Evening Star Newspaper, April 28, 1929, Page 30

Dawes in Santo Domingo | (Continued From Third Page.) countries, and suggested standards to | CODstitutes the source of lerge incomey in Latin America. be adhered to and cconomic reforms of great importance, which have now been put in practice and constitute the financial systems of those nations. It is now some years since that Prof. Xemmerer went for the first time to South America, under contract from the government of Chile. The economic eondition of that southernmost republic | of the contineat was at that time more than critical. There was a general dis- | organization of administrative fun tions: numerous defalcations had been discovered. and many deals made against the best interests of the govern- ment; funds were wasted in unneces- gary expenditures; some items of in- come were left uncollected that be- longed to the state; the budget of the nation was not adhered to, and private banks and merchants took advantage of this disorder to obtain enormous profits by interpreting th: law according to their own ideas. | Changes Suggested. for the State In the fourth place. there was sug-| government gested the establishment of a “bureaul economic credit. of the country, and the right to audit | creased notably, its expenses have been pervision, the right to pass upon andj reduced in still greater proportion. and approve all the economic of the counrty, and the right to audit yx. the THE SUNDAY STAR, WASHINGTON. D.: €, APRIL 26, |1y, there was created the bureau of | emergency.” “By this la l { posed the establishment of an incomej today the Republic of Chile enjoys one tax, at a progressive rate. which now{ of the most solid financial reputations ! operations | isbursements down to the last] of 40,000,000 pescs “peso” from the fiscal coffers. Funds Accounted For. This the budget was au now has a personnel nffl 1.500 employes, and at the end of each important, and no less year renders a detailed account of thef lowing the condition of the national funds, This made up by the minisiter who fixes a certaln amount for Nex! s now of finance, | each department, and within this limit each | department’ balances its expe needs in equitable form. fixed date before which Congress must | on the principal functions of this Cen- and if pass upon the budget not done, being in force, and be the budget is con: omes law. s and’| ‘There is a| this dered as | In | " says Mr. bank inspection, so supervise the opera- | Mantilla, referring to the law creating tions of all banking Institutions and | the Central Bank of Ecuador, “the large thus prevent the cases of fraudulent | scattered reserves of gold held by the bankruptey, which had become the | banks of issue in the country were cen order of the day | tralized and the actual profit of re- The result of all these reforms is that | valuation of this gold stock—represent- ing over 62 per cent of the total note circulation—was turned over to the government. which used it in a par- tial redemption of the public debt.” The present reserve of the bank is now 40.000.000 sucres A second step recommended by the Kemmerer mission was the stabilization of the money of Ecuador at the rate of 20 cents (United States currency) per sucre. In this way Ecuador regained a gold standard and today has a fixed inter- national exchange rate. Through another recommendation of Prof. Kem- merer a morigage bank was created described a “credit institution to facilitate commercial transactions and promote agricultural enterprises. throngh loans to business men and farmers.” A total of 8000000 sucres was obtained for this bank, thanks to the match monopoly granted to the Swedish Match Co.. which furnished that sum. necessary to carry out this suggestion. Only a few years panic the Chilian enjoys considerable its "income has_in- after the financial now the constant deficit of earlier times converted last year into a surplus Changes in Ecuador, In Ecuador the changes planned by the Kemmerer Mission were no beneficial ne lines as those pre- pared for Chile, Prof. Kemmerer recom- in the first place, the e of the Central Bank In an interesting thes in_ Georgetown University Carlos Mantilla of the Ecuadorean le tion in Washington, we find some data pre- by k, expressed as follows: ssue and conversion of all bank in_circulation; Organic Finance Law. notes Another law planned by Kemmerer this way difficulties are avoided that of rates of exchange; (c¢) fixing of rates was the creation of a banking depart- with authority to supervise all similar institutions of the country. And lastly, 1929 PARY carrying out suggestions of the Kem- | merer mission, the government decreed | the new “organic finance law” at the beginning of last year “in order to regulate the collection, custody and ex- penditure of all public funds and the acquisition, preservation and disposition of natior.al properties.” The benefits | which }ive been derived from these changes .n the economic rehabilitation of Ecuador at home and abroad may be found