Show America War Benefits its To Decrease Is View Of British Financier Although Changed From Debtor to Creditor Nation United States States' Prosperity Through Large Merchant i i Marine l Cannot Continue He Claims Note ote Sir Sr r Mackay Edgar baronet is one of or the greatest and I influential financiers rs in Great Britain He controls shipping steel and ana ill Dil enterprises worth and is currently referred to in well in informed In- In formed British circles a aa as the next chancellor of or the exchequer The subjoined article was written b by Sir Edward Edard especially for or Universal Service By Sir Edward Mackay Edgar Noted British Financier Special al Cable t to tD LO T May Maj 3 America America did a great deal for the war The war did 24 even more for America It It changed her from a debtor to a creditor It poured prosperity upon her ller and through a a. large merchant marine enabled her to pIs play a part in foreign Loreign commerce ommer such as she hardly dreamed of playing playing play play- ing before It made her a power in international fin finance And And Americans seem to have no doubt that these war born benefits benefit are not only going to to last but will in increase I am more skeptical I 1 do eo not oc- oc be believe Here lieve America a a. few years hence will willbe willbe be bc anything like Ilke so prominent In In International International International In- In trade or finance or on the ocean routes as lS she Imagines Activities May IJ Fizzle 1 Out Oat OatHer OutHer OutHer Her activities lUes in these directions may may ea easily Uy fizzle out just as her de desire desire desire de- de sire to be a leader in world politiCs politiC's fizzled out In on one case casel as In the other experience ence ence enco may show that she is 13 better off oU by staying at home Nations only excel in Sn enterprises for tor which nature or necessity has s fitted them A small island like Uko England can only maintain its relatively large se population by y bringing ra raw materials from oni the tho ends of th carth g th them m nto ed too ard 1 selling seilIng h fc c t n f fO tl aJ uH over vir the wont J Thrive v on Foreign Trade England d thrives by her er t foreign tr trade de and to th the development of that for foreign ln Ign trade two things thinG's are arc necessary necessarY first first a mercantile marine to carry the goods goods' she manufactures and to oring back the foodstuffs and raw m materials and secondly a constant outflow of capital to stimulate the markets abroad One of ot the most wonderful things the world has ever seen is th England's recovery from the tho economic drain of or orthe the war Since the armistice she has been re rc and one b by one the markets which in In wartime fihe ho was vas forced d to yield to her AmerIcan American Ameri Amen can and J Japanese competitors Rebuilding Merchant 1 Fleet leet England Is la rebuilding r her merchant nt n fleet et with resolution to remain as much as ever cyer the center center and clearing house of ot international commerce and finance The Impulse behind these thee achievements achieve c ments the ments-the the one thing that made them possible had possible had been her conception that hat otherwise she would be put out of ot business altogether But America Is in a very different position America is a a. continent that thatIs Is still amazingly and underdeveloped eloped She ha got a domestic domestic domes domes- domestic tic market of more than of ot the tho greatest consumers and spenders in the world Am America has not at present she present she will l later to to er-to to bring either cither food or materials materials mate mate- rials nials from abroad She raises nearly everything c she ants wants on her own bountiful soil BoLL America Is sel clent to a that no other land except Russia even oven approaches She Shela la ht under no compulsion to develop dc a aare are great t foreign trade trado to export her capi- capi I Continued on p page 2 n 1 J AMERICA WAR BENEFITS TO DEGREASE DECREASE VIEW Continued from page 1 1 I t tal 1 or to c create a great reat mercantile ma ma- I rine These things thinS's may be de desirable but butIn butIn butIn In Americas America's caso case they are not not vital They are not as with England the thc foundation stone of or her entire industrial indus trial fabric What Is 13 a crutch and a necessity to to Britain is to America a walking stick a. a convenience almost a luxury That Is the bedrock reason why I do donot o I Inot i inot not fear tear American competition either on the seas O of or in itt finance or in foreign r r rade d de e. e I Take for tor shipping There Thero has been during the past few months a 3 magnificent outburst of oC shipbuilding ing energy in the United States but the higher costs of ot production hampering ham ham- perl g l laws ws superior attractiveness of oC the land industries and pursuits and the l lack ck of or genuine e mar maritime Instinct the tho tho absence of ot anything anything- able to I compare compare with our own wn world wide system of or snip shipping agencies agences- agencies these are arc I all re reasons sons why the now new American merchant t m marine will wiil find It hard bard to hold hoid against I. I the he British ish All 11 Up The United States can go fO o on building building build build- ing ships a Ion longas as she pleases but If Ie she has no goods to carry or goods arc loaded only for for- tho the outward ard and anti also a o not passage of what use will tho they be beto to her hor S They will be all dres dressed cI up but will have bave no no place place- to go go- Ships In in them them- sel s arc are meaningless Just nS as money In Itself Is meaningless America America- has bas plenty of or both but I do not riot se see how she is going to turn eIth either cither r to lasting I account The Thc actual tr truth tl is It Jt will m not affect America mer a In an any way fundamentally whether 10 0 O 1 or or 00 JO I Iper per cent nt o of her Imports and exports are carried in American bottoms bottom It should be not noted d that time the article reflects reflects' th the purely B British viewpoint and that with Uh as assertions such as that America needs needs no merchant marine tb the wish Js Is unquestionably fattier Cather to to tho the thought At moro than one point the time British financiers financier claims though purporting purporting- to analyze Americas America's Interests interests inter Inter- ests est are r irreconcilably contrary to the views of Americas own financiers and economists as to lo time tho true truc needs of tho United St es especially as regards the imperative need of ot absolute absolute ab ab- ab- ab solute maritime Independence from rom Britain or an any oth other tJ nation I j. j |