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Senator BARKLEY. Will you put in your tabulation as to all these debts?
Mr. WOODHOUSE. Yes. Does the chairman wish me to transmit to the committee without expressing it here the balance of my figures?
The CHAIRMAN. Yes.
The CHAIRMAN. Send it down to us and we will see about putting it in the record.
Mr. WOODHOUSE. Yes. Are there any further questions?
It might be of interest at this time to have Germany's figures of the increase.
Senator BARKLEY. Yes.
Mr. WOODHOUSE. Germany's increase in commercial banks of deposits has been almost fabulous. It is 1,024 percent increase in 1928 over the figures of 1924.
The CHAIRMAN. Have you got them down to date?
Mr. WOODHOUSE. I have them up to 1931. Then, Mr. Chairman, if there are no further questions, may I be excused?
The CHAIRMAN. Yes. We are very much obliged to you, Mr. Woodhouse.
Senator GORE. I would like to have the privilege of printing in the record such additional statements as he cares to make. It is very interesting, although it is a little afield, so far as the immediate object of this bill is concerned.
(Data as to foreign debts submitted by Mr. Woodhouse is as follows:)
THE INCREASE OF WORLD TRADE SINCE THE WORLD WAR
(By Henry Woodhouse) The statesmen of the debtor nations are due to receive a series of shocks when they come to the United States to plead for the reduction or cancellation of the debts.
The pleas which they have advanced will place them in the awkward position of the proverbial alleged destitute who had sought and obtained donations by pleas of destitution, then was found to have had thousands of dollars in the banks.
The plea that they all lost in the World War and have been unable to recover since will be shown to be unfounded by evidence that the amount of deposits in their commercial banks after the World War and since have been larger than they were before the war by sums far in excess of the amount of their debts to the United States.
Their allegations that the war caused their loss of world trade will be shown to be unfounded by evidence that the world trade increased after the war by over $24,000,000,000, and Britain had an increase of world trade of 61 per cent in the years 1926–29 over the 1911-13 period, while France's increase was 84 percent, Italy's 53 percent, and Germany's 18 percent.
They will find that the United States has discovered that the data about their economic conditions, upon which they pleaded for and were granted the generous terms upon the funding of the war debts, was not complete. The liabilities of the nations had been presented, but the major assets had been withheld.
The statistics establish this important fact, that the people of the United States and of the countries of the world have been misled into stopping the process of national recovery by false claims that they could not have recovery until the world recovered lost trade which the world had more than recovered. As a matter of fact the pre-war maximums had actually been exceeded.
The millions of unemployed of the different countries were told by their politicians and others that they could not again be employed at full pay because
conditions due to the World War prevented it. This survey shows clearly that the unemployment since 1929 is in no way related to the World War, and that unemployment had been greatly reduced in Europe and was near a greater reduction when the Wall Street crash came.
A parallel survey shows that the people of the nations of the world had larger bank deposits each year after the World War than they had ever had before, and that their wage rates was higher than before the war.
Since the world trade has been used as the excuse for preventing nations and industries from working out their own salvation, we shall consider that subject first. The major points are:
1. The world exports of 108 countries, comprising practically 100 percent of the world trade, averaged $20,465,000,000 per year in the years 1911-13. It increased to an average per year of $32,917,200,000 for the years 1926–30, or over $12,000,000,000 per year increase.
2. The world inports of the 108 countries averaged $18,927,900,000 per year in the years 1911-13. They increased to an average of $30,462,500,000 per year for the years 1926–30, or over 11 billions and 500 millions per year.
3. The increase began soon after the war and continued on an upward trend since, until the stock-market crash of October 1929.
4. The United States aided in starting the recovery and enabling the nations to solve financial problems as they arose, and in establishing the gold standard (by such aid as the loan of $300,000,000 to Great Britain in April 1925), and in other ways.
5. But back of that recovery there were national resources of each of the nations in substantial volume, sufficient to enable them to reach the goal of complete recovery, had not the crash of 1929 occurred. Their bank deposits, for instance, were twice as large as before the war, as will be shown in future articles.
SURVEY OF THE INCREASING PROSPERITY OF 108 COUNTRIES FROM 1914 to 1929
(By Henry Woodhouse) A survey of the world trade of 108 countries of the world, constituting close to 100 percent of the world trade, discloses cheerful facts for the people of the United States, the debtor nations, and the other countries the world over.
This survey, extending over 20 years, shows that the world trade since the World War has been, on the average, upwards of $23,000,000,000 per year greater than it was per year before 1914.
It shows further that the largest debtor nations, Great Britain, France and Italy, and Germany, received the lion share next to the United States from that enormous increase.
It disposes completely of the gloomy picture presented heretofore, of a world suffering from slump which started after the World War, as the direct cause of the war, from which there had not been any relief and there was no relief in sight.
It establishes that the contrary was true; there had been an everincreasing amount of world trade since the war, in huge volumes, and conditions had been improving and reached a point where prosperity for the different nations was in sight, on the high standard being enjoyed by the United States until the stock-market crash of October 1929.
But it shows that that crash was in no way due to the war, or related to it, unless it be that the persons who directed the acts that caused the crash were living during the World War, and used institutions that connected the United States to Europe which were the results of the war, as will be explained in future articles.
PERCENTAGE OF THE
TRADE OF LARGEST EXPORTING
1913 TO 1931
The largest exporting nations during the years 1913–31 were the United States Great Britain, Germany, and France.
