New-York tribune., 1919-10-26

ton facts of production, consumption
and distribution which play such an
overwhelming part in the struggle of
human folk.
The new attitude makes for COM
plexities. In 1917 America said merely
What do you want?" And thought
nothing of credit and profit. When
means of payment was necessary the
world banker and extended a credit of
$4,000, 100000 to the nations assoc-
ates in the great war. Now it is felt
that banking should be restored to
private initiative and the crucial point
in the discussions was credit needs and
methods. incidentally the men from
the great banks Of Wall Street. which
is fast becoming the financial center
of gravity Of the world, heard that
Italy will want S800,O0O,OOO of dollar
credits in the next twelve months
France probably between $6oo,ooo, 900
and $700,000,00, and Belgium, $780,
/ 000,00O)
Now the Goods of Peace
And in the terms of goods the change
since 1917 is striking. Instead of can
non, they are asking for steel plates
for ships. In place of gun carriages,
they want machine tools and other
machinery to aid production. In place
of bullets, they want all kinds of raw
materials. In place of ammunition
they want locomotives. And above all,
they want credit, credit and more
credit. At present the Continental ma
tlons seem able to pay neither their
old debts nor interest on their new, but
they feel that if the means of pro-
duction are set in motion again with
in a few years they will be able to meet
their dollars and cents obligations up
to the hilt.
Infinite details of incalcuable cumu-
lative effect passed through the con-
ference mill. and by just so much the
way is cleared for action Resolutions
, OF miscellaneous content were adOpted d
TO present to the world the sense of
this great international body of bust
ness men. But out of it all few
broad achievements stand out to char
acterize this meeting as Significant
First. it was decided to create a per-
manent means Of expression for inter
nationalism in business. Steps have
been taken to establish a quasi-eco-
nomlc league of nations, into which
others besides the five nations present
at this conference will be admitted d
according to rules clearly specified
The body, 1T is hoped, will be con-
| tinuous organization, functioning all
through the year-not merely once in
twelve months when a great conven-
ton is held. 1t seems assured that
q meeting will be held next year
although the place has not been de-
clded. The economic league, which will
be extra-l legal will deal with all mat
ters appertaining to barter between
| nations.
In indorsing the idea for q per-
manent international business associa-
ton M. Hankar, pres dent of the Bel
glan mission, touched on some senti-
ments which seemed universally &C
cepted among the delegates.
81 have taken it for granted the
Began said, that one of the prime
purposes of this convention was to in
sure the perpetuation of the high
ideals and the unity Of civilized ma
tlons in common cause of humanity
and the bonds Of friendship which
brought the Allied nations so closely
together during the war and which won
for us victory.
For Victory in Peace
ITO my mind, just as the master mil
ltary leaders OF our countries got to-
gether to win by close cooperation and
united effort victory in war, so now
the leaders of business and finance ano
commerce Of our countries have come
together to bring about no less a vic
tory in peace. Our military leaders
have performed their task We are lust
undertaking the job that confronts us
This conference is but the beginning
OF our planning together, of our CO
operation for the common good of all
of our determination to make the
fruits of peace worthy Of the hard-wo
victory Of war.
"For Belgium, l will say that m,
country earnestly hopes there viii
grow out of this meeting a permanen
international organization dedicated t
service IN the interests of all tn,
world. We have a league of nations
, primarily intended to bring all tn
peoples Of the universe. into a clos'
: communion of interests and to preserv,
the peace Of the world.
81 see no reason why we should no
lay here the foundation for leagu
of nations, the purpose of which for al
time will be a reaping of ever-growin,
harvests of peace by the advancement
, of worldwide commerce, by a coopera
ton between nations to bring abou
universal prosperity and the promotion
, of those industries which make for
happy, law abiding, prosperous people
and which just as surely will mean tn
dred menaccs to good government"
Second among the important result
of the conference was the virtual de
cision of the need of allocating sup
plies from the United States to Europ
until the obstacles to production over
q seas are removed. Without ALLEGATION
, it was felt that there would not b
. sufficient to 90 around.
: Thirdly, for the purposes Of the con
n ference there was budgcting of Eu
- ropes physical requirements an
- against these were set Off a careful in
ventory of Americas resources, potter
, tial and actual.
There was meeting of the mind
9 between sellers and customers, such a
is impossible to get through cable cor
l. munication. Many Of the small mis-
understandings which, unexplained
. might have caused a diminishment c
Z the unbounded friendship between tn
United States and the Old World wcr
cleared up, and the idiosyncrasics G
the nations we're interpreted by thei
own spokesmen.
. The conference ana the tour whic
l is to follow contributed to valuabl
" interchange Of views on business meth
DDS The foreigners were particular
I anxious to learn about the methods {
. mass production. which makes Amer
n can industry precminent.
= The conference brought out tn
a first detailed statement Of the aftel
n the-war credit needs OF the nation
H.