The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-23
BITTER ECONOMIC
WAR Is FORECAST
Henry Clews, G. f. Roberts
and G. s. Hamlin Speak at
Republican Luncheon.
TRADE CHANCES SEEN

vi tnTec sUedNeTS VII Nv P''c'
at yesterdays luncheon discussion at the
Republican Club. two-lienry Clews
and g. Ia Roberts. assistant to Frank
A. vanderlip, president of the National
City Bank-discussed the chances OF the
United States for getting international
trade after the war. Charles $. ami
Federal Reserve Board governor, de-
voted his remarks principally to the
Federal reserve system of banks.
Mr.. Roberts told the Republicans
and others. for John SHELTON Williams,
Comptroller of the Currency. and "A num-
Der of Democrats were present-that
London IL too good a stand for world
trade to he abandoned. whatever be-
falls.
Il am not sure Mr.. Roberts said.
nat IL everybody on the British islands
became bankrupt and ali the property
'ad to be sold under the hammer but
that wealth might come in from other
parts OF the world TO continue the world
trade that has been built up there. When
san Francisco was destroyed by fire and
earthquake. the city was rebuilt. and its
trade became larger than ever. Lon
don occupies one OF the best business
lands on earth
He went on 10 consider the spread OF
British enterprise u added:
such an organization and business Is
4 growth FOR which a people must be
prepared. would not disparage the
abilities OF the American people. They
can do anything they set out seriously
20 do. hut | venture the opinion that or
all the changes that are necessary TO
civ. MS leadership in world trade and
finance the most difficult will be that
II changing the mental attitude ana
habits OF our own people.
Il have n natural bias In favor of
he protective principle. but ! am con-
WINGED that 1t must be applied with
more discrimination than heretofore i;
we wan to develop foreign trade. The
old log rolling method l. too crude
! rejection must allow for a fair en-
change OF products with other coun-
tries.
W have kept orr great export trade
going daring he las; year. "lSt. 10y ak
INK back our own securities, dud finally
10y taking foreign securities. That H. =
m~akeshift. We cauuct bu.ld ur II per-
maucnt foreign trade on that basis. "r
by insisting ON payments 81 gold II
We were able TO drive all other countries
out II the South American trade W.
mould have to tahe South American
! products. as they have done.
'Th,n there is the question OF immi-
grafton. There can be no important ~
pansion OF industry In this country with
out the immigrant. Yet had II not been
for fhs npnpSifipn nf fln Iby,SiIantg N1
would already have n serious restriction
upon immigration. and We may have il
yet
Henry Clews said when peace
comes the world must face the uitter"st
economic war ever experienced. Ger
man science organization Will make
heroic efforts to li-ludg, those who havs
captured her trade during the war
Great Britain is already making active
Preparations TO retain III" German mar
kctS she has captured. She is care
fully studying German methods and Ger
many viii almost surely h" shut out q:
one Of her best markets-thc British
l.npire-by a hostile tariff.
For the United States there are other
markets more tempting and less tran.
silent than those she viii gain during th,
war. South America. china, Japan an,
ever India offer unlimited opportunities
our rivalry will he principally VII!
Great Britain. but tt will be friendly"
NJ. Hamliu said that in going after
foreign trade We are helped by the Fed
cral reserve system, which has. for TIE
first time in our history, 'pl&c.d US 81
an absolutely sound banking basis" II,
explained the working Of the reserve ao
in some detail and said that Senate
Weeks of Massachusetts had analyzct
1t as 80 per cent" good. He sad h.
believed that II will soon be- demonstrate,
that the Federal reserve system * saw
ing the people of this country annual,
more than'auy sun which they may fine
II eNp"dieut to spend on military pre-
p~aredness.