Page:Walter Renton Ingalls - Wealth and Income of the American People (1924).pdf/69

Rh It will appear, however, that that view was erroneous. The United States has in fact a very large investment in lands, mines and industries in Canada. Its investment in Mexican mines and oil fields, in the Cuban sugar industry, and in mines in Peru and Chile is also very large.

Since 1916 there has been a noteworthy increase in the investment of American capital in foreign countries, especially in Canada. Outside of that the largest item is the petroleum industry of Mexico, in which we are estimated to have $200,000,000. A large part of this has been invested since 1916. Also we have put a good deal of money into copper mines in Chile, and into sugar plantations in Cuba. We have large investments in mines in Canada and Mexico, but into them we have not put much money since 1916, certainly not into Mexico. We have acquired some interests in South African mining enterprises. On the other hand, some large manufacturing interests in Russia have been transformed into assets of uncertain value. In fact, most of the concerns that had them have written them off.

In the pamphlet on The Future of Our Foreign Trade, this being a study of our international trade balance in 1919, by Frank A. Vanderlip and John H. Williams, it is stated that “the speculative purchase of European internal bonds and depreciated European currencies can not, as will readily be appreciated, be arrived at with precision. No item of our international balance has aroused more general attention than has this one, and for no item are the data more elusive and the