ing establishments and distributing systems. Thus, such concerns as the International Harvester Co., Singer Sewing Machine Co., and Ford Motor Co. manufacture extensively abroad. The petroleum companies have instituted extensive distributing systems. The Standard Oil Co. has gone deeply into the production of petroleum in Rumania and other countries. The United States Rubber Co. has invested heavily in rubber plantations. Marine companies have large sums in ships sailing under foreign flags, and in wharves and docks in foreign ports.
At present we can do no more than form a rough idea of the aggregate of these investments. They have increased since the Armistice and without doubt are destined to increase a good deal more. Acquisition by us of property in Europe, or property in other countries previously owned by Europeans, is inevitable. Thus, we have already obtained important interests in South African gold and diamond mines. On the other hand we lost a good deal of property in Germany, Austria, and Rumania during the war, and in Russia after the revolution. Most of our industrial companies that had such investments have written them off their books.
Belgium.—At the end of 1920 American investors held $11,000,000 of Belgian industrial bonds, especially of Solvay & Cie. and Minerva Motors. Royal Dutch Shell shares to the amount of $7,158,000 had been purchased. We have also bought shares of the Shell Transport and Trading Co., and have acquired interests in Belgian banks. The total American investment in Belgian property may be estimated at $20,000,000 against nothing before the war.
