Hammond Times, Volume 14, Number 135, Hammond, Lake County, 24 November 1920 — Page 13

Wednesday Nov. 24. 1920.

THE TIMJ5S

Belgium Leading in War Recovery --:V 'j n " 1 "'t!r.-'ilt8 M""i--?-r-44f''',w''' - -- vN- of beuoiums cohoo empire.. rNr

IV ? ' r'i - - V r VJJ. -J"'. IH Vet1; ""TeNS.VELV CULTIVATED r ELDS ST EEL PLAMTS WAR. GAVE A fetrP ' ; V lV ,54 Wrl- VV.Afr V i ears before the ar. BHgnim as con- L ' &A1 ? VCX ' '5 - I H iU."-- " t? ejgl sum.ng 1J per cent rrore ial than the s i lxt.V Sw'-T-liK ' i" J?" ; J 4w"l' ' . " ' Ve' p V ' ' -1 ' domesuc rroluction. the imported coal f ??r& l f tArfZ?? Th -C0M0- BCLOiuM's PHOSFCROl;) la ihe. southern provmccb are nch de- ; 4 "fp '1 .r l1. ,4JrrS'

posi s oi iron ore, Duf owing in part to r . .ifc- XriAA? S-Ojt' " -."?4t,r -l TI legal restriction, the procluciion of ore L l.?v V:,-I

has bern sm.;'J f-.- a -iric. H.-nv- , . - ;fr r V$ V. VAVAWi', tamable

e cr. BCgium s tuv f;;r:rt trrn::-i- T-rc- - r-j .... i: .. - . ;mj.-.,r.. !-..- -..-iKi.iiuii.irii -inm, jt

aco Thirteen

Br FtAxcis H. Stssot Vice President Guaranty Trust Co of New York Belgium's situation on emcrgirft from ire war is far different from that of cither England or France. In some i aspects her case is unique. The country 'as all but completely overrun bv the 'lerny and because it was a manufacturing center the bulk of its wealth ;is of a sort reaJ:!y destroved cr in u .red. Kevertneless. as in the case of K-r Allies, a careiul study of the situ;,on ives room for a most hopeful t uIook for her future. The Peace Treaty provides that Ger-r-.anv shall reimburse Belgium in gold bonds for advances made by the Allies before the Armistice. The debt of 1'c'giUPi exclusive of war loans from ihe United States and Allies prior to hr signing of the Armistice, is equiv-j-t to approximately 52.000 000,000 T i-.is is a little more than twice the 'rbt in July. 1914. Of the $294.000 000 rx'crr.al debt. $227,000,000 represents ; avarices bv Allies since the Armistice. On the eve of ihe war Belgium was -r.e of the busiest countries of tlje v.orld. Although in area only a Ilttrc Urgrr than Vermont, it supported a i- pulation of more than 7.5CO.OOO. Be!tium's high position among the ir.iiu: triil nations had an especially .-our.d bs;s ri the country's highly dc eloped rtgricuiturc. Abou' three-fifths of the total area was under cultivation. The a'. crage ra'uc of the nroduce p-r acre as approximately $100. a ic!d equkllrd by no ether co;;ntr;. Land-owrsing in small units by workers h bren cnlouraged. The intensive cultivation of ."rrtan farms, a certain traci'tiofal an'.itude for agriculture, an excellent v. .- ten of agricultural education, lo.v railtoad rates, god rojd5, and a spirit of mutual helpfulness as hov. n by the more than 1.300 co-operative societies have all contributed to the prosperity of the farming element. But it is the manufacturing and related irdujlrit?s, d. versified and intensively developed, that have givcTi the country so prominent a phce among the commercial nations. For some years before ibc war the coal outnut avrrasred i. -ut 23.000.0D0 tons, and until 1907 .uci(,:wv exported more ceil than it lm-

auccu vi J'i. cn;e:iy irem l.t:xert:'i''fr otcs, 2.3C0.000 toi.;- of pis? iron. This output of iron ius rcflefrd ;j tl.e

Al-

e-K v (jiU'iH CtXTTi Q- BiLCluMJ P'NAInC'. ttwil

rounm- s rro--

"ror,. sfei t'tdustr.-.

