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of the tobacco, a third of the petroleum products, and one-fifth 
      of the wheat we produce are normally marketed abroad. Certain 
      sections of the country, such as the Southern States, part of 
      the Middle West and West Coast, are particularly dependent on 
      the export of their produce. A loss of foreign markets to the 
      extent 50 percent or more would have most serious repercussions 
      in large areas already adversely affected and might well require 
      a complete reorientation of the Nation's basic economy at a time 
      when other preoccupations rendered such an alteration in the 
      economic setup extremely difficult. It is, of course, true that 
      a greatly enlarged rearmament program would take up some of the 
      slack resulting from shrunken exports, but it is doubtful whether 
      the raw material and food-producing areas would greatly benefit 
      from rearmament which would mainly affect the larger industrial 
      centers of the country.
 
      
 
 
As regards foreign investments, the total involved is estimated 
      to amount of $15.6 billions* (compared with a British total of 
      about $20 billions). Outside of Canada and Newfoundland where 
      American holdings total [?! billions, or a quarter of the
 
      
 
 
* As of December 1930