The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-12-24
IMPORTANCE or We
PUBLIC SUPPORT IN
EUROPEAN CREDITS.

New York, Dec. 2s.--The Importance
OF wide public support in the matter
OF supplying European credits is en-
pfasized In the current Issue Of
American Goods and Foreign Mar.
kcts. the semi-monthiy review or
foi cign trade conditions issued by the
Guaranty Trust company. OF New York.
The publication says that, while
mat ufactarers and exporters are
thoroughly acquainted with the impli
cation and inevitable effects on foreign
trade II the drop in exchange Us not
cracked, ''it Ia not quite clear that II
is understood by the general public.
and particularly by those who have
fur Dis for Investment that their CO.
operation Is essential II the present
stu alton is not to continue indefinitely
Yet" the review continues. at must
~ evident TO the casual observer that
Europe cannot produce the necessities
or life in sufficient quantity until the
mes MS Of production are there. For
Eve wears, the normal operation of An
drrtry save way TO the highly special
lzfd and non productive operations of
war lime. The means Of trsnsporta-
ton, except along those ropds needed
TO- the moving Of munitions and
troops. were allow ed to dcteriorstr.
Machinery. necessar5- 10 the p.oducii on
Of goods for tho consumption of the
pennle, wore out and was not replaced,
stocks of raw ratertAss were used up
or Inverted to uses which did nc. ga
r. the satisfaction of the daily wants
Of the people. Vast areas Of farm
ial Ms were left untitled because tho
labor with which TO til them was not
available
AN this continued for ave years
Tho resultant loss was almost incal-
cnlablc. In coming hhc& into produc-
tion to an extent sufficient not alone
"a meet thr weeds Of her own people.
but also to sell goods abroad sufficient
Ia pay the accumulated debt OF years.
ta----.--,'rr~+-t~.
almost rs difficult sS that of carrying
on the war, In ole sense II was more
difficult fer during the war the or
erTtea Of the peoule were stimulated by
fear, or natriutisn. or some other emo
tioE. which made continued and uniH-
t"rrupted effort matter OF vital ne
iccsSity.
NJ the end If the war Europe
ne e3ed, arst of all. food and closhing,
II At WIS forthcoming from the
United states IN short order To send
il however. nut NOW burden upon
ths credit resources % the people, and
started the exchanges on their down
ward path Next, Europe needed raw
materials. for the factories and mills
eTstionS These. TOO, were forthcor-
ing, ard exchanges sanees again for
az YET Europe was not in production.
ard could not pay in goods the cHor-
r3ous balances which were heing piled
uU against her
Finally. and most Of all. however.
she needed ga initial goods--rnachiuc
tools. rails. locomotives. electrical
equipment. all that great group of
products which are necessary for the
existence Of a modern industrial ns-
ton. These are the very vilals of in
dustry. and until they are forthcoming
Europe cannot count industriaiiy in
the world market as she counted be-
! fore tire war, And. By the same token,
she cannot produce the consumption
&c DDS upon which her export trade
Dope nds. Until IL is possible for Europe
10 sell for export, the shortage of con
sumption goods in the whole world
vii, be keen, and prices for the ne
cessittes OF life will be high every
whore
TIC date. the arrangements made fer
the supplying of credit to European
industry have not been OF sutrcien nj
srore TO meet the needs of the situa.
ton as the constantly sagging ex :
changes prove in the most graphic
tftarner European exports to this
country and elsewhere have not been
Of sufficient value to offset the de-
Gands for food and raw materials, and
/ FOR the few. capital goods which al
ready have been shipped. The need.
tfeG efore. for a broad scheme Of credit
extension Is more vital than ever"