OCR Text |
Show UNCLE SAM, BANKER. The United States government has advanced a additional $16,000,000 to Italy under the authority granted by congress. Italy now owes this country $1,421,000,000, and the total will undoubtedly un-doubtedly bo increased by the time peace is declared, when such loans will cease uijess congress gives tho administration admin-istration more power. Altogether, tho allies have obtained $S,S57,157,000 from Undo Sam since the war began. As almost the entire amount has been used to purchase American products, very little gold has been sent to Europe, and we still hold much more than our share of the world 's supply of tho yellow metal. While the war lasted all countries coun-tries increased their gold reserves as loich as possible, the United States among the number. There h'JS been some, loosening up of late, espe-' cially in this country, where the balance of trade is heavily in our favor. As for future loans to the allies, it may be said that, in case congress refuses to take action in the premises, tho foreign nations, somo of them at least, will be financed by American banking syndicates. syndi-cates. It is to be hoped, however, that tho development of the west will not be overlooked by private capital seeking seek-ing investment. Foreign bonds are all right, but the returns upon such investments invest-ments will not bc so great as in the case of western development enterprises, which 6hould come first in any event.' |