Their respective shares of the world trade represented by the imports and exports of the 108 countries of the world was as follows:
Study of the above shows that the percentage of the world trade of the four nations has not changed much.
While from a percentage of trade Germany would appear to have lost some of it, the fact is that the increase of the world trade after the war by over 60 percent gave to Germany and to the other nations part of the increase, so that they have all had a larger income. They have received a percentage of an average of $32,917,200,000 annual world exports and $30,462,500,000 of the years 1926–30, instead of a percentage of the $20,465,000,000 exports and $18,927,900,000 imports of 1911-13.
They know, therefore, that the claims that they were suffering from loss of world trade due to the war is a mere phantom.
VOLUME OF ITALIAN GOVERNMENT NOTES OUTSTANDING, BY YEARS Herewith are shown the volume of Italian Government notes outstanding, by years, in lire.
The 1913 figure is given for comparison with the period beginning at the conclusion of the World War. Lire
Lire 1913. 2, 783, 000, 000 1926.
20, 133, 000, 000 1919 18, 552, 000, 000 1927
18, 775, 000, 000 1920 22, 000, 000, 000 1928
17, 456, 000, 000 1921
21, 476, 000, 000
16, 854, 000, 000 1922 20, 279, 000, 000 1930.
15, 680, 000, 000 1923 19, 674, 000, 000 1931
14, 254, 000, 000 1924
20, 514, 000, 000 1932 (September). 13, 814, 000, 000 1925.
21, 450, 000, 000
1 1 1 1 1
UNITED STATES' GROWING PROSPERITY SINCE THE WORLD WAR AS REPRESENTED
BY THE INCREASE OF BANK DEPOSITS
The United States' growing prosperity since the World War is indicated by steady increase in deposits in the banks of the Nation.
Deposits in United States banks, by years 1922, $32, 088, 000, 000 | 1928.
$58, 431, 000, 000 1923. 32, 320, 000, 000 1929.
57, 110, 000, 000 1924. 34, 000, 000, 000 1930.
59, 847, 000, 000 1925 37, 791, 000, 000 1931
56, 864, 000, 000 1926. 39, 415, 000, 000 1932.
45, 390, 000, 000 1927.
41, 518, 000, 000 Unfortunately, the report of the Comptroller of the Currency only gives the figures for the years 1928–32. Before that not all the banks reported. The figures for the years 1922–27 do not include all the State banks and few of the private banks. The reports for 1928–32 probably are short of from $5,000,000,000 to $10,000,000,000, due to nonreporting banks not being included.
GERMANY'S GROWING PROSPERITY
AS SHOWN BY INCREASE IN BANK DEPOSITS
A growth of over 1,000 percent is shown by the deposits of the German people and industries in German commercial banks at the end of each year from 1923, when the Reichsmark was adopted as standard currency, to 1931.
At the end of 1923 the deposits in the German commercial banks was 904,000,000 reichsmarks.
It was the first year of that currency. The year before the deposits were paper marks, and amounted to 1,429,122,000,000.
The 904,000,000 reichsmarks of 1923 more than doubled annually and at the end of 1929 the deposits in the German commercial banks had reached the stupendous total of 10,162,000,000 or an increase from 1923 of 1,024 percent, as follows:
Deposits in German commercial banks, by years .
Amount 1922.-paper marks.. 1,429,122,000,000 1927. _reichsmark.. 6, 324, 000, 000 1923. -reichsmark.. 904, 000, 000 1928 ---do---- 9, 301, 000, 000 1924. --do... 2, 506, 000, 000 1929
10, 162, 000, 000 1925.
-do.. 7, 977, 000, 000 1926. -do. 5, 112, 000, 000 1931
5, 369, 000, 000
JAPAN'S PROSPERITY AFTER THE WORLD WAR AS SHOWN BY INCREASE IN BANK
Japan made large profits during the World War.
Her continued prosperity after the war is shown by the following table of deposits in her commercial banks at the end of each year since 1922:
1922_ 1923. 1924. 1925
Deposits in Japanese commercial banks by years
Amount in yen
Amount in yen 9, 974, 000, 000 9, 872, 000, 000 10, 207, 000, 000 10, 315, 000, 000
As in the other large nations, the commercial banks of Italy had, in 1922, deposits amounting to more than twice the amount of deposits at the end of the years 1911-1913.
The deposits in the Italian commercial banks at the end of each year since 1922 have shown substantial expansion. The bank deposits by years from 1926 to 1929 were: Lire
Lire 1926 39, 883, 000, 000 1928
44, 000, 000, 000 192743, 000, 000, 000 1929_
42, 239, 000, 000
CANADA'S POSTWAR PROSPERITY AS SHOWN BY BANK DEPOSITS
Canada's increased prosperity after the World War is indicated by the amount of deposits in her banks at the end of each year, as follows:
1922 1923 1924. 1925 1926.
Deposits in Canadian commercial banks by years
$2, 566, 000, 000 2, 122, 000, 000 1928.
2, 681, 000, 000 2, 222, 000, 000 1929.
2, 697, 000, 000 2, 315, 000, 000 1930
2, 487, 000, 000 2, 347, 000, 000 1931
2, 368, 000, 000
BELGIUM'S PROSPERITY AFTER WORLD WAR AS SHOWN BY INCREASE IN BANK
Belgium's post-war prosperity is shown by the bank deposits of her people and industries to have increased year by year in a higher percentage than in any other Nation.
Although the deposits in the Belgian commercial banks in 1922 were much larger than in 1912 and 1913, the increase has been still greater since 1922.