in this one fact: In the year in which they were put into effect, for the first time in many years, the fiscal year was closed without an increase in the public debt, but with a cash surpius of 4,695,884 sucres in favor of the gov- ernment. ‘Thanks to the honest and scientific management of the fi ces of the country since the establishment of the Kemmerer reforms, Ecuador has paid in three years the considerable sum of 25,000,000 suc) debt and 11,000,000 sucres on her for- eign debt. iluation in Bolivia. Bolivia was visited not long ago by the Kemmerer mission. As yet the complete results of the economic re- | forms in this country cannot be ap- | praised because they are still in process es on her internal | -~ S suggestions made by Prof. Kemmerer, | been dsveicped the sald bankers offer | the hmporiance el eme of thess she- which are similar to the ones recom- mended for Chile and Ecuador. However, it may be stated that the work was magnificently done in the highland republic and will be as great s there as in the other two The first fruits are proving Thanks to the new system of collection, organized on a sclentific basis, the government will obtain this year a 15 per cent increase in receipts ‘The budget will now be drawn up by the controller general, who has au- thority to supervise all the operations of the national treasury. An income tax has been established, which will increase the receipts of the state, and there has been established a tax on private property. A new tariff schedule has been formu- lated, under which the duties will give the government this year an increase in income of about 5,000,000 Bolivian pesos, according to estimates based on figures obtained for the first months | 1t has been in force. A proof of what the foreign credit of Bolivia has gained by the presence of the Kemmerer mission is shown by the following statement made in the last annual message to Congress of Presi- dent Siles: “Before the implantation of the Kemmerer economic reforms the government was negotiating with North a loan of $23,000,000—that is, an opera- sions of American czperts bas sehieved tion three times as large.” in the economie 1ife and for the prestige This one fact suffices to demonstrate ' abroad of the Latin American republics. EXCURSION TO DANVILLE, VA.—Round Trip......$5.00 | LYNCHBURG, VA.—Round Trip. . . .$4.00 CHARLOTTESVILLE—Round Trip...$3.00 ORANGE, VA.—Round Trip........$2.50 CULPEPER, VA.—Round Trip. . ....$2.00 Saturday—May 4th, 1929 SPECIAL TRAIN—Leave Washington (Union Station) 5:30 P.M. Tickets good returning Sunday, May 5th, 1929 the beautiful Piedmont Section of Virginia during Apple Blossom time 8 v Tickets and inf (hern Rallway, 1510 H St. of being carried out. The government is at present putting into effect the American bankers for a loan of $8,000, might arise from a delay in the discus- | of interest and discount, and (d) aid 000. Since the economic plans have ment in the ministry of finance, in | sion of the budget by Parliament. Last- | to the associated banks in cases of In general, this situation brought on charge of a superintendent of banks, & finaneial depression affecting the mid- dle and poorer classes of the country and threatened to create a serious panic that would lower the foreign credit of the republic. After some months of study the Kemmerer mission presented to the government a plan of changes, grouped under six essential points: In the first place, the stabilization of the money, for which they advised the cre- ation of a central bank. with authori- ty to issue notes, established with capi- tal of the state, and of the national foreign and private banks, in which the largest quota would be that of the state. This first change was greatly facilitated by the fact that Chile possessed intacl a gold reserve, deposited in banks of England and the United States, amounting to $480,000.000. With this conversicn fund intact. the stabilization of the currency presented no great diffi- culty. Moreove the conversion Wwas | made at a low rate, sixpence, to avoid disturbance to commerce and national industries. | The second point of the Kemmerer | plan was the preparation of & new for- eign tariff schedule. A complete re- vision was made of the existing tariff, amending it on a modern scientific basis, according to a slightly protection- ist policy, in order to protect the in- dustries of the country. On the other | hand, articles not made in Chile were given low dutles, to stimulate impor- tation. | As_the third int. there was pro- e | | Couch Hammock A comfortable ham- $ 9 mock of kahki-col- 50c a Week 4.Passenger Swing 745 Made of hardwood ~—bolted construc- | | ored cloth complete | tion. Pinished in | | | with spring and pad and chains. Chair 79c Natural-finish Hard~ ‘wood Folding Chair. A set of four will make an ideal set to go with your card table. red and natural Canopy extra. Porch Rocker $2.49 Made of maple, with well braced arms and double- woven splint seat. 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