollendo, of the Southern Railroad of Peru, one of the properties of the British-owned Peruvian Corporation which has made a big market for British railroad equipment and incidentally for many other British manufactures

out la copper al developedid ex

English codig mines, sinese distant blazed

ll the mines worked and mills built that and surplus earnings. The prairies, deshe demand required. What, then, was an erts, mountains, and Far Western valleys inglishman to do if he had a few thousand were its South Africa, its Canada, its Younds to spare especially if he wanted India. Its younger sons went overland nore than 31 per cent, and safety ?

instead of overseas. They, too, wrote He did not have to seek the answer: it back of dazzling opportunities for gainame to him in the mails from overseas in Michigan, Colorado, Montana, Caliwhen homesick younger sons in the Pun- fornia. Their fathers also believed, and ab, in the Australian bush, or in the out of their faith sprang the Calumet & Chilean Andes, “by the campfire, on a Hecla copper mines, the Pacific railroads, bucket upside down," wrote back of daz- the agricultural development of the West, zling opportunities for gain that lay before and all the other splendid expressions of them—virgin timberlands, the unexhausted the American spirit that so magically riches of great mines, vast beds of fertile transformed the wilderness. This task nitrate for the depleted fields of Europe - was nearly done, but we were still absorbed all waiting for the Midas-touch of capital in its final details, when suddenly the deafto turn their idle wealth into golden ening uproar of the European war made us streams of profit for an industrious people. look anxiously about us to see where we What the sons wrote the fathers believed: stood in a world full of turmoil. As we English companies were organized to build looked over the garden wall of the Atlantic railroads, dig mines, sink oil wells, develop we saw Europe's fruitful industry abanwater powers in these distant lands. doned, and Europe asking us to sell her Along the trails the explorers had blazed everything she needed—not only weapons came the engineers; after them came the and ammunition but foodstuffs, clothing, builders. All were English. And when machinery, all the products of our shops they built, they turned back home for their and farms. She, in return, had nothing materials-English rails, English locomo- to sell: her men were too busy fighting to tives, English cars, English pumps, Eng- create stuff to give us in exchange. Hence lish drills, saws, dredges-English every- she offered pay in gold or in the return of thing. They created out of nothing a the ownership of some of our own propmarket for the wares of London, for the erties which she had acquired by the pur| manufacturers of Leeds and Birmingham. chase of American stocks and bonds. What more natural, once Birmingham, Leeds, and London grasped this fact, than

A NATION WITH TOO MUCH GOLD that they should invest of their profits in Almost before we knew it, then, we had more of these foreign promotions, to create “money to burn”-literally tons of gold more markets for goods on which more lying idle in the vaults of banks, to say profits could be made? They did exactly nothing of millions upon millions of dollars' that, and the product was that colonial worth of our own securities, their owners empire and that colossal foreign trade on all eager for a chance to put them to work which Germany gazed with greedy eyes earning interest. The recent enactment of two years ago. India, Australia, South the Federal Reserve Act only made our Africa, Canada-these are fruits of that sudden riches more embarrassing, for that commercial policy, hardy young offshoots Act had so changed our system of banking of the old stock, nourished in their growth that every $18 of gold in the banks created by British gold and repaying the debt in a $82 worth of lendable credit, whereas trade that is as natural a benefit to Britain formerly, of every $100, $25 had to sit in as the shade of a tree's leaves is a benefit the vaults while only $75 went out to work to the roots from which the leaves draw in the form of loans. In other words, we the sap that feeds them.

not only had enormously more gold, but The United States, meanwhile, had been every dollar of it went a good deal further a world to itself. Its England was New than ever before in financing new enterEngland and New York. They were its prises. That is the situation to-day. tight little isles of manufacture, thrift, Such a situation cannot last. Inter

The United self. Its England was

its

prises. That is the cannot last. Inte

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