New-York tribune., 1919-08-31
Germans Expect
American Help
In Restoring Mark
Think This Country Will
Provide Credit as Means
of Selling Products to
the Teutons
Special Correspondence

| aug. '.--ln discussing the
latest drop in German exchange, the
Berlin "Boersen Zeitung" makes some
remarks which will interest American
hnanclal readers. 1t states:
| Ihe latest fall of the mark Is all
the more serious since precisely at this
.'me there arc certain indications that
America proposes to make extensive
creolts OF long term to Germany and
VIII even undertake action for the res
'oratlon of the marks value in ex
chahge. These American plans, indeed.
nave not yet passed beyond the stage
of preliminary negotiations. One
thing, however, can be regarded as
certain, namely, that American high
nhance and industrial magnates are
seriously thinking of placing German
cNGhange upon secure basis, since
ohly IN TINS way can they have an in
lercst IN the German market as q buver
OF American goods.
Although we must keep clearly in
mlnd that the Americans, if they carrv
ou' any such largely conceived trans
own advantage, of creating an oppor-
unity for getting rid Of their surplus
goods, still precisely this viewpoint
| opens the prospect for Germany to gct
d great exchange loan in America
within a reasonable time.
The First Step
even the arrangement made several
Gays ago between the Bank of Eng
iand and the South African gold min
ing companies. according to which
SSoueh African gold is to be sent to
1New YORK tor the present, is looked
upon as the first step toward an Amer
lean action for the restoration Of Ger
man exchange. The holders of that
opinion think that the Americans Who
nave their MI Of gold, are willing to
pay premium on South African gold
oSnly 10r the purpose of creating basis
4o' a large exchange loan to be made
20 germany. England, on its part,
D ooVlousiy consented to this diversion
because the great exchange loan
planned by the Americans in accord
ance with English wishes will also
serve toward restoring sterling ex-
change.
The depreciation of sterlinr ox-
cehahge IN New York compels the Eng
.ia1' 10 place the greatest reserve upon
= ne English have even been buving
Hefman metal goods on a large scale
IN Holland recently, in order not ia
contribute through new purchases in
america toward the further deprecia-
'lon OF sterling exchange in New York.
England, moreover, also intends to
maze long term credits to Germany
upo" PGfchases of goods, in order
not to let German business fail en-
llreIy into American hands. For the
same reason English business circles
gre demanding tnat the quotation of
Ieinlan exchange De resumed on tha
London Stock Exchange"
cine me financial review writer of the
haS nossische :, Zeitung,'' on the other
hahd' taxes very different view from
the above as to the attitude of Enc
land. After calling attention 10 tho
preparations of the American banking
community to assist Europe with
credits, and saying that GERMANY is
not the only country that will need a
ioan with which to pay for goods, this
writer goes on:
Calls England Sharpest Competitor
Here again England, in particular.
appears as our sharpest competitor
probably with the purpose Of hinderine
as TAR as possible direct trade in mer-
chahdlse between US and the New
ORD, and so to bring US into de-
pendence upon England as middleman.
Looking further atield. London is in
this instance fighting for its position
as financial centre Of the world 1t
admits Of no doubt that its position in
that respect has suffered most severely
by the advance that America made
during the war. London is therefore
doubtless doing everything possible to
defend its position, and it does not re-
qulre much Imagination to understand
that England is trying to make the
Americans see the danger of extend
ing large credits to Germany.
I'VE, on the other hand, must attach
all the greater Importance to a direct
trade and credit business with the
Americans, and that not merely be-
cause we must see to it that our pur-
chases of merchandise are not un-
necessarily increased in cost through
English intermediate profits, but in
consideration of the depressing expert
ences that we had during the war with
English conceptions of business integ
rity. Certainly German property was
treated in shameless manner in
America also during the war, but there
is still hope that now-after the calm
ing Of passions and under influence of
numerous personal ties between Ger
mans and Americans-many harsh
measures will be moderated. 1t is not
impossible that the view will grad
ually come to prevail in America that
a breach of the principles OF business
decency is not becoming in country
overt1owing with plenty when dealing