New-York tribune., 1919-10-22
France Ready to Pay
For Needed Credits.
aris Banker SAYS
Would Spend Money for
Large Quantities Of Cop
per, Cotton, Fuel and
Foodstuffs in the L. S.
Special Corres Don,is sa,

Special Cores pondsnce
ATLANTIC CITY, Oct. 21.-spokes-
men for France to-day reduced to cold
figures the cost of reviving her indus.
tries. In 1920 France will spend be-
tween $500 100000 and 500 900 900 in
the United States, provided sne car
make satisfactory credit arrangements
Baron du Marais, financial director of
the Credit Lyonnas, Of Paris. Informed
members Of the American committee on
hnance at the international trade con.
ference here.
Unable to Offset the cost Of imports
from America with goods or gold,
france must reply entirely Oh credit
advances here. NJ Marals declared thai
ms country knew it had to pay the mar
ket price for a loan, and bankers re-
garded this assurance as significant
forward step, as heretofore the Cont
mental nations have felt that interest
rates exacted by the American invest
ment market we're inordinately high.
Changes wrought iii the investren
market by war factors, American bank
eers maintain, are responsible for the
nigh rates, and informally it is said
D per cent TO attract American capital.
Defends Taxation Policy
NJ. Eugene Schneider. president Of
the French mission to the conference.
sought to remove another obstacle that
has delayed the adoption Of d financial
plan to meet Frances needs He strove
to justify his country's taxation policy.
This was an attempt to meet the criti
clsm that has been made by interna-
tonal bankers that Frances credit will
not be wholly satisfactory until she
vastly increases the taxes or her own
citizens, asserting that Frances rev
enpe Is far below her current expendi-
lures
There may have been some nligun-
derstanding IN the United States in
regard to Frances efforts since the
war Some have believed that our
taxes are not sufficient In reply to
thls let me point out that, whereas
the per capita tax in the United States
IS S49, IN France it is S52. We will
snow that our position is quite differ
ent from what it is thought to be.
II Germany should pay France promptly
What she IS obliged to pay rehabili-
tatlon could so on much better. If she
ooes not pay promptly France herself
WlIl nave TO make larger advances for
rS 20 ila non Anyhow, the credit of
rance does not entirely depend on
1erman : payment. In the devastated
regions OF France it has been neces-
sary to 60 ahead and not wait for Ger
man n rehabilitation payments, and the
I reAcn government has had to advance
70 per cent for reconstruction. Addi-
iona! advances will be made bv the
French government if necessary
NJ "a Marals was asked TO specifv
now france would spend advances in
the United States. He replied that
Vhe country on which the greatest bat
YES l.. IS o. tne war were fought would need
Sioo,ooO,Oo0 of foodstutfs, 70,000. 900
OF copper, $500 100000 OF cotton, s75.
oog'ooo OF fuel and also steel and mis-
cellaneous products, bringing the total
up to the estimated figures. He nre-
dicted that the needs in 1921 would
be much smaller.
The French banker explained that
the process Of reconverting the war
Industries into peace factories had not
gone far.
British Ready to Help
Great Britain through her trade
mission further expressed her desire
TO help in rebuilding France and The
rest of Europe rather than be helped
In conference on the continents metal
requirements during the reconstruct
tion period, Bailie John King, of Glas-
gov, president OF the National LIGHT
Castings Association, announced the
readiness Of British manufacturers to
JOIN hands with Americans
The object take it" he said. as
Tor the British and American dele
gates to determine how best we can
cooperate to supply the devastated areas
of Europe with the metals and metal
products they need. For the present
we are not quite I'D to our nre-war
production, and shall. have to buy raw
and seml-hnished materials from the
United States for some time to come.
And SO we are not now, nor Will we
be for long time, SO large compe-
tltor for world markets as in pre-
war days. The extremely high prices
for fuel and raw materials ara real
problems for u.s.
f. P. Thomas, president of the United
States Steel Products Company. the ex-
port branch Of the steel corporation.
suggested that the four foreign ma
uons represented al the conferences
budget their needs during 1920 for pig
IRON, semi-hnished steel and al other
metals.
He told the visiting metals manufac-
turers that the needs could probably
be partially met in the United States.
although, al matter Of business. such
trade Is not eagerly sought because Of
3 large dome site demand
Needs OF Italy
In the reconstruction of Italian areas
marred during the war, the following
are especially needed. Farm tractors,
threshlng machines, pumps, plows, SOW
lng arms elevators, escaVators, con
crete and cement mixers, lumber for
repairing houses and building fishing
ships, trucks for fish TRANSPORTATION.
ltaly's great problem, according to
hef representatives, Is to increase her
production to take care Of her surplus
population, which normally would be
reduced by emigration. Ferdinando
Quaterl, II an interview to-day, pro-
posed wedding OF Italian labor and
American capital to make products for
sale in the Balkans.
The Belgian mission set forth the
fuel and tonnage needs OF King Al
bert's country. Belgium feels unable
TO acquire new tonnage and fear that
II the worlds ships were more efficient
ly used she would suffer less. More
over, the Belgians expressed belief
that when private initiative in shipping
is allowed to exert itself completely
again Belgium and the whole world viii
benefit.
Central Powers Denied
Vote in Labor Corrross