Evening Republican, Volume 23, Number 308, Rensselaer, Jasper County, 27 December 1920 — FOR TRADE WITH SPAIN [ARTICLE]

FOR TRADE WITH SPAIN

U. S. Reports Show Big Opportunity for Commerce. Commissioner Young Bays Country Is Only European Nation With Balance Sheet in It# Favor. Washington, Dec. 25.—Opportunities for trade with Spain are called to the attention of American business men in a report just made to the Department of Commerce by Trade Commissioner Arthur Young, dealing with Spanish finance and trade conditions. Spain, Mr. Young said, is the only European nation with a balance sheet in its favor as a result of the war, and has a surplus sufficient to pay cash for American goods. Spain’s bulance of trade at the close of the year, Mr. Young said, was $772,000,000. and the condition of the entire country is prosperous. This was largely due. he explained, to the fact that Spain, the only large European neutral, was able to export goods to the warring nations and received cash for its products while at the same time withstanding any 111 effects from curtailment of Imports. , As a striking feature of the Spanish financialjsituation during the war, the commissioner pointed out that Spain even extended a credit of $30,000,000 to the United States. By curtailing loans Just after the signing of the armistice, he further said. Spain was able to retain the large trade balance obtained during the war and at the same time protect its big war loans. The cost of living, Mr. Young reported. has increased less in Spain than In any other European country, and there lias been practically no Inflution of patier money beyond that caused by the legitimate importation of gold. Public finances, on the other hand, he said, have been unfavorably affected by the war, despite big private profits, as there has been only a ten per cent increase in revenues from taxation and government expenditures have increased greatly, leaving a large Increase in the public debt.