The Bridgeport times and evening farmer., 1919-05-31

the largest exporter and the largest
 importer. the figures being in the case
 of imports to Germany S.1 per cent.
 of her total and in the case of eX-
 ports, to Great Britain 14.2 per cent.
 of the total, and to the British En-
 pire IS per cont. of her total.
 The effect of the new situation will
 be readily appreciated by business
 men, and in the probable course of
 events as they affected British man
 ufacturers. it should be remembered
 that Germany Is further handicapped
 by the loss of her colonies, her mer
 cantile marine, her foreign trade
 connections, and internally by the
 serious reduction in transport facili-
 ties and man power
 The Problem of ReeStablishing Credit. The Paris edition of the "New Herald" publishes the important news that the American Government has rejected the British plan for the re- establishment of credit in Europe by giving the Germans a method of pay ing in cash for the first instalm ent of the indemnity. If the news be ac- curate-and I have not been able to obtain either confirmation or denial further than that the American fin ancial experts advise this course-it is of grave consequences. The scheme was, in outline, that Germany should be offered an opportunity for issuing intereSt-bearing amortiSable bonds to an actual value of 100000 pounds, which would be guaranteed by the l Allies of America Four fifths of this would serve to pay the first install ment of the German debts to the Allies for reparation-a certain small sum would be allotted for the redemption iof ,t,-io nd Q
 fifth for the purchase of food and the raw materials necessary for the re- starting of German industries. The interest would be guaranteed by Ger many to take priority over all other departments. and, in case of default, would be guaranteed by the Govern ment of the Allied, Associated, and Neutral Powers in proportion to be fixed in advance. Such a plan would have had a great influence in re-es- Itablishing financial stability in Europe, and it would have helped to fix the value of both the mark and the franc, which, without an internationally guaranteed scheme of this kind, are likely in the present circumstances, to fall even lower than at present. Especially this may be the case in France, where artificial support has alone kept the country out Of a very This plan, however, has, it ap- pears, been refused. The American Government has made 1t plain that it intends to help in the solution Of the complicated financial situations of Europe. but in its own way, probably through loans, commercial credits, sc. America also has rejected all schemes for pooling debts of the war. America is unalterab1y opposed to the princl- pie of guaranteeing European bonds. Such a plan would be politically inn possible, and would not be approved by Congress. The American delegates point out that the United States is es- peciaIly interested in the future of the smaller and newer nations, partcu- larly those created out of the war, and will grant them all the. aid possi- ble in solving their financial prob ] lens. While agreeing that Germany must have working capital with which to restart the industry, the American Government does not wish to help to furnish this working capital. It is not worth the time to criticise either the statement of the American position. It is one more indication of what has been called the financial conquest of Europe by the United States, and against the facts of the situation only , work and economy are arguments.
 The "Tenlps' this evening, com
 menting on the situation. says: Be
 fore this decision of the United States, what must be our attitude? That of loyal and confident friends who seek