The sun., 1919-10-18

lean capital is ready to DO its full duty.
and until that Is done believe you will
see Europe make no progress that is
substantial and general toward re-
covery."
owen More Optimistic.
Robert L. Owen. Senator from OKLA
homa and former chairman of the Sem
ate Committee on Banding and Cur
rency. preceded Mr.. VANDERBILT He said
that the banks Of the United States have
resources OF sac. 900, 900. 200, but were
not functloning SO far as furnishing ade-
quate credits for moving our foreign
commerce was concerned. He did not
agree with those who thought that Eu-
rope was wellnigh bankrupt. He had
confidence in the industry of the French
people. for example, in the addition TO
the French productive power Of millions
Of women. offsetting the war loss of men,
In the increase of assets in the way OF
factories built for war. but now to be
used for peace. Ha.felt that the French
and the ITALIANS speedily would learn
the necessity OF taking up their excess
currency, and when they did the Ameri-
can dollar would go back to more normal
relationship with the franc and the Ira.
In Senator Owens judgment America
could let Europe have thousand
millions OF dollars of gold lying unpro-
ductive in our vaults without being hurt
a particle. He believed that the powers
OF this Government could be exercised
In this crisis, notwithstanding the views
OF bankers to the contrary. He hoped
that the Government would give its
supporting hand to our foreign COM
merce."
A point made by George Ed Smith, re-
Al. 49, Nd
president Of the Royal Typewriter Com
pany, was that American manufacturers
have been so busy selling abroad Mt
their own prices and convenience that
they were neglecting efficient production
which was vital to the future OF their
foreign trade.
1--WE are FIVE years ahead OF Europe
in the condition of our industries" he
said, but we are Eve years in arrears
In attention to our own AFFAIRS. II we
cannot continue to flood Europe with
our varied manufactures we can ease
the strain on our factories long enough
to perfect our machinery. improve our
methods increase the efficiency of our
worlSmen and turn out better product
Then when competitive conditions re-
turn in foreign markets we can combine
our factories and transportation system
American products to our buyers abroad
cheaper and better than the wares Of
any other nation"
Better Consular Fay Urged.
Americas diplomatic and commercial
services under new world conditions
were considered In yesterday morning 8
session. with E NJ. Herr, president OF
the WESTINGHOUSE Electric and Manu-
featuring Company, in the chair. WILL
lam Graves Sharp. lately Ambassador to
France, said that one of the suggestions
ne made to the United States Govern
ment from Paris three years ago was
that the salary OF commercial attache
should not be less than $4,000 or s12,-
900. He would add SO per cent TO these
figures under present conditions.
Philip b Kennedy, Director of the Bu-
reau of Foreign and Domestic Commerce,
said the utterly, hopelessly inadequate"
er diem allowance for representatives
OF the bureau travelling at home or
abroad Is 81. Systematic training
Tor foreign service was d scussed by the
REV Edmund A. Walsh, dean OF the
school OF foreign service. Georgetown
University.
Alba b. johnson. locomotive manu-
facturer, contended that the civil service
ought to prevail from the bottom to the
top of tbs diplomatic and consular SER
vice, and that compensation should be
adequate at all stages. He likened Con-
gress to a narrow minded board Of d.
rectors which refused to make appro-
prlatlons for advertising and foreign
offices and statesmen.
Lewis E Pierson, chairman of the
board of the Irving National Bank. urged
more Americanism. Gilbert II Montague
of the New York bar told of the coopera-
tive opportunities for manufacturers
under the Edge bill.
Briefly, resolutions adopted by the
association declare that:
When trade is resumed with Germany
and Austria manufacturers OF the
United States. in the ALLEGATION OF out
put and the extension OF credit always
should give generous consideration to
the needs of the Allies.
The Senate Is urged to speedily ratify
the peace treaty. on the ground that
delay contributes to industrial hesitancy
! and stagnation throughout the world.
Rolitics should be eliminated from the
diplomatic and consular services, and
| salaries paid which will be commen-
surate with the Importance OF the work
Every facility should be provided for
the rehabilitation of Europe
So far as may De consistent WIN
American interests this country should
encourage the importation of foreign
products, especially those goods which
are produced to advantage by other ma
| lions.
The necessary machinery for improv-
| ing and stabilizing foreign exchange
should be provided Immediately.
Labor should increase its productive
effort as the only possible means OF
maintaining the present standards OF
living.