Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-03-08
TO UNITE NATIONS
IN CLOSER BONDS
Object Of Pan-Anerican Confer
ence in Washington on
May 10.
M'ADOO MAKES STATEMENT
Ministers of Finance and Repre-
sentative Bankers Will Be
Invited to Attend.
Especial to The Timcs-Dispatch.1

NAoii'.Nbi iON, MaTCn i.--l'resiuent
Wilson has fixed May 10 as tho date
for the conference in Washington be-
tween South and Central American
ministers OF finance and bankers and
the Secretary of the Treasury.
The purpose Of the conference is TO
establish closer and more satisfactory
financial relations bctween the South
and Central American nations and the
United States. The South and Central
American representatives TO the con-
ference are 20 be the guests of the
United States government. and Con-
gress made an appropriation of $50. 900
for their entertainment while in Wash
ington.
The Secretary of the Treasury is
given authority to invite. in his dis
crction, representative American bank
crs to participate in the conference.
This discretion will be exercised so as
to secure the attendance of as large n
number as practicable Of representa-
tive fnanciers In order that
thorough and comparative discussion
may be had of existing financial con-
dlt!ons throughout the Western Hemis-
be adopted TO strengthen financial and
trade relations between the United
States and the Central and South
American countries. suitable pro-
gram will be carefully studied and
announced in due time.
FORTHCOMING CONFERENCE
DISCUSSED BY McADOO
In discussing the forthcoming con-
fnr IT,
night:
The commercial relations between
the United States and Central and
| South America will also be considered
as an essential part OF the financial
discussion. The Secretary OF Com
merce Will be asked 10 attend the con-
ference. and also the members Of the
Federal Reserve Board. II goes with
out saying that the Secretary OF State
! and all other members of the Cabinet
will be asked TO participate in the
deliberations. a similar invitation Will
be extended 20 the diplomatic repre-
| sentatives OF the various Central and
South American countries accredited
| to Washington. and to Mr.. John Bar
rett. director Of the Pan-American
Union.
The only disappointment in connec-
tion with this conference arises out of
the failure OF tho shipping bill
inca asure which had particularly in
view the establishment Of suitable
! steamship facilities to leading South
American countries This is especial
ly disappointing in view OF the fact
that the bill would have passed If a
roll call could have peen had in the
Senate. Our merchants and manufac-
|
portunity for the sale of their surplus
products, and the enlargement of their
trade with Central and South America
but they cannot take ADVANTAGE of II
in full measure unless they have ade-
quate and reliable sea transportation
lines with reasonable rates OF freight
to Central and South American ports.
WILL SHOW NECESSITY
FOR MERCHANT MARINE
Tho shipping bill would have as
sured the prompt establishment OF
! these sea transportation lines, and our
| business men would have been put
upon an equality with and probably
given an advantage over their Euro
! pean commercial rivals. This meas
ure was conceived in the interest Of
American trade and industry. and for
the advantage OF our business men
and producers. The full benefit of the
forthcoming financial conference can
| not be realized until the necessary
ocean transportation facilities are pro-
vided. but the conference will do n VAST
| amount of good. anyway and will
! doubtless demonstrate more clearly
than ever the necessity for the creation
OF merchant marine under the Ameri-
can flag.
One OF the things which the Fed
! eral reserve act seeks to ACCOMPLISH
is the extension OF American banking
facilities to foreign countries. Not
| only are national banks authorized by
that act TO open branches in other
countries. but the Federal reserve
banks themselves are permitted to es-
| tablish agencies outside OF the United
States. At the coming financial con-
ference, these features will be dis
cussed. and an effort will be made to
discover the best means OF enabling
our bankers TO extend their operations
| In Central and South American coun-
! tries.
OPPONENTS OF MEASURE
SHOULD AFFORD RELIEF
| ut IS n significant fact that our ex-
ports to South America reached the
| lowest point for the year 1914 in the
months Of October, November and De-
cembcr, when they were reduced to
less than one-half OF those for tho
same months OF 1913. This decline is,
| In great measure. due TO the scarcity
OF ships and the cXorbitant rates OF
freight now being charged. This hap
pened in the face Of an Increased de-
mand for coal and other American
products from Central and South
American countries. 1t Is OF the
utmost Importance. therefore, that the
effort Of the government to assist hav-
Ing been defeated, those who opposed
1t should act at once. and upon an
adequate scale to provide shipping
facilities to South America, in order
that the present restrictions upon our
| iraln ho f..l