New-York tribune., 1919-10-21
England Wants No Favors
American Financiers Sav
Business Must Take Place
of Sentiment to Aid All
Speoial CORRESPONDENTS

'!o"s @"on8 oeiegateS took place all
through the day with the aid Of blue
prints and charts and turned on those
tremendous trifes which will de-
termine the future internationa, trade
policy Of the world.
At the outset, the American COM
mltteemen enunciated the doctrine
that economic fact, not sentiment.
must give form and substance to COM
merce between nations henceforth.
The way out Of worldwide confusion.
they insisted. Is tho path of sound
business practice.
The problem before the conference.
in the phrases Of James S. Alexander.
president Of the National Bank of Com
merce, who spoke at the first Of the
preliminary meetings-
lis business proposition, and we
should aim here to facilitate and ex-
pedite the resstablishment of our busi-
ness with the nations of Europe on a
business basis. That basis will be
best for the United States. and it will
be best for every country in Europe.
Same Good Will Exists
I'VE do not need to say to our guests
that there is unlimited good will in
America toward England. France, Bel
gum and Italy, Just as large and warm
heart-beats in this country as during
the war, but with the return Of peace
the minds Of the people have turned
again to the normal pursuits of bust
ness and industry which were com
pletely interrupted during war time"
AS practical men, the delegates uni
mously agreed that the crux of the
matter of Americas trade with the
Old World was credit. Without dol
lar loans, it was indicated France. Bel
gium, and Italy would soon have to
stop buying In the United States al-
together.
Informally. she semi-oficial repre-
parsicpstins q '"s mentoned sUas'a ssons eures
Italy will ask for $780, 100000 within
the next twelve months, Belgium for
S1O0,000,000 and France for an infinite
sum, depending on the terms on ~ sch
the loan can be obtained One mem
ber of the French party remarked that
II 90 per cent interest was asked,
France would accept no credit; if 21a
per cent interest were charged, she
would take many billions of dollars.
A French banker, not connected with
the mission, has estimated that France
will require $300,000,o00 before Janu-
ary I.
Am erican bankers present are not
inclined to look seriously upon the un-
official estimates, as they feel the bor-
rowings of Europe here will hinge on
the absorptive power revealed by the
American investment market. The con-
tlnental nations. they feel. will have
to pay at least 6 per cent interest.
In the matter of credit, the British
mission stands out in bold contrast
from the others. Although certain
American fnanciers returning from Eu-
rope have pictured British finances as
precarious, John Bull is far from
reads to take the count os the worlds
financial leader.
In behalf of the British mission, Sir
James Simpson told the American
Committee on Credit and Finance. of
which Mr. Alexander is chairman, that
Britain was in quest of no financial as
sIstance from this country.
"The vost majority Of Britishcrs
never enter into any contract unless
they see their way clear TO pay" Sir
James declared.
Britain Asks No Favors
"We have nos come to ask aid Of any
organization. We only ask that no OBJ
struction be placed in the way of ordi-
nary. normal business transactions.
mo government will stand in Eng
land which would contemplate for q
moment any weakening in regard to
the payment of our debts. England is
determined to pay her debts. She has
always paid her debts, and she always
will.
"ln regard TO the general financial
position. it must not be supposed that
because the government is so indebdt-
ed individual citizens are in g condi-
tion of indebtedness. There has been
an enormous amount Of saving and q
large part Of the government debt is
owing to British citizens. We still
have three billion of investments
abroad, which is a sheet anchor. An
other source of revenue is our ship
ping. Still others are insurance pre-
miums. banking commissions and other
invisible items.
"The future Of England is not dark
future. 1t is as bright as could be
hoped for. after making allowances for
the war.
Italy at Other Extreme
ITALY stands at the other extreme.
Her dependence on foreign aid exceeds
that of all the other nations repre-
sented. Dominica Gidoni. financial
member of the mission. who is author
lied to speak for the Italian Treasury.
asserted that his government would
ask the authorities in Washington to
postpone the payment of interest and
principal on the United States Treas
ury advances during the war for ten
years after the ratification of the
trtaey of peace. The loan amounts to
$1,000 100000. Moreover, besides credit
advances reaching from private sources
$500 00000 within the next year, Italy
will ask for artificial restraints on the
foreign exchange market to prevent
speculation in lire, which is greatly
deprecated.
Moreover Italy. which has lost its
best tonnage during the war, needs
500 900 deadweight tons of ships, and
wants to go into. partnership with
American capital in building them.
No formal presentation of Italy's
financial needs has vet been made, but
Mr. Alexander's address summarized
the American banking attitude to all
the foreign nations. He spoke of the
need of eliminating the adjustments.
but held out no hope of cure ALL"
The New York banker made a plea for
the restoration Of the normal function
ing Of economic law. yet emphasized
that the pre-war status would never re-
turn. He insisted that the balance of
trade during 1919 has been too favor
able to the United States and too ad-
verse for Europe. and suggested that
Js1ft ~ hn