New-York tribune., 1919-02-16

nouncement. The council also heard
delegates of the administrative coun-
Gil of Lebanon. Asia Minor
Colonel f. NJ. House took the place
of President Wilson and Will attend
the council meetings regularly until
the Presidents return to Paris.
With the subject of the League of
Nations now out of the way for some
time to come, the biggest problem
Is believed to be the adjustment Of
the worlds financial and economic re
latlons, which have been torn to pieces
by more than four years Of war.
Economic Council at Work
been created to deal with these sub
jects, and they have been so hard at
work while the conference has been
struggling with the central idea of
the League of Nations that already
some of their conclusions are ready for
consideration as soon as the confer
ence is willing to receive the reports
although the last body created in this
connection dates back only to Feb
ruary s.
This body is the Supreme Economic
Council, and its work is of the great
est immediate Importance. 1t has been
charged temporarily, during the ar
mistice period, to handle only such
pressing questions as are the DISPOSE
tion 70 be made If shipping, the abate-
ment of the blockade, which has been
holding back not only the enemy's
industry but that Of neutrals; the dis
tribution of raw materials, and, finally,
those financial questions that require
instant attention.
This council, which includes in its
membership some of the ablest hnan-
cial and business minds of America
and Europe, has firmly but quietly and
without exciting animOsity been sup
planting the military officials who had
been dealing with the same objects.
Incidental to War
1t was felt the handling of these
questions by the military was only in
cidental to the war and that the time
had come to place them in hands
trained to deal with them. 1t was this
opinion held by the Supreme War
Council which caused the economic
council to be created as il was desired
that they be dealt with on the safe and
sound lines of civilian experience.
OF more permanent value is expected
to be the work of two other organiza-
tions created by the peace conference
These are the economic drafting com
mission and the financial drafting com
mission. They also include in their
membership distinguished tinanciers
from all the Entente countries.
. The Economic Drafting Commission
already has its report before the peace
conference awaiting action by that
body. Its high Importance may be
Judged from the fact that it has under
taken to make a practical application
of the third of President Wilson'S four
teen points, namely, that declaring for
the removal as far as possible Of all
economic barriers and the establish
ment of all equality of trade condi-
tions among all of the nations consent
ing to the peace and associating them
selves for its maintenance.
Tariff Question Raised
The problem involves the right of ma
tons to discriminate between friends
and foes in their trade relations and
the proprlety of continuing the many
special trade treaties, with their diff
fereDtial tariffs, which in the past so
often have ieopardized the peaceful re-
latlons of states.
The Financial Drafting Commission
is dealing with another subject of the
greatest mcment to the business world.
1t is this commission which will have
10 meet the insstent demand of some
of the European nations for the pool
ing Of all the credits, debts and re-
sources Of the nations proposition
which seems certain to be strongly re-
sisted by the American representa-
tives.
OF scarcely secondary Importance
is the task which is being set before
this commission of obtaining informa-
tion as to the financial resources, pres
ent prospective, of the enemy coun-
tries. in order that the Commission on
Reparatlon may complete its work
which is based on the idea one of the
delegates intimated of making the
enemy pay all that he can safely be
made to do.