Hammond Times, Volume 15, Number 128, Hammond, Lake County, 18 November 1921 — Page 7

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: ll "-fV-V -W'-H A BUSY SCENE . .SrT&H fe.:? "' . V4vHrNLHA trt vs( au harbor. Holland's C " A .JOTI L? rJ i&LGrd.rG?,jfZG . 'si. s y VjL?- ' 1 .

lisgfk xm SWITZERLAND tZ

By FRANCIS H. s.ooON, Vice-Preaident Guaranty Trust Company of New York.

ERHAPK no nouiral felt the

war more tlian Hollan-1, vinrjally surrounded on nil sllra by belligerent? on three sides by Germany or

Gonwin occupied Telphim find on tlie fourth bj the North Sea, infested br mines and sabmarines. Proraptlj on the iDTasion of Bel?1m, Holland roobiiized half a miliiou men and throughout the war kept them under arm This Involved direct expense to th stale ts wen as. loss of man iwer to industry. Civilian refntees from Bcigiiun were cared for. military fngnitives interned, large inims spent to keep down prices of food and for relief of Indi pence from nneTjiployment. Total "crisis" expenditure to ttw etrd of 1915 were 5300.0t0,00(, of which one-third vras raised by loans and the remainder by taxes. For tie first yenr or two of the war Holland profited preatly. This is not to say Hi at benefits were evenly dirided. Ship owners made large profits, agricultural and dairy products were sold to German at enhanced prices and new Industries had their inception or received a great impetus. In time, however, the disadvantages bean to outweiph the advantage. Esport embargoes by belligerents began to deprive Uo'and of traw materials and Jlnished products. Shipping and flshina: risks increased. Increased production of her ovi-n infe-ior coal and peat failed to make up for the reduction or cctting off of imports of fuel. Cereals normally form the chief item of Dutch imports. Germany' demands for foodstuffs, in exchange for coal, while they brought large proiits

LUCERNE.

SWITZERLAND-

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COUNTRY'S NATUi

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LEADING INDUSTRY OPV3WtTZERLAND

to farmers and cattlemen: bronM fcod scarcity and high prices to the remainder of the people. What Is more, these exports caused the Aliies to refuse to sell cereals or fodder toHol-land.

Unrestricted submarine warfare greatly increased shipping risks and losses and disrupted Interna Llonal trade, as well as caused the requisitioning of Dutch ships in Allied harbors.

Toward the end of the war, therefore, Holland experienced a shortage of raw. materials and a slackening of industrial activity. The fruits of the earlier prosperity

1 were largely retained, however, and

Holland now finds itself in a strong poa: ion. The Bank of the Netherlands, at the opening of the war, held approximately fx000.000 in gold: at present it holds four times this amount.

Furthermore, it was the only central bank among the European neutrals, save that of Spain, whose ratio of holdings of gold and silver to note and deposit liabilities increased during the war. The increp.se was from 54 per cent to more than CO por cMt. The other hanks have similarly Improved their position. Dutch shipping. In spite of losses, held its own. In fact, according to fig

ures In Lloyd's Register, Holland was the only European ueutral whose gross steam tounage increased between June, 1U14, and June, 191D. The war caused certain new industries to come into existence in Holland, notably the making of chemicals; and the manufacture of clothing and foods nnd other articles of consumption, grew considerably. Holland has a land area of about 12,500 sqrare miles: to which 2.000 square miles may be added If the Zulder Zee lie included. Its population is a little more than six and one-half millions. Its wealth In 1911 was in ex-

A BEAUTY 5 POT ON-THE FAMOUS DUTCH CANALS -SCENE IN AMSTERDAM THE' kV E N I C E , 0 FT M E A N O RT M;

cess of $4,300,000,000. At the close of 11)13, the national debt was about $4or.,ooo,(ino. The chief occupations of the eouutry have been agriculture, cattle raising ;ind dairying, fishing, aud foreign commerce. Its foreign commerce in 1913 amounted to more than 300 per capita. Holland was the only European neutral with important colonial possessions. Its richest colonies are the Dutch East Indies with a total population of 40.(M),000. In 1916 the foreign trade of th Dutch Eat Indies anwunted to ap proximately $ri27,OK.XJ0, of which imports were $180,000,000 and exports $347,000,000. The Dutch West Indies have a total population of ir0,000. and their chief products are sugar and its by-products, niola.ssfcs and ruiu, cocoa, bananas, rice and corn. Their total foreign trade In 1916 amounted to $9.000,OUO.

s-. iic-ijiMi. :k Holland. tna:t.;.-!:n-! ncuiniiity, although Mirnond.-d by brliigi'rciit tiali'itis. Tlii.s was not -'uuplished, however, witiu 1:! y cos; to tln government. The Sn yt army was mobilized 'arly r.i tl- . . and kept in rcadino-s u rhe nni. in addition, the difficult; of .ic; r'rii n teria'.s bore heavily on Sw'.ss in .- . But at tbw end of the war the ?.,tu'.y was. in an industrial and rii. m-;jil sition which should produce grrnt prosperity for the 3,000.000 Swiss people. A long nnd uninterrupted peaceful development had given them a pln'-e among the wealth-est nations of V -rope. The national wealth in 11U3 wbs 23.000.000(100 francs, equiralcnt to $1.13." per capita. Investments of Swiss rsipital abroad in 1913 were $ 1.2'i0,oi m.otx). The general debt in 1913 was $21.C08,)0O. and the debt incurred on count of the state railways was $3U2,000.0(X). or a grand total of $323,0;S.000. Kut the railways regularly yielded profits in excess of interest and amortization. Only the general debt, which was less than one-half of t per cent of the national wealth, had to be ared for through taxation. Principally on account of the expense of mobilization, the general d-ht has grown to a gross total of approximately $370.2ri4,0o0. Productive properties other than the state railways belonging to the government had a value in December, 191S, of $153,000.0X Iieriucting these assets from the gross debt gives a net general debf equivalent to $217,000,000, or $51 per capita. About three-foni-tbs of tbe total area of Switzerland, which Is about double the size of Massachusetts, is productive. From 1907 to 1910 the percentage of people engaged in industries and commerce increased from 42 per cent to 53 per cent, and Switzerland has gradually been transformed Into an industrial rather than an agricultural country. Although agriculture is still important, tbe bulk of the foodstuffs consumed in the country must b imported. Cheese and condensed milk are the principal dairy products. The principal Industries are the manufacture of embroideries, silks, ribbons, cotton goods, watches and jewelry, electrical and textile machinery and cheinicais. On the whole, Swiss industries were prosperous during the war. Naturally the luxury' producers suffered, and building was greatly reduced. The Swiss National Bank is the sole bunk of issue. Its note circulation increased from $o5.000,000 on Jun 30. 1014, to $183,000,000 on April 30, 1919, while the gold reserve had decreased aly from. 61 per cent in 1914 to 44 per cent In 1919. Switzerland has relatively Important waterpower resources, however, estimated at 2,700,000 available horsepower. The utilisation of tfcis power will asrare the continuation and expansion of Swiss industries. The electrification of railways and the further use of electricity as the motive power of industry will reduc the need for coal. Other elements of strength are the country's natural scenery and its, location, which bring tourists with thefr expenditures, averagiug $100,000,000 yearly before the war; also in lcvestmrau of Swiss capital la tbr countries.

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675 Hohiiian Ste Phone 3739 -Hammond, Ind

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