though the cr! l.u.-iru un o!J and well-cstabiishei o-.e. it has rcemly experienced a remarkable cp.i'iKr. In the decade before the wsr Br"icii:-i i ? i -'rrased its produrtion l's0 rr cctK. the 'ota! production i" lc'2 bein. in rourd r -.timhers. 2.5X).OHO ton? The output of finished iron ard s'r-l was greatly in execs of the dom:''' r.ceds and there was r. . m iug Market tor the hiilt grade Belgian steels, famous the world over. There has been a significant, expansion of various related lines of mav.ufacturir.p. especially machine and en-gi-.e works, and the cortrt:ctior of railwny cqu'Pir.cnjr nr.d automobiles. The zinc. lead, chemical, glass, and textile industries are antrg the other more important industries

There are mere !- rf rai'.v ay in Belgium in pr.port!0!i t" ;: i ea than in any other country. 't :ici.T-ily all the standard native ro.ids ..it c r--d by the State. The opera! kk t.f the Stae rail-

va s, since

ha-. .;cc:. t!;ij"r;a!lv .suc-

:c;.-;'u!. Ti-e cr.pital in. cted in the

reus m T'12, $520AVUK"'. was equal

V tv,-tv-?hir(!; of

rb;

Jlie Bclnir.n'. have for a h'lis tint;

held a prorn-.ntiit position in international fiiarcc, the C3tir,-,alcd volume of foreign investn.cnts in 1911 being $540,C0t).00(), aln.ost twice the present external debt Belgian capital is found in a great variety of enterpriser ahno.t all over the world. Th? national w crdth o' Belgium was estimated in 10J2 at sppro:ni;.teh- $r.000.000.000. Tn considering the rr-::eof the debt o the .-rb,?r ' ;lie i. -.ttK -

the present time it must be reccgn .ied that, both are expressed rr terms of

HO!:C' WilOM- M.1UC li

heie

that of pre-war times. It i v. ell knowii tht t'lt (jermatis de;Uocd and carried away prcit ouautit;cs of v ealth ov. mttch or this v a in -he form of frl.ilively fixed c.Tp'tal eejuipme nt. as compared with, consumption goods, it is int-po--.ille to sjy. B; the terms of the Pea.e Treitj-. Bcl-ium is to be compen.-ated for all the destruction or appropriation of property incidental to the war. But the indemnities cannot be immediately available in full: r,rr, if they were irrmedir.tely collectible, could they Le transformed at once into buildirgs. machinery, etc. In any eem. the countrv is eonfron.ed with p sitnati'S'i character-

i : .'.:. .i. . .. ..

goods and the means of pro-

:cmg thfm.

A report m.td early in 1915 after investigation bv the Central Industrial Committee o Belgium hov. ed tiiat the condition of Belgian industries was rot so unfavorable as had generally been sutpo;eJ. It was four.d that most of th' ir.duitries could re-'un-.e operation ir par;, at least. immedi:.te! . Belts and other accessories of tl.e industrial plants had in nary ca'es been rernoved. b'.it th'- deliberate wrecking of plants v.as shov. n tn have been narrowly confined. The Germans had nctd of th output of various industries during the occupation and the.-e had ben carci'uilv preserved. The greatest handicap v,? found in the inability to resume adequate operations promptly in the basic metallurgical industries. The main Eelgian railways were or--p'etely Gerrr.arized duritip th- war. The rolling sfeck wh'-ch fe;i ir.to enemy hands v. a, i-: genera! wcr!:"

grers has been made in restoring the roftetj to a workable condition. Considerable replacement of equipment from German stocks has been erected, and practically aii the stationety equipment has been so far restored as to provide transportation of slow freight about as in normal tfmes. An interesting project in connection wi'.h the reconstruction of Bc'gian railway? is the proposed electrification of the whole system The port facilities of Belgium were damaged ir. varying degree by the Germans. Their repair was no less urgent than that of the railways. The work of clearing obstructions wai undertaken immediately upon the signing of the Armistice. Within a few weeks navigation between the ea and Antwerp was completely re-e statlished. with all buoys and lights relaid. The cargo-handling fsr;iitir of this pert are in good condition. 'Work at the port of O'tend has been pushed vigorously. 8nd by April

j.ari'C,. ro-j:

rcrorr me .t.'t e ve-

Inasmuch as Eelgin steel and iron manufactures and other allied iron and steel, products comprised over 12 per cent of the total pre-war export trade of Belgium, it is necessary for these industries to resume operations as oen ss possible, hurthermore, as textile and other manufacturing plants have been stripped of machinery, it will be necevsary fer new machines to be installed,, an. it is de;:rab!e that the Belgian steel

vuiks snouia assist as much as possible in reiitting these plants. Although the Belgian s ee! eompanie were in a very bad wav. due to the destruction of most of their property, several mills could operate at the time of the Armistice, and others have since been put in order. Some 10 or 12 of the largest steel companies in Belgium have undertsken the formation of a large steel corporation similar in plan to the United States Steel Corporation Each of the piants. it is understood, will specialize in some, particular branch of the steel indirstry.German prisoners have been osed to advamag- in clearing away the debris of ruinrd buildings and in other work, -dany carloads ot machinery and. fix-, tures taken away by the Germans fcavebeen returned and set in operation. Reemployment of the workers at high wages has resulted in the withdrawal of public aid from nearly a!! of the 800,000 persons who were being assisted in November, 191S Official reports indicate that the yield of this year's crop will not be much below that of normal pre-war years In the Belgian Congo there is aa asset which will prove of increasing importance in the future development of Belgium's industries In area the eelony is eighty times as large as Belgium itself Although situated in equatorial Africa, its climate is. on the whole, much msre sa'ubrious than that of most tropical countries, because the greater part of the country is a comparatively high piatdti. Among the surest evidences of a wise preparation for the future development f the Congo is the official recognition of the fact that the foundaiton of a stable economic life and of enduring genera! prosperity there, must be found in agriculture. In 1910 the Government began a comprehensive program of agricultural education and experimentation. Quite naturally, the development of the transportation system of the colony began with the utilization f the Congo River and its tributaries, the world's second largest river system, with about 10,000 miles of navigable water. In January, 1916, there were 1,165 miles of Congo railways in operation. Important additions to this mileage have since been made. The vast mineral wealth of the Congo includes copper, tin, gold, diamonds iron, and coal. The chief mining interests are the copper properties in Ka tanga, the southeastern section Of the colony. Only a small proportion of the total deposits are being worked, but the estimated output in 1918 was 40,000 tens The colony's exports and imports in 1913 had a valae of approximately $25,000,000, and in 1916 the foreign trade exceeded $38,000,000. The depletion of man-power in Be! gium during tne war was not as great proportionately as was experienced by most of the belligerent nations, for th sudden rush cf the iavasicm mad r impossible to mobilise a large number of the men of military age. The proved industrial capacity and dependable character of the masses oi the Belgian workers are the nation' best assets in the present emergency. The record of the nation's achievements in the part and its quiet and cor.Sde.nt grappling with present difficulties arr. the surest guarantees that the Belgians cin and will solve their economic prcbr- . : ijti tsemrilv.

Combined Reports of

THF ill iL 4

NATIONAL

BANK

lAJSJ Kh lh

-snd-

Jits

A VII

At the

Formerly Lake County Savings and Trust Company ose of Business Novem

OFFICERS: A. M. TURNER President . J. E. FITZGERALD Vice President W. C. BELMAN Vice President W. H. RIPPE Cashier P. H. FEDDER Asst. Cashier

First National Bank ASSETS

Bills Discounted Overdrafts Cash and Due from Banks Liberty Bonds Stocks and Bonds Real Estate and Fixtures Interest Earned TOTAL LIABILITIES Capital Stock Surplus Undivided Profits ." Circulating Notes Deposits Reserved for Taxes and Interest. . . Bills Payable Other Liabilities TOTAL

$2,278,618.82 6,699.70 1,044.473.01 1,280,260.00 729,667.42 6,800.72 21,391.50 $5,367,911.67 $ 250,000.00 100,000.00 32,585.97 247,500.00 4,149,561.69 12,932.51 550,000.00 25,331.50 $5,367,911.67

First Trust and Savings Bank ASSETS' Loans and Discounts $1,648,466.64 Liberty Bonds 347,808.00 Stocks and Bonds 308,695.43 rurniture and Fixtures 25,000.00 Investment Fund 20,000.00 Real Estate 6,907.79 Cash Due from Banks 235,977.19 Accounts Receivable 62,582.12 Overdrafts 1,522.78 Other Assets 8080.76 TOTAL .'$2,665,040.71 LIABILITIES Capital Stock ....$ 125,000.00 Surplus 10,000.00 Undivided Profits 32,100.40 Deposits 2,485,453.90 Reserved for Taxes and Interest 12,486.41 TOTAL $Z66540T7T

OFFICERS: P. W. MEYN President J. W. WE1S Vice President D. T. EMERY Sec.-Treas. C. H. WOLTERS Asst. Sec-Treas.

Combined Capita!, Surplus and Undivided Profits 2549,686.37 Combined Deposits $6,635,015.59 Combined Total Assets $8,032,952.38