Evening Star Newspaper, January 14, 1929, Page 7

SOUTH AMERICAN PROGRESS DEFINITE Governments Are Making Rapid Strides Toward Eco- nomic Independence. BL REX COLLIER. Staf Correspondent of The Star on the Hoover South American Good Will Trip. Popular fiction has painted an er- roneous and unjust picture of Latin American governments. ‘Writers of the Richard Harding Davis type have left in many minds the im- pression that a South American gov- ernment is about as stable as Humpty Dumpty trying to sit on a wall. Per- haps the picture thus drawn was fairly true to life in some of the Southern republics in their earlier days, but un- bility, viz., ability to support the na- tional currency with revenues from for- eign trade without recourse to loans from outside capital, finds all but Bo- livia and Brazil measuring up to the standard, with Ecuador also lagging | temporarily due to a nationwide cocoa blight. Brazil, however, is at the turn- ing point. Bolivia'’s resources of an exportable nature are so few that she is at a grave disadvantage. Capital Needed. Economists point out that foreign capital should not be invoked to bal- ance a nation's budget, for such a loan becomes a non-reproductive “dead bur- den.” They do not tend to strengthen a nation's financial standing. If out- side funds are needed to build up in- dustries or go into other reproductive channels, that is another question. Latin America’s foremost need at present is just such capital with which to install public service works, aid ag- riculture and open up new industries. There is need for increased industrial development so as to reduce imports of manufactured articles from abroad. Some cotton mills, shoe factories and other industrial plants have been put into operation and others are planned. Some day, undoubtedly, South America will reach a point where she will be virtually self-supporting. All of the WR EVENING STAR, WASHINGTON. D. ©,” MONDAY, JANUARY 11, 1920 e [d all are lending encouragement to home industries. Several of the Industries may never be fully developed. South America has an iron and steel industry, but it is handicapped by lack of coal deposits suitable for foundry use. South America probably will get her iron and steel from the United States and Europe in- definitely. Her machinery and her heavy steel products must come from outside her borders, with North Amer- jca in the most favorable position to supply them. South America's industrial possibili- ties in other fields are unlimited, how- ever. She has every reason to look for- ward to the future with supreme con- fidence. The generally. stable condition of her governments is an inducement to foreign capital to assist in the develop- ment of her vast industrial assets. The entire picture is a bright one, giving promise of an uninterrupted era of peaceful prosperity for the Western World. — - Buenos Aires Shows Gain. BUENOS AIRES, January 14 (®).— The population of this city on Octo- ber 1, 1928, is given as 2,056,089 in the latest municipal bulletin just issued. This figure shows an increase of 480,275 FIRE HOLDS SIGHTSEERS IN WOOLWORTH TOWER Party of Six Marooned While Fire- men Fight Blaze on Fifty-Fifth Floor of Building. By the Associated Press. NEW YORK, January 14.—Six sight- seers, one a young woman, Were ma- rooned in the observation tower of the Woolworth Building for 10 minutes yes- terday, their escape cut off by the high- est blaze that the New York Fire De- partment was ever called upon the fight. The fire was at the level of the fifty- fifth floor, apparently caused by a short, circuit in electric wires in the elevator| shaft. Firemen who had to climb from the forty-seventh floor put out the blaze after three of the men and Miss Mar- garet Shields of Bay City, Mich., made & dash down & stairway through the smoke and flames to the safety of the fifty-fourth floor. Crowds gathered in City Hall Park and on Broadway as the smoke began to pour from the tower windows. Dam- age was confined to the wires and cables in the elevator shaft from the fifty-fifth to the fifty-seventh floors. Taste Tells the Difference LAND O LAKES SWEET CREAM BUTTER The finest quality butter made, churned entirely from pure.’ sweet, table anality A New Low Price on “SANICO” COFFEE as to make it po us to reduce the selling price. Due to the wemesnt b 45¢ less per cup. Office and Warebouse 1845 4th St. N.E. 1l in Washingto d S Special This Week! SUNSWEET PRUNES 2 .:.2lc EGGS Silver Floss Sauerkraut. .. ... Tn ]2¢ FLOUR “—the peer of the best flour” “SANICO” Selected and Every Egg Guaranteed Sanitary fortunately the picture seems to linger | countries have protective tariffs, and |over 1914. in these days of governmental progress in South America. President-elect Hoover and his party left Latin America with a very different perspective in their minds. The pic- ture impressed upon their memories is much more prosaic than that drawn by the novelists, but is is a portrait of which Latin Ameriia well may be proud. As a student of government, it may be assumed that Mr. Hoover appraised this picture by applying certain eco- nomic tests. Such tests would involve inquiry as to whether the governments under observation have balanced bud- gets, stable currency, an ability to meet national obligations, a national bank- ing system and a safe and sound policy affecting loans from outside capital. Progress Notable. Judged by such standards of ap- Praisal, governmental progress in Latin America during the past five years has been notable. On the whole, the re- publics are making remarkable strides with their budgets, their currency, their interest payments, their banking sys- tems and their other financial prob- lems. Sume of the nations still are backward in certain respects, but there is a decided trend toward moderniza- tion of the whole system of government finance below the border. Latin America is taking lessons from Uncle* Sam in government finance. Chile, Peru, Colombia and Ecuador al- ready have adopted our Federal Reserve banking system, thanks to the advice of Prof. E. W. Kemmerer of Princeton, who was called in by those gcvernments to reorganize their financial programs. Other nations have emulated us in pro- mulgating a scientific budgeting system for balancing their revenues and ex- penditures. Venezuela, Brazil, Paraguay, Uruguay, Argentina, Colombia and Costa Rica boast of carefully balanced govern- mental budgets. Chile, Peru, Ecuador and Guatemala are well on the road to that goal. All of these nations are on a stable financial footing. The only republics that have been unable to bal- ance their budgets are Bolivia, Panama, Nicaragua, Honduras and Salvador. All but Peru and Guatemala have a stable currency and before long these two will be in a position to join their sister republics in this respect. Two or three vears ago the currency situation in general was anything but encour- aging. Keep Up Payments. As for foreign obligations and do- mestic debts, all of the countries are keeping up interest payments and mak- ing inroads into the principal with the exception of Nicaragna, Paraguay, Bo- livia, Ecuador, Guatemala and Hon- duras. But even these are attacking their problems hopefully. Nicaragua’s internal troubles have militated against her in a financial way, but with the smoothing out of her political difficul- ties it is thought she will be able to give more attention to her obligations. All things considered, South ‘Amer- | ica’s foreign debt problem is less acute now than at any time in the past quar- ter of a century. Jirely *satisfaciory banking systemms entirely satisfactory systems and three others are ;1 banks along Federal Reserve or national bank lines. The nine countries with modernized banking systems are Sal- wvador, Nicaragua, Costa Rica, Panama, Oolombia, Peru, Chile, Uruguay and|fi Venezuela. The trio effecting banking reorganization is composed of Brazil, [Bolivia and Ecuador. ‘The remaining nations have sound banking systems, but they cannot be said to be modern. In this group are Paraguay, Argentina, Guatemala, and Honduras. ‘The final test of governmental sta rton's reorganizing their| Jf You Can Tell We Are In Earnest —in this Clearance Sale—by the depth of the reductions. We want clearance to be complete—and quickly accom- plished. That's why we've given the clothing prices still greater reduction. Suits— Overcoats— Topcoats— Fashion Park — Charter House — Mode — Richard Austin of London. You choose. 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