The Washington herald., 1919-08-27
Phone
Main $500
U. s. MUST Give
EUROPE CREDIT
Holland Says Conditions
Abroad Depend on Ac-
ton of Financiers Here.

Almost all the Americans who are
and have been, since the war began,
Of influence In finance and in indus
try. and who, after the armistice was
signed. visited Great Britain and Eu-
rope, returned to the United States
TO say both for publication and 10
their friends that it is imperative, II
conditions in Europe are TO be i'm
proved that in addition to other ia
cilities in the form OF credits fur
nished by the United States, there
should be also a large increase in the
marketing OF products Of other ma
tions in the United States and also
In the purchase here Of foreign securi-
ties
Henry P. Dawson. In the few words
he spoke after his return, referred
to the necessity OF increasing our
purchases Of foreign commodities. So
also Frank A. Nanderlip spoke with
emphasis upon the important and ben
efcial relation which increasing i'm
ports from other lands to the United
States would bear toward establishing
normal conditions in Europe. A. c.
Bedford commented in Ike manner.
and steady increase in our imports
Of foreign commodities.
Nevertheless the record Of our In
ternational trade since the armistice
was signed did not seem 70 justify
the hope OF a substantial increase IN
imports. Now, however, the Bureau
OF Foreign and Domestic Commerce
at Washington is able TO report and
the month Of July indicated a great
change in our international trade.
This does not mean that the trade
balance in favor OF the United States
is for a year or more 10 be greatly
decreased.
What Ia the Cause Of Chanret
II is not assumed that American
merchants and importers and manu-
fscturers have been persuaded TO buy
heavily in the European markets. SO
that way they might be able TO aid
in facilitating the return OF normal
conditions. They have been buying
because they need the goods.
1t may be that the falling OF IN
our exports was in some measure
due TO exchange conditions. the
American dollar being relatively OF
much greater purchasing power
than the English pound sterling or
the French franc But mainly the
change can only be reasonably ex-
planned by the fact that American
manufacturers and merchants found
themselves in need Of raw material
and other commodities Of a kind
which other nations can supply
Never before have the imports in q
single month been equal TO those
which were received in the United
States in Julv
. Although our imports continue TO
be enormous nevertheless II the
. reckoning is made Of the money
value OF our imports since the ar
mistice was signed, il IS demonstraJ-
ed that these were OF the money
value Of Sl952.0OO 600. That is an
excellent record to have been made
and 1t seems TO point TO a further
increase Of our imports.
Al the same time another OF the
influences TO which reference has
{ been made by those who are seek
B ing the best and speediest means
: OF restoring normal conditions was
felt in the security market for
among the other influences that
will avail in aiding Europe was the
| purchase Of securities in the United
, states, sent over for sale by Great
| Britain and European holders. There
| fore as imports increase and exports
/ decrease and II heavy blocks OF Sc
I Curities are maTketed here conditions
highly favorable 10 the financing OF
our international trade and for the
/ aiding Of Europe will be established
| before the end Of the year.
HOLLAND.