South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-10-30
ENGLAND ANXIOUS
SOUTH AMERICAN
TRADE co TO j. s.
Willing to Aid to the Limit and
Remove Germany as a Fac
tOr-May Buy S50,000,-
600 Worth of Cotton.

WASHINGTON. oct. 30.-England
IS anxious 20 aid the United States in
winning the trade Of South America
This commerce. formerly enjoyed
By Germany, has been broken up By
the war and Is now too much for Eng
land TO handle.
The aid England is willing to civ
the United States TO acquire IL and In
doing so remove Germany as a factor
in the South American field. embraces
liberal terms in the settlement OF this
country international obligations.
This scheme in its entirety has
been under discussion by Sir George
Paish and Basil b. BlackwOOd, repre-
seuting the British chancellor OF the
eXchequer and officials Of the treas
ury department and federal reserve
board
Friday the conferences viii be re-
sumed. The English representatives
viii meet with committee OF the
federal reserve board and a commit
tee OF bankers TO definitely work out
their plan for International exchange.
Would Buy Cotton.
For one thing England is willing 10
take large amount Of the cotton
more even than the 100000 cug-
gested by Sir George Paish as likely
limit.
II is agreed that the debt of the
United States TO England is between
S250.O0O,0 600 and S3OO,OO0OO0.
The administration is making ef-
forts to gain as generous terms as pos
sible from England. The advent Of
the war and the sudden emphasis 1t
placed on the balance of trade has re-
vealed peculiaTities in the operation of
the new tariff bill that have caused
the administration TO think hard.
Tt showed FOR instance that from
the first OF January to the last Cf July
the United States imported from Eu-
rope goods worth 203.O00,0 900 more
than during the corresponding period
Of last year and exported to Europe
S114.OOO.OOO less. These figures show
"a difference on the books of about
S317, 100000.
Plan OF BritOns.
The plan which the British repre-
sentatives are working over with the
treasury department and federal re-
serve board provides for a settlement
OF this cOuntTys debt TO England by
four avenues.
First, the employment Of such Of
the S150.000, 005 gold pool as IS neceS-
sary for pressing obligations.
Second. cotton orders against the
debt as far as they viii be acceptable.
Third, extra exports such as horses,
grain. wagons and such other articles
as are needed for war use.
Fourth. the balance TO be taken up
10y short term notes.
The general outline of the plan has
been agreed on. The adjustment now
To be worked out aims at the employ
rpeut of just as little gold and as much
cotton as possible
The creation OF the $4,000 900
cotton loan fund for the relief of the
cotton growers OF the south is pro-
Cecding apace. This will have an inn
uortaut bearing on the international
situation by stablizing the price.
To Ease Up Money.
Announcement was made Thursday
at the treasury department that class
A and d certificates which are given
20 the banks i'm return for Subscrip-
tions 10 the fund Will be accepted 'aS
securities. as a basis for the issuance
OF emergency currency. Under TINS
ARRANGEMENT banks VIII be able 10
take down the securities they have al
ready put up for emergency currency
which are negotiable for other pur-
poses and replace them with the Ger
tificates, easing UP their affairs 10
some extent
Secy McAdoo wrote a letter today
90 the chairman of the clearing house
associations OF the leading financial
centers urging banks in their cities
20 subscribe to- the fund. lie said:
MCAdOO's Letter.
1.-THE cotton situation in the south
presents problem of the most urgent
character. II is imperative that some
intelligent financial measures shall be
Immediately adopted TO relieve the
situation The problem is not local,
but national because a serious hurt
TO the south affects the entire coun-
try.
ITO help the south in this emerEen-
CIV must appeal therefore not only to
our better instincts. but also TO our
material interests. Gov. Hamlin of
the federal reserve board, has sent
YOU n letter today together with plan
which the board has approved for
raising "A fund OF S135. 100000 to be
loaned on cotton. liz is our firm be-
lief that the prompt subscription and
its use as proposed in the plan viii be
productive OF immensely beneficial
results
The secretary points out that New
York has already subscribed 5O.000,-
0O0 and adds that he is receiving EN-
couraCinc assurances from leading
bankers of the north Of their support
OF