Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-10-20

tees, french, English, Belglnn, ltullnn,
met with the American groups Tor the
first time in the belvedere of the Ho
tel Traymore, official headquarters of
the convention
There were preliminary conferences
this morning between various groups.
but the big meeting today. the first
and last public meeting until the gen =
eral sessions start Wednesday. struck
! the keynote Of the convention
Mr.. Alexander outlined the difficult
trade conditions which have grown out
of the war. He explained how the
balance of trade now favored the United
States how the character of foreign
imports from this country had changed
from raw materials, which before the
war were returned to us in manufac
tured goods, to foodstuffs and completed
articles.
Want Lasting Credit System
The nations of Europe want cred
it, he said, but they are not seek
ing primarily credit for today. but
rather fundamental credit under
standing, system Of credit which they
can trade upon and make commitments
upon. ANY commercial arrangement
grounded solely upon the uncommerciaI
ana shifting element of good will and
friendly. sentiment will in the end prove
unsatisfactory, no matter how firm and
true that sentiment may be-"
Mr.. Alexander began BY pointing out
that a serious malady adjustment ex
lists in the machinery of intcrnntionn
commerce. lie said the function M
the convention was to remove the nm.
usual conditions which prevent busines.
from functioning normally. He pointed
out that before the urmistice American
exports exceeded imports by S24S 600
600 month; since the armisticc th,
figures being oven larger, in Apri
625,000,0 600 and the average for tb,
first eight months of 1919 being S1OO
OOO,OOO month.
Because credits granted earlier tc
! foreign governments have largely ceased
to be available. he said our exports
have gone to Europe on open account
Declining Rates Of Exchange
| There has come, in consequence, n
| dramatic break in virtually all thr
European exchange rates and the for
| eign exchange markets are badly dc
moralizcd. 1t is recognized on the unrt
| of all of us that in the absence of Spc
cial emergency measures the exchange
| rates will continue to fall until Amer
lean exports to Europe are so checked
that imports will pay for them.
Mr.. Alexander quoted the federal re
serve officials as taking the position
that hereafter foreign financing should
be through private agencies and moi
by government loans ''to resume once
and initiative: to turn rapidly as pos
Siblc from an abnormal war basis bacl
to the normal basis of peace"
Such business basis. the sneaker
pointed out, would be best for both tn,
United States and Europe. eve d,
not need to say. to our guests tha
there is unlimited goodwill in America
toward England. France. Belgium an,
Italy. Just as large and warm hear
beats in this country as during th
war. but with the return of peace tn
minds of the people have turned agai,
to the normal pursuits of business an,
industry, which were completely in
terrupted during wartime. We are try
ing to put our own house in order.
Must Work and Save.
\ cardinal element in the situation
Mr.. Alexander said. was "thc creates
possible number Of people doing
days work and of the greatest possbl
conservation of the results of tina
work. The motto Work and Save
represents in every sense nationG
necessity with us. This doctrine q
work. said Mr.. Alexander is an essen
tial part of any program of recon
struction that may be worked out.
eve may as well face the fact tha
the majority Of our loans to the ma
tionS of Europe are secured at til
present time solely by the probabilit
of future productive work. The peO
pie of Europe can repay those loar
only by producing raw materials an
p manufactured articles. by saving. b
sound policies of taxation. The sam
policies must and will be adopted b
the United States"
: The meeting was called at 10 -
this morning by Mr.. Bedford. in TIL
presence of $50 members of forty 81
subcommittee. The plan for handin
the conference WAS explained by job
=. Fahcy, Of Boston. chairman o
the program committee. He lai
stress on tho Importance Of group com
, mittcc meetings for the purpose of col
lccting and arranging fucts for tn
general conference beginning WpdnCs
day. After Mr.. Alexander and Nh
Bedford had finished speaking the sub
committees divided into groups for tn
purpose of organization.
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