The Birmingham age-herald., 1919-05-30
DAVIDSON AND
 WORLD FINANCE
By HOLLAND.

New York. May Especial )-it Henry P. Davison has returned to the United states after a prolonged so- journ in Europe without having formu- lated any comprehensive plan whereby correct answers can be secured for the important financial problems that are before us. then it is safe to say that no man can have thought out any plan of this kind
 It was in october of last year. at the time when the great campaign for se- curing considerably in excess of a hun dred million dollars for the Red Cross fund was in progress that Mir. Davison sailed for Europe. He must have had the idea which is now being worked out whereby there may be esta blished an international Red Cross league, the membership of which will consist of Red Cross organizations in all the civ ilized countries of the world In it's way this plan is as far reaching and contains as momentous possibilities as is the plan for the League of Nations which a few weeks after MT Davison sailed was under discussion at Paris. What the Red Cross is able to accom-
 
 faculties are encountered is now dem- onstrated by the fact that the seeds sown by the Red Cross organization in Russia under the lea1c~~-'~ of Colonel William B. Thompson are beginning to give promise of harvest which may make it possible to establish a feder- ated Russia
 Naturally MT. Davison during his ab Sence met many of the financial lead ri tni for he has had intimate personal rela- tons with many of them. Some of these relations were established before the European war began. MT. Davi- son was chosen chairman of the Six Nations Commission which met at Paris two years before the European war began. This commission was organ lzed for the purpose of acting in CO., operation so as to furnish China with loan which might be as much as $150, 900, GOO and was sure to be not less than $100, 100000.
 Of course at that time MT. Dawson was brought into touch with the fore most men of finance in Great Britain and in Europe. But he already had earlier relations with them. Therefore in what were perhaps the darkest days of the war, certainly the darkest days after August, 1914, Mir. Davison was welcomed in London by a group of able men of finance who represented both Great Britain and France. Counsel which he then gave was accepted and led to the first meeting in Paris of rep resentatives of the entente allies. He returned to the United States well prepared to advocate the loan by an American bankers syndicate of s500.- 000,000 to Great Britain and France Jointly and without any other secur- | ity than the good faith and resources and credit of those governments. | THINGS TOLD MIR. DAVIDSON While he was in London, the British | bankers and financiers as well as the l government financial authorities opened the books for his inspection He l then learned what the enormity was | of the investments Great Britain had 1 made in other lands, saying upon his 1 return that, though somewhat familiar
 with large figures, the aggregate fig ures which were revealed to him al 1 that time almost staggered the mag l ination.
 He never doubted from that day the | ability of Great Britain, possibly in CO., 1 operation with France, to finance all ol l the necessities occasioned by the war 1 no matter how great the amount might be. Although the United States Stee 1 corporations business had fallen of l dldFmlnSIy, neVefIneleSS MT. DaVlSOf predicted a speedy change. and tha 1 change came even more rapidly thar he thought possible, so that within { year the steel corporation was able tt | report that it had reached the high water mark of prosperity.
 1 Thus fortified by experience, by ac. 1 quaintance and by friendly relations te discuss the vital questions which refer l to the worlds financial and economi, l reha Utilization (discussions which tool place while he was still working ou the very great Red Cross world wid' l federation proposition) MT. Davisor l was undoubtedly in frequent consulta tion with men of finance of our al II lies.
 I Yet he returns to the United State, to say that it is impossible at pres ent to prepare any comprehensive plaI l whereby these vital financial prob lem ! can be solved. He has. however, nc l doubt that they will be solved. an, i largely by the United States. In orde l to prepare adequate and comprehensive plans for important financing, the